mark cranfield in singapore. you can follow many more stories .n bloomberg we are closely monitoring any virus headlines breaking on the bloomberg mexico cases -- bloomberg, mexico cases rising. still ahead, dartmouth peter fisher says investors should worry about china's market rally , given the uncertainty of corporate earnings. the polls have just opened in singapore and we are live to speak with eugene. this is bloomberg. ♪ >> you are watching daybreak asia. the last sanctioning top communist officials over human rights abuses in the zhang -- in the province. china is accusing the u.s. of using a rise in fake news, calling on mike pompeo to stop spreading political virus. he blames them for covid-19 and being a threat to the world. >> pompeo has been concocting fake news to discredit china and so discord. even after being repeated 1000 times, lies are still lies. >> u.s. supreme court has back to grand jury's request for trump's financial records. view ofngs reject the powers and the call for sweeping immun

still ahead, the commercial hedscape in singapore -- joins us in the next hour as we get singapore gdp as well as his view in the aftermath of the election results. plus, we will be assessing the outlook for the philippines and malaysia in two exclusive interviews. our guests will be with us later. plenty more to come on "daybreak asia." this is bloomberg. ♪ shery: let's get a quick check of the latest business flash headlines. tesla seemingly relentless surge in this year falters despite enthusiasm for upcoming announcements. shares gained as much as 16% monday before pulling back with a rally that has taken the company passed toyota in value. tesla is eclectic to release details of new battery technology along with entry to a potentially lucrative new market and possible additions to the s&p 500. staff toasking retail work remotely again as covid-19 cases spike in the u.s. and other parts of the world. to pre-virusrn normality will not happen this year. apple stock continues its drive to become the largest company in the world market cap. early gains in new york. althoughsaudi aram

what we cannot control is the situation beyond singapore and how that will have repercussions on singapore economics. haslinda: external demand remains very weak. is there a sense of when singapore's gdp can expand? >> this comes down to demand. this is not in our control. what we can do is make sure we position ourselves competitively for the recovery. these are things that we will continue to do. i think we need to make sure that we maintain our relationships with of the major economics. second, we would need to work with like-minded countries to uphold the global trading system. third, we would have to continue to make sure that we saved our businesses and help them transform. we will continue to upgrade the skills of our workers. we will make sure they're are ready to overcome. i think the digital fax will be critical for our eventual recovery. if we do all this well, i think we are well poised for the recovery. haslinda: is there a need for a similar package on top of the one that's already been announced? greatest uncertainty and the downside risk at this time is global demand. i don

this is the singapore elections taking place and residence of singapore voting on friday. this is... we know who is going to win i guess because the action party has been in government sent singapore's independence back in 1965. i guess the question is by how much and there is a bit of a controversial not really love going on as well when it comes to what is happening in singapore. that is certainly one way of putting it. i think it will be the margin will be interesting to see and there is something about incumbency here in the fact that they have been in power for as long as they have. it seems also that the way are conducting the they election and the impact of the covid—19 virus and how they have handled it and what role does that play in terms of people and their opinions on government performance. singapore is held up as a bit of an example for other countries but the reality i think particularly in some parts of society like foreign workers is quite different. sol society like foreign workers is quite different. so i think all theseissues quite different. so i thi

i mean, singapore gained independence in 1965. it's actually 1959 when they gained self—rule, and that is when the people's action party, led by a very young lee kuan yew, came to power. they have always ruled and singapore has always been seen as a one—party state. there is an opposition though but institutionally, critics say the odds are very much stacked against them. the opposition really want to be there to be a check and balance on the power of the pap. many singaporeans here who i have spoken to over the last week have been saying, yeah, it is great that they've managed the economy so efficiently, but this often comes at the cost of the local population. for instance, in the last couple of decades, there has been an influx of immigrants that have really taken jobs away from singaporeans and driven up the cost of living. so lots of these issues will be on the minds of voters including how the government has handled the pandemic. sharanjit leyl in singapore. let's get some of the day's other news. donald trump's former p

sharanjit leyl, bbc news, singapore. the italian composer ennio morricone has died at the age of 91 after a long career in which he composed the music for hundreds of films and television shows. they included ‘the good, the bad and the ugly‘, ‘cinema paradiso' and ‘the untouchables'. his work also included a surprise uk chart hit when in 1981 he was behind the theme tune for the bbc series ‘the life and times of david lloyd george'. our correspondent lizo mzimba looks back at his life and career. music: the good, the bad and the ugly by ennio morricone ennio morricone's music defined so many classics. perhaps most famously a fistful of dollars, for a few dollars more and the good the bad and the ugly. he had wanted to be a composer since the age of six. at the same time morricone, on the right, met sergio leone, on the left. as an adult, leone would direct the spaghetti westerns. his music was always emotional, neversentimental. ridley scott once said to me that sentimentality was unearned emotion and ennio ear

