lose weight, look great, and be healthy. get off the floor and get on the aerotrainer. go to aerotrainer.com, that's a-e-r-o-trainer.com. manus: good morning from bloomberg's middle east headquarters in dubai. memarie hordern is alongside at london hq. let's get your top stories on the agenda sheet this morning for you. the global stock market's retreat after u.s. intelligence officials warn iran and russia

are attempting to interfere with the presidential election. they say there was no hacking involved. 12 days until the vote. spain is the first nation in western europe with one million virus cases. it comes as u.s. hospitalization rates reach a two month high. stimulus, the wrangling continues as the white house says the goal is to reach a deal in 48 hours. the pound surges the most in six months as the u.k. and european union will resume talks over a post-brexit trade deal, just a week after boris johnson walked away. negotiators arrive in london today. it's just gone 6:00 in london. it is 1:00 in washington where procrastination and politics play out. some read headlines which we have to do first. to germany. we have breaking news there. germany's daily coronavirus hits

a record. that's 12,330. a quick top line. a blistering beat. 2.9 9 billion dollars. 2.75 billion dollars. 36% margin, larger than expected. what sets the agenda for you this morning? annmarie: quickly going back to germany with that record rising cases. we should say that the german health minister talked about the fact that texting is not worth it anymore. the cases are accelerating so fast. he's a growing number of politicians who have tested positive for covid. the pandemic is front and center, given the fact that we don't have a stimulus deal in the united states. procrastination continues. brexit talks are back on. pretty underwhelming.

manus: indeed. we will have a conversation. the ceo.alk to he will join us. it's an exclusive at 9:30 a.m. this morning. these markets are moving. there are many depth charges in the bond market. i had to get that in there before i moved on. annmarie: i know you are obsessed. how can you not be? yesterday was interesting. the notes coming out from the analysts as well as from liz mccormick talking about the fact that we have steepening, especially if you look at the five and 30's. you cannot fight the fed. cap on these yields. look over to the board. equities, red arrows across the screen. msci asia-pacific down. u.s. futures dipping lower. 10 year yield holding onto that

eight basis point handle weekend on wednesday. the pound at 1:31. how your pound is good for me. this is in a great exchange. for me, it was an underwhelming standoff when it came to, now that we have talks back on. was anyone holding their breath? we will discuss brexit later with maria tadeo. one of our top stories today. american intelligence officials are warning of foreign interference. >> we have confirmed that some voter registration information has been obtained by iran and separately by russia. this data can be used by foreign actors to attempt to communicate false information to registered voters. annmarie: this will be a conversation at the final presidential debate taking place this evening. joining us now is our senior

editor. what do we know about this interference? let me break that statement that you just played in half. it is not hard to get voter registration information. it's public. voter, itc who is a is public whether you voted in the last election. anybody watching this program right now could get voter registration files. presented was one -- we should be clear. this press conference was then on details. it was a pretty big allegation. we are expecting more to come out in the coming days, maybe as soon as later today. part of the thing that we were seeing was reports out of florida where people got contacted by somebody, who knows who, who is claiming to be part of this proud boys organization.

basically sending threatening emails to democratic voters, warning them to vote for trump, warning that they would know if the person didn't and bad things would happen. that caused a lot of alarm. that appears to be what the director of national intelligence was referring to with some of that threatening email thing. iran has denied this. we have a quote from a diplomat at the uranian initial -- mission to the united nations. manus: we have a debate tonight, which is going to be interesting, the logistics. we were exchanging emails this morning. we look at the election so far. 43 million. we are above 25% of the electorate have early voted.

that's a gargantuan number. do we know any more depth on that? raymond: it -- derek: it is. the depth that we know about that is going to influence how i'm watching this debate that's coming up. i will tell you why. know is 49, what we that democrats are planning to vote earlier than republicans are. they are using mail-in ballots more. they are using early voting more. a lot of that democratic vote, that base vote is baked in already. some of these people who are really flipping anti-trump is baked in already. when you look at this debate, understand that the persuadable electorate liens a lot more republican than the electorate at large. because some of that democratic vote is already bank. what you are looking for here is biden appealing to those soft trump voters who are maybe

