>> 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

biden's agenda. he may have a different tone toward china but there may not be substance. kiwi rise ind the early asia trading. at some ofke a look these early market reactions. sophie kamaruddin in hong kong. sophie: we are seeing some risk on tone in australia. the aussie is extending last week's gain as the greenback has stayed structurally quicker. -- weaker. they could test that 650 level this week. the yen, the best week for the currency since mid-september. softbank results are due this

monday. we have nikkei futures in chicago moving to the upside. this after the benchmark rose to a november 1991 hi on friday. that was 37% off the all-time high that was back in 1989. new york crude is gaining ground but still staying under $38 per barrel there. some pressure may come through in the oil. is very much in focus after the chaotic week we saw in turkey. that is the central bank governor fired there. --racing for more voluntary they are embracing more volatility there. >> joe biden is projected to become the 46th president of the united states, launching his transition team and preparing a plan to tackle the coronavirus. however, president trump is still refusing to concede and is weighing more legal challenges. >> the people of this nation

have spoken. they delivered us a clear victory. a convincing victory. a victory for we the people. i pledge to be a president who seeks not to divide but unified. -- unify. who does not see red states, blue states, only the united states. our work begins with getting covid under control. we cannot repair the economy and restore vitality or relish moments,st precious birthdays, weddings, graduation, all the moments that matter most to us until we get it under control. biden reallyelect not wasting any time. we could see a covid task force very soon. not to mention a slew of executive orders once he takes office. i think president-elect biden

and his team really intend to hit the ground running as all presidents do. it is a very busy time with the backing of the people. he will name a 12 member coronavirus task force on monday. big names in the american health care system in that. advisors -- operation warp speed before the election, they have been working on it already. there has been a lot of action that you have seen in the next few days and weeks. >> in the meantime, where are we in terms of all of these legal proceedings? are we any closer to seeing concessions in the white house west and mark -- white house? >> it seems that president trump

has been in the middle of the stages of the five stages of grief. conflictingng very things from our newsroom. trump fighting even more? it is an interesting thing over the weekend. president trump could easily run again in 2024 because he is so popular. if he does not go down the rabbit hole. will he concede sometime in the next few days? i think there are a lot of legal challenges that he will make this week. he could possibly see a concession. i don't know, there has been a lot of talk by president-elect biden. there could be some truth to all of that.

it is just a matter of time. the states that have been close in this election, really not that close. georgia is still a little bit close. biden possibly in pennsylvania just continued to grow over the weekend. election but not that close. >> in the meantime, the silence from the gop congressional leaders have been deafening. what does this really signal andt the future policymaker the challenges that president-elect biden faces? >> it is very interesting. there may have been some sort before the election. maybe some veteran lawmakers in the senate and elsewhere. they know joe biden, they have worked with people in the senate for decades. heple might have thought could be a figure of bipartisanship. he certainly wants to be. senatorney, the utah

calls president trump the 900 pound gorilla of the republican party. really filling in behind him. we don't know how long that will take. he certainly have not for the most part. trump'soes president very loud and strident rates of voter support. they said let's let the process play out. seen world leaders, most world leaders come out and congratulate president elect biden. most have come out. you think it is just a matter of time. sort of awkward, i would say. what to expect? this makes 2.5 months the lame-duck. period.duck >> that is absently right.

-- absolutely right. there is talk that president trump wants to fire people in his cabinet just for the heck of it. the fbi director, they have all been talked about as being on the chopping block. even william barr. in thehere is a sense white house that these various -- now he willls exact a the revenge. we could see him do a number of pardons. his one-time campaign director paul manafort, pardons are pretty typical for any outgoing president. with president trump, you're likely to see more of them. it could be a busy two months. of course, we will get plenty

more about those russian results. josh joins us this hour. on as we will have deborah well. karina mitchell has the first word headlines. karina: the other big headline is coronavirus. the u.s. seeing more than a hundred 26,000 infections for a third consecutive day. above 1004aths were the fifth day. italy is adding $3 billion to offset the lockdown effect. the people's bank of china is discussing ending monetary easing in stark contrast with peers in the u.s. and europe. policymakers around the world are debating how and when to time their exit with the consensus that sooner is better than later. the pboc says international are recovering.

the mainland economy has regained all losses from the first half. the aussie governor setting to announce undistinguished tool. new stimulus to a. this will allow them to further cut lending rates. the program could start in weeks and it is seen as a key step in cutting the official cash rate into negative territory next year. and the turkish finance minister has already better the economy into further chaos. his resignation follows the removal of the central bank chief who was fired on saturday following the collapse of the lira. the turkish terms he has lost half its value over the past two years. they tried to approach the royal

palace in bangkok. demonstrated wanted to serve it editions, calling on the king to except changes to the monarchy's power. medical services say to people and one officer were injured. protesters abandoned their march after the police took action. will news, 24 hours a day on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i am karina mitchell, this is bloomberg. >> world leaders will come joe biden's victory. plus, south bank earnings are due in a few hours time. we will preview the results. this is bloomberg. ♪

>> the state media in china

cautiously welcomes joe biden's victory. any kind of heard official reaction from chinese leaders? to see whetherng beijing will put out a statement or comment on this election result. or it is clear that they will wait until the end of january. cautious optimism. we have the global science so justin that maybe now with president-elect biden winning, you could get a. of a calling off. ing period, a calling off period. particularly, on areas like climate change, the coronavirus and the developing of vaccines that the u.s. and china could operate and work together and find some common ground. that is the editorial from the global times.

this suggests that the longer term trend is of continuing friction, particularly around areas of humor and i to abuses and technology and competition in that sector. it has to be said that over the last few days, there has to be some editorials here, particularly in the global times . relishing what they think are the divisions in the u.s.. cometary pieces suggesting that the politics of the u.s. and the democratic framework was being fundamentally eroded. >> in the meantime, we have continued to see china's economic recovery. what did we get in the latest trade data over the weekend? --: exports and imports exports are up 11.4% in october. export of medical equipment.

