soa: joyce chang, thank you much for being with us. joyce chang of j.p. morgan sticking with us. i find it so fascinating, this idea that you could get a result, and that would be the best outcome. it is some certainty of what we are going to get by way of leadership in the united states. francine: something that we will see playing out in the markets. lisa: and a lot of option trading coming out in the result. coming up in the next hour, ron temple, head of u.s. equity managing director. that is at 6:00 a.m. in new york, 11:00 a.m. in london. this is bloomberg. ♪ francine: this is "bloomberg surveillance." lisa and francine from london and new york. let's get back to joyce chang of j.p.morgan. we are talking about the u.s., how you model a biden administration versus the trump administration that we have currently. we talked about trade with china. where do you see the biggest economic shift with covid-19? we had data out of europe as well. is europe on a better footing because of the recovery fund, or does it depend on what covid-19 brings come winter? joyce: europe, it was nev

and the republican national convention the bill is passed so now the house has voted to reverse joyce changes and give the post office $25000000000.00 the reason this is in such a political importance is because of the upcoming election because of the pandemic for the 1st time more than 3 quarters of americans will be allowed to vote by mail but the post office is warning the vast majority of states that they cannot guarantee that those ballots will be delivered in time to be counted the republican leader of the senate says he is unlikely to take up the bill the house leader thinks that will change they'll be hearing from their constituents because this hits home not receiving your mail in a timely fashion hits home not receiving your prescription is actually for veterans hits home in a way that is harmful to our country as well there's more on the line than missed this could call into question whether they can deliver a free and fair election political al-jazeera washington safe havens as to a loss for the hill and the bottom line he says donald trump is trying to make it look like mail in b

and the republican national convention the bill is passed so now the house has voted to reverse joyce changes and give the post office $25000000000.00 the reason this is such a political importance is because of the upcoming election because of the pandemic for the 1st time more than 3 quarters of americans will be allowed to vote by mail but the post office is warning the vast majority of states that they cannot guarantee that those ballots will be delivered in time to be counted the republican leader of the senate says he is unlikely to take up the bill the house leader thinks that will change they'll be hearing from their constituents because this hits home not receiving your mail on a timely fashion hits home not receiving your prescription especially for veterans hits home in a way that is harmful to our country as well there's more on the line than missed this could call into question whether they can deliver a free and fair election political gain al-jazeera washington a group of west african leaders have met with president abraham bluebook with the military leaders behind the coup the

>>well as pete muntean reporting president trump is standing by to joyce changes in continues to callail in voting quote a catastrophe. the joy will face a congressional hearing to answer questions on these mail delays next month. >>here's a live look outside we've got our embarcadero camera showing us the ride into san francisco. you can see the bay bridge there in the background, a couple problems to report on the lower deck, it looks like we've got a motorcyclist down and that's going to be slowing the right just a bit and on the upper deck, it looks as though we may have a looks like we have a. actually it's a motorcyclist down on the yeah that's >>take a look at this it's going to be the world's most expensive face mask, it's being made by a jeweler in israel and the chinese businessman who lives in the u.s. who ordered this is going to pay 1.5 million dollars for it. when it's all done in a lot of 18 carats of diamonds and 3600 white and black diamonds. and that's definitely a statement piece james gosh that good and all we get is this i get i get this must get a crime mean i li

and the republican national convention the bill is passed so now the house has voted to reverse joyce changes and give the post office $25000000000.00 the reason this is in such a political importance is because of the upcoming election because of the pandemic for the 1st time more than 3 quarters of americans will be allowed to vote by mail but the post office is warning the vast majority of states that they cannot guarantee that those ballots will be delivered in time to be counted the republican leader of the senate says he is unlikely to take up the bill the house leader thinks that will change they'll be hearing from their constituents because this hits home not receiving your mail in a timely fashion hits home not receiving your prescription especially for a veterans hits home in a way that is harmful to our country as well there is more on the line than missed this could call into question whether they can deliver a free and fair election political al-jazeera washington. back live massive protests and police a face off in charlotte north carolina where the republican national conventio

