francine: winter of discontent. england goes back into a six-week lockdown in an attempt to stop hospitals being overwhelmed. georgia on my mind. joe biden and donald trump hold rallies ahead of a critical runoff election that will decide which party controls the senate. and the new york stock exchange scraps plans to delist china's top telecoms in a big u-turn -- top telcos in a big u-turn with little explanation. china mobile among those sharply higher. good morning, everyone, and welcome to "bloomberg surveillance." i'm francine lacqua in london. tom keene in new york. tom, georgia, georgia, georgia. that will set the case for what the biden presidency will look like. we also look at lockdowns in england that will last for at least two months, and we look at the implications for the vaccine rollout. tom: georgia front and center on so many different planes. we will have a lot of coverage on that. i thought that gregor stewart was wonderful, with his coverage from hong kong.

from where we are across the atlantic and the way america is dealing with this, these announcements from scotland and from london, from prime minister johnson, they are absolutely stunning, aren't they? i had a: they are, and briefing from sam fazeli and i have heard this more and more. you cannot vaccinate while the pandemic is raging because there is more chance of the virus mutating, something i had not thought about. it is also critical to the infrastructure, the need to get that number down before you do that safely. markets, if you look at dollar and gold, maybe they do something. let's look at first word news in new york city with ritika gupta. biden and donald trump campaigned in georgia a day before a crucial election will determine who controls the senate. all republicans have to do is win one of the two seats, and they will maintain their majority.

biden said the power to literally widen said the power is literally in your hands. president trump seven no holds barred attempt to overturn the election results is fracturing the republican party. his allies in the party are sparring with his can -- with other conservatives in congress. joe biden's victory will the victory tomorrow and congress but at least 12 republican senators and 12 house members severale to overturn in battleground states. cleveland says the u.s. economy will need steady continued support from monetary and fiscal policy throughout this year. in a speech last night, he said the economy had weathered the pandemic better than she had anticipated. oil prices stated after dropping the most in almost two weeks. opec and its allies unexpectedly suspended talks due to this

agreement whether to raise output in february. the majority of members opposed russia's a proposal for a another hike. global news 24 hours a day, on air and at bloomberg quicktake, powered by more than 2700 journalists and analysts in more i'm ritikauntries, gupta. this is bloomberg. tom? tom: thanks so much. on the equity markets after what we saw yesterday with the fix out over 29, we come back with 29 and 27 with the vix. futuresup eight, dell up 67 as well. -- dow futures up 60 fan as well -- dow futures up 67 as well. what you need to know is the real yield, inflation-adjusted yield has come down to a greater negative number and -1.10 right now, a little bit more -12 hours ago, but nevertheless the story here is rising inflation expectations. as you mentioned, you see it in gold.

you are right, i have a great inflation chart looking at the 10 year that i pushed out from social media. european stocks are fluctuating, traders trying to figure out concerns about the impact of rising cases of covid-19, but also bracing for these key u.s. runoff elections. then you look at dollar, as you said, dollar falling, gold holding on. we will have plenty more on treasuries. both joe biden and donald trump holding rallies in georgia head of the critical senate runoff elections today. the president-elect promised more pandemic really. president trump continued with his claims that voting fraud robbed him of the election. the two seats up for grabs will decide who controls the senate. joining us now is thomas gift, the ucl director of u.s. politics. thank you for joining us, thomas. turnout is always key.

more so in georgia than ever before. will people turn out in droves to vote? thomas: all indications at this point if you are looking at early voting and absentee balloting is yes. almost 3 million georgians have already come, putting their ballots in the mail, and i think that it bows very well for record high turnouts at least for a runoff in this georgia election. i think everyone in the state realizes the stakes are incredibly high. democrats have been doing the best they can to mobilize their base, same on the republican side, so i think that we are going to see big numbers today. toncine: is it too difficult know which way it will go? i don't know whether it is a phone call that president had with georgia officials that will sway the minds of voters. thomas: the polls certainly suggest that both runoffs are in almost a total dead heat. data showed democrats jon ossoff

and raphael warnock with slight edges in both races, but only a couple percentage points separate the candidates, and that is well within the margin of error. in many ways i think it is closer than many experts predicted, and in large part i think that is a function of some of the changing demographics in georgia, the fact that democrats are within striking distance here has to be encouraging to them. tom: thomas gift, thrilled that you're with us today. we will have tons of coverage from david westin, coverage tonight on this election result. professor gift, what fascinates me here is georgia leading the demographic shifts of this nation. is there a middle now in america, and critical, that -- be aritically, will there middle america 10 years from now? thomas: one of the points you made on the show the other day, tom, is that this is not newt gingrich's georgia, and that was a well put statement.

