london, 97. that is the ratio of cases and indicates a battle in great britain and the worldwide over what to lockdown and when. select scientists call for a national shutdown in great britain. markets very quiet this morning. the euro, any weakness. bidens your debate score, says the words of a president matter. trump says a president cannot just be locked in a room someplace and not do anything. will there be a debate october 22? good morning, everyone. "bloomberg surveillance." in london, francine lacqua. we were remarkably brexit-free last hour. give me a brexit update. how big a deal is this friday for the dueling brexit of the last 10 or 20 years? francine: you know who is really giving a brexit-update right now? i am hearing from insiders that

this is the exact moment where boris johnson may be about to speak to eu leaders. we understand that most of it is virtual. we are expecting the prime minister to give his response on whether he is continuing to negotiate. there was that self-imposed deadline on october 15. we don't know whether he is happy with the progress or whether he thinks even if there is not progress, he still wants to give it a shot. tom: there is your update this morning. lot, like about the map of the fisheries. it's like a big deal, right? in the north? francine: i remember being a young reporter a million years ago showing up in brussels and actually going to -- at the time, it was not much to talk about, but our editor said watch out for fisheries, because nobody talks about them. it's always a fishing problem, as we see with brexit in 2020. tom: there we are with your

update. ritika gupta just nodded off. let's start the show with the bloomberg first word news in new york. ritika: good morning. president trump and joe biden were on tv last night at the same time, but on different channels. they held competing televised town halls, instead of debating as the schedule had originally called for. on nbc, the president said he knew that the coronavirus was a huge danger. pres. trump: i knew it was a big threat. at the same time, i don't want to panic this country. i don't want to go out and say, "everybody is going to die!" ritika: in a town hall moderated by abc news' george stephanopoulos, biden was asked if he would take a coronavirus vaccine once it had been approved. mr. biden: if the body of scientists say that this is what is ready to be done and it has been tested and they have gone through the three phases, yes, i would take it. i would encourage people to take it. ritika: the two candidates will

face off next week in the final presidential debate. president trump will lean on senate majority leader mitch mcconnell if that's what's needed to get a stimulus bill passed. that's according to treasury secretary steven mnuchin. he told house speaker nancy pelosi that the president would personally lobby reluctant senate republicans. mcconnell wants a bill that is much smaller than the proposals being considered by pelosi and the white house. it is brexit decision day for boris johnson. the british prime minister is set to decide whether to abandon trade talks with the european union. the bloc's leaders have failed to give johnson the clear signal he wants to remain at the negotiating table. he said he would assess whether a deal was reachable after this week's summit of eu leaders. and the top aviation regulator in europe says boeing's revamped 737 max is safe to fly. test flights were held in september. the 737 max has been grounded for more than years because of two fatal accidents. boeing still has to get approval from the faa before the plane

can start flying again in the u.s. 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 a group to. this is -- i am ritika gupta. this is bloomberg. tom: remarkably quiet right now. futures flat, negative one on futures. i really want to go to european rates, which are subsiding again in a disinflationary tendency. essentially, a greater negative rate. there is just a weight in the yield market towards lower and lower yields in europe. that bears close watching through the chinese monday and into monday morning. francine? francine: i am looking at pound. we are expecting, i don't know if it comes now or later, you see what boris johnson decides when it comes to brexit. i am looking at some of the stocks that are performing. lvmh shares are up after they

say demand rebounded in the third quarter. positive news filtering through to european stocks. tom: very good. this is a monthly affair and it is always done equality. foreign affairs magazine, the font is adult size. what is interesting about "foreign affairs," you can read it cover to cover, but the way that you really read it is article to article. gideon rose joins us right now. also, a great treaties on where we are moving forward as well. i am going to take mariana meza cotto is maybe the bigger, broader view. i love how you went immediate on what we are going to do to fix the state department. how do we fix the state department the first wednesday of november or in january of next year? gideon: thank you, tom, for the kind words, as always. the first step is having a

desire to change and admitting there is a problem. is faced cang that be changed, but everything -- nothing can be changed unless it is faced. the question is, is there going to be a recognition in early november that the course the united states has been on the last few years is fundamentally incorrect? that is what is on the ballot internationally and domestically. everybody is watching to see what the outcome will be. if the outcome is a change, then there will be lots of discussion about how to right the wrongs, change policy. one thing everybody agrees on is , we don't yet know what of the changes are permanent and which will go away. you will only be able to survey the wreckage and assess the damage to all sorts of see whations until you

