minister. the chief cabinet secretary overwhelmingly wins the party's race to succeed shinzo a bay that shinzo abe. nvidia will buy arm, and there is a report that ubs is exploring a merger with credit suisse. both banks declined to comment. and boris johnson prepares to send his brexit lawbreaking proposals to parliament. the justice secretary warns he could quit over the issue. investors now await the boe rate decision on thursday. good morning and welcome to "bloomberg surveillance." i'm francine lacqua in london. tom keene is in new york. tom, there is a lot of news for monday money. tom: huge news flow. francine: -- there is a lot of news for monday morning. tom: huge news flow. francine: i'm very focused on the swiss bank. both banks have not talked about it yet, but huge news should it come to fruition. a blog from

switzerland, surprised to see the news come from th the blog. gently axel weber nudging this dialogue forward? francine: it is a publication that doesn't break that much news that often, which is why we are taking it with a pinch of salt, but we understand it was well sourced, and this will be a conversation spearheaded by the two chairman of ubs and credit suisse combined. that would be extraordinary. tom: for an american arlene's that for an american audience in the early morning -- for an american audience in the early one, could you imagine bank of america and j.p. morgan combining? that is the equivalent. there is nothing else going on today, right? francine: not at all. tom: i've got to look at my tiktok. francine: let's get to first

word news in new york city with ritika gupta. tiktok has abandoned talks with microsoft to set its music and video app in the u.s., now favoring a partnership with oracle. look moreit would like a corporate restructuring than an outright sale. president trump has threatened to band -- to band tiktok if it's you operations -- the jobs are both full and part-time in canada, and they pay at least $15 an hour. new workers would get sign on bonuses of up to $1000. amazon plans to open 100 operation buildings this month in canada. debt fall has -- the death the firesit 35 in from california to washington state. tens of thousands of people have fled their homes. firefighters could have enough of a problem this week.

the forecast calls for low moisture and high wind. set for, the stage is the first new prime minister in almost eight years. yoshehide suga will replace shinzo abe, who is stepping down for health reasons. 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: thank you so much. equities, bonds, currencies, commodities." the fed meeting out there on wednesday as well. news, overthe m&a $60 billion of visible u.s. news this morning. futures up 40, dow futures were up 300 earlier. the vix is a huge story, coming in with a vengeance, with a print now of 26.46. that is not a small item.

i would say dollar a little bit weaker as well. we are watching yen off the expected ldp news. francine: i was looking at dollar edging lower, gold climbing, treasuries unchanged ahead of the federal reserve meeting. global stocks climbing after the two-week slump. they are rallying because of a flurry of deal activity, but also signs of progress toward a virus vaccine. the chief executive of pfizer said it is likely the u.s. would deploy a covid-19 vaccine to the public by year end. be more boyseem to into than they were last week. to talk about the markets and -- to be more buoyant than they were last week. to talk about the markets, kit juckes. thank you for joining us. let me start off with the euro. does the ecb need to double down to make sure that the euro does not rise from here?

i expect that they will. i shut -- i suppose it is a shot across the bow. when mario draghi said he would survive, hehe euro responded with a series of rate cuts and eventually negative rates and qe. what is his next big trick? if all they can do is to buy more bonds, which includes peripheral bonds, means investors come in and think italian and spanish that is attractive, that is just going to strengthen the euro, not weaken it. so all they can do is express displeasure. great. they are doing that gently. and at the moment, the market is very long. it was a bit stretched, but this is not going to stop the euro going significantly higher. look at switzerland. if you have a stable currency, one that doesn't have the structural flaw at its heart of a dysfunctional fiscal quality,

and a big current account surplus, you to the swiss franc. that is with the ecb doesn't want, but if they have the economics for it, i'm afraid the euro is bound to be an expensive currency. francine: at what level does it start things really being problematic for the european central bank? donei think what we have already is problematic in terms of speed of the move. if you get to 1.25 against the dollar, that is problematic. the big thing is, what are you going up against? if you are going up against everything, so if the dollar -- if the chinese keep the dollar-you on state ready, if ak,rging markets remain we if the euro is going up the majority -- up against the vast majority of the world currencies -- tom: good morning morning. is free. money costs nothing.

