at this hour as voting but counting continues in a nail biting us election democratic candidate joe biden says he is confident of taking the white house and a.p. news agency has given arizona to biden putting him just 6 electoral college votes away from the all important 270 needed to win all the other agencies have yet to come but. you're watching the news coming up next we've got business news for you with monica jones i'm terry marchin thanks watch. this for me. is for you. it's for have. a token is for.

is for. beethoven is for cars. is for. beethoven 2020 the 250th anniversary here on new. the uncertainty continues but investors seem to have place to their baggage stops again in shop me from wall street to hong kong as joe biden looks on course to win the us presidential election also coming up the world's largest i.p.o. was cute today but to beijing pulled to the pluck at very short notice what's

behind this move we go to our correspondent in tie pete for. hello and welcome to your business on one of the johns and good to have you with us so asian markets advanced as democratic challenger joe biden led to donald trump and republicans looked said to hold on to their majority in the senate analysts believe a divided u.s. government would make tax increases and tighter regulations on business unlikely but i'm saying in hong kong rose more than 2.7 percent while the nikkei index in tokyo gained more than one percent investors hope they will beat a new rescue package in the u.s. soon as politicians from both parties spoke in favor of such measures. all right for more let's bring in to see what happens at the frankfurt stock exchange this morning we've seen certainly that asian shares are in very good mood what's the mood like in europe. well of course on the day after the

big election also the tea leaf reading continues here in europe what does it mean that we have to brace for a certain amount of political gridlock in the future in washington again. with the democrats likely not taking the u.s. senate is it really warranted to hope for an immediate fiscal stimulus in the united states or will this take longer very slowly of course european factors are getting back in focus again of european trading we'll get an update on factory orders here in germany today the european commission will come out with an economic outlook and all that brings back of course the discussion about corona and the economic impact of those possible lock downs we have in place in many western european countries and of course i mean the u.s. dollar i believe. as the u.s.

election is stills little while quite unclear the outcome and everybody's looking to the fed dyess you know what are the expectations well for today no immediately and you monetary policy action is expected from the federal reserve when it concludes tonight its 2 day meeting it's more likely that the fed chair jerome powell will again make warning statements you know reminding the government and the policymakers in washington in fiscal policy that they have to do something and my conduct was an insensitive and you so much. let's take a brief look now at what else is going on in the business world. the international monetary fund predicts that code 19 will lead to asia's worst economic decline in generations the lender said china was

a bright spot of growth this year but while the asian region would rebound in 2021 full recovery from the virus could still be years away. and to lift blow for many good economy workers california voters approved so-called proposition 22 allowing right hating and delivery companies to continue trading or treating their drivers as contractors instead of employees eligible for benefits like health insurance companies argued reclassifying drivers would upton below cost business models. today would have been the day the world's largest i.p.o. were set to happen in shanghai and hong kong chinese financial take firm and group hope to raise $34000000000.00 but that's not going to happen now just 2 days before the much anticipated market debut beijing pulled the plug it's an extraordinary move that raises new questions about china's leash on its companies and it amounts

to a public rebuke of and group founded. has beijing squash the ends of the high riding financial technology firm was supposed to herald china's homegrown tech revolution instead after a meeting between regulators and company leadership beijing made clear that it sees differently the company will face the same level of scrutiny as a bank the last minute decision pulls the rug out from investors many had expected a windfall. from the my kad that they were ruling that the stock could pop anything from 30 to 50 percent so that would be a pretty good payday for lucky investors that who will be allotted shares now is that. they would not get any a lot months on the i.p.o. it's not going to come behind beijing's decision appears to be answered changing business model known across china for its payment system alli pay in recent years and has transformed into

a fully fledged financial platform among other services it connects individuals and businesses to lenders in other words it makes money is the middleman banks hold the risk but chinese regulators have grown increasingly sensitive to bank exposure to debt as a result in september the central bank required fin techs like aunt to increase their cash buffers that in turn appeared to irritate founder jack ma at a conference last month he said regulators were off base. we cannot manage an airport in the same way as we manage a railway station we cannot manage the future with the same old approach of yesterday. but it's regulators that appear to have the last say in its filings and had already warned that further regulation could be a challenge to its entire valuation is now in flux regulators have far more say over bank finances and lenders are typically valued much lower than tech companies . for more on that story let's bring in our correspondent in time.

so days ings decision to suspend listing came after a meeting between regulators of the company's leadership what did they talk about why i pulled the plug 2 days before the i.p.o. . well we might never know the details about monica analysts believe that it had everything to do with the risks posed by the rapid growth of the thing tech sector lately in china and of course it's about very controversial that jack ma made last month not only did he compare the traditional chinese banking system with the pawn shop he was also publicly contradicting chinese vice president once he signs words of importance to the van to systematic financial risks by saying that china doesn't have this problem because basically china's financial system is on systematic so these words came at the worst time and the suspension of the deal

listen is seen as a warning from beijing to become pony's like the end group well you said it already it's a warning to big companies like the end groups what's this tell us about the future possible i.p.o.'s and plans of private companies. well monica the energy of the private institution brought to the economy really made china the country it is today and jack ma in many ways represents china's private industry and and we have to know that the end group is so successful and that is full of enter printers with ideas and business and services that really could make a really big impact in china and this is of course against what the chinese communist party believes in they have state control banks they control companies and that's very important to this country so this incident really once again just casts a shadow over the growth of the private institutions in china and us chinese president

xi jinping simply put that the private sector need people who listen to and follow the chinese communist party's rules. on their in taipei state just so watch for this analysis. around the world the 3rd most for gold has been a whole market of the coronavirus pandemic gold prices soar just part of the global economy came to hold and many investors were looking for safe havens a turkey for one has seen a true gold rush did all the usual johan's reports i everything they do to see here is gold and at the moment it's pretty much the only thing selling quickly it's the stumbles grand bazaar i was. gold sellers are among the only businesses to avoid a sale slump due to the pandemic. rather the opposite customers are rushing to their shops. most of

a collie over has been a jeweler here for 30 years he's hardly ever had as much work as in the past few months he says felt sick as well that is when we were opening our shops in the morning customers were already queuing outside yours and i think one can speak of a gold rush that the pandemic has had a huge impact people ask themselves who knows where this is going and what if the money will soon be worthless civil war for it's always been like this in times of crisis many people prefer to invest in gold rather than leave their money in a bank account and turkey has been in crisis mode for quite some time now i you can understand the fear by following the exchange rates the turkish ear i was under massive pressure even before the coronavirus crisis but since the beginning of the pandemic it has weakened further against the dollar and euro i at the same time

the gold price has risen significantly since the beginning of the year still the custom is keep coming jewelry bullion coleen's it doesn't matter as long as it's gold cloth and you know i don't get saved. in turkish lira i always invest in gold with all the foreign currency. while we go for pure gold roll and uncut. republic like keep my gold at home in a safe box under the mattress savings so it was a good in all of the good out that. experts estimate the gold turks are hoarding at home is worth up to 280000000000 euros equal to almost 40 percent of the country's gross domestic product. and that's a real problem for the turkish economy says analyst. is also about alternate when you buy gold you're saving money in an economy savings are

usually your channelled into investment but when you keep your savings under the mattress it's not available to the market as an investment and that actually harms the economy well what are going to. but many people's confidence in this economy has been severely shaken due to persistently high inflation rates we currency and the uncertainties of a pandemic was no end in sight and so turkey's new gold rush likely has a lot longer left to run. and that is your business update here on this morning for more do a check out to d.w. dot com slash business of social media for me in the channel glenn thanks for watching and see you later.

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