today, caroline hyde joins me. you can either interrupt the bests like tom keene, or super downbeat on the global economy and fill lisa's seat. it is up to you. caroline: you know what? i will go for the interruption technique. no, i am going to play nice. by caffeine and sugar. i tried sweet potato with marshmallow on top, and american american top, an delicacy. not so sure about it. onathan: a quiet day ahead both sides of the olanta. caroline: -- of the atlantic. caroline: this is like a black friday of no other. we will have empty stores. everyone is online. but those traders will still be logging onto their computers. i feel as though perhaps we are going to get a little more activity than we use to. certainly we sought on the cryptocurrency front. jonathan: we start with equity futures and work our way through the bond market, foreign-exchange as well. equity futures up about seven on the s&p 500. we advanced 0.2%. outside of that, and the bond market, mentioned the bid into treasuries. yields coming in on the

caroline: from bloomberg's world headquarters in new york, i am caroline hyde. joe: i am joe weisenthal. romaine bostick is out this week. caroline: russell 2000 and dow at a record high. steepening of the yield curve. bitcoin continues to surge. a sacred number, a sacred day for some. investors might forget that there is still a lot to prepare in terms of the u.s. economy. expected treasury secretary nominee janet yellen. americans expectations for the future even grimmer. with no fresh round of stimulus and covid cases surging, many people are not feeling so optimistic as we head into the holidays. one positive side of the economy is housing. joe: it was one of the early strong parts of the economy this summer and continues to show incredible momentum. the speed of housing price growth through multiple measures. month over month, i think that is the fastest pace of home price growth ever. sincet sequential growth 2013. i don't even know if that is a good thing. if you own a home, i guess that is good. if you are looking to buy a home, not great. caroline: there

♪ caroline: from bloomberg's world headquarters in new york, i am caroline hyde. maine: let's get you caught up on where u.s. markets stand. stocks rebounding after last week's selloff. caroline: the day is almost here. tomorrow is u.s. election day. as we all know, this time it is more likely to be election days know if or before we they win, it could be months. this year's race could be the most well litigated. one legal tracker is already following around 400 lawsuits filed. it is not just the white house and congress. americans will be voting on everything from the gig economy to marijuana to taxes. joe, we all know, after brexit, after the 2016 election, pulls, you have to take with a healthy dose of salt, but we are going to look at them anyway. joe: even in the absence of perfectly reliable data, we will tell stories on the data that we have. polls all seemhe to be saying the same thing. most people seem to think that joe biden is going to win. you can see how similar trump's pulling his versus the same time last year. the polling is, similar. not sure what

♪ caroline: from bloomberg's world headquarters in new york, i am caroline hyde. maine: let's get you caught up on where u.s. financial markets stand. rotation into cyclical assets but the s&p 500 index falling just short of record highs. caroline: stocks flying into rally mode after we got word that pfizer had work on their covid-19 vaccine. the nasdaq was in red once again. senate majority leader mitch mcconnell failing to concede the election to joe biden just yet. the fed put out a warning on asset prices. the rally to a two month high. since the highest levels 2018. the index at a record high. so much to really chew over. joe: such a wild start to the week of course. digesting the election, the light at the end of the tunnel. here is a chart. it is a number. but here is a pair. this is one of the favorite pairs of neil over at renaissance macro. to bike atot need home. there you see the entire story of the day, those two numbers. romaine: someone else made this for us, about vacation time. a big part of enthusiasm today is that we will finally all get out of t

. ♪ caroline: from bloomberg world headquarters in new york, i'm caroline hyde. e: i'm joe weisenthal. caroline: another day of record highs, but only for the nasdaq. bit.00 falls off a joe: the question is, what'd you miss? caroline: we saw in the shortened trading week the dow getting the sacred 30,000-point level. toestors downright giddy get clarity on a biden transition and a wave of news on the covid vaccine. there is ambiguity about the unequal economy. rise, consumer sentiment falls. sentiment points pretty positively, though. joe: yeah, i mean, ok, we didn't hit record highs on the s&p 500, so the fed has to cut rates. but the big picture is, yes, clearly this is a market with a lot of exuberance. small caps, this is a part of the market that really lagged for several months even after the recovery began in the spring. they have been on a tear lately. searching past the old record. so many names even on a day like today. pause for the speculative euphoria. caroline: you look at the industries that have been so beaten up. energy suddenly in the last five d