you and i don't know whether the -- what the risk-free rate is. what happens to your world given what we witnessed monday morning, that money is free, we are seeing massive combinations as well. does that affect flows in foreign exchange, and will that affect the bond market? it will certainly affect flows and foreign-exchange overtime. there is a short-term sugar effect when money is free. the capital goes for the best growth story. it is not about your interest rate, but we are interested in where his growth. money follows equity stories, but we all know the equity market is highly valued on the back of cheap money. so you get an element of that. after that it is all about where are we relatively optimistic about growth? tom: where are we about growth? do you see this about a -- do you see this as a frothiness? kit: i do short-term.

there is a lot of optimism about emerging markets coming through with some bits of growth, and they will be helped by low rates. we have still got a long period where we are going to have to fight through the aftereffects of this pandemic. earlyhad a very v-shaped recovery, perhaps particularly in the united states, more so than in other places, which is not reflected in the markets. but lots of countries are still stuck in recession. that story evolves, the first piece of that is, i wouldn't be surprised at all. i would expect the dollar to bounce back. when people look at the fed's now-cast of running up 30% of annualized rates, that is better than what we are doing here. i think the dollar will get a temporary lift. .o in that sense we are in francine: how does the election

play into dollar strength or weakness? kit: it plays to strength when it is uncertain. the market has a story in its mind, and i throw it around my head a lot that president trump is good for the dollar because he is bad for other currencies because of his trade policies. if he loses, that is bad for the dollar and if he wins it is good. we canot know whether trust polls, and the polls do not tell us enough to convince us. so i think the weight of the -- the way that the election plays out is we get very nervous about it, very late in the election cycle because we are carrying so much emotional baggage from the times that we got it wrong. in the last u.s. election, in the brexit referendum if you like in the u.k., we have got a bad track record of understanding how these elections actually play out. francine: in your morning note,

you talked about aussie dollar, you do -- new zealand dollar. is there anything at the moment that looks cheaper mispriced? is: the dangerous mispricing across the urge emerging -- the emerging market space. the problem in emerging markets, we don't have growth, they cannot have growth. and they cannot base things and export things to get there export models going in all the fragile emerging market economies. if that happens, capital doesn't flow to those economies. toital is not flowing turkey, not enough to south africa. if we get excited about those currencies because rates are low, we are setting ourselves up for a fall. tom: kit juckes, thank you so much. getting us started on a most interesting day. the markets are fairly quiet, futures up 40, and that off a massive amount of mergers and

acquisitions. we have tiktok as a partnership or restructuring, but that really important technology news from nvidia and also as well looking for a cancer cure. much more on that through the day here on bloomberg. in the next hour, richard haass, author of the world richard haass on the foreign policy of trump this is bloomberg. this is bloomberg. . good morning. ♪

tom: "bloomberg surveillance." if you are just joining us in the u.s. or slipping through the morning on -- in london, it is merger monday. real mergers, fake mergers, the

whole thing. the market reset as well. it is really on this first monday back from summer, full week ahead with the fed meeting on -- on wednesday for that kit juckes with us from societe generale route. -- completely foreign to our electoral process, move forward from abe to suga. a lot of the pacific rim we don't speak of. how do you -- how does foreign-exchange see the new pacific rim playing out? kit: well, in the sense that they are coming out of the pandemic strongly. this is the source of a lot of the world's excess savings. in japan's case, huge long-term net positive investment positions, so they have lots of foreign assets. the rest of us need to persuade these people to invest their

money over here, and the less they do it, the more they are doomed to have strong currencies. and the kinds of things that they could do to fight that before are not so easily available. the chinese can combat that with capital controls of one form or another, but you look at china opening its bond market to foreign capital so that money wants to flow in, running bond stay stubbornly high while the rest of us have hours falling. they are going to get a bigger accumulation foreign-exchange reserves while they hold the currency down. japanese, i'm not sure they can prevent the yen strengthening further over time. sugawe are seeing mr. address the japanese people right now. he has been an operative for mr. abe, someone steeped in the domestic politics, somewhat the fractious family can b but reala

huge vote of almost 70% for the party, not by the people come and there speculation that there could be an election called here for the people of japan at some point. kit juckes, to me, as the amateur here, the yen is maybe the big opportunity. is it a big figure play to a stronger yen? kit: i think so, but you know i have thought that. tom: and all of us have been wrong. kit: it is stronger on the year, just nothing like as strong as i would have thought it would have been in terms of the size of the moon. it got itself as cheap as it could get because now i think an inevitability that he gets stronger. but it will be almost impossible to predict the moment when that happened. but i cannot see what mr. suga does to weaken his currency. that is an important piece. francine: one of the questions that we keep asking is, when

