number of firings, it is the percent of firings. companies worldwide are adapting and adjusting to the pandemic and beyond. shell says there are too many liars, too many levels of employees. we have claims and updates at michael mckee -- at 8:30 with michael mckee. the president of the united states, in direct support of white supremacy. on that stimulus, there is hope. nancy pelosi david westin at 12 noon today. -- 12:00, noon today. this is "bloomberg surveillance." a special moment as we speak with ian bremmer on the group report. what i love about the report is that it talks about the unknown, unspeakable's of this pandemic. the state of our labor fragility and state of our mental health conditions, as we have all

struggled since february. francine: i'm really looking forward to speaking ian the little more about this eurasia report. the question is if you look at financial risk, it is at the bottom of the list. we talk about -- you wonder if we talk about health risks and the pandemic that we ignore black swan. next, we need to talk about brexit with en as well. tom: are we -- with ian as well. tom: are we on the watchlist for the prime minister of ireland? we are waiting for comment from ireland, right? francine: we have a new leader summit and we are expecting him to come out, yes. also expected to talk about the internal markets bill. tom: pound sterling is 128.47, a bit weak today. with first word news, here is ritika gupta. ritika: president trump signed a stopgap legislation that will avert a government shutdown. it will keep the government operating at current spending

levels through december 11. the countries of spending authority expired at midnight. neither democrats nor republicans won today shutdown weeks before the election. mnuchinlosi and stephen say they made progress on a compromised stimulus bill. they plan to continue negotiations. he sees ans agreement costing as much as $2.2 trillion. the eu started legal action against the u.k. over brexit. bloomberg learned that you will send a letter accusing the u.k. of breaching the terms of agreement and breaking international law. it's the first step in a process that could end up at the european court of justice. stock exchange halted trading for the entire day because of a hardware breakdown. it's the worst ever outage for the exchange. they hope to resume trading as normal on friday. global news, 24 hours a day, on air and on "bloomberg quicktake," powered by more than 2700 journalists and analysts in over 120 countries.

i am ritika gupta and this is bloomberg. tom: thanks so much. we are looking for signs in the fourth quarter recovery. the data matters, but what matters is pensacola giving us an organic revenue growth statistic. this is one of those signs out of and into a new quarter that really matters. the pepsi-cola third-quarter organic revenue is up 4.2%. and that is really not all that bad a statistic. maybe that is some optimism of an earnings recovery. gina martin adams is scheduled to be here in a bed. upures up 34, dow futures 265. pound sterling is crushed -- pound sterling, is crushed the right word? francine: i wouldn't say crushed but certainly sensitive to any news and we could see it go lower depending on what happens in these negotiations. i'm looking at brexit concerns, weakening pounds, the dollar

steady, and u.s. futures climbing on these potential signs of progress from washington towards a fresh stimulus package. a lot of industries in europe don't think that will be the case. tom: thank you so much. futures up 33. there are reports that come out, this is the time of year, autumn, all back from the summer, and there is courage within reports. it is simple, the public feel most vulnerable to health and computer related risks. without question, we have identified this. public authorities in asia-pacific are the best prepared. here's the heart of the matter is this i'm -- as simon kennedy spoke about. the fact white-collar workers could work from home in their summer place, but blue color could not, and this undermines social cohesion. this is an exceptionally brave different report from axa, the friends -- french insurance

giant, and we are thrilled for dr. bremmer to join us. you guys had the courage to get away from the mass, which is fine. people have done that great. you talk about the social harm and mental health exhaustion of this pandemic. what did you learn? ian: the extraordinary acceleration of inequality, how much is being born on the backs of those that cannot -- bore on the backs of those that cannot participate in the economy. we know technology has been disrupting people and their jobs, but this pandemic made it clear that, for large percentages of advanced economies population, we are not talking about a fourth industrial revolution, we are talking about a post-revolution. as you see the layoffs that go from furlough to permanent, from disney, from the companies

yesterday, from all of the airlines coming real soon, these are some of the people in the most challenging positions in the u.s. in the european economies and elsewhere. these are jobs that are not coming back, people that don't have the training or skill set to retool themselves in the jobs opening up in other places, and they will get angry. risk, itlargely a 2020 is largely a future risk, because you place these people wherecarious societies governments are not going to continue for the kind of relief that they all have been able to do in the six months of this pandemic. we have not seen anything yet. ian: dr. bremmer, were all in an .proar for the debate the fact is jennifer rubin was outstanding at the washington post on the fragility's of the president under those bright lights. anald trump represents

