what you would do with shares of softbank, you would short softbank against the portfolio technology might be holding as a hedge. you have these positions on technologies from a bottom-up perspective rather than from a momentum point of view. you want to protect your downside and softbank has always been a good instrument to protect downside should technology stocks stop outperforming or start going down. we know the valuations are fairly high. if the reflationary trade goes back on because of any vaccine hopes or the possibility of the infection rate start to curve, yeah, softbank is definitely not a stock to be in. is there another rabbit masayoshi son can pull out of his hat that can keep him on top? keep his investments going? amir: he just continues to double down on technology so i am not quite sure how he is going to surprise me. the size of the bets are a surprise. he's put another $20 billion in these names, right at the top of the cycle. we might not be at the peak today but we are very close to the peak. baffled how he could surprise us. obviously, he had more asset sales

investors look ahead to softbank's latest earnings report.could help masayoshi son rebuild. asia major markets are beginning to wake up. let's get straight to the action with sophie. sophie: a key theme is dollar weakness onto the biden presidency. stocks,eeing japanese nikkei 225 adding 1%. trading at 1991 highs. the topics gain has been more modest. trading at a february high this morning. we are watching softbank. up the board, we are keeping an eye on asia tech shares. we could see better sentiment around u.s.-china trade policy. samsung getting more than 1%. the cost be adding 1% -- the kospi adding 1%. trading at aan february 2019 high. you have kiwi stocks rising for a fifth straight day. the asx 300 extending gains. aussie eyeing the 73 handle. trump's legal challenges could see some volatility come through. let's get a check on u.s. futures early in the asia session. we are seeing nasdaq down. 1% whileng more than the dollar is extending losses this morning. that is helping with offshore 659, which is trading below with 650 potential

is softbank behind the move? we discuss.omberg. ♪ annmarie: options used this summer by the nasdaq whale leads to speculation softbank may be behind the news. dani burger has been tracking this. is softbank posing out their position? dani: we cannot say for sure. we know softbank has outstanding positions in their trading unit, according to briefing materials released this morning. what we do know for certain is that options on the biggest technology stocks like microsoft and apple were closed out. those visions mirror pretty well what was going on in august, and those august positions sound like what softbank has described is their strategy. you can make speculation around that. it is a more conservative way to bet that a stock will go up. these were sold at a loss, whoever did it, possibly softbank, making a loss. if you are bullish, tech has not been doing well, these options expire in nine days. the situation might not get better considering vaccine hopes are crushing momentum and tech names. softbank had its earnings ye

we will actually go to softbank fiscal.yoshi son expected to point to the rebuild of the quarter. let's get to our bloomberg intelligence body -- reporter. what should this tell us? reporter: for this september quarter, because tech stocks, they have a good run. softbank should benefit in terms gain.estment . having said that, we do expect the company to record some paper losses because they issued alibaba prayed -- prepaid phones and shares before they suspension of the ipo. it actually works against softbank in terms of paper profit or loss because they had to deliver alibaba shares to settle the loans in the future. it is a mixed bag, but the directions should be improvement in the outlook because of the tech valuation. juliette: what about the impact of softbank spat on equity derivatives? reporter: when it comes to a good time like the bull market for tech stocks, probably investors will be more forgiving. still there are a lot of issues with transparency and disclosure concerns. that explains why softbank at a valueo

strong driver of that is retail, possibly more than softbank, although softbank is the one to gets written up the most. if that happens, you will start to see that skew go negative the way it goes for something like tesla. lisa: just to tie this all together, given all of these crosscurrents you are talking about, it seems like there isn't necessarily going to be the big pullback that some people who have come on this show are predicting, due to the fact that we are seeing a surge in virus cases. do you think that is accurate? that given all of the uncertainty, given the fact that you are not seeing a big short position or anything in the derivatives market that would suggest turmoil, it is just going to be buy? amy: this is a question i thing about a lot. i think one thing to say is if there is a very sharp inflection as we have seen between value and tech, the issue is this is all going on under the hood. your overall indexing levels may remain flat, even if you have very strong recovery names going up. i look back to 2016. something very similar happen when trump became president. you s

