grexit let's get a check of the markets. the s&p 500 higher. goldman-s backs saying it will be around after all of the election issues are out-of-the-way. a 5% move to the upside. a small amount of upside today even as we have china with its economy and stimulus. the nasdaq powering higher by much more, .5%.

mainly to the chinese stocks and those benefiting to potential stimulus. the golden dragon index up 7.2% today. the best performer in the nasdaq 100. dramatically higher after china unveiled a broad package of stimulus measures. including the key interest rate and lowering borrowing costs. momala -- we had were disappointed, which had some u.s. data offsetting some of the enthusiasm in the overnight session because of the china move. up 5%, alibaba of 5%, 6%. many companies that will benefit from the move. tencent music for example up almost 50% in the day. pdd holdings up 10%. nike itself also continuing the great streak of 1.2 5%,

continuing the move after elliot hill took over last week. one more mid-day mover we want to take note of. these shares falling on news the department of justice filing antitrust charges against the company. people familiar say the doj plans to allege these are illegally monopolized the u.s. debit card market. the attorney general announced 2:30 new york time. for more, let's bring in sara forden from washington, d.c. one of the issues is tokenization and the swipe fees. what might we hear later today? >> this is coming out of a years long investigation into their practices in the debit market. visa is the largest payments provider in this market. based on our sourcing, we understand the doj will be looking at agreements he's assigned -- visa signed with other companies including tech rivals to keep them out of the

market and extremely onerous pricing penalties with merchants if they steer payments to any alternative debit networks. >> we know mastercard had this issue, the ftc was accusing mastercard of roughly the similar type of behavior visa was accused of. how will they defend itself given a a precedent, with a different regulator? >> our understanding is it is not a case about tokenization as they called that technology. it is a broad monopolization case looking at visas stronghold over the debit card market. and it is going to be a sweeping indictment as far as we understand. it will be something that they will probably have to defend themselves against vigorously. >> several analysts say this has been dealt -- telegraph and visa is very well prepared for this.

>> we will have to wait and see the details that come out in the complaint we expect to be filed later today. that will give us a lot more granular detail about what the justice department has filed and what it is alleging. wax is there any reason to believe should the election outcome change, that there will be any change in the doj behavior? >> this is a significant case coming out of years of investigating visas practices. this started when the antitrust division was looking at its proposed merger with clad. so obviously, we cannot predict the future perfectly, but it seems like they have been building evidence over more than a decade. so it doesn't sound like something that would just go away with the change of administration. >> visa down about 4.2%.

that is sara forden with bloomberg news and washington, d.c. president biden making his final speech in new york at the united nations. in his address to the general assembly, he spoke about how he sees challenges facing the world. >> many look at the world and see difficulties and react with despair. but i do not. i won't. as leaders, we don't have the luxury. i recognize the challenges from ukraine, gaza, sudan, and beyond . war, hunger, terrorism, brutality, record displacement of people, climate crisis, democracy our risk. >> let's bring in kailey leinz. >> in some ways, this is a

swansong for president bynum. >> we will not see him do this again as president. ensuring the u.s. alliances, nato has expanded its administration during sweden, and the support of ongoing for ukraine. he did talk about that on the floor of the u.n. ahead of his meeting with volodymyr zelenskyy we will also be beating with mice -- vice president harris, he has said the support of alliances will be acquired to maintain ukraine's ability to fight the war. when he meets with president biden later this week, he will be pushing for a potential plan to end the war which could include -- allowing use of more

longer-range weapons to strike russia directly in its territory. we could expect some development. in part, the speech was not just talking about bidens legacy, but creating a contrast with those who can come after him, donald trump refused to even say whether or not he wanted to -- wanted ukraine to win the war. it was not just about ukraine, he waited into other waters -- he said no one wants to see further escalation. but the cease-fire, his administration has been put to this point and israel and hamas still remains elusive, and things are getting hotter in the region.