should we worry about government debt? when should we be worrying about how we fund a tax? some people say look at japan, they are fine and they have a huge amount of debt. should we look more at japan like -- i don't know if it is an example, but something that if it happens it is not the end of the world? with a huge debt pile has a problem as it has a need for higher interest rates to finance that debt. it has a problem if the net savings position is completely negative. if i have a public sector that a privateavings, sector and a public sector as a private sector -- a private sector with huge savings and a public sector with huge debt, places where you have a problem havee countries where we growing public debt piles, and the private sector doesn't have a big savings pool. since we are all in the room

together, we can look at italy and the united kingdom on this one. francine: what is your take on exactly how it evolves? what currency can it actually move? does it move to renminbi at all? the problems that china potentially faces with a very -- are very long-term problems. what they are doing as they try to manage opening up their economy is keeping the public --tor debt that keeps money tom: a little bit of a breakup with kit juckes. kate jukes -- kit juckes of socgen, thank you. there is a really substantial news flow this morning. i'm absolutely fascinated by nvidia and the transaction for softbank's arm. and then cancer for -- cancer

therapy, really important. how can they say $20 billion is not a big transaction? by gilliarde payout to get back into the cancer game.eutics coming up on a property of jon ferro's, the open. kate moore of blackrock will set the stage for september and into the fall. this is bloomberg. futures up 40. ♪

ritika: this is "bloomberg surveillance." gilead is making another big that, that in innovative tumor fighting drug can boost its fortunes. the company has agreed to buy immunomedics for about $21 billion. gileadhe maker of a debt has been focusing on drugs that harness the immune system to fight tumors. softbank reached a deal to sell chip division, ar -- chip division arm to nvidia. the chairman of ubs and credit suisse reportedly are exploring

a possible merger. according to a swiss blog, an agreement could happen by early next year. the merger between ubs and credit suisse would create one of the largest banks in europe. that is your latest bloomberg business flash. tom: right now we go to our expert on swiss banking, and i justcqua, looked at the headcount. 70,000 plus 50,000 is 120,000. not as biggest the np perry bought, but that is a large bank by any definition, right? francine: you are talking speculation, these two banks merging, this would be spearheaded by the chairman of ubs. if you have a merger of credit suisse and ubs, this would be huge news, and it has not been confirmed for the moment. it is speculation. and the fact that it is a big number of people -- it is not a retail bank, may be focused on investment in private and can,

which is why you need less people than pnb -- then bnp paribas or barclays in the u.k., but if it were to go ahead it would be huge news and would take many by surprise. tom: the speculation here about a combination across european countries and the distinction there within european countries would be something as well. a bunch of other murders today. i don't know where to begin. are you out on tiktok, francine? francine: i feel like i should. i'm on everything else, but i feel like i am too old to be on tiktok. that will change tonight, for pure research purposes. up allr team have been night writing the soap opera. i want to make clear, this is not a deal, and we have been very good about positioning it in some form of partnership or restructuring. the mystery here is an immense. but we were is, speaking to some of our editors

in asia, and with this partnership, as you say, it could be an elegant way of using the chinese site -- of fusing the chinese side and the u.s. side, and that would lead to good relations going ahead. tom: i was on tiktok for three minutes as well. someone else not on tiktok would be william gross, the pimco co-founder, the stamp collector. i'm thrilled to tell you, bill gross will be with us this morning. he has an investment view out, and it has been way too long since i have spoken to mr. gross. we will speak no doubt about the odd financial repression that we are living. this is bloomberg. good morning. ♪ so you're a small business,

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sure it's secure. and even if the power goes down, your connection doesn't. so how do i do this? you don't do this. we do this, together. bounce forward, with comcast business. tom: bloomberg surveillance, good morning. with a new emperor, japan has a

new prime minister. with the on this of mr. eight, stepping away from his long tenure, nestor suga from the north will take over. mr. suga from the sui north will take over. let me make clear, not elected by the people, but appointed with a 70% vote from the party. this is south of sapporo on the main island, and he went to night school. he is self-made and described as self-made, decidedly not an elite of tokyo and kyoto society. joining us with elite coverage, are she for asia correspondent stephen engle. roberts speaking with feldman of morgan stanley, i would describe the urban/rural tension of japan. who does mr. suga represent? he speaking for the