it is much more diverse, with demographic shifts from rural to urban centers. that is making a play to key democratic trends in texas. tom: i don't mean to interrupt, but this is absolutely critical. is georgia the front runner for texas and florida to become more georgia? thomas: i think it is the leading indicator at the very least. we see some of the same demographic trends and it is pointing in a good direction for democrats. of course, one of the stories that we saw coming out of the 2020 election is that it is not just -- all minority voters are not voting in the same direction. there is more nuance, for example, in particular with hispanic and latino voters. but it is all part of the larger demographic. tom: we saw up to november 3 that hispanic and latino voters are not so much in this group.

there are real nuances in what we saw. are we going to see the same estimation in georgia, where we talk about a homogeneity in georgia voters and we will see this terrific wants of states? thomas: i think that is likely. there is so much nuance, and every time you treat demographics as monolithic voting blocks, you will conceal a huge amount of variation within those groups. certainly in georgia, in particular the black vote is going to be absolutely critical. that is one demographic that has increased in terms of the number of eligible voters sizable he over the past couple of decades. democrats really want to make sure that they turn out today. francine: how close will it be? will we have to wait days or even weeks for the exact voter count? thomas: i think it is very possible, like the november 3 presidential election, it could be several days in blue because

it takes a while to process all of this information, and at the same time, if we get a scenario where it is contested or we need to go to a recount, that could with all thecially contestation we have seen with the veracity and electoral integrity of these folks. francine: thank you very much, thomas gift, ucl director of center on u.s. politics. by david, fronted westin and kevin cirilli at 7:00 a.m. eastern time, midnight in london, and this is bloomberg. ♪

>> we must therefore go into a national lockdown, which is tough enough. that means the government is once again instructing you to stay-at-home. was the british prime minister, boris johnson, and announcing a national lockdown in england to prevent a surgeon covid-19 cases. joining us now is jane foley. we want to talk about dollar. i know tom has a lot of questions on dollar dynamics and how low it can go, and we want to talk about pound. when we look at the two current is, what will be most interesting in 2021? jane: the dollar is the common denominator, if you like, in the fx market, and most people will be watching that quite intently. we've had a huge amount of weakness since last spring. the market consensus focused on

dollar weakness. the big question is, can that sustain through the whole of this year? a large part of the dollar weakness is based on the expectation that the fed is going to do anything on policy until 2023. and we won't have an inflation is still 2023. any people are beginning to argue against that. there seems to be a polarized view right now, and if we do get more inflation in the u.s., the fed will have to potentially put up nominal interest rates perhaps sooner than the market is currently expecting, and that could bring an end to the dollar downside. francine: where does inflation actually come from? tom has a great chart. this is longer-term. what is the case for it happening this year? jane: i am not necessarily a big supporter of the fact that we will get inflation. from might point of view -- from my point of view, i am quite worried about the labor market, and i think many a commissar, the fact particularly that the g10 has not been successful in

lifting inflation for a number of decades. the inflation hawks such as the former fed, dudley, last month argued on bloomberg that he put five points forward for inflation, why we might be surprised that we will see greater inflation than anticipated, and he included reasons like more fiscal policy, for instance, the fact that the fed has adjusted its policy to allow for in inflation overshoot. when the economy does reopen, perhaps in the second half of the year, that resources will not be directly aligned and we will see squeezes, some prices as some of the supplies have to try and ration. a variety of reasons. jean, -- jane, abraham rabaa rate today stunned me with not only a dollar weakness call but also that we could see a

double digit move in dollar weakness. guess it -- guessing the magnitude of all of this is so difficult. game your magnitude of dollar weakness. jane: i think against most of the g10 we would not be looking at double-digit moves, but i think if we were going to see any double-digit moves, we would have to move into the realms of emerging markets, and certainly we could see more volatility in some of those currencies. i think where the market consensus is looking right now is very much toward asia, and the reason is pure and simple. it is the fact that asia appears to have had a lot more success crisis,ining the covid markets focusing very much on chinese growth, expecting that recovery to continue, and taking with it countries such as south korea, for instance, and other eurasian countries. francine: i am looking at rent -- tom: i am looking at renminbi. looking at the 6.46 you want,