more coronavirus news in those times from singapore. preparing to face a second scope 19 wave, 110w preparing to face a second scope 19 wave, now if we look at this report here, it saying the community cases are low, but singapore cannot let it's guard down as global infections are still rising. now, benedict, this is still quite a balancing act, isn't it? it is indeed, and it's notjust singapore that we will be fighting complacency, they have done remarkably welcome it has to be underlined, but that could in turn, the theory certain from the government there is there could be a real complacency. interestingly, they've been looking at countries like japan, for example, where there has been some resurgence locally, and that has very much had to do with nightlife, and not respecting social distancing, so clearly, singapore government worried here, they don't want to be complacent about the good almost exemplary control that they have, managed to have on the coronavirus, but certainly, they are talking about impossible, enforcing a quarant

singapore's coronavirus election. voters head to the polls as the country's economy faces its worst ever economic downturn. and the actorjohnny depp tells the high court he did not assault his ex—wife in a drink—and—drug—fuelled rage during a trip to australia. prosecutors in new york want to see donald trump's financial records. they can, says the supreme court, much to the anger of the president. also, democrats in congress want to see those documents. they can't. those were the results of two separate rulings today from the highest court in the us. they mean that prosecutors can have access to the president's financial records, including his tax returns. but the documents — which will go to a grand jury in new york — will not be made public. a request for access by congressional committees was referred back to a lower court. an important political point — the rulings make it likely mr trump's financial records won't be made public before november's presidential election. speaking at the white house, t

let's go to singapore. our correspondent is with us. >> it has been called a watershed election for people voting for change. let's get inside perspective from the chairman of the workers party. good morning. thank you for joining us. what is your assessment of the party's performance and the overall performance of the opposition? >> this was better performance compared to the previous election. for the workers party in particular, with the vote of confidence, which enables us to win 10 seats, making a breakthrough in new group representation. , the selection was quite a different one from previous ones. the modes of campaigning were different. of the questions on voters' minds was the timing of the election. sense the majority thought the government should focus on controlling and handling the pandemic rather than have an election at this time. there were various factors at play. overall, we have gained 10 seats. it is 10 out of 93. in many countries, that would be considered marginal. votersou think young

take a look at singapore. this is reopening after the singapore election. retaining the firm grip on power. when he 89% of seats. that is considered the weakest showing ever. good.be for stocks some analysts say a --de -- a diverse up three quarters of 1%. we are taking a look at bonds and currencies. we watched the dollar posting the second weekly loss. it comes toing when the belly of the curve for u.s. treasuries. reversing some of the gains after we sell yields touch a record low on friday. lower by one basis point. 10 year yield elevated. your offshore renminbi, we are around the seven handle. goldman reviving their 12 month target to 6.7. they are sitting -- they're saying the fundamentals a little bit better. you are looking at the yen as well. some strength going into it at a two week high. let's dig deeper and get more on the market with mark cranfield. markets seem to be shrugging off virus cases. never mind we are looking at 200,000 cases a day. mark: indeed. it is more to do with lockdowns and the fact they are not really happening and the thres

i think we saw in singapore's cove response. the failure to imbrace alternative responses hurt the response. the choice of whether or not in terms osst of putting in parliament, this will rest with ingaporians. haslinda: we thank you so much for your assessment today. we are bringing you pictures of the lion city where the election started at 8:00 a.m. this morning and will end at 8:00 p.m. and of course it is a very different election being held against the backdrop of a four g leaders led by the deputy prime minister who is also the finance minister. the ruling party calling for a strong mandate meaning anything closer to 60% which is the worst showing it ever had could be a disappointment may prompt the ruling party to review its policies and perhaps reviewice leadership and do some kind of soul searching and also talked about how the ruling party has never won anything less than 93% of the seats in parliament over the years. now back in the -- we want to make the comparison, the pap had a mandate of more than 80%. that went