gettable. you are looking at trump trying to turn out his base and maybe stop some of the people who are laid on biden. that's what you are looking at. it is not a debate everybody else. there's going to be a mute button. there has never been a mute button before. this will be an unprecedented debate. manus: there are people on the show who would like a mute button for me. thank you very much. annmarie: that's not me, by the way. manus: not my cohost, of course. the production and floor crew. we will talk to you more. let's get to our guest. raj shant. great to have you with me. i would say that the tail risk now ratchets higher. a little interference back in the agenda. iran and russia. let's see what is proven and comes out. we have to reassess that tail risk again. fightracted, protracted

for sits in the house after the selection. raj: i think that's the case. it's worth noting that markets don't play favorites on political issues or social issues. both candidates are seen as being relatively market friendly. the one risk is a protracted dispute of the election. that was abating leadership -- recently. what the work -- market wants more than anything is to have a clear, decisive outcome. and then we move on to business as usual. any suggestion of foreign interference or skulduggery domestically would cause some concern in the markets. it depends on how seriously this report is going to be taken over the next few days. wilson at morgan

stanley is saying that his team, the base case would be that we could have uncertainty for three weeks leading up to thanksgiving. in that time, if we have a market selloff, that's the time to take on risk. do you agree? where are you looking? think that there could be a lot of volatility if there's a disputed outcome. mosthe markets, that is disconcerting. i think it is a traders game if you try to play that. it is hard to know, once you get into that process, how long it will last, what the impact will be, and what the outcome will be. i think far more profitable for investors is to keep their eyes on the prize, the longer-term winners, those companies that have strong structural supports,

that are growing their markets, that are thriving in this pose pandemic -- we are not post pandemic yet. we will do well over the next few years. rather than try to focus on the outcome of the election as such, neither candidate is overtly antimarket, i think it's more important to focus on company fundamentals than to try to second-guess or triple guests the outcome of a disputed election. no nones. can we project on that? hopefully be a fiscal stimulus. the quantum and quality is tbt. the other quantum is a new tax regime. that can knock earnings. goleman sachs saying 9%. are you concerned about the tax outcome on a blue sweep?

raj: not really. cuts, thewith the tax market discounts it relatively quickly. it would be a step change thereafter and nothing much to write home about. the winners are the companies revenueslow their consistently. they are likely to still struggle in the years to come. program ormulus additional fiscal aid to people that are really struggling in the u.s. is important. it forms an important base or safety net for the economy. thereafter, i don't think that really affects the shape of market outcomes. i think what the equity market seeks more than anything, you can see this across asset classes, is some element of

growth. i think it's really relatively clear which parts of the economy and market are able to generate that growth. manus: ok. raj: that's what investors will end up focusing on when the initial wave of digesting the outcomes of the election have passed. annmarie: hold that thought. we will bring you live coverage of the final u.s. presidential debate, mute bunton -- button and all, tomorrow morning. coming up, inching closer. nancy pelosi says she and mnuchin are making progress on the stimulus deal. we've heard this before. the saga continues. stay with us. this is bloomberg. ♪

annmarie: very good morning to you. as the virus rages on in the united states, hospitalizations for covid-19 have reached a two month high, the numbers at the highest point since august 22. while we still don't have a stimulus deal, nancy pelosi's camp says she and steven mnuchin have made more progress. they are set to speak later today. senate republicans continue to raise objections. our guest is still with us. quickly, your thoughts on the stimulus. your initial reaction in terms of, do you even see a deal coming to fruition that is a lot of spending? with the bond markets. whether or not the white house get a deal, there's a massive hurdle. that comes from mitch mcconnell it republicans in the senate. i'm not anow,

political pundit. i could not handicap those odds if i tried. it's one of these issues where main street is looking at congress and saying, what's going on? it's a sign of a dysfunction going on in u.s. politics. the two sides simply can't meet, can't compromise and flesh out a solution. i hope for people struggling in the u.s., that there's a deal. anything is possible in the scenario. i do think that it's more symbolic of the fact that there's a dysfunctional system where partisanship is really taking priority over the genuine, immediate needs of democrats and republicans at large. thing that is becoming unseated, i said at the start, the mini depth charge. there was a mini depth charge in the bond market.

