>> welcome to bloomberg markets, i am sonali bass take, let us get a check on the maggots -- markets because the s&p 500 has been trying hard to make up losses. we had turned negative for a while but let us see how things end up. you have trades like tesla helping the markets higher and the nasdaq 100 off of session highs. still at .5% higher.

interesting in the bond market you had a significant selloff with the 10-year yield flirting with .435. we are back at 4.20. we will keep an ion that throughout the week. interesting jobless claims, came in lower than expected. the bond market looks to find stability. new york crude under $70, and now back at 70 but 1% lower at the day. we will bring you the midday movers. abigail doolittle is here for that. abigail: status lab -- tesla sharply stronger. they beat earnings estimates by 21 percent. shares are basically flat but it is the outlook, ceo yelp -- elon musk talking about growth 20 to 30% after a year or two of very flat growth. investors saying the shares are having the best day going back

to march of 2021. ubs -- ups having a nice day, putting up earnings representing the first time they have shown growth in two years. they are cheering that may be the turnaround is happening. they saw a 6.5 increase in daily u.s. volumes so another positive. some analysts are calling this a relief rally clearly higher up 5%. boeing not so much, one stock trading to the downside, down 2.2%. the union did not approve the deal for a 35% pay increase, they want the defined benefit pension plan which is a very limited area of workplaces that offer that defined benefit each time. so this negotiation period could go on for some time. sonali: investors really underestimating the power of labor. that is abigail doolittle.

we will talk about the broader market k-swiss c -- markets with callie cox. you have a sober view when everyone is freaking out. one thing that everybody is looking forward to is the election cycle. it is making these earnings trades very complicated to really read out of. it seems like a lot of investors are holding back and waiting for that uncertainty to clear the air. what are you seeing? callie: i think that is the right read. the election of course is less than two weeks away and there is a lot of, i mean, there is -- this is underestimating it, but there is a lot of noise of what could happen. we have specifically heard that on all side. lots of questions about what it could mean for the economy portfolios. i do think we are seeing a common thread coming out of the economy and earnings. expectations were way too low in

july and august with a couple of disappointing jobs reports. they were pushing everybody to think we were on the edge of recession and now the market is reflecting that that was off base even though the dialogue is ok and it does not look spectacular. sonali: you have to wonder where we have ok data but pretty high valuation. and is this clause you are seeing -- pause more about the uncertainty or the fact that we are riding near record highs? callie: i think that there is this urge to say that ok, prices have never been this high so why would i invest now? i would say two things to that. we have seen time and time again that it pays to buy at record highs. and if you believe that the economy is in an ok state and interest rates support risk

assets, then you probably should invest all the risks are high. the other thing is that valuations are high. if you look towards big tech and nvidia you could make an argument that valuations are high. but outsides of tech and -- consumer and real estate staples come to mind. small and big caps look attractive especially in a rate cutting environment. sonali: i am glad you brought up the consumer. you brought up staples in particular. it is action really the discretionary -- actually the discretionary trade. you saw a significant bid into the stocks but it has been a choppy trade. how risky is it to get into the discretionary sector at this point? callie: discretionary is tricky and i want to cap yacht this with i hope that the fed is able to apply the right touch to everything so more cyclical sectors can perform better. consumer discretionary is

tricky. it includes amazon and tesla which are consumer discretionary stocks but not the retailers that one thinks about when they consider this being more of a retailer focused sector. consumer discretionary relies on a consumer that has a flexible budget. that is not constrained in any way. the job market is not in a great place right now. it is looking ok, but companies are not aggressively hiring and people are having a harder time finding jobs. you have to be more defensive and if you are looking for rate design -- sensibility you are looking for staples and their dividends. sonali: the s&p 500 and even though you saw a 3d date -- three day decline and it is 20% higher than on the year. you have not seen back to back gains since the 1990's. why not sell and take your profits at this point and step