singapore airlines down 4% and up 0.4%.moutai to u.s. dollar, you saw dollar softness, the dollar index is percent,d down 0.4 silver in similar territory. the wti, there is a focus on the inventories in the u.s., 10 million fewer barrels so that is up 0.1% and the yield story in the u.s. is unchanged at 57 basis points. singapore's authorities asked banks to cap their dividends at 60% of last year's levels but say local banks remain resilient. here with the details is our senior analyst. what does this mean for banks? >> as you can clearly see, stocks are down this morning and investors clearly didn't expect this, but honestly, this shouldn't cause a surprise to people who follow banks. it is the sensible thing to do, because the singapore government has been bearing a fair bit of the brunt of the cobit impact and using its financial muscle to support the economy, which has helped banks, but this is unlikely to go on forever and banks can't remain immune to the losses especially once the moratoriums end. i think the dividend reductions h

sharanjit leyl, bbc news, singapore. the famous running of the bulls festival has got under way in the spanish city of pamplona. the annual event is looking very different this year because of coronavirus. alanna petroff reports. usually the festival in pamplona looks like this. thousands of revellers packing the streets. this year, the kickoff was much tamer. a small crowd the streets. this year, the kickoff was much tamer. a small crowd with the streets. this year, the kickoff was much tamer. a small crowd with social the streets. this year, the kickoff was much tamer. a small crowd with social distancing. in previous years, the festival's famous running of the bulls attract attention from around the world and it's followed by bullfights. this year, bulls will not be making an appearance. the risk of crowds and spreading coronavirus is simply too great. animal welfare activists say they hope this is the start ofa say they hope this is the start of a new era. this will not be the year when bullfighting and is forever. e

sharanjit leyl, bbc news, singapore. the louvre museum in paris has opened its doors again for the first time since the start of the covid epidemic. strict health rules are in place. hugh schofield is there. shut for three months for covid, the famous glass pyramid has opened again but the experience is not quite as before. masks are compulsory, you have to book a time slot, there are limits on numbers. what's not changed is the public appetite for art. translation: we thought people might not come because it is a closed space, but the louvre is an open space. we have large courtyards with statues, 200,000 square metres of galleries. it's easy to take a stroll here. the tourists are still not back in france, so for now this is a treat mainly for parisians. a louvre with perhaps a fifth of its regular customers, making enjoyment of the treasures here, not a scramble but, as it should be, a pleasure. so for the next couple of months at least, a chance to see the mona lisa like you've never seen her before in scenes of rela

singapore has managed its number of coronavirus infections. it does have a month to hire —— highest in the region, some 115,000 people in fact but essentially the spike was really seen in the spike was really seen in the migrant worker population, the migrant worker population, the group of mainly south asian workers brought to singapore to build the skyscrapers. they live in crowded dormitories. so the spread went quickly through their but we have been assured by authorities that it has been somewhat contained and everyone is isolated. there is a great healthcare is isolated. there is a great healthca re system is isolated. there is a great healthcare system here because despite the 115,000 also infections, only 26 fatalities so far so singapore has been seen to do a reasonably good job in doing this but many concerns still about an election being called around the pandemic like this. singapore is not the first country to do this in the last few months, as you know. a memorable election for all those reasons. let‘s touch on the politics

singapore's coronavirus election. voters head to the polls today as the country's economy faces its worst ever downturn. plus, music and politics. what artists in washington make of the black lives matter movement after the death of george floyd. hello and welcome to audiences in the uk and around the world. we're covering all the latest coronavirus developments here in britain and globally. first. democrats in congress want to see donald trump's financial records. they can't, according to the supreme court. new york prosecutors also want to see those documents. they can, says the supreme court, much to the anger of the president. those were the results of two separate rulings today from the highest court in the us. they mean that prosecutors can have access to the president's financial records, including his tax returns. but the documents — which will go to a grand jury in new york — will not be made public. a request for access by congressional committees was referred back to a lower court. an important politica

today, we have managed, we put out about 55,000 aces in singapore. -- bases in singapore. our first was created in the first three days. our knowledge was activated at the last moment, and we were able to provide the safe and comfortable accommodations for covid patients. it will help us moving forward to branch more into the health care sector. seeing your are company make a number of acquisitions during the pandemic. what is the thinking behind that, what is the strategy, and is consolidation in the industry the way forward? >> looking at the last five years, we made a number of acquisitions. that we look at requiring companies not just for financials, but more in terms of their talent days. how they can add to our original capabilities to deliver sustainable solutions for our clients. also berward that would our focus, to look at how we can do our job that are -- job that are in a more sustainable way. haslinda: are you looking at more acquisitions in the next 12-24 months? what would make sense for you? >> i don't want to let the account out of the bag. -- the cat out

