an d texture, so they'll blend right in for a natural, effortless look. call in the next five minutes and when you buy 500 strands, you get 500 strands free. call right now. (upbeat music) report record daily covid cases. gap,rillion dollar democrats dropped a $2.4 trillion stimulus bill. stephen mnuchin is ready to talk. market struggle for direction. republicans pushback on trump to define the election results. morning. welcome to "bloomberg surveillance."

i'm francine lacqua in london. european stocks edging higher. u.s. futures pinning hopes on the american stimulus package. the dollar is slipping. i am also looking at treasuries pretty much steady. texas crude oil steady at $40 a barrel. let's get to the first word news. >> in the u.s. house democrats have started drafting a new stim in this proposal of roughly $2.4 trillion. the plan could get passed by the house next week. while smaller than the package in may, it is larger than what senate republicans say they can accept. president trump has excepted he will go as high as $1.5 trillion. your governor andrew cuomo says he does not trust the trump administration over a vaccine.

he vows the state will independently review anything authorized by the federal government. polls show a growing mistrust over a vaccine. new york may require travelers from europe to abide by its 14 day quarantine rule. in the u.k., rebel numbers of the conservative party are threatening to seize the power of parliament to block coronavirus rules. 40 tories have put their name to an amendment all but wiping out the government majority on the issue. it comes as they are due to review the pandemic legislation six months after it was enacted. the move would need opposition backing. the federal reserve is the focus of joe biden's search for treasury secretary. the more provocative option of senator elizabeth warren has not been ruled out, but it is far less likely. choice is said to be

universally accepted by wall street. one source said warren is more interested in being fed chair. 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. this is bloomberg. francine: the official global death toll for covid-19 is nearing one million. the real tally may be higher. public experts believe it may be closer to 1.8 million and could hit 3 million by the end of the year. in europe cases are rising. joining us now is james athey, investment director, aberdeen asset management. thank you for joining us on "bloomberg surveillance." off extra stimulus stave concerns about rising infections in europe? from a market perspective, yes, potentially.

rising infections alone are not necessarily something the market has to aggressively react to. to the extent it would get further lockdown measures, and that gets back to heavy economic disruption. it is something markets are not priced for. bond markets have predominantly been pricing the negative outlook throughout. if that economic disruption is in some way ameliorated or offset by fiscal stimulus, that is something the markets have to take into consideration. these fiscal measures are just stopgaps, and they are not dealing with the underlying damage which is occurring to economies. if companies are struggling for profitability, even as we get through the worst of the virus, those workers may not remain

attached in the medium to long-term. francine: do you worry about consumption taking a hit quickly and aggressively? that really does depend on the extent we see more aggressive lockdown measures. i am surprised we are dealing with the heavy-handed, aggressive lockdown measures. some of the cases where there has been greater success dealing with the virus, and thinking about the long term have not necessarily been accompanied with some of these measures where the full cost in economic terms and social terms and in broad health terms really are not well understood or well-known. i do not think necessarily are being brought into the conversation. i am a little surprised at the measures we continue to see in a number of places. if that is the case, that

will drive the market reaction. mean the leisure industry being hit hard, or something else? james: of course there are specific industries for all intents and purposes cannot operate in this environment. does become a specific issue for those industries and companies operating in those industries. weighing up the medium-term damage that will occur from shutting out complete sectors from being able to participate is a very difficult economic calculus, and that makes it a difficult political calculus. i think now we should be at a stage where we should be thinking about the long-term and how we can to some degree live with this virus, because it appears vaccines to the extent they will be widely available -- we are talking about six months before they are widely available

-- and that is a long time to continue with such heavy economic disruption. francine: what does it mean for the markets? where do you see value now? .ames: that is a good question the frequency i am asked about value is so difficult. to repeat myself unfortunately, there is no value. it is difficult to find what you would truly call value in this kind of environment, because assets are expensive and all of the same time, and that includes government bonds. there are reasons for the extensiveness, and that is not mean things cannot get more extensive. in the last week we have seen positioning and sentiment have shifted dramatically to a very risk facing, positive outlook. i am not sure the reality calls for such a positive outlook. what we are seeing and policy

terms is some caution from the federal reserve, certainly not a willingness for the ecb to act immediately. the bank of england talking down negative rates. central banks are stepping back a little bit, trying to apply pressure to fiscal authorities. and the position the government's find themselves in, they are in a stretched circumstance with respect to their own balance sheets. there seems to be an air pocket for stimulus in the short-term. couple that with bad news on the virus and maybe we could wobble for a period. that does not change how we are positioned and have been positioned. look for theo safer effect and longer running duration. francine: thank you very much, james athey, investment director, aberdeen asset management.