american spirit, the idea of an individualistic, go for yourself tone. is that dead out of this pandemic? that,e says he represents but of course he doesn't. the idea that governments should as anll and independent arbiter, and people need to make their own way, but if you look at cabinet under trump, it is massively staffed with high-level figures from the private sector who are very interested in ensuring big corporations get preferential treatment. --t is not a lockean of i like an key environment -- lockean environment. they can make sure their companies get behind the gate, people were so

angry that system was so pervasive in the united states. compared to the other economies, you can better predict persons wealth in the u.s. i the wealth of the parents. in any other oecd country, that was not the way it was in the 1970's. there was much more mobility. in four years of president trump, that has become greater. not less. i take the point that, ideologically, you have this lockean message from trump, creating the brand of giving the people the risk they want. bread andis all about circus, they are running out of red and relying more on circus. francine: when would you be comfortable calling the election? do you look at underlying questions people will see, or do you trust oppose? ian: i trust the polls, i trust that the polls in 20 -- trusted

the polls in 2016. i feel comfortable calling at biden is well ahead and will remain well ahead. if it was as of today, it would be 65/35 biden, but that is only calling the election on the basis of who is voting and are all the votes counted? certain the almost election will be contested by the loser, whoever the loser is. the pandemic ensures that, the challenge of counting in pandemic ensure that -- ensures that, and the fact that president trump is doing everything possible to politicize who votes in person and who votes in mail. it almost guarantees the selection has any asterisk on it. francine: ian bremmer there. with the prime

minister in brussels. [speaking foreign language] tom: my dutch is failing me there right now, francine. i'm trying. audience explains our why he is so important. francine: he was part of the frugal force, the countries that did not want the recovery plan up first, because they thought some countries that would have access to the funds would squander them. there's also a fight between the netherlands and other european countries on taxation and how you would go into it. a couple key points are brexit, because there is an eu leader

summit and also the day -- and it is also the day with the commission sent a letter to the u.k. saying we are legally challenging your bill, which reneges on the bill agreement. there's a lot more acrimony when it comes to brexit and negotiations. i think the next question is for maria tadeo, speaking to mark. in english. let's listen in. >> [inaudible] do you think that makes a potential deal more difficult? >> i think were making a little bit too much out of it. i believe it's an administrative next step, given the fact that this particular law passed so many stages in the u.k. parliament. i believe it is moving to the house of lords, so my understanding is that this is an administrative and legal step the commission is taking, also within its power, at this stage of the bill being pushed forward

in the u.k. parliament. i don't think it will influence to a large extent the negotiations. >> [inaudible] it made the community very nervous this morning. >> sure. i completely understand why the commission is doing this. it is their power to do. it makes sense that this administrative staff -- on this administrative step taken. i wouldn't read too much into it. it's a signal in its own right. i believe it had to be done and will not influence too much the negotiations with the u.k.. >> when do you think there's an actual real deadline where they need to have it done by this time? >> it would help if it is done by the end of the year. i'm not going to commit myself

to a date. the sooner the better, and i believe we all agree somewhere in october it will be nice to have at least the general outline and details of a deal ready. because we have to prepare for eventualities. i think the european union is willing to close the deal. we are committed, united, completely standing behind the commission, and michel barnier as our chief negotiator, but it is up to them to show that they are also willing to close a deal. i believe it is in their own interest to do that. >> for this final question. [inaudible] there is real concerns the payments tagged to that recovery fund could be delayed. message to the european union when comes to

those payments? >> the july bill was a package. it was not easy to secure a political majority in parliament for the deal. edification has to be done later, but the political commitments in the dutch parliament on the complete package agreed in july, part of the package is the rule of law. -- rule of law conditionality, which is being hammered out. it is not unusual, at that stage, that you have some debates about the nitty-gritty details about what is being put on paper. proposal togerman come to an agreement within the council and parliament. we think that proposal is not yet at a level we wanted to be. we generally support your money in trying to reach a deal.

we don't think that is disproportional, it's good enough, should be better, and we hope parliament will be tough on this. committed tobe make sure that we stay close in july. >> [inaudible] this recovery fund might not be operational by january. >> in theory, everything can happen, but nobody wants that. i think everyone wants to make sure that we agreed -- what we agreed elliptically in july is put on paper and then richer five by the respective parliaments -- rectified by the respective parliaments. thank you. francine: that was the prime minister of the netherlands speaking to maria tadeo in brussels. we also heard from the prime minister of ireland early on. ian bremmer, president of eurasia group. how ugly can brexit become? ian: first of all, i am shocked.