so for instance projections made, the monetary authority of singapore, the de fa cto authority of singapore, the de facto central bank, rejected that singapore‘s economy will contract that singapore‘s economy will co ntra ct by that singapore‘s economy will contract by some 5.8% this year. the government and the authorities have also put in place lots of stimulus measures, you know, there has been an unprecedented four budgets with a spend totalling some $67 billion to try to address the issue. one third of those funds are going towards jobs so essentially, they are trying to ensure that employers don‘t fire their employees and that workers retain theirjobs so lots of concerns that many voters will be taking with them to the ballot box when they do go past —— cast their votes today. sharanjit thank you indeed and we will keep an eye on the way that is going. if you want some good news it is not coming just yet but it is coming! the president of dubai—based airline emirates has told the bbc it‘s cutting as many as 9,000 jobs from its workforce of 60,000. it‘s the first time

singapore is one we like. and 10% in gold and gold mining stocks, because they act as a good risk diversifier. it mitigates the entire, it increases resilience through the entire portfolio. on top of that, we think the drivers for gold remains a tailwind for gold because rates are going to stay low for a considerable amount of time. gold thrives in this kind of environment. thank you so much for your insights. let's get to the first word headlines. are settingnumbers records across the u.s. with hospitalizations in california hitting a new high. florida and arizona set new marks. global cases are near 11 point 7 million with deaths about 540,000. u.s. infections are approaching 3 million alone. on the fourth day, new cases rose above 50,000. u.s. for tallies are reported at over 130,000 -- fertility's are reported at over 130,000. testedsident of brazil positive for coronavirus. he has consistently played down the threat and said he is perfectly well and is using the anti-malaria drug hydroxychloroquine. bolso

is there a sense of when singapore? -- singapore's gdp can turn to the positive and expand? mentioned, the greatest has to do with things out of our control. it is difficult for us to state when the upturn will come about. what we can do is position ourselves positively for the eventual recovery, and that is what we will continue to do, to position ourselves for a safe -- as a safe harbor for investments. but i think we need to make sure we maintain trade with major economies. will supply our markets and supply sources of material. like-mindeded companies to have a global trading system. internally, we will have to continue to make sure we support our businesses and help them transform we will continue to upgrade skills of workers so that they are ready for an eventual recovery. think digital will be critical for our eventual recovery if we do all of this -- recovery. if we do all of this well, we are well poised for recovery. haslinda: is there a need for another stimulus package on top of the 20% of gdp that has been announced? mentioned, the downside risk at this point in

watching singapore very closely. seems like we are paring back losses as well after the really ugly second quarter gb numbers. circuit breakers were eased during joan -- june because to show how deep the contraction was in the second quarter. shares down .5%. .66%.i lower by before we go, take a look at currencies. we mentioned the dollar, slightly firmer but we are seeing here some weakness in the offshore renminbi, hovering around the seven handle. korean yuan also is weakening to 12.0643. brent sliding as we get closer to the opec-plus meeting, as well as jitters with the u.s. china trade tensions. 10 year yield at 303. haslinda: china's stock market is on a tear, fueled by a relaxed monetary policy in group for a an expectation strong economic bounceback. now approaching a valuation of $10 trillion, last seen just before the stocks crashed in 2015. joining us on is goldman sachs chief apex equities strategist tim moe. tim, good to have you with us. inching towards that big, big number, it does seem like authoriti

and singapore heads to the polls for an election overshadowed by the pandemic. voters will be asked to wear disposable gloves at the ballot box. how marketscheck of are trading. u.s. futures plan at the moment, after a mixed finish in the new york session. the s&p 500 and the dow fell. viruse news of resurgence, not to mention to tensionsnot to mention escalating with china. financial shares drag to the index. -- dragged the index. the energy sector was down for a third consecutive session with the worst three days in about a month. take a look at what oil is doing, because we are seeing it continue to dip slightly and below the $40 a barrel level. key libyans that a oil field resumed production, threatening more barrels into the oversupplied market. let's see how things are shaping up for the asian markets. could beppetite fitting this friday with asian stocks mostly lower. this has we are seeing violence concerns -- virus concerns you raised in tokyo and hong kong. its elections.ng kiwi stocks holding about a third of a percent at the start of cash trade, and

