hi, giselle and karina. so good to see you. oh, one of the things that i want to talk about tonight is that this story goes way back before 2017, although we first spotted each other across a room in 2015 and i had no idea that you all would experience homelessness and, you know, i would end up writing about a book about your journey, so in 2015i had taken on the beat of social service and poverty in "the new york times" and i decided that i would go any shelter anyone invited me to and so council member in queens invited me to go to shelter in queens that had been made out of a hotel. so i showed up and i was surprised to see all of the girl scouts serving the thanksgiving lunch and, you know, karina and her sisters were there and giselle was there and i didn't write anything that day. i just left like i saw the inside of a shelter, met some women experiencing homelessness and, wow, those girl scouts sure were cute and fast-forward, giselle was in the shelter system and then she came up with an idea for troop 6,000 and i will

i am karina mitchell. this is bloomberg. francine: karina, thanks so much.g up, we will have a good conversation about the u.s., but also international trade relations. this is bloomberg. ♪ lisa: lisa in new york, francine in london. -- the view from the boston fed president who told michael mckee that extra stimulus is required. >> i think there will be an appropriate time to have more guidance. i think at this stage of recession and the pandemic, that's poor guidance is probably only mildly helpful. interest rates are quite low, and in that environment, i think people are already assuming it is going to be some time before interest rates rise again. while it might be marginally helpful, i would actually say that our lending facilities and some of the facilities being run by the new york fed are probably providing more support as they are getting at the cost of funds , individuals and businesses that are more important. >> i want to talk about lending programs. chairman powell emphasizes the fed can lend, not spend. is that the wrong prescription for the ec

a hotel, i showed up and i was surprised to see these girl scouts serving the thanksgiving lunch, karina and her sisters were there and giselle was there and i did not write anything that day, i left, i still inside the shelter, i met women expensing homelessness and while the girl scouts were cute. fast-forward, year later giselle was in the shelter system and then she came up with an idea of "troop 6000" in all read to you a little bit from the chapter called 6000. the troop needed a name, giselle suggested troop 1101, the zip code, although clever and easy to remember, the name would conflict with long-held tradition, girl scouts in the city were limited to four digits, the numbers had corresponded with the burroughs in the bronx the troops were numbered in the 1000, brooklyn troops for 2000, manhattan to troops were 3000, queens were 4000 in staten island troops were 5000, this new troop was unique, belong to girls who did not know where they belong, it would not make sense to use the numbers normally applied to troops in any of the five boroughs, given that his numbers had no fixed

hi gisele and karina. one of the things i wanted to talk about tonight is that this story goes way back before 2017. we first saw each other across the room and 20 feet teen and i had no idea that you all would experience homelessness and i would end up writing a book about your journey. in 2015 i had taken on the beat of social services and poverty for "the news york times" and i decided i would go to any shelter that anyone ever invited me to. so a councilmember in queens invited me to go to a shelter in queens that had been made out of a hotel. i showed up and i was surprised to see all of these girl scout serving the thanksgiving lunch. karina and her sisters were there and gisele was there and i didn't write anything that day. just saw the inside of the shelter and met the women experiencing homelessness and while those girl scouts sure were cute. fast-forward a year later giselle was in the shelter system and then she came up with an idea for troops 6000. i will read to you a little bit from the chap

i'm karina mitchell. thevin. kevin: the u.s. is approaching another grim milestone for the coronavirus outbreak with confirmed cases nearing 6 million. this comes amid increasing questions over how the country will hold this november's safely. president trump and postmaster general louis dejoy were ordered by a federal judge to rapidly start handing over evidence sought by 14 states suing recent postal service changes that they fear will undermine mail-in voting. for more on these concerns, i want to welcome congresswoman debbie mucarsel-powell. she is a democrat from florida. thank you so much for joining us. the countdown to the election is on. what do states, including florida, need to be doing between now and november 3 to make sure they are adequately prepared and ari say, not by november 3, by the next few weeks? rep. mucarsel-powell: good afternoon. thank you for having me. let me just say, in my district in south florida, we have been receiving hundreds and hundreds of calls from constituents, from p

this is bloomberg. ♪ karina: this is "daybreak asia." i am karina mitchell. its debt ratio to reach a record after further increase in spending to support an economy reeling from the coronavirus. the government plans to boost fiscal expenditure by more than 8% to $470 billion in a draft budget that would push debt to 46% of gdp. korea's debt load was under 40% at the start of the year. damage from hurricane laura in the u.s., gulf coast, and caribbean, is expected to cost insurers $9 billion according to two risk modeling firms. most of its damage was spread across louisiana. the storm surge was not as powerful as first feared. israel sees more than $6 billion in new trade as it moves towards normalizing relations with gulf states. talks are planned for later this week, following an initial accord with the uae and a first-ever direct flight between the two countries. a focus on economic matters with more difficult defense issues left until later. this week's talks will deal with tourism, trade, and finance. global news, 24 hours a day, on air and on bloomberg

