leaked documents related to more than $2 trillion in transactions show banks kept profiting from powerful and dangerous actors, even after the u.s. introduced penalties. hsbc shares sink. lockdown 2.0? the u.k. will sound the alarm on rising infections today. the london mayor, sadiq khan, is set to recommend more restrictions. and with just six weeks to go until the u.s. election, the supreme court has emerged as a pivotal battle after the death of liberal justice ruth bader ginsburg. good morning and welcome to "bloomberg surveillance." i'm francine lacqua in london. tom keene is in new york. i'm looking at the markets and we will do market and data checks every 15 minutes because it is an absolute bloodbath. some industries are down 5%. i'm looking at travel and leisure, especially in the u.k. come on the back of the possible announcement of lockdown measures. tom: the set of issues leading to where we are, the dow down 580 points.

down 600 points recently. we are not near a correction yet on s&p, but we are getting there rapidly. i don't think this can be underplayed -- the virus, the pandemic is really front and center on a global basis, even with an america distracted by an historic moment. momente: and a historic that could possibly sway the election. let's get to the bloomberg first word news in new york city with ritika gupta. ritika: good morning. the death of justice ruth bader ginsburg has thrust the supreme court into the political spotlight. republican leaders in the senate are hoping to rush through a replacement with president trump expected to nominate his pick this week. democrats are warning of a constitutional crisis. if joe budden wins the election but a trump candidate is still confirmed to the supreme court. president trump is celebrating the tiktok deal, despite it falling short on some of its key demands.

the white house gets -- a promise of new jobs -- sources have told bloomberg that tiktok is taking a valuation of $60 billion as part of the u.s. deal concerns are mounting that u.k. may need a second lockdown to stop the spread of coronavirus. prime minister boris johnson is set to be told today that the nation is at a critical point in the pandemic. there are exceptions that locally restrictions could be extended to london. it is reported that mayor sadiq khan will be tightening the rules today. global news 24 hours a day, on air and at bloomberg quicktake, powered by more than 2700 journalists and analysts in more i am ritikantries, gupta. this is bloomberg. francine? tom? tom: let's look at the data right now. it has been a real deterioration in the last 20 minutes. s&p futures come and dig of 61. down 61.tures, you see it with the vix really

up, four big figures, 4.42 on 32.25, and that is not a good statistic. we've got substantial correlation across bonds with to 52flattening, down point 54 on the two cent spread. yen, 104.17int out, really gets my attention. butto some breakout, nevertheless, dollar-yen showing significant safe haven action. francine: looking at european stocks, they are following the most since july, but if you look at travel and airline companies, they are leading losses on the european stocks. ais is on worries of potential second lockdown or further restrictions being put in place. and the european banking shares are also dropping. hsbc, the lowest since 1995 in terms of how share prices are trading, and this is after a story by the international

consortium of investigative journalists showing some lapses in suspicious activity reports. and it is very clear that treasuries are rising. there is a risk off mood out there. ruth bader ginsburg, the 87-year-old supreme court justice, liberal icon, and pop culture phenomenon, died friday after a long battle with cancer. her death puts the supreme court front and center in the presidential race six weeks before election day. president trump has said he will nominate a successor. pres. trump: i think we are going to start the process extremely soon, and we will have a nominee very soon. i could see most likely it would be a woman. i think i can say that, it would be a woman. if somebody were to ask me now, i would say that they woman would be in first place, yes. the choice of a woman, i would say, would certainly be appropriate. more, we're joined

by peter trubowitz. thank you for joining us. actually change the election outcome, or does it reinforce trends? will morehink it reinforce. i don't think it is going to be a game changer. there was a poll over the weekend, a reuters poll, 62% of americans think that they can see that the court should be filled by the winner of the november election. what is interesting about that poll is it includes 50% of republicans. if you are looking at the markets, i know you are focused on the stock market, but the predictive markets are really -- have really not changed. if anything, they are moving in biden's favor. what i would say is that what this does for trump, it does change the conversation, it moves it more away from his mismanagement of the pandemic

and the economy. it will fire up the republican senate -- in key some key senate elections, but it will also fire of the democratic base, and we saw that over the weekend with this report from the democratic fundraising organization. we can expect trump to play this card because frankly, it is the best card he's got in a pretty lousy hand. francine: does it sway the undecided voter at all, or not? know, there was another poll, a wall street journal poll, nbc poll over the weekend, 90% of americans have made up their minds. nothing is going to change it, they say, including the debates. like if biden failed in the debate or trump. possibility of some movement there.