caroline: from bloomberg's world headquarters in new york, i am caroline hyde. the rotation traits continued. s&p 500 index closing up 0.5%. it was really all about the reciprocal. small caps out of favor. joe: the question is, "what'd you miss?" starting tovestors president-elect joe biden said to nominate former fed chair it -- chair janet yellen as treasury secretary plus, another round of positive news for a possible covid vaccine. as we head to the end of the year, i don't even know if the market hates uncertainty anymore. terrible is such a cliche. life is nothing but constant uncertainty. 2020 one of the worst years of our life, one of the best years for the market. caroline: people still kind of one a haven. joe: obviously, stocks continue to do well generally. betsen see some reflation emerging in the market. look at the 10 year yield. it is just not going anywhere. earlier inome point the summer. higher a few weeks ago. with all kind of things breaking treasuryrtainty, a chief, the desire to hold safe haven assets. aroline: maybe we will get closure in

. ♪ caroline: from bloomberg's world headquarters in new york, i am caroline hyde.oe: let's look at the moves today. all kinds of new highs. dow jones hit a new high. interesting, you see that contrast. they are all green. down at the bottom, nasdaq up less than 1% with that positive vaccine news. more rotation, more love for small-cap, a little less for tech. caroline: when it comes to markets, long-term optimism is winning out over short-term fear. the seven day average in new covid cases, the u.s. is claiming in every state. california governor kevin newsom says he is pulling the emergency brake. the dow at a record high, closing just shy of 30,000. s&p 500 index at a record high. rotation caps, we have into value and cyclical sectors. right here, right now, companies are facing the covid reality. luckily, the race is on free vaccine. joe: last monday it was pfizer. this monday, moderna expected. in itsefficacy preliminary analysis. they are also touting the ease of the logistics. refrigerated temperature for 30 days. vaccine has to be very cold. shares rising mo

caroline: from bloomberg's world headquarters in new york, i'm caroline hyde. joe: i'm joe weisenthal. romaine: i'm romaine bostick. a flat day on wall street but that obscures the biggest one-week rally for u.s. equities since april. joe: the question is "what'd you miss?" assets,: nearly all pretty much everything higher, all except the u.s. dollar. is the blue wave trade off or is it on? it looks like the democrats still have a crack at taking the senate, but with biden inching to the white house, what policymaking is the market baking in? biden hasy rains, but taken many by surprise. joe: the real winner this week, not biden, not trump, the good old 60-40 portfolio. everybody had left it for dad not long ago. theof the best weeks for 60-40 portfolio in a long time. end of election volatility. we are not likely to get a big stimulus. the diversified investor wins again. romaine: another big winner on the week was anyone shorting volatility. most volatility measures started to pick up. the idea that we were going to get a contested election, at least today it

♪ caroline: from bloomberg's world headquarters in new york, i am caroline hyde. e: i am joe weisenthal. romaine: i am romaine bostick. the rotation trade continue today, just in the other direction, the s&p 500 managing to rise. joe: the question is -- [no audio] caroline: bloomberg's economic model is seeing a double-dip downturn. there was much good news on the vaccine front, but joe, the euphoria has ended. investors are trying to work out how they get through until spring when the vaccine is going to be more widespread. joe: we've had a powerful rally for the first couple days, but then you look at the action with the nasdaq surging and itrything else lagging, and does seem like the vaccine opposition is running head to head with reality, which is that right now the covid situation is bad. hospitalizations, hitting a record. ineurope, you see the surges germany, italy. at some point, it seems likely we are going to get a vaccine, but the current situation, not good. romaine: it is really the sustained trajectory of this latest wave that is most concerning. the

. ♪ ♪ andline: i am caroline hyde what did i miss? see what i did there. biden is moving swiftly to build out a diverse administration. rounds to cecelia lead the national council of economic advisors. joe: historically, there has always been a cap between the unemployment rate of different races but we have seen it exacerbated, accelerated. the unemployment rate has come down obviously for everyone. you look at the white unemployment rate, 6%. black americans, nearly 11%. after a lot of compression in those lines precrisis, lots of work to do now. joining us now, bloomberg opinion contributor, former federal reserve economist. describe big picture the names we have today, not just gross but the role of policy in flattening and compressing some of these divergences. in much is that prominent the work of biden's econ team? i completely affirm that there is a story, a real emphasis being put on a more diverse policy team. that comes in many dimensions. it is very important to have a stellar researcher in cecilia ea.se as the chair of the c it means a lot to