both of those areas continue to intle the coronavirus significant numbers. we saw an increase of 4.7% for the year of october -- the month of october year. increaseimports, 30% of imports. as you say, this trade data does a picture of an number covered in china. the services pick up as well. still expected to be a point of ration between the u.s. and china. of are at the forefront autonomous driving in china. is a coming called

pony ai. they just announced a new round of investment around 206 he 7 million u.s. dollars. the company is now valued -- they just announced a new round 26 $7estment of around million. 67 million dollars. >> we are still at the stage that we need a lot of research development for the technology to be commercialized. the amount of money that we raised will mostly be used for rnd efforts. tom: what are some new technologies you are working on that could be significant for the business in the next two to

five years? >> how do we make it safe enough without any driver in the vehicle. news inr, we had big the industry. autonomous full driving vehicles in arizona. that is very defining moment for the whole industry. we are definitely working toward that as well. tom: what is the timeframe for fully autonomous vehicles for your business? >> that depends on how you to find the scale of the operation. we are working on small-scale,

limited testing. tom: you could see that on a small scale? could we start to see that in our cities here in china or in the u.s.? is that realistic? >> definitely. we have been able to successfully launch operation, we should be able to do that. tom: tell me about the impact. you have a footprint in china and the u.s.. how are the tensions between the two countries impacting your business? >> on a high level. james: we will be fully aware of thepotential impact of tension between the two countries. right now, currently, we are focusing on developing the thenology and making

products. do you think anything changes after the u.s. election? if anythingully changes, it changes for the better. tom: when you look at the technology sector between the -- adjustntries, does it your strategy when you know that the u.s. is willing to cut off supply to certain chinese companies? james: we are definitely currently relying on the global supply chain. in that regard, we have to be more aware of where the components come from and to be mindful of those and to always have a plan b. other than that, i think we are still far ahead.

that was james speaking with tom mackenzie. theext, we speak with senior economist to preview the slew of economic data this week. this is bloomberg. ♪

>> the new economic data from , it is looking like it will strengthen at the start of the fourth quarter. a senior economist with us. we are seeing inflation in china stay in a nice sweet spot in recent months. are you inspecting to see the reflection of an otherwise pretty strong recovery we have seen in parts of the rest of the economy? >> it looks like the inflation

numbers of the economy in china will be subdued. annual inflation expected to be running at about 1% over october. that is up relocates. it is ugly being matched by the high prices at the staged. -- at this stage. >> are we likely to get a policy response? >> it looks like the pboc is pretty comfortable with its policy settings. if anything, i think they may do some more infrastructure investment. in terms of direct interest rates, i think that is unlikely at this stage. they are trying to stem like more of the recovery in the industrial sector. it means the data in china has been extreme was strong. i don't know if there is a need to do more monetary easing at

this stage. >> does it matter for china that we will likely see president inen being a nog rated january given the electoral votes? i think with president biden eckley to be the 46th president thing u.s., the overall around china is likely to stop. war forll still be this the tech space and 5g. i don't think that is going away. we are likely to see more of the relationship between the u.s. and china be less about tariffs and this trade war and something that is potentially something over a fewbe built

years. i think there will still be some focus on the deficit between the u.s. and china, the trade deficit, knowing the trade war is likely at this stage. that is generally positive for equity markets. >> given that we might see a divided government with the republicans keeping the senate here in the u.s., we are expecting perhaps a smaller fiscal stimulus package. how does that filter through the asian economy and asian markets? shamrock has pursued -- performed best when you have a democratic president and congress. you don't see some of the extreme measures go through. generally speaking, that should filter through to other asian economies as well. while you will get a small

fiscal stimulus, you will not get some of the high tax hikes that biden is talking about. that would be favorable for global equity markets i think. time is almost upon us. is there an expectation -- the markets seem to be pricing with a slower pace of aggressive easing going into 2021. they have been signaling that they will move down the path toward negative interest rates in august or september of this year. while they are not likely to announce a direct cut negative interest rate in november, but they are likely to do is introduce new funding for lending programs for the bank. that would put some pressure on bank funding costs with the eventual move to negative interest rates. the package they will roll out will still be quite big. especially compared to the reserve bank of australia.

always great to have you. coming up next, we get more analysis when it comes to the u.s. election. this is bloomberg. ♪

♪ >> a huge sigh of relief i the nation that we've come through difficult period. most important, that the american people have spoken. that's what our democracy is all about. challenge,ght to every right to ensure the votes were counted correctly, but once that decision has been made and once there are too many votes counted for him to catch up, it becomes his responsibility to accept the result and move on. >> the very first thing that a

president biden ought to do is wrap his arms around this pandemic. it has exposed a lot of fault lines in our system. it's not just the virus, it's what the impact has been. >> the first order of business for 2021 should be in an investment in infrastructure, not just transit but rock band, we've learned through the pandemic how important it is for businesses and families to be connected. >> the president will face a horrible covid situation and economy that is slowing down. he will have a divided government if not a divided country, and most likely -- and i hope it does not happen -- he will have a complicated transfer of power. reactions to joe biden's victory and applications for global markets. let's look at asia, the first two wake up and react to the

weekends news of the president-elect, starting the transition process, already taking key policy platforms, one of them green energy. you can see that already being a beneficiary and australian stocks, all the equities and the currency getting a boost from president-elect biden's policy. on an rbnz up 1.5% decision and we could expect more stimulus measures as arc expectations slow a bit when it comes to the aggressive -- as market expectations slow a bit when it comes to going into negative rates next year. the japanese also waking up, nikki 225 up to tens of 1%. and inme dollar weakness the end, and also trading in dollar china as to what the next level would be.

