>> i pledge to be a president who seeks not to divide, but unified. who does not see red states or blue states, only sees the united states. president-elect joe biden urging america to put away divisions and promises swift action against the coronavirus. he will unveil a task force today. global stocks had for record highs amid optimist outlooks over the new president and divided congress. shakeups in turkey.

the central bank governors replaced overnight. the lira jumps. monday, a certainly eventful weekend. tom keene joining me to look at the next president. i'm excited because your way out front on the turkish lira. seeing with the path forward for the investor is. biden,. all about joe tom: the president-elect tries to figure out how to change the dialogue on covid. and i can'try emphasize how perfect the weather is across such a nation. it obscures a massive increase in cases. hospitalizations are not critical, i don't know if it's the same tensioner feeling in london.

it's different here because we've been in lockdown for five to six days. ,e saw a record number of cases the u.s. numbers are actually staggering. 120,000 new cases last week. we look not only to the task force joe biden put in place -- will put in place, but the market reaction is muted, if not a little bit positive. the senate possibly being held by republicans meaning they will without thenefit extra taxes. global equities rallying to a record high. the dollar extending from the declines. treasury pretty much steady as well. testted to show a litmus and some of the currencies we are watching out for.

one .0 355 -- 103.55. turkish lira surging after the installment of a new central bank chief. tom: it's come back a little bit. underscore on a global basis it's stunning. there's been an international and small-cap move. futures up 51 on the vix. 24.74. it will be interesting to see how the vix develops today. of dollare mentions, weakness. i'm looking at the euro-yen which showscess stronger euro and a weaker yen. it has been an extraordinary number of hours for america. it's been stunning to walk out

and listen to central park and all of the -- all of manhattan as the announcement is made over the weekend. in manhattan, mr. biden took 84% of the vote. we are thrilled to start strong. truly definitive out of texts over the years and looking at our nation. with such respect for your academics, was a single thing you read about this weekend? : i sat and listened to biden's speech and i spent a lot of time thinking about it. the occasion. to

and some markers that are really important. some big challenges. one of them is to restore a sense of normalcy to the republic after four years of trumps governing. the second is to rebuild the executive branch which has been badly weakened by trump-pence to get-- trumps effort rid of civil service and he has to begin to make good on many of those aggressive policies. i made progress on all of these, the covid task force to try and bring the pandemic under control --the united states during in the united states. francine: do we need to see partial lockdowns? how will the economy take it. is is fact of the matter

joe biden is president-elect, he is not president. can do is begin the planning for when he does take over on january 20. we have a ways to go here. really the ball remains in the trump administration's court and i think the great fear is this is going to get much worse before biden actually enters the white house and his task force can take up -- bring things up to speed. that is frankly the reality. 70have a president-elect some odd days before he takes over. francine: what will happen in the next three months of trump presidency? what can he actually do?

what does he have the power to do at this point? he can pass a lot of executive orders that complicate matters for joe biden. joe biden is going to have to rely on executive orders if he ends up with divide the government which is looking likely. with a likely republican control of the senate. so he can complicate matters for biden bypassing more executive orders that biden will feel compelled to undo. on a more positive note, there is an opportunity for a stimulus package of some type of covid relief package of some type during the lame-duck. mcconnell has singled -- signaled this. it's probably in a much less than what nancy pelosi has in mind in the house, but nevertheless it's possible something is put on donald

trump's desk that he has to make a decision. the way smart move in for mcconnell to do this during the lame-duck because he is more likely to get something closer to what he wants then if he waits and joe biden is firmly in place. thunderstruck to take the states under 1%, that is pennsylvania, georgia, arizona in the fourth when i can remember. wisconsin. if mr. trump was to take the wouldtates under 1%, he have one electoral vote more than 270. he would have 271 electoral votes. i find that absolutely stunning. when does he concede? that's a great question. i obviously don't know the answer to this.

i think what we will be watching here is a process where trump comes to terms with the fact that he lost. and while yes it is close in all of those states, it is a pretty convincing defeat when you look -- while trump actually raised his vote count in the popular vote, what biden achieved is truly significant. that is a big number. calling for vote recounts rarely make a difference. the argument that the fix was in in terms of mail-in ballots, it does not pass the smell test. the problem for trump is that many down ballot republicans who were running for reelection did win. if the mail-in ballots didn't prevent other republicans on the ballot from winning, why should americans think it would explain trumps to feed. this is just a matter of time

before he comes to terms with it. on january 20, there's a new president. that's just a reality. so one has to leave the white house and the other one comes in. francine: peter, thank you so much. coming up as the u.s. looks ahead to 2020 and a new president, what should investors expect from the economy? that's coming up shortly. this is bloomberg. ♪

