francine: thank you so much, derek wallbank.oining us this morning, melanie baker, to talk about them markets and the impact of these appointments have. sees a senior economist. a great pleasure to speak to melanie about all the things that is going on. senior economist at royal london asset management. when you look at how the markets and the economy could fare because of these cabinet picks who is in joe biden's administration, what is the takeaway? array going back to what we had pre-president trump? is that only a positive for the economy? melanie: i think what we are seeing, appointments that speak to confidence. highly experienced people coming in. from an economic perspective, any election when you are looking at new appointments in these sorts of roles, those other qualities you want with janet yellen. someone who is highly competent, highly experienced economic policymaker who is just reassuring. that's exactly what's needed in the midst of crisis. francine: what does she need to do? how does she get along with mitch mc

derek wallbank. this is bloomberg. ♪ businesses today are looking to tomorrow. adapting.etting the course. but new ways of working demand a new type of network. one that's more than just fast. you need flexibility- to work from anywhere. and manage from everywhere. advanced technology. with serious security. and reliable coverage, nationwide. forward-thinking enterprises, deserve forward-thinking solutions. and that's what we deliver. so bounce forward, with comcast business. anna: good morning. welcome to bloomberg markets "the european open." the cash trade is less than an hour away. virus cases in the united states past 11 million. an advisor to the president-elect suggests a national lockdown is not on the agenda.

joining us now is derek wallbank. what is next for shelton's nomination? mcconnell voted no but there is a reason why he voted no. explain. >> there is a reason and that is because under senate rules, when you are trying to reconsider a vote like basically bring it back up, you need somebody who voted the other way to say i have changed my mind so it's a sort of procedural tactic. throw mcconnell's boat out because that's not really sort of an actual point of opposition and you still wind up with republicans being a little bit short of their vote margin. why are they short? because of covid. specifically, one senator has it and another is quarantining because of their exposure to someone who may have had it. justo, it's better -- basic loading math. the difficulty with his nomination is you have these things going on so right now, you don't have the votes even though you think you probably do if everyone is healthy, and at a certain point, marc kelly, who won the special election in arizona, who is a democrat, will get certified as the winner of that elect

get to derek wallbank, our senior editor. what can we expect in terms of movement on the tackling of the virus besides the fact that he is setting up his task force today? derek: joe biden is proceeding as if he is the president-elect and not as if president donald trump is still launching legal challenges. he mentioned he is going to plan toa coronavirus schedule his office. he will meet with his task force. he is getting to going. we should be expecting some announcements from the biden campaign that it is now a transition of their senior staffing potentially this week. we should expect that they are going full steam ahead even though, you know, president donald trump has not conceded and counting is going on. it seems academic to all except for the president and his most loyal supporters. manus: great to have you with us this morning. what more have we heard from president trump? we are watching some people really saying the republican party are trying to get their heads around how do they accommodate this situation? are we

joining us is senior editor derek wallbank. what do we know about tony blinken? under the obama administration and more directly but will heas vp, be apple to be confirmed in a republican senate? derek: you would imagine someone like tony blinken wouldn't have too much trouble in a republican senate, just because he's somebody that everybody has known for a really long time. , and it iso somebody going to be interesting for the world to get used to this again, but tony blinken has been with joe biden so long that when tony blinken talks about world affairs, it is going to be assumed that he is speaking joe biden's words. after the last four years, when there really has been this disconnect between a lot of when donald trump's aids will say something and you have to ask yourself, what does the president think? what has he said? that may not be the case in world affairs going forward, because the biden team is probably going to take a much and tightly held line, everybody singing off the same song sheet. even though that is something the u.s. has tried to do in year

story withore on the the derek wallbank could a lot of -- derek.a lot of moving parts about how the relationship could possibly change. the point about giving biden an opening to do something was an interesting point. i would be interested to see where that goes. a lot of people have been thinking biden will be a full reset on china, they may or may not have been familiar with biden's experience with the subject. when the hong kong stuff was in its biggest throes, biden and, u.s.s were saying the should stand up more forcefully on hong kong. there are definitely some things where hyden wants to press china -- where biden wants to press china. he's also been critical of the trade war. he doesn't like how -- he views it as erratic and wants to bring more structure. biden is willing to do business with china. on that side, you could see grounds for a potential reset. at the same time, biden will be that voice that may be trump was willing to pull back from being in exchange for trade deals. it might be a nuanced difference with china but there are opp