showing that junk condition from yesterday. jane foley, we had a guest on yesterday who started the year by talking about the asymmetric effect of all this dollar weakness. is this dollar weakness about the strength of asia, or is it a statement on america? jane: i think it is both, but for the last two years there has been a good correlation between em stocks and the dollar so that when the dollar goes down, the em stocks go up, and vice versa. when one is doing well, the other tends to be doing badly. i think it is a statement of both. i have this view that the dollar these days doesn't necessarily mimic so much u.s. fundamentals precisely. it is a function of itself. it is so liquid, fed policy very important, it may be less so with the fiscal policy and the politics. this can still create some drive to impact on risk appetites. we still haven't seen the end of

the election. that could potentially create some safe haven bids for the dollar in the next couple of weeks. i think fundamentally as long as the view is cheap monetary policy, it is going to undermine the dollar and push people into higher yields. you are going to see the consensus view toward a softer dollar this year. was ane: jane, there quite captivating piece by the oecd chief economist about the big dangers that western economies start doing austerity too quickly. is there a danger of that in the u.k.? is there a danger of that in the u.s.? jane: there was always a danger of that, but we have not necessarily heard those voices. first of all, we get to see in the u.s. who wins this georgia runoff, and that will partially answer the question, whether democrats or republicans have control of the senate. that will answer that question in the u.s. in the u.k., we have seen voices

particularly say in some of the more tory run in publications, that we need to start thinking more about the budget deficit h, taxation. but that is not the same story since we have just seen the story this morning of the chancellor of the exchequer, more support for businesses. covid restrictions in england that could run into march. it is not today's story, but inevitably it will keep bubbling up, and if we do see the country coming back in the second half of this year, that is when we will hear more about that. francine: what do you do with some of the emerging market currencies linked to dollar? market's current mindset, emerging markets are likely to do pretty well. so long as we have a position where we see the market hunting for yield. when we look at treasury yields, they are so low, we anticipate that the fed could carry on

leaning on that curve. the market will be hunting that yield an asian em seems to be , inly attracted to many many investors' minds now. the em in the current environments, that will do well. the change could come. if the market changed its point of view and begins to say, you know what, maybe the fed will not carry on leaning on that curve for the next few years, and that will come if we do have inflation. francine: jane -- tom: jane foley, thank you for the pacific rim update. we do this again with renminbi, 6.46. theling, we give up some of fireworks we saw yesterday with foreign exchange with a real focus on fixed income and inflation expectations. morning,he themes this a conversation with mr. solomon of goldman sachs on, among other things, this story of the new

york stock exchange. those goldman sachs's at management have to sell their china shares? look for that in the 8:00 hour. this is bloomberg. good morning. futures up seven. ♪

ritika: this is "bloomberg surveillance." the new york stock exchange has made what one analyst calls a bizarre you turn. the exchange says it will no longer delist china sabbath

biggest-- china's telecom company's full of the new york stock's change originally said it would remove the shares of supply with u.s. on borrowing investments in businesses owned or controlled by the chinese village terry. j.p. morgan says bitcoin could rise to $146,000, roughly 4.5 times more than what it sells for today. there are a lot of if's. the bank says the cryptocurrency could reach that lofty price only if private sector and gold via etf bars all coins. row,he second year in a capital management reported a record performance. the fed will return within 70% on its investments in 2020. that beat the previous record, 58% in 2019. a lucrative credit hedge put in place during the lead up to the

coronavirus pandemic, and the subsequent selloff. that is the bloomberg business flash. francine? francine: thank you so much. a lot of the focus is on georgia and also on what to do with these extra lockdowns in the u.k. for the moment, unsure how to take it, the european stocks are pretty much unsteady but they fluctuated this morning. they worry about the impact of rising coronavirus cases, and they are also trying to figure out what the u.s. runoff election means in georgia. dollar falling, gold holding two gains yesterday, tom. tom: yesterday it was all foreign exchange with the dollar weaker, but much stable right now. in bonds there has been a change. higher than yields come in. inflation expectations with a vengeance have shifted the dialogue. i'm watching tick by tick the -.1029, out to four digits. the correlation to gold, 19.49,

nowhere near the 2000-plus level where we saw the record high. nevertheless, we see gold advancing the way or -- the way it is, 1950 an ounce. year, on, to begin the our regulation, daniel tarullo is the former fed governor. vice chairman daniel tarullo on the new regulation of a new biden administration. much more to speak up with futures up 5, dow futures up 48. conversation with goldman sachs in the 8:00 hour. this is bloomberg. ♪

