>> out of hospital, but not out of the woods. donald trump is discharged but doctors strike a cautious tone about his health. his return to the white house comes as the cdc says coronavirus can spread indoors in the air beyond 60. 34 more states -- six feet. deutsche bank's chief executive tells bloomberg it could &a as soon as next year. welcome to "bloomberg surveillance."

quite a lot going on in the markets. quite a lot going on in the u.s. presidential race, certainly in u.s. politics with president trump tweeting i think 25 times yesterday, not mentioning his wife or a lot of the white house staffers that have been infected with covid-19 and saying that we should not be worried about it. certainly, it will play out in the election. european stocks are struggling a bit for direction following yesterday's broad market advance. we are looking at dollar per much study. other asset classes really little movement. let's get straight to the bloomberg first word news. here's leigh-ann gerrans. >> the coronavirus can spread through the air to people who are more than six feet away from an infectious person. that is the latest guidance from the cdc. the agency says this message of transmission is uncommon -- method of transmission is uncommon and happens in places with poor ventilation.

it raises new challenges for reopening businesses and schools. coronavirus is spreading again across most of the u.s. experts are warning that school weather may and cold cause the situation to deteriorate. 34 states are now seeing more cases than they did a month ago. new york city is closing schools in virus hotspots. the fate of businesses in those areas remains unclear. spain may extend its emergency wage support beyond january. madrid is ready to reevaluate the situation, but a lot more depends on a vaccine. an extension of the program could protect hundreds of thousands of at risk jobs. spain already has one of the region's highest unemployment rates. frank alderson is on course to join the ecb's executive board euro area finance ministers. he is now the sole candidate to replace eva marsh, whose extent

on the team ends in december. the executive board will not achieve gender balance, which may prove contentious in the european parliament. 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 leigh-ann gerrans. this is bloomberg. francine? francine: president donald trump returned to the white house after three days of hospital treatment for covid-19. in a video released shortly after, he urged americans not to be afraid of the virus. pres. trump: don't let it dominate, don't let it take over your lives. don't let that happen. we are the greatest country in the world. we are going back, we are going back to work. we are going to be out front. francine: joe biden spoke out and urged the president to encourage mask use. mr. biden: i would ask him to do this, listen to the scientists, support masks, support a mask

mandate nationwide. require masks in every federal building and facility and in interstate travel. urge every governor and mayor to do the same. we know it saves lives. his administration just rejected a mask mandate for public transportation on friday. francine: let's get more now with kathleen hunter from our politics team. the president seems to be trying to turn his own bout with covid into a political advantage. empathy --ry little was very little empathy for the over 200,000 deaths in the u.s. >> that is the risk. i think when you have someone who has the advantage, as the president does, of having a world-class team of medical experts dedicated to him 24/7, that is not the reality for most americans or most people on the plan. that is the risk, that he comes

off as being cavalier towards a disease that has killed more than 200,000 americans, and one that democrats have said he is not taking seriously enough since the very beginning. we are already seeing democrats making the argument. francine: what are ongoing risks to the president's health and the health of those around him? >> that's a big issue and a big question mark. we know that somewhere upwards of 10 people in trump's inner orbit, white house staff and people who work there have become ill with covid-19 in recent days. we don't know how any more people are going to get sick. we don't know the extent to which the president's self-isolation is going to keep him out of contact with white house staff. the whole staff of people, beyond just political aides, weight on the president at the white house and do things for him and help assist him in the first lady. those people would potentially

be exposed. there are secret service agents who potentially could be exposed. we don't know how deep this is going to go. we know that the president himself, whether or not he is really out of the woods. his own doctor said perhaps he isn't yet. recovery could be 7-10 days, several weeks. we don't know exactly what his health situation is going to be a week from now either. francine: i was going to talk to you about tomorrow night's vice presidential debate, but then the president also said that he is ready to get back on the stage. how soon could that be? >> well, i think that it is very clear from trump's actions, we know that he really thrives off of these rallies, and the crowd seeing him, which helped propel him to victory in 2016. he is agitating to get back out there. the big question is going to be

the extent to which he drives that happening versus his medical staff driving the happening, and how long in the end he is forced to wait before getting back out there. that is very much an open question at this stage. there is some questions surrounding tomorrow night's vice presidential debate, which is already sick going to take on a higher level of importance given the situation surrounding the president at this stage. i think that people are going to be paying closer attention to that debate. i also think there is going to be increased safety protocols heading into the. francine: thank you so much for the update. kathleen hunter there from our politics team. joining us this morning is etham, head of multi-asset management at royal london asset management. when you look at how the president has behaved so far, does it have a market impact because it has an impact on the election or is it just too soon to say?