back for a minute? why not wait until prices correct a little bit more? callie: we think we are at a moment where rebalancing is permanent. if you are over invested in tech stocks it might be a time to take a step back and figure out what the right allocation might be. i do not think you can step completely out of the market because expectations have been consistently low, that is bought -- that is why we have seen two incredible years. it is written on doubt and skepticism and everybody thought that we were heading into a recession and that has not proven true. in the absence of evidence you have to believe in that. sonali: the s&p equal weight is only up 13%. to the extent that you look at indices to reflect some of the markets broadening, where would

you go? callie: i mentioned small and mid-caps. i typically look at the russell 2000 for historical measures, but the small caps 600 looks more interesting because it has that quality screen. there is the profitability screen that only includes companies making money. look at small and big caps. i know the s&p has a big cap index as well. from a basic level i think people forget that the u.s. economy is not just the 500 largest companies that we hear about every day. and the small businesses and small companies have been hit hard by higher interest rates. but now that the fed is providing relief we could see a bounce back trade. sonali: thank you for your time and like i said, sober reviews of a crazy market and the small-cap and mid-cap trade are the one -- is a one investors are rooting for. a check on commercial real estate when it comes to private

credit. we will talk with madison realty capital on that front, interesting story on the heels of rate staying quite sticky. this is bloomberg. ♪ when you automate sales tax with avalara, you don't have to worry about things like changing tax rates or filing returns. avalarahhh

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sonali: this is bloomberg markets and i am sonali bass take. we are looking a stock that has gone public, ingram micro that went public at $22 a share and opened at 25 or $28. you are looking at more than 16.3% pop. this was a private equity backed company and is testing the waters are what a broader set of

companies could look like. we will talk to the ceo later on. we are going to talk about the property market and it is stirring again bolstered by the federal reserve's first interest rate cut in more than four years. last year amy price spoke about what feels like an inflection point in commercial real estate. amy: we will look back and see the latter half of 2024 as the turning point. as you pointed out, office is a bit of an exception and we started to see that in anticipation of the first rate cut, we saw more liquidity and more activity on the credit side and equity side. sonali: here is josh, the managing principal and the cofounder of madison principal capital which has $20 billion mainly connected to commercial and private credit and also with us abigail doolittle who covered this closely.

we start often with rates. i think the place to start is commercial real estate because there is a sense in the market that we are at that bottoming of the market. how much more pain is there before we can say we have hit rock bottom? josh: it felt like we were at the bottom and then there was a turn of a new cycle. the backup of the treasury in the last week has put a pause on institutional investors and investors as a whole. it is hard for investors to make a market between the 3.5 and 4.5 treasury. it needs a tight band to start committing to new deals. that is a challenge for the sector because one of the problems is that money is not going back to investors, transactions are not happening. the fact that this has put a pause on the market or a reluctance to commit to new deals as a challenge. abigail: that is incredible that just over the last week this

backup and rates over 50 basis points for the two year yield and 60 basis points for the 10-year yield could bring a massive asset class and commercial real estate to a halt. what does that look like in reality? it just literally grinds to a halt? josh: i do not think it is a grinding halt but investors start to commit to new deals with the perception that rates will come down. there is still a perception that rates will come down but at what pace and how much? abigail: so folks back off? josh: a little bit. folks are saying why commit now? am i being rewarded for being early? sonali: what if rates go higher. there are some people calling for 5% and you are looking at a yield curve that has been unable to stick the landing so, what does that mean in terms of uncertainty even for the first six months of next year? josh: therein lies the problem.