of the united states after the election and with the new presidency remains constant in america first and what blips back to a more multilateral approach. tom: the one source of carbon anate is -- common debate is animosity towards china. i am dying to know how you think a biden administration, if the vice president wins, is similar or different on china than the present administration. gideon: that's a great question, because the basic takeaway i think from all the stuff we are reading and publishing these days is not that much of the trump administration's approach will continue, because it's just so self-destructive and counterintuitive and doesn't work. before, what was there was not working and was not satisfying lots of people. the question is, what do we build back to? on china, there is a recognition that simply hoping for china to change and mellow as a result of

engagement is not a sufficient policy, if it ever was. there is a debate between people who say we are in an inevitable competition and we just have to prepare for that. others say look, just because we are in a competition does not mean we are about to go to work. let's treat them as a mature, rival great power and assess where we can agree and disagree, and try to keep things calm without necessarily being idealistic about where things are going. francine: gideon, how does capitalism change after this? does it change because of the pandemic or more under a biden administration? gideon: the two together. what the pandemic has revealed is the fractures and problems in the existing political economy, internationally and domestically . it has exacerbated those. the markets have snapped back and a lot of top firms are doing

well and the top-tier employment of the top percentile has gotten back. the costs have been concentrated at the bottom of the economic scale, among groups without power. what we do not know yet is what the political ramifications will be. the financial crisis turmoil produced all sorts of changes in populism. this is going to be even more significant because of the unequal consequences and where that politics goes. clearly, a more interventionist government, a more spend government. what do we spend it on? how do we collaborate domestically and internationally? francine: we talk about the social contract. does that change worldwide? are we going to have a lot more countries intervening in companies, intervening with health care? at the end of the day, how does that change the complete dynamics of the world? gideon: so, there is definitely going to be a lot more intervention.

insufficient as an approach to manage the turbulent social dynamics of capitalism, even if it were the ideal economic policy. that does not mean you want to shut down economic dynamism. how do you manage to get some of the dynamism of markets, but with some of the social protections of social democracy? the challenge for every country will be how to benefit economically from the upsurge post pandemic, the recovery, but how to build back better in a different way. one of the pieces in the issue talks about, if we are going to give bailouts, what are you going to demand of the private sector in return for them? are there fundamental changes in practice? a more stakeholder capitalism instead of a shareholder capitalism? the argument is basically going to be towards more social democracy rather than more

laissez-faire. tom: will the institutions pushback against her that? there is a huge conservative bias to push back against a social progressivism, if you will. are they really going to let it happen? gideon: the most interesting question will be, do rich people as a group collectively think that the accumulation of debt is going to be such a problem that they will cut it off? in the early 1990's, james carville said i want to come back as the bond market in the next life, because everybody listens. right now, we are in an era magic money. everybody is throwing money like it's -- in that context, i do not think that is going to be a check on spending, unless and until the economic consequences of so much new spending -- tom: this is scary. gideon rose and sebastian mall

together would be too much diplomacy. we will continue with gideon rose. i have got important questions on 1307 miles that are out there in the pacific. he is with "foreign affairs" magazine, no question about that. let us come back with the tape churning. 10 year yield, .72%. not much to talk about. as i said before, the negative yields in europe really stay sustained and ever more negative. this is bloomberg. ♪

i knew it was a big threat.

at the same time, i don't want to panic this country. say,'t want to go out and "everybody is going to die !" mr. biden: we have 4% of the world's population and we have 20% of the world's deaths. what is he doing? nothing. pres. trump: we had the greatest economy in the history of our country last year, including in the state of florida, where we are now, pennsylvania, every place -- the greatest economy we have ever had. we had to close it down, we saved two million lives. we are opening it up, we have a v-shape, and it is coming back very fast. mr. biden: you have 91 of the fortune 500 companies not paying a single penny. if you raise the corporate tax, which is a fair tax, you would raise $1,300,000,000,000 by that one act. pres. trump: i just don't know about qanon. >> you do know.

pres. trump: i don't know. pres. trump: no, i don't know. what i do know is that they are very much against pedophilia, and i agree with that. mr. biden: if you take a look, we are not very trusted around the world. when around the world it was asked, who is a better leader, the president came behind both putin, as well as xi. and look at what putin is doing. ♪ tom: while you were sleeping, some of the highlights of two debates last night. 18, 19 days to the election. really centered on the animosities, as described. with us, gideon rose of "foreign affairs" magazine. celebrate a wonderful issue here. one idea is the american distance of taiwan to china is 81 miles. the reality is, it is taipei and it is beijing, 1307 miles as well.