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white house not acknowledging it. there are lots of republicans trying to feel their way around that. , it was soto me important early on to say to the president if you're basis for not conceding is that there was voter fraud, then show us. >> one has to be careful in the choice of words. i think when you say the election is corrupt or stolen or is rhetoric that that the authoritarians around the world and discourages confidence in our democratic process here at home. francine: you just heard from mitt romney and chris christie addressing claims by donald trump of widespread voter fraud. biden.us is on joe this is largely exactly what we were expecting. president trump's anger was election fraud, but actually the world and the biden camp largely ignoring it.

camp unveiling his task force for coronavirus. fulfilling his promise that he will make that his first priority. i do not agree with this. the washington post has a spectacular article walking through the actual minute shaw the officeon -- in there is a euro crisis signs the actual document to begin transition. they haven't done that yet. they go back to the obama transition and show that they before mr.paper obama woke up the next morning. we are miles from that right now. we've been following this closely through the people in our ground where the experts on this and what they say clearly is joe biden is largely

ignoring trumps efforts at the moment. if theyre questions thought the votes had to be recounted and once they were recounted making a significant difference if he did make a victory speech or not. it does seem in many ways, i understand there's the signing. but in many ways, joe biden is moving on with the work expected of a newly elected president. at least from the outside world. this is what we have at the moment. andill dive into this more get to the chief economist at the ocp. this is bloomberg. ♪

francine: this is bloomberg surveillance. another special coverage of the u.s. election as we come to the end of it. 2021, u.s. looks ahead to what will the biden white house mean for trade in the economy. when will global growth resume after the deepest recession in more than 70 years? chiefg us is the economist at --. we know biden will focus on covid and then focus on climate change. that see a president

fulfills his campaign pledges, but a senate that remains republican, what does it mean for your outlook for the u.s. economy? what we have to look at is looking from the u.s. have been. ishink the first objective for the u.s. to actually agree on a fiscal stimulus package. necessary which may be and theyby lockdown may wish to restrict mobility. this does not lead to some shock , do something that would be larger because people would do their job and they wouldn't have enough income.

the income packages -- the stimulus packages the first thing with high expectations. what kind of stimulus package figure do we need to see to put the u.s. economy on better footing? what one needs to see is a tocal package large enough offset -- two elements are really crucial. those who have lost their jobs. who are on this replacement revenue. their consumption makes a difference. looking inthing is

the medium-term, there's been a lot of talk for a long time about infrastructure. that's one of the best you can do. wonderful to have you with us this morning. no country has been spared and that includes china where maybe all this started as well. better.w we cem doing we see weaker dollar. we see the currencies of the pacific rim doing better. is it a question of china uniquely and discreetly doing say they may oecd lead us -- the pacific rim may lead us out of this? >> i would distinguish between china.

it's true that china will likely be the only country with gdp .rowth this year it had a very strict lockdown. we have a block of countries , vietnamn, like korea who have managed the covid crisis. they are super efficient and -- andy breaking allowing people to resume normal lives. they have very good economic performance. the reason i'm saying that is i

think we should not only look at china, but all of asia. that is a fragmentation may leave the asian region leading the way with more acceleration of their digital technology. tom: one final quick question as well. what's the vector right now? is gdp declining with a lack of stimulus and coordination? is there a knowledge to the vector of growth higher -- to the vectorudge of growth higher? >> massive uncertainty, not only because of the virus, but a number of countries have place a not put in or doing sosolating

as much as we had hoped over the summer. we must address the uncertainty. to give as much village -- visibility. package,n unemployment that is contingent on the state of the economy. tom: thank you so much. futures in the u.s. up 54, starting stronger overnight and advancing through the asia and london mornings. the dow tells the story. 24.6 three, it will be interesting to see if we get a 23 handle further in the trading session in america. the 10 year yield, .81%.