trevor: the market impact is really the impact on the election. it is cliché to say that the market wants trump to win because he will cut taxes. the government finances are such a mess with covid all over the world. big tax cuts are just not really credible. biden is seen as more pro-regulation. what the market wants to avoid is a close election. they don't really care who wins. they don't want a close election that drags on with lots of rancor and uncertainty. the market started to firm up a little after the presidential debate. the polling is now showing joe biden opening up a pretty largely. how the president -- large lead. how the president's illness is playing into this is really hard to judge. if he was to become seriously ill, that is also an uncertainty that the markets really don't want. it also could be that there is a

like whatpathy vote, happened in the u.k. when boris johnson was ill. it is another layer of uncertainty on top of the uncertainty that was already there. francine: what do you think is priced into the market right now? you talk about the market not wanting a close call. are they worried about a contentious election or political gridlock? trevor: i think it is more the too close to call and they uncertainty of knowing who is in charge and the sort of impact that would have on society at large in america if you had this long, lasting dispute going on in such a polarized society at the moment. if you go back to the 2000 election, when it was not until december that the final victory was announced, it could be election month rather than election week. that is what the markets are most concerned about. if you are trying to hedge

against volatility in november, you will find it is more expensive than december and october. francine: even if there is two, three days of squabbling, who won, or concerns about giving power to someone else, this gets resolved, right? the u.s. has institutions to deal with this kind of thing, don't they? trevor: they do, but you have a president here who is not a typical president. he has spent a lot of time saying to his base that the postal votes are fraudulent. the very strong likelihood is he will do better on the night as the postal votes come in. setting up for this situation where he may even go to a legal challenge, he may try to involve the supreme court. the supreme court has a republican majority. it can be quite messy and uncertain. in the end, it should get

resolved, but markets don't like uncertainty while it's actually happening. if it starts to create people out on the streets in american cities, for example, which could happen, over weeks and weeks of uncertainty, then that could also impact the economy. francine: thank you so much. trevor greetham therefrom royal london asset management stays with us. don't miss our coverage of tomorrow's vice presidential la harris andn kama;l mike pence. we get the first polls after he was released from the hospital yesterday. this is bloomberg. ♪

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politics. this is "bloomberg surveillance." i'm francine lacqua here in london. let's get straight to the bloomberg business flash. >> deutsche bank is not ruling out a take over as early as next year. that is as the lender's share price recovers. speaking exclusively to bloomberg, the ceo set out the moment, m&a is not his top priority, the turnaround is. >> the focus of deutsche bank is find --to transformation. i am clearly focused on this on. the success over the past 15 months i think proved our point that this transformation was and is the right one for the bank. therefore, this has top priority and my full management attention. is taking an early 30% stake in suisse. it is buying the holding for 3.4 billion euros.

-- remains fiercely opposed to what it is calling a hostile approach. if the acquisition goes ahead, it would create a global giant in waste and environmental services. that is your bloomberg business flash. francine: let's focus on europe and spain. they extended emergency wage support beyond january. the nation's social security minister says madrid is ready to reevaluate the situation but a lot will depend on a vaccine. an extension of the program could protect hundreds of thousands of at risk jobs. spain already has one of the region's highest unemployment rates. still with us is trevor greetham from royal london asset management. it does seem that overall, we are -- we sought recovery that is much quicker than may be a lot of economists expected. but now, we are being hit by a second wave. how does that play into your portfolio management? trevor: we described the alphabet soup of what the

recovery will be. we've chosen the square root symbol. there was a rapid, almost vertical recovery, then it flattens out. world, there has been a sort of glass ceiling we have hit because social distancing is still enforced. the markets don't like that sort of inflection point from rapid recovery to sort of slower recovery. that, coupled with the presidential election and brexit uncertainty sticking around, i think that is why we are seeing softness in markets. we don't know how the economic cycle will pan out from your. it's a bit of a -- here. it's a bit of a wait and see moment. in the long run, we will get through this virus. in the short run, lots of uncertainty. francine: what would you buy first? do you put germany, france, and

italy in the same case as the u.k.? or do you keep the u.k. separate because of brexit negotiations? trevor: i think the covid issues are quite common across europe. in the u.s., there is no obvious reek celebration. you could argue the u.s. -- re-acceleration. you could argue the u.s. is still in its first wave. the numbers have remained quite high. you definitely have the glass ceiling effect in the northern hemisphere pretty much. asia is doing really well at of this, china's doing really well. i think you have this common covid issue. the brexit uncertainty is probably causing a bit of a pullover the u.k. and europe. i think where we will see that expressed the most is the pound. the pound fairly steady.