(upbeat music) caroline: hi i'm caroline hyde. joe weisenthal. romaine: and i'm romaine bostick. the reflation trade taking hold here, the s&p finishing up the second day in a road. joe: the question is, what you miss? only a few more hours to make the most of your democratic rights to go out and vote. you might've thought today would be day of angst and uncertainty, investors biting their nails, but it was met with the risk on attitude and the markets. aroundn person votes, 100 million americans who cast their ballots ahead today. hawaii and texas both reporting that early voter turnout has exceeded the total number of ballots cast in the last residential election. presidential last election. we wait to see if congress will be a help or hindrance. we start analyzing trading and the bet for a blue wave. of: big gains in the course theory, which doesn't tell you anything about the electoral outcome, but tells us that the markets are not expecting a massive gridlock or something problematic. if you look at the flows, there things.e interesting st voo, that is an interesting one. ,

♪ caroline: from bloomberg world headquarters, i am caroline hyde. joe: i am joe weisenthal.omaine: i am romaine bostick. the record highs set on monday, weighing a little indecisiveness as investors weigh the trajectory of the economic recovery. joe: the question is what you missed? caroline: you missed quite a lot. it's interesting. it's like we played it. with everything from record highs of the s&p 500 all the way to certain cases of covid to a fight between the fed and treasury and condemn it really money -- and pandemic relief money. we got progress from moderna and pfizer, making impressive headway for a vaccine. trump's campaign still unwilling to concede the election. all of these headlines causing a tug-of-war in the markets between long-term fears and hopes. these five days, we are trying to work out where to place our bets. joe: yeah, that's exactly right. as you mentioned, we hit record highs at one point this week. today, not much going on. despite optimism in some markets and more vaccine news, if you look at long-term yields, look at that. u.s. 10 year yield b

♪ caroline: i'm caroline hyde. joe: i'm joe weisenthal. romaine: i'm romaine bostick.ou havetechnologies, financials, everything rallied. it is sending the biggest rally since we have seen since april. carolyn: confusion. good thing we are a financial channel. it is all about the math. it all depends on what numbers you are using. with control of congress up in the air, big bets on gridlock are being unwound. what is certain is the fed has america's bag. jay powell confirming the central bank supported the economy and calling for further fiscal stimulus. the market is desperately trying to price in the future stimulus. it is pretty amazing how much markets have thrived in this uncertainty. joe:joe: here we are trying to figure out what is going on in the election and it has not been an issue. for more on the latest, i want to welcome bloomberg government kyle trigg stead. thank you for joining us. what are watching most closely? >> right now, we are waiting for final results in georgia. the presidential race we are watching but the senate race, david purdue, republican

♪ caroline: from bloomberg's world headquarters in new york, i'm caroline hyde.omaine: let's get you caught up on where financial markets stand. a tug-of-war between the stay-at-home trade and the reopening trade. treasuries rallying. the s&p 500 down 1% should joe: the question is, what'd you miss? caroline: disney earnings show consumers are more likely to be on their couch than making a trip out. a surge in disney plus its drivers. the company is seeing a 60% drop in parks and consumer products revenue. a 62% dip in studio revenue. the numbers are backward looking. challenges remain in the here and now. you have surging covid cases. today, we saw the chicago shut down. cruise returning early. joe: the scene that is a lot of things going on. lots of good term -- lots of things going on. the short-term, losing money on lots of struggling aspects. you see some of the details. media networks gaining 11%. studio entertainment plunging. no one is making or going out to the movies. parks experiences only down 61% should the director of consumer and international gami

. >> that was jeffrey solomon speaking to bloomberg's caroline hyde. you to the first word news. turkey.art with the turkish prime minister quit. he is the son-in-law of the president. was firedl bank she on saturday following the collapse of the lira. the turkish currency has lost its value over two years. to thailand, water cannons were dispersed against antigovernment protesters. submitrators wanted to petitions, calling on the king to accept changes, medical services say to people and one officer were injured. the testers abandoned their march after the police took action. .ote counting is underway -- defect alito -- leader the de facto leader expected to win the election. were 5600 candidates from 91 parties vying for seats in national and local parliament. most results are expected by late monday. google news, on air and on bloombergquint take. i am karina mitchell, this is bloomberg. ery: 50 million cases and no signs of slowing. global infections rise again with the u.s. again at a record. this is bloomberg. ♪ let's get it over to hong kong wit