the other idea here is your wonderful essay, "china thinks america's losing." really provocative. how do we reverse that tone? gideon: this is a good piece in the new issue. the argument is, just like osama bin laden was convinced that we china isweak horse, basically convinced that the trump administration's policies are a frantic national response to decline, and that the united states is now basically aware that it is not just losing, but aware that it is losing and trying desperately to clamp down on china to prevent its rise. that's not a plausible take. it would be traditional for national powers to do that. there is some sympathy for that within america. the trump administration and others are trying to drum up a yellow peril. i don't think that's inevitable. ear fever ofur-y

this administration passes into history and you have a new administration, whenever that is, what will stay and what will go back? or what will become new? there is no question there will be a tougher line entrée going forward. we are not going back to the era of big international trade euros, unfortunately, as far as i am concerned. china and the united states can be rivals without necessarily having war. the question is, can you have sort of a conscious breakup rout fromn a sort of the old policy towards a new one that is rushing towards war? francine: who has tech supremacy between the u.s. and china? there is going to be a winner and loser or can both the u.s. and china win? gideon: i think that tech is such a large and amorphous question an area that there is

not a simple win-lose dynamic. the ultimate determinant is going to be which system does well with its tech. china is doing well on tech because they are investing a lot of money and have brilliant people and are putting a lot of effort into it. we did that with our system and invented the modern internet era decades ago. system -- our our system lively and dynamic in a way that can outcompete china? there is no reason we are inevitably doomed to lose to china on tech. our system generated all the good stuff in the first place. can we get our car going? much.hank you so it is greatly appreciated this morning, and again, in celebration of a really interesting issue here in november. by the time you get through it, you will have a new second term trump or first-term biden. what are we missing predicting

the next crisis? coming up, the challenges on the domestic front, the lieutenant governor of new york city will join us. data churning is what i would call it. dollar fractionally weaker. stay with us. the prime minister active on this friday. this is bloomberg. ♪

♪

>> this is "bloomberg surveillance." i am ritika gupta. hack attack on the robinhood app was wider than previously known. bloomberg has learned that almost 2000 accounts were compromised in a hacking spree that has siphoned off customer funds. last week, robinhood said a limited number of customers had been struck by cyber criminals. jack ma's ant group plans to increase the valuation of what would be a record-breaking ipo. ant's target is now at least $280 billion because of strong demand and hopes to raise about $35 billion in the sale. the company plans to list shares both in hong kong and shanghai on the same day. and earnings bounced back last quarter at the parent company of mercedes-benz. daimler posted better-than-expected profit. recovering car sales and cost cuts also gave the company the confidence to predict its momentum will last through the

end of the year. that is your bloomberg business flash. francine: thank you so much. the markets, we are seeing a bit of a lift to the markets. the focus is on some of the industries that are better-than-expected. we had some encouraging news from lvmh. we are expecting boris johnson to decide whether to quit eu trade talks or not. we should get a decision soon. we don't know the time of that but i am looking at pound movement, 1.2929. in the next data check, i am going to put eurosterling. tom: eurosterling in the next data check? look law telling me what to do -- lacqua telling me what to do. where are you going to get that on a friday? eurosterling quoted out to five digits, fractionally stronger sterling against euro this morning. only on bloomberg surveillance. futures up five, dow futures up 32. a bit of green on the screen right now.

don't know what to make of it on a friday churning in the market, looking for direction, no doubt based on an earnings season forward. coming up, one of our most anticipated guests, professor galloway of new york university, on the digital dominance that exist today. scott galloway on the power of those 4. must listen. please stay with us. from london, a very active london. from new york, rain coming in. this is bloomberg. ♪

♪ this is "bloomberg surveillance." president trump was on one

channel, joe biden was on another. the town hall event replaced the debate that was scheduled for last night. president was asked about qanon. pres. trump: i just don't know about qanon. >> you do know. pres. trump: no, i don't know. what i do know is that they are very much against pedophilia, and i agree with that. ritika: in a town hall moderated by george stephanopoulos, joe biden was asked whether democrats should pack the supreme court if they take control of the senate. mr. biden: no matter what answer i gave you, if i say it, that's the headline tomorrow. it won't be about what's going on now. >> don't voters have a right to know? mr. biden: they do have a right to know. they don't have a right to know where i stand before a vote. >> you will come out with a clear position before election day? mr. biden: yes, depending on how they handle this. ritika: the candidates will face off next week in the final presidential debate. president trump fell well short