if we leave with no deal, how rancorous it becomes. francine: actually, we will get back to brexit and a second. there is quite a lot going on. you say you buy on the dip. what kind of things do you buy? if you look at europe, it's very difficult to see if a government truly has a handle on covid, because they have a handle one weekend than a month and a half afterwards, if some of the social distancing is relaxed, it could come back with a vengeance. trevor: our favorite sector at the moment is still the technology sector. if you are choosing stockmarket, we would probably buy the u.s. on the dip. that sector is so big in the u.s. market that it is really outperforming on earnings grounds. the u.s. is somewhere we would buy on a dip. we would probably also buy emerging markets. that is partly, as you mentioned, because the chinese

economy is doing really well at the moment. if the dollar is weakened in a recovery, if it strengthens and then weakens into a recovery, that dollar weakness also helps commodity prices in emerging markets. it is really the u.s. and emerging markets we are looking to buy on dips, rather than the u.k. and europe. francine: thank you so much. trevor greetham there from royal london asset management stays with us. coming up, consolidation consideration. deutsche bank could consider m&a as early as next year. more from our exclusive conversation with the group's chief executive. that's next and this is bloomberg. ♪

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♪ the transfer of our material balance sheet from london to frankfurt. we are waiting what the final outcome is. that is what you can expect from us and you must expect from us, in particular our clients. we are fully prepared for either outcome. i believe that london is so critical and important as a capital market location that london will always play a critical role, also for deutsche bank. whatever the outcome is, which we areis hard to judge, good. francine: that was christian sewing talking about brexit. still with us is trevor greetham

. as many people say, a lot of the volatility will happen to pound. know,too hard to, you make a bet now if we have a skinny deal or no deal or whether or not we have a conference of the -- a comprehensive deal? trevor: it's very hard. we might not hear anything further a few days or a couple of weeks. you could come out in the end with a very thin free-trade agreement. no transition period really. they will have about two months transition or we might come out with no deal. i think the prime minister has set up the communication strategy that he is happy either way. he has argued that we can make a deal if the eu makes all the movement. that allows him to sort of say, if there isn't a deal, the eu messed up and it's therefore. my -- their fault.

my expectation is that there will be a very thin free-trade deal. with the leader of the opposition saying, get brexit done, make a deal, the bar is set really low. if he comes back with some kind of skinny deal, gives up a few of his red lines, people will still say, what a great dealmaker. it's quite binary. francine: trevor, what does it mean for a lot of asset classes? it does seem that a lot of the banks, but also may be the car manufacturers, just could not deal with the uncertainty, so they have already taken steps in the eventuality of wto agreements. is there going to be much of a shock if something happens? or are people pretty much ready for it? trevor: i think prude -- i think people are going to immediately ask what's next? be a new form of leverage, this period of high tariffs or will the prime

minister say, this is an australia style deal, and this is it. he has broadened a former prime minister as an advisor, i am kind of a bit worried that if there is no deal, the u.k. will say that's it that's how we are working from now on. that creates all sorts of problems, not least with international law and relations with friends and neighbors. there is still quite a wide spectrum of outcomes here. the pound could we can quite a lot -- weaken quite a line that outcome. it's hard to know which way the stock market would go. francine: we will talk again about brexit, i know we will. trevor greetham there from royal london asset management. coming up, we talk about president and joe biden. this is bloomberg. ♪ - [announcer] imagine having fuller, thicker,

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london. let's get to first word news with leigh-ann gerrans. leigh-ann: president donald trump returns to the white house last night after three days of treatment for covid-19 at a military hospital. to significantly restrict physical access to him as he continues his recovery and assigns of defiance. he removed his mask and did not appear to put it back on again as he entered the residence. here in the u.k., prime minister boris johnson will commit to boosting offshore wind power as part of his delayed green industrial revolution. that as he seeks to get a stalled domestic agenda back on course. speaking to the conservative party conference, he is set to say renewable energy can help drive the recovery. president trump's campaign manager says he intends to be ready to debate challenger joe biden next week. he also signaled the president won't agree to a moderator.