joyce chang, is the chair of global research at j.p. morgan. and is one of the leading analysts on china's economy anywhere. she is up top ranking's institutional investors for emerging markets. and before joining j.p. morgan. she was managing director at merrill lynch. an assistant director and also an adjunct professor of monetary economics at the university of berlin. where he served as a tenure full professor. he's previously taught at princeton as well. and rutledge, is a founding principal of a 20 -year-old credit rating advisory firm, spectrum pretty she is an expert on logic of capital market development party for the u.s. senate and an advisor to hong kong's monetary authorities and is just one of the leading experts on all issues related to credit. overnight is director in these firms china market research. he is also nonresident adjunct fellow with us in the trustee chair. previously logan was head of china research for global advisors and with mccarthy research both in beijing and he's's 20 is from hong kong today. i'm going to turn

and the republican national convention the bill is passed so now the house has voted to reverse joyce changes and give the post office $25000000000.00 the reason this is of such a political importance is because of the upcoming election because of the pandemic for the 1st time more than 3 quarters of americans will be allowed to vote by mail but the post office is warning the vast majority of states that they cannot guarantee that those ballots will be delivered in time to be counted the republican leader of the senate says he is unlikely to take up the bill the house leader thinks that will change they'll be hearing from their constituents because this hits home not receiving your mail on a timely fashion hits home not receiving your prescription is actually for veterans hits home in a way that is harmful to our country as well there's more on the line than missed this could call into question whether they can deliver a free and fair election political gain al-jazeera washington. negotiators from the west african regional bloc ecowas are due to meet the un security council representatives in

joyce chang is the chair of global research at jpmorgan and is one of the leading analysts on china'snomy anywhere. she's helped top ranking institutional investors surveys, and before joining jpmorgan, she was managing director of merrill lynch and solomon brothers. helge berger is an adjunct professor of monetary economics at free university of berlin where he serves as a tenured full professor. he's previously taught at princeton as well. ann rutledge is a founding principal of the 20-year-old credit ratings advisory firm credit spectrum. she's an expert on the logic of capital development, testify thed before u.s. senate, been an adviser to hong kong's monetary authority and is just one of the leading experts on all issues related to credit. logan wright is director of -- [inaudible] he's also nonresident add junket fellow with us and the trustee chair at csis. previously, logan was head of -- [inaudible] both in beijing, and he is joining us from hong kong today. so i'm going to turn things over to joyce first, then helge, ann and logan in that order, and then we will look at que

joyce chang is a chair at j.p. morgan is one of the leading analysts on china's economy anywhere. she helped top ranking institutional investor survey emerging markets, and she come before joining j.p. morgan was managing director of merrill lynch. helge berger is that the economics in berlin where he served as a served as a tenured full professor. he previously taught at princeton as well. and rutledge is a founding principle of a credit sector. she's an expert on the logic development testify for the u.s. senate advisor to hong kong's monetary and is just one of the leading experts on all issues related to credit. logan wright is the director of the rhodium group. with research she's a nonresident adjunct fellow. beasley logan was head of china research for global advice will advisors in beijing. he is joining us from hong kong today. so i'm going to turn things over to joyce first. and then we will look at questions from the audience. so joyce over to you. >> thank you so much scott. it is a real pleasure to be with you scott i want to congratulate you with all of the work you

ballots will be delivered on time for november election the postmaster general mr joyce face criticism for the changesthat have caused delays to the mail. u.s. presidential nominee joe biden says he would be prepared to shut down the country to prevent the spread of coronavirus he made those comments a day after outlining his campaign platform as he accepted the democratic party's nomination i was prepared to do it every takes to save lives because we cannot get the country moving until we control the virus that is the fundamental flaw in this loose ration is thinking to begin with in order to keep the country running and moving on the economy growing in people employed you have to fix the virus you have to deal with the virus so if the scientists say shut it down i would shut it down i would listen to the scientist the u.s. of course has the highest number of coronavirus cases and deaths and one area where covert 19 is spreading rapidly is along the u.s. border with mexico a combination of poverty and poor public health is really putting communities at higher risk as reynolds now. trying to stay one