softbank a 375% return so far.h dobby's sovereign wealth fund is changing the way they invest in japan. authorities focusing on japanese equities and using instead managers as part of a path for a portfolio. investment funds in the gulf has been chasing higher yields as they battle the fallout from declining oil prices. coming up, we will discuss the markets with ben ammons. this is bloomberg. ♪ sigh of relief by the nation. that we have come through a difficult period. most importantly, that the american people have spoken. that is what our democracy is all about. -- trump has every right to challenge but once the decision has been made and once there are too many votes cast for him to catch up, it becomes his response ability to accept the result and move on. >> the very first thing that joe biden ought to do is wrap his arms around the pandemic. -- it is not just a virus, it is what this virus's impact has been. >> it should be input -- investment in infrastructure, not just roads and bridges but broadband. how

softbank reported a record $7.6 billion profit in the vision fund business.sign the fund's investments in startups are paying off amid a broad rally in tech stocks. softbank turned around after record losses last fiscal year, helmed by masayoshi son, which now includes investments in public companies and private startups. it's also seen a number of high-profile c-suite departures in recent months. coming up, we will continue the conversation on tech with joe biden in office. will there be a more relaxed environment, ripe for innovation? not necessarily. we will explain next. this is bloomberg. ♪ pres.-elect biden: i will spare no effort to turn this pandemic around once we are sworn in on january 20. get our kids back to school safely, our business is growing and our economy running at full speed again. emily: president-elect joe biden speaking from delaware earlier. he went on to say the u.s. is facing a dark winter as the coronavirus continues to spread. tom keene and francine lacqua spoke to joshua sharfstein of the johns hopkins bloomberg school of public

softbank specifically already a bit controversial.ng program is growing fresh fire ire fromstors -- investors. we are seeing softbank taking a hit for a second day. now, karina mitchell with the first word headlines. >> new details on the pandemic. the latest data show the u.s. reporting more than 142,000 cases on monday as covid-19 makes a return to cities across the country. two months ago the virus was mainly a rural problem. metropolitan areas are reporting record new cases. france reported its biggest mortality rate since april while hungary is making the wearing of masks in public mandatory. to the senate, republicans are moving to avoid a government shutdown, releasing 12 bills to provide funding next september. mitch mcconnell says keeping the government afloat with full-year spending bills is a priority in the postelection session. top democrats objected to the proposals due to the lack of emergency funding to fight covid-19. the current stopgap funding expires december 1. president-elect joe biden is calling president trump'

softbank on the way down. higher thana, 4.6% forecast. ♪ 10:30 a.m.e where we are seeing markets on quite a tear. lifting the likes of singapore air. jumping the most since 1987 and now holding at july highs. and also seeing some of these other toward hiurism players. meanwhile though, we have seen the philippines' third quarter gdp falling, 11.5% year on year. worse -- worse than estimates. the philippines has said they will reassess their economic targets after the third quarter gdp data and also saying it is timely for their 2021 budget to 6.5%-seven .5% growth. but is their forecast for 2021. singapore has said it does not plan to return to strict coronavirus measures. and the philippines third quarter falling 11.5% year on year. rishaad: let's get more on the market action. cranfield joins us now. it has been all about the vaccine today. all -- itas a your has been priced in as a cure-all. a risk ofs always getting ahead of ourselves particularly with equity markets that tends to take good news very quickly. thingsly, one of the this does change

softbank and sequoia both mentioned as principle investors in this company. and interestingly they'll have three classes of stock, something that we have become accustomed to with a lot of these founder companies. class a has one vote, b has 20 votes, c has no votes with this first filing, we don't really get a sense of exactly who owns what and how much they are planning to own after the offering, but that will come in additional filings later on down the road >> leslie, thank you that's a big thing we have been waiting for it for a while, along with airbnb, next few weeks could be interesting, don't you think? you know these guys pretty well. >> we were caviar people from day one. and now you have that delivery, they bought caviar, i was afraid they would jack the rates up what tony did was cut them because he knew all the restaurants were suffering so, look, i'm not -- before he was -- it wasn't public, but he's cared and we all know how bad the restaurants are doing. so he made a real pledge. >> yeah, yeah. yeah jim, we'll talk more about that in a few mo