u.s. futures looking positive as well. the story oflling a lack of overall volatility when it comes to these expectations that we will see a transition of power take place imminently. the aussie dollar continuing to soar, 72 .85 is where we are at against the dollar weakness. thatr china trading around key 6.5 level. also taking a look at strong moves when it comes to sterling at the moment. sinceing to the highest september 7. on thealso, close eyes u.s. presidential election results. joe biden launching a transition effort even as president trump's refusal to concede along with the promise battle in the course is threatening to delay the process. joining us now is a college of law professor, josh blackman. great to have you with us. we continue to see these

lawsuits, recount demands. how much of a difference will they make for president and for america, given the margin of victory by joe biden? josh: thanks for having me. at this point, margin of victory is so large that the litigation really will not make a difference. even if president trump wins everything a one of his losses, he will still be behind by too much. shery: what happens going forward? and bidengal battles, becomes president, how will this hamper policymaking? we continue to see a more conservative leaning judiciary in the u.s.. josh: before you get to the judiciary, let's talk about congress. best case scenario, senate divided 50-50, the republicans might have a majority. biden's problems go beyond the

court, he has to pass legislation. but the courts will be more conservative and might be more hostile to his agenda, that could be true. haidi: the transformation of america's courts for better or for worse, certainly for more conservative, has already taken place. that's not something a biden administration or even the democrats gaining some element of control back in the senate can really control. what does that potentially mean for hindering democratic policymaking in the next four years? occurrences the odd the last few years is president trump had a conservative judiciary and he largely lost a lot of big cases. the courts seemed hostile to win president trump tried to undo policies of his predecessor, president obama. we may see something similar where president biden is halted from undoing trump policies. the court has a strange preference to keep things the way they were.

of biden's efforts to undo or unravel trump policies will be met with a buzz saw. shery: we know that u.s. presidents during this roughly 2.5 months of the lame-duck period go through a number of presidential pardons. there's been some talk, some serious and some more speculative, about what president trump do in terms of pardoning himself, his associates, members of his family. how constitutionally acceptable with these moves be? josh: without question, president trump can pardon his family members and those around him. that is not new. presidents have done pardons before of close associates. the more difficult question is whether he can pardon himself. our constitution does not really put a limit on who can receive a pardon. in theory, president trump could pardon himself.

i think the bigger question is whether the biden administration will try to prosecute criminally the president and his associates. i think it will be a huge cause of divisiveness in those prosecutions for years to come. it is unlikely to get a conviction. people might feel good when the president is charged but it could take a decade for the case to be resolved and trump will never set foot in a jail cell. i know people want it but it will not happen. --ry: giving us some back give us some background. are investigations not only from the federal government but state government. the new york government is looking at his tax returns, some off a efforts to pay porn start to keep them quiet, efforts to obstruct justice, efforts to direct foreign government business to private enterprises. there are more allegations than i can possibly count, which is

why i am trying to say perhaps the best thing for the country is to recognize this was not the best behavior but not spend years litigating this. keep in mind, 71 million people voted for the guy. him andhem for over then to have a prosecution would be the opposite of what joe biden says what he wants to do, which is unified. that's an important decision he estimate early on. thank youh blackman, so much for joining us today and for giving us your perspective. of course, the u.s. election saga continues with the backdrop of the coronavirus wreaking havoc here in the united states. new jersey has seen more than 250,000 covid infections since the outbreak's start and governor murphy has warned that tougher restrictions may be coming. he told bloomberg what a joe biden presidency will mean for the state in the fight against the virus. governor murphy: in tone and substance, it is a dramatic

change. words matter. you need action to back the words up, but responsible leadership, finding common ground within our country first and foremost, and then with our allies around the world and the mind set associated with that, i think it will be a huge change. and i think and substance, you will have a national, consistent national effort as it relates to the pandemic. which we desperately need. i think we will shift from a lot of talk about infrastructure investment to actually start an infrastructure renaissance. that would be huge for new jersey, which is in the middle of the northeast corridor with a lot of residents who commute. it is a huge deal for us. be crushed, would that is a game changer. stimulus,y, economic smart, big stimulus at all levels of the economy. i think we will see all three of

those. >> as you say, tone and words matter but you need actions too. let's start with covid-19. it is spiking back up around the country and world, particularly in europe, but specifically in new jersey, you are 2000 cases a day. do you have a sense of what is causing that, what needs to be done to remedy it? governor murphy: another day with over 2000 positive cases, you are right, we've been in four digits for weeks. and weed way back when crushed the curve and it has come back up. we think a lot of this is fatigue, including in private settings. faucion with tony yesterday, getting his advice. i described our situation and he said it is basically that around the country. we will probably take steps tomorrow to tweak our parameters at the edges but i will tell you, the big-play is to not let

your hair down, that's what the virus wants us to do. including at your house with your own family. it is hard for us to find a huge set of outbreaks in schools or restaurants or gyms, it is overwhelmingly private settings. hasd: president-elect biden emphasized the response to covid-19 throughout. when they take office, how will it help you? what will it do for you? governor murphy: i think you'll see a national response and that will include -- we are already owning an enormous -- building an and norma stockpile. health care workers will be a challenge. if we are in a national fight, which we are right now. in the spring, we got health care workers from elsewhere because they were not hit and that is unlikely to happen now. we need a national lift there. we need the economic stimulus,

which has an impact on public health. getting theesting, vaccine over the goal line and equitably and properly distributing it. those are some areas where you can make a big difference not just at the national level, but it drives down into our communities. the new jersey governor speaking to david westin. we apologize for the poor audio quality in parts of that interview. coming up next, softbank earnings do later. our guest will join us to preview the results. this is bloomberg. ♪

spent: president trump sunday playing golf again for a second day while so far refusing to admit feet and weighing legal actions. he reacted to news outlets naming biden as president-elect by insisting the process is far from over. 1973 presidential transition act, the general services administration has to formally recognize the apparent winner and the administrator has yet to do so. meanwhile, the prime minister of singapore has offered a pessimistic view of a post virus recovery, saying the economy is unlikely to pick up in a vibrant way anytime soon. several sectors are showing improvement but others, including aviation, transport

and tourism are likely to remain in what he called suspended animation for some time to come because of surging virus numbers elsewhere around the world. vote counting is underway in myanmar after their second open election since military rule. forleaders national league democracy is expected to win another term. more than 37 million people were eligible to talk -- to participate. seatsties were vying for in national and local parliaments. most results are expected late monday. global news 24 hours a day on air and on bloomberg's quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i am karina mitchell. this is bloomberg. right, karina. let's get to softbank, one company we will keenly be watching today. earnings due later on.