dollar weakness giving way to flatness. up, ase: coming investors position for change in the white house, our interview with the blackrock vice chair. that andalk more about not only do we have a conversation on the markets, but we are focused on the turkish lira. a pretty busy weekend for president erdogan of turkey. this is bloomberg. ♪

mr. biden: i pledge to be a president who seeks not to divide, but unify, who doesn't see red states and blue states,

only sees the united states. our work begins with getting covid under control. restore vitality or relish life's most precious grandchildren, birthdays, weddings, graduations -- until we get it under control. i said at the outset i wanted to represent this campaign to represent and looked like america. we've done that. you who voted for president trump, i understand the disappointment tonight. i've lost a couple times myself. -- now let's give us other give each other a chance. tom: an important moment in american history, the president-elect speaking to the nation saturday night with pickup trucks and automobiles spread out in front of him, everyone socially distanced.

we proved again most presidents cannot dance. very carefullyd at the event. but it was remarkable to see across this greatly divided a student of a divided america, expert in all the different calculations of the trump administration and joins us now for wisdom on the electoral process. stephanie, what will you look for from a trump administration in the next 24 or 48 hours? stephanie: one would expect him to give a concession speech, but all indications are so far that he is not going to do that. on the contrary, he's pushing ahead with legal challenges in multiple states, trying to declare the election fraudulent, that it has been stolen from him. however, it is clear -- it looks clear that those legal challenges will not change the outcome of the election, that the lead that joe biden has in

the states where they are challenging is too great to make up for any potential ballots lodged illegally, or a recount challenge that they have mounted. it seems to me that there is going to be a standoff over the next several weeks. think of a unity president, then maybe normalcy is the word that we will see from a president biden. would you expect him to take republicans in the cabinet and the lesser cabinet full? i think it depends on the way republicans behave over the next few weeks. so far you have seen mitch mcconnell, the leader of the republicans in the senate not congratulate him on his victory, and back trump in his claims that there has been fraud. going to maket is

it hard for biden to try to reach out to republicans and perhaps pick one or two in his cabinet as a sort of olive branch and a sign of bipartisanship. even lindsey graham, who he has worked with for years in the senate, has been egging trump on to challenge the vote in numerous states. so i don't see that happening. but the signal from biden has been that he wants to end the calling bed political opponents enemies. i think the tone that biden is striking is very much in that vein. think it really depends on how the next two weeks play out. francine: stephanie, is this a good strategy from the republicans? themselvesposition as the losers that were cheated

on in the next four years? what is their end game? do they actually think they can challenge and trump remains president? stephanie: i think legally it is not a strategy that is going to work. strategy, is a media a strategy to advance a narrative that they can push -- i think if trump really wants to have a longer term political future, he would say except the results of the election and go out on a high note, positioning himself as sort of kingmaker in the republican party. he obviously does have huge support. he managed to get another 5 million people out to vote for him, so i think this actually just muddies the water and weakens him going forward because this is not going to change the outcome of the election. he is even preventing the general services administration, which certifies the winner and reduces

transition funds from doing that , which is really hobbling biden's ability to have a transition, get security in, and all the things that need to be done, which is a huge job. francine: stephanie, thank you so much. we will check back in with you to understand exactly what the comings and goings at the white house will be. let's get to first word news in london with laura wright. laura: good morning. vice president elect kamala arris is giving america number of firsts -- she is the first woman, the first black person, and the first indian american in the role. her husband will be the first june person to be married to a president or the vice president. theharris: although i am first woman in this office, i will not be the last. [cheers and applause] ms. harris: because every little

girl watching tonight sees that this is a country of possibilities. and to the children of our country, regardless of your gender, our country has sent you a clear message. the pandemic is showing no signs of slowing, worldwide cases hitting 50 million. cases in the u.s. have topped 100,000 for a fourth straight day. thailand, water cannons were fired to disperse antigovernment protesters trying to disperse -- trying to approach the royal palace in bangkok. say two peoples in one officer were injured. global news 24 hours a day, on air and at bloomberg quicktake, powered by more than 2700 journalists and analysts in more this is countries,

bloomberg. francine? tom? francine: let's get the latest on turkey. a chaotic weekend, after seeing the resignation of the treasury minister and -- citing health reasons. dramatice way for a shift in turkish economic policy. -- let'smore from our get more from our turkish analyst chief, on her aunt. is the way forward for the central bank? out onre going to find november 19. that is what was said. and not as many words come in a statement early this morning, there were expectations for a possible emergency rates decision soon after his name on this announced -- after his name