because the uncertainty is causing challenges. you have an office sector that is tying up a lot of capital in the system. you can make a market in multifamily or other more liquid asset classes but the challenges that you have such a structural change and what investors are investing and it made 13 to 40% investors and banks credit, that is a challenge. abigail: let us talk about office because my understanding about what you are saying is that office is not just in a closet while the rest of commercial real estate is rebounding more like a weight around the leg of commercial real estate and tying up capital that the big sovereign funds, that they can reinvest. is it a bigger problem than what some folks in commercial real estate are saying? could it drag along the bottom and make it longer than what some are expecting? josh: that sector will drag capital from coming back from investors. to get capital for new deals you

need to get it back from investors and that is the challenge. abigail: so rich hill spoke to us the other day and he is saying that he thinks that if you had to guess that office is the thing that you want to be buying and a ton of people will make money. at some point he is going to be correct. if you had to gate -- to guess based on what everybody is saying. when would you think is the right time to buy especially these buildings on 3rd avenue that is 10 to $.20 on the dollar? josh: they are not being bought for office but knockdowns and residential development. i would say that i am a big bullish believer in office. you have class a and everything else. class a will survive at a higher cap rate than two years ago. it will clog the system from a reallocation of capital and hold the market back. sonali: i am glad you brought up the plumbing of the system as it

pertains to institutional investors. what about the banks? we have got through the large banks and have seen limited pain but it is really the regionals. how much are they really able to commit new capital after the pains that we have seen? josh: the challenges you have the very big and everyone else. everyone else's 5000 or so banks. they are tied up in capital and long-term fixed rate loans and liquidity mismatch and that is a challenge with the model of banking. i think we are taking a huge part of what happens going forward in the private credit business. we have multiple products, some of which are direct loans to borrowers and other which we are back leveraging. if private credit will surive -- survive, they will need to produce returns that investors want. we are providing notes to other private credit industry participants. abigail: the growth of private

credit, it seems like everybody, even folks who were not in it before because everybody has been so ground into a halt. i want to ask about regulation and some are saying that regulation was halted because of this but regulation comes back next year. relative to those banks do you think we will see some of them blow up or will there be consolidation if the regulation gets covered? josh: there will be more consolidation. there are too many banks, many of which are so lopsided by low fixed rate loans and than a liquidity mismatch of having to track deposits at higher rates. that is bogging down the system and there will be a lot more consolidation. abigail: what is the demand picture, we are alluding to it, but for the credit that the banks will not give. is it strong or robust? josh: right now it is more on pause, which is healthy for the system because the one major

positive is that it is really supply constrained. i think you will see some and again a lot of the deals are completing old deals and there is a need for recapitalizing. a lot of those deals are providing money to finish a building that needs recapitalization. in new york there is a 421a where a building needs to get built by a certain timeframe and you are seeing building from that regard but two years of no building. sonali: sometimes the most creative deals in the most toughest markets. josh and abigail. thank you for your time. coming up we will stick with private credit in our weekly monday undercover segment and we will talk by the world's financial watchdogs are sounding alarm on the growth of business. this is bloomberg. ♪

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sonali: this is bloomberg markets and i am sonali bostick -- bassak, and now it is time for monday undercover. and now we talk about alternatives facing investments. at the bloomberg rela tour -- regulatory forum the sec, vote -- voice concerns boyd --. they warned about a lack of transparency as the market has ballooned in size but interest rates have remained high. we are joined by barrings head of consumer acs. you think about all these rising warnings and this is because they do not have oversight over the system. when you think about what is being done outside of the purview, what is working and what is of concern? yulia: the most concerning area

is the emergence of new asset types as it pertains to collateral and when you say asset-based financed it means different things to different people. historically it has been a plane market dominated by credit like auto loans and credit card receivables. over the last decade it has evolved to more esoteric types of lending. and it involves things like solar, receivable, music warranties and more asset classes that emerged over the last year. i think there is opaqueness pertaining to evaluation of some of those mode -- more esoteric assets which is where credit investors need to be diligent in understanding what they are lending against and how much volatility there can be in those new asset types that have not been tested through a market cycle or an environment of ups and downs. sonali: i think this