we are joined by our guest, always great to have you. it seems like softbank might be over the worst of what has been a horrible period. thisere a sense that rebuild to regain credibility as a top investor is going well? >> thank you for having me. yes, the worst seems to be over. but there is still a long way to on gainful credibility. of inconsistency with message that is concerning. i will tell you why. there were big investments early on and they lost quite a few of them. earlier it seems like they were making amends, taking those losses, saying we have learned loss -- learned lessons and making smaller investments.

they have not been hedging or taking bets. it's not entirely clear. now, it gets a bit confusing. on the one hand, they are showing a lot of discipline, a lot of capability to learn and grow from there. on the other hand, they are trying to make quick money. it is a little bit inconsistent but past where they were earlier in the air, and a better place for investors. haidi: which of the investors will be looking most interested in terms of the commentary? >> that is a good one. the results and numbers don't matter, what matters is what their strategies -- strategy is. in the fourth quarter, they change their strategy a number of times.

right now the focus is primarily on what they say is [indiscernible] until recently we used a look at the company and say they are a good investment. now, because [indiscernible] softbank is -- alibaba. we don't need information from alibaba. what are they planning to do with that money? the focus is on -- what are you planning to do? [indiscernible] that,if you want to do but they've got to disclose that. that is the focus going into today's results. what is the change in their strategy? every quarter, they change something. what are they looking forward to? shery: what do you think are

there plans for [indiscernible] >> [laughs] a little worried because on the one hand, i am sure it makes it easier for a lot of companies to go to market really quickly, but we have seen some bizarre cases, one of which nikola.a -- it is a shell company. it has no profit, no nothing. if this is something going public, that would worry me. we don't know what they have done, they have announced a spac. i hope this is not about trying to make quick money. if it is strategic in they do things correctly, they would make money on the back of that and that is good. all of these make money quick

andes don't seem to last don't give them credibility. that you sounds to me really want to see some strategy coming from softbank from all of these investments. always great having your thoughts, thank you. jeffries equity research md during us from singapore. coming up, berkshire ibach. warren buffett seems to have identified his latest megadeal, his own stock. this is bloomberg. ♪

♪ warren buffett has gone from a stock buyback skeptic to one of the world's biggest re-purchasers as berkshire hathaway becomes his favorite investment in the pandemic. the buyback spree this quarter has brought the company's total for the year up to $16 billion. our finance reporter joins us for more. berkshire reporting a record amount of shares, what does this mean for the company's strategy? >> it's indicative that buffett, who has long preferred to strike acquisitions or spend his money buying other company stock, is way more willing to put the money to work in his own stock. i think that lends itself to investors questioning whether berkshire was getting too big and whether buffett was able to

find anywhere to deploy his record cash piles. i think now after $16 billion of repurchases this year, more than he has ever spent in a single year on apple stock, their biggest holding, investors can rest assured that this is a capital deployment lever he is willing to pull quite significantly. the business fair throughout the pandemic? katherine: berkshire's businesses were still feeling the effects of the pandemic. you can look at the railroad, volumes were down, you can look at a company that makes parts for the aerospace industry, that was down 80%. some of their businesses, including see's candies, have faced a lot of pressure. investors have gotten a glimpse that may be things in the third quarter were not quite as bad as the second quarter, and especially for his array of manufacturing, servicing and retail businesses, i think it will leave investors a little

more assured that the conglomerate can make it through it. haidi: our finance reporter there on berkshire hathaway. let's get you a check of the latest business flash headlines. -- fell for a fourth straight quarter, this as travel restrictions made it harder for -- harder to sell new policies. it felt 28% from a year ago. the decline was less than the 38% slide in the first half. reports from paris say they will on monday.b cuts they say the cuts will come after they reported an estimated profit in the third quarter following the worst performance in a decade in the preceding period. apple and sony music are said to have held separate talks about buying a podcast maker and what

could be the biggest deal yet in the nascent market. we are told they are seeking as much as $400 million in any sale with apple and sony two of four companies who discussed a deal. shery: we have an alert on the bloomberg right now, we are getting the boj releasing a summary of opinions and their october policy meeting. they have not acted much when it comes to policy leverage, but have focused on funding. we have one member saying it is vital to support corporate funding and market stability. one boj member also sing the boj measures are having a positive impact and they should avoid a premature end of those measures. the boj member also saying that communication must be conducted carefully, but of course, all of the focus has been on the corporate funding and corporate the country's

firms. we see a little bit of strength on the japanese yen, trading around march highs. take a look at other markets across asia right now. we are seeing broad upside when it comes to the asf 200, gaining 1.5%, at a two-week high. we see the aussie dollar at the moment also gaining against the u.s. dollar. kiwi stocks gaining ground for a fifth consecutive session. we get the rbnz policy decision this week, that it is broad upside as we have more clarity in the u.s. of who the next president of the united states will be viewed nikkei futures also gaining ground after the nikkei closed at a 29 year high. asia, up on daybreak asia's major markets among the first to react to biden's victory. the market opens in seoul and tokyo are next. this is bloomberg. ♪ ♪

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to find the best discounts. 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. ♪ shery: welcome to daybreak: asia. i'm shery ahn. haidi: i'm haidi stroud-watts. asia's major markets have just opened for trade. our top stories this hour. u.s. stock futures rise as joe biden readies his transition team and his covid plan while president trump is weighing more legal challenges to the election result. china will be at the top of biden's agenda.