bigwigs like the outgoing prime minister, shinto abe. he'd -- you just ran through his bona fides. he is a backroom brawler, a powerbroker. he has the more humble upbringings than some of the bluebloods, but he is a fighter for sure. the lbpfactions within overwhelmingly gave him the mandate. he was the man they all wanted and that is all that matters. this was a lebron james slam dunk a kiddie hoop. there was no question he was going to win this today. tom: he may have the support of the leaders, but if we go to an election what is the mood of the nation to the dominance of the lbp and after they are a few years out of office, they are -- their absolute majority of this political system? are the people behind him? stephen: that is an interesting question because initially he was not even on the radar of the

populace. they knew him as the backroom guy for shinzo abe, but the shiba, but heas i came in third. he is popular because he has been a critic of shinzo abe. he has had more populist appeal among the electorate. but that did not matter. it is the lbp that has the overwhelming majority come and that is who they picked, the guide to lead them through with the same platform as shinzo abe. the overriding concern right now is the economy. real gdp is smaller than it was when amy took over in 2012. inhas -- went abe took over 2020. stock prices, boardroom changes took hold. inflation never got anywhere near the 2% target. it is at zero right now. and therefore wages never got

off the ground. and consumption never got off the ground. we also had a consumption tax increase as well and went back into recession. three times they have raised the consumption tax since the late 1990's. all three times they have had it followed by recession. francine: what can you tell us about how esther sugar -- about win thesuga can support of the people? hashen: that is what he taken on. if he is going to be different from shinzo wave, maybe he can take on the mantle of -- of -- if he is going to be different from shinzo abe, maybe he can take on that mantle. he wants the operators to cut their fees. that appeals to the people who are having trouble making ends meet right now with the coronavirus lockdowns. he is also a strong proponent of

introducing casino results force -- casino resorts. japan has improved its gaming laws to allowed casinos, and the big guys are all bidding for japan. he has been a proponent of that. but at the same time he says there are too many regional financial institutions and he would like to consolidate there. for the most part, he is saying we need to go with the status quo with shinzo abe and continue on with easing policies. his biggestat is challenge on the economy? stephen: getting the economy going. right now obviously some of these lifelines for the economy to help companies and people weather the coronavirus ou outbreak has been -- the coronavirus outbreak has been the priority. at some point they will have to go from lifelines to stimulated the economy again. that last vap hike that i mentioned earlier was so

ill-timed. it came in in october of last year. two months later, we had the coronavirus lockdown. gdp has shrunk every quarter since. they have big challenges on the economic front. tom: to put this in perspective, i have nominal topline gdp of japan back to 1995 levels. bephen engle, we would remiss if we did not speak to you about the drama known as tiktok. would you explain any incentive beijing has to give away the so-called algorithms? stephen: they don't want to, obviously come and either does the founder. but beijing sees this as a forced sale, a hostile takeover before what we have been reporting, that perhaps oracle is leading the bid. microsoft has already said that of course it is not going to go forward with its bid because it has been turned down. i think francine mentioned appropriately early on a couple of minutes ago, that maybe this

deal, this partnership with oracle is more palatable to both washington and to beijing. i don't want to draw the dots too much to larry ellison and his relationship to trump, but one thing i do know, oracle has the backing of sequoia capital. that is a key shareholder. sequoia's china managing china's is neil chin, most well-known venture capitalists. there are ties within the bid between oracle and sequoia for u.s. assets with the chinese element. tom: there you see the depths of steve engle's knowledge. within your reporting, is there any discussion of who will get the algorithms? i don't see it. stephen: i don't know. obviously beijing has concerns about the key ai technology, and it is not keen about what is essentially a forced hostile takeover. thisf the scenarios in

partnership with oracle would be the date it would be stored on oracle's cloud servers. that would be the data would be stored on oracle's cloud service. all of these things are being ironed out. francine: our chief asia correspondent, stephen engle. let's get to bird first word news in new york city with ritika gupta. ritika: oracle has beat out microsoft in the battle for tiktok. it now faces a deal with oracle that will look more like a corporate restructuring than an outright sale. president trump has threatened to ban tiktok if u.s. operations are not sold. tropical storm sally is taking aim at new orleans and southeastern louisiana. it could turn into a hurricane and is likely to make landfall tomorrow morning, making it the

second hurricane to hit louisiana in a month. it has already led to evacuations on some energy platforms in the gulf of mexico. president trump held his first indoor rally in almost three months. the state democratic governor accused him of endangering lives. president trump told supporters he had been blocked from using a number of outdoor sites. michael bloomberg says he will spend $100 million in florida to help joe biden beat president trump. biden holds a narrow lead in the crucial battleground. the money will be spent on efforts targeting hispanic voters. michael bloomberg and did his own campaign for president in march. global news 24 hours a day, on air and at bloomberg quicktake, powered by more than 2700 journalists and analysts in more i ritikacountries, gupta. this is bloomberg.