but it is just not obvious how this cuts. -- if you are susan collins in maine, having to vote on this before the election does not help you at all, and that is true in a number of other campaigns. you know, i think it is a little too easy to say that this is going to help trump with undecided voters. i think what it does is it helps him with his base, and given that his base, the worry is that some of those people are just not going to vote. you could say that on balance it helps him there, but in terms of undecided voters, i think it is a crapshoot. tom: peter, good morning. thrilled that you are here to start my coverage with ruth bader ginsburg and where we are going afterwards. i want to go back to austin, texas, and your study of government. one of the great moments in

history was ike having to pick william brennan because he needed a catholic vote in the northeast, my guess in 1956. does trump have to pick a woman from florida to garner florida's edge? peter: i would go with the catholic lady because he has already got the cuban vote. it is a great question, and if you play into the politics of it, it is close in florida, but biden is having a lot of trouble in floridaic voters and especially with cuba. and i think that trump has got to find one of these big industrial states that he is going to pull. right now michigan is starting to look like it is out of reach. wisconsin is a problem. maybe pennsylvania. to answer your question, it is not obvious, going with the gentlewoman from florida is the right move.

see it is interesting to how this lines up in the coming days. what will the hearings be like if we select the professor from the university of notre dame? fine, what do you think those hearings will be like? she has been hugely vetted, right? peter: i think they will be a mess, and we don't know -- what we know is that trump is saying he will pick a nominee this week , and he wants this to go, you know, to have a vote before the election, a confirmation hearing, and a confirmation vote before the election. powderll has kept his dry on this. he has not said what he is going to do. it may be that for mcconnell it make more sense to put this off until after the election. his interests do not necessarily lineup with trump. trump needs the added insurance, with contested election results, with another conservative justice.

mcconnell wants to hold onto the senate. if he pushes this thing and runs the risk of losing senate seats, i think he holds off until after the election. of course, if trump loses the election, it makes it even more complicated to try to us this thing through afterwards. hearings, theye will be incredibly contested, and the gentlewoman from notre dame will be in the hot seat and will be pressed very, very hard. are lookingter, we at the markets, and part of it is of course because new restrictions -- some people take issue with the fact that we even call it lockdown hearings -- in europe and things like that. how will trump be judged on election day on covid-19? it is still 48 days away. people remember the last couple

of months, or do they have a long memory? peter: personally, i think that still remains the big structural impediment for him. we will hit either today or tomorrow, 200,000 americans that have died. in some ways, the supreme court pick provides biden with an opportunity, because the smart move right now for a democrat is to connect the supreme court decision to health care. and i think that is what we are going to see. pointed in that direction yesterday in that speech in philadelphia. nancy pelosi is already talking about it. these battleground states like arizona, florida, north carolina, there are a lot of retirees who are worried about health care. what he needs to do, biden, and what i think he will do is to remind those voters that the more conservative the supreme court, the more likely obamacare will be struck down. tom: one final question,

something that has been through my mind all over the weekend. that president trump cannot control justice picks -- whether liberal or conservative, they can shift over time. has this changed? are we so polarized as a nation that the president can go into be selection knowing it will a lock for conservative thought and theory? peter: i agree with you. there was a day with and -- there was a day and time where the president would first sound out the other side with respect to a possible pick and so forth. there is none of that now, and we are in -- personally i think .e are in danger if trump and mcconnell push forward on this, and the republicans lose the senate, i think we can expect democrats to talk about increasing the size of the supreme court.

i don't think these are good things for the united states. for either side. this is just not what the country needs at this point. but i am afraid we are right on that edge right now. tom: peter trubowitz of the london school of economics. we are thrilled that he could join us this morning. certainly a set of ideas floating around for democrats, if they take the presidency, if they take the senate, of some form of permanence to the change in the process. we will be looking at the legal process in the coming days. thrilled that david westin will be joining us in the sick a clock hour. how about an important interview at the center, robert kaplan. i believe these are his first comments since his dissent, the meeting last week. this is an extremely important interview. michael mckee in conversation with president kaplan of the dallas fed. dow futures -464.

