tensions rise between the u.s. and china after weekend trade talks were postponed. meanwhile, the four-day democratic national convention begins. pboc's morale boost. chinese stocks climb after a central bank cash injection raises hopes of more support. and belarus' opposition leader says she is ready to be interim president. that's as hundreds of thousands of people rally over the weekend, while russia says it's ready to provide regime assistance. good morning, everyone. happy monday. this is "bloomberg surveillance." i'm francine lacqua in london. tom keene is in new york. interesting moves when it comes to european stocks because volumes are thin, but we look at the u.s., the democratic convention, and what is happening to the u.s. and china. nudgyet's call it a august monday. we will do a data check and a moment. international relations and

politics is taking over the trend. i'm fascinated by the challenges to the leadership and belarus. francine: i am, too. something the started last week that seems to be growing. we will follow-up on belarus and russia's support to the leader. let's get first word news with ritika gupta. ritika: nancy pelosi has called the house back from vacation to do with the postal service crisis this week. warned 46 service has states that it may not be able to deliver their ballot on time for the election. polls indicate joe biden maintains a solid lead over president trump going into this week's democratic convention. biden was up nine points in the wall streets journal poll. in japan, the economy shrank in

the second quarter by the most on record. gdp declined at an annual rate of 27.8%. there world's third-largest economy was already hurting when the coronavirus outbreak hit. japan had already slipped into a recession. in belarus, it was the biggest antigovernment protest yet. tens of thousands demonstrated, gathering in mixed -- in minx -- in minsk. alexander lukashenko dismissed the protesters as rats, trash, and bandits. global news 24 hours a day, on air and at bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries, i'm ritika gupta. this is uber. tom: thanks so much. equities, bonds, currencies, commodities. equities lift up here, with a vix of 26.42. yields take a pause after a higher yield regime over the last week or so. 10 have year yield, .69%.

1960. the foreign exchange market, i will call it dollar resilient or solid dxy, near 93. euro ascended, and all of this coming off a real yield regime quite different with the real tips yield, a -.97. that is an improvement, a lesser negative yield than where we were a year -- a week ago, francine. francine: really looking forward to speaking with kit juckes about the euro's assent. euro-dollar, 1.1843. european stocks are fluctuated. investors are focusing on travel restrictions and on trade tensions between the u.s. and china. chinese shares actually gained after pboc boosted liquidity, and i'm also looking at oil rising before an opec-plus gathering this week. we are delighted to talk about

the markets and especially to talk about fx with kit juckes, societe generale chief executive strategist. out in youry it morning nose, a very summery market, but europe position is scary. does it mean you're expecting a correction on euro? sense foresn't make it to be going up and it testing the highs we have seen in this move just above 1.19 when clearly some of the spread in the virus in europe is worrying and at a time when the market is so focused on one side of the boat, where we have seen a market embrace the idea that the recovery fund is a game changer, but the fed moves in march indisputably a dramatic change for the dollar. all of that, we have gone far too far, i'm afraid.

but which day it is going to correct, i haven't the faintest idea. i am terribly uncomfortable with it. actually ao you are positive because of the recovery fund that we had, right? so you think euro should perform less well than other parts of the world, or how do you actually view it? i am a bitter and twisted someone who wants to buy euro at a cheaper level, so i am a hopeless case at this time. a step recovery fund is in the right direction, and i do think the european economy is going to grow much closer to the rate the u.s. has done over the next few years, and i don't think the growth gap will be there anymore. but we cannot have everybody rush from the bullish dollar side to the bearish dollar, bullish euro side of the boat all at the same time without some kind of a correction, particularly at this time of

year. bear in mind that so much of the narrative, if you like, out there in markets and in how theons, was look u.s. is finding the virus pandemic, how hard it is to -- now i think that is much less than if we do get renewed lockdowns in various parts of europe. we are going to see growth going down again. i think it is more likely than not that we will see the correction start in the next week or two. tom: i did exactly what you did in your research notes, i went to trade-weighted euro today. trade-weighted euro is advancing. take that over two euro-dollar, and at what level does this not become fund -- fun for export europe? well, we are almost not there yet. my piece this morning, i took a while to calculate a real

trade-weighted euro to see how much of this was inflation, but it is not quite as bad as the first line was. the idea that euro-dollar goes 1.40, which is levels that we have seen in the past, that today on today's trade-weighted basis would be brutally deflationary for europe. it would definitely damage trade . and the key, we discussed this before, you could get 5% more out of the euro, but you had better hope the chinese let the u.n. go up against the dollar, otherwise the euro-u.n. rate is going to -- tom: i get 10 big figures. what i'm interested is what i 1.21, 1.22.0, does it matter, or is it just monopoly money until you get to a certain point until he gets ugly? kit: i think it matters in terms of the pace.