for bloomberg first word news, we go to karina mitchell.a: there is a sign the labor market may be improving. applications for on employment benefits fell to the lowest since the pandemic started. million,clined to 1.2 200,000 less than the median forecast. so with claims over a million, the job market has a long way to go before it recovers. the trump campaign raised a july. $155 million in it was the first time the president outraised his democratic rival since april. the trump campaign manager spent $82 million on tv ads so far, compared to $49 million for biden. goldman sachs warns the development of a coronavirus vaccine could up and financial markets. the profitability of an approved vaccine by the end of november is underpriced by equity markets. they say one possibility is a selloff in bonds and the rotation out of technology into cyclical stocks. global news 24 hours a day, on-air, and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. i'm karina mitchell. this is bloomberg. da

i'm karina mitchell. this is bloomberg. ♪ >> donald trump inherited a growing economy and a more peaceful world. like everything else he inherited, he bankrupted it. >> you know what donald trump will do with four more years. blame, believe, and belittle. and you know what joe biden will do, build back better. >> joe biden will be a president we will all be proud to salute. >> joe biden has shown that the heart of this nation still beats with kindness encourage. that is the soul of america joe biden is fighting for now. business, we all have our collective memories of these conventions. they are always fun and exhausting to attend. we welcome you to our simulcast on bloomberg radio, bloomberg television. anna edwards in for a several woods and -- for lisa abramowicz and jon ferro. i want to imagine the wisconsin center with secretary of state john kerry and secretary of state colin powell coming out to a packed arena. kevin cirilli with us, our chief washington correspondent kevin, that didn't happen last

karina: with the first word news, i'm karina mitchell. joe biden shooting down president trump's attempts to paint him as a puppet of progressives. democrats formally nominated biden for november's election. the virtual convention included testimonials'from the partys old guard -- testimonials from the party's old guard such as bill clinton. >> if you want a president who defines the job as spending hours a day watching television and on twitter, you got your man. in a real crisis, it collapses like a house of cards. covid doesn't respond to any of that. two beat it, you've got to actually go to work and deal with the facts. the trump administration sees a path to a pared down $500 billion stimulus deal. the package would eliminate the biggest areas of disagreement between republicans and democrats. it would include financial help for the postal service, aid to schools, and money for businesses to keep workers employed. democrats may also agree to a smaller deal. meanwhile, president trump raising questions about the future of that trade

karina: the u.k.s set to be considering sealing off greater london and ordering people to stay at home in a bid to avoid a second national lockdown. the sunday times says the government is weighing shutting down the capital and tightening quarantine rules on people flying home. the reports come two days after the government responded to plans easing of restrictions amid a surge in infections. the u.k. reports from london say apple wants commercial landlords to slash rents amid the coronavirus, while offering to extend store leases by several years and returns. rents have been tumbling as the pandemic it devastates physical shopping. the deal comes after apple reports record second-quarter quarter sales of $60 billion. dethroning saudi aramco as the world's most profitable company. casino operators in macau continue to reel from the coronavirus with gaming revenue down more than 90% for a fourth straight month. the slump comes as china's ban on tourist visas deprives the city of its biggest source of c

i'm karina mitchell. this is bloomberg. ahead, shares of communications platform provider whispir have more than tripled this week. we will be speaking with the ceo jeromy wells. next, another day, another record high for u.s. stocks. talking strategy with vilere. this is bloomberg. ♪ shery: let's get over to sophie kamaruddin in hong kong for a check of the markets. sophie: looking at a down day for asian stocks. kiwi stocks under pressure as ed tuesday because of a cyberattack. nikkei futures pretty flat while the yen stays above 106. jp morgan sees a temporary push towards 100 for the currency if there is a leadership change in both the u.s. and japan. in australia we are watching the space, moving closer to securing funds to finance acquisitions. --s, at a time more good news for pension holders in australia. year has growns the pension to about $2 trillion u.s. of the leaders and laggards in u.s. stocks. russell 2000 still trailing a bit. bva and morgan stanley saying it warrants caution. still not gaining solid tracti

. ♪ karina: you are watching daybreak australia. seems to be proving there is some truth to the adage, first in, first out. pushingcturing rebound the economy out of a first quarter slump. a bloomberg survey sees growth of 2% despite the falling global demand and the trade war with the u.s. july data on industrial output shows the expansion of nearly 5%. u.k. is being warned nearly trillion jobs could be under threat if the government ends the virus support program too early. millions of workers will supply -- will rely on cash help in october. saw its biggest fall in employment since 2009 in the second quarter with many more jobs expected to go. $1.5 trillionnd to boost its economy. prime minister modi used his independence day speech to salute the government's performance in containing the outbreak and to say india will be self-reliant as a supply chain hub. confirmed2.5 million infections. 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