coming up, singapore heads to the polls this week. we will hear what the opposition .as to say the secretary general of the singapore democratic party is up next. ♪ shery: one of singapore's leading opposition parties has criticized the government for using a fake news poll to promote the chairman. authorities had actively discouraged testing for migrant workers. in response, the government outlets to say this quote contained false statements. the secretary-general of the singapore democratic party for his response. >> come out and clarify it. why use the law? and then we can have a healthy debate. it's something we feel is a complete distraction, not healthy for the political discourse. been inuling party has power since 1965. are 11 opposition parties this time around. been -- hasre not there not been better coordination among the opposition parties? to build uptime .hat confidence, that trust instarted off, remember, 2018, calling for that. in the past, you would not have seen opposition parties coming together like this. think y

from gupta on the line singapore. the we are seeing come of prime minister scott morrison is speaking and the headline we are hearing is that australia will be suspending its extradition periods --ng kong hong kong. morrison says it is concerned about the legislation. let's listen in. >> we have learned from our success in managing immigration in the national interest and we will continue to do that, but our immigration program provides some particular opportunities to those who have been living as citizens in hong kong and around 10,000 or thereabouts of hong kong citizens, residents currently in australia on student visas or temporary work visas. what we have agreed to do is, we have agreed to adjust the policy settings to ensure that for skilled and graduate visa holders, we will extend visas by five years from today, with a pathway to person -- permanent residency at the end of those five years. if you are a current or future student, you will be able to stay for a total of five years once you have graduated, with

there have been very few deaths in singapore. but if we do face something like a smaller mandate, similar to what we saw in 2011 when they got only 60% of the popular vote, then you could expect some soul-searching in the government, and that could also delay prime minister lee's plan to passover leadership when he turned 70 in about 18 months' time. francine: thank you so much for the update. juliette saly from singapore. we are getting breaking news on the markets. ofnt crude hitting a-day low 41.53. we did also have the iaea say they were worried about a second wave of coronavirus, and that would actually -- i guess the virus resurgence they warned would actually put demand recovery at risk. "bloomberg surveillance" continues. in the next hour, tom keene joins me out of new york. we will also be speaking with mohamed el-erian. a lot of the focus will be on the euro group, on the e.u. recovery plan. this is bloomberg. ♪ francine: california, texas, florida sees record deaths from the virus. new cases in the u.s. top 60,000 fo

of course, in singapore, nothing much is very surprising. but, still, you indulge in that moment whereby you hear the speaker and you go, "great charisma." but some campaigning is still being done the old —fashioned way, only with masks on. heng swee keat has overseen much of the government's spending to help people overcome the economic hardships caused by the pandemic. we will have immediate health care in place, we must take care of our people. and at the same time, there will also be significant social impact in the coming years. he belongs to the ruling party, the only party that's been in charge since singapore's independence. but despite singapore's usually predictable politics, this year, there's one big surprise. hi! the prime minister's brother — only he's campaigning against his brother's party after a public spat over their late father's estate. he's not standing as a candidate, but he is lending singapore's most potent political family name to an opposition party. today, many see the pap as a party of the elite. that it's lo

singapore isa chief or for many people. singapore is a very open economy, it's a very trade oriented economy, and the pandemic and the various lockdowns here as well as the rest of the world has really impacted it very badly. they are expecting some of their worst growth numbers since independence. it was really interesting as well, we are right in the midst of this. it is a city with three strict rules but we have been seeing in the last couple of hours, there been lots of flouting of the social distancing rules, because we are right in the middle of the pandemic, so potentially this could cost them, but it's interesting to see the celebration going on. it is unusual in the city. sharanjit leyl, thank you very much. i know you will be keeping an eye on those develop his for us in singapore. let's take a look now at some of the day's other news. hong kong's bureau of education has announced that all schools will be closed from monday because of a spike in locally transmitted coronavirus cases. the city reported 42 new cases

why is singapore suffering like this? that are many reasons why the increase in dengue prevalence is occurred over the past few years. prevalence is occurred over the past few yea rs. first prevalence is occurred over the past few years. first of all, we have seen few years. first of all, we have seen a few years. first of all, we have seen a large growth in the urban centres in these tropical regions of the world, and that creates love habitats for the mosquito that spreads the virus, but particular in singapore now, what we are seeing has to do with likely argued system. dengue is caused by four different viruses, even though it results in a single disease, which is called dengue fever, so that we have seen in singapore is that you have a huge surge in the number of tim —— dengue three cases, so we think that the herd immunity to dengue is a little bit lower than it has allowed this particular virus to expand. who is more at risk of contracting it? dengue itself is something that everyone who lives in the tropical a