house speaker nancy pelosi and treasury secretary steven mnuchin say they are ready to resume stimulus talks. this is bloomberg. ♪

francine: economics, finance, politics. this is "bloomberg surveillance ." i'm francine lacqua in london. let's get the bloomberg business flash. >> a judge has ordered the u.s. to postpone its ban on tiktok. it comes as bytedance is seeking an injunction to block the ban as it continues to pursue a deal with oracle. the ban was set to take effect before midnight on sunday. palantir plans to go public next week and dow jones reporting its expected valuation is $22

billion. in 2015 investors valued the company at $20 billion, but as recently as this month it was valued at less than half that. they have declined to comment. amazon is striving into the hotly contested market for streaming video games. it service will cost $5.99 during the introduction period. newon also introduced models of its echo speakers. that is your bloomberg business flash. u.s. house speaker nancy pelosi and treasury secretary steven mnuchin say they are ready for stimulus talks. house democrats are drafting a $2.4 trillion proposal, but donald trump has said he will only go as high as $1.5 trillion. ullman's markets are overestimating risks --

fairly likely the market will gauge the likely winner even if the associated press does not call the race. james athey, investment director, aberdeen asset management is with us. first of all, what is the market pricing in or prepared for come november? are they pricing in no clear winner, or a second term president trump? that is a good question, one we have been asking ourselves, and we are struggling conclusions.any first and foremost, it is difficult to gauge what the market reaction should be in some potential election scenarios. you might say a continuation of president trump's time could be in favor of risk assets. he would not be rolling back his own tax cuts boosted risk.

on the bidens side, he maybe would be unwinding some of the trump tax cuts, but may be more supportive on fiscal policy, and bibby that is good for risk assets as well. a biden presidency with a split congress, where a republican senate would be desperate not to give the president much in policy wins. that is the most disruptive. i don't think that is priced at all. i think the market is expecting the blue sweep, so a democratic presidency and a democratic congress. i think the market sees that probably speaking as a decent environment for continuation of what we have seen, which is loose fiscal and loose monetary policy. francine: what do you expect of stimulus from the u.s.? james: i think now virtually

nothing is expected. any agreement on renewed fiscal stimulus before the election would be a positive, a boost for risk markets. and nancyry secretary pelosi are prepared to get together, that is obviously positive. is that the most meaningful movement forward? obviously there are more fiscally conservative members of congress in the senate on the republican side that might not be prepared to agree so easily. thesection season where seats are up for reelection, they will be campaigning as fiscal conservatives, and it is difficult to go back to their electorate and give that message in front of this election if they agreed for more fiscal stimulus. i think the politics is the ,ssue so close to an election with fiscal conservatives

those credentials. maybe something can be done. 2.4 trillion sounds too big. $1 trillion would be big in front of the election. i think that would still be good for markets. francine: what about some support measures we heard from the chancellor in the u.k. yesterday? are they enough to keep the economy on a stable footing? difficult, they are considerably smaller than what was in place previously. the cost of what the government expects to pay is very much smaller than what had been the case previously. what we have seen broadly speaking with some fiscal directly to main street, to the average person, some of it is being saved. that is not economically

supportive in the short-term. it may be economically supportive in the medium-term. it is really difficult to say. i think to the extent people are not working, there is no question the government in this environment needs to step in and assist those people. thee that line is, what right amount is, i have no idea. that is difficult to do. i think what we will see from the u.k. economy is like in other economies, it will be ok without looking spectacular. we will see some sequential benefit moving from closed to open, and people more accustomed to dealing with the disruption we are seeing. therefore consumption patterns and behaviors will settle down somewhat. over the medium turn even with fiscal support in place, there

are two young inches -- there are challenges for the market and emerging markets. francine: thank you, james athey , investment director, aberdeen asset management. u.s. election coverage continues here on bloomberg tv. tune in for the first presidential debate september 29. more on that next. this is bloomberg. ♪