the pboc is debating when and how to end stimulus programs. investors look ahead to softbank's latest earnings report. a little-known startup could help masayoshi son rebuild. asia major markets are beginning to wake up. let's get straight to the action with sophie. sophie: a key theme is dollar weakness onto the biden presidency. stocks,eeing japanese nikkei 225 adding 1%. trading at 1991 highs. the topics gain has been more modest. trading at a february high this morning. we are watching softbank. up the board, we are keeping an eye on asia tech shares. we could see better sentiment

around u.s.-china trade policy. samsung getting more than 1%. the cost be adding 1% -- the kospi adding 1%. trading at aan february 2019 high. you have kiwi stocks rising for a fifth straight day. the asx 300 extending gains. aussie eyeing the 73 handle. trump's legal challenges could see some volatility come through. let's get a check on u.s. futures early in the asia session. we are seeing nasdaq down. 1% whileng more than the dollar is extending losses this morning. that is helping with offshore 659, which is trading below with 650 potentially in play

unless the pboc pumps the brakes. a team has refreshed their targets. 125.see the euro at dollar weakness a key theme here. there. sophie for more on the markets, we are joined by the deputy portfolio manager. for somee the upside clarity in the u.s. election results. what are the market implications across asia of a biden presidency and potentially a split government? >> first evoked, the split government is going to -- first of all, the split government is going to make biden have to focus more on foreign issues domestic.ps it can be difficult to push

through domestic policies when you have a split congress. he will have more influence on what happens overseas. so what i actually think could happen -- it is going to be less of a negative for china. he can pull back from the china rhetoric. there are things the u.s. population generally expects to see. i think biden will follow through with a lot of those things. he is going to be more conciliatory than trump was. policiesng to tie in with the broader china trade deal. it will not just be about economics and trade. it will also be about clean energy, technology or transfer -- technology transfer and so forth. we think the conciliatory approach is good for china. china sees a cannot rely on the u.s. going forward. who knows what the future holds? it will continue to focus on domestic consumption. we think conciliatory

relationships with other countries. that will be less rhetoric about the trade balances. we think of it as a net positive for asia. shery: when it comes to china, what are the sectors you are looking at? energy.ioned clean which you go in at this point -- would you go in at this point? the expectation was for a biden presidency already. >> absolutely. e really like is the chinese consumer. long-term growth trajectory. there are a lot of fantastic businesses that are reasonably priced. we have investments in things like aia, which is a life insurer in china. the fact of the matter is there has been a one child policy. they do not have the same tension scheme we have in the west.

life insurance is not as deeply penetrated in the country. we think that is a play worth looking into. tencent is always top of the list. there are other ones. this is -- these are great businesses. i will not say monopolies of varied -- monopolies but dominant businesses. we think china has many years ahead of growth. these are to be valued when you think about the growth outlook. tech: i know you feel like is overdone, but i want to draw your attention to the chart that is on the screen right now. looking at chinese benchmarks. the nasdaq has not exactly had a bad year either. does that extend to join a -- to china or as that growth story and original one, particularly

as we see the function of tech and the -- the junction of tech and the consumer? >> i hear you that chinese tech stocks have had a good year, but the u.s. tech stocks have had a very good five years and are now priced at levels i cannot wrap my head around. i can wrap my head aroun a lot of the chinese valuations. alibaba is still -- [indiscernible] it is about 3%. you compare that to amazon where it is about 11%. by the way, amazon is not necessarily overcharged. benchmark.e a global there is plenty of room for companies like alibaba to increase their rate in growth. if you look at tencent, it has not fully monetized its platform yet. this is a platform that is embedded in people's daily lives. there is plenty of room for

growth from those businesses. thatnk that is businesses are still quite a bit cheaper. haidi: the ant financial story, the disaster for jack and alibaba if you take a look at how the reaction was to an otherwise good result last week, does that worry you? is that something that should concern an investor looking into china? >> the funny thing is, a lot of people -- one of the criticisms china gets is poor corporate governance. the is an example where stop to something going ahead because of regulatory requirements. the regulator ones to make change -- the regulator wants to make changes. if anything, one could argue this is a net positive for investors. was the surprise and it

government flexing its muscle when no one wants to see that. they do want foreign capital. this is a risk they are taking for themselves. they could have forced it through but they stop it in order to protect people. i think that is not necessarily such a bad thing. yes, alibaba's shares did drill. -- did drop. the decline was a bit odd to me, but i think that was not entirely about the ant financial results. i think that has to do with the growth rate in the china comers business. i think that is -- commerce business. i think that is going to be resolved. maybe the valuation will be a bit lower. we can invest in it knowing all of the regulatory t's have been crossed. shery: let's talk about a different type of risk,

corporate bankruptcies whether it is here in the u.s. or across asia, we are hearing from the boj they need to support corporate funding. how crucial is it to look at the side of the story? >> it is important, but i'm going to turn that argument 180 degrees. i think we need some corporate bankruptcies. we have a lot of zombie firms that are surviving on low interest rates. they are hindering the profitability of the more viable firms and this is bad for democracy. if they cannot survive, they should be made bankrupt. we think that is one of the many issues with the monetary policy that is distorting policy -- distorting markets and hurting companies' abilities to grow. we invested in debt advisor in the u.s. that would benefit if the corporate bankruptcies come to fruition. at the moment, they are not.

maybe they will not for a long time. if we get a number lines asian in monetary policy, a lot of these businesses should go out of business. it is something we do look at. we have a different view to many other people. haidi: always great to have you. let's get to karina mitchell in new york with the first word headlines. karina: with the holiday season around the corner, reported coronavirus cases have soared past 50 million with the u.s. seeing 120 6000 infections for a third consecutive day. data from bloomberg and johns hopkins university say american deaths were above 1000 for a fifth day. italy is adding $3 billion to offset the lockdown effect. hasturkish finance minister quit, throwing the country's management of its already battered economy into further

chaos. he is the son-in-law of the president . of -- vic turkish cap -- the turkish lira has lost its -- firedolice in taiwan water cannons to disperse antigovernment protesters as they tried to approach the royal palace in bangkok. demonstrators wanted to submit petitions calling on the king to make changes to the monarchy power. protesters abandon their march after the police took action. vote counting is underway in myanmar after the country's's open election since military .ule within 37 million people were eligible to partners -- more than 37 million people were eligible to participate.

most results are expected by late monday. 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. ahead, world leaders are welcoming jode biden's election when. biden'sassess -- joe election win. deborah elms joins us for more on that. she says u.s.-china trade tensions one not ease under a biden administration. this is bloomberg. ♪

haidi: we are watching japan airlines dropping the most since march after the noon share sell announcement.