: i'm karina mitchell with bloomberg first word news.ow the death rate remains high, the rate of people in florida testing positive for coronavirus dropped to just above a percent, the lowest level since june. ohio governor mike dewine announce he has tested positive for the virus and plans to quarantine at his home for the next two weeks. the republican governor was set to meet the president at the airport today and was tested as part of standard protocol. amid a surge of coronavirus cases, the turkish government is proposing changes to school. since the muslim holiday earlier, the outbreak has spread quickly in major cities, including in the capital. new cases surpassed 1000 for the first time this week but officials several ruled out imposing citywide curfews. the richest person in the world has turned a bit at the stock into cash. shares of amazon for $3.1 billion. he is worth $189.8 billion. 73% thisstock is up year. global news 24 hours a day, on-air, and on quicktake by bloomberg, powered by more than 2700 journalists and analysts

i'm karina mitchell. this is bloomberg.hery: still ahead, the race to replace japanese prime ministers should the abe heating up we will discuss possible contenders, next. with the interview billionaire founder of one of china's biggest conglomerates. he expel you and's -- he explains explain chen -- he explains expansion plans later. this is bloomberg. ♪ ♪ think policy continuity is key from a market standpoint and a yen standpoint. the monetary policy that has yield control, on buying orchestrated by the bank of japan, and governor kuroda has a couple more years left. >> [indiscernible] because there's not much room that japan can deviate from mainstream reforms strategy. --i don't blame him for not inflation. [indiscernible] >> whoever takes over for prime minister abe is likely to maintain that crucial thetionship between government and the central bank. haidi: some reaction there to the resignation of shinzo abe, and we are hearing from a japanese news outlet confirming that both the chief cabinet secretary and the for

it ended up on the book and ended up being the beginning with haley who is karina's sister that was one of my favorite chapters. the chapter about first deciding if we were going to have the troop. in going around and picking up the flyers, the first chapter i ever wrote. ugly christmas letter -- i love man enough to be a girl scout. i love you are a powerful woman. read the whole thing. i love every chapter. >> you want to ask this question. what was the most difficult part to read about for others? >> i think the hardest part is reading the decisions i made in life though they are not all perfect i don't regret any of them. i learned from a lot of mistakes and a lot of challenges, i feel like it really made me who i am today, persevering and determining to make something better for children and myself and being able to read, just reading everything i have been through and that was hard for me. >> altogether. everything, seeing it all come together. a series of events happening, sheltering our emotions. >> the way the book ends, my favorite part, don't give it away. what is interesting

i'm karina mitchell. this is bloomberg. haidi.age in the biggest new zealand city is being tested on concerned the coronavirus may have reentered the country in revert rate -- in refridgerated freight. after more than 100 days of no community transmissions, it is unclear how the virus reemerged. paul allen joins us. what are authorities looking for ? investigators closed down this cold store in south auckland. one of the new cases is an employee who works there. that facility is closed, testing is underway of all surfaces they are of health in zeeland points out the virus can survive in refridgerated environments for quite some time. so maybe it is refridgerated freight that was the origin. and because they are out of other ideas right now, this is a genuine mystery. none of the family who tested positive works with anyone who tested positive, and up until now, that is where all the new zealand cases have come from. so a real mystery here. shery: any evidence the virus is spreading further through new zealand? is reportedh case th

first, let's get the first word news with karina mitchell. karina: the white house is exploring whether president trump can act on a virus relief plan without the approval of congress. the president is considering an on a plumbing benefits and in fiction section if lawmakers failed to act. benefits expired friday. democrats and republicans have been unable to reach an agreement on a new stimulus package. talks resuming today. the trump campaign reset its ad strategy today with two w a new as seeking to cast doubt on joe biden. the ads say that he would crush middle income families. a biden spokesperson says trump's claims are his attempt to distract the public from the coronavirus pandemic. nobel peace prize winner john hume has died. he was one of the chief architects of the good friday agreement that brought peace to northern ireland. the deal ended the conflict among paramilitary forces and british security forces. global news 24 hours a day, on-air, and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more

i am karina mitchell. this is bloomberg. tom: thanks so much. equities, bonds, currencies and commodities. let's go to the equities market. we've literally did not move yesterday on the spx. 29.64 on the vix. futures are up 24. nasdaq on a percentage basis is still leading. we had a relative resurgence in tech stocks out of what we have seen from small-cap over the last number of weeks, back-and-forth between the two groups. a key statistic, negative one .036. -- -1 expectations, you get a big fat negative real ever, coming down to an greater negative yield. nevertheless, a three-day reversal. the dollar is not playing today. francine? francine: i think it is a fancy day for wednesday to check. simple, european stocks are higher, u.s. futures as well. investors seem to continue signaling optimism in the post-pandemic rally, after shower shares hit an all-time hh in the s&p 500, and gold went ounce.an $2000 an speaking about inflation, your area, july consumer prices are down 0.4%, a touch below estimates. core prices are in line with what we wer

let of the first word news with karina mitchell. karina: very good morning.itting back at u.s. tensions on hong kong related officials but stopping short of targeting people close to the white house. senators marco rubio and ted cruz, with beijing saying they have behaved badly on hong kong issues. it is not clear what the sanctions would actually meet. china's actions were seen as mostly symbolic and to retaliate against washington's recent moves. 10 people are known to have been arrested in hong kong under china's new national security law, including the former founding member of the city's pro-democracy group. police say she and others were involved in operations that breached the new regulations with one detained for using funds from overseas bank accounts to support their antigovernment. china has denounced the highest decades as to washington turns up the heat on beijing. the health secretary alex azar saluted taiwanese democracy and its handling of the coronavirus pandemic in a trip that is drawing sharp criticism from china. beijing says taiwan is the

