francine: shifting on stimulus. tellsary steve mnuchin speaker nancy pelosi the president is once again interested. can european stocks get a boost despite a spike in coronavirus cases across the continent? france puts more cities on maximum alert. madrid readies for state of emergency. and debating the debate, president trump plans a rally on saturday as is campaign demands

an in-person showdown. commission holds firm it will be virtual. good morning, everyone. this is "bloomberg surveillance." i am francine lacqua here in london. stimulus talks could be closer, or at least they. are back on the agenda. -. here is what. i am looking at across the board. is movingr yield attached, dollar declining, global stocks rising as the white house appeared to shift track, which signaled it is open to a large. later on "surveillance," we talked to armand sarkissian, 9:30 a.m. u.k. time. now let's get to the bloomberg first word news in london with leigh-ann gerrans. hi, leigh-ann. leigh-ann: good morning, francine. leigh-ann: the debate will happen. the commission organizes it insists it will be virtual, but president trump says he will not debate,t in a virtual

calling the commission "a joke." he is calling for to be rescheduled, but joe biden is rejecting that. he says the president pulled out, not joe biden. as dailyaximum alert coronavirus cases exceed 18,000 for a second straight day. restrictions are being added in lyon and elsewhere. restaurants and cinemas face stricter control. italy, germany, and spain have also face more cases since april. nation's economy to pressure tehran and to enter into a new deal from straining it nuclear ambitions. the move had been flagged well in advance with officials weighing it for weeks. alreadysay iran faces so many sanctions, anymore will not make much difference.

13 men have been charged to overthrow the government of michigan and kidnapped the governor. their alleged plan was to storm the capital building and try gretchen whitmer for treason. they had planned to destroy police vehicles with molotov cocktails. 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. i am leigh-ann gerrans. this is bloomberg. francine? francine: leigh-ann, thank you so much. now, stimulus talks are back on. the white house has reversed its stance with president trump now wanting a comprehensive deal. it comes after house speaker nancy pelosi pushed back on the idea of individual measures for different parts of the economy. joining to discuss all of this is jane foley, head of fx strategy at rabobank. jane, as always, thank you for joining us. on, off, stimulus willoughby comprehensive or not? what will it mean for the dollar

-- will it be copperheads of or not? what will it mean for the i--l will it be comprehensive or not? what will it mean for the dollar? jane: -- perhaps some signs that that would have bought consumption in china. some good news to absorb, but of course we will know that we still have lots of tests ah ead, not least with the coronavirus and a greater number of cases in europe. but still we just do not know whether or not that election in the u.s. will be contested or not. so plenty still to worry about. francine: longer-term, jane, does the dollar go down from here? jane: well, again, that very much depends on the news, but what we have seen, i think, is a

fundamental shift in terms of the dollar fundamentals. amount ofhuge potential dollar liquidity, and we are not going to get the stress in the market that we had back in march. i think with all of that liquidity from the fed, yes, dollar fundamentals certainly have weakened, but we can certainly ask the question, has the dollar perhaps -- have investors got into short on the dollar? could there be some strengthening? we look at the news with respect to coronavirus hitting the headlines in europe. what if there are more shutdowns? what is the recovery front does not prove big enough? what if there is a negative response this time around? i think the terms and positioning, there is still a possibility that the market could have got too short for the corona particularly if drops its pace again particularly in the winter in the northern mr., and if the in then does end up --

northern hemisphere and if the election does end up contested .n november francine: is a euro-dollar or something else? jane: in europe right now, which is not particularly good news, so i do think there is a possibility that maybe there is a break away from the rate that we have been the last few weeks, the euro-dollar, but i think we do continue to see lots of interesting news on aussie dollar, will be rba cut into again, will they stimulate again? that is something interesting. that is driven by commodities, too. of course the old safe word in terms of protected volatility is still sterling. we have got a lot of activity. we know that prime minister boris johnson, too, his popularity is very low amongst the party faithful and a lot of talks that, you know, many

people in the party faithful would rather him be replaced at some point. even when brexit is done on the of january, there's an awful lot to consider, both in terms of the impact of brexit, smooth, andot it is it certainly may not be smooth, and then the prime minister himself. francine: jane, thank you so much. jane foley from rabobank. we will have plenty more from jane, and we will also talk about the yen. the dollar fed president, robert kaplan, spoke exclusively to bloomberg. robert: the problem is this. the fed has a lot of tools, and we have more things we can do, but our tools, primarily, ease financial conditions to make it easier to borrow money to our tools are not more suited when you have an income loss and you need to make up an income loss. borrowing money will not solve the problem, either. i think the fed can do more, and