recalibration is a very important conversation. you think about auto loans. in the public markets you have a lot of people concerned and it has traditionally been perceived as the -- as safe. yulia: i think it is not so much about collateral as it is the convergence of public and private coming together. we are seeing blurring lines and the delineation between public and private becoming a little more blurry and the delineation between alternatives is becoming more blurry. and really the biggest tailwind causing some of this evolution in the system if you will is bank disintermeidation that is called by regulation where you have this generational transfer of assets from bank balance

sheets into non-bank balance sheets. as a result you have a new ecosystem with three types of key players. one is banks. the second one is asset managers and the third is insurance capital which is becoming an extremely important part of the puzzle. sonali: i had an important conversation with the apollo ceo who has been a big advocate of this private and public market convergence but, if you think about all the different ways you are seeing the blurry lines show up, what does that look like in your world? yulia: i think the way to think about it is the underlying collateral which is largely the same whether you play in public or private markets. obviously, the format needs to be tailored so, we are yet to see this idea of a liquid atf -- etf supported by liquid assets. that is something we need to watch out for. but asset is -- asset-based

finance is part of the growing frontier that has been dominated primarily by direct lending. as a result of the recent changes, i think everybody is looking to really harness this growth opportunity. we at barings are really excited because we have the breadth and depth of capital to really jump in and capitalize. it is supported by three things, we have a long history and credit, $430 billion and we have public and private credit for multiple decades. credit is the core of our dna. back to the insurance point, we are owned by massmutual insurance, one of the longest and highest rated in the world. and it is a mutual company which is a very important aspect because it is not riven by short-termism. sonali: we do have to leave it there. that is the barings head of

abs. coming up, we will talk to northern data. it is planning to sell its crypto mining unit and pivot to ai. and we will take a closer look at the markets. stick with us. this is bloomberg. ♪

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sonali: welcome to bloomberg markets. let us get a check on the markets. the s&p 500 trade has been fascinating. if we spoke 10 seconds ago we would be in the red. we are unchanged on the day. the nasdaq 100 is still up .1%. the two-year is interesting. we are at 404 -- 4.04. we are fascinating.

we are right below the 4.20 level. you are seeing some money move back into the bond market and we are looking at mid-day movers. abigail: we are seeing some weakness for the airlines. american airlines have been higher after a big more than 100%. it is one -- it is $.30 so not huge. they beat their sales target and boosted the outlook but it seems like the overall tone is weighing a little bit with southwest airlines down more. they put up a big corridor but in the quarter to be they talked about or it is apparent that the high cost that american airlines contended with they are contending with and it could affect their numbers. that stock is down 4%. turning to lam research. they make the equipment that makes chips, higher up 3.1%. they put a better quarter than expected. they boosted the second quarter sales and investors are

rewarding the shares. this is an early yr;; so maybe a positive sign. again to the downside we have union pacific trading lower by 5.4%. they did miss their estimates despite 9% adjusted earnings growth which was not quite enough. it missed the mark for wall street analysts. and some analysts are saying that they think that this stock could edge lower down 5.3%. that does seem to be the case. on the year, down about 7%. sonali: thank you for your time. we are going to check in with europe's largest cloud service provider, northern data. it is examining a sale of the crypto business to expand the ai operations. tether owns nearly half of the company. it has been weighing aus listing of its combined cloud computing and data center businesses at a

valuation of $60 million. for more, i am joined by the ceo and board member, roseann. let us talk about the activity around northern data and the strategic decisions you are making. why is exiting crypto more of a move for you now, especially in the middle of the ai boom. does it allow you to focus more. roseanne: thank you for having me and absolutely. we are big believers in the impact that the blockchain technology could have an impact on the financial landscape but focus is absolutely key and we are focused on expanding and developing the ai solutions business and our divestment of crypto mining allows that. that investment will help expand the services and ensure that we are able to build out infrastructure in the most sustainable way possible. sonali: what can you tell us about a potential u.s. listing. roseanne: we have been open that we are constantly weighing up