. ♪ karina: you are watching "daybreak asia." i am karina mitchell.he united states remains the focus of the coronavirus pandemic at several areas are starting to see improvement. california and arizona reported positive trends on new infections although they admit one week does not change the overall picture. u.s. fatalities are over 155,000. global infections are above 18 million. the pandemic adding one million new cases every four days. the u.s. treasury has outlined how much it needs to borrow to keep the economy going for the next three months. amid unprecedented spending on the coronavirus fallout. it expects to raise almost $1 trillion in debt through september, more than 270 billion higher than it projected in may. since then, virus cases have surged, forcing congress to consider new fiscal stimulus. the more senior -- another round of relief is critical for the u.s. economy. the fed is due to expire and congress is divided on what to do next. charles evans says any failure to launch new support would be hugely damaging. his dallas colleague

i'm karina mitchell. this is bloomberg.head, icbc international research sees more new drugs being launched in china at a faster pace. what that means for international pharma companies already struggling with aging's bulk -- with beijing's bulk buying. but first, an economist owings us. -- joins us. this is bloomberg. ♪ ♪ alert crossing the bloomberg when it comes to numbers out of oil. the interim dividend per share of essentially not declaring an interim dividend per share, and also revenue for the first half of $625.6 million. debt coming in at $2.33 billion. when it comes in to the analyst ratings on this, we still have 11 buy, swap, hold. costs, when it comes to the oil equivalent to $10.50.9.50 production more in line -- more or less in line with expectation. we will continue to watch those. but the net loss of $266 million coming through from oil search. heading to jackson hole, central bankers have been meeting virtually this week to discuss monetary policy. our next guest says the focus has shifted to the recovery

let's get to the first word news with karina mitchell.a: we talked about the latest covid-19 data -- cases heading toward 26 million with the u.s. tally above 6 million. astrazeneca has begun wide red human testing on a vaccine america while the european union is to contribute 400 million euros to secure covid-19 shots and ensure equal access. meanwhile, canada is buying 100 million vaccine treatments from novavax and johnson & johnson. the who says the only solution is unity. hong kong is launching a mass coronavirus testing plan next tuesday amid calls from activists and health care workers for what caught. half a million residents have volunteered for the tests which will be conducted with help from china. it's billed as an attempt to ward off a new wave of covid-19 infections but critics are wary of the government motives amid widening government mistrust. damage from hurricane laura in the gulf coast and caribbean is expected to cost insurers as much as $9 billion according to two risk modeling firms. laura came ashore as a category

i'm karina mitchell, this is bloomberg. haidi: still ahead, jessica meir takes us through earnings coming out of australia. but we will speak to jeffrey back to and the strength of the chinese market. and global uncertainty. this is bloomberg. ♪ haidi: a 33 percent jump in revenue in results. it was driven by an infant nutrition sales in china and via a bigger distribution footprint. let's get some results, and whether they are sustainable, we are joined by geoffrey babidge. great to have you again. when we last spoke, this was back in february, you said there was a great deal of uncertainty of how the pandemic plays out. he wasn't sure if it would be negative or positive. it has clearly been positive. have you been surprised, and is this ongoing growth sustainable? >> we are pleased with the performance we have achieved in the second six months. revenue at $1.73 billion. we did get some headwinds as a result of covid, particularly in courts or three. there was some winding about that occurred in q4. we see that continuing

this is bloomberg. ♪ mberg. ♪ karina: you are watching daybreak asia. i am karina mitchell.ctions is nearing another grim marker, 20 million. the u.s. remains a focus with more than a quarter of those cases, adding one million in two weeks, even as new infections and deaths slow in florida and arizona. criticizing the response, despite it -- describing testing as slow and marking access. the chicago fed president said it is important the u.s. government delivers new stimulus to help the economy through the coronavirus. he said fiscal policy is vital with the pandemic not yet under control. president trump has taken executive action on relief as talks stall, although his measures fall short of what the democrats say is necessary. and shinzo abe says the government must avoid another virus state of emergency to soften the blow to the pandemic than it would be worse seen in the financial crisis a decade ago. he has allocated almost $20 billion in aid so far. withes continue in beirut anger about the michael explosion. widening calls for the government to resign. lebanon is in p

for that we go to karina mitchell.sident is considering extending eviction protection if congressmen do not act. emma kratz and republicans have been unable to reach -- democrats and republicans have been unable to reach an agreement. norway's government has banned cruise ship's forum entering -- from entering its port after a breakout on one ship. that cruise line is apologizing. theysaid they did not know should have notified all passengers after the first case was reported. they are worried that ship may have infected dozens of the villages along norway's coast. microsoft and tiktok have 45 days to work out a deal. microsoft is trying to salvage once to ban trump the -- president trump wants to ban the app outright on security grounds. powered by more than analysts in more than 120 countries, i am a karina mitchell. this is bloomberg. david: legislators are trying to hash out some compromise on a stimulus bill. davis of stone court capital. always a delight to have you with us. us an idea of the politics of this neg