we start in singapore. back in 2016 we sent henry golding to get a taste of the world's first michelin starred street food, and typically, he even managed to make himself useful. this is singapore's largest hawker markets in the heart of chinatown, and its rampacked with stalls selling traditional dishes. 0ne stall in particular is causing quite a stir. this queue is absolutely humongous, full of all sorts of people from singapore, from around the world, a lot of tourists. you can imagine it for some sort of concert, but in fact it's for that hawker stall over there, one of two recipients here in singapore that actually achieved a michelin star, so i'm going to meet the chef. hawker—chan! hi! so this is the chef extraordinaire, hawker—chan. and he's been doing this for over 30 years, right? yeah. wow! i attempt to give hawker—chan a hand serving crowds of people. do you want it spicy, do you want it kind of medium, do you want it..? spicy. spicy is ok? the stall has become famous for serving the world

singapore launching a $33 million domestic travel campaign called singapore rediscovers. this is its biggest ever to boost local spending. the tourism board is hoping to avoid major job losses. e have the sti currently up half a percent. global coronavirus cases have no topped 15 million -- now topped 15 million. infections surged in the asia pac. california stepped past new york in total infections as countrywide cases increase almost 2%. fatality rates hit a daily record in indonesia with australia also setting a new high. worldwide covid-19 deaths are approaching 620,000. hong kong reported a record 102 new local virus cases in what they call the city's most severe situation prompting health officials to expand protection measures. more than half of new infections are not linked to previous cases, with untraceable spikes signaling hidden transmission is widespread. food and health secretary says the epidemic has reached its most severe moment. japan is raising its view of the economy for a second month, saying conditions are picking up while warnings that the situation

singapore, of course, is a very open economy. it's a very trade—oriented economy, and the pandemic and the various lockdowns here as well as the rest of the world have really impacted it very, very badly. they're expecting some of the worst numbers since independence. what's really interesting as well, we're right in the midst of this. it's a city with really strict rules, but we've been seeing in the last couple hours, there've been lots of flouting of the social distancing rules because of course, we are right in the middle of a pandemic. so potentially, this could cost them, but it's interesting to see the celebration going on. it's unusual in this city. in the united states, the country's top court made a historic ruling seen as a major victory for native indigenous tribes relegated since the 1800s to parcels of land in oklahoma. the supreme court ruled that nearly half of the state, including its second biggest city, tulsa, falls within native americanjurisdiction. the ruling stems from a 1997 sentence by an oklahoma court

in singapore and hong kong. welcome to bloomberg markets asia. >> our top story republicans unveiling a trillion dollar aid package to boost the u.s. economy, proposing direct payments to people and liability protection for businesses. >> precious metals shine at the cost of the u.s. dollar while equity markets push higher and in web esters way speculation the fed will remain dovish longer. singapore sovereign wealth fund, gic, reporting its worst result in 10 years with a warning things could get worse. markets, let's check asian equities trading higher for second days. taiex futures and outperform her. -- and outperform her. thecsi 300 index up 1.2% on back of impressive profit growth. still sentiment in china's stock market more fragile after big gains in the past several weeks. hsi higher by .7%. we are keeping an eye on the board. hkex announces changes. presidentphilippine said keep up or get out,. rishaad: breaking news concerns the prime minister of malaysia. one mdb trial, guilty on one charge headline

singapore goes to the polls today, grappling with the virus outbreak. juliet is in singapore. first of all, how strong a mandate can we expect from the ruling party given the focus of the election on the pandemic and how it has been dealt with? reporter: they have said they are looking for a strong mandate. this is a party in power since 1965. to drop in support compared 93%, will they got likely lead to soul-searching, such as in 2011 when they had their worst ever result, 60% of the popular vote. this is during a global health pandemic. fear of job losses comes to the four, unemployment is the most on record. the pandemic has seen orders shut. there was a two-month lockdown from april to june. they might suffer the worst economic contraction since independence. it is important. they would want to hold on as many of the 93 seats on offer as it can. fractiouss a geography for singapore. it has been that way for centuries. what do the adjacent nations want? indonesia? what is the best outcome for malaysia? vision they have 1965,nce independence in of course, long in power, but