-- two a moderator who is able to get the candidate when time has expired saying it puts too much power into the hands of the media. global news 24 hours a day, on air and at bloomberg quicktake, powered by more than 2700 journalists and analysts in more i'm 120 countries, leigh-ann gerrans. this is bloomberg. francine: where just getting some pmi figures from the u.k., and this will have an impact on what the bank of england does in the middle of this negative rate debate. u.k. construction pmi for september rises to 56.8. the forecast we had was 54. it is not moving up by much per pound, but it is moving a little, 1.29 74. less than 30 days from the election, joe biden has held onto his lead in national polls. -- people remain divided on what a biden white

house could mean for markets. joining us with details is dani burger. dani: it is interesting to see the debate forming among strategists should biden when the white house. the main debate seems to be over with the growth picture would look like. j.p.morgan has come out and is changing their call. previously they said to hold onto for growth names and defensive things like tech and health care, but they actually think that should biden win, we will see value outperform in a shift -- and a shift in market leadership. aey say it is not necessarily negative. often there is a stereotype that a democrat president is a negative for the market, but they say a reflationary government, more stimulus, and positive news on the covid front would be positive, and goldman sachs also agrees with them in terms of the shift to cyclicals. j.p.morgan saying that all this better growth environment also leads to yields that start to grind higher. francine, that is no means the

consensus. see bic says they see yields moving lower should biden win the presidency. they do see yields cap that half a percent. they think the continued fiscal spending will help put a floor underneath them, but they think the additional taxes will hurt the growth environment and also her stocks as well. so taking a different side to the argument than we have seen. francine: our markets pricing for either candidate? of a we have seen more shift toward perhaps a biden presidency. it is not clear. one point that was made on the markets gravitating toward biden comes from steve englander of standard chartered. it is not necessarily that they are pricing in the markets or growth picture improving under biden, but they see a more decisive victory for biden. goes, marketsche

need uncertainty. so if biden has a sizable win, if there is not a contested election, that means volatility will come down postelection, and we have seen some fx volatility surrounding those november dates start to drop, so steve englander points to that and says markets are starting to price this in, but should president trump recover quickly, should his campaign act smartly, that poll differential between trump and biden could narrow, and should we see that narrowing, volatility markets will pick up. francine: dani burger looking at the market impact on what the polls tell us for the moment. deutsche bank could consider a merger and acquisition as early as next year, but it's chief executive, christian sewing, told matt miller exclusively that the bank remains focused on implementing its turnaround plan. increasingwe see an mastic deal, not yet crossed cross because -- not yet

border. the banking unit is still progressing, not where it should be before you come to these deals. and, yes, covid for sure accelerated certain developments, also in the banking industry, scale is an issue. we also asked we always said scale is an issue so we did not initiate postbank two or three years ago. that is happening in other countries, too, but it is domestic so far. say itorder, i would still needs some time. talk to ay time i banking ceo, they said they are european level. but every time i talk to e.u. leaders, they are ready to do deals. which has to draw first? christian: if the regulatory headwind and certain

restrictions are still there, for instance the kind of free flow of liquidity or capital is not there to a degree which really makes such a merger reasonable and constructive, than obviously something still needs to happen. so i think we need to wait for further developments, but i also know that regulators, governors well understand this issue. i'm confident that we will see progress on the banking unit side come on the capital market unit side. i know that the german finance minister is working hard on this. so that will come. but for the time being, my view is that you would rather see more domestic mergers before cross mergers happen. that cap you have enough on your plate -- matt: you have enough on your plate already. does that mean you rule out for now any acquisitions? christian: the focus of deutsche bank is clearly defined methods

of transformation. i'm more than focused on this one. i would even say that we are laser focused on this one, and the success over the last 15 months i think proves our point that this transformation was and is the right one for the bank and therefore this has top therefore my full management attention is on. matt: what does that mean exactly? when is the transformation going to be at a point when you can start to consider some bigger deals? christian: first of all, we always said that 2019 2020 are the second half of 2019 and the full year of 2020 we have to focus for on transformation. after the end of the second quarter, we had 75% of our --nsformation costs already 2019 and 2020 is the key of transformation?