♪ tom: "bloomberg surveillance." 2021,er news flow in maybe not.

francine lacqua, tom keene. francine: i was like, what? tom: francine lacqua yesterday from the wide west a wink of her house in london and today back at qbs. you've got to understand, when we go to break, francine and i are doing nothing but worrying about keeping our kids happy during the pandemic. jane foley knows exactly what we are talking about with rabobank, as she studies foreign-exchange within a lockdown. how is sterling affected by this strange word, a complete lockdown? i think poor old sterling is on the back foot again. at the end of last year, there was hope that with a brexit deal announced before christmas, sterling could get some reprieve. that reprieve has been quite limited.

lockdown, which could send england into lockdown measures may be as far as march, we are seeing again this possibility of a double-dip recession. and of course, this discussion about another interest rate cut from the bank of england. sterling on the back foot. it does not look quite as bad against the u.s. dollar but that has been masked in the last few months because of dollar weakness. i ami am more guilty -- more guilty of this than anybody in the industry. tell us of the dynamics of eurosterling in the last couple of days -- number of days? jane: really, we can take it back to the last number of months. eurosterling has not spent that much time below that 90 level. perhaps, givenat that there was a trade deal between the eu and u.k. before

christmas, that we could see more gains first sterling, but it is back above that 90 level. -- 0.90 level. millions of people around the london area and beyond. that news has become worse. has been related news worsened and we are in full lockdown. the market is very much focused on the possibility that we could see this double-dip recession in the u.k. nobody really knows precisely what sort of impact brexit is going to have on the u.k. economy, in addition to the lockdown restrictions. francine: given that, how much of a double-dip recession was already priced in? jane: i think as we went into the end of last year when we had those additional tier four restrictions and millions of people on really tight restrictions in london, i think the market began to them look 1 the to a terrible q

u.k. it's not just the u.k. which is going. to have tighter restrictions merkel is expected to announce tighter restrictions as she is speaking with regional leaders today and yesterday. many people in germany looking for a nasty q1. we have seen more restrictions in italy announced, too. for the whole of the continent, this is not going to be a very pretty first quarter. one advantage that the u.k. has is that the pace of the rollout program here has been far greater and the prime minister wants to increase 2 whether he --ieves that, we don't know 2 million. weatherhead shee -- whether he achieves that, we don't know. not accelerate

the pace of vaccine rollout, that is going to push back the recovery story for europe. -- benefiting from that at some point during this quarter. thaterling benefiting from at some point during this quarter? francine: what happens to renminbi? stocks in general in china i think finished the session at a 13 year high. what happens to yuan from here until summer? jane: well, it could be higher. there's a couple of reasons. first, this perception that china has a lot of control over the covid story, it's recovery is good in recent months and it could be a lot better. a lot ofseen consumers, a lot of investors in europe and the u.s. looking to china for yield. debt,are concerns about defaults, etc.

that has not affected international investors. there is a lot of new interest. this comes with the liberalization of those markets over there. yesterday, when we saw the pboc setting a midpoint for the did not-dollar, it necessarily suggested that the market had become too bullish on the run and be. that was in it -- bullish on the renminbi. that was encouraging for the market. the market feels like renminbi can go further. a big factor is this trade deal signed between europe and china. it wants to look more at the euro-renminbi exchange rate, too. that has not seen the same movement as the dollar one. tom: jane foley, thank you so much, rabobank head of foreign-exchange strategy. i am watching that negative -1.1014.

ritika gupta. ritika: it is election day in georgia. both donald trump and joe biden held last-minute campaign rallies on the eve of a vote that will determine which party controls the senate. the republicans need to win just one of the two seats up for grabs to maintain their majority. win.emocrats need to both seats boris johnson is counting on 2 million coronavirus vaccinations in a week to help the u.k. recovered. the country went back into lockdown and attempt to keep hospitals from being locked -- overwhelmed. has opened its borders with qatar for the first time in three years. that's a big move towards ending a dispute that split the oil-producing region. at also complicated u.s. efforts to isolate iran. the uae, egypt, bahrain also