we have made a very quick jump, and that could have an impact in september, october, through some of the trade that is trying to get itself going again. time athen spent some that level, i don't think it is disastrous. know, have come from, you 1.07 in the middle of march -- that is not that long ago -- to be up here at 1.19. that is a big move quickly on the trade-weighted value, which has gone up at least as far as that. francine: where do you see -- if you look at the new zealand dollar -- i know you're looking at swissie, too -- where do you see the biggest value overall? kit: to me at the moment, part of me still thinks the yen is the currency i want in a portfolio. it is the most tediously dealt currency at this point in time, but if things and up getting volatile, we will create value

in the high data currencies, australia, articulate new zealand. if they week -- if they are longer through this summer period because they will benefit from the chinese growth story over the medium-longer-term. withine: what do you do havens? is the swiss different to a right now? shouldn't be. the swiss have had -- if anyone has had a good pandemic, the swiss have had a good pandemic, but havens are wary of things get volatile, if we get nervous, and if we keep real yields on tips way below zero, then the havens are faced with large stacks of money that someone else has to persuade them to invest in their currency. if i were swiss, i could imagine a hole just take it in somewhere beautiful and looked out at the scenery rather than buying a lot of the other possible assets out there at the

moment. equities are very expensive, emerging markets are very scary, on's have no yield. even gold has gone up too fast for a lot of people. we call them havens, but these are places where they have money they need to invest. if they cannot find anywhere to put it, their currency goes up. tom: we are going to talk about this in a bit. the real yield and inflation expect patients battle -- as it actually shifted? euro-yen has a trend, strong euro, and i don't know if that is a shift or not. if you see a shift when you go to interest rate and particularly tiffs -- will you see a shift when you go to interest rate and particularly tips? kit: we had chaos between march and a few weeks ago in terms of huge moves that were not really reflecting what people were thinking. i think you are beginning to steady it up a bit now where, you know, we are going to have to have a proper debate on tips

about where inflation is going over the next five to 10 years, not where it is going over the next five to 10 days, or even five to 10 months. but i don't know how the deflation camp wins the argument anymore. and i think that is really important. tom: fascinating. we will continue with kit juckes, and that will be some of our conversation, looking at the relative yield positioning we are in. futures up 13, dow futures up 99. coming up later, we will continue forward our conversation with ambassador bolton. much of this, you just rip up the script with bolton, and we've got to go to belarus. i think we do that when we ask the ambassador to join us. and ourton, on nato security response to putin and belarus. we look at that later. this is bloomberg. good morning. ♪

tom: good morning, everyone. "bloomberg surveillance." francine trying to remind me how to do the show after being off for a few days. a really interesting week. a look at the democratic convention with deborah -- with kevin cirilli. really looking forward to that. kit juckes from societe generale. i don't want you to explain the up war -- the uproar in london. i know that is way above your pay grade -- or the other issues in britain. i'm absolutely baffled by the british press because i guess they don't have anything to talk about brexit. give us a brexit update. as it affects sterling. enough, the bad news

is nothing is happening with brexit. there is no real progress. there is a warning today from brussels that it is going to take time for the city of london to be able to do business as usual with europe. other than that, there is still very little concrete action the government is focused on other things. we have had a couple of headlines last week that it will get a trade deal in due course, which i think is what people still assume. but you can see exit in the euro-sterling exchange rate, which has moved this summer for something where illiquidity could drive it around, between .9 and just above .9. tom: there is a fancy bloomberg function called a trading envelope, two standard deviations. why of that?