i'm karina mitchell. bloomberg. ♪ oil at the moment, wti under pressure but still holding above $42 a barrel. we got a report showing gasoline supplies rose by nearly 5 million barrels, adding to output hikes we have seen from the opec-plus alliance this month. we have to look ahead to the opec-plus monitoring committee meeting, not to mention the iaea crude oil inventory report wednesday. joining us from washington is fiscalnote markets'katie bays fiscalnote markets -- fiscalnote markets -- from washington is fiscalnote katie bays. katie: thank you for having me. the market has been astonishingly stable, range bound in the $40 to $43 a barrel range. successicates a lot of and successful strategy by opec-plus. increasedgy includes production or reduction in cuts starting in august. we do expect opec will move forward with that plan. that is consistent with market expectations as well. a recoveryis seeing in demand in a lot of regions, so there is optimism demand is coming back. and opec is moving in line

i am karina mitchell. this is bloomberg.hery: china trade data due in a few hours. they show a pick in external and domestic demand. china's economy has shown a sharp rebound from the pandemic. our next guest says it is not why asia will fare better than the rest of the world. the portfolio manager for emerging-market debt and currency strategies at hsbc global asset management. great to have you with us. is it just the idea that perhaps asia was the first in an the first out of the pandemic and perhaps they have done a better job than other countries in managing this pandemic? olga: that is exactly right. what we are observing, what matters is individual companies respond to the pandemic, including virus containment and fiscal and monetary response. it is also the nature of the external demands. they: when it comes to market, we continue to put a lot of focus on the currency markets, especially with the dollar now being on a downward trend. this dtv chart on the bloomberg showing some of the trades we have seen and it has b

. ♪ karina: you are watching "daybreak asia." i am karina mitchell.ouse democrats plan to add 20 $5 billion for the u.s. postal service to legislation that for a vote on saturday. bloomberg learned the measure would prohibit cutbacks ahead of the november election when millions of ballots are due to be mailed out. the move comes amid a wider stalemate in the stimulus measures and worries that voters may not receive ballots on time. the democrats are pioneering political conventions with an event to nominate joe biden and kamala harris that will be almost entirely virtual. speakers will address delegates from around the u.s. with the whole event streamed on the internet and broadcast by traditional news outlets. speakers include michelle obama, bernie sanders, and other democratic leaders. belarus is sliding into chaos amid a growing national strike and mass protests against alexander lukashenko. he is refusing to step down after claiming a landslide win in last week's disputed election. he is offering constitutional reforms but observers say he may no

i'm karina mitchell. much more to come.s is bloomberg. ♪ beat onn't have a good where the consumer is at this point in time and how they are going to behave coming out of this. unemployment is high, and we don't know how long that is going to last. jonathan: really interesting conversation with mark jenkins of the carlyle group come the global head of credit. look for more of that online and on your bloomberg terminal. here's your price action this thursday morning. we are counting down to jobless claims at 8:30 eastern. in the fx market, euro-dollar firmer on the euro side, $1.1835. equity futures down four points on the s&p 500, a little more than 0.1%. the bond market treading water after a four-day selloff. tuesday,r supply tends yesterday -- three your supply tuesday, tens yesterday, 30's later today. when we talk to market participants at the moment, a lot more constructive on the future than someone operating in this economy right now and trying to run a business. lisa: the unknowable right now is what happens when s

i'm karina mitchell. shery?o the coronavirus and containment measures in australia appeared to be yielding a welcome side effect. mask wearing, social distancing and other measures have allowed it to virtually eliminate the flu season which historically peaks at this time of the year. in the u.s., signs of the surge easing in the sunbelt, while new york will start allowing to reopen. let's get more from michelle cortez. some welcome news in the u.s.. michelle: the number of cases have been falling in terms of the surge that we saw across the south. so, we know now there are some activities opening up. some people are getting back out there into the public and a number of guests are following. we did it new record in texas, over 10,000 deaths in texas. adding to that same level in new york, new jersey and california. we are still seeing an increase in deaths, but it's happening at a slower pace and that is welcome news. news, we canelcome take what we can get in this pandemic given the onslaught of the bad news,

i'm karina mitchell. this is bloomberg. shery: still ahead, china's biggest bank posted their worst profit declines in more than a decade amid the looming bad debt and pressure to payout dividends. we will discuss the outlook later this hour. first, the race is on to replace japanese prime minister shinzo abe. we will have the latest on the top contenders next. this is bloomberg. ♪ haidi: the race is on to succeed shinzo abe as prime minister of japan after he is stepping down for health reasons. stephen engle has the latest. no clear frontrunner. lots of names, increasingly being thrown in. what are looking at? -- what are we looking at? stephen: even though the party has such a big majority, they do not have such a deep bench and front runners for the job. shinzo abe has held the second stint as prime minister for nearly the past eight years. there has been continuity. for the most part, stability. there has not been a deep bench. these are the five names that have risen to the front one who has indicated to officials he