and that's something that we want to get into with our next guest, joyce chang, the jpmorgan chair ofch joining us now on the stock toes watch around these levels. joyce, pretty remarkable that we've seen this rise from apple. could potentially surpass that $2 trillion threshold today. but first, i want to get into this, the overall market from a macro standpoint you've got the bear market lasting 33 days, shortest bear market ever, and then the recovery from the bear market low to the new high, just under 150 days, 148 days to be exact do you think that this speed, the velocity by which we've seen the ups and downs this year makes it likely that we could see another bear market soon, that we could see one of those double top actions like we saw back in 2000, 2007 does that present more of a risk to this rally? >> i think the key thing to focus on is still the monetary and the fiscal policy that have been supporting the pace of this rally. and that remains firmly in place. if we take a look at what central banks have done in the g4 countries, they have now expanded balance sheet it's

. >> reporter: democrats a joyce gun violence, climate change, and immigration. they are trying to draw a comparison between joe biden and president trump. barack obama pulled no punches. >> no interest in treating the presidency as anything more than one more reality show to get the attention he craves. donald trump hasn't grown into the job. because it can't. >> reporter: president trump preemptively responded to his predecessor's comments from the white house. >> president obama and joe biden, because if they do good job, i wouldn't be here. if they did such a bad job i stand before you as president. >> reporter: like many of the speakers, president obama stressed emergency devoting and give a glowing endorsement of his former vp. >> for eight years joe was the last one in the room whenever i faced a big decision. he made me a better president. and he's got the character and the experience to make us a better country. >>> now the republican party is finalizing plans for the national convention for them, which begins on monday. it's expected to be a mixture of

ballots will be delivered on time from november's election postmaster general lewis to joyce faced criticism for changes that have caused postal delays turkey's announced its biggest natural gas discovery a 320000000000 cubic meter field beneath the black sea if it can be extracted it will reduce turkey's dependence on energy imports separate exploration there underway in the eastern mediterranean increasing tension with greece and cyprus there better russian opposition leader has called for more mass protests against president alexander lukashenko svetlana to go to leading the call for his resignation there have now been demonstrations for 12 straight days over the disputed election results. and virus experts are concerned the rollout of a russian vaccine may encourage the corona virus to mutate russian or forties say it is safe and effective but some scientists are worried that deploying a vaccine that's partially effective could cause the virus to evolve more quickly up to date with the headlines on al jazeera witnesses next. frank assessments. we look at this informed opinion is ethiopia on the verg

ballots will be delivered on time for november's election the postmaster general lewis to joyce faced criticism for changeshat have caused delays to the postal system turkey has announced its biggest natural gas discovery a $320000000000.00 cubic metre field beneath the black sea if it can be extracted it will reduce the country's dependence on energy imports separate explorations are underway in the eastern mediterranean which are increasing tension with cyprus and greece thousands of people have been celebrating in mali's capital after the president was overthrown in a military coup opposition parties are backed the military's plan to eventually hand power to a civilian transitional government. announced his resignation on tuesday after soldiers soldiers had detained him. i'm protesters in southern iraq to set fire to the local politicians off to demanding justice for the killing of 2 activists security forces fired live rounds into the air as demonstrators marched on the buildings in the city of basra demonstrators want the provincial government sacked after a series of attacks on activists by unidentif

>>and this will be joyce first chance to publicly address accusations about changes that he's implemented. john lawrence reports. >>the man responsible for us mail delivery thrust into the spotlight. postmaster general lewis dejoy is drawing bipartisan concern over changes put in the place since his tenure began in june. he's since promise to pause changes until after the election, the point about the machinery being out exposed to the elements is how difficult it will be to her first what he's done. >>even if there is some commitment confirmed in writing to joyce administration has removed letter sorters ended overtime pay and reduce postal operating hours in numerous states. an internal email obtained by cnn instructs workers not to reconnect any machines taken off-line without approval, some of the damage has already been done in you know cause some distrust in the american people to use the mail system critics of the joy and ally and supporter of president trump say his changes could hamper mail in voting in november. >>during a pandemic the president has repeatedly made unfounded fra