is: the why of that is there no good news, the market is bearish about the u.k. it is still short positions out there. we have squeezed some of them. some of them got squeezed i the rise in euro-dollar, took sterling against the u.s. dollar, and i suspect that have a had a bit of a reduction has really got to be a new catalyst to take us somewhere. currency trading in real terms, near the bottom of a long, long, long term range with no reason to think it will go up much. so it cannot go down quickly. it can only go up quickly, and it won't go up quickly without some good news, and we are not getting any. the bank of england right about how they assess the scoring of the economy echo economists at banks think it is going to be much worse than what the bank of england is currently assessing. they are making positive

sounds, which is fine. but we definitely have a lower percentage of people going back into offices then most of the rest of europe. and we have definitely had an economy which was hit harder than many by the structure of the economy. ae rebound -- we will get rebound. i don't think we will necessarily knock the lights out relative to anybody else except in a numbers sense about how we calculate stuff. this economy is learning how to cope with people working differently, but it is going to be hit pretty hard by unemployment when all the furlough payments stopped coming and people start feeling the pinch on income. so i don't think -- i don't to thinkre is anything that the uk's going to do extraordinarily well relative to the rest of the world at this time. francine: what does that mean for the government having to a stained -- to extend aid?

kit: i think we are more likely to see the government extend aid than the bank of england go to negative rates. we are more likely to see the bank of england extend some of their quantitative easing programs. personally, i think negative rates are something you might be able to afford if you are a country with a large current account looking like switzerland or like the eurozone or like japan. i think if you are running big deficits that need financing, your currency would suffer disproportionately if you went to negative rates. it is a dangerous game to go down. i would rather they do other things so that the funding of the deficit that we are going to have, which is going to be historic, is kept under control. that is a way better strategy, in my opinion. we are going to need more of it. we haven't got as much leeway for fiscal easing as some countries, but we are starting from a better position than

some. we are living on -- our ability to be able to protect the a lastingtil we find solution to this virus depends neede gilt market and they to do everything they can to make sure that feels good. tom: we all notice as we reset on a monday, the virus and the impact across all of our lives. with that in mind, how do you ex-big figure trade out to october or november. 2020 is so crazy, folks, i cannot even get my head around september 1. how do you frame a trading pair way out to october or to november? how do you do that right now? kit: i would, in terms of sterling, for example, rather be longer swiss franc against sterling than a bunch of tears on that time horizon and say it is doing pretty well where it is

now, but in relative terms, it comes back to that hate or conversation. i still want to be owning currencies -- to that behavior conversation. i still want to be owning currencies in this environment. the other thing come after the summer it is going to be the australian dollar because they went into this crisis on natural gas, not crude oil, which is good. to china, not europe, which is good. and before the crisis, a budget weplus and a current -- when talk furlough, they have money in their wallets, but they can spend on easing the pain of the pandemic. that strikes me is putting you in a way better position in a country like the u.k. or the u.s., that have big deficits. tom: kit juckes, thank you so much for the briefing. great way for me to start my monday. mr. kit juckes from societe generale. my book of the summer, it is

richard haass, the head of the council on foreign relations, and ambassador house has -- ambassador haass has written an absolute tour de force on international relations. the first six chapters alone are pristine and just how we got to where we are now. coming up next, glenn hubbard will join us, the former dean of the columbia business school. what a perfect time to speak with glenn hubbard about trillions and trillions of dollars of deficits. stay with us on this monday. this is bloomberg. good morning. ♪

ritika: this is "bloomberg surveillance." let's get the bloomberg business flash. sanofi has agreed to buy percent e of biofarma. the all-cash -- principia biofarma. it rep is that they 10% premium over principia's losing price friday. pvm --epresents a 10% premium over principia's losing price friday. the price target for the s&p 500, raising by 20%. the s&p's 51% rally since march has caught many strategist and investors by surprise. that is the bloomberg business flash. tom? francine? up 14.uities up, futures i want to draw your attention to

the continued unraveling in turkey. we see weaker lira, nice and linear, 7.39 right now, threatening up against that 7.40 level as well. the situation in turkey is flat-out grim. francine? -- looking at francine: i'm looking at chinese shares of renminbi, and they were supported by central bank action. you can see european stocks fluctuating. there is light trading and investors are focused on u.s.-china trade tensions on travel restrictions. coming up next, we talk about tensions with the u.s. and china with stephanie kelly. she is coming up shortly, and this is bloomberg. ♪

tom: good monday morning. ."loomberg surveillance

francine lacqua and london, tom keene in new york. dell futures up 100, the equity markets and some of it we saw with kit juckes and fx, but so much of it we are looking at now with our team is international relations, and the politics with the democratic convention beginning tonight. somewhat in milwaukee, but virtually to delaware as well. stephanie kelly joins right now at aberdeen standard. there senior political economist. while frank -- both francine and i want to take a moment here to rephrase china and the united states. for that matter, china and its expression, with europe as well. what is the relationship right now with president xi with the leadership of europe? stephanie: well, i think that we have always seen this kind of push-pull between the united states and china. europe and china. in many ways, what exists in europe with regards to china, transparency, around doing business or technology