was announced. it will make its decision on the rate path forward based on where the lire is. described the power of mr. erdogan now domestically. i get it is a foreign-exchange crisis and people in suits and ties are upset. what does it mean for turkey? are they upset? onur: it is a difficult one to is a powerfuln politician, but he did take a hit with a spike in foreign-exchange. people on the streets are not happy with it. more than half deposit -- bank deposits in foreign exchanges, foreign currencies. having said that, i think over -- last five to six years,

now the son-in-law's recognition is a bit -- resignation is a bit exception. we have still not heard from him, but surely he is going to do something that will tell people he is still in charge and in control and is ready to shake up the economy and the management if need be. this looks like the right path to do it. tom: i guess the moment for turkey, it is idiosyncratic until it is not. how close are we to the unraveling where it affects the region, and for that matter international economics? francine: i think we are having some to have convinced that dealt these -- some technical difficulties. tom: was it something i said? francine: it wasn't.

it was great to get his perspective. we will watch any move or whisper from the central bank of 30. -- central bank of turkey. whatg up, a discussion of the biden administration would do for stocks and global growth. this is bloomberg. ♪

>> there is a huge sigh of relief, i think, by the nation. we have come through a difficult period. but most importantly, that the american people have spoken. and that's what our democracy is all about. >> the president has every right to a challenge, to ensure that

votes have been counted correctly. but once that decision has been made, and once there are too many votes to have been counted, for him to catch up, then it is his responsibility to accept the result and move on. >> the first thing the president should do is wrap his arms around this pandemic. this pandemic has exposed a lot of fault lines in our system. this virus impact has been. >> is first business for 2021 should be investment infrastructure -- not just rhodes and bridget -- and bridget -- not just roads and bridges and transit. >> the president elect is going to come in facing a horrible covid situation, and an economy that is slowing down. he will have a divided government, is not a divided country. and most likely -- and i hope that doesn't happen -- he will

have a complicated transfer of power. francine: a number of guests speaking to bloombergtv after joe budden was announced as president-elect of the united states. hildebrand will join us. great to have you on a newsday because you bring perspective. what does president-elect joe biden and a joe biden administration mean for the world economy? : first -- first of all, it means re-engaging from the united states, cooperation for the many challenges we face, so that is good news. i think that is the first reaction that you see in the market today. initially at least i would expect that we see a reinforcement of the existing trend that we have seen in the market for a while while. the hunt for yield and growth stocks. we will see how things play out.

much depends on whether he has the united government or a divided government. we won't know most likely until january 5. there are open questions, but the initial impulse is certainly for the world to look forward to a united states that re-engages in a more systematic, more predictable way to tackle many of the severe problems we face globally. francine: if you look at some of the pledges that joe biden has his numbere, what is one priority? what should it be? it is dealing with covid, that is -- but is there a danger that that changes the directory of the u.s. economy? philipp: one of the things i did this weekend, i went back to his initial speech when he launched the campaign. what is quite remarkable about this campaign and the way it is perhaps unique in the history of campaigning is how consistent his message has been.

he really has not changed. the soul of the nation was there at the very beginning, it was there at the end of the acceptance speech yesterday. climate change was there at the beginning, it was there again today. restructuring the nation is there at the beginning and there at the end. we should take him at his word. he's going to attempt to do exactly what he has been saying from a very consistent way from the very beginning. clearly the first priority has to be to fight this growing pandemic. let's not forget it is growing. more than 100,000 cases a day. that is clearly what he has set out to do first. i would expect that we will see a coherent plan around climate change and frankly around infrastructure spending. that might get more difficult if there is a divided government. so we know that the market will have to deal with that. but i do think that the remarkable thing about this campaign, this victory, is the

consistency of the message from the very beginning right up to the acceptance speech last night. dr. hildebrand, tom keene in new york. we are seeing dollar weakness, most of the people today don't understand true dollar weakness off of plaza and move in the 1980's. much dollar weakness can the president-elect stand? how much does a weakness can europe or china stand? philipp: i would say if you look at the overall challenge that resident elect biden faces with the new government, -- that president-elect biden faces with the new government, this is really difficult. this is probably one of the most complex, urgent set of problems that any incoming president has faced in american history. what he doesn't have right now, which is a difference to 2008, is you don't have the market breathing down your neck. there is not an imminent problem