the opportunities including the change of listing. ultimately what we are looking for is sustainable value for the shareholders. sonali: how long do you have to wait for some of these decisions given the macroenvironment that we are in, the uncertainty and many players around you changing courts quickly. do you feel like it is better to wait until after the u.s. election to a more stable interest rate environment to make those kinds of moves? roseanne: in the current environment, now is definitely the time. there is no better time to make those decisions. in fact in my personal opinion, instability drives opportunity that you will never see again and what a time to be a rat -- with -- what a time to be around. that will not change attention to on policy, that expansion is key and the opportunity for ai is now. we will not be waiting to make those decisions that we want to

invest to see the real-life applications. sonali: you have a unique view about ai and the applications. you are a partner to nvidia, one of 11 sovereign ai clouds to partner with the latest lack well technology. what can you tell us about how it works? roseanne: blackwell is the embodiment of a truly former -- forward. it is outperforming the technology in our data centers today. the part that concerns people it is -- is that it is power-hungry. where we come in is that our data centers are fitted out with cooling and specialized innovation to ensure that the heat production does not damage the environment and when that technology is used you are getting the best out of it in the most secure way possible. sonali: what can you tell us about the challenges in the power space. you have a lot of u.s. companies looking to nuclear. and you will have a global view

looking to other parts of the world to have more capacity. how do you think about the changing landscape and the baking challenge? roseanne: i think the move to nuclear is one that is incredibly game changing for the industry. before the data we had focused on renewable energy sources and we continue to focus on expanding capacity with hydroelectricity. as nuclear expands ic the opportunity to power data centers and this new company -- technology that will come in the expansion of the ai ecosystem. sonali: it is so nice to have you here. that is the northern data group ceo -- cio. a lot going on in her space and at the company as well. as we get closer to the u.s. election, more and more attention is being paid to betting markets, who is going to win the race. there is a concern that some of the results might be skewed. we spoke to a former fbi see

chair saying that the prediction markets are often incorrect. >> most of the predictions have been flawed in some way. i think the good news about the united states is that markets adjust. the bad news is that the predictions in play right now could secure market expectations over the next few weeks because i do not think that the election outcome will be available on november 6. it might take a few more weeks to come to where we end up with the regulatory issues. sonali: low and behold we have an update from polly market. a trader spent more than $45 million on bets that donald trump will win the upcoming election has been identified as a french national. emily nicole has been following the story for the nest few weeks and joins us from london. what do we know about the trader himself and what this really means for what is happening on pollymarket -- polymarket.

emily: they are a french person and that was a concern that they could be manipulating the market and they were behind four the largest accounts and their control around $45 million and across all of the markets on polymarket and they predict a republican outcome on november 5. sonali: what is the issue in terms of skewing perception? you have one reason that poly market is international. regulators have been critical around election betting. is there any evidence really that this does skewed perception or outcomes in any real way? emily: so, if you ask polymarket, they say that results on the platform's mirror what we can see elsewhere. but what we see on the terminal

and the various providers we have got, polymarket comes out further ahead in trump's favor than anyone else. it has about 61% or six and 1.5% likelihood of winning the election where else where it is about 59% or 57%. you can definitely see a real divergence for their results. it is a different user base. everyone who bets has to do so in cryptocurrency and requires a level of different perspective than you would get elsewhere which is allowed to provide u.s. election betting that the case against the cadc resolved in the courts. but predicting is an entirely different model which is why we see skewing when we look at different markets. sonali: thank you very much for all of your reporting on this as well. coming up, ingram micro has begun changing -- trading on the

u.s. stock exchange. the ceo outlines what is next for his country -- company now that they have gone public. this is bloomberg. ♪

sonali: this is bloomberg markets and i am sonali basak. now is the time for the stock of the hour, ingram micro returning to public markets and started trading this hour after raising more than $400 million in the ipo and it was an ipo that was at the top end of the middle of the range. it is backed by the pe platinum equity which will continue to control 90% of the shares.