transfers, all of those issues -- the u.s. and europe share those concerns, the approach they take tends to be much slower collateral and slower moving in europe as opposed to the u.s., with president trump. interestingthe most things i find, stephanie, is one of the few bipartisan issues in america, the general anti-china tone. do you perceive that a president biden would be that much different in final outcome from a president trump? stephanie: i think if we split it into the kind of ways it is playing out with politics, the politics of it, there are the tariffs and the non-tariff that we are seeing. the nontariff action we have seen has not primarily been republicans, but it has been bipartisan. i think that doesn't change, and those pressures, that kind of gradually across the u.s. and china come it pushes it apart regards to capital flows.

i think that will continue wherever in the white house. when it comes to tariffs, i cannot see biden taking the tariffs off. instead, you probably see a strategic review, where you take a step back and try to work for with european partners, but it doesn't necessarily mean going back to a world where the u.s. and china are trying to aggressively build an economic relationship, i know means. as you say, maybe the path looks different, but the outcome not so much. it is having that sense of they are not going to just wake up and have to completely redo work their portfolios -- rework their portfolios. it is much more strategic, less volatile in the relationship. francine: good morning from london. if things don't get better between the two countries, which you seem to actually suggest no matter who is in the white house come january 2021, who has the most to lose economically?

is it the u.s. or china? stephanie: in an interesting way, you have a little more to lose, the u.s. and china or everywhere else. that is the interesting element. the u.s. economy structure has upset -- we know consumers lose when it comes to trade wars. because of the impact it can have on prices, depending on the choice of companies. -- it is also sink billing signaling the reality it craves for other major economies. for the small economies who have to come in a world where the u.s. and china are lesson lined -- less aligned, do i want to continue with china with my supply chains? should i be kind of rethinking the supply chain, and that potential kind of sort of split off of regionalization of trade? i think that will be the state of mind whoever is in the white house.

could you argue -- francine: could you argue that andeen that -- that chinese -- stephanie: it is becoming more and more clear, particularly this year with the hong kong security act and the kind of think thatnd -- i actually has pushed europe in a way. it becomes more problematic for europe to be this kind of super constructive partner with china -- the wayre also tribulations are done and the way trade relations happen, i think it is not necessarily the same thing because you have these huge political kind of issue going, with liberal politicians trying to sweep the circle. tom: i don't want to -- i don't want to -- from all of your contacts and your reading of the

research, what is the state, the permanence of western business in hong kong? do you detect that it is finally slipping away, or is it still there? stephanie: i think it is too early to stay at this point -- to say at this point. with regard to different sectors and the exposure different sectors have, given that we have in the last couple of months seen the initial shift, always referring in mind with politics, it seems to shift quite quickly and quite suddenly, so it seems -- it needs to be mindful. tom: we will continue with stephanie kelly. lots to talk about. we want to get back with e.u. and her expertise. right now with first word news in new york city come here is read to could group to. ritika: members of the house are cutting short their vacation. speaker nancy pelosi called them back to washington this week to do with the growing crisis over the postal service. last week the postal service

warned 46 states it may not be able to deliver their ballots on time. for the november elections. the trump accused appointee who runs the post office is making sweeping new changes that have hurt service. the white house downplayed a report that president trump wants to meet with vladimir putin in the u.s. before the election. national security adviser robert o'brien says there will not be any summit before then, but that they would like to come to the u.s. once there is an agreement on a new nuclear arms dale. -- arms deal. more than a thousand people have died from the coronavirus. almost 300 fewer than the previous day. the number of new infections rose by the smallest amount since tuesday. borisr week of chaos for johnson. now the government is facing an exam crisis. the lockdown meant that people were unable to take their usual

exams. 'n algorithm took in teachers predictions on previous scores, but many students said they were well below expectations when the scores came out. global news 24 hours a day, on air and at bloomberg quicktake, powered by more than 2700 journalists and analysts in more i'm ritikauntries, gupta. this is bloomberg. tom: thanks so much. i have read three articles on the grading thing in the united kingdom, and i just don't get it. balance of power. democratic representative ms. dingell of michigan. this is an important conversation. always very candid about this absolutely unique democratic convention. david westin leading our coverage. strong with congresswoman dingell. looking forward to that this morning. this is bloomberg. ♪