presidential election is head lou is to joyce said last week that the service wouldn't be able to handle the volume of mail in ballots and now says any operational changes will be made after the november election let's go to mike hanna he's live for us in washington d.c. so mike why has he made this a brought to you turn and is going to be enough to stop the outcry. well there's certainly been an absolute outcry both earth from democrats and from a number of republicans about the delays within the postal service that have followed these cost cutting measures as he put it under taken by louis to troy and now he's announced that these measures have been suspended but the house speaker nancy pelosi has released a statement saying although this is welcomed it's not enough she points out that what it is doing is suspending the changes it is not removing them or backtracking on them for example the mail sorting machines that were decommissioned will not be replaced in terms of the joys and handsome and so she says the house is going to go ahead with its hearing on saturday in which it will pass a bill that insists that the post services be returned to the pos

presidential election is headless to joyce said last week that the service would be able to handle the volume of mail in ballots he now says any operational changes will be made after the november election the joy is a republican donor and was appointed postmaster general by president donald trump they've been accused of trying to sabotage the mail network the heads of the election let's take you live now to our white house correspondent kimberly how quickly that's quite some new term but is it going to be enough to stop the outcry . i don't think so and not on either side this is a highly partisan issue that has been a headline here in the united states for days that issue for democrats is even as the postmaster general has said now these reforms of the postal service will be halted until after the election there is still the concern that there is from the u.s. president this continued outcry of vote rigging of the potential for mail in voter fraud so they're going to push back on this repeatedly because as we heard from the house speaker nancy pelosi she believes this is a deliberate attempt by the president by republicans to sow confusion to u

would have got with their as—level, we change that in england, we didn't have the same checks and balances in the system. —— she put floors in place. sheep follow joyceuld stay in post? even though there is a mess and wes? what she has done differently, it's not the same, the same level of risk, is not true, i have to say this. all i ever wanted from this government was openness and transparency about their thinking. kirsty set out her thinking, she drove a consensus, work with head teachers, that is not what gavin williamson did and the reason why i am calling for him to go is notjust on the exam fiasco. it is also, remember when they were trying to reopen schools first time. what he did to politicise that. saying teachers did not really want this to happen when in fact what was happening is people were scared, com pletely happening is people were scared, completely different kettle of fish. murali gunarajah, who's 51, hasn't had any work during lockdown. he voted lib dem in the last election but isn't sure if he'd vote for them again, if he votes at all. hello and what is your question. we are leaving the eu at the end of this year. what would be y

making changes to the service causing delays democrats accuse him of being president on jobs accomplice and trying to suppress the voters. calling the accusations against him outrageous lewiston joyce says the cuts he's made to the u.s. postal service were long planned and aimed at making the agency financially solvent not to complicate mail in voting in november as we head into the election season i want to assure this committee and the american public that the postal service is fully capable and committed to delivering the nation's election manal securely and on time that's a reversal from what the postal service said last month in a warning to $46.00 states the agency had cautioned that millions of ballots may not be delivered in time to be counted and with the public fallout it joy announced further cuts to the postal service will be postponed until after the election the service will live every ballot and process every ballot in. that it sees president trump claims without evidence that voting by mail can lead to massive election fraud that's despite voting by mail himself we're not prepared for this 51000000 ballots. it will be a tremendous embarrassment to our country it wil

who want to circumvent longstanding rules and impose radical changes that hurt our coastal communities. reporter: that lobster man, jason joycefour years ago the obama-biden administration shut off thousands of miles of ocean, making them off limits to fishermen just to cater to environmental activists but president trump reversed that decision and also ended eu tariffs on lobster that taxed their products up to 20%. that got under biden's skin. the democrat ric nominee tweeting rare pointed response. only direct rebuttal come from him this whole week. president trump can try to shift blame all he wants, maine's hard-working lobstermen are hurting under his watch. they deserve better. as president i will work to protect the livelihood of and safety of fishing community. the biden campaign made a flashpoint in this election. targeted white house larry kudlow for referring to the pandemic in the past test. kudlow made the case of biden's promise to eliminate trump's tax cuts and raise taxes by trillions on day one. >> this is no time for a 4 trillion-dollar tax hike, coming out of the deep pandemic, who in their right mind woul