the debate is this. a great note from betty heymans. away froms walked negotiations. a flash crash in the pound. the tricky october and 2016. is there a risk of a mini temper tantrum? there is yield curve control at play. what are my risks as i look at that? raj: you know, i think if you look around the world at the record amounts of debt being taken on, every part of the world, that was already the case before the pandemic hit. during the pandemic, governments, corporate's, surging levels of debt overall. i would fall into that camp of lower rates for longer. i think it would be a very brave central bank that would step away from this exercise of field of mass this exercise asset purchasing. and allow market rates to start

to drift out. we are in this situation -- no forget. in japan, we moved to zero interest rates in 1999. we are still there now, slightly negative. once you hit the ultra low interest rates, it's a most impossible to get out. you can bankrupt large segments of society and the economy the moment you start raising rates. i do suspect that once we have occasional wobbles, it would be very brave for politicians or central bankers to walk away from yield control, from massive asset purchases. once you start doing that, it's very hard to reverse that policy. there is no exit strategy. thank you very much. through the bond markets. thank you for joining us.

let's talk a little bit more about the words negative yielding debt. it is striking distance of another all-time high. bonds worthon of subzero yields. nearly $17 trillion record set last year. with all that in mind, let's get to dani burger. she has the details. raj: this comes after -- dani: this comes after the dip of value we saw. governments taking out more deficits, especially the central bank. really adding more easing into the system. huge buildup of negative yielding debt. the most interesting part is when you dig underneath the surface and see which countries and types of debt are really contributing to this. it is really all about europe and this recent surge. we had brussels really shock the bond market with this 17 billion

euros worth of debt. it had those sure bonds. it had a 10 year maturity for some of them. 20 for the other. the 10 year was at a negative yielding price. we saw investors eat that up. for the first time in years, we saw euro corporate credit bonds with zero debt. they surged to about $1 trillion worth. it is government bonds, really adding to this pile, nearing another record that was set last year. annmarie: the pile is growing. what is the fallout? dani: the fallout is that same story of investors going up the risk curve, looking for where they can get that yield. the difference this time around is it's happening throughout different parts of the bond market. this is some investment-grade, rising to $5.3 trillion. the fallout might look very different than from the 2008 crisis, for example.

this is what it looked like in 2007. the pile was so much smaller. this time around, a big surgeon crack -- private credit. according to blackrock, a lot of these companies that are issuing debt are not going to survive. that means this time around, investors are piling into bonds of companies that will have to drastically restructure. annmarie: dani burger with the numbers on negative yielding debt. coming up, easy futures. tesla reaffirms its goal to deliver 500,000 cars in 2020. an update from the west coast, next. this is bloomberg. ♪

♪ with: daybreak europe manus cranny by and annmarie hutton -- hoarder in london.

tesla, i love this. fifth straight quarter in a row of profits. they are on track to deliver 500,000 cars by the end of this year. a bit of an aspirational number despite weaker sales. >> we lack for affordability. we have to improve affordability of our cars so they are not out of reach of people. we want to bring them and reach over time. our cost of production. ludlowlet's get to ed who is our reporter in chief of tesla. good to have you with us. thanks for staying up late. run me through the details on the earnings. the park.ok it out of congratulations on the job. ed: a convincing beat from tesla across the board. this expansion is around 22%.

operating margin of 9.2. in the motor industry, it is something that any automaker would be jealous of. they achieved records in the quarter. if there was one thing we didn't hear, it was about demand. china, u.s.? europe? they deployed price cuts in both the u.s. and china in the quarter. they said demand is intact. we are assuming it stays the same. most analysts have said that that is pretty ambitious and tesla has self acknowledge that it will be more difficult. production capacity and annual capacity increased. between the two of them, it's looking like tesla cannot reach 250,000 vehicles per quarter production wise. it is definitely attainable. one bonus for investors would be tesla's financial health.

that is something investors have been calling for for some time. annmarie: thank you for staying up. it's after 10:00 p.m. in san francisco. he's not even on the phone. he's joining us right there on camera. happens.at's what ed: a profound impact on the top and bottom line. it is continuing to be a concern for investors. ultimately, tesla has recorded more in regulatory revenue in the first five months of this year, double last year. investors are still asking if there's evidence that tesla can be profitable on an ongoing basis through the business of building and selling electric vehicles. blamed competition from the likes of gm, ford. annmarie: we have to leave it there. thank you so much for that report. coming up, facing the music in

nashville. trump and biden, next. this is bluebird. ♪ -- bloomberg. ♪ are you frustrated with your weight and health?