francine: this is "bloomberg surveillance." tom and francine from london and new york. you trade talks begin again in brussels tomorrow, and the u.s. -- the u.k.'s wider trade strategy also begins. stephanie kelly, we talked before about the u.s.-china relationship. what with the u.k.-e.u. relationship look like brexit? stephanie: i think realistically, all the signs point to what we have expected all year, which is you end up a sort of a narrow trade agreement. i think there is a tendency to say, a deal, that is great because we don't want no deal. at the difference between no deal and a narrow trade deal are what we currently have, i think that is something that investors

need to start to get to grips with more in terms of companies, how exposed they are. i mean, are you suggesting that if we have a trade deal it would be a bad trade deal, stephanie, or a very thin trade deal? stephanie: i think thin is probably the right description. essentially what i'm talking about is, if you have free trade in lots of sectors, if not all sectors, which is really helpful particularly in some sectors 20%, and potentially tariffs, if there was no deal. there is variation in terms of how impassable that is. you have to bear in mind not just what tariffs they are paying, do you get custom checks from the border? do you rely on a super efficient supply chain across borders, around free movement? and how much regulation requirements do you have to go along with or how much

regulatory uncertainty are you facing? that will affect the way companies have to invest in the years to come if they don't know what their rail a tory environment will be, where they produce, which is where consumers are right now. tom: what is the urgency of these talks? from where i sit, it is almost like the summer and they are going through the motions. or am i wrong on that? stephanie: i think the challenge of got is, i mean, initially, they were working on a deal before the july deadline, figuring out if they need to have more time. it does take a long time to do negotiations. the canadian free trade agreement with e.u. took something like eight or nine years to negotiate. issues, butolitical they were nothing compared to the u.k.-e.u. relationship. that is why there is the sense that if you can make progress in the summer, it might seem like there are three or four months ago.

but implementing the deal before the deadline, there needs to be some time built in. they think they need kind of a month or two months or three months, getting implemented in member states. remember, the e.u. is not one state, many states, and they all have to agree to the trade deal. tom: what are they arguing about? give us a tangible example of what they are arguing about. what are they arguing about? stephanie: basically, i think the e.u. argument is that the u.k. is so close to the european market that for the u.k. to continue to have that access, leveleed to agree to playing field provisions. for example, state aid has come up in negotiations a lot. if the u.k. provided tons and tons of state aid to its companies, providing subsidies, grants, whatever you want, the

fear in the e.u. side is that that will undercut competition with the european partners. that is a tangible example. you actually have to try and compromise to find the level of state aid that it is appropriate. the coronavirus complicates that again, because the coronavirus across european countries that have been allowed to do more state aid. it is finding the middle ground, and that is one of the elements regulations,abor environmental regulations. agricultural products, food safety standards. all these things really matter to the e.u. in terms of feeling that they are building a trade deal that doesn't leave them in a worse position than before when the u.k. was a member of the e.u. stephanie, what would a biden administration, or what would the friendship or not look like between the biden administration and the u.k.? stephanie: it is kind of an

interesting question. i don't think there is any suggestion that biden would have any worse of a relationship. the importance of a u.k.-u.s. relationship would not be under question, but the difference would probably be more so on the european side, where we know president has had more problematic relations with european leaders. that would be a much more positive constructive --ationship than if the u.s. if the u.s. and the u.k. which is see it move toward a deal, better than it currently is under president trump. tom: stephanie kelly, thank you very much. coming up on bloomberg surveillance, on our simulcast with bloomberg radio and bloomberg television, michael shaoul. looking forward to talking with michael about some of the interesting ways to get

leigh-ann: -- ritika: this is "bloomberg surveillance." microsoft reportedly is interesting in buying tiktok operation in the u.k., according to the foxbusiness network. that would mean microsoft is interested in the music beyond the u.s., canada, and australia units alreadyd under construction. there is an indication that the summer slump in the dollar will last longer. for the first time in more than two years, hedge funds have been bearish on the greenback, according to data from the cftc. real yields in the u.s. are hurting the dollar's allure. oil is up slightly in new york. the opec-plus coalition meets to review supply deal. productions -- the global market faced headwinds including rising coronavirus sections and worsening relations between the u.s. and china. that is the bloomberg business flash.