-- -4.64. spx, -49. this is bloomberg. ♪

tom: good morning, everyone. "bloomberg surveillance." we are watching markets, which are more than difficult. the vix on four big figures, negative three .60 right now, 29.43. some real upset not only about the pandemic and potential lockdowns, including in the united kingdom, but also stimulus has drifted away and thought in america, of course, over the uproar over the death of ruth bader ginsburg and who will replace her. on the banking front, there is any number of reports. joining us, jonathan tyce of

bloomberg intelligence. i hate to say it, but it is an elegant chart, and that is the plunge and persistency of plunge of hsbc. i would suggest that if that bank were an american bank, it would be front and center on the mind of institutional authorities. the british -- are those in china concerned about the dissent of hsbc? i think you would be hard-pressed to find a bank that is more squeezed. you think about china, sanctions, negative rates now in the u.k., as you put on top of more, although the bank is saying with all of the data predated by their prosecution agreement from 2017, it is a perfect storm of international sanctions, risk, international

relations between the u.s. and china, just a horrible place and time to be a bank anyway. chiefne: if you are the executive of hsbc, fairly new in the job, how do you get ahead of this with investors? jonathan: well he has been with a bank for 30 years. there is not an easy fix for this. we have published and some of our reports that, would you build a bank like this today? the answer is no, so you have to rethink, do you have a listing in the u.k. and in china, when quite clearly the growth sentiment in china, the chinese were not happy about the pr of telling the bank to stop paying thedends, for example, and stress continues, i mean, you do have to wonder about whether this is a sustainable structure for the bank. tom: exactly. it is stunning to see barclays .ith a lower ratio

jonathan tyce, there has to be regulatory effort here to say to these banks, do something, consolidate, combine, whatever it is. is that tension out there? are there authorities saying hsbc, this is untenable? hsbc -- jonathan: hsbc is very well-capitalized. got different sort of markets. you have the u.k., european angle, and then let's not forget, they have said we are going to cut $4.5 billion in costs. hsbc does not make any sense of anything. you look at the u.s. and say why is some of that there. the bank has already put his hand up and said all this. as ever with hsbc, they are taking their time. they are not going to give a new strategy without results.

tom: i cannot convey enough the importance of what jon tice just said. tyce just jon said. francine: if you look at the things that came out with the international consortium of journalists, you said a lot of it we knew, but does it implicate u.s. banks as well? jonathan: i think what it does, it reminds us that we are seeing all these sanctions, multibillion's and finds, but if you were allowed to flag the regulators that there is a suspicious transaction so keep he knew -- so continue acting on behalf of the client, i think there is something wrong with the system. hsbc is probably sitting there wondering what happens with the election. does the whole angle with china -u.s. change? i believe that is the case. from that perspective, they

cannot undo their global footprint. they can over the next 18 months cut a lot of costs. they need china for growth, and at the moment china has them over a barrel. you have the u.k. regulator looking at that closely. francine: jonathan, thank you so much. we will have plenty more of jonathan tyce coming in the days and weeks and months. coming up, christine lagarde will be meeting with the french president today. one of the things that she could -- we will have more on the ecb launching of the pandemic bond buying program. this is bloomberg. ♪

ritika: this is bloomberg surveillance. a global crackdown on banks doesn't seem to have curb suspicious activity. leaked documents tied to more than $2 trillion of transactions shows some lenders continued to profit even after the u.s. imposed penalties on them. the so-called fincen files were released over the weekend by a consortium of investigative journalists after being obtained by buzzfeed news. the founder of a lector vehicle company nicola is stepping down as chairman as the company finds itself in the crosshairs of a itrt seller who says deceived investors about prospects.

that is your latest bloomberg business flash. tom? francine? tom: on the data, while we have improved over the last half-hour, -600 on the dow, -461. s&p futures -48 as well. the vix, up three big figures. francine: european stocks are following the most since july. airlines, travel companies leading losses. we also had a couple of concerns about the banks. we spoke with jonathan tyce about it. virus cases in general are climbing across europe. coming up, we speak with stephen king. this is bloomberg. ♪

francine: this is "bloomberg surveillance." tom and francine from london and new york.