wass 65, i thought that genetics. -- 6'5", i thought that was genetics. there's a pretty held question about whether they end up crashing out at the end of the year. as said, the legal response to , the legalh move action, is pretty pro forma. it doesn't stop the negotiations, doesn't stop brussels from wanting to get a deal done, and they have not overreacted at any point here. boris johnson is facing a much more difficult fight internally within his own conservative party. he is starting to face a real challenge in terms of labor becoming more positive. they have gotten rid of deplorable leadership. he has also had a much harder ,ime responding to coronavirus the worst response we have seen across the entirety of europe.

all of which means there is a question mark around whether we will get a deal. it will be much more on what happens in london in the u.k. than what happens with us in 2016. francine: i want to go back to something you are telling us, are expecting a contested u.s. election no matter what. how ugly could that be? could that make a lot of foreign powers look at the u.s. differently? ian: i think it depends on how close the election is. it's possible biden will be declared the winner on the day if he is able to win florida because they count all the absentee balance as they come in , but trump will still tested. -- ballots as they come in, but trump will still contest it. it's possible that the contesting will be within the margin of error that we have to come until votes come in.

that's we will see over the course of weeks or more. if that happens, we are in a lot of trouble. you could easily see a constitutional crisis. i think the rest of the world looks at america -- by the way, they look at america differently not just because of the selection, not just because of the shambolic debate that no one should have watched because it was bad for our mental health from a couple evenings ago, but rather because of the steady deterioration of institutional legitimacy in so many areas of the american political franchise. the military still works well, the judiciary supports rule of law, though somewhat more politicized, but if you look at the way elections are running, if you look at the inability of congress to govern together, look at the removal of the civil thosee, politicization of

in high-level corruption, and the way the executive is running itself, all of that implies the united states is less of a representative democracy. we are not about to become an authoritarian state, but we are increasingly a hybrid system, and that is not a system the rest of the world is going to look to and say, we want a political system that looks like that. are you kidding me? francine: in the tom -- tom: in the time we have left, in the future risks report, what this is about is this wistful feeling of getting back to what we knew. of 2020,ybe january 2006, whatever. the president's nostalgia for the 1950's. what is your gauge of how we all get back to what we knew once there is a vaccine? ian: one of the definitions of a depression, as opposed to a recession, is not that it is larger in scale but also the

impacts are permanent. it changes the way we go about our life. i have no doubt we will be able to stop social distancing over the course of the next one to two years. i have no doubt that we will create a new equilibrium that feels like normal society, but it will be different. a lot of companies that are gonna will be gone forever. a lot of jobs that are gone will be gone forever. that's the way society works, the nation -- natured of the social contract will change -- nature of the social contract will change because of the coronavirus. i wouldn't try to think about when life returns to normal but rather think about when we are able to finally have certainty about what the new normal will look like. people don't like the fact that they don't know what their next three or six months are going to look like. are they going to be able to get their kids in school? what will that feel like?

how many restaurants can they go to? what are their sports franchises going to look like? people hate that uncertainty. i think, by the time we get to next spring, and the weather is , and theetter vaccines are starting to get distributed, people will have clarity. tom: ian bremmer, thank you so much. axa, with giant eurasia group, their most important reports in this pandemic on the social get this in's -- social conditions and mental health we are all struggling through. coming up on balance of power, the speaker of the house, no doubt the first question on stimulus. futures advance up 29. pound sterling, 128.42. this is bloomberg. ♪

"bloomberg surveillance," good morning, everyone. wait for thes we 8:30 jobs report. the conversation of the day, the speaker of the house of representatives with david westin in the 12:00 hour. the dollar weaker, 93.77. american oil under $40 per barrel still. francine: that is actually a move we need to look at.

for a reminder for everyone else, the tokyo stock's change halted trading for the entire day, so we will see what happens tomorrow. the pound a sliding after a report that the u.k. and eu remain far apart in brexit negotiations, and we have the legal challenge the president was talking about. i put the italian 10 year yield just for good measure. coming up in "bloomberg markets," a conversation with my moynahan, bank of america chief executive officer. he will have a conversation with our david westin. this is bloomberg. ♪ so you're a small business,

or a big one. you were thriving, but then... oh. ah. okay. plan, pivot. how do you bounce back? you don't, you bounce forward, with serious and reliable internet. powered by the largest gig speed network in america. but is it secure? 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. ♪ is "bloomberg surveillance." i am ritika gupta with the bloomberg first word news.