took saudi arabia side. they accused qatar of meddling in their internal affairs and ruining ties. 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 ritika gupta. this is bloomberg. tom? tom: thank you so much. dow futures up 50, vicks has come in two points to 27 as well. later on on bloomberg radio, bloomberg television simulcast, james from aberdeen standard will be joining us. he will be synthesizing the correlations of the markets, looking forward to that discussion. sachs.lson with goldman somehow, the new york stock exchange may,. this is bloomberg. good morning. ♪

biontech president trump: if

the liberal democrats take the senate or the white house, and they are not taking the white house, we are going to fight like hell, i will tell you that. >> we need you to vote again in record numbers to make your voice heard again and again to change georgia, to change america again. this is not an exaggeration. georgia, the whole nation is looking to you to lead. for real, you know it. tom: we welcome you on "bloomberg surveillance" into our coverage of these elections in georgia to remind you -- emily here. >> we saw biden come out and remind americans about what has policy needs to be. he included those $2000 individual stemless checks saying that if georgians elected democrats, that they would wind up being passed. trump gave a giant rally in a part of the state that is very friendly towards him. he did encourage people to come out and vote. he spent a lot of time talking about debunked claims of the november election being fraudulent. tom: did he talk about his two republican senate candidates? the zeitgeist out of washington this morning is that he was off script. is that accurate? is that accurate or not?

style is to be off script. he did mention kelly leffler and david produce. he did give both candidates some time to address before the crowd. much like his of the rally in december, a lot of this was trump getting upset about the results of the november 3 election and incorrectly stating that there was fraud. tom: we should point out that mr. perdue, sender produce, i believe is in some -- senator perdue, i believe is in some form of quarantine because of covid. francine: they're important to make our audience aware of that. what are the pools telling us? i think we are expecting some kind of record turnout. democrats need the two votes to get control of this and, republicans only need one. is it too close to call at this point? emily: it is incredibly close to call. everybody went into this runoff seeing it as the republicans to lose. they are very good at getting their base to turnout in

elections like this. democrats, knowing that the senate was on the line, everybody has poured hundreds of millions of dollars, volunteers from all over the country, resources have flooded into georgia to make sure people are going to vote. we have seen 3 million georgians already vote early in person or with absentee ballots, huge numbers compared to what you usually see in a runoff election like this. francine: who is most likely to go out and vote, emily? so, normally the people who vote in one of elections are the party's core base of voters. they are very loyal to the party. a light of georgians who have come, democrats have tried to mobilize them, they are first-time voters or have not voted in a runoff before. it's been a lot of the election education to make sure that people know what they need to do. ,om: we had a viewer email in al from new jersey mailed in and

has a really good question. is the voting turnout and the voting dynamics of georgia because of the pandemic or is there a permanence to it? is there a permanence to this registration revolution? emily: yes and yes. we have seen voter turnout expand across the country. experts definitely think that the pandemic has something to do with it. you cannot ignore the fact that in georgia, for the last decade, has been a number of grassroots groups that have been really working to get out the vote. name gets tossed around a time. other individuals have helped as well. tom: emily wilkins on an exhausting day in georgia. david westin leading our coverage tonight. the georgia senate runoffs, there will be coverage to the day, no question about that. dow futures up 63. look for that direct coverage beginning at 7:00 p.m. tonight,

the georgia senate runoffs as well. the businessh flash, this is bloomberg. ritika: jp morgan is trying to set up another chinese a joint venture in wealth management. the bank is in preliminary talks with china mergers bank. it wants to expand on a strategic partnership with products set up in 2019. global banks are trying to capitalize on china's decision to open their financial industry. bidding in a 5g airwaves auction in the u.s. has passed a record $76.5 billion. there is a frenzied demand for capacity that consent carriers like verizon and at&t to the debt markets to finance the bill. the auction run by the fcc started last month with 57 potential bidders. company --s gambling online sports gambling company draftkings may -- today.

draftkings is still up more than 150% since going through a public reverse merger in april, but it has fallen 25% from its high back in october. that's the bloomberg business flash. francine? francine: thank you so much. hirson fromhael eurasia group. we have a lot to talk about, including the nyc reversal on no longer delisting chinese communications companies. talk to growth, also chinese stocks. this is bloomberg. ♪