virus restrictions could be coming to london. will bemeasures different to the first lockdown. joining us now is stephen king, hsbc senior economic advisor. thank you so much for joining us. it is quite a lot going on when you look at economies around the world. i mean, i guess a lot of your economic assumptions were based on a gradual recovery. extra restrictions or even a possible second lockdown in europe, what does that mean for forecast? means that basically most economists should hire some epidemiologists to help them, because at the end of the day, the lockdowns are very much determining the economic trajectory. if you go back to february or march and you think about what we didn't know at that stage, the we should have known, lockdown policies were equally incredibly important. healths out that

advisers suggest that we should have either a partial lockdown or a full lockdown. that changes completely the kinds of economic assumptions that people have been making. bear in mind that most economists have said the gradual return to normal, or provided we get to a point whereby we will have some kind of vaccine, we now know partly through the experiences of france, also increasingly in the u.k., but havethough infections faded away over the summer, it is coming back pretty rapidly. francine: does it also mean that we need to learn how to live with the virus, and does it change the compositions of our economy? think those things are already changing to a degree. one of the things that i think rishi sunak is beginning to recognize is that if further

schemes are blunt instruments, you can effectively key people at home and pay them as if they were at work, but by doing that, you are not necessarily creating the kinds of signals that will shift from one part of the economy to another, so we need more in the way of delivery drivers and fewer in the wave airline pilots basically. that sort of thing probably will have to change in the years ahead. of course, getting what the world looks like after the pandemic is over is tricky. i think we do now know that you can do things through zoom that did not seem to be plausible just a handful of months ago, and as zoom takes off and other related connections take off, you can imagine that things like business travel will be much lower in volume in the future than they have been in the recent past. king, gooden morning. tom keene in new york. ashton lined tom: stephen king, good morning. tom keene in new york. has clearlyingdom

done this better than the united states. is there ability, given the turning of the pandemic, to continue income support? stephen: it gets increasingly expensive because the more that you deal with this, the more you are adding to the budget deficit and building up higher levels of government debt. if i worked at treasury, i would be a little uneasy about that, the idea of continuous -- i suspect what is going to happen, as the furlough scene comes to an end, and it will by the end replace it they will with something else, perhaps something closer to allowing the market to play some kind of role. one possibility, we might have a negative employer national insurance contribution, the government subsidizing employers to bring workers back, to actually having them do work rather than being furloughed at home. a subsidy means that some people who otherwise would have lost their jobs will keep their jobs,

but there will be no guarantee that everyone will keep their jobs. but perhaps those who are in the more vulnerable areas, frankly, they need to look for opportunities elsewhere, no matter how difficult that may be near-term. tom: tell me about the brave new united kingdom. there is a lot going on here, a lot of fun -- a lot to unpack. and you model weak sterling? is that what david blum is telling you? stephen: the issue with sterling thehat the government and bank of england are trying to do things that to my mind would suggest sterling is a vulnerable area. a government that is having -- is more into borrowing than to debt, and a bank offering negative interest rates -- they have not got there yet, but nevertheless the bank of england is making noise in that direction. loose policyion of

with the softening of the that, the- as to possibility of a no deal brexit, the departure from the e.u. single market, and the possibility as a consequence of that, you have weaker export volumes that would otherwise be the case. the implication would be a wider budget deficit, lower interest rates, and that combination normally will have a stronger currency. francine: do we need to start worrying about all the extra debt, or is it a problem for 2020 one and beyond? stephen: i think there is a longer-term question as to exactly how governments manage the higher levels of debt. in the short-term, i don't think it is a problem at all because interest rates are so incredibly low, it is the right thing to offer that kind of support. on the assumption that eventually we will have some antiviral drugve or vaccine, whatever might be coming our way in the months ahead.

but when you have these big increases in government debt, there is normally some kind of reaction that some way in which that government debt is managed back down again -- in a very optimistic scenario, you have a strong rebound, strong growth over many years, and that gives you the revenue growth. stephen king, thank you so much. he stays with us. let's get to first word news with ritika gupta. ratcheting up tensions in the taiwan strait, china hoping to deter thai -- hoping to deter taipei from deeper connections with the u.s. the island ass part of its territory, even though it has been ruled separately for more than 70 years. india added another 87,000 coronavirus cases to its tally today. that pushes the country's total to nearly 5.5 million.

india has the world's largest covid-19 outbreak behind the united states. the country says three vaccines are in different stages of clinical trials. and a woman suspected of sending an envelope to the white house containing the poison ricin was arrested over the weekend. officials say she was taken into custody at the u.s.-canadian border while trying to enter the united states. her name was not released, but officials say her arrest comes nearly a year after she was deported from the u.s. for engaging in criminal activity. the letter was intercepted last week before it reached the white house. 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. much more to come, particularly on the debates in washington, d.c. david westin will be joining us in the next hour. technology,oomberg

5:00-ish hour this afternoon. the republican from tennessee. this is bloomberg. good morning. ♪