joining us is our senior editor derek wallbank. listening to janet yellen talking this month about the need for fiscal stimulus and some are suggesting if she is at treasury, that will be easier to deliver but she'll have to work with a senate that has seemed has a tent and could still seem hesitant after january. we will have to see what january delivers. set that up right. republicans look like they might keep control of the senate. there is an outside chance democrats could force a tie that kamala harris could break but in either case, you are talking a situation where republicans are going to have to be at the table. democrats will not be operating with some sort of universal control of washington that they have ever proof margins and can do whatever the heck they want to do. that is not going to the reality, so pretty much everything you want to do if you are joe biden's administration has to start with the fundamental construct that republicans need to be on board in some way, at least some of them. it is certainty markets li

our senior editor derek wallbank joins us now. he has lived in so many of these swing states. inn in miami, lived wisconsin. what has been the closing messages in the final moments of campaigning? >> donald trump in grand rapids, one of the places in michigan on election night, is a really important area where trump barely carried it in 2016, but the biden coalition should do very well. a critical area of the state. trump's closing message was his greatest hits. he talked about hunter biden, he talked about the pressure probe, he talked about all those sorts of things. it has been more of the same, whereas joe biden has come home on this race very much on his basic message of competency, decency, and the ideas that if you're tired of four of those last years, you don't want four more of the same. as theyivergent message close up. joe biden is sticking really to that midwestern battleground. he wants to clamp down and win in pennsylvania particularly. manus: 100 million votes we understand have been cast already. the first physical votes were cast. 100 million. do we have any i

derek wallbank looking at the u.s. elections. let's get plenty more on this historic u.s. election.ith more analysis, our next guest is former deputy chief to the u.s. embassy in london, now at signum global advisors. to.lukens, welcome the program something we have not really focused on but seems significant is, how well the republican party deal with the latest comments from president trump yesterday? saying that this is a rigged election, when we have actually no proof of that. >> i think we are seeing a split in the republican party leadership. some senators and leaders have come out in support of president trump, but i think some of the more cautious members, including mitch mcconnell, will start distancing themselves from trump , especially as the day goes on, as georgia flips, pennsylvania, and it becomes clear that joe biden will have think thelection, i more serious members of the senior leadership of the republican party will start looking to the future and figure out how they can rebuild the party in a post-trump era. electoralthe latest college vote count is joe biden 26

derek wallbank joining us now. let's start with the polls. early voting.elling us and is there still a chance that donald trump could catch up? biden is still in the lead. all ofve looked through the polls and i see a. there is a way he could sort of run the rapids here and get through. it's a tight pass. there's not much room for error. it requires donald trump to win every state as well as at least one state that leaning towards joe biden. what that means is if you look over the map, the big ten states in the midwest are going to be the place where a lot of this is decided. pennsylvania, michigan, wisconsin, ohio, and acetic, iowa. the sunbelt could get there first and those are states that report a lot quicker, that close a little earlier in the night. the biggest one is florida but you are also looking at georgia and north carolina so that's how to look at this as this is coming in the night. trump needs to do really well in that process in order to be able to go into that sort of next tier of states and try and pick off one of the big wisconsin, michi

to -- youcording might joining us now is derek wallbank. he seems to be pretty well-known.a veteran diplomatic hand in washington who has been with joe biden for many years. with joe are simpatico biden which is to say that after four years of hearing u.s. officials say something and then wondering what the top most senior official, the president, was going to say about it, instead hearing you are likely whenve situations where antony blinken says something, it is where joe biden wants to be. that will be a jarring reality for folks that may have been practiced at trying to play one person off of another and one situation off of another. possiblythe u.s. is going to be an extremely more tightly run ship especially more tightly run even than the obama administration. thank you very much for the update. our senior editor with the latest on u.s. political maneuvering. let's get -- talking about maneuvering, let's get to the markets. european equity markets finding some higher ground. stoxx 600 up 0.7%. well up 18%. this does not just have to do with the astrazeneca vaccine sto

derek wallbank. global equity markets rounded out the worst week since march, investors are gearing up for another volatile stretch. between the election and tighter restrictions in europe, macro risks are dominating. joining us to discuss is dani burger. how are investors preparing? we were talking over the politics. how are investors preparing for tomorrow? dani: keeping that in mind, a lot of sources say desks simply aren't putting money into the machine. in terms of preparation, they are cutting and running. they find it much more comfortable and indeed, much less expensive to do that. you can see that dominated by how the market has been reacting . havens haven't had much of a bid and part of that is hedges are expensive at this moment. gold has actually been falling over the past week. investors for the most part, just on the sidelines, waiting to see what happens through the rest of the week, if it is a contested election. the only action we are really sellg is the idea to equities and just si