well still ahead on al-jazeera a new voice in singapore's politics now small but significant gains by the opposition have cost a shadow on the ruling party's election win. and an economic lifeline for nigeria find out what its $3000000000.00 natural gas project means for its people and those and everything. i once again welcome to look at the international focus we have something of a brief rest by sea in the heavy rain across japan at the moment but what weather in the forecast as we go on through the next couple of days a stationary front let continues to drift its way across a similar path out of central areas of china the my front there of course we will see that rain just drifting further east which as we go on through sunday little. q.c. for a time but you see what's waiting in the wings will see the sweater weather pushing across the yellow sea into the korean peninsula and then it'll make its way up across well north america security say the heaviest of the right and then it'll make its way into that western side of japan some more big down poles in the full cost over the next

singapore is forecast to report a big dent in singapore gdp growth. chinese trade data will rightly show a slower contraction in june. offshore yuan trading ahead of that. a 50 futures have settled lower after gains that pushed china to a november high. investors are watching for total mainland stock values to hit $10 trillion possibly by this week. politics are in focus. virus measures will be imposed on the city from wednesday. hang seng futures settling higher head of that. we will face reaction to news by a proposal by trump advisors to undermine the hong kong dollar. that has been dropped for a lack of support. we have seen little support amid the speculation. four points, but still there a four-month low. haidi: yes, we will stay with this story of escalating tensions between washington and beijing. the u.s. is now rejecting china's expansive claims in the south china sea that versus an earlier policy of not taking sides. secretary of state mike pompeo accused beijing of a campaign of bullying and says its territorial claims are unlawful. nick j

singapore is set for it's election day on friday, july 10. the pandemic has become among the election issues. the sci is up by 0.6%. a look at where we are in terms of those markets. it's a risk-on day in asia. markets going strong this monday with most benchmarks up by more than 1%. the nikkei is higher by 1.4%. the hang seng is higher by 2.7%. territory,ll market up by 20% from its march lows. ina'se watching smic, ch top homegrown chipmaker, seeking to raise at least $6.5 billion in shanghai in that ipo, which could help it compete against its global counterparts. exe asked asked -- asx 200 ind is higher. a feel-good monday today. now, let's get the "first word" headlines. the european central bank is warning the euro zone faces about two years of downward pressure on prices, but could see a turnaround after that as the covid-19 crisis transforms the economy. the ecb president, christine lagarde, says she expects the period of disinflation to begin inflation andd by the possibility of higher rates. >> [speaking french] translator: disinfla

singapore fell, and taipei all in the green. haslinda: plenty more in the next hour of bloomberg markets: asia. stay with us. this is bloomberg. ♪ h us. this is bloomberg. ♪ haslinda: it is almost 11:00 a.m. in singapore and hong kong. welcome to bloomberg markets: asia. rishaad: this is a look at our top stories. north of 200ation billion dollars between listings in hong kong and shanghai. new york, though, missing out on the action. haslinda: the race is on to find a covid-19 vaccine, as global infections approach 13 million. cases whiles new hong kong says -- rishaad: the pandemic may have changed the aviation industry forever. we look at struggling carriers around the world. haslinda: green pretty much across the board in asia. asia tracking gains in the u.s., sentiment lifted by tech and the progress in a virus vaccine. taking a look at where we are in terms of the benchmark in the asia index, up almost 1%. u.s. futures higher than 1%. futures in the u.s. pointing to a flat open, 3247. s&p has turned positive for the ye

they have ruled singapore since singapore's independence in 1965. campaigning is underway, with nominations across the country. it's on the 10th of this month. goldman sachs hoping it's nearing the final stages of resolving its legal threat while avoiding a first ever guilty plea. withank is under scrutiny a work with the malaysian one mdb fund, where billions of dollars have gone missing. he had taken the defense where attorney general william barr is overseeing the argument. same with the u.s. and a bipartisan group of u.s. senators introducing a bill that would good refugee status to hong kong residents at risk of persecution for taking part in protests. the legislation is in response to beijing's numerous -- new security lock, which gives broad powers to critics. it has also been introduced into the house. >> i would support moving in that direction. i think there are a variety of ways we could do it. we could do it by granting process for refugee status. awould be open to considering separate piece altogether. rishaad: hong kong marks 23 years

right here in singapore a couple of weeks ago, the country had to make a decision about which service providers to go, which telecoms infrastructure providers to go with in regards to their 5g network. the decision was made to make nokia and ericsson the main providers, with china's huawei providing some aspects of the telecom infrastructure. but i was told this decision has shown just how politically charged the environment has become. in 56, enterprise customers are going to drive the growth for all of these operators. we may have potential scenarios where the large american enterprises may be forced to say i cannot afford to use operators, or service providers who have huawei in the service. so these are a big risk for telecom service providers who look at investing in some of these technologies which are five to ten year implications. so that was the talk about the us china trade war. let's look at the financial markets. during the two year period financial markets have been buffeted by the trade dispute between china and the united states, it does continue. markets are higher, wi