wealthbi's sovereign fund leading a funding round for a tech startup backed by softbank.liveries and other services such as testing for covid-19. ubs, an's vision fund, oak tree are among the other investors. national australia bank's full-year profits slumped as the coronavirus induced resumption rounded out the earnings season. cash earnings fell 37% to $3.7 billion australian. haidi: we will be watching the banks in singapore when the index opens at the top of the hour because earlier, we had dbs and ocbc reporting earnings beats. bloomberg intelligence covers lenders in a pack and she joins let's start off with dbs. what are your thoughts when it comes to the quality of these earnings? >> good morning. it was broadly in line with what we expected and it puts the bank on track for a 2021 recovery area with provisions have died down a little bit. lack of travel and tourism may keep pressure on the business but overall, a very healthy beat. the key thing to look for now is the margin guidance. already at 2.5 of the 3 billion to 5 billion guidance for this year and next s

the chipmaker is waiting on approval for arm holdings, under parent company softbank, for $40 billionhe switzerland of semis, some fear the nvidia acquisition will threaten this. i want to welcome simon segars, the ceo of arm holdings. great to have you back on the show. i know you said you have been on the phone with a lot of customers worried the way you do business will change. how are those conversations going? simon: hi, emily. thanks for having me on today. when we announced the deal two months ago, a lot of people's reaction was, what does this mean for the future? i have talked to lots of people and have been with lots of customers. our business model will continue. we make our technology available to anyone who wants to license it. that has driven a tremendous amount of innovation. both arm and nvidia have said both will continue after the acquisition closes. we will create technology and make it available to anybody who wants to build a chip using it. emily: what actually will change under nvidia's ownership? simon: we expect to bring more technology to market. we will have

we will talk more softbank in just a moment. coming up on the show, it is day five of the declines.e dollar slides on the biden win. what could that mean for the rest of the fx complex? this is bloomberg. ♪ >> the president sitting in the white house, not acknowledging it, i think there's lots of republicans who are trying to feel their way around that. me, i think it was so important early on to say for the president, if your basis for not conceding is there was voter fraud, then show us. >> one has to be careful in the choice of words. when you say the election was corrupt or stolen, that is unfortunately rhetoric that gets picked up by authoritarians around the world and it also discourages confidence that our democratic process -- in our democratic process here at home. annmarie: mitt romney and chris christie, both republicans, addressing claims from donald trump of widespread voter fraud. i believe your sound is working now. think you so much for hanging with us ring technical difficulties. last week, you said it did not matter who was in the white house. now, we have a presid

in japan, softbank's vision fund posted a record six point $6 billion profit -- posted a record $2.6rofit in the quarter. a blockbuster ipo i a chinese real estate startup. the vision fund is recovering from a record loss last year. warren buffett knowing all in on his own stock. berkshire hathaway spent $16 billion buying back its stock in the first nine months of 2020, more than triple his previous annual record. buffett has been looking for a so-called elephant sized deal to but huge sums of capital to work, but has not been able to find large acquisitions in recent years. the latest round in the videogame console fight between sony and microsoft kicks off this week. microsoft is launching its new xbox, while sony comes out with the latest playstation. microsoft is making a serious attempt to attract fans in japan. meanwhile, sony has built the u.s. into its largest single market. that is your latest business flash. alix: time now for futures in focus. going us now is katie stockton, fairleads strategies founder. the technical breakouts are amazing. can we do oil for a second here

. >> listening to masa, given what softbank has had an interesting year, let's call it, they suddenlyanged their strategy in many ways, monetized an enormous amount of assets, brought back an enormous amount of stock we talked about their day trading, their use of enormous options positions, not clear they have done particularly well in that, in some technology companies late in the summer that they were buying. but you heard him, he said he's preparing, wants to be prepared for a worst case scenario, seems unclear, but making illusions to lehman brother and banking crisis of 11, 12 years ago. >> what is it based on? his view, do you think his view >> yeah. >> but i find it troubling that he could be as bullish as he was on the most extended part of the market and then talk about how he's not good in your term unless the calls run out >> i don't know about where they stand in their options position, which has been fairly large. but masa had another come from -- near death experience, wework and the bank -- everything going against him, and then kind of really turning it around and rea

