Trump Plans Final China Crackdown to Bind Biden, Axios Says

Trump Plans Final China Crackdown to Bind Biden, Axios Says(Bloomberg) -- President Donald Trump plans several new hard-line moves against China in the remaining weeks of his term, Axios reported, citing senior administration officials they didn’t identify.Trump may announce sanctions or trade restrictions against more Chinese companies, government entities or officials, citing human rights violations or threats to U.S. national security, according to the report.John Ullyot, a spokesman for the National Security Council, told Axios that the actions would be framed in such as way as to be “politically suicidal” to undo, for example by the incoming Joe Biden administration, absent a major policy shift by Beijing. Biden’s transition team said it had no comment for now on the report. The White House didn’t immediately respond to a request for comment.Tougher moves against China have been expected in the waning weeks of Trump’s administration.Raymond James Financial Inc. analyst Ed Mills wrote in a note published Friday that the financial services firm is bracing for additional executive orders on hard-line positions, made in ways that may be difficult to reverse. That assessment followed Trump’s executive order on Thursday barring American investments in Chinese firms owned or controlled by the military.The order prohibits investment firms and pension funds from buying and selling shares of 20 Chinese companies designated by the Pentagon as having military ties in June, as well as an additional 11 companies added in August, Axios reported. It said administration officials are discussing an expansion of that list. (Updates with attempt to obtain comments in fourth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.


Trump Tweets He Concedes Nothing on Election

Trump Tweets He Concedes Nothing on ElectionNov.15 -- President Donald Trump is again showing no signs on conceding the election, backtracking on earlier hints he thought he could have lost after tweeting that Joe Biden won because the vote was rigged. He followed that up tweeting he conceded nothing. Meanwhile, President-elect Joe Biden’s team will begin meeting with Pfizer Inc. and other pharmaceutical companies within days, his chief of staff said. Ros Krasny reports on "Bloomberg Daybreak: Australia."


Asian Stocks Set for Record High; Dollar Retreats: Markets Wrap

Asian Stocks Set for Record High; Dollar Retreats: Markets Wrap(Bloomberg) -- Asian stocks climbed with American futures Monday amid positive sentiment on trade in the region and after a U.S. national lockdown was ruled out. The dollar retreated.The Asian benchmark was on track for a record close as shares rose across the region with Japan and South Korea outperforming. Asia Pacific nations including China, Japan and South Korea on Sunday signed the world’s largest regional free-trade agreement. Australian shares advanced before trading was paused due to a market data issue.S&P 500 futures extended last week’s advance as advisers to President-elect Joe Biden said they opposed a nationwide U.S. lockdown despite the pandemic accelerating. Oil pushed higher and Treasuries were steady. On Friday, both the S&P 500 and the Russell 2000 Index of small caps rallied to all-time highs. The tech-heavy Nasdaq 100 underperformed amid the rotation to economically sensitive industries.Global stocks have recovered to pre-pandemic highs after optimism about a vaccine last week drove a rotation into value and cyclical sectors, and more defensive industries underperformed. Still, concerns about a sustainable economic recovery persist amid a flare-up in cases around the world.U.S. coronavirus cases hit a record Friday and neared 11 million infections after new cases exceeded 100,000 for 10 straight days. Germany must live with “considerable restrictions” against the spread of Covid-19 for at least the next four to five months, the country’s economy minister said.“We do see a positive stream of news going forward,” Sean Fenton, chief investment officer at Sage Capital Pty in Sydney, said on Bloomberg TV. “The market looking forward towards eventual reopenings, real yields probably bottoming out, and cyclical and value stocks doing better, I think that’s a momentum that will be carried through at least over the next 3 to 6 months if not longer.”The Asia Pacific trade agreement encompasses a third of the world’s population and gross domestic product. It includes Australia, New Zealand and the 10 members of the Association of Southeast Asian Nations inked the Regional Comprehensive Economic Partnership, or RCEP.Meanwhile, U.S. President Donald Trump plans several new hard-line moves against China in the remaining weeks of his term, according to Axios. They may include sanctions or trade restrictions against more Chinese companies, government entities or officials, citing human rights violations, Axios reported, citing senior administration officials they didn’t identify.Trump showed few signs of conceding the presidential election to Joe Biden, while also hardly acting as if he was preparing for a second term.Here are some events to watch out for this week:China October industrial production, retail sales due Monday.Brexit talks look set to continue as the U.K. and EU approach the latest deadline.Bloomberg New Economy Forum virtually convenes global leaders to discuss trade, growing political populism, climate change, and the pandemic. Former Federal Reserve Chair Janet Yellen and Indian Prime Minister Narendra Modi are among the many speakers. Through Nov. 19.OPEC+ Joint Ministerial Monitoring Committee meets Tuesday.U.S. retail sales due Tuesday.Bank Indonesia rate decision Thursday.These are some of the main moves in markets:StocksS&P 500 Index futures rose 0.7% as of 10:34 a.m. in Tokyo. The S&P 500 gained 1.4% Friday.The MSCI Asia Pacific Index climbed 1.2%.Topix index rose 1.3%.Kospi index gained 1.6%.Hang Seng Index gained 0.8%.Shanghai Composite Index rose 0.3%.CurrenciesThe yen was little changed at 104.61 per dollar.The offshore yuan rose 0.3% to 6.5794 per dollar.The Bloomberg Dollar Spot Index fell 0.2%.The euro advanced 0.1% to $1.1847.The pound climbed 0.2% to $1.3219.BondsThe yield on 10-year Treasuries was at 0.89%.Australia’s 10-year bond yield rose to 0.89%.CommoditiesWest Texas Intermediate crude rose 1.2% to $40.60 a barrel.Gold was at $1,897 an ounce, up 0.5%.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.


Biden Virus Advisers Say a National Lockdown Isn’t on Agenda

Biden Virus Advisers Say a National Lockdown Isn’t on Agenda(Bloomberg) -- Two of President-elect Joe Biden’s coronavirus advisers said they favor targeted local measures to stem the pandemic and oppose a nationwide U.S. lockdown as too blunt.Vivek Murthy, a former U.S. surgeon general who’s one of Biden’s top three advisers on the virus, said that based on what the nation has learned about Covid-19 since the spring, the preferred approach to fighting it is “a dial that we turn up and down, depending on severity.”“If we just lock down the entire country without targeting our efforts, then we are going to exacerbate the ‘pandemic fatigue’ people are feeling, you’re going to hurt jobs and the economy, you’re going to shut down schools and hurt the education of our children,” Murthy, who was appointed by former President Barack Obama, said on “Fox News Sunday.”“So we’ve got to approach this with the precision of a scalpel rather than the force of an ax,” he said.Finding ways to curb Covid-19 infections is increasingly urgent for Biden after U.S. cases hit records over the past two weeks amid a nationwide surge. President Donald Trump, who sought to raise the specter of a lockdown by a Biden administration during his re-election campaign, said last week that “this administration will not be going to a lockdown.”Asked about the lockdown option on Sunday, Murthy said “it’s a measure of last resort.”Atul Gawande, the surgeon and author who’s a member of Biden’s wider group of virus advisers, also called for targeted measures. They should build on mask-wearing and testing to dial up and down capacity restrictions on a more localized basis, he said on ABC’s “This Week.”“We are not in support of a nationwide lockdown,” Gawande said. “We can get this under control. The critical parts are understanding what we’ve learned since we did a nationwide lockdown in early April.”Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, said Sunday that Biden’s Covid team has been stymied from communicating with the current administration, as is the case across the federal government at the moment.“It’s almost like passing a baton in a race -- you don’t want to stop and then give it to somebody. You want to just essentially keep going,” Fauci said on CNN’s “State of the Union.” “And that is what transition is. So, it certainly would make things more smoothly if we could do that.” (Updates with Fauci in final two paragraphs.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.