the presidential debate format will change in the wake of tuesday's chaotic shutdown. the commission will say what changes -- won't say what changes will be made but wants to ensure a more orderly discussion of issues. joe biden says candidates should be able to speak interrupted. the trump campaign says the changes are moving the goal posts. american and united airlines will start laying off thousands of workers the next few days as scheduled. both promised to reverse the furloughs if the government agrees to provide additional payroll aid in the next few days. american plans to lay off 19,000 workers. united will cut about 13,000. in the u.k., a major study shows that restrictions on social contact may be helping slow the spread of the converse. researchers -- coronavirus. researchers tested more than 80,000 volunteers last month. results show the virus spreading, but not as quickly as it had been in august.

global news 24 hours a day, on-air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. i am ritika gupta. this is bloomberg. francine, tom? tom: thanks so much. this happens and it is about computers and technology. there is a romance about the paper on the floor, even the spittoon's of long ago. --emember them long ago remember them with my grandfather dragging me into various financial houses. in the modern day, the computers break and then they break with a vengeance. they did in japan through thursday as well. the tokyo stock exchange confirmed they will resume trading friday, maybe with a less confidence or certitude than on wednesday. we will see on that. right now with confidence and certitude, gina martin adams has been absolutely phenomenal about staying invested. she's in bloomberg intelligence and is our chief equity strategist. it's over. down 10%, the world is coming to

an end, and spx with a nice rebound, now down 6% off of highs. was the bull market broken? gina: i think if you look at the longer term trend, it's hard to say that the bull market was broken. even the downdraft in early 2020 only took us back to our lines.rm trend it's really difficult to say that the trend was broken by a 10% correction, especially considering how concentrated the correction was. it was almost entirely tech stocks. you did get a bit of a selloff in the rest of the index but the vast majority of the correction was simply from overbought conditions, specifically in tech and tech like names in the s&p toowhich got a little overinflated. last week, they were finally reaching stabilization signals. ever since then, the market appears to have bounced back in the bit, may be answering a new

sideways range on till we get to the election. seesin this case, pepsi fiscal year quarter earnings 5.50 versus 5.36. leafis 18 leaf -- a tea that. goes on how do you extricate yourself from our social pandemic and from going up? gina: i think you hug the data and hug it really tightly. stocks are moved not just by fundamental economic conditions, but also by monetary and fiscal policy conditions. that's what drove the first six months rally of equity market. we saw the fed swoop in, the fiscal policy makers swoop in to a greater extent than any of us alive today can remember.

that created a massive or inflation in equities that was certainly worth playing. now the question is, how right sized our expectations for growth? because we have repriced based on those policy dynamics. unless we get another fiscal policy package, more than likely, the equity market is going to trade on fundamental improvement from here on in. that's part of the reason why we did see the stall in late august and early september and why we have struggled to move up in a strong trajectory. we are going to grapple with the reality of the economy here. however, we had reset ow with thes so l coronavirus shutdown that we are still experiencing this upward revision momentum. that's what we saw in the second quarter earnings season. in the third quarter once again come expectations are very low. the anticipation is that we are

going to see a double-digit drop in earnings growth again, high single digit drop in revenue growth. frankly, the top 500 companies in the united states are doing a little better than that. there is a bit of economic improvement that they can leverage. they have managed to cut cost to the extent that they can see the improvement in earnings growth to in even greater degree than most analysts were anticipating. i think we will experience a pretty significant earnings season starting in mid-october that should allow for some optimism to be embedded in equity prices. francine: where do you find the most value amongst technology stocks? is there a part of the market that has been un loved? gina: within the technology space, the part of the market that is least loved is the part of the market that is most levered to economic conditions. it is the cyclical components of technology, like the hardware and equipment names.

intriguingly, this is the that is most levered to growth prospects in china. certainly has greater risk than the greater security of software and services, but the motives are also extremely low. tom: you are the adult in the room. you have to be measured and research-based work. moments ago, benjamin legler at tower hudson doesn't mince words. he looks ahead to a melt up q4. what's the positioning right now? is the gloom out there tangible? gina: i think it is very tangible. the volatility is probably the how nervousdence of investors are with respect to the election. if you look at the volatility contracts, it is extremely expensive to hedge for volatility. investors are anticipating