i'm karina mitchell. this is bloomberg. and china are.ted to discuss their trade deal in the coming days, with beijing pushing to widen the agenda to include president trump's crackdown on tiktok and wechat. joining us as we -- is wendy cutler, former acting deputy u.s. trade executive. that start with the news tiktok might be raising and wechat. do they risk over complicating an already difficult relationship? wendy: exactly. this meeting is going to happen in the shadows of an overall deteriorating u.s.-china relationship with the latest restrictions being proposed in wechat and tiktok are of grave concern to china. ambassador lighthizer has been very clear all along i think that he is going to want to stick to the trade issues. might raise concerns about tiktok and wechat, i expect ambassador lighthizer to say you need to talk to wilbur ross. shery: president trump seems to agree. just now he said he will not engage on a call with china on tiktok and wechat. he also says china is giving the u.s. farmers the largest orders ever seen. as

karina: another grim benchmark. infections have risen above 25 million with several regions reporting a surge in new cases. the u.s. reported the most infections since early june. california's cases rose by the most in a week while russia recorded almost 5000 new cases, and more than 10% of them from moscow. virus locked down in victoria has seen consumer spending slump and job losses rise. unwanted set an record. the health ministry reported more than 78,700 cases, topping the previous record holder. india's total virus infections are now above 3.5 million with fatalities climbing above 63,000. india is third in the world in terms of infections behind the u.s. and brazil and forth for deaths. vietnam says it expects the trade deal to be completed and signed before the end of the year. hanoi hosted virtual discussions among asean ministers and said they agreed mechanisms for certifying the origins of exported goods. the online talks included china, japan, and the u.s., and focused on how to prevent measures that cou

this is bloomberg. ♪ karina: you are watching "daybreak: asia." i'm karina mitchell.s threatening american companies with tariffs if they do not move jobs back to the u.s. he told supporters he will offer tax credits if they comply. they will have to pay out if refuse. the president spoke in an hour-long rebuttal of joe biden's nomination acceptance, but offered no explanation of how such a system would work and it is not fair if it is official white house policy. china says delayed phase i trade talks will happen soon after president trump postponed a review at the weekend. tensions between beijing and washington continue to rise over trade, human rights, and hong kong. the commerce ministry says they touch. in the president says he killed the plan weekend review because he is unhappy with china's handling of the pandemic. alexei opposition leader navalny is an a, and hospital after suspected poisoning on a trip to siberia. his supporters blame president putin while the kremlin says it is awaiting the results of tests before commenting. claims of corruption at the hi

i'm karina mitchell. massive explosion has killed almost 70 people in beirut and left thousands more wounded. the blast was so powerful it shattered windows across the city and was even heard in cyprus. authorities blame explosive materials stored at the port but haven't said whether it was an accident or deliberate attack. meanwhile, the de facto leader of myanmar has filed to run in upcoming elections. barred by the previous military constitution from becoming head of state. she is credited with ending decades of army rule in myanmar but has faced international criticism for failing to stop attacks on minority muslims. china is offering more signs of a recovery with auto sales rising. deliveries of passenger cars and commercial vehicles rose in july, topping 2 million in sales. the easing of the coronavirus shutdown is allowing car buyers back into showrooms, raising hopes that a slump may be coming to an end. virgin galactic is pressing ahead with plans for space, releasing images of a craft under desi

i am karina mitchell.s is bloomberg. haidi. karina, while some firms are racing to develop the vaccine, several of them have been snapping up deals with governments to be the first in line to get the drug once it comes out. johnson & johnson has forged a $1 billion pact to supply the u.s. with its experimental drug. for more, let's cross over to our health care reporter, michelle cortez. we heard from anthony fauci a little bit earlier when we had that conversation with him, just talking about the parameters of what a vaccine could potentially look like in terms of the efficacy, in terms of how often you would need to give it in terms of how widespread it could be administered. so let's just take a listen, first. dr. fauci: i hope it is going to be more than 70, but even if it to 60%. effective vaccine is totally value-added if you complement it with public health measures. so many unknowns, michelle, and at the same time, we are starting to get a framework around what pricing looks like. michelle: you are

karina: i'm karina mitchell. let's get to first word news afternoon. biden will assail president trump's leadership in the today.t language yet speaking in pittsburgh at this hour, the democratic presidential nominee will accuse trump of inciting violence. republican'ser the convention theme that no one is "safe" in joe biden's america, warning the american people that they are unsafe in a country led by trump. the hurricane that pummeled the gulf coast last week is expected to cost people between $4 billion and $9 billion, according to estimates from two modeling firms. the storm which came ashore as a category four hurricane left a trail of destruction throughout louisiana. insurers say the storms caused massive wind damage but the storm surge was not severe is expected. earlier estimates put laura damage as high as $25 million. another sign of improving diplomatic relations in the middle east, diverse commercial flight from israel has landed in the united arab emirates. to get there, the plane through's root -- flew through saudi arabia airspace. is

i'm karina mitchell. this is bloomberg.baba reported first-quarter earnings and revenue that beat estimates, with sales almost back to pre-pandemic levels. at the same time, the chinese e-commerce giant appealed to president trump that they are not a security threat. stephen engle joins us from hong kong. what is the take away and waken -- what can you extrapolate about the chinese recovery? stephen: we need to break this story down into two main stories. of course the domestic business is the bulk of their business. this is a $700 billion empire spanning a lot. on the flipside they are trying to expand abroad in particular in the u.s. leah potentially in the crosshairs of the trump administration. the results were fairly good, considering in march and the first calendar quarter, sales the down to new lows as lockdowns really prevented any kind of commerce. so what we saw is a rebound really accelerated from their june 18 to meteor sales promotion, which came in at a record as china came out of the lockdown and he pandemic