that stock has fallen as much as 11%. this is japan airlines has said they were planning to use those funds to accelerate the reduction of carbon emissions to restructure their business as well as pay down debt. we are seeing that reaction. we have seen japan airlines struggle along with other airlines. seeing its first laws since the 2012 relisting process. losshad forecast a net between 240 billion to ¥270 billion for the fiscal year through march. embarking on this capital raising, we are seeing downside extended pretty close to session lows by almost 13% to the downside. officepreparing to take as the 46th president of the united states. launching his transition effort and writing a plan to tackle the

coronavirus. president trump is still refusing to concede and weighing more legal challenges. >> the people of this nation have spoken. they delivered us a clear victory. a convincing victory. people.y for we, the i pledge to be a president who seeks not to divide but unify. who does not see red states and blue states, only sees the united states. our work begins with getting covid under control. we cannot repair the economy, restore our vitality or relish life's most precious moments hugging our grandchildren, our children on birthdays, weddings, graduations until we get under control. -- get it under control. haidi: have we heard anything more from the trump camp and are there any indications a concession could come soon?

>> there is no indication he is planning to concede in the near term. the president taking to twitter over the weekend, falsely claiming he won the election and state -- and saying it was stolen without providing evidence. the trump campaign has filed seven lawsuits in state. a number of them have been tossed out including in michigan, pennsylvania and nevada due to lack of evidence. on monday, the trump team is planning to file additional legal action. they did not elaborate on what that is. dream berg -- bloomberg's on reporting says many within the trump camp thank it will be futile. it is hard to make a case when you do not have the proof. shery: no wonder leaders around the world have been fast to congratulate the president-elect. >> they have. here in the u.s., his own party, very few have made comment.

outside the u.s., global leaders have been quick to congratulate him, mainly in europe. german chancellor angela merkel, french president emmanuel macron, boris johnson. aboutmmon theme is friendship, the long-standing relationships between the u.s. and their countries, which faced a bit of turmoil under the trumpet administration given his america first policies, his more isolationist policies. the german finance minister went so far as to say that there should be a reset of relations. i would note the two exceptions that are notable is that we have not heard anything from xi jinping who joe biden called a thug in the not so recent past as well as russia's vladimir putin. to authort pivot letter was him beginning with

joe biden pledging to rejoin a number of international agreements on his first day in office. >> he says he plans to rejoin the paris climate accord as well as the world health organization. he said he would get on the phone with american allies and reassure him -- reassure them on his first day of office. one of the efforts he has already gotten underway and that is in regard to the response to the coronavirus pandemic. he is planning tomorrow to announce a 12 member coronavirus task force. he has already met with members of several pharmaceutical companies about operation warp speed. he is definitely hitting the ground running in regards to the virus even as president trump still has not conceded the race. shery: kailey leinz in new york with the latest on the election results. coming up next, softbank is trying to resurrect its reputation as a successful start up investor with motts eoc son sure to highlight wins later.

we will tell you what to expect. this is bloomberg. ♪

♪ softbank is set to report earnings for its second quarter. tries to rebuild its reputation as a start up investor. ouring us for a preview is intelligence analyst. it is hard to estimate earnings for softbank when it has moved away from the telecom model. still, give us a preview of what we should be expecting and what we should be watching out for. >> you are absolutely right. it becomes nearly impossible to keep track of it as the company said they will no longer report operating income. if we try to get some sense of the net income line, probably

they would do quite well given the fact that this past quarter, most of the tech unicorns get some attractive listing. softbank didt that invest in some publicly traded companies. we do not know about the exposure in terms of underlying shares. if the bet is on the upside, then softbank would definitely make some investment gain. theyit in mind that publicly suffer from some losses , when alibaba's shares go up, they need to offset some derivative losses. company wrote the some contracts to borrow loans. aey need to record it as counting loss.

this is not cash flow losses. haidi: what are we expecting to hear about the sheer impact of their bet on these equity delivered -- equity derivatives? good,n the time is investors will be more forgiving. having said that, we need to put to softbank in valuing the company. the reason why i say that is theoretically, public investors could invest in these options themselves, especially when you are talking about the faang companies. publicly traded, very liquid. investors would have to have a lot of trust in the company and the chairman in buying softbank shares just for them to invest in all of the publicly traded equity derivatives. shery: we are watching closely what they have to say about their plan to set up a spac.

what are we expecting? >> i think a spac would be more well received and putting your bet in publicly traded equity derivatives. public investors, they probably cannot set of a spac on their own. spac is gaining popularity. they have all the cash ready. of only with the perception it being more receptive but it helps the softbank fund to exit their unicorn faster. the flow faster, meaning they have a high chance to read the investor -- to reap the investor gain. let's get you a quick check of the latest business flash headlines. aia's new business fell for a

fourth straight quarter as travel restrictions made it harder for asians to so new policies -- to sell new policies. some restrictions were eased during that period and business was up during the second quarter. reports from paris say they want to announce -- they will announce 650 job cuts. the cuts come after socgen reported better then estimated -- better than estimated. nine entertainment is brian -- is buying the broadcast rights to rub the in australia. in australia. the deal is worth an estimated $30 million an idea -- a year and will provide the bedrock to stand sports. coming up next, joe biden's

election when is being recognized by allies after four years of president trump's policies. this is bloomberg. ♪ - i'm dough hirsch.