that was quanta ceo alan joyce speaking to our colleagues on bloomberg asia overnight -- the qantas ceo. and lockdowns eased, , no.opes for a change flareups, and the health crisis in the americas is deepening, and europe is facing the rear position of quarantine's. our reporter joins us. of howave any indication the summer has been going for airlines in europe? reporter: good morning. airlines have been mixed. at the beginning of the summer, airlines were conservative, and then they ramped up services, and now, as we have seen, or in teen has been reinforced in many countries, affecting airline capacity. no airlines have been having visibility in the scenario going forward, and they have to ramp up and ramp down again, and essentially, that is not really good for them in terms of trying to recover on the lost months of the lockdowns. when are airlines expecting demand to pick up? when are they expecting it to be closer to normal? reporter: it depends on what you're talking about. of short-haul travel, that was meant to combat with long hauls taking as long as 2024. that is, again, conditional on a number of circumstances, the rol

again today before lawmakers, recent changes at the post they've led to widespread mail delays and concerns the problem could affect the upcoming election was to joyce said decisions about limiting hours or removing equipment were made by other managers. california congressman harley rouda asked him why he did not move to reverse those decisions. >>so you know how absolutely insane. this is this is like telling jamba juice they can't plug in the blenders to do their job there must be a reason i didn't do it. but in the organization is you're the head of the unit, you're the head of the business, the buck stops with you the but come with me she gets club then that's outrageous statement. at least one republican argued that this really wasn't much different than what's happened before in years past. >>and other republicans agree with the postmaster general saying that changes are needed because the postal service is in a financial crisis. >>republican kick off their convention today laying out their pitch for another 4 years of president trump mary maloney has some of the highlights. >>to the 2020 republican national convention. >>president donald tru

change jobs. with me are two people looking for work. both looking for work. good morning to you both. joyce you found yourselves in now?|j city. explain what the situation you found yourselves in now? i i was in travel for over 30 year and worked for the same company for 21 years. i loved the job and the company. and then obviously the pandemic hit in march. so i was furloughed. which the situation deteriorated quite dramatically and travel became quite problematic. so they offered volu nta ry problematic. so they offered voluntary redundancy. i didn't get it on the fist time of asking. i did get it on the second wave. because i could see it wasn't going to be a great place to be sadly. i was only four years from retirement, i felt maybe i should make way for some younger staff who maybe had mortgages etc. sol younger staff who maybe had mortgages etc. so i have done that and... but i'm still about four years and... but i'm still about four yea rs off and... but i'm still about four years off receiving pension. i'm going to need an income. i can't survive without that sadly. but i need, i w

joyce and her sponsorship of the new green deal. it's cosponsor in u.s. senate. pennsylvania, ohio, michigan, are you watching this? limit by the way, that's all moderate, sure. i see georgie hasn't changed since his days trying to bully reporters into not publishing stories about bill clinton's affairs. george stephanopoulos, nothing but a far left political hack masquerading as a journalist. abc news, well, they are not telling you the truth and they are not alone. naturally some of kamala harris' biggest cheerleaders work for fake news cnn and they are fake. here's what their vetting process looks like over there, take a look. >> i think she gave a very powerful speech and if there's any doubt that kamala harris is not going to be able to go on the attack as vice presidential candidate usually do, that was erased today. >> kamala harris gave a fantastic speech, absolutely nailed it. her ability i think shows this tremendous range, the personal side of her. >> look, it was a beautiful speech. both of them, they strengthen each other. if you've got to give a headline today it would be "hope reborn." >> as opposed to just a high school gymnasium there and i think that the ease in which t