let's get you to first word news with karina mitchell. karina: good morning.s bracing for tropical storm and saw the warnings that it may strengthening. -- may strengthen. it is thought to bring 15 centimeters of rain and winds of more than 60 kilometers an hour. the storm crossed the bahamas as a category one hurricane after leaving one dead in puerto rico. florida has declared a state of emergency. nasa has completed a triumphant return to u.s. space travel as spacex brought two astronauts back to earth from the international space station. this flashed on was the first since the 1970's. nasa uses space shuttle and relied on russian rockets with hard landings. the flight marks a high point for spacex 18 years after elon musk founded the company. a casino operator continue to reel from the coronavirus with gaming revenue down more than 90% for a fourth straight month. the slump comes as china's ban on tourist visas deprives the city of its biggest source of clients. down gaming revenue was 94.5% from a year earlier. a fragile recovery has stalled as the pande

i am karina mitchell.hery: for more on the jobs outlook and economic news we are watching, let's bring in our guest from oxford economics. weather in australia or here in the united states, what factors determine whether or not job losses we have seen are temporary or become permanent? seeing, over the last few months, and initial spurt of economies have opened up in jobs of come back. we are now moving into the second phase of the recovery which is the longer, slower, where,fficult phase, because of the size of the shock to household incomes and appearing back of some government support, across most countries over the next few months, we are going to see lower levels of demand in the economy. that will support fewer jobs. if you layer on top of that the fact that we still have not fully remove restrictions, and australia, a lot of travel restrictions remain in place, you mentioned and that will be challenging for the hospitality and travel sector. in other parts of the world restrictions in place, the art

karina: meanwhile the u.k.s being warned to million jobs could be under threat if the government ends its virus support program to early. millions of workers will still rely on cash help when the plan winds up october. the majority of them would survive if help extends into the new year. the u.k. saw its biggest fall in employment since 2009 with more jobs expected to go. germany may extend job saving virus subsidies the 24 months, saying it would cost an extra $12 billion. the government introduced payments to support unemployment. the finance minister says the new proposal would double that timeframe with the number of short time workers in germany and the -- in germany significantly higher than 10 years ago. india will spend $1.5 billion to boost its economy. narendra modi gave a speech to salute the government's performance in containing the outbreak and to say india can be reliant as a global supply chain hub. india has more than 2.5 million confirmed infections and the imf easy economy contracting by more

i'm karina mitchell. this is bloomberg.shery: still ahead, the bank of korea is expected to keep rates -- [indiscernible] that will discuss decision. up next, china calls for talks -- calls for talks. we have an exclusive interview with the csrc vice-chairman. this is bloomberg. ♪ shery: china's security regulator says it is making concessions to let the u.s. audit some of its companies listed in new york. in an exclusive interview with bloomberg, the vice chairman fang xinghai told us he is hopeful both sides can resolve the issues. i hope there is not going to be a decoupling. cooperationncial between the u.s. and china is good for both sides. in number of chinese companies listed in the u.s. right now, numbered about 215. the weight of total return of these companies from the nownning of 2019 to right is 82%. s&pe at the same time, the rose by about 35%. for all the u.s. investors who have invested in these chinese companies, they have made a lot more money than the average market return. it is good for the chinese compa

i am karina mitchell. this is bloomberg.aidi, over to you. the tech rally may have more room to run, but there are clear signs the market is becoming unsustainable. the fund is now looking elsewhere to diversify risk. see a huged why they reversion coming. stocks, now we have to add a "t" in there because of tesla. they are all doing well because of covid-19. then, there is a question about what happens due to covid-19. dave wilson, his chart of the day, a shout out to him. these are bigger than all of the financial stocks. if you look at the russell 1000, so the 1000 largest stocks, and you at value and growth, will go back to levels we saw in 1990, and one of our managers set me some material yesterday, when you look at old measures, like price to book, sales to price, these are things that tom keene used to love. you look at those measures, the at the 99echnology is percentile of valuations. at some point, you're going to have a huge reversion to the mean. it can stay and persist for a while, but at some point, when the h

karina: you are watching "daybreak asia."he coronavirus outbreak continues to spread around the world with u.s. accounting for a quarter of all cases and florida reporting another day of record deaths. hong kong may be bringing its outbreak under control, reporting the lowest number of new infections since the resurgence began a month ago. the city south32 new local -- saw 32 local cases. the virus is dragging on india's recovery with factory output down a fourth straight month in june as the economy struggles to reopen. the index of industrial production fell more than 16%, albeit less than the 21% decline seen in a bloomberg survey. india is heading for its first full-year contraction in more than four decades. the imf seeing gdp shrinking by 4.5%. new zealand prime minister -- has put auckland under a new lockdown after four cases of the virus were found in one city household. days ofovery ends 102 no community transmission with only cases quarantined at the border. the new restrictions will last for 72 hours. most schools