of joe biden last month when it came to fundraising, according to a filing. the trump campaign and the republican national committee in.ed almost $248 million september a day earlier, biden's campaign announced it had taken in a record $383 million. the coronavirus's march across the u.s. midwest has caught up with the region's most populous states. illinois, ohio, and michigan are seeing big jumps in cases. yesterday, eleanor reported more than 4000 new cases -- illinois reported more than 4000 cases. in michigan, hospitalizations have risen 31% the last week alone. in the u.k., prima disturb -- prime minister boris johnson's coronavirus plan has descendents or chaos. local leaders are rejecting his approach. government scientists are calling for emergency lockdown to slow the rate of inflection. 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 berdych a group to. this is bloomberg -- i am ritika gupta. this is bloomberg. tom: it was my book of the year in 2018. he has followed it up with "the algebra of happiness." it has been way too long since professor galloway of new york university. you are brain dead, board. "the 4" is as fresh now as it was back then. i've got to come to you with your classy backdrop of all those newspapers, the nostalgia professor galloway, the international herald tribune. remember the first time you went to europe and had to have a cup of coffee like francine has everyday? you would read the international tribune and sound important. forget about it! right now, what matters is twitter and facebook. they are going back and forth on

what to publish, what not to publish. are twitter and facebook news organizations? scott: yes, the definition of immediate -- great to be with you. the definition of a media firm is an organization that uses media for reach and influence. there has never been a media firm that is more of a media firm than facebook. media firms have some sort of vice. facebook and twitter for the first time are being truthful that they do in fact have a bias. everybody is going to complain that the bias is against them. these firms are finally admitting that we have to have some sort of editorial control. if we just leave it to algorithms, algorithms are going to decide that each of us is more profitable if we are enraged and polarized. tom: those newspapers behind you had a correction page. the correction page for twitter is very visible.

appropriate correction page or do they need a different process, given their digital dominance? scott: i think they need to do a couple things. one is to recognize or acknowledge that having some sort of content moderation is about the realm of the profitable, not the realm of the possible. they have exponentially more resources than bloomberg or the new york times or the wall street journal. algorithms are trained to spread misinformation and give it more oxygen. freedom of speech is not freedom of reach. i think a lot of this would go away if they demanded identity. i think a lot of the hate and venom comes from the fact that people can hide behind fake accounts and bad actors can bots. it's time for these organizations to stand up to a fraction of the scrutiny that every other media organization has been subjected to for the last several decades.

francine: how do you do that if some of the bots that you are alluding to could originate from also for entities outside of the united states -- from foreign entities outside of the united states? scott: they should demand some sort of identity verification. they have ignored this, slow rolled it, practiced delaying up eustachian. the mark -- up eustachian -- obfuscation. the incentives here are perverse. these organizations have done tremendous damage across teen depression, weaponization of our elections, misinformation, and because of poorly written legislation, they have been immune from any sort legal liability. it is time for that to stop. i think the end of big tech as we know it is coming pretty fast. francine: this would be because of regulation? is there worry that regulators

look at this and they are always a step behind, because they are not the tech people that understand what's going on? scott: there is a fear they are already a mile behind. i think there is some basic regulation, whether it is breaking up facebook, or whether it is rewriting or updating 230, demanding that twitter have some sort of identity verification. i think there is some fairly simple steps, once you get past several hundred lawyers or massive lobbyist organization they put in place to ensure that this behavior. tom: i want to get this question out here. we are thrilled that galloway has put on a tie this morning. way too early for a professor on a friday. amazon's revenue has doubled since you put out your book. is amazon the standard oil company? are we on the edge of rockefeller here? revenue has its

doubled but market capitalization is up four to five fold. this pandemic feels as if it was tailor-made for amazon. the stimulus could not have been trumped up by shareholders of amazon, nor the federally mandated closure of 90% other composition -- competition. google and facebook will probably be easier to break up. amazon sheds or gains the value of all specialty retail and all the department store industry in any given week. this is a company that is now worth more, not even worth more, and the last five months, tom, amazon has likely gained the value of all retail in europe. the numbers here are just staggering. i think these companies have blown by any reasonable sense, especially if you go back to brenntag and antitrust, they become too. -- powerful. tom: i am going to flog the book, folks.