i'm sure we will look at all of our options, but those are not substitutes for fiscal policy. >> george said the fed needs to give details on guidance when it comes to the fed's intentions with regards to bond purchases to ensure effectiveness, transparency, accountability. so what is going on here? what is the question you guys are grappling with? robert: um, i will speak for myself on that. i think we are buying still a substantial amount of bonds every month, treasuries and mortgage-backed securities. i think we can say more about what our plans are going forward, but my own view is i, right now, would be hesitant to cs doing more in that area, because i do not -- see us doing more in that area, because i do not see the benefits. i think it would add more further fuel to the financial markets. i do not see how it would help the economy. >> i have got to ask you another

question that struck me coming out of the minutes. the minutes said the new outcome-based for guidance is not an unconditional commitment to a particular path. i thought you guys just said -- and you decided against it -- that the fed would not be moving rates until that is at 2% and moving higher and you are at maximum limit. -- maximum employment. now it seems like there is some flexibility there, rob. it really seems vague and not clear still, even though you said recently know, there is plenty of clarity on this new framework. robert: well, i think there is plenty of clarity on the next two and a half, three years on the path of rates. i think there will have to be judgments made on what we do beyond the next to it half, three years, but i think it will take us that long to weather the pandemic and get the economy back on track, and i think until we have done that, rates are likely to stay where they are. but there is another paragraph. so there is the paragraph with

the enhanced for guidance, and then there is another paragraph after it, which is worth reading, which talks about financial stability and a whole onge of other issues going in the economy that we are going to be cognizant of, and my own view is we should be cognizant of. so i think, yes, there will always be people that say they want more clarity, they will more transparency, but i am a business person. i have been watching the fed for most of my adult life. we have got pretty good visibility on what the path of rates is for the next few years. there may be some debates on asset purchases, but i think there is decent visibility there, also, and i think you want the fed to have the ability to use its judgment and adapt to overall conditions. >> why is 2% so important? you just mentioned the financial risk. that was part of your dissent. in eight years when inflation cannot get to 2% and stay there, unemployment got to a 50-year low, gdp was growing near trend,

doesn't really matter to get to 2%, especially if you are going to take a financial risk on your plate, which you do so? robert well, to me, and i have said this, i am much more interested in financial stability. so we do not want the inflation, on the one hand, and we do not want inflation running away from us. ist, ideally, you want financial stability, so people can go out and with confidence by goods, businesses can transact, and not worry that we are either going to have an extreme deflation or inflation. and ik it is wise for us, support us, reentering inflation expectations at -- re-anchoring inflation expeditions at 2%, but to me, 2% is not magical. it is indicative of price stability, and i think that is what we are shooting for. francine: that was the dallas fed president robert kaplan speaking exclusively with bloomberg's catherine hayes.

leaders face an impossible choice as they encounter rapidly growing coronavirus infections. we will discuss that next. this is bloomberg. ♪ xt. this is bloomberg. ♪

francine: economics, finance, politics. this is "bloomberg surveillance." i am francine lacqua here in london. looking at europe's economic recovery and the growing coronavirus infections. leaders are ramping up efforts to enforce local restrictions amid a surge in cases. france is placing more cities on maximum alert as the cases are above 18,000 for a second straight day. let's discuss the impact on the region's economy. jane, thank you so much for

coming back. we are back with jane foley from rabobank. when you look at the infections rising in europe and the u.s. and asia, what does that mean for how governments will have to deal with it, and what does it mean for currencies? jane: well, you know, i think we can look back a few months and really get some strong clues as to what it means for currencies. june,e saw around may, july, the market was a little more optimistic about europe, having dealt with it, certainly european countries seems to have dealt a really heavy blow to the coronavirus. then it moved onto the u.s., and that is something that supported the euro, but now the corset is back, as we look at the czech republic, berlin, paris, parts of spain, and parts of the u.k., we are seeing really dreadful numbers with respect to the number of cases. that is not necessarily projecting onto the numbers of fatalities that we saw back in march, april, for instance, but it is a certain risk for the

economy, certainly when we see these local lockdowns, it does mean that the shape of the recovery is again going to change, relative to what people perhaps had thought, even just a month ago. we do need to deal with this crisis. i think investors have to realize that. it means the recovery, the growth rate is going to be lower, perhaps, next year, maybe the next year, as we deal with this virus. and that is bad news for the euro. they have the recovery fund, and people look at that recovery fund and say, look -- and we have got the dutch, the swedes, for instance, and other members of the frugal four probably not wanting to allow this fund to be any bigger. francine: jane, when you look at some of the haven currencies, the yen, the swiss franc, how difficult is it to know what they will do from now until the end of the year? how unpredictable is that

trajectory? jane: i think once we start looking at predictable in terms of foreign exchange, and immediately you have got to reason people to buy some safe haven or at least, you know, change their positioning to come away from risky currencies, i mean, if we think about risky currencies for a minute, we think about emerging markets, what we had in the spring when we had this big surge -- it was a big recovery, risk appetite, people piling back into emerging market currencies, a lot of monetary policy easing for emerging market countries, including quantitative is easing -- quantitative easing by some, now exposed by a coronavirus, they seem to be moving back out again. and the fact that interest rates are much lower, again, it is going to mean that there are difficulties in trying to attract those investors. there could be some real significant problems lining up for emerging markets. meanwhile, investors are more likely to have longer positions

in core markets, and that includes the stalwart safe havens, such as the yen, the swiss franc, and also, probably, the dollar. francine: is there anything that emerging markets can do now, jane, specific countries, to make it easier for them in the next couple of quarters? jane: well, certainly a weaker dollar will help them. debt outr-denominated there, a weaker dollar will be beneficial to them, but certainly you could come to an environment for some emerging-market countries whereby the coronavirus potentially is gathering pace again, and they may not be able to cut interest rates, because they do need to keep the capital flows coming through. clearly all emerging-market countries are not the same, and you have got to take, you know, you have got to look at them all in their individual basis, but that is potentially an issue, so

there are concerns, and as long as there are these sorts of concerns, it is likely that currencies and the dollar could be firmer than they would be otherwise. ne, thanks a lot. jane foley from rabobank stays with us. more from europe as cases surge. we will discuss that next. this is bloomberg. ♪ mberg. ♪

francine: this is "bloomberg surveillance." i am francine lacqua in london. now, let's get straight to the bloomberg business flash, here's leigh-ann gerrans. hi, leigh-ann. leigh-ann: hi, francine. morgan stanley is buying the mutual fund for about $7 billion. it is the latest megadeal for ceo james gorman after the e*trade financial takeover. by any of theest large banks post-financial crisis. they say this latest deal makes complete sense. huge talent,s, perfectly complementary businesses. there will be very little dislocation. high-growth, great businesses. they have been growing very fast. the traditionalist management space, sustainability, so this was a no brain or.

we paid full dollar for it. leigh-ann: and that is your bloomberg business flash. francine? francine: leigh-ann, thank you so much. tensions are rising in europe as many countries pose record increases of infections. surgerestrictions amid a of coronavirus cases across the region. joining us now with more is bloomberg's chad thomas. numbers are rising around the country. what can they do about it? chad: hi, francine. the numbers really are spiking around europe. you had both u.k. and france yesterday posting more than 18,000 new cases in each country, then you look at germany, spain, italy, they are all that highs that we have not -- that we last saw in april, and even countries in eastern europe, which did pretty well during that first spite, now also seeing it.

we are essentially looking at local efforts to control the virus. they are doing things on a city by city basis. in france yesterday, for example, they increased restrictions in five of the biggest cities in the country. it is the same thing pointing out elsewhere, where leaders across europe really are full-scaleo go for a lockdown across the country, because of the economic impact that we saw earlier in the year with those measures. francine: chad, the spanish prime minister, mr. pedro sanchez, is said to have a cabinet meeting today, saying people could release some of the lockdowns that they said they could. what do we expect out of the lockdown meeting? chad: madrid is really interesting, because of course they had a really difficult and theh lockdown there in

first wave. they are now experiencing a huge spike there again. what they had decided they were going to do is essentially have a pretty strict lockdown once again. there was a court ruling that said that they could not move forward with that. so the plan is that they will actually have a cabinet meeting to impose, again, these emergency powers. those emergency powers allow the prime minister and the local government to take much stricter action, and whether that, you know, would be challenged in court again remains to be seen. francine: thank you so much, chad thomas, looking at the numbers of infected cases in europe. coming up, more than 300 people have died, thousands displaced. we are talking about armenia and iser by jan -- iser by john -- iser by john. ♪

francine: economics, finance, politics. this is "bloomberg surveillance." i'm francine lacqua, here in london. let's get the latest on the conflict.

300 people have died and thousands have been displaced since fighting broke out there was get -- two week ago. the region is part of azerbaijan but is run by turkish armenians. amid calls for cease-fire, russia and france have begun efforts to try to end the violence. joining us right now is armen sarkissian, the president of armenia. thank you for joining us. vladimir putin has invited parties to try to find a way forward, a cease-fire, with your prime minister and the foreign minister on the other side. are you confident that you will be able to reach a cease-fire? i cannot say i am confident that we will reach a cease-fire because i think the foreign ministers are going to enter a dark room in order to negotiate

in talking about cease-fire, but i'm happy that this meeting is i'm happy that issian president putin organizing this because there are hundreds and hundreds of losses on both sides. there is a huge humanitarian crisis there. thank you very much for those, which is the cochairs, russian government. francine: is russia really the only power here that can broker an agreement, and do you need russia's support? have you spoken to president putin? pres. sarkissian: to make it clear, this is one of those conflicts that has a framework where it takes negotiators to the piece.

this was created 20 years after the first war was over, and sides were negotiating the outcome and the future status. but for this or that reason, azerbaijan decided that they will not go through the path of peace to negotiation, they decided that they consulted with arms and armaments. the moment was very crucial here. francine: but do you want russia 's support, and have you had any contact with vladimir putin since the crisis began? pres. sarkissian: we have regular contact with vladimir putin, but on our side, the negotiators are the prime minister and the foreign minister. on the other, the president and foreign minister. so the person who is regularly in contact with president putin

is my prime minister because he on the armenian side. not are in the other side because they have a president of their own. contacts my own regular during my years of presidency, with president putin. but again, the platform is the base group. francine: you have accused turkey of military involvement in support of azerbaijan, something that they deny. you have proof that this has happened? have you showed proved to france and nato allies, and what have you asked them to do? pres. sarkissian: basically i no --ger -- neither meal neither me, nor my government, .or my ministers need t they proof is there through photos, videos, everything. and even foreign intelligence,

the organizations or departments of several countries, including russia, have reported the presence of islamic terrorists from azerbaijan. the president of the turkish turkish drones, even f-16s, which are used in the battle as well. francine: what have you asked nato allies to do in response to this? have you asked them for a response? pres. sarkissian: i have asked nato to look at this very carefully because we have a situation where a member of ato, an organization where clear nato member is taking part, getting involved in a conflict of third parties, and turkey has an authorization or a green light from nato. know that, and if not, then i hope the colleagues in nato will make

their voice heard and put pressure on turkey that they should not get involved into this conflict because their presence here is not helping us. it is complicating that dramatically. president, azerbaijan says it is fighting to regain its recognition as an internationally recognized territory. why would they not be allowed to do that? pres. sarkissian: why they would not be allowed to killing people, starting the war? what is the question? i try to answer in a different form. in morenegotiations than 20 years have achieved a lot. they have achieved a lot in a form that the scope and scale of questions that the sides that have to negotiate is huge, tremendous, during this 20 years, coming to very important ones that were needed, political

decision. so the work was done very hard. in the meantime, there were changes of negotiators on both sides. on the armenian side, there were three presidents before involved, and the prime minister in charge of negotiating. so if you are unhappy with a warations, do you start or do you start continuing? because a complex story is a very tough job. and then what is the alternative? peopleernative is that basically destroying infrastructure and creating problems in the whole region. so i don't think that we have exhausted all of the possibilities, and the plan is to return back to negotiation. that, one ofto do the important steps is to make sure that turkey is not involved. and thetween azerbaijan republic. francine: the prime minister of

armenia may consider the thependence as a result of conflict. with that stop the fighting, and under what circumstances would that be done? under what circumstances would you actually recognize independence? pres. sarkissian: it forces me to take you back a little bit into history. it is part of historic armenia. it is a beautiful region where armenians lead and live for thousands of years. christian, there are churches there. it was only for 70 years this region was given as an autonomous region under given by joseph stalin. after that, with the soviet union -- i'm coming to your

question very quickly alstom after the breakdown of the soviet union, the first war in 30 years of negotiations. territoryto free that . free from home? their ethnic army is 100% living there, so you are freeing from them? ethnic cleansing. so they want the land without armenians. they are fighting for their life, their heritage, their religion, and what they believe, and there housing and their parents and children. so there are two different approaches to the same problem. francine: i understand, but my question is would you consider independence, or under no circumstances would you do that? pres. sarkissian: yes. let me give the answer here. from the day one of the first war being over and established in 1984, there was of course on the table the question, should

armenia and other states recognize the independence of the republic. but the armenians side, taking into account that there is a negotiating process, the group with the three great -- we restrained ourselves, giving the chance for negotiations to come to a final conclusion on the basis of -- but if this were -- this war continues, armenia will not be left with any other choice than recognize the independence. of the world community, the international community to recognize as well. francine: president, thank you so much for your time. armen sarkissian, the president of armenia. award-winning a rapper is launching a bank. this is bloomberg. ♪

>> as we grow, thanking is coming to our telephone. my 13-year-old banks through her phone. i bank at the brick-and-mortar places, and if they take brick-and-mortar places out of our community, we seem to be lost. right in your home, your available to do deposits. they are going into lenders for auto me alleles -- for automobiles, for homes. first-generation americans can leave those to their children. francine: that was award-winning ,apper michael render

financial.greenwood new data from the federal reserve suggests covid-19 has transformed the economy in ways that have disproportionately rewarded a small class of billionaires. the central bank has taken a look at u.s. wealth through the first half of 2020, and it has shown start disparity by race, age, and class. for more on this, we're delighted to be joined by our bloomberg quicktake reporter. jen, great to have you for this very important discussion. what more did the breakdown of this fed data actually reveal? jennifer: this latest fed data i think really just provides more evidence into the k shaped recovery we have been talking about for a few weeks. as you mentioned, the top 1% of americans are now worth just as much as about half of the population in the u.s. that is about 165 million people. so according to the data, the top 1%, their combined net worth

sits at about $32.4 trillion. compare that with bottom 50% of americans, who hold just a bit over $2 trillion. as you mentioned at the top, 50 richest much the people in america are worth. that is a breakdown based on class. when you look at race and age, the disparities are even more stark. it is surprising the data that the fed found, and one of the reasons they found this widening gap is because a majority of americans just are not benefiting from the stock market. they haven't been able to get the same exposure to it as wealthier americans, who now own more than 50% of the equity in corporations. so the stimulus, the new stimulus bill is really needed to help these americans who are struggling now for several months. francine: princeton has also named a residential college after finance executive melody

hobson. what is the story there? jennifer: for years students have been trying to get this college renamed after woodrow wilson. and now thursday they mentioned they will name it after melody hobson. she is a princeton alum who graduated in 1991, and she has majoralking about a donation that she and george lucas planned to make. the newly named hobson college will replace wilson college starting in 2023. back in june, the school voted to actually rename the wilson college, so it is pretty exciting for hobson becomes -- because she could becomes -- she becomes the first black woman to have a major college named after her. she says my hope is that my name will remind future generations of students, especially those who are black and brown and the first in their families, that

they, too, belong. so it is pretty exciting for the school and for hobson herself. much, ourthank you so bloomberg quicktake reporter. step time for investors to up and drive change collectively. along with talking about diversity, i also spoke to her about the outlook for margins in the least. -- in the middle east. >> we invest across the whole middle east, so clearly the largest market in the region, it is about 55% of the index, so with saudi and all of the markets, we don't just invest with saudi, and we build our portfolio from a warm up perspective. >> are there opportunities, looking at the markets with saudi, they have quite a bit of correction due to the exposure for oil. is this the right time to go and

fix these things up? >> i think you are seeing a differentiation because -- between some of the markets in the middle east. you have saudi arabia, kuwait that have rallied on our levels of valuation, but you've also had an increase in liquidity in some of these markets. and then you have egypt was has not seen the same -- which has not seen the same moves, more s ofresting, who have pocket value, so you have the differentiation between the two markets. there are opportunities. the question is, it is more selective, it is, we believe, a fundamental analysis, and it is looking at understanding and -- looking and understanding the drivers. francine: if you look at women in the middle east private sector, how has that increased and how has covid-19 sent that back? farah: covid-19 around the world has been tough for many women. it has created more disparities.

it is a real challenge for many women with children working at home. we both experienced this, and it is, i think, also if you look at the positive side, it is realizing that equality starts at home, and there needs to be shared interest at home, a shared responsibility at home, for women to be able to have these opportunities in the workforce. as a woman in the middle east, i feel very impressed and very proud of the women i meet and have met over the last 15 years who are phenomenally equipped, intelligent, determined, and able to succeed, but we also need to fix the system. francine: that was farah fu stock. at the markets. there is at least some optimism about stimulus in the u.s.. we saw that between democrats and republicans. we will have plenty more on that

throughout the day. this is bloomberg. ♪

francine: economics, finance, politics. this is "bloomberg surveillance." i'm francine lacqua, here in london. town hallwill hold a with voters on october 15 two make up for a scheduled debate that president donald trump says he will not attend because it is going to be virtual. joining us with the latest is kathleen hunter. always great to get you because there is so much going on in the lead up to the election. how will this affect the presidential campaigns? kathleen: i think after we saw the results of the first debate, which was epically chaotic, and i think a lot of people were put off by the performance that they saw from both candidates. in that regard, it's not surprising, particularly we are seeing, particularly given that we are seeing negative blowback for trump and some of the polls conducted after the first debate -- given that, it is not surprising the president has made the decision essentially not to compete, not to take part in the second virtual debate. given that, i think it makes

sense for both sides to go back to their -- well, not from a political standpoint -- but it makes sense for both sides to go back to their political corners and hold their own events. even before trump's coronavirus diagnosis. myself and others were really questioning whether the american public will be well served by a second debate that was similar to the first, where there was lots of interruptions and not a lot of substantive policy discussion. the president says he wants to hold a rally in florida on saturday. he has gotten the all clear from his doctors, he says. ishleen: i think possible really defined by trump at this point. i think that there is a concern him mayat people around be infected or contagious. there is obviously the concern may doctors treating trump

be subjecting them to political pressure, that last week and when they were giving updates on his health that they were being reviewed and potentially edited by trump himself. i think there is a lot of question out there about whether or not it is safe for the president himself to be around people at a rally so soon after his diagnosis. that being said, beyond the president, it is also hard to imagine how this would be really safe given the number of people in trump's orbit that have become infected in the last week to 10 days. obviously we still don't know the full extent of that, and i think there are a lot of questions about whether or not we sawent, like the one in tulsa, oklahoma, over the summer, like the event two saturdays ago where amy coney barrett, the supreme court nominee, was named. those events have contributed to the spread of the virus, and i think there is a sense that that could be the case at this next rally.

francine: when you look at some prettythings that are incredible in this new cycle -- if you look at michigan, the fbi busting a plot to kidnap the governor. what do we know about that? kathleen: this is just a very remarkable piece of news that surfaced yesterday, that there was this attempt under the way -- underway to kidnap gretchen whitmer, the democratic governor. she was on the shortlist for being joe biden's running mate. her position when it comes to the coronavirus and the lockdown undertaken earlier this year in michigan have made her a target of some of the pro-trump movement and also some of the more extreme white supremacist militia groups, so the fact that the fbi was able to break this up i think is obviously a good thing, this is the kind of news story that a lot of people

across the world really kind of give them pause, that this seems to be a very extreme example. of course, we are already hearing trump step opponents tying it to the kind of rhetoric that he put out there. of course, that is something that the white house will push back against, but i think there is this sense that the governor herself is blaming trump and his rhetoric for contribute into the type of atmosphere that would contribute to something like this. francine: kathleen hunter with the very latest on the trail to november 3. now, this is what the markets are looking at. the markets are suddenly focusing on the stimulus again, but this time with a positive bit of news that the president is looking at a comprehensive deal. will we get something? markets up, european stocks in at 0.3%. coming up, more surveillance. ♪

francine: shifting on stimulus. steven mnuchin tells nancy pelosi the president is once

again interested in a comprehensive relief bill. robert kaplan tells bloomberg fed tools cannot replace fiscal measures. tailwinds. european stocks get a boost despite a spike in coronavirus cases across the continent. france puts more cities on maximum alert. madrid readies for a state of emergency. and debating the debate. president trump plans a rally on saturday as his campaign demands an in-person showdown with joe biden. the commission holds firm, however, saying it must be virtual. good morning and welcome to "bloomberg surveillance." i'm francine lacqua in london. tom keene is in new york. tom, it's friday. we have gotten through the week, a number of different stories across economics, finance, and politics. we look at the u.s. election, 26 days away from that. we need to always look at the polls, and we have this big news regarding