. >>> karina mendoza no ha parado de buscar ayuda financiera.quedó sin trabajo desde marzo y con lo que ganan su esposo no es suficiente. >>> tendremos que escoger entre, lo nosotros o pagar la renta. comer para ayudar afanes como la de karina el condado alameda ofrece hasta pagar 2 meses de renta atrasadas o transmitiendo dólares de alquiler para escoger la cantidad que sea menor. tan importante de saber es que hay fecha límite para meter su aplicación de las 8 de la noche. >>> el formulario se tiene que llenar en el sitio web está disponible en espaÑol y le van a preguntar por sus ingresos y el contrato con su arrendatario los beneficiarios van a escoger al azar en una lotería. si ese hogar ya recibió otra asistencia solo le van a pagar un mes de renta o 1700 en contadores, de la misma manera también están ofreciendo otra ayuda para pagar a sus residentes hasta 2500 dólares del alquiler. >>> tiene que ser de bajos recursos y gastar más del 30 por ciento de su ingreso en la renta. >>> se tiene que llenar por internet en esta dirección. si neces

karina: this is "daybreak asia." i am karina mitchell.ia trump will headline the second night of the republican national convention, speaking from the newly renovated white house rose garden after mike pompeo delivers his pitch for the president's reelection from israel. the rnc theme this year is land of opportunity and the first lady will talk about her life as a mother and make her own case for her husband winning another four years. and while, the governor of wisconsin declared a state of emergency after violent protests, following the shooting of a black man by police. tony evers entered after a second night of protests in kenosha, saying systemic racism and injustice cannot continue and damage and destruction is not the answer. jacob lake was reportedly shot several times. his father says he is paralyzed from the waist down. refiners and drillers in the gulf of mexico are pulling back as a powerful storm heads towards the texas-louisiana coast. hurricane laura is forecast to be a category three system with the potential to cause bil

. ♪ karina: you're watching daybreak australia. i'm karina mitchell with first word headlines.stioning the general manager of beirut court over this week's catastrophic explosion. until 2013 when a shipment of ammonium nitrate was seized and put in short -- in storage. they ignored warnings about the explosive material for years. more than 130 people died in the blast and thousands more were wounded. meanwhile in the u.s. president trump is expected to act alone on friday as stimulus relief talks appear to be headed nowhere. he says he may sign executive orders boosting unemployment benefits due to expire as the white house and democrats wrangle over the extent of further aid. the democrats say progress is being made about the two sides have major differences as friday's deadline looms. bloomberg index sees the u.s. suffering the worst decline among global peers as the pandemic devastates the economy. america fell 25 places in a survey that tallies inflation and unemployment for 60 nations. almost all economies are projected to be more miserable this year amid covid-19, but onl

karina: the u.s.er raising the heat on china saying a type of computer malware is tied to the government in beijing. is used by a variant cyber actors in china. although they offer no information about the malware or who if anyone has been attacked. cybersecurity i -- some cybersecurity forms say they have been declining recently. the u.s. expects to raise almost $1 trillion in debt through september, more than 270 billion dollars higher than it projected in may. then, coronavirus cases have surged, disrupting the fragile reopening and forcing congress to consider new fiscal stimulus. more senior fed officials are weighing in on the stimulus, saying another round of relief is critical for the u.s. economy. a $600 enhanced unemployment benefit has expired and congress is divided on what to do next. the chicago fed president says any failure to launch new support would be hugely damaging . his dallas colleague robert kaplan says enhanced benefits have probably kept more people in work. virgin galactic a

the first word news, i'm karina mitchell. gaveiden and kamala harris a preview of what their campaign will sound like. they made their first appearance as running mates. the event could end up being one of the few times the running mates campaign together. pandemic restrictions have limited biden's in person events. meanwhile, president trump can make his nomination acceptance speech from the white house lawn. that is according to a government advisory opinion. generally, u.s. government employees are barred from conducting political activities while in a government building. fannie mae and freddie mac plan to charge an additional fee on most mortgage refinance loans. that thed freddie say fee is meant to mitigate risk in light of the pandemic. one group says it could cost the typical consumer $1400. in the u.k., prime minister boris johnson's government faces a coronavirus dilemma that could set the tone of the economy for years to come. if it withdraws support for jobs and wages too soon, it could tick the u.k. into an unem

. ♪ karina: you are watching "daybreak asia." i am karina mitchell.lobal deaths from the coronavirus have passed 750,000 with almost a quarter of those in the united states. worldwide infections are approaching 21 million. democratic presidential candidate joe biden is calling for a nationwide mandate on masks, saying everyone should wear them for the next three months. he and kamala harris were making their first joint appearance in delaware. meanwhile, the u.k. is tightening its coronavirus quarantine, adding france and the netherlands to its 14 day isolation list. the government is now advising against all but essential travel including countries others. france had been on the you k's initial virus travel corridor list, but infections are on the rise. hong kong democracy activist jimmy lai is warning supporters to be careful in their demands for more freedom as he held an online discussion following his release on bail area the media tycoon has been detained twice this year over his opposition to china's increasing control of hong kong. president t