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all from the comfort of your own home. visits are confidential and affordable. need a prescription? your doctor can send it to your pharmacy or have it mailed to you. get the healthcare you deserve at goodrx.com. ♪ karina: this is daybreak: asia. joe biden is preparing a transition team and a new plan to tackle the coronavirus even as president trump refuses to concede the election and threatens legal challenges. biden will announce the makeup of his covid-19 team monday and will ask allies and opponents in congress to discuss a new relief package. undeclared lead in states would give him 306 electoral votes. the people's bank of china is discussing ending monetary easing in stark contrast to fears in the u.s. and europe.

policymakers around the world are debating when it is time to exit with the consensus sooner is better than later. the pboc says the international economy is recovering and china's situation is better than most. the mainland economy has regained all losses from the first half. the rbnz governor is said to announce a new stimulus tool aimed it driving borrowing costs. he is expected to lay out new plans on wednesday. the program is seen as a key step toward the rbnz, cutting the official tax rate into negative territory next year. the prime minister of singapore has offered a pessimistic view of the post by race economy, saying the economy is unlikely to pick up in a vibrant way anytime soon. some sectors are showing improvement but others are

expected to remain in would because suspended animation. 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. shery: let's get a quick check of the markets. we are seeing a relief rally across asian equity markets with asian stocks at the highest 2018.since february the nikkei at a 29 year high. the korean kospi gaining ground. the march in for the asx 200, which is gaining ground. we continue to see strength for currency markets with the korean levels that we have not seen in months. kiwi stocks at a record high. haidi: world leaders are hoping joe biden's election when will

spur a reset in ties. there may not be any dramatic shift when it comes to trading relations with china. our next guest says -- [indiscernible] that -- is an issue that plays well with democrats and republicans. do you think that the stance is likely to change or is it the messaging from resident a like to biden that will be different -- from president-elect biden that will be different? >> under trump, it was about alone. first and america he identified a challenge with china and proceeded to tackle this all on his own. particulariden in will be working with others to try to figure out how you address a rising china and a rising china in different spirit -- different spheres rather than

putting everything into one basket. i think biden will be a little more nuanced. his room for maneuver is limited because the washington republicans, democrats and business community are united around the fact the united states has to do something about china and it needs to be tough even if we cannot agree on what that means. haidi: we have also heard from the president-elect that on day one he will be pivoting back into these multilateral agreements and institutions of power. u.s. rejoining the tpp something that is realistic? >> i would love to say yes having worked on it forever and being a big supporter in asia for it. i think the path to having the u.s. rejoining in the near-term is not bright. people might one that to happen as a theoretical idea, but the

practical reality of getting the u.s. in is not simple. in particular, pending on what happens in congress, it is going to be an uphill slog because the calendar is bed. the united states has something called trade promotion authority, which expired in the summer. if you do not start an action on trade before it expires, getting that renewed is going to be a big fight. five months of a the tppministration, is something you are going to fight that hard to get? my guess is no because you have a whole lot of other things crowding the agenda. thatd it hard to imagine congress is going to be wildly enthusiastic about this. i think it is not going to be happening in the first six months. shery: do you really want to spend the political capital. we have heard from the president-elect during a

democratic primary debate he would insist on renegotiating pieces of the tpp. he was about to put efforts later into his presidency. what could it look like? what are the democrats against in this deal? >> i think the other real challenge you have on trade specifically is the parties are undergoing a fundamental realignment. democrats have never been wildly enthusiastic about trade, but they are coming around to the idea of trade. the democratic party has to decide what it wants to do on trade and the republican party, which was traditionally in favor of trade, has taken a completely different approach. the question for publicans in congress is, what do we now think about trade? i think you have a realignment happening on both sides of the aisle, which makes it more challenging to say, this is what we want the tpp or other agreements to look like.

this is what has to be in it to get it through congress. i think it is going to take some time. in addition to all of that difficulty, we have to re-staff on trade. we have to re-staff the state department. many of those positions have been vacant for years. the timing is not great for fast action. the longer you wait in some ways, the harder it is. we do not want to think about it right now, but we are two years out from midterms again. that is going to start tomorrow. . all of a sudden, we are back in campaign season. trade is not a popular topic especially among elected officials. it has become much more popular with the american public. we have this weird dichotomy where it is easier to discuss trade with the united states public. hard to figure out what the white house is going to do. i think it is going to be more fraught than people imagine. it is not like biting comes in,

we pick up and move on -- like biden comes on and we move on from where we were. shery: at this moment, i just want to think about the fact that we are over the u.s. elections. let me talk about where president trump took us. and the about china multilateralism and the isolationist policies he took, he also reimplemented a realignment on worried the united states stood on india, the indio pacific strategy. that seemed to be working out. trying to bring india as a broader coalition. with that continue? >> yes. there will definitely be an indo pacific strategy because it is hard to pivot completely away. that seems to be working. i do think there will be an assessment by the biden team about what exactly is in the

indo pacific strategy and are we comfortable about that? there may be some pivot along the edges. i think it could be renamed because we often see this when one administration shifts to another, you do not want to keep the old guy's name. what the contents are i think will shift if the united states gets more serious about it. they will say those are the priorities of the previous administration. we wanted to be more about this and not that. the exact form it takes may change. if we see normalization in the relationship between washington and beijing, even if the picture is one of the long-term strategic competition, does that mean a country like australia can get some relief from being used as a punching bag in between? >> it is unclear. i'm sure australia would say please. . i think it is unclear in part

because if you are in beijing, he say i hear the shift in a tone from the new administration. let me see what they do. let me remind all of the other players in the system we matter. we matter in ways you might not have thought of. we have independent action on our own. i think you will have on all sides everyone pausing to see, what is the u.s. policy going to be going forward and then responding after some time has passed and you can get a better assessment of where the u.s. is headed, where the u.s. is not headed. the other countries in the world better part of the system but have less voice in it are going to have to try to survive until then and hopefully things calm down a bit. shery: what you think will happen with the wto? we know the trump administration nigeria'sg appointment.

we have a south korean candidate as well. do think that will come after biden is inaugurated? >> the original intention was to shift this discussion until november 9. geneva, not that i want geneva to have covid, but geneva is in the middle of a covid lockdown. they have been able to postpone that decision. then perhaps by then, you will be able to get a clear sense from the incoming biden team which candidate they prefer and you can move forward. if you do not have the ability to get a candidate through that biden prefers, my suspicion is they will hold the whole thing andl january 20 something then have that conversation and have a candidate in place. i think the biden administration will say the wto is critical to

our success and the success of the world. the united states has to reengage in addressing some challenges the wto faces in the way in which it functions. if you cannot get an answer that is satisfactory to the biden team, the whole thing could get pushed off until later in january. i do think that part will be resolved quickly because they need the wto. they are familiar with the organization, the institutions. these are not folks who had no experience with this before. that part of the relationship will improve dramatically and quickly. shery: we are finally seeing those appointments. it was great having your thoughts. thank you. on the, the latest antigovernment protests in thailand as police use water cannon near the royal palace. this is bloomberg. ♪