volatility to continue to accelerate through november and remain unusually high, even into early december. so there is some anticipation of a lot of volatility in the equity market ensuing with the election and continuing through the weeks after the election, as we presumably may not have an easy transition of power or a very clear result. whatever the case may be, investors are very concerned. i think you see this to a degree in the equity market as well. we have focused a lot on technology stocks getting re-inflated and sort of driving the rally. our contention is the reason technology stocks, in particular, the safety version of technology stocks like software and services companies, have done so well is because they are a say play. it is a reflection of investor anxiety over economic conditions safety.arch for overall as that trade continues to unwind, what you want to watch for to suggest that maybe

optimism is returning is some improvement in the heavy cyclical sectors, more thee-oriented spaces and s&p 500 should rally. with ana martin adams update. pepsi-cola up i believe it was 2% off of their optimism on organic revenue growth. dow futures up. fixed income comes in under 26, 20 5.90 on the vix. we have tried to be debate free today. we have failed. the gentleman from virginia on his party and the other party. this is bloomberg. good morning. ♪

♪ >> this is "bloomberg surveillance." i am ritika gupta. coming up later today, new jersey governor * * *first word bill news* * * murphy. this is bloomberg. news* * * governor bill murphy. this is bloomberg.

♪ >> i thought the debate last night was great. we got tremendous reviews on it. we are heading what people want, law & order, which biden was unable to talk about because it loses his radical left followers. i don't think there is many of them left. i thought it was a great evening, exciting evening. i see the ratings were very high. joe: the president of the united states conducted himself the weighted, i think it was just a national embarrassment. tom: good morning, everyone. francine lacqua and i have enjoyed being debate free for the most part through the morning hours. we now go down in flames with of the moste interesting congresspeople in washington. he represents eight districts from virginia -- the eighth district from virginia.

-- john dyer joins us. byer joins us. should there be a second debate? >> only if the moderator can turn off the microphones. that was like a food fight. my 25-year-old and my wife and i kept going back and forth to the bar. tom: i put out a question on twitter. watching it on his laptop with three fingers of scotch next to the laptop as well. the jokes are there, but this is not funny. jennifer rubin with a delicate essay on the instabilities of our president of the united states. how does your candidate adapt his message after what we observed from the president? beyer: the president seemed

like a raving lunatic. joe biden came across as very confident and capable, despite age. i think he needs to stick with his message that this is a fight for the soul of america and continue to present a positive vision of what he can do to lead us forward. and mostly, to come back to just some kind of sanity that we can appreciate. francine: congressman, good morning from london. some people in the u.s. have already voted. so many people have already made up their mind. how are these debates actually useful? beyer: i'm not sure. for those five or 7% that are undecided, and in the election could well hinge on them, i think it is important for them. it is hard to imagine, you know, they always say people like us

made up our minds a long-term ago. we have to continue to campaign right through. francine: what is the demographic that you think joe biden should focus on right now? interestingly, my greatest worry are latinos. trump apparently did very well in that group. biden, 28%d it 60% trump, but univision had it opposite. they should be democrats based on everything that trump has done, but maybe they are not. i think generally -- i think he needs to double down on the. tom: just out of williams economics down in watergate. i talked about it the other day.

at that time, the republican party was dead. people are talking of the debt of your opposing party -- death of your opposing party. how do you perceive the in the eighth district of virginia? beyer: i agree that it is not good. we need a healthy two-party system. i have written an essay about what supposedly the republican party meant. all of that is gone. it is down to just racism right now. i am hoping that there will be the mitt romneys. many of the is so

moderate republicans that i admired in congress have left in the last four years because of donald trump. the ones that are there are the ones that will come back to rebuild the party around. francine: who will female voters vote for november 3? beyer: i think overwhelmingly, they will vote for joe for a variety of reasons. as my wife pointed out really nicely the other night women have so much trouble being listened to in the first place. they feel that men just brush off their opinions or ideas. you had trump the other night unwilling to listen to anybody, including the moderator. biden is a good listener. i think most women will appreciate that. francine: thank you so much for joining us. he's obviously a very good husband and father. francine: thank you for joining us. today also marks the launch of bloomberg wealth, our new

vertical focused on personal finance. the revamped site will feature six pillars, investing, living, reinvention, savings and retirement, taxes, and opinion. check it out at bloomberg.com #wealth. this is bloomberg. ♪