-- on september 30, it will kick the can down the road. maintain the status quo in the area. i would just point out as we have the conversation around regional tensions around eastern europe, it raises a question on whether or not congress may be getting into another supplemental funding battle in the near to medium term as the wars could require u.s. support and funding. it has been very difficult to get through congress. they can't even figure how to appropriate money spent domestic we, that is a whole another battle. >> for sure. president biden addressing the u.n. with secretary gutierrez and also has to get back out on the campaign trail. what is on the agenda for the next six weeks? will we see him on the campaign trail? >> we are expecting to see him

visiting and their number of critical key swing states. we likely will expect to see him in pennsylvania in the weeks ahead. as a vice president is doing, she will be speaking in pittsburgh about the economy and manufacturing in the u.s. donald trump is speaking about manufacturing, 1:00 p.m. eastern time is when he's scheduled to speak in savannah georgia. messages around the economy, issues that affect people at their kitchen table and voters as they make these decisions. we understand based on consistent polling that foreign policy doesn't weigh heavily on the minds of the american voter. what is happening as critical to the actual outcome of the election. we know the outcome could have major influence on the forward conduct of u.s. foreign policy in the way the u.s. interacts

with allies and adversaries alike. >> thank you so much. that is kailey leinz in washington, d.c. president biden also expected to make remarks later today at the bloomberg global business forum in new york and we will bring you those remarks this afternoon. coming up. a look at the stock of the hour. smartheat shares rising on days of a bite -- news of a buyout deal. what is driving that price action. this is bloomberg. ♪

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>> this is ""bloomberg markets." , i'm vonnie quinn. time for the stock of the hour, smart sheet.

blackstone and vista equity partners have agreed to acquire the software provider for about $8.4 billion. we are joined by ryan gould who is been following the story. yet another software provider. what is going on in the industry that these software providers are having this happen to them? >> it is the fifth-largest largest department deal this year. i think it really underscores the fact private equity still sees a lot of value in and around the public enterprise software companies. even though we've had s&p 500, the dow bounced back to record highs, software companies have been slower. they are more interest-rate sensitive as growth rates get impacted, you want interest rates to fall down and help bolster performance. you mentioned blackstone and vista, but also the abby dobbie investment authority. >> i noticed that, which is fascinating.

they are obviously looking for opportunities. what will private equity do with it? it is being used by 80% of wharton 500 companies, how do you scale it? >> one thing to think about with any enterprise software buyout, thinking about stripping costs, you try and rationalize the cost base. one way to do that is thinking about the impact of ai. anything involving a software company is thinking how do we incorporate ai into our day to day. there are certain companies that have been particularly impacted by the likes of chatgpt. if you're a customer experience software. smart sheet in particular, it is kind of clear that will be part of the equation for them. private equity has a lot to do. and the model playbook for this kind of deal. >> i wanted to mention cost optimization. also, vista does have interests in other software companies.

might have some synergies there. >> it is a great example. a couple of the portfolio companies clearly know the space well. blackstone's point, i would throw in the combination of these funds with great expertise and expertise -- this is the first time they have partnered together. they did a deal earlier this year, with an energy data company. they sold a stake to blackstone. >> does it tell us private equity has to cast more doubt for the opportunities? are they looking more globally at other opportunities they can get involved in, or how is the partnership working? >> as we are getting clarity on rates and think about moving through the election cycle and realizing there will be much more clarity, private equity firms and strategic investors

are thinking about where they can diversify, where are the opportunities. enterprise software, even the bouncing back to growth has been slower, it will get there. by all data points, 2025 will be a very active year for public companies. >> we look forward to speaking to you in 2025. that is ryan gould. i do want to mention we have headlines coming out about elliot. activist investor in southwest airlines. he intends to call a special meeting and the coming weeks. he has sent a second open letter to fellow southwest holders saying the meeting request may come as soon as next week. coming up, have commercial real estate prices reached a bottom? a closer look at data, next. this is bloomberg. ♪

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vonnie: this is "bloomberg markets." i'm vonnie quin. buyers and sellers in u.s. commercial real estate are increasingly convinced the market has reached a bottom. prices down 19% from a peak in 2022, but up 3% this year. for more on the market, we are joined by abigail doolittle, and the cold global head of real estate, todd henderson. it seems like there is more stories about that are actually improving so much over the last 12 months. a couple on the bloomberg today. can we definitively say we have reached and passed rock-bottom? >> i think we can. what is different is rates have the predict ability of rates. in the short end of the curve, anchored rates on the longer end of the curve, which is how real