joyce gomez's arabian horse that was bred for endurance, but now endures unfamiliar settings as his owners brace for the worst. >> trying to stay calm and start making a plan in case there's a big change. >> that's the hard one, making a future plan. >> yeah. >> you know, the what ifs. >> reporter: tuesday, continued favorable weather aided firefighters if their battle with the czu lightning fire complex. containment is now up to 17%, and air quality is improving amid cooler temperatures and higher humidity. >> it's part of our overall strategy. it pose no, sir threat with our wind patterns, our weather patterns. dying exactly blast we want to do, and it is, again, an alternative strategy we're utilizing. . >> reporter: for those affected by the flames, a strategy of waiting and hoping as another day becomes another night from the one place these people can't go, home. >> cal fire and county sheriffs are doing the best they can, and they don't need civilians trying to go home when they're not allowed to. >> reporter: evacuation orders still stand and sheriff's deputies are stationed in neighborhoods to make sure residents don't vie trisneak back into their homes and that looters don't

joyce gomez as arabian horse. the gilding was bred for endurance, but now indoors unfamiliar settings. >> i am trying to stay calm and start making a plan in case there is a big change. >> that's a hard one, making a future plan. the what if's. >> reporter: for those affected by the flames, a strategy of waiting and hoping as another day becomes another night away from the one place these people can't go, home. >> cal fire and county sheriff's are doing the best they can and they don't need civilians trying to go home when they're not allowed to. >> reporter: evacuation orders still stand and sheriff's deputies are stationed in neighborhoods to make sure residents don't sneak back into their homes and to make sure looters don't try to take advantage of the situation. the dozen or so evacuation sites around santa cruz county will be open for the foreseeable future. if you would like to help those stuck at those sites, donating items such as mattresses, blankets and sanitizer, you can drop all of that off at the santa cruz county warehouse. >>> the second night of the republican national convention saw the first lady in a featured role delivering the keynote speech fr

joyce gomez's arabian horse. the horse was bread bred for endurance, but now endures unfamiliar settings, as is eveners brace for the worst. >> frying stay calm and start making a plan in case there's a big change. >> that's the hard one, making future plans. you know, the what ifs. >> reporter: tuesday continued favorable weather aided firefighters fighting the czu phoenix fire complex. contain system now up to 17%, and air quality is improving amid cooler temperatures and higher humidity. >> it pose no, sir threat with our wind patterns and weather patterns. it's doing exactly what we want it to do, and it's al an alternative strategy we're utilizing. >> reporter: for those affected by the flames, a strategy of waiting and hoping, as another day becomes another nice knight away from the one place these people can't go, home. >> cal fire and county sheriffs are doing the best they can, and they county need civilians trying to go home when they're not allowed to. >> reporter: evacuation orders still stand, and there are sheriff's deputies in the various neighborhoods making sure that home owners don't come back into their homes, and that looters don't take advantage as well. if you would like t

joyce testifying before a house committee he says delays in mail in votes will be caused by the high volume of postal ballots which are expected to spike to record levels this election not by the changesmade within the service itself president donald trump is look to restrict made in voting saying it could impact the legitimacy of november's election but he's voted by mail himself in the recent primary in florida well joining the hearing there was a tense exchange with democrat congressman jim cooper do your mail delays fit trumps campaign goal of hurting the post office as stated in his tweets are your main onlies i'm not close it can 9 constitution these types of question i'm here i'm here to represent the postal service has nothing to do with my actions have to do with improvement as a postal service mr joy is your backup plan to be pardoned like roger stone. at a full. you have 2 seconds to answer the question i have no comment on. now the world health organization is cautioned against the effectiveness of using convalescent blood plasma to treat coronavirus patients the u.s. president announced foss track consent for the experimental treatment on sunday describing it as a major t

testified before a senate committee on friday joyce said the postal service will prioritize election mail. so it arrives as quickly as possible and that's a changeid before. >>the under his direction. the postal started removing high speed sorting machines. >>and collection boxes and they were no longer prioritizing election mail. >>we will deploy processes and procedures that advance any election mail in some cases ahead of first class mail. >>if people vote within 7 days of they highly counter you highly confident that those ballots would then be received. >>extremely highly conf so self us so many many also under the microscope for a meeting between the president and joy after joy was appointed to lead. the postal service and made a joy it was a big donor to president trump. he insists though they never addressed any changes to the agency. well there's been some confusion about the difference between absentee and universal mail in voting while casting absentee ballot. >>or a mail in ballot is essentially done the same way there are some key differences in the way that state's approach their voting system with correspondent joe khaleel with mo