he sold the movie rights. ur," is a provocative book, even now in 2020. galloway will continue with us. coming up later, this is really important at 8:00, morgan stanley has been on fire in terms of research acuity. their chief global economist joins us. we are thrilled to get an update on him in the 8:00 hour. that is a show that features jonathan ferro and lisa abramowicz. theres, galloway lifts market. amazing. this is bloomberg. ♪

ritika: this is "bloomberg surveillance." i am alive in the principal room. coheadup, goldman sachs of the investment banking decision, greg lim cow. this is bloomberg. ♪ ♪ tom: "bloomberg surveillance."

getting you ready for the weekend in an election season. it will be an extraordinary weekend. imagine the sunday talk shows. francine lacqua with extraordinary news flow in the united kingdom and across europe on the pandemic and in the prime minister with europe on brexit as well. right now, we digress. we are going to rip up the script. tania for emailing in on the latest tuition check. scott galloway, how about that virtually tuition? gallowayike scott really need to take a pay cut because nobody has shown up in class? scott: we definitely need to reduce costs, tom. tuition is up 1400% in 30 years and the product has not changed. right now, you can best describe universities as the best -- most expensive streaming video platform. we have stuck arch and out. we think of ourselves as luxury

brands. the fist of stone of covid-19 are coming for education on the reckoning is overdue. tom: what will be the micro e-minis of that? there can be ambiguities -- microeconomics of that? what do you think will be the distinction or catalyst that will force that revolution in education? scott: simply put, demand destruction. the guys at the top of the universities are fine. for every person they accept, they reject nine. the folks at the bottom will be fine because they charge a reasonable to wish and. the near or pretend ivy's are about to experience a lot of pain. i think you can see a thousand universities go out of business in the next five years. francine: i also want to talk about tesla. i was reading some of the things that you wrote. there was one that really laid me left, which was financial crisis, easy money for regulation. you

is that what is happening with tesla? scott: i should just disclose to your viewers that i have been consistently wrong on tesla. i thought it was overvalued when it was at 1/5 of the price. tesla was the most valuable automobile company behind volkswagen, daimler, and toyota. now, it is the most valuable automobile company. 400,000 cars produced versus the other three that combined produce 24 million. what could go wrong? i made the mistake of believing this is a car company, but it has become more about narrative the numbers. this is the ultimate story stuck. see above, i have been wrong on this consistently. tom: i remember elizabeth ualloway, scott, and t tulip mania,n the

is there an equivalent? scott: you and i are old enough to remember that instead of robinhood, it was e*trade. mnstead of tesla, it was dot-co stocks. it feels things have become so frothy. maybe it is a new economic model. this is beginning to feel eerily reminiscent of 1999. francine: what's a catalyst if we were to be in a bubble? what's the catalyst to burst it? scott: that's a great question. 999, people think it was it was hence of a depression in japan that caused selloffs. everybody is trying to find safe harbor, bulletproof stocks. companies like snowflake trading at 70 or 80 times revenues or a tradinglike talent tier

at 22 times revenues. it feels a little bit like, you know, consensual hallucination is my academic term for crazy town. this feels very, very irrational, for lack of a better term. francine: again, does that stop when the fed hikes interest rates? does it stop when we have a double-dip recession? what are markets actually looking at? --tt: i think it is probably i think it probably starts where it has been most frothy. that is, these companies fail to live up, they are priced to perfection, so the moment they do not offer that sort of perfect earnings, that sort of incredible growth, and people a services company masquerading as a sass company. it might spark a broader selloff. that is really tough to predict. it is also tough to predict when it happens.

the economists predicted the dot-com explosion perfectly. they predicted it in 1997 and the markets went up another 40%. francine: interesting conversation as always. with the bloomberg business flash, here's ritika gupta. ritika: auto sales unexpectedly rose in europe last month for the first time this year. new car registrations were up 1.1% in september. italy and germany reported increases. that offset declines in france and spain. for the year, european auto sales are down 29%. a path of nikola sees ahead for his embattled electric truck company. that's even if the startup is unable to come to terms with general motors on a proposed partnership. the ceo tells bloomberg that nicola can always revert to what it calls a -- of nikola can always revert to a base plan without g.m.

fewer americans will go trick-or-treating this halloween because of the pandemic. the worst effect may be felt in africa, where the raw material for chocolate is grown. top cocoa producers in ivory coast and ghana may struggle to keep paying farmers a premium. chocolate makers in the u.s. are likely to buy less this year. halloween sales account for 10% of her she's -- hershey's business. francine: thank you so much. coming up, we speak with dr. andrew pekosz. we talked covid-19 and lockdowns. this is bloomberg. ♪