welcome back more than 73,000 people are now hospitalized with covid-19 as cases continue to surge, softbankasa son weighed in on the virus today. >> who knows, in the next two, three months any disaster could happen so we are just preparing for the worst case scenario. >> california hoping to avoid a worst case scenario is now enacting some of the strictest call back measures yet aditi? >> a pretty dramatic rollback in california as governor newsom is putting the breaks on reopenings the number of coronavirus cases doubling over the last ten days. california is moving 2 cou8 cous back into the purple or most restrictive tier, including people living in santa clara county where i am and orange county nine are back in the red tier, which includes san francisco, which moved two levels up from the least restrictive yellow tier san francisco is rolling back the reopening of nonessential offices and will reduce the capacity of gyms to 10%. meantime, some california elected officials including newsom are facing a backlash over their own gatherings. newsom has apologized for attending an outdoor bi

we are keeping an eye on softbank.ning ground, rising to a march 2000 high after they listed price targets to ¥7,700. let's check in on some other assets of note. u.s. futures little changed, just a slight nudge higher, .4 percent on the s&p e-minis right there. with the aussie dollar back below 74 ahead of the rba policy decision, aussie stocks fluctuating this morning, but energy stocks are under pressure in sydney as we are seeing downside pressure for new york crude, extending losses this drag on.s negotiations goldman thinks the winter headwinds for crude, including this resurgence of virus cases, those are merely speed bumps on the path to balancing in the oil markets. goldman penciling in brent at safety five dollars a barrel through 2021. chief let's bring in the global market strategist. give us your take on what you think is happening in the oil markets because of course, we have all that uncertainty over opec-plus but at the same time, we have an economic rebound happening in china and perhaps a vaccine comi

. ♪ ♪ softbank's chipmaking minute arm holdings is known as the switzerland of semi conductors servingt committing with them. the acquisition is raising concerns as to whether it can maintain that representation -- they reputation. when we announced the deal two months ago, there were a lot of people whose reaction was, what has changed and what is this going to mean for the future? i have been spending my time talking to lots of people and a lot of those conversations have been with customers explaining the business model is going to continue. it has driven an enormous amount of innovation over the last few years. beenarm and nvidia have emphatic that that mode of working is going to continue after the acquisition closes. we are going to create technology and we are going to make it available to anyone who must ability chip. >> what will change under nvidia's ownership? >> we expect to bring more technology to market. we will have a larger engineering capability. we will be focused on the future of computing, which is going to be more data and ai driven. we believe we can bring our co

softbank vision fund coo has retired the latest in a string of departures from the $100 billion investmente departure has been confirmed by the company with the chief of staff taking on his duties. coming up, and asia society's vp wendy cutler discusses u.s.-china ties ahead of the election. this is bloomberg. ♪ i feel like we're forgetting something. let me check. xfinity home gives you peace of mind from anywhere with professionally monitored home security built around you. no, i think we're good. good. so when you're away, you don't have to worry. the tent. we forgot... the tent. except about that. xfinity home. simple. easy. awesome. hey look, i found the tent! get xfinity home with no term contract required. click or call today. >> "daybreak asia." i'm haidi stroud-watts in sydney. stories thisp hour. the u.s. election is in the home stretch. the two candidates searching for votes in key swing states ahead of a poll that will shape politics at home and abroad for years to come. ant groups imminent dual ipo takes a dramatic turn with jack ma and other executives summoned by regulators

softbank's vision ceo has retired.ed by the company with the chief of staff. rajiv misra taking on his duties. a number of executive resignations this year as well as losses and some high-profile investments. of victimsn families of the boeing 737 max crash conquer revisions to proposed training for the grounded plane. associationt pilots says the faa checklist is come line -- clumsy at best and should be streamlined. families of the people killed in the ethiopian disaster go further seeking design changes and the publication of a detailed training program. off to grand rapids michigan now. haslinda: that is where the u.s. vice president mike pence is campaigning. to the u.s.mes down election, said to be the most important in u.s. history. mike pence in grand rapids, michigan, just hours to go. biden making a final push for the campaign as well. both sides trying to drum up support. when you take a look at polls, biden is leading. when you look at swing states it is still very tight. rishaad: their ego. -- there we go.