tom? francine? francine: thank you so much. coming up, we talk a bit about u.s. politics, we talk brexit, and we talk about japan with the chatham house director, robin niblett. that is coming up shortly, and this is bloomberg. ♪

francine: this is bloomberg surveillance. tom and francine from london and new york. we were just talking about the new japan prime minister, and we asked ourselves, what should we talk with robin niblett, chatham house director, about? robin, good morning to you. negotiations with brexit were still going ahead, then suddenly the u.k. is saying it is happy to break international law.

it is incredible that the u.k. is always upholding the rule of law. that is how they attract business and that is how they have in the past. if they push this bill through that goes against the declaration, what does it mean for the future of the u.k.? 'sbin: from the government point of view, what it means for the future of the u.k. is there is less of a risk, they think, of a separation of the united kingdom and losing northern ireland as a member of the u.k., the government's ultimate nightwear samaria -- nightmare scenario is that they do not get to an agreement. there is a huge backlash by the unionists part of northern ireland, and there is a gradual loosening of the tide between the two parts, between the

conservative and unionist party, and boris johnson will go down as the party that saw the breakup of the u.k. you might say that they should have thought about this earlier when they signed up for the withdrawal agreement that had this provision within it. but as always with his government, he wants his cake and eat it. they had the withdrawal agreement, they w so it through to the election. francine: do you think they will actually go ahead with that? there is also an element here in london, with the u.k. government, where they do not want to be seen to be weak. majority,an 80-seat with 40 conservative mp's that we need to rebel. i think if there were a way to climb down within the process of drafting a bill, they would want to take it. the justice secretary talked

about the fact that the joint committee, which is the full process under which e.u. officials and the u.k. government enter meet to discuss progress, but the joint committee will now find a way to go through this, perhaps. if the government can find a chick of light within the joint committee to make sure the extreme withdrawal agreement would be likely to happen, perhaps they would find a way to change the withdrawal bill. i don't see the withdrawal bill going through the way the government initially presented it last week. tom: good morning, tom keene in new york. so much of this, particularly for those of us removed from it, is the calendar. are these calendar dates firm, or is the can going to be kicking down the road into 2021? robin: well, if you want to have a deal in place for the first of

january, 2021, which the government would desperately need, although it doesn't say it does, then you have to have an approval of the agreement in october. otherwise there will not be time for the european parliament to ratify it, and the various other national parliaments will be needed to ratify it. as it is, the ratifying is not as important as it is with the u.k. it would normally take a year or two. it will have to squeeze that ratification into a three month period. if they don't get the deal done, let's say in october, to be ratified by january 1, then farm exports to the european union could suddenly see themselves slashed with a 30% to 40% tariff. car exports would be slapped with a 10% tariff. this is serious stuff. you wroughtglad that up. what is the incentive for the

e.u. to do anything? to me they have all the power here. what do i have wrong? robin: the e.u. does not want to be blamed for a breakdown of negotiations. constantly say that boris johnson called them and said i want to do a deal but negotiations broke down. a lot of countries that are close with britain that have close trading relationships with britain -- maybe not the whole e.u., but in france and in germany -- collapsed a deal. negatived carry repercussions politically. the u.k. might be more dependent on the e.u. than the e.u. is on the u.k., but parts of the e.u. would be badly hit. right in the middle of the corona recovery, what you don't want is a breakdown with one of your main trading partners. which is what the u.k. is. will prime minister

johnson still be prime minister in 12 months? i would say 90% certain. nothing is certain in politics, certainly in british politics. but he has a good nose for the political wind. i think even if he has to climb down a bit now, as he did with the original withdrawal agreement, he has demonstrated to backbenchers and to the stalwarts of brexit that he is really serious about trying to protect british sovereignty, which is what this is all about. even if he climbs down, he could say i had to do compromises i don't want to do. but i'm always thinking about the united kingdom and britain number one. to be frank, the deal he did a year ago now, to be able to get the withdrawal agreement done, through northern ireland over that was that time, convenient, but now he is trying to repackage the narrative.