of course. with still items to come in 2021, our key financial targets for the year 2022. it is a three to four year transition. so far we have been very successful with the first year. that focus needs to continue. matt: when you look beyond that and you hear reports in the financial boulevard press about dream mergers, do you think it is possible that deutsche bank could do a big deal, could be part of a big deal? in general, consolidation must happen in europe. we need to be competitive, also from a size point of view. they are investing into technology. you need a certain size for that, and therefore the general theme of consolidation is something europe will see. for us it is important that we are not a jr. partner to such thoughts, and that means that we first have to sustainably increase our profitability.

francine: that was the deutsche bank chief executive, speaking to us exclusively. we are also getting breaking news out of christine lagarde, the president from the ecb giving an interview, which i think was taped, so we are getting some headlines now, saying the recovery is incomplete, uncertain, and uneven, but she also fears that containment measures will impact the recovery. that was the president of the ecb, christine lagarde, commenting on an interview taped on thursday. we will have plenty more on the euro reaction to what she is saying. up next, covid-19 is making a dangerous comeback across most of the u.s., as the cdc assesses evidence that the virus is more contagious than believed. we will discuss that next. this is bloomberg. ♪

francine: you are watching "bloomberg surveillance." let's get to the bloomberg business flash. here's leigh-ann gerrans. leigh-ann: a house panel is seeking to break up the big tech giants. according to a republican member critical of the recommendation, the panel wants to block companies from owning marketplaces and -- the report was expected this week but we are told it is being pushed back. german factory orders are up for the first month. it is the latest sign that the country's industry heavy economy is faring better than service focused peers. men from germany gained 4.5%, reading -- demand from germany gained four point 5%, beating expectations. and veolia is taking an early

-- a nearly 30% stake in suez. it is buying the holding for 3.4 billion euros. suez remains fiercely opposed to what it is calling a hostile approach. and is trying to frustrate the plans. if the acquisition goes ahead, it would create a global giant in waste and environmental services. that is your bloomberg business flash. francine? francine: the coronavirus can spread through the air to people who are more than six feet away from an infectious person. that is the latest guidance from the u.s. centers for disease control and joining us now is sam fazeli. you're a bit of an expert when it comes to everything to do with vaccinations and understanding covid-19 better than others. we already know that it lingers in the air even if people are more than six feet apart. the yes, and thank you for kind words. we did know this, and i think this is the cdc kind of catching up a little bit. remember that there has been a shift in the virus in terms of mutation that has made it more

infectious, i.e. once it latches on, it can get into your cells quicker and faster and spread quicker. so this is probably partly related. francine: give us an idea of whether you think the rules will change. either the rule becomes more stringent than what we have now, which is you have to socially distance and if you are not socially distanced by six feet, you have to wear a mask, and you have to wear a mask indoors. this seems to be the template of what we have to do to keep the virus at bay, or whether the enforcement of these rules would be enough. i think enforcement has to be the first key, but people's behavior is the one you cannot really control, especially in private. even with the best will and restaurants, which have still been left open in many places, it is just not economically viable to keep that sort of distance. so i think mass wearing is the

only thing you can do. and don't forget that detecting a virus and droplets more than six feet away is not necessarily the same as you will catch it. it is just a step forward. francine: are we going to see -- are we going to hear from the w.h.o. to talk about what we have learned? it does seem like part of the confusion is not everyone is speaking at the same page. can we understand a breakthrough research that we have and how we have a better understanding of the virus? sam: so that is an excellent question, and i think there are many scientists who are not in the public domain, or at least physical as much as they should be. but between the w.h.o. and the -- more confident in the w.h.o. than in the cdc, so my faith is more in the w.h.o. than in the cdc.