wallbank inrek singapore. just ahead, we will look at whether racial equity should be mandate.he fed's the minneapolis fed president thinks it is a good thing. our interview is next. this is bloomberg. ♪ ♪ let's do a quick check of the latest headlines. motor istesla rival wm said to be weighing an ipo in shanghai as chinese ev makers battle for domestic sales. the company is working on a listing as soon this year, aiming for an offering that would value wm at about $4.3 billion. 2015 andunded in investors include baidu and tencent. hyundai's second-quarter earnings beat estimates, even as the coronavirus pummels the wider car industry. operating profit fell to just short of half a billion dollars but that was twice as good as the average estimate. sales declined 19% but also beat forecasts. rishaad: one of the world's biggest diagnostics manufacturers is urging customers to be judicious as the demand for coronavirus tests outstrips supply. the ceo warning that the supply shortage may continue for months,

singapore is a very open economy and free trade oriented. and you know, the pandemic and the various lock bounce here as well as in the rest of the world has really impacted it very badly. they are expecting some of the worst voter turnout since independence. it was really interesting as well. we are right in the midst of this, it isa right in the midst of this, it is a city with really strict rules but we have been seeing in the last couple of hours there has been lots of flouting of the social distancing rules because of course, we are right in the middle of pandemic. so potentially, this could cost them but it's interesting to see the celebration going on. it's unusual in the city. she is doing an amazing job there to keep her concentration. ghislaine maxwell, the former ex—girlfriend ofjeffrey epstein have strongly denied charges she helped him exploit girls as young as 1a. and even participated in the abyss. hellos have requested a release from prison. 0ur correspondent has more. this court filing by ghislaine maxwell's attorney comes

the people of singapore voted for change. becamereans say they politically apathetic during a pandemic, they were not going to vote for status quo. but that did not happen. also possibly very unsettling for the pap is the disappointing performance of an economist set to take over as prime minister. he and his teammates won 53.4% of the popular vote. in his defense he was moved at the last minute. still, it may be a cause for concern as they have always polled above the national average. that may raise questions about pap's leadership transition. haidi: what now for the opposition? it's the closest thing they have gone to a mandate since they became independent. haslinda: hopefully they will make a difference. there have been growing concerns about the pap groupthink that has dominated politics for more than five decades. they have little tolerance for divergent views. it would promote a more divergent discussion. at least that is the hope. the opposition leader thinks there is a lot of work to be done. on a number of issues i

in hong kong and singapore. global coronavirus cases have passed 16 million with a death toll of 646,000 people. the u.s. continues to lead with most cases and 146,000 fatalities. florida has overtaken new york as the state with the highest number of cases, behind only california. both cases and deaths fell in all three states over the weekend as well as in texas and arizona. the australian state of victoria has reported a record number of coronavirus cases. daily cases on sunday rose by 530 two, the most since the pandemic began, and above the previous record set the day before. six more people have died. most of the infections are in melbourne, which has been in lockdown two weeks after the onset of a second wave. new south wales reported 17 new cases. spain is scrabbling to stay ahead of new outbreaks, which are dealing a new blow to its tourism dependent economy. only weeks after including spain u.k.list of countries, the now requires those returning from summer holidays to undergo 14 days of quarantine. thi

in singapore. the adp i up by 0.6%. equities have recovered more than a third of their losses due to the pandemic. marchins from lowe's in -- 18% gains from lows in march. there are expected steps in the proper direction to prop up the economy. analysts are predicting a 12% gain from here in the next 12 months. the sti up by 0.6%. macroould see an early recovery that the rest of the could say. let's get more analysis on what to expect in the third quarter who our guest, joins us from hong kong. what does all this mean for asian currencies in q3? expectr: as you said, we earlier recoveries, like the earlier outbreak. we think that currencies will appreciate against the dollar. it will be a bumpy ride, given the amount of uncertainty, meaning u.s.-china tensions. but in general compared to the first half, we are expecting more windows. assetsould favor risk and asian currencies as well. in asia, we like the korean won for evaluation in equity inflows. also like the currencies like the peso and the rupiah. for the rupiah,