♪ this is "bloomberg surveillance." i am ritika gupta with your bloomberg business flash. goldman sachs is resuming job cuts it had halted because of the coronavirus. the firm is starting up on a plan to eliminate about 1% of its workforce. that is roughly 400 positions. the move comes even though aldman's rating and businesses are booming. the u.s. government has extended a ban on cruising by a month to october 31. the cdc says more action is needed before cruises can continue. an industry panel has submitted recommendations it hopes will clear the way. amongst them, coronavirus test for all guests and crewmembers. billionaire investor david tepper has returned to new jersey. it may cost him $120 million in state income tax. he moved back to new jersey in

february because of family reasons. it is one of the highest taxing states in the country. 's move comes as other people say they are moving to florida and texas, which have no state income taxes. that is the latest bloomberg business flash. francine? francine: as we continue to track the virus, bloomberg has developed a partnership with the leading authority on covid-19. john hopkins has been at the forefront of the international response of everyday insights from experts in public health, infectious disease and. emergency preparedness joining us today is jason farley, johns hopkins nursing professor. good morning to you. we seem to be quite close to a vaccine. you are also taking part in a trial. any concerns? jason: good morning. i have decided to personally participate in the vaccine study because i think we all talk and we all really want to get back to normal as quickly as possible. in order to do that, we have to stand up and participate, all of

us, as many as we can, as quickly as we can in the various vaccine trials. my vaccine trial is currently on pause. i am planning to enroll and signed up for the astrazeneca vaccine. it was the one most convenient byme, being altered colleagues at johns hopkins. it was more about the convenience of access. i, like everyone else, want to get back to normal. i raise my hand and participate. as a researcher, it is my ethical obligation to also participate if i am enrolling patients and trials. ay arene: how far aw we from a viable vaccine that is also distributed to enough people in the world? jason: goodness, that's the $10 billion question. ow,hink that we are, you kn many people enrolled in the trials around the world are still waiting on a second dose. aree enrolled -- they

enrolled and most of the vaccines have at least two doses. we need time to follow them after that second dose. you get your biggest dose of immune response after dose two. and then, you need potential time for exposure. depending on where the vaccine is around the world, we will need additional time. in the united states, we are talking about not having really strong evidence on till at least 90 days, preferably six months to a year afterwards. those vaccines are likely not even an early their second doses -- enrolling their second doses november.ber you are talking about the beginning of 2021 before we have at least 90 days of data for most people. francine: how critical is it that we understand as soon as possible some of the effects of covid-19 on the underserved and vulnerable populations? well, i think we clearly

have shown that across the country that all vulnerable groups, whether it's from overcrowding or poverty, have increased risk of the infection itself. that's the first thing, the epidemiology. and then the critical consequence of the infection. , anyrable populations population experiencing lots of poverty, poor access to care, have more underlying comorbidities, which are the greatest cause of mobility and -- morbidity. when you see comorbidity and populations, you see greater amounts of disease. francine: what is the one thing you would want to know about covid-19 right now? is it why some people have it worse than others? is itthe long haulers, something else that we are forgetting? jason: it is still unlocking the mysteries of the storm.

in many patients, trying to understand why some very healthy people ultimately require hospitalization, icu admission, and then ultimately, ventilation and death. we know some of the mechanics but we don't know why some people versus other people. -- of inflection, inflamed hearts, cardiomyopathy. this is still a mystery. finally, we don't know if the vaccine will respond in the same way in all populations. critical. it's really for example, most of the vaccine trials right now are only enrolling those 18 years and older. we have to get more data on pediatric and adolescent vaccine cases. francine: thank you so much. jason farley there johns hopkins. you can tune in every day for exclusive conversation with

johns hopkins experts for an inside look at battling covid-19. there is quite a lot going on in the markets. . i am looking at pound weakness. tom and i were speaking about it quite extensively. this is on the back of a couple of headlines from the european union, from the commission president. u.s. futures are gaining. european stocks on the up. there are signs of a bit of progress in washington towards a fresh fiscal stimulus package. european stocks also climbing because we had better-than-expected retail figures. we spoke to the chief financial officer, it is up after pretax profit beat even the highest broker estimate. coming up next, more "bloomberg surveillance." this is bloomberg. ♪

♪ >> this is a new economic cycle, a new bull market. >> investors are starting to show more bearish sentiment. >> rates may never rise. that is entirely possible. >> do you have money or not? if you have money, you can grow the economy and the households. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. from new york and london, for our audience worldwide, good morning, good morning. this is "bloomberg surveillance, " live on bloomberg tv and radio. alongside tom keene and lisa abramowicz, i'm jonathan ferro. q3, hello q4.dbye tom: torrential rain we saw the last couple of days, and sunny spells right now across new york and across this equity market.