>> you need help with restaurants and things like that, so the next round of stimulus need to be focused on the areas that need the most help. so ppp, the next round -- i think so, for certain other companies because this went on longer than we expected. tom: brian moynahan in conversation with david westin on the changes we are seeing, and of course the huge shift over the weekend as stimulus drifts away. atures at -58, dow futures -555. the vix up a solid four points.

this is correlated. i want to draw your attention, that the 10-year real yield is finally breaking down. i haven't looked at the chart yet, what a negative 1.02 on the real yield is really important that a really important statistic. we will have to watch that closely with dollar strength. with us is stephen king, with hsbc, their senior economic advisor, coming to us after a two-hour romp. king with his gorgeous piano behind him as well, killing me here, with all of the time he has to spend quarantined away to work on piano. stephen king, i want to go to the brave new world. as i have been talking about digital dominance, which can be positive or negative, you have spoken of the dark side of technology. give us an update on the challenges of technology, given the challenges we see now in our

political economy. stephen: one challenge of technology is social media. social media tends to encourage hurting and it tends to encourage people to find people they already agree with, rather than people who might challenge their views. as a consequence, you end up with views being reinforced rather than challenged, and you get that kind of polarization in society, which it clearly has seen over the last few years. economically, one of the big changes coming through is a move toward more in the way of reassuring, so the rise of ai and robotics means that companies who were looking for cheap workers elsewhere in the world could install even cheaper machines at home. covid-19 through its emphasis on global surprise chains -- global supply chains and vulnerability, and vulnerability, encourage investment back home. particularly for many parts of be emerging world, that may

more difficult to attract the kind of capital they might have hoped to have attracted over previous decades. tom: the technology can change, and that may be fine, but, stephen king, it is being buffeted now by all of these issues that we have. do you just presume subpar economic growth, and do you presume that for a long time? stephen: i don't presume it, but i think the evidence is already there and has been there for quite some time. if you go back to the beginnings of the u.s. economic slowdown on a structural basis, it probably began in 2002 or 2003, long before the global financial crisis. arguably, the attempt to try to boost the u.s. economy after the tech bubble burst by leading to a housing boom actually undermined it even further, the growth potential of the u.s. economy. one thing that is worth noting here, technology alone is not a guarantee of returns. the kind of fast growth that the u.s. and europe experienced in

the 1950's through to the 1990's, that is also depended on demographics, the massive ratcheting up of world trade, of locationhanging to get more women in the workforce. it is difficult to repeat it decade after decade after decade. some of that impetus has faded, even allowing for the fact that technology continues to advance. someine: when you look at of the downfall of trade and some of the protection stand, is this pandemic and the recession going to have a lot more countries being even more inward looking? there will benk much more language of the kind you talk, of natural -- of national champions of industry, like the 1950's and 1960's, frankly. there are other issues out there that predate the covid-19 crisis, which has been put away

for quite a long period of time. u.s. relations, the fact that the u.s. is not sure what it's leadership role in the world ought to be compared with the last few decades. all of these things matter, and i think also there are differing views as to the kind of role that international institutions should be paying -- playing in the 21st century, pretty important for the years ahead. francine: stephen king, thank you so much. hsbc senior economic advisor. coming up this evening, the st. louis fed president at 6:30 p.m. in new york, 11: 30 p.m. in london, and this is bloomberg. ♪

tom: good morning, everyone. bloomberg surveillance with francine lacqua in london, tom keene in new york. it is an extraordinary monday, the be the busiest news flow i have seen on a monday in 5, 6, 7, 8 years.

s&p futures at -63, the level 3253. dell futures give me a -600 on the dow, 27,011. we are near but not at a 10% correction on the s percent -- on the s&p 500. i want to point out the real yield, 1.02%. i still have not had time to chart that to find out where that support is, if there is any. oil please weaker, 42.22. dollar stronger. that is important with attendant yen strength. sterling,ooking at 1.2840. right now, to synthesize the weekend, there is nothing -- no one better than martin schenker, our chief content officer and has the ability to in politics with economics and the markets as well. what, i want to start with

you learned from the bloomberg rate,team, which is first whether it is cass sunstein at harvard or the wonderful greg stohr. what has your attention on this monday morning? marty: well, clearly the political landscape changed over the weekend with ruth bader ginsburg's debt. the question i have is really how much is this asked -- ruth bader ginsburg's death. the question i have is really how much is this going to change who people are going to vote for on november 4. i have a suspicion it will not have a huge impact and that there are some bread-and-butter issues that you cannot ignore once you get past the supreme court. tom: what are those bread-and-butter issues? so -- the fact that 10 or 10 million or so americans don't have a job, that come to various cases may force a national lockdown, and the prospect of