francine: do most countries around the world actually follow what the w.h.o. say, and when we hear -- president donald trump coming out, taking his mask off, saying not to be afraid of the virus, not even mentioning the first lady, if she is ok, does that mean that authorities have to be even harder in trying to make people understand that this is a serious virus? sam: sure. to a degree you kind of answered your question there by showing w.h.o.ou know, all the can do is give advice. then the governments, it is up to them whether they take it. even you have infighting within countries, so the spanish government has a view and the madrid governors and people around the city have a different view and pushing back. same in marseille. unfortunately, that comes down to how strict the top government

wants to be. francine: how close are we to a vaccine that will be distributive? are we closer than we were three weeks ago, or is it still touch and go? sam: every day and every week that passes we are getting that little step closer, so clinical trials continue. we have seen -- i just noticed this morning a slowdown in the recruitment into pfizer's trial. i'm just putting a note out now trying to come up with the possible explanations. we don't know. it still has recruited more than 35,000, 36,000 people into the trial. it is still pretty hefty, but this rapid decline in recruitment is a question mark in my mind. but i think trials are ongoing, certainly in the u.k., and the beauty of it all is that we are all focused on the u.s. a lot,

and a lot of the pushing, trying to get a vaccine early, the rest of the world is letting the scientists do their job. francine: sam, thank you so much, and i hope people are saying this morning as people wake up in the u.s., listen to a scientist. sam fazeli, director of research at bloomberg intelligence. coming up, we speak with the chief executive jean-paul agon. we will bring that to you next. this is bloomberg. ♪

pres. trump: don't let it dominate, don't let it take over your lives. don't let that happen. we have the greatest country in the world. we are going back to work, we are going to be out front. francine: that was president trump speaking yesterday after returning to the white house after three days of treatment at walter reed hospital. we will have the latest on how it impacts the campaign and the markets through the day. we are also watching out for --

plenty of central-bank action today at 2:00 p.m. london time, christine lagarde taking part in the videoconference on economic and monetary unit. her speech comes after frank alverson was picked to join her team at the ecb. federal reserve chair jay powell will speak at the national association for business and economics annual meeting. time,.m. tomorrow london also addressing a conference. we spoke inclusively with the chief executive jean-paul agon ep t the impact of the pandemic on his business. paul: it has been a process, with the committee, a process that started at the beginning of last year. a very thorough process to

identify the potential successes, and what we were looking and what we are looking is someone who will also be able run this company in unpredictable times. the world has become more and , with conflict and the virus, and you need someone who is ready, able to drive, in this kind of world. francine: is that a judge of character, or are you looking for specific qualities? what is on the -- it is always in the situation that you display your skills, no, it is more a question of character, talent,

, yout is a combination of know, intellectual strategist -- intellectual, strategic, and moral character elements. it is -- francine: how quickly will we have an announcement on that? jean-paul: pretty soon. francine: will it be time for a female chief executive, or are you just going with the best person? jean-paul: absolutely going with the best person. best, and we are looking just for the best of the best. but it can be male or female, of course. just one final question about what kind of advice you would give to he or she, who takes over, given all

of your experience. jean-paul: there is bunch advice, but i think the number one is always to be really alert , stay alert about the changes in the world. being done seen as as lawyers for 100 years is that lawyers were always in tune with the evolution of the world. and that is the most important thing for a company like this. francine: that was jean-paul agon speaking exclusively to bloomberg. you can catch the full interviews on leaders with lacqua coming up next month. tom keene joins me out of new york. do not miss our special coverage of this week's vice presidential debate, on wednesday evening. in the meantime, we are looking a lot at what central bankers will tell us today. we have christine lagarde come a lot of people from the european central bank, and we also have

-- most of them are trading sideways, but european stocks seem to be fluctuating, retreating after the rally that we saw yesterday. if you look at treasuries, they also gaining, tech stocks leading losses in the european stoxx 600. slumping as maker apple plans to launch its own products and stop selling rival headphones. the dollar pretty much steady in terms of other things that i'm watching out for. we had an extensive conversation with trevor greetham and what happens to pound. i'm also looking at investors concerns. i guess they are trying to figure out what size of progress in the u.s. economic stimulus package looks like. this is bloomberg. ♪

francine: out of hospital, but not out of the woods. donald trump is discharged, but doctors strike a cautious tone about the president's health. trump's return to the white house comes as the cdc says the coronavirus can spread indoors, in the air, beyond six feet. 34 u.s. states see more virus cases than a month ago. plus, deutsche bank's chief executive tells bloomberg it would consider m&a as early as next year. more from our exclusive interview. good morning and welcome to "bloomberg surveillance." i'm francine lacqua in london. tom keene is in new york. tom, i have to say i watched a lot of the president's dismissal from hospital late last night, late into the london night, and i was surprised but two things. first of all, there were more than 25 tweets by the president, not one mentioning his wife or other people infected, and trying to play to this bravado of he has beaten covid-19. i don't know how tha