♪ francine: this is "bloomberg surveillance." i'm francine lacqua here in london. we continue with eurasia's top risks for 2021. the new york stock exchange listrsing plans to de three of the largest state-owned chinese tech companies. that is backtracking. it threatens to escalate tensions between washington and beijing following compliance

with the trump administration executive order. the reasons for the reversal remain unclear. joining us now is michael hirson practice group director. before we get to that and how it plays out between the u.s. and china, what exactly is happening at the new york stock exchange? michael: i don't know the full story behind the scenes. i think, frankly, what we are saying here is that interagency turf fight within the trump administration as to how this executive order is going to be implemented. the guidance has been unclear. what we saw from the new york stock exchange is first an assumption that this is going to be sweeping and they would be forced to do list these companies -- d list these theseies -- delist companies. they have drawn the conclusion that they don't have to go that far. i think that's what we are seeing, is this slow guidance coming up, as first the

hardliners pushed this move, and i treasuries have had the opportunity to limit the extent of market disruption. francine: what does that mean for how the biden administration will deal with china? michael: well, we will have to see how the biden team works with measures like this. i do not think they are going to of thiscular fans executive order, partly because of how messy the process is. you have the department of defense deciding which companies should be banned from essentially u.s. financial markets, rather than the treasury department. i do not think that this particular issue will be important enough for them to reverse it quickly. i think we will see this basically held in kind of status quo for the first several months of the biden administration go into broader review of china strategy. tom: good morning. i read the november tort

executive order by the president of the united states this morning, i read the three documents by the treasury department as well. this is the most stunning thing i have seen in my present view of investment or my reading of the history of the new york stock exchange going back at 228t two 1903, if not years. the president did an executive order that looks like it was written by navarro or someone else, i don't want to speculate. they got crushed last night by secretary mnuchin. is that accurate? michael: i think that's fairly accurate, tom. this executive order was rushed out. it's the type of thing that usually would have been from the get go -- tom: i don't mean to interrupt, it's 30, 40 paragraphs. it was not rushed out. it was chiseled out by president hisp in his an -- and anti-china advisors. that's a fact everyone can agree

on. is this going to end with president biden? do we continue these ad hoc procedures with president biden? michael: it's going to be completely different under biden. this is the whole process of this executive order is unprecedented. tom: thank you. michael: clearly, in any typical administration, this would have come out with for guidance from treasury. ull guidance from treasury. they were passive in this process. what we have seen more recently is a bit of a return to normalcy in the sense that the agency that is actually executing this, treasury, has had to worry about market disruption and fill in the details. the biden administration will be much more predictable and conventional. top to your eurasia group's risks, how do you suspect china

will respond to this? the language speaks of the communist party. it is basically mirror military-industrial complex. how would you expect beijing to respond to such language? do they just wait providing? michael: yes, they are going to wait for biden. frankly, they can stomach i think a lot of these ideological attacks, so long as the practical impact for chinese limited. let's be honest, this executive order is not really going to deter chinese military linked companies from getting financing. they have plenty of financing available from chinese state on baking system and other sources. beijing is willing to stomach some of this, especially as they wait for biden to come in and try to reestablish some kind of stability for the relationship. francine: what will stability look like?

loves a surprise to see a the chinese companies on u.s. stock exchanges in the first place. is a going to be a deterrence? will chinese companies be less facto?t in the u.s. de- michael: biden is not necessarily -- we don't think he's going to take as directly a confrontational approach towards china. the reason we included this as a top risk is that the broader, underlying issues driving tensions are still there. this is a very competitive relationship. it has gotten increasingly ideological hinge. none of this is going to change. i think we will see increased tensions spilling into financial markets, but it's not going to be because the biden administration is throwing out executive orders. it will be more concerns about governance issues, about investors putting pressure on

companies over, for example, treatment of the uighurs. it's going to be those kinds of deeper concerns than it's going to be, you know, kind of bomb throwing coming from biden directly. , thank youl hirson so much, a hugely valuable breed from news made overnight as the treasury department really walks back the executive order from november 12. .ichael hirson eurasia group it is always a risk to speak with roscoe costa rich of blackrock. richly -- russell costa of blackrock. we do that next. this bloomberg. ♪

georgia is oning,

all of americas'mind. it is said the races are too close to call in the senate hangs in the balance. georgia uncertainty and the ambiguity of inflation expectations. the stock market and gold, they react. jump orders the new york stock exchange reacts and then authorities."lar everyone.ng, i'm tom keene in new york. francine lacqua in london. moments ago i see the bbc says the prime minister will hold a press conference at some time london time here what will the nation listen? francine: