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Trump and Biden race through the final leg of their election campaigns. The Hang Seng fast tracks Ant Group to the index. And another executive leaves SoftBank's Vision Fund.

Race To The Finish

President Donald Trump and Democrat Joe Biden capped their bitter race with a final blitz of campaigning Monday in states critical to deciding the outcome of the election. The two candidates traded insults and displayed contempt for each other before noisy audiences. The president kicked off a run of five rallies in four states: North Carolina, Pennsylvania, Wisconsin and Michigan. Biden spent most of the day in Pennsylvania, a state critical to each candidates' hopes of victory. The Democrat stopped in Ohio, projecting confidence he has a chance to flip a state Trump won handily in 2016. He warned earlier that he wouldn't let Trump declare victory in Tuesday's election before the results are clear. Here's what nearly 100 million early votes say about turnout. 

Markets Muted

Asian stocks are set for a muted open, with investors remaining anxious ahead of Tuesday's U.S. presidential election. Crude oil rebounded. Futures edged up in Australia and Hong Kong. Japan is closed for a holiday and Treasuries won't trade until London opens. In the U.S., the S&P 500 Index climbed after plunging 5.6% last week. The tech-heavy Nasdaq 100 lagged behind, weighted down by Apple and Amazon.com. Treasury yields dropped and the dollar touched a one-month high.

Eyeing Ant

Billionaire Jack Ma and Ant Group's top executives have been called to a rare joint supervisory interview by four Chinese regulators including the central bank and banking watchdog. The move underscores rising government scrutiny of the company before its stock-market debut, which is poised to raise $34.5 billion. The Chinese financial services giant was told it will be treated as a financial holding company and subject to regulations regarding capital and leverage similar to banks, according to people familiar with the matter. Meanwhile, Hong Kong's Hang Seng index will fast-track new listings into its China Enterprises, Composite and Tech gauges, meaning Ant could be eligible to join them in as little as 10 trading days after it lists.  

So Long, SoftBank

SoftBank Vision Fund's Chief Operating Officer Ruwan Weerasekera has retired, the latest in a spate of departures at the almost $100 billion vehicle. Neil Hadley, who's also chief of staff to Vision Fund Chief Executive Officer Rajeev Misra, will take on the COO role in addition to his current duties. Vision Fund employees have described the company culture as one that rewards recklessness, a characterization the firm has disputed. The fund has had to come to terms with high-profile losses at some of its largest portfolio companies this year, including Uber, WeWork and hotel- and apartment-booking startup Oyo Hotels.

Intel Divorce

Apple's 15-year relationship with Intel will officially begin to unwind next week when new Mac computers are revealed. The technology giant said on Monday that it will hold an online event dubbed "One more thing" on Nov. 10. That "thing" will be Macs with main processors designed by Apple for the first time, replacing Intel chips that have been a mainstay since 2006. Apple has less than 10% of the market for personal computers, so the direct impact on Intel sales may be limited. But the change highlights a growing crisis for the world's largest chipmaker, as it delayed a new manufacturing process, giving rivals a chance to catch up.

What We've Been Reading

This is what's caught our eye over the past 24 hours:

And finally, here's what Tracy's interested in today

I have a confession to make: I am now bullish on Bitcoin. I'm bullish on Bitcoin because I'm bullish on cognitive dissonance in a complex society, and on people's ability to produce endless narratives for the cryptocurrency — even ones that are at times contradictory. Since its creation back in 2008, Bitcoin has been lauded and promoted as so many things. It's a method of payment (you can buy pizza!) but it's also a speculative financial asset whose value is destined to go up (so you should save it!). It's a hedge against inflation (because central banks are printing money!) but it's also a financial asset that benefits when interest rates are close to zero and there's less opportunity cost to hold it (it's digital gold!). Bitcoin is a way of disintermediating the existing financial system (because you can't trust the banks!), but it's also something that would benefit from a flood of institutional money (asset managers are diving in!).

The list of Bitcoin's purported uses goes on and on, and every time an obituary for Bitcoin is written, a new use case or bull argument steps in to to take its place. I used to think this was a weakness since Bitcoin could never be all these things at once. But the more I think about it, the more I realize that it's actually a strength. Bitcoin is a thing on which people can project their hopes and dreams — whether it's for a fairer society, a more inclusive financial system, or simply more money. Since hopes and dreams are endless, there will always be a fresh bull case for Bitcoin waiting in the wings. In that sense, it's really the perfect post-modern financial asset for a post-modern financialized economy.

You can follow Tracy Alloway on Twitter at @tracyalloway.

 

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