in the financial market. but just about every other level come he is facing a very complex set of challenges, and we need to be realistic about how difficult this will be. and of course one of the elements, tom, is a very high debt level. huge debt looking at levels, so at some point, that becomes a constraining factor. i don't think that is imminent. i think he does have physical space. whether he can use it politically, that is a different question. we will not have clarity until january, but fiscal policy will continue to play an important role, and he does have leeway and can use that card and should use that card, notwithstanding some of the concerns about the dollar. tom: let us recalibrate on the percent of gdp we will need on fiscal aid. en suite talked to you, we have seen real deterioration in lockdowns in the united kingdom, and of course we're looking at the united states as well. did we completely misjudge a 2%

or 3% income substitution out of fiscal? are we really going to be 7%king at six, or dare i say of gdp of fiscal aid necessary? let's not forget that much of the income loss has been made up in the sector we have seen. more is required. my sense would be that he will probably be quite successful in activating a significant fiscal response to covid itself. this is a growing pandemic. everybody in the united states has an interest in tackling this. we have quite good information of what you can do with other countries' experience, including some of the most successful countries in asia. the challenge will be, can he activate the full force of the u.s. government through fiscal policy to tackle some of the monger structural issues around labor market scarring,

transforming the economy, and that remains an open question and i think will depend greatly where the outstanding -- these outstanding senate seats go ultimately in january. francine: we are getting breaking news by angela merkel, who i think is addressing -- he is speaking in berlin, saying the u.s. and the e.u. should develop a common plan until 2030. once again, she urges both sides to not look at only the next four years in these transatlantic relations. philipp hildebrand, if you were american,his european u.s. relationship, what would it be based on? reinvigorating transatlantic cooperation is key for the u.s., and it is certainly key from the european union perspective, so she is absolutely right to make that point. i think the one place where you can rally around it,

specifically would be check -- would be climate change. three of them have embraced and endorsed ambitious climate transition targets, 2050, or in the case of china, 2060, for net zero. if you were to see the u.s. joining that momentum, the momentum that that would trigger in terms of mobilizing private capital, notwithstanding some of the legislative difficulties that president-elect biden might have, i would think it would be a very significant, important signal to the world that the u.s. is back and is back with an some of thee around most urgent tasks that we face with the international community. in the short-term it is the growing pandemic. in year two, international cooperation is very important. it has worked, what hasn't worked? why would you not engage with other countries and learn from their experiences, learn from

their mistakes, and learn from the things that have worked? than longer-term, i would put climate change out as the most obvious area where we desperately need the u.s. to reengage. francine: philipp hildebrand, vice chair at blackrock, stays with us. we will continue watching the angela merkel speech in berlin. it is on cdu leadership, but she's also addressing the fact that joe biden is now president-elect. coming up, the yuan special envoy for climate action and finance. as the u.n. special envoy for climate action and finance. this is bloomberg. ♪

ms. harris while i may be the first woman in this office, i'm not going to be the last. [cheers and applause] because every little girl watching tonight sees that this is a country of possibilities. and to the children of our

country, regardless of your gender, our country has sent you a clear message. tom: she will hold court at number one observatory circle, house there, not the white house at pennsylvania, but the wonderful white house at the naval observatory, where the vice president hides out in washington. it will be interesting to see what she does. futures up 50, francine. francine: the markets are at a high in many places, and this may have to do with the change in the u.s., and also something that we were speaking on friday. this is bloomberg. "bloomberg surveillance" continues in the next hour. ♪

francine: president-elect joe biden urges america to put away divisions and promises swift action against the coronavirus. he'll unveil a pandemic task force today. the biden bounce. global stocks head for record highs amid optimism about the outlook under a new president and a divided congress. and shakeup in turkey. erdogan's son-in-law quits as economy chief, and the central bank governor is replaced overnight. the lira jumps on speculation high rates could be on the way. good morning, everyone. welcome to "bloomberg surveillance." special election coverage 2020. i'm francine lacqua here in london. tom keene is in new york. there has been moving -- movement in lira. we look at the transition of joe biden, whether it will be smooth. what you are telling us about a washington post story saying there will be many challenges, and of course this will be a different kind of transition for joe biden and his team. we look at his policies and