tom? francine? francine: thank you so much. russia says it is ready to help ella bruce in the face of unprecedented protests. hundred of thousands of people demonstrating over the weekend against the disputed election results which saw alexander lukashenko return to power. they are now demanding his immediate resignation. a prudent offered support to resolve the country's problems -- vladimir putin offered support to resolve the country's problems. tory, always great to speak with you. when you look at how much support vladimir putin can give belarus -- first of all, what is at stake for russia if lukashenko ultimately falls? >> hello. belarus is a key geopolitical buffer for russia. it stands between russia and three nato countries, and it is one of the last remaining allies that russia has along the border there. so it is quite an important

moment. now, in terms of what support russia is willing to give, that is the big question. the statement over the weekend was vague. it is not clear what they can do . putin confirmed that russia will provide -- within their alliances. alliance -- with other countries in it, they may have a say in the matter, and the system is not likely -- they would only be able to help if -- towere a foreign belarus. francine: what can mr. lukashenko do right now? he said actually that he doesn't want to repeat the vote. can he really hold onto power if the numbers of protests are growing, and the number of strikes are growing? there are hundreds of

thousands of people on the streets protesting peacefully now come and workers from some of the biggest companies are on strike. .hat is a big question now can lukashenko hold onto power? he says he will come and he has vowed they will not be an election. this, andk at all of i think for most americans we need to get on the map, as you correctly say, the adjacency of nato to lithuania, latvia, and the like, is extraordinary. tell us the attachment of the people of belarus, west poland, and east to moscow in the rubble it -- in the russian republic. what is the emotion that people have, those who are caught in the middle? of theseor all countries, there are historic ties, and there are familial ties. people have families across all

of these borders, so it is a very difficult situation. on the other hand, of course, people in belarus, like people in ukraine, want to have their own independent country. been, for many years, balancing the demand of being an independent country and having a massive neighbor right on the border, playing between east and west. tom: if you look at the russian highway down to belarus, and this goes from moscow over to warsaw, and then it bears a little bit right toward berlin. fine, that is a lot of world war ii history. what is this like ukraine to the south were eastern belarus is usually dominantly russian centric and western belarus is much more native centric, and that is the real risk that putin faces? torrey: belarus has not been

ukraine.divided as it is a different situation. but again, belarus wants to be its own country. the people want a sovereign, independent country. ties with russia have been strong. belarus is fairly dependent on russia economically. but lukashenko has started to make firm overtures to the west. francine: what do we know about the opposition leaders? -- about the opposition leader? she is currently not in belarus, but she could take an interim role. the main opposition challenger is in lithuania right now. under pressure. she has been saying that she is willing to step in as an interim and adoptguide talks

new elections. she has called on people throughout the country to maintain peaceful rallies, and to hold peaceful strikes. order. very much for tom: thank you so much. our bureau chief in moscow with some really interesting and nuanced reporting there on belarus. we will hear much more of this in the coming days as well. we want to do a data check right now. futures up 10, dow futures up 71. there is a nice lift to the market even with the vix, 22.49. i will call it a churn here. we have seen the small-cap, dow centric lift to the market with tech on fire. tech i guess i could say taking a pause over the last number of days. the yield structure is higher, from 12 on the two-year to the u.s. .15%.

30-year bond nudging right up .70% with curve steepening. spain and italy -- francine: spain and italy over the weekend just telling nightclubs to close. the virus indicators are trending upwards, so you're seeing in effect on euro-dollar, for example. 1.1855. tom: interesting. i'm watching turkish lira this morning, testing toward .40 this money. yens nor vague is up next. jens nordvig up next. this is bloomberg. good morning. ♪

within thisrning,

unquiet august, stocks lift amid higher yields. the euro strengthens against all the turkish lira. it continues its depreciation. it is a two -- it is a too-quiet milwaukee. the democrats can meet virtually. the cnn poll shows the race narrowing, and footers are extremely enthusiastic to vote. and ms. below see regrets come in a signed, sealed, and delivered letter. she demands a return to washington. they will confront president trump on the united states postal service -- rain, shine, sleep, whatever that phrase is. keene, francine lacqua in london. this postal thing is absolutely uniquely american, what we are going through right now. i'm always dazzled by the british postal system. is it an equivalent to t