♪ riot police in bank on deck in bangkok used water cannon to disperse antigovernment protesters as they tried to approach the oil palace. are reporter -- there will palace. are reporter is there with the latest. last nighty happened

and how serious were these demonstrations? thousandsght, tens of of protesters gathered in bangkok to write letters addressed to the king. it was the first time protesters attempted to directly communicate with the king and request monetary reform. the letters were put inside the containers designed to look like post boxes. they were wheeled alongside the protesters as they marched to palace. once protesters got close to the palace, the police started using water cannon to let them know not to advance. there were five injuries from that last night. the protest organizers stuck to their march and called off the gathering. these you are seeing protests go on for weeks. what is the momentum at the moment? what is different this time? s events wast'

significant in that protesters were taking their movement to a new height. they are trying to communicate directly with the king although those letters did not get inside the palace last night. tried.noting that they each time they are doing these key events, it is changing the relationship between the people and the key. they are breaking taboos in thailand, and stash thailand where -- in thailand where insulting or criticizing rulers -- shery: is this a turning point for how things are with the government and also for the movement itself? >> i think we could see a further escalation from this point. we have been seeing this escalating each month. so far, the government has not been able to diffuse the situation. last week, the parliament's plan

to set up a reconciliation committee was rejected by the protesters who are set on seeing the prime minister ousted immediately. some political analysts note that last night's events was an attempt to divide the establishment. it was an attempt to leverage the king's power. latest on the ongoing protests. coming up, japan airlines falling by the most in years on news of its funding plan. morearrier hopes to sell shares to offset the fallout. this is bloomberg. ♪

haidi: a california-based company is raising $267 million in round that will push the valuation above $5 billion. the ceo spoke explosively to bloomberg about -- spoke exclusively to bloomberg. as an autonomous driving company, we are still at the stage where we need a lot of research and development for the technology to be put -- to be commercialized. the amount of money we raised will still mostly be used for r&d efforts. >> 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 two to five years? >> i think the most significant one we are working is how do we make it to be safe enough without any driver inside the vehicle? the true driverless effort. ins year, we had big news the autonomous driving industry. autonomousched full driving vehicles in arizona. i think that is a defining moment for the whole industry. we are working towards that as well. soon, -- i will not give a specific timeline but hopefully pretty soon we will be able to do that as well. >> what is the timeframe for fully autonomous vehicles for your business? >> i think that timeline depends

on how you define the scale of the operation. on ae currently working small scale, limited testing. we are looking for customer facing, truly driverless robo taxi in two years timeframe. >> and you can see that on a small-scale or we could start to see that in our cities here in china and in the u.s.? is that realistic? >> i think it is definitely realistic. beinge already seen waymo able to successfully launch the operation. >> talk to me about the impact. you have a footprint in china and the u.s. how are the tensions between the two countries impacting your business? level, we are definitely fully aware of the potential impact of the tension

between the two countries. right now currently, we are focusing on developing the technology in making the product to be useful and we just have to deal with whatever happens. it is not going to be our focus right now. >> do you think anything changes after the u.s. election? if anything changes, it is a chance for the better. look at the bifurcation in terms of the technology sectors between the two countries, does it lead to adjustments in your business strategy knowing the u.s. is prepared to cut off the supply of software and hardware to certain chinese companies? >> for a complex system like autonomous driving, we rely on the global supply chain. in that regard, we have to be more aware of where other

components come from and be mindful of those and always have a plan b. other than that, i think we are still full throttle ahead sher.: shery: the founder and ceo speaking exclusively with tom mackenzie. falling by theis most since march in tokyo. shares are sitting at their lowest point since the carrier relisted in 2012. bloomberg's transport reporter is on the line. investors reacting to a new share sell announcement. how much will the fundraising help japan airlines? >> in this situation where most of the international travel that has been wiped out due to the pandemic, airlines are in dire need of funds to maintain their daily caused. this fundraising they are doing should be able to help them carryover as many as about 11

months. that will help them sustain some of their cash flows while they wait for travel to recover. haidi: is it going to be enough to get them through? >> we will have to see. right now, the international air transport association has notected travel demand will recover to the lever we have seen before the pandemic until 2024. if travel does not recover until then, we will have to see a lot of airlines still trying to cut costs and preserve as much cash as they need as they go into the year. shery: what are other carriers doing to overcome these challenging conditions? >> we have seen other airlines around the world raising funds through share offerings of

trying to get new credit lines. thai airways said they are looking to sell 34 of their older aircraft in an attempt to raise funds. other airlines are doing the same. singapore airlines are looking back to cut back on their aircraft from their fleet. they are looking at whatever possible ways of saving costs as much as they can and selling planes is one of the options they are looking at. shery: bloomberg's asia transport reporter. we have an alert on the bloomberg right now. a company is plunging -- disease --er's biogen developed the therapy with the japanese drugmaker.

eisai plunging 25%. it's worst day on record. here is a quick check of the headlines. sovereign wealth fund as saying the way it invests. it is closing a small team. it will use external managers. it has around $580 billion in assets. berkshire hathaway seems to have identified its latest megadeal, its own stock. times itsthree previous record. repurchases top any of its original purchases. in total, more than he has ever spent in one year buying apple stock. coming up, reactions of the u.s. election with a major player in the business processes.

fromll hear exclusively the president and ceo. and other exclusive interview. the ceo and cofounder of ram jen. this is bloomberg. ♪

tom: it is not :00 a.m. in beijing and shanghai. welcome to bloomberg markets: china open. i am tom mackenzie. david: i am david ingles. we are counting down your first trading session in the week in the chinese mainland. up with asian equities as well the dollar down as joe readies is transition team. president