caroline hyde and i got perspective on the road ahead for a company.ne global of the largest medical cannabis companies in the world. regulatory the framework starts revolve, and we have a large-scale medical do with israel. the capabilities and compliance, everything from manufacturing, production, labeling, sales and marketing, that we have to do to be successful as the largest medical provider of cannabis in canada and key markets around the world, really bodes well for the u.s. while it is hard to predict what a federal framework looks like, we are glad to say that for states including new jersey have comprehensive cannabis legislation. there is a movement afoot. taylor: it's interesting come we spoke with one of your peers weeks ago and he said the biggest competition is the black market. do you agree? how do you compete with the black market? miguel: that is right in canada, but the direct market is growing. month over month sales increases, a lot more retail stores opening across canada. inle the illicit market canada is our largest competitor,

caroline: this is bloomberg surveillance, caroline hyde in new york and tom keene gets well deservedwith francine lacqua in london. bbva and sabadell ended discussions with a disagreement over the pass of a transaction. shares of sabadell plummeted but they've recovered some losses earlier and now down a cool 13% and the group will shift focus to developing the retail business in spain. we're joined with the senior bank analyst at bloomberg intelligence and we can discuss the fervor that is bank consolidation in europe as we see a focus on all things trying to take on the latest slowdown in the economy but jonathan, your perspective on this deal being put on ice, bbva is set to spend. where might that money be put to work? jonathan: bbva, fantastic sale of the u.s. business with a lot of cash. wouldn't be surprised if the e.c.b. switches back on dividends and capital return next year if we see a big buyback program from bbva. i think the fact that sabadell clearly turned around and wants a higher exchange ratio also reflects the sector and sabadell was trading something like 1.95 tim

alongside caroline hyde this morning. tom keene and lisa abramowicz taking another day off. see them on monday. the equity market standing down a barrel. the s&p, the nasdaq, and the russell. the counterintuitive story for many of you hoping we would get that vaccination the big boost in cyclical appetite. this morning, tech leads. on the week it was the small caps come on the session it is tech. the russell basically unchanged. still a defensive posture. yields are lower on the long end. we come down does go basis points on the 10 year 2.85% accurate on 30 year, south of 160. is it technical or fundamentals that are keeping a lid on yields. the fundamentals, the data not great when you look at jobless claims. they are moving in the wrong direction. retail sales last week moving in the wrong direction. fundamentals and they are not pretty. the forward outlook much better. the bond market is not picking up on the sense of that. is it the fundamentals for the technicals? the reason for bidding into the end portends and 30's, is the technicals around the asset purchase program

shery: alan blinder speaking to caroline hyde and joe weisenthal.'s get a check of breaking news. j.d. health, the health unit of tocom, says it is seeking up 3.5 billion dollars in a hong kong ipo. trading is expected to begin december 8. they are offering shares at 52, 8, and 70, $58 hong kong each. 381.9 millioning shares, hoping to raise $3.5 billion in that ipo. again, the price $58 hong kong. begins training december 8. here is a quick check of the headlines. dell technology posted quarterly revenues that beat expectations in a signed demand for pcs remains above in the work from home era. sales rose almost 3% in the october period with profits almost half as much -- above as forecast. dell has been moving to modernize by using a subscription model, letting clients pay for products as they go rather than upfront. revenueted quarterly above wall street estimates, listed by customer upgrades for remote work and education. income was down slightly to $15.3 billion through october of remained above forecasts $14.7 billion. profit was $.62 a share,

the ceo speaking to caroline hyde at romaine bostick. let's check in with business flash headlines.kshire hathaway identifying its latest megadeal, its own stock. the firm spending $16 billion scooping up its own shares, more than three times its previous record. repurchases top many of berkshire's biggest investments including 2019 occidental petroleum financing and totaled more than it has ever spent in when you're buying apple stock. cutsts from paris, 650 job monday at its in banking -- investment banking operations, that cuts will come after socgen reported performance in the third quarter. it follows its worst performance in a decade over the preceding period. wanting to cut $500 million in cost by 2023. a look at markets as we had to the tokyo lunch break. the nikkei, the broader market, topix. currently seeing movement to the upside. 1.9% up. if you look at msci x agent we are putting act record hides and we are at record highs. record ex asia at highs. global equities heading for a fresh record. there is optimism about the outlook under a joe biden presidency. we discussed