platinum acquired the group from china's hna group in a $7.2 billion deal in 2020. joining us now is the ceo himself. ingram micro's paul bay. talk about the experience. one thing fascinating for folks is that it has been a hard year to go public. the pipelines are just starting to open up. companies in your space tend to command significant valuations. you did not raise at the top end of the range. what were some of the opportunities and challenges as he went through the process? paul: we are excited because we got a great list of investors while we were having conversations. the story resonated about what we invested in. so we talked about where we invested ahead of the curve and that future opportunity to go forward. a very good response of the markets as we told our story. sonali: another part of the

story that is unique is the private equity ownership. and you're talking to other investors, how did that talk -- how did that become more of a story. is that a challenge or did they say they are sticking around a little bit longer so is it a partnership? paul: platinum equity has been a great partner. we accelerated our investments around the ai enabled digital experience platform and we call -- and they were making sure that we were leaning in accelerate the investment. it has been a great partnership so far. sonali: what do you think about ai. where we are in the cycle, other ai focused companies have commanded stellar valuations. people are little afraid of the macro but it has been choppy for investors. when it comes to spending and the amount of companies able to come to the table and clients, how do they feel about this? do you think there is a risk

that things are a little expensive? paul: i think it is a great opportunity because we sit in the middle of a more than $3 trillion ecosystem from technology and the average deployment has six projects associated. ai is a critical part of that as we move forward. we look at how the pieces come together. we are both using ai, as i mentioned, but we are also bringing together all of our 1500 vendors that we do business with and how ai will help enable an easier outcome for the millions of businesses that they serve. sonali: what are tangible realities of that as well. ai has been such a large buzz word and if you look through your perspective you are plastered with cloud services as well. why is ai such an important turn? paul: it is driving productivity. we get over 3 million emails a year that are orders that come

via email. through our patent pending technology we have more than 24 plat -- patent spending. we are using large language models and machine learning bringing that in and that is wrapped around ai and is touchless. no longer are we taking in those emails. it is basically making it a touchless process and giving a better experience to our customer and out to the end businesses. sonali: now being public, what does the stock bring you? does it bring you the potential for a future mna? where is it making a difference for the way your business evolves moving forward? paul: we are taking the primary and paying down additional debt. we will have follow-on offerings down the road and we have the ability if we want to do significant mna. we are capitalized if that is what we wanted. we are in a good position and will move forward and continue to deliver for customers.

sonali: one more about the process. indulge me. as part of the ipo plan where you are trying to get ahead of the u.s. election before things got choppy? paul: if i go back to ingram micro, we are a 40 billion-dollar company that operates in 57 company -- countries with 168 thousand customers. we did look at the u.s. elections but that never held us back and that was a decision that we knew moving forward because we have such good diversity. it was not an issue coming to the public markets. sonali: i am certain that a lot of ceo's must appreciate that. paul bay trading for the first day on the new york stock exchange. coming up, australia struggling to reach an inflation rate of 2% to 3%. the treasurer joins us from the imf annual meeting to talk through his vision for a soft landing on the fiscal side. this is bloomberg. ♪

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sonali: this is bloomberg markets. the imf recently warned that australia might need to cut spending even though it had a second budget surplus in a world. -- in a row. we will speak with the treasurer of australia. what do you make of the imf report. let us start there because really the imf's growth forecast and recommendations is the shot heard around -- heard around the world. what do you feel in relation to what they said? jim: well, first of all, thank you for having me back on bloomberg, it is a pleasure. there are a lot of insights in the reports that we find valuable. the reality is that in australia, we have made extraordinary progress in the

fight against inflation. when we came to office two years ago inflation had a six in front of it and now it has a three. next week we learn more about the situation as it relates to inflation and australia. we made a lot of progress and it has been welcome and encouraging. a big part of the success is the responsible way of managing our budget. the two surpluses that we delivered our the first back to back for the last two decades in australia. mary welcome and deliberate consequence of the spending restraint that we have shown and the savings we have found in the budget. of course we will rebuild the fiscal buffers as the imf has been recommending all of us to do in the uncertain global conditions. sonali: i am glad you brought up the inflation story because all eyes will be on the third quarter cpi report. and you were saying that inflation has come down but not