thank you soblett, much. we are doing a lot on this monday, the first full week of united states back from summer. it used to be that summer -- fall started september 6, september 7, and that is out the window over the last number of years. it has been clear that this monday is where the real kickoff is. which means we must speak to your to do list for the end of the year and into next summer, and that is of course on global wall street, the cfa exam. full disclosure, i'm a member, i have drank the kool-aid. margaret franklin will join us. cfa institute president and ceo. she is going to his plane why you need to go through three miserable years and earned the cfa. stay with us. futures up 32. this is bloomberg. ♪

,"m: "bloomberg surveillance good morning, everyone. year,rst full week of the looking at markets that are churning, we have an m&a monday,

a nice balance and a lift to the market. futures up 40, earlier of 31. dow futures up exactly 200 points. with the advent of the year, and this is the new year, it is a time where the cherubs of wall street say, do i have the courage to take the cfa exam? sitting through three exams over a three-year period. i will not bore you with the flunk rate or the pass rate and all that. all you need to know is it is a huge success requirement for wall street. margaret franklin joins us, cfa president and ceo. june of 2020 was wiped out by the pandemic. what is the exam process forward, and critically, how do you for thousands of people in the javits center in new york if they cannot do that? you'ret: well, absolutely right, june was unprecedented, the first time in our history that we have ever differed an exam, and we

immediately turned our attention to logistics to be able to administer in december. so we are making the preparations everywhere. we are using in many cases smaller centers all around the world. -- the re-upgrade has been extraordinary, and of course you will recall the days when you and i would have prepared enormously for it, and you really want to write the exam. all eyes will be on december. we accelerated our computer-based testing, we also allow them to open up different windows for candidates throughout 2021, so a lid bit of optionality there for candidates. tom: let's talk about the greater idea of the curricula as well. over the last six weeks, we had a derivative uproar. you know i've always been critical of my service to cfa institute, that there needs to

be more derivatives, more greek letters as well. the cfagreeking up curricular? margaret: we are. we do a robust analysis of what the early market interest needs and what employers are looking for and what employers -- employees need to fulfill employer desires. you are going to see more data science, more natural language processing, more deridder stuff. when you and i wrote the exams, it was light on that. if you choose suite was considered derivative back then. one thing i will tell your listeners is that our most popular publication is our refresher readings, so all of those new readings that come out based on the new curriculum and again, where the market is headed, what the demand for the market is -- for those of you -- i would encourage you to look at

the refresher readings on our website. that is a good indication as to what is in the curriculum now. francine: how does esg investing and esg calculation chain? how will that impact the cfa -- change? how will that impact the cfa effect? a clutteredg is field these days. consultation data that is out now for esg function standards, where investments managers can standardize ways to expose the nature characteristics of their funds, and to be able to assess that. this week we are launching our climate paper, which is for investment professionals. capturing the best practices for investment analysis. so i think it is a field where we can add a lot to the standards and codification, but also really to the practices for

investment professionals. thankargaret franklin, you so much, with the cfa institute. no, there will not be a level 4. i'm begging, no level 4. it is an extraordinary new slow day. this has been a great project for us through this pandemic and even before. the bloomberg green festival. this has been a real commitment not just about coal, not just about the obvious. there is some real depth here as well. look for the bloomberg green festival through the week, including with hewlett-packard. the news flow is extraordinary. stay with us. richard haass of cfr,. -- next. ♪

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switch and save $400 a year on your wireless bill. plus, get $400 off when you buy the new samsung galaxy note20 ultra 5g. morning, defining the

undefinable. the mystery of what exactly is a "trusted tech partner." giants -- they jump through hoops to appease president, to appease beijing, and appease that king and addison ray out on tiktok. it is chaos. stocks higher, $60 billion plus. a deal will do that. amazon will hire 100,000, an 11% lift and employed. there is an election in 49 days, focus on florida, minnesota, wisconsin. the latino vote focus on reading richard haass' new book to prepare for the next foreign policy. good morning, everybody. this is "bloomberg surveillance ." francine, we knew the news would be busy, but where do you want to start with the incredible news flow this morning? francine: i was just glancing down to make sure we did not get