estate typically prices. really what we can focus on now that the potential volatility in rates is behind us, are the underlying fundamentals in yields in real estate. yields are higher than they have been in over a decade. the fundamentals are pretty strong. and we think they are improving. so we like the dynamics in the market. admittedly, the office market still struggles. but we are not sitting around thinking on how to be defensive in an office market. we are thinking more have to be offensive and the other major sectors. >> if you are thinking about those opportunities, what sectors or geographies are you looking at in coming out of this difficult environment? >> we are focused on our two favorite sectors, the industrial sector and the residential sector. we also like the shopping center sector, the necessity retail sector, which happens to be the

best performing sector over the last two years. pricing did not improve coming out of covid because that was really ground zero for challenges in the operating markets. what we have seen is really strong performance in the operating fundamentals, vacancies higher than they have ever been, rent higher, so we like that. what we really like of the dynamics going on in the housing market in the industrial market. particularly supply. new starts are down 75% year-over-year. that means a year to two years from now, we will be under supply. and with demand fairly strong in the fundamentals of demand still strong, e-commerce, housing is too expensive, we think the rental rates will grow, demand will continue to grow and meet with the low supply. >> it is interesting, i don't

think you will be surprised to hear you are the not only person who likes residential and industrial. there is so much dry powder on the sidelines, but not enough of the good product people want. are you contending with it, does it create a bidding war? >> potentially. but a lot of demand that would go to office typically has moved to the alternative sectors. they have moved to data sectors, self storage, single-family rental. so i think there's enough product to go around. let's not forget we have not raised as much capital in the real estate market over the last couple of years as in years past. i think there is an opportunity in the short to medium-term to be able to buy real estate. and take advantage of the opportunity and fundamentals. >> we have a path for where interest rates are going. so why now?

>> it boils down to what it is. and the more cycles i think you go through, the cycles you recognize could get involved. i don't think necessarily waiting is going to be a bad idea, it is going to cost you yields. there is a trade-off in terms of risk and return. i think you will be rewarded through that excess return. >> one of the risks has been one point $5 trillion, extended through this year, maybe because of the election. when will that become a liquidity issue, or will it work its way out? >> i think the challenge between regional and local banks is their office exposure.

the office exposure across the banking industry, even in the regional local banks, no more than three or so percent of their overall asset ace. given the capitalization of banks, which is much stronger than in the last downturn, which was more significant from an economy perspective, the banks are much more well-capitalized and very capable of handling the distress in the office market. so we don't see a ton of distress opportunities in the banks. what we see as a result of the regulation, that may have led to the challenge we saw in silicon valley bank's increased regulation. the increased regulation is changing the supply dynamics, the traditional providers of real estate credit are not there today, which provides an opportunity for private credit to come into the market. we are investing heavily in private credit, rabbit debt teams to take advantage of that opportunity. >> that may be true, but big

banks and insurance companies from everything we hear, that the liquidity has gone away, and it seems it would be tough for private credit to replace all of that, how do you think that works out? how can so much credit come online to fund what needs to be funded? >> a lot of banks are providing back leverage, not directly providing leverage to the ultimate end users. they providing back leverage to those private credit providers. so the credit availability is still there. it is just being accessed differently than in the past. vonnie: fantastic conversation, thanks to you both. abigail doolittle and todd henderson, thank you for coming into studio. >> that does it for "bloomberg markets." a quick look at where we stand now as we head into the lunchtime hour. we have erased our gains for the dow, the s&p still about .20%. the nasdaq up .5%.

nvidia had a pop around 11:00 a.m. hat is definitely helping the stocks in the nasdaq 100 move higher. also a record in bitcoin unchanged right now, weaker dollar index. this is bloomberg. ♪ leading strategists like us. when you want to invest with more confidence... the answer is j.p. morgan wealth management ♪ ♪ when with so much greatwith entertainment out there... wouldn't it be easier if you could find what you want, all in one place? my favorites. get xfinity streamsaver with netflix, apple tv+, and peacock included, for only $15 a month.

>> from the world of politics to the world of business, this is balance of power.

live from washington d c >> back to the economy on the campaign trail. donald trump preparest outline economic policy proposals today with new ideas on incentivizing american manufacturing. i'm joe mathieu alongside kailey leinz in washington. the first of a 12 punch on the economy. >> we already have some notions from donald trump about lowering the corporate tax rate to 15% for companies that make goods in america and the notion of t