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now it's your turn to lose weight, look great, and be healthy. get off the floor and get on the aerotrainer. go to aerotrainer.com, that's a-e-r-o-trainer.com. annmarie: good morning from bloomberg's european headquarters in the city of london. manus cranny live from dubai. here's what you need to know today. global stocks retreat after u.s. intelligence officials worn iran and russia are attempting to interfere with the presidential election. there was no hacking involved. 12 days until the vote. spain is the first nation in western europe with one million virus cases. u.s. hospitalizations reach a two month high.

stimulus wrinkling continues. the white house says the goal is to have a deal and 48 hours. the pound surges the most in six months as the u.k. and european union will renew talks over post-brexit trade deal. boris johnson walked away from negotiations. ♪ very good morning to you. just gone 6:30 in the city of london. let's break down earnings season. first quarter sales was a beat. they see growth returning in the second half. it's that growth that analysts wanted to hear about. return we hear what will see with that. what other numbers are coming out? top line sales be. we will see how the stock trades in just over an hour's time. jamison whiskey, one of the favorites.

eileen into that. that's to french winners today. amazing how the numbers stand up. it's the politics and provocation that dominates the markets. hope aboutis ongoing u.s. fiscal delivery. at some juncture, you have to call it dead on arrival. let's look at what it means for markets. all the way over from asia through the futures. yesterday was euphoria. today, the reality. s&p futures are lower. msci asia is lower. the stocks down by 0.15 percent. morgan stanley say any dramatic drop on those markets, you want to look at that as an opportunity to pick up the stock. they want to pick up that stock, rolet over.

have a look at bonds. many depth charge in the bond market yesterday. afford a rerun of 2016? boris walked away from brexit talks. the u cape the brexit ripcord. there was a flash crash in the pound. the biggest explosion upwards of six months yesterday. read headlines. jeremy has a record level of coronavirus cases today. 12,333. i won't sing it. let's go to nashville. annmarie: good morning. no,n't know if our viewers menace has a fantastic singing voice. we will be facing the music in nashville this evening. donald trump and joe biden go head-to-head in their second and final debate. this could have more substance on policies. the topics will be fighting covid-19, american families,

climate change, national security, and leadership. the candidates will have two minutes of uninterrupted time to speak at the beginning of each of the segments. there is a mute button this time. trump has more ground to make up in the debate as polls have him traveling. -- trailing. millions of americans have already voted. more than 4 million americans. manus: absolutely. they are there. you corrected me this morning. that's fine. no problem at all. change is one of the official topics for the discussion on the debate. joe biden's green plan is likely to be the focus from his side of the room. what will the president have to say about that? the candidates climate proposal promises to put the u.s. on a path to 100% clean energy, net zero carbon emissions no later than 2050. it also vows that greening the

u.s. economy will create millions of jobs, good paying jobs. many of them in union jobs. the head of multiethnic growth at schroders says a decisive victory for joe biden would lead to legislative changes in environmental policy in the united states of america. reporter.to our green good to have you with us this morning. what did the experts say about joe biden's climate proposals? are they achievable? i will not be around in 2060. are those targets achievable? >> it's a very good question. one of the things we should recognize upfront is this is the most ambitious climate plan put forward by any presidential candidate in the u.s. so far. on that basis, what joe biden has said is achievable. there are two big goals he has

set. one is to get 100% clean electricity by 2035. i hope you will be around to see that. 2050, why not? annmarie: [laughter] >> it's a goal that is certainly possible. the eu has set the same goal. net zero green hall -- greenhouse gases by 2050. what experts say is difficult is that that may not be enough. to be able to meet the goals of the paris climate agreement. there are two goals to the paris climate agreement. one, limit temperatures to two degrees celsius. that is possible. the more ambitious one is to limit temperatures to 1.5 degrees celsius. joe biden's plan wouldn't do that. annmarie: what about the debate tonight? will the president spend any time on the subject? what is the latest on green energy or climate change from this administration? >> this is the first time that

climate change is officially on the debate. the first debate, climate change came up because joe biden brought it up a couple of times. a question was asked. we know from president trump's stance on climate that he doesn't take it very seriously. he has called it a hoax in the past. he doesn't have a plan. because it's official and on the debate list today, maybe he will talk about his plan to plant one trillion trees. that's about it. we don't really have anything substantial from the republican party beyond rollbacks on environmental programs, more licensing for fossil fuel industry, and planting a few trees. annmarie: our bloomberg news green reporter. he might be one of those staying up very late this evening. live coverage of the final u.s. presidential debate from 1:30

a.m. london time tomorrow morning. or this evening if you are staying up late tonight and washing us on the east coast. the european union commissioner for budgets says the blocks record-breaking sale of joint bonds is a game changer for the european union. cementing its status of a -- as a global issuer. maria tadeo spoke with him in an exclusive review. what is driving the market appetite for the eurobond? that it is denominated in europe is another issue. the fact that we have launched, [inaudible]t time, mixture which created the success story. >> can you tell us about who bought the seat -- these bonds? or u.s.?inly europe >> two thirds of the investors

that we are speaking about from the european union, many of them are from asia. a few from americans, south and north, in particular canada. it is quite a good mixture. we are quite happy for this. >> it was definitely hid. it was really big the amount of numbers that you were able to bring in. on that note, given the appetite we are seeing, what will the next deviation look like? how what -- much will we see? what is the structure you have in mind? probably, more reluctant about the opportunities. suppose that we will try to raise at least, by the end of

this year, 30 billion. if it's more, it's fine. we will try to split this year and next year when it comes to shores. >> the structure would be the same. syndication through banks. >> for the moment, yeah. >> my understanding is that the european central bank already started to buy these in the second market by the end of the week. >> indeed. >> i have to ask you a question which imes it -- i'm very curious about. perhaps this has been so successful that you can compete with the bund. assets.e are you a competitor to the bund? >> we are well correlated with the member states, in particular the big ones. -- this iser ones not our intention. we have to work together in such

touch times -- tough times. there shouldn't be no concern for anybody. >> when you look at the next generation eu budget, the bonds that will be issued, do they have to have a clear component of green elements? countries have not submitted their budget plan yet. how are you going to make sure that there is greenwashing when it comes to european bonds? >> because that is our commitment, the recovery and resilience fund is the core .lement 7% of the expenditures should contribute to the green deal. wee than the 30% of bonds will issue as green bonds. in that respect, there should be a laser guarantee. union budgetropean commissioner there. we are not in competition to the

boom. let's get the first word news with laura wright. laura: good morning. progress on a stimulus deal in washington. senate republicans are continuing to raise objections about the size of the package. a spokesman for nancy pelosi says democrats and the white house are getting closer to agreeing on legislation. they floated the idea of a final vote on stimulus after election day. sources tell us a participant who died after astrazeneca's covid-19 trial in brazil has not received the company's vaccine. the firm cannot comment on individual cases but it's partner says it has no concerns about safety. in the u.s., the vaccine program warp speed says it expects trials to restart as soon as this week. a top u.s. intelligence official is warning iran and russia are attempting to interfere in the presidential election.

the director of national intelligence says tehran is already spreading false information to american voters. he will be calling on people to be vigilant and not allow assets to have their intended effect. global news 24 hours a day on air and at bloomberg quicktake, powered by 2700 journalists and analysts in 120 countries. this is bloomberg. annmarie: coming up, household wealth hold steady despite the pandemic according to a new credit suisse report. we will have an update on that. this is bloomberg. ♪

♪ annmarie: 6:45 in the city of london. debt is holding steady in 2020 according to a new report from credit suisse.

that's to fight the aiken -- despite the economic turmoil from covid-19. before the pandemic, global wealth was expected to be about 77 thousand dollars. it has dropped to 6000. dr. nannettew is hechler-fayd'herbe. i read through most of your report. i have a lot of highlights going on. the first fact out of this, global household wealth is above the level at the start of the year. economicat, given the fallout from the pandemic? bynette: it is explained what financial assets have done. financial assets in many countries say the overwhelming -- play an overwhelming part. the help of central banks and fiscal agencies to stabilize financial markets altogether,

among many other objectives of this program, have helped financial assets to recover. that's what is explaining the steadiness of wealth. manus: the one thing that struck me, last week, we had the head of ubs wealth on. he talked about wealth growing by over $800 billion. you say that there is no firm evidence that this pandemic has favored the higher wealth, has systemically favored the higher wealth over the lower wealth. is that just because we don't have all the data? are we misinterpreting? stands that fact up? >> -- nannette: there's a couple things to realize. for sure, we don't yet have all the details available. those preliminary ones that we are having are showing that there is no firm trend in wealth within countries.

we will see how this continues to deadlock. it's very important to see how labor markets are going to continue to develop. this has been impacting savings within countries. what is the second important take away is that, of course, wealth distribution is not only how wealth is distributed within a country. it's also how wealth is distributed across countries. we have seen more shifts. it has all to do with exchange rates. when we are taking wealth and comparing it all on one basis, we are taking one base currency. for those countries that have seen their currencies depreciate against the u.s. dollar, there's a wealth effect. people are less wealthy in dollar terms in those countries. this is what we have seen already. shifts across countries. annmarie: you talk about this on

page 33. there will be an unusually large number of new millionaires and x millionaires. does that have to do with currency exchange or do you see a shift of where wealth is moving in and out of? nannette: no. this is to do more with sectors. we have all seen that some areass -- you see in what where the new millionaires are active. e-commerce, for example. some of the sectors that have to or classes that are more cyclical have seen x lean heirs. it is how the pandemic has affected different areas of the economy that is explaining this in all countries. the ability across sectors by

the wealthy. this: is there anything in report that talks about proclivity for risk or taking risk or becoming more risk-averse or a generational theft? you talk about the millennial generation and minorities. is there anything about risk-taking that you can tell us that is perhaps going on? seen is: what we have that, as usual, when there's high uncertainty, people tend to have more cash holdings. we have seen already in the data material that the flight to the safety in the face of uncertainty, a lot of people have been losing their jobs. this is what we have seen. say this is people becoming less risk taking and more risk-averse. it can also shift really quickly

once this uncertainty is ebbing away. thatinly, the help government and central banks in somevided is also, sense, stabilizing behavior of households. annmarie: when it comes to the country, usa, challenging times. the u.k. is a perfect stomp. -- storm. anything they can do to turn it around when it comes to health that household wealth? -- when it comes to household wealth? nannette: financial assets have come down in many countries in the first quarter of the year. they have not really recover to the same extent. wealth in the u.k. has been impacted by how the market has moved. also, the currency has played a role. so i suppose that if we have really the chances of eventually a deal, despite all the tensions

between the eu and the u.k., there might still be recovery of the pound overnight. we have seen how quickly it can go. that will be a meta-getting factor helping to restore wealth. really, the two most important points are to make sure that the economy does not fall off track. secondly, all conditions are given that market can recover to the same extent as the rest of the world. the pound is recovering as well. let's see where the brexit discussion brings us. great report. thank you for joining us. nannette hechler-fayd'herbe. global head of economics research at credit suisse. on howthe state of play

the pandemic is playing out on the wealth market and the rest of the world. coming up, the pound surges the most in six months. investors bet on a better conclusion to the brexit process. we bring you the very latest. this is bloomberg. ♪

♪ manus: it's daybreak europe. let's get you set up for your agenda for the day. 1:30 p.m. london time, the initial jobless claims. we talk plateau and in the u.s.. coca-cola hitel, the earnings report card for the third quarter. the world awaits a crucial hearing from the u.s. fda. they will consider whether any vaccine candidate is worthy of an emergency approval.

annmarie: the most important ,hing is to :00 london time donald trump and joe biden face-off in the final presidential debate ahead of the election. there will be a mute button now. back home in london, the u.k. and european union are to resume talks over a post-brexit trade deal. this was a very underwhelming stand. let's get the latest with maria tadeo. why should i believe that these talks are any different than the brexit fatigue we've had for the past 4.5 years? maria: [laughter] it's a good question. we've seen a lot of optics over the past few weeks on this. this time around, you have the going from today until leftover 25th. it's different. they are now willing to look into the legal text. that could potentially provide the basis for legal accord, deal

that you could on paper and would eventually become the final trade deal that we are waiting to hear from. manus: let's see whether it really does have think dry on the slate. this is bloomberg. ♪ so you're a small business,

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anna: good morning. welcome to bloomberg markets: european open. i'm anna edwards. matt: good morning. the markets say, do the beats even matter? euro looks set for a second day of losses. early reports post solid results. the cash trade is less than an hour away. here are your top headlines from thbl