>> there is a lot of terrific talent. >> what we have not looked at is promotion equity. or promotion parity. that is one thing we looked at, and made a huge amount of progress. we had a higher percentage of african american employees promoted in the last six months as a result. >> how a manager or leader has diversity issues, and their ability to make a difference in this respect is an important element that we formally said is a part of promotion decisions, and formally a factor in compensation year end. >> you have to start younger, you have to build at the base to get leaders five or 10 years from now. >> they realize they cannot stay where they are, they will have to move because society is pushing them to move. >> this is a business

imperative. francine: those were a number of business leaders speaking out against the idea that there is a lack of ethnic and minority talent for top roles. ,t the bloomberg quality summit comments made by the wells fargo chief on hiring black talent. citi will spend $1 billion to close the racial gap in the next three years, as the u.s. banking giant looks to become a more antiracist institution. the announcement comes alongside report that the u.s. has lost $16 trillion due to the racial gap. good morning. what are the steps citi is taking? >> as part of this initiative at citigroup, the $1 billion they have earmarked for people of

customers,inority more than half of the funds go toward supporting homeownership. the homeownership gap in the u.s. and many parts of the world is very stark, starkly divided along racial lines. part of this will go toward developing a pipeline of affordable housing by minority developers, as well as supporting mortgages and other financing that will help people of color own homes. -- some part of the money will be earmarked for black owned suppliers, procurement opportunities, and other opportunities. exactly does the report find? where will we be in six months from now? sree: six months is probably not

going to move the needle much. over the next five years the citigroup report found that the most forms of economic discrimination, and give a $5 trillion boost to gdp over the next five years. they are viewing this as a step in the right direction. over the next five years, differences could be profound $16n what you cited with trillion in lost gdp that we know race-based inequalities have shaved off that amount from gdp with lost wages, fewer opportunities for college and higher education, less access to homeownership -- all of these things will make a profound difference. francine: thank you so much. virus waveanother

hits europe with record infections in the u.k. in france, and rising hospital admissions in madrid. we will discuss with paul hunter , professor in medicine, norwich medical school. also this idea that you need to try not to throw the economy off. we will focus on targeted lockdowns as we have record virus cases in the u.k. we will look at brexit and the reality that comes with that. we will talk to a covid scientist, next. this is bloomberg. ♪ ♪ you can go your own way

♪ go your own way your wireless. your rules. only xfinity mobile lets you choose shared data, unlimited or a mix of each. and switch anytime so you only pay for the data you need.

switch and save up to $400 a year on your wireless bill. with the carrier rated #1 in customer satisfaction. call, click, or visit your local xfinity store today. politics. this is "bloomberg surveillance ." official global death

toll from covid-19 is nearing one million. the real tally may be much higher. public health experts believe it may be closer to 1.8 million, and could hit 3 million by the end of the year. even in countries with sophisticated health systems, mortality details are difficult to correctly gauge. republicans are pushing back against donald trump's refusal to a peaceful transfer of power. which mcconnell tweeted the process will be orderly just as it has been since 1792. the senate agreed to a resolution for a peaceful and orderly transition of power. kentucky's governor is urging the state's attorney general to release information about the fatal shooting of breonna taylor . it comes after a grand jury chose not to file murder charges against any police officers. that sparked protesters in

louisville, including the shooting of two police officers. one is in hospital, the other is in stable condition. 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. this is bloomberg. francine: thank you. on the second wave of coronavirus infections hitting andpe, 16,000 in france, 6000 in the u.k., both record daily reported figures. in madrid, high case numbers have started showing up in hospitals with a share of intensive care beds occupied by virus patients jumping 40%. russia, germany and the czech republic are also recording a spike into infections. joining us is paul hunter, professor in medicine, norwich medical school. thank you for joining us. is this different from march? and do we know how to treat it when people are in hospital, and

in general people are wearing more masks and are more aware of the disease. , will it bewave more subdued? paul: it depends on how you measure that. in terms of the total number of reported cases, we are likely to see it dwarfing what we saw in march-april. hopefully we will not see as many deaths or for tallies around europe as we saw in the spring. there are a number of reasons for that. mainly, the epidemic is .preading in younger people and younger people generally do not get severely sick, and really die. -- rarely die. that is the main reason we are not seeing as many deaths, despite the greater number of reported cases. , ande better at treating

the use of medicine to reduce the death in people. it was a real step forward in our understanding of the management of the severe cases. -- ande: i keep reading i am not a virologist or a doctor -- but something called interferon. it basically helps orchestrate the body's defenses. we understand interference and why some get sick and others do not. paul: there are a lot of reasons why some get very sick and others don't. interferon is an essential part of the body's immune defense mechanisms. people at the moment are trialing the use of interferon, but as far as i am aware, there have not been any strong results published about whether or not it is effective. it may well be, but we cannot

jump the gun on treatments until we show it does work. other main reasons why people haveick, people who pre-existing diseases get more sick. if you have diabetes, you're more likely to get sick. if you have chronic lung disease. also it seems to cause more , and as we get older, and in men rather than women. francine: do we know how to treat it differently? paul: are you able now to know the value of the treatment? -- and that has made a big impact, that probably reduces death rates by up to 25%. epidemictter in any

such as this, doctors and nurses get more of a feel how to manage people better as the epidemic goes on and they build experience. there will be some of that. we are still not yet -- we still don't yet have a drug that is effective early on in the treatment that will stop people developing severe illness. francine: is the virus mutating at all? paul: it is changing, yes. seem tothose mutations have made a lot of difference. one of the mutations that happened some back seems to have become more infectious, and seems to have spread the infection more widely, and replaced many of the other strains. there is no evidence that mutation makes the virus either

more lethal or less lethal than what it was of the start. confident we you will get a vaccine that works? will it make a difference if people have it whether it is one or multi-doses? paul: i am optimistic. we are not there yet. nothing is certain until we have seen the results of the phase three trials. i'm optimistic we will have a vaccine. almost certainly the vaccine will not give you lifelong immunity. if you are in a risk group of more serious disease, you will doses,rtainly need two and probably one dose a year for some time to protect you. not stop youay getting the infection. it may just stop you developing

severe disease. we need to wait and see what the results of the trials are before we know for certain. francine: when do you think we will have a vaccine? would you be 100% comfortable taking it? already have a lot of vaccine candidates going through various stages of trials. once the vaccines have been through three trials, which are very large trials -- and they are there to show the vaccine is and once afective -- vaccine has passed through the phase three trial successfully, i will be as close to the front of the queue for the vaccine as i can. francine: there seems to be

confusion whether a symptom at a people shed enough virus to affect -- to infect a lot of people. u.k. guidance, we are not testing people who are a symptom addict. what is your take? paul: the issue of people who symptomatic ismpto not absolutely clear. we do know people will eventually become symptomatic and can be infectious a day or two before developing symptoms. test large numbers of people without the infection, has a small number of false positives and false negative results. asymptomatic people, the

prevalent though, you may start getting false positives. is very low, those false positives may be more common than the real positive. infection, have an you do shed the virus for a long time, even after you have not become infectious. it is in small quantities. the throat swab test will pick up, but it does not mean you are infectious. it is very difficult to interpret, to know what to do about positive results in asymptomatic people. the majority of results will be noninfectious. francine: thank you so much,

paul hunter, professor in medicine, norwich medical school . estimates that africa is responsible for carbon dioxide emissions, but how can countries ensure rapid economic growth? this is bloomberg. ♪

francine: this is "bloomberg surveillance." let's get to the bloomberg business flash. hotels to hospitality management company in part of a shift away from traditional brick-and-mortar properties. the deal is valued at $2.8

billion. the vast majority is assuming that. it is continuing to struggle due to the pandemic. a judge ordered the u.s. to postpone its ban on tiktok. it comes as bytedance seeks an injunction to temporarily block the ban as it continues to pursue a deal with oracle. the ban was set to take effect for midnight on sunday. amazon is diving into the hotly contested market for streaming video games. it will cost $5.99 during the introduction period. it will let gamers play without shelling out for expensive consuls. it introduced new spherical models of its echo speakers. that is your bloomberg business flash. greenne: let's focus on finance. the continent is responsible for 0.1% historical carbon dioxide

emissions. despite this the region looks disproportionately affected by can countries be green and sustainable? amailag me now is s dalhat zubairu. one of the questions we keep hearing, should developed economies and emerging, -- emerging economies be treated differently? samaila: we should be treated differently. we are the hardest hit by the impact of climate change. weekly have other challenges. we have cases of extreme poverty on the continent.

and we have resources that require development. if we do more production processing on the continent, we would also be mitigating the effects of climate change. [indiscernible] commodities are exported to the rest of the globe for processing. mine products here and ship them to china or europe, that voyage leads to carbon emissions and greenhouse gas emissions. ,hen you get to those locations they will likely be processed by coal-fired plants which produce

carbon emissions. if you do the process in africa using hydro dam, solar for processing, you create more jobs on the continent. it is important that we focus on development that creates jobs for africa's population. [indiscernible] it is important to find a way of keeping them here in africa. francine: what is the best way of financing this? is it through green projects, wind, solar, infrastructure, and where would the funding come from? is it a partnership between private and public money? samaila: it is a combination of all the things you mentioned. know infrastructure [indiscernible]

focusing on investments for infrastructure or industrialization, we have access to markets. we priced a green bond on monday. we are doing a green bond for several billion dollars. programs like this with investors across the globe is what is required to move the dial. better terms of trade with the rest of the world. countries will have to initiate that by themselves. there needs to be a consensus that africa needs to be supported with investment and not aid. francine: do you have a ballpark figure of how much money would

be needed to kickstart the big projects in green finance that would put africa on better footing? get, $27all that we billion annually for climate adaptation projects. [indiscernible] for building new projects and maintaining what we have. investment of about $15 billion. transport requires about $47 billion. $100e able to mobilize billion, leaving a gap of about $70 billion. what we need is more private sector investment and a coalition of investors to work with us.

we are building a wind farm [indiscernible] we can put that in several other areas. we process crude oil. that prevents importing from other parts. that requires fan and sing -- that requires financing. [indiscernible] we could do with capital as well. there are projects we are keen on. we are looking for partners to work with us. much,ne: thank you so samaila dalhat zubairu, president / ceo, africa finance corp. coming up, the chief executive of easyjet. that is next. this is bloomberg. ♪

>> because we are not in the desperate need to survive next week or next month, we have not seen it as a case to be needing that. the same thing goes for a number of companies in the u.k., where billions have been poured into other airlines. that distorts the market and distorts competition. that is what i'm against. on: we spoke the other day bloomberg tv, and he talked

about easyjet receiving asset handouts. on what scale do you need assistance? i'm sure you would push back against that area strongly. you have to look at the arithmetic for the amount deceived by air france, left but at what scale do you need assistance? >> that is an ill-informed decision. you should not make comments about things if you do not know the facts. of flagshipnumber carriers who received -- if you divide the support versus the revenue -- some up to 38%. we received less than 10%. access toen giving the scheme of 600 million which was available for all companies who had a credit rating investment. note are companies that do

pay corporate taxes. a couple of hundred employees versus 8000 employees in the u.k. we think it is unfair. it is the difference in the scale that is the concerning part. what we are looking for, what we would like to see is a generous support package for the industry. , we wouldt enough also need a much more refined quarantine system, and to make sure testing is introduced. that would bring confidence back to people to fly. a testing system will not replace a quarantine system, but if you had a more targeted risk approach when it comes to the quarantine, you could introduce

testing into high-risk areas. we can't rule out there needs to be specific support coming into companies such as ourselves also in the u.k. ceocine: that was easyjet johan lundgren. we have plenty more on the markets and extra stimulus we cannot get from the united states. both sides are willing to talk. we are off the highs here in europe. "bloomberg surveillance" continues in the next hour. we will have a lot more conversations on the airline industry. this is bluebird. -- this is bloomberg. ♪

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. ♪ francine: the new wave of france

and u.k. report record daily virus cases the chancellor warns of an unemployment tragedy despite extra support. in thellion dollar gap stimulus bill as mnuchin says he is ready to talk. markets struggle for directions. republicans push on trump's threat to defy the election results. goldman says markets are overestimating the result -- the risks from delayed results. welcome to "bloomberg surveillance." i am francine lacqua in london. tom keene is in new york. markets are moving but struggling for direction. they are looking at stimulus in the new york but also the number of cases in europe. tom: you mail it in the opening. it is a struggle of a friday -- you nailed it in the opening. it is a struggle of a friday. there is only one story percolating right now.