resurgence in the virus here could very well change the by the election than the supreme court controversy. francine: but, marty, why are the polls so close? marty: well, if you look at the polls, it is single digits when you talk to trump supporters and biden supporters. is anything going to change your vote? people are really locked into their positions, regardless of what is happening. 45% of theas 40% to vote locked in, and joe biden has slightly higher than that. it is going to come down to the battleground states that we all know. francine: one thing that we have been trying to figure out -- can president trump actually replace ruth bader ginsburg before the election? marty: there is no question he is going to try to do that. and frankly, one of the things to reflect on is, what if this

was barack obama, and he had a vacancy leading into a second term? the discussion would be quite different, i think. .o he is going to move ahead what really is startling is you may get a confirmation vote after november 3, when many members of the senate may be casting their vote as lame ducks, and i think that that is not a happy prospect for the repetition of the court -- for the reputation of the court. tom: the reputation of the court, and part of this is part of the reputation of the political economy that we live in as well. with the markets we are seeing the impact today. i'm going to go greenspan on you. do you believe that the stock market, and clearly the present follows it, but is it a measurement of these tensions that america faces? marty: it is. as long as i have been doing this, we have always considered

the stock market a precursor rather than a backward looking indicator. so, you know, this is one morning it looks pretty grim, but if this continues -- and as we talked about before, the supreme court controversy will go into the background and people will start focusing on their 401k's and their own economic well-being. tom: and again, it comes down to the statistic you just gave, which is 10 million, which is we go back to conventional economics. when you talk to craig gordon, a washington team, our economic team, today -- do they presume to slow down are speaking of? marty: certainly that was jay powell's view. in his policy statement he was clearly signaling a concern over a possible downturn, and he was doing everything he could to make sure that they make conditions accommodative to counter that. but i think that there is a real concern that we may get another

downturn in this economy, which leading into november 3, would be bad news for donald trump. whatine: marty, i mean, does donald trump have to do in the next couple of weeks? even if the economy turns, could he spin it with tax cuts? marty: i don't think there is enough time to do anything with tax cuts or policy changes. i mean, among other things, the senate is going to -- and to a certain extent, the house -- is going to be obsessed with the supreme court nomination. and we know that stimulus was basically being put off until after the election regardless. i don't think there is the prospect of donald trump producing any kind of october surprise from a policy standpoint. but this does afford him an opportunity to solidify his face -- his base for sure. dealine: does the tiktok

filter through the election? earlier, thered is a tendency to overemphasize the supreme court issue over local issues. i mean, the saying is all politics is local, and nothing is more true among undecided voters. it is happening in their homes, in their families, -- it is what is happening in their homes, and their families, in their local districts that will determine what is going to win this election. francine: marty schenker -- tom: marty schenker, thank you so much. it is going to be an eventful week. get your flak jacket on, we need to make note of the date of 40 some days until the election. not as importantly, september 29 beckons. i haven't done the account on the same bloomberg calendar, but i think i can say 29, takeaway 21, that is eight days? eight days a week?

eight days until the presidential debate, which is quite extraordinary, maybe should be front and center. front and center for the bloomberg world -- i'm going back-and-forth with jon ferro right now, with futures -57, dow futures -534. -- dow futures -5.34. i'm watching the 10-year real yield breaking down from -1.00 to -1.02. really nice dollar strength as well. ¥104.69, coming up, ron temple, lazard. ♪ give you my world ♪

♪ how can i, when you won't take it from me ♪ ♪ you can go your own way ♪

♪ go your own way your wireless. your rules. only with xfinity mobile. tom: this morning, suddenly a different election, a different

first debate in eight days. it will be a different 43-day dash. republicans count senate votes. democrats threaten a revolution. replacing ruth bader ginsburg. marcus react in the last hours. the hope for fiscal stimulus evaporates again -- markets react in the last hours. the host for for sue -- the hope for fiscal stemless. yes, the united kingdom -- they consider renewed lockdowns. good morning, everyone. "bloomberg surveillance," and extraordinary monday morning. tom in new york, francine lacqua in london. futures -57. we must focus on washington, but i would suggest the news flow out of the united kingdom is absolutely