as much as other countries. do you accept that perhaps rates need to stay higher for longer and australia in order to bring down the last mile of inflation? jim: first of all, there is an important convention in australia that politicians do not make predictions or free advice to independent reserve bank and that is important and one that i adhere to. when it comes to the inflation story and australia, we have made outstanding progress in the fight against inflation and any differences between our rate and what we are seeing in some countries are a consequence of two things. first of all, inflation australia p lower and later than most countries that we compare with. secondly, some countries that have lower headline inflation have got much higher unemployment or weaker growth or

some other combination of undesirable aspects of the economy. what we have done is we focus primarily on the fight against inflation but without ignoring the risks to growth which struck a really effective balance between those primary economic objectives. and that is because we have taken the view that it is better to avoid a hard landing they had to clean up after one. we are on track for a soft landing and we are confident but not complacent. and the policy decisions that we have taken whether it is a two budget surpluses or the way that we are investing in productivity and dynamism and all of these things are really important ways that we have the inflation rates down without ignoring the risk to growth which is coming at us from an uncertain global it environment. sonali: do you think that the rba needs to move faster? do you think they are being too

cautious? jim: again, i do not give free advice to the independent central bank and there are good reasons not to do it. i take responsibility for our part of the fight against inflation. fiscal policy is playing a helpful role and the governor of the river -- of the reserve bank said that it is helping in the fight against inflation and the way that we are managing our budget and economy in the most respectful way we can is my responsibility. i will leave decisions about the trajectory of inflate -- of interest rates to the board of the reserve bank which takes its decisions independently and appropriately. sonali: i do want to get your view on your relationship with china. the removal of restrictions on lobster exports is imminent. do you think there is a new stage between the australian and chinese relationship? jim: we recognize that the

relationship with china is full of complexity and opportunity. we have our differences with china and we do not pretend that they are there. our efforts to stabilize the relationship have gone through, including the removal of some trade restrictions. we welcome the progress we have made and the lifting of those trade restrictions and some of our key exports. but we know that it is a complex relationship and it needs ongoing management. and we believe we get more out of engaging with our major trading partners than the alternative. and so far, that has proven to be the case. sonali: that is the treasurer of australia and of course joining us on the sidelines of the imf world bank pleadings. -- meeting. tesla extending gains almost 20% giving a nice boost to the s&p 500, which is back firmly in the green as well. we will keep you apprised of the

markets through the close today. it has been a choppy trade. but now back in the green. that does it for bloomberg markets today. take with us through balance of power. this is bloomberg. ♪ it's our son, he is always up in our business. it's the verizon 5g home internet i got us. oh... he used to be a competitive gamer but with the higher lag, he can't keep up with his squad. so now we're his “squad”. what are kevin's plans for the fall? he's going to college. out of state, yeah. -yeah in the fall. change of plans, i've decided to stay local. oh excellent! oh that's great! why would i ever leave this? -aw! we will do anything to get him gaming again. you and kevin need to fix this internet situation. heard my name! i swear to god, kevin! -we told you to wait in the car. everyone in my old squad has xfinity. less lag, better gaming! i'm gonna need to charge you for three people.

>> from the world of politics

to the world the business. this is "balance of power." ♪ live from washington, d.c. joe: it is tied up with less than two weeks to go. welcome to the fastest show in politics. our new bloomberg news swing state poll finds a presidential race that is too close to call in the seven swing states that will decide the election. i'm joe mathieu alongside kailey leinz. welcome to the thursday edition of "balance of power" on bloomberg tv and radio. the race is tied. 49-49. but donald trump still leads on the most important issue in the campaign, the economy. kailey: 50% of swing state voters trust trump's handling of the economy more than harris. 45% said the same for her. even as voters are likely to say harris is honest and fit for office.