♪ >> as far as the mask is concerned, i'm good with masks. i tell people wear masks. just the other day, they came out with a statement that 85% of the people that wear masks catch it. >> they did not say that. i know that study. pres. trump: that's what i heard and that's what i saw. mr. biden: it is estimated that by every major study done that if in fact we were masks, we

could say between now and the end of the, 100,000 lives. >> and avoid lockdowns? mr. biden: and avoid lockdowns, yes. you don't have to lock down if you are wearing the mask. francine: comments from trump's town hall and joe biden. here to help us break it down is hopkinsekosz, john university bloomberg school of public health professor and virologist. professor, why is wearing the mask still something that we are debating on? andrew: it is difficult to understand that when you look at it from a public health perspective. it is quite clear that we know how to reduce cases. mask wearing is one of the critical things. social distancing is a second thing that goes hand-in-hand with the mask wearing. it seems to be more of a politicized issue these days. that is turning back in terms of reduced complaints for

something that we know is rather straightforward way for us to reduce cases and keep the economy open. francine: if you look at the week that has been, we are friday, there has been several pauses in clinical trial's for antibody therapies and vaccines. is that part and parcel of what was expected or is this concerning news? andrew: well, there is two important things to note. when these trials are stopped, that is a sign that they are monitoring well for adverse effects and independent review boards have been looking at the data trying to assess whether these are random events that are happening when you do studies that involve 10,000, 30,000 people, or whether it is something to do with the treatment itself. it is a good thing that we are catching these things and they are being analyzed. i think it is also a reminder that while we have gone really far in terms of development of vaccines, we are not there yet. we are not across the finish line yet. this last bit of studies are

going to be incredibly important in terms of proving safety, proving efficacy, and then gaining the public trust so that when vaccines become available, and they will be available, we know that they will be a good number of people that are willing to take it. if a majority of the people will not take a sars cov 2 vaccine, we are in the same situation that we just described for masks. we will be using something at a less than effective rate and will not have the large enough impact that we need to keep the economies open and to keep life back to some level of normalcy. francine: two large treatment trials were also published. what did we learn in those? one actually worked, and something else does not. andrew: the remdesivir trial studies were published and are quite encouraging. they actually support some of the treatments that the president received when he was ill, the remdesivir trials show that not only getting the drug

early helped, but if you are suffering severe disease, the drug seemed to help at that point in time as well. the final nail in the coffin for hydroxychloroquine came in as well. it is clear that in a rather large study, there was no benefit to treatment. in fact, there were increased amounts of adverse effects. it is a great example of hydroxychloroquine, really, we use similar compounds like that in my laboratory and they work wonderfully in tissue culture dishes. that drug has never translated into an effective antiviral in populations. it is why we do clinical trials, why we cannot assume that something that works in a laboratory can work in the human population. , theree: andrew pekosz are a number of countries in europe that have gone into further restrictions, even lockdowns. what is the right way to balance health and economic concerns?

are we better at treating march?9 than we were in are we going to see less deat hs, even as people go out? andrew: the severity of the disease seems to be changing. mortality andhe the disease severity rating and younger populations is lower than in older populations. that's one reason. i think the medical infrastructure has really learned how to treat covid-19 patients well. as care people are getting much better and has much better outcomes. i think from a public health perspective, you know, now is the time that we should be calling on the social, the contact tracing networks that we have had time to put in place to really ask, where are these cases coming from? what are the situations that are driving these increases in

cases that are occurring? europe is one place. northern and midwestern u.s. is one other place where we have massive increases. the contact tracing should be telling us where these cases are coming from and then we can put in place targeted measures to reduce those cases without having to resort to a massive nationwide lockdown, like we had to do back in february and march. francine: andrew pekosz, thank you so much. he is from johns hopkins. check out bloomberg for the latest information. tune in every day for exclusive conversations with the johns hopkins experts. coming up, plenty more u.s. politics, plenty more on brexit. ♪

♪ >> we are now fully in this reflationary reopening stage of the economy. >> people are now finding ways of carrying on their business. >> half of the economy is going to have come back. the other half can't come back. >> we will struggle to get to a 2% sustainable reit. -- sustainable rate. the world islizing not a perfect place, and we are just in it for the long haul. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. jonathan: 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. friday morning, equity futures positive six points. it feels like "groundhog day." fiscal talks, brexit. but it kind of matters, i guess. tom: we are all