ferro puts it on everything. ferro puts it on his fish and chips. mccormick bought him out yesterday at eight times sales. what does the price to sales ratio look like in this great bull market? frank's, byids love the way. that is their preferred hot sauce. it is extorted nearly hi, and these are the numbers -- it is extorted nearly hi, and these are the numbers. all of these numbers are uncomfortably high, but again, we have to step back and realize it is all within the context of the 10 year yield that simply will not budge. lisa: i will just say, you said frank's was the preferred hot sauce. i would argue that tallulah, the brand -- argue that show lula -- , the brandchalulah that mccormick but yesterday, is better. this is turning into the shopping network. but the lack of participation jon was talking about of the bond market in the euphoria we are seeing in certain pockets of is thisty markets, indication that the central bank is putting their thumb on all bond yields indefinitely? julian: there's no question about that, particularly when usi

alongside tom keene and lisa abramowicz, i'm jonathan ferro. friday morning. for some it is payrolls friday. for most, it is still tuesday night in america. equities down by 0.7%. a race that is still too close to call. razor thin margins in places like georgia. tom: i do want to note, very importantly, the japanese out to new strength moments ago. joe biden out to new strengths, and there's no question the key gone bidenrgia has ever so slightly. ahead for mr.es biden in georgia. jonathan: everyone doing the math and saying the passed for the president just gets narrower and narrower. the president overnight continuing to push back in a uniform manner from the whole campaign. tom: really extraordinary to see that. i know we will have some images of that press conference last night. , wethose of you worldwide will have our experts on that. what is so important to me is the idea that this is just not the president. he has galvanized trump nation to send a message out that this is fraud. georgia, pennsylvania, nevada, arizona, the counting contin

tom keene, lisa abramowicz con -- lisa ferro on abramowicz, jonathan ferro on "bloomberg surveillance." i'm happy lisa is right here with me. [laughter] laterricks is coming up with eli lilly. look out for that. this is bloomberg. ♪ ritika: with the first word news, i'm ritika gupta. attorney general william barr will let the justice department investigate potential voting irregularities in the presidential election, but has acknowledged there is no conclusive evidence, and warned against what he called far-fetched claims. the head of the department's election claims branch resigned. the u.s. set to hit record hospitalizations for the coronavirus this week. numbers are soaring in midwest states such as illinois and michigan. in texas, the city of el paso has more people hospitalized with the virus than in 29 states. starting today, the european union will impose tariffs on $4 billion worth of u.s. goods, a tit-for-tat escalation of a fight over illegal aid to aircraft many factors boeing and airbus. the eu says it would drop the tariffs if the u.s. removes duties imposed by eu product

alongside tom keene and lisa abramowicz, i'm jonathan ferro. this morning, equity markets absolutely flying. a wise old man told me sometimes you have to rip up the script. this morning we do just that. , thethe election results fromsion off of the news pfizer. let's just frame where this market is. i'll let lisa worry about bonds. i am looking for an entry point, and i don't have one coming with s&p futures out to record highs, up 120. jonathan: let's get straight to the price action of this moment. equity futures are absolutely surging, up by 3.3%. it is a huge turnaround. on the 30 year we go about to 88 basis points. a bit of dollar weakness back through this market, just south of $1.19. a vaccine possibly helping us normalize this global economy. what does that mean? bti with a $40 handle. lisa: it looks like pfizer will get some of the safety data necessary to see whether they can get some of the emergency approval to roll this out. this is what everyone has been waiting for. i simply, what is the circuit breaker to the surge in covid cas

alongside tom keene and lisa abramowicz, i'm jonathan ferro. this equity market is flying. it is thursday morning. for many of us, it is tuesday night still. tom: we will get to that in a moment. i think the markets are so important for a global wall street audience. it is really important to look at the levels here and not the abrupt changes day after day. moments ago, s&p futures 3500. dow level, 29,000 plus. nasdaq 100 level, 12,000. that is a market that is adjusting. jonathan: the nasdaq up 9% since election day. three days, nasdaq futures up 9%. can you make sense of some of this price action? tom: absolutely not. jonathan: seeing the equity market up this much is pretty impressive. tom: we can pontificate about it. lisa will have all of the answers about why we are moving up. just in the last hour, yields come in. of all of the political debate this morning, the one little tea leaf was in georgia. mr. biden narrows the gap with 96% counted. tom: you mentioned -- jonathan: you mentioned the bond market. the company continues. lisa: if you

jonathan ferro, lisa

alongside tom keene and lisa abramowicz, i'm jonathan ferro. with equity futures nicely positive, we've got to bookend of monday the hope with the brutal reality of the covid statistics in america this friday morning. tom: extraordinary to see the market levels after the pfizer vaccine. i love what greg valliere published minutes ago, where he says this is a humanitarian crisis, and another word he uses in his terse note is acceleration. not only acceleration of chases and deaths, but this is about the medical industry and the hospitalizations. peter hotez scheduled to be with us later this morning. jonathan: in various places around the country, the health care system is being overwhelmed. the caseload has gone from about 77,000 at the start of this around 150,000. silent, anduse is congress isn't looking at a fiscal package right now. they are looking at nominating judy shelton to the federal reserve. for this market, the policy focus isn't there. tom: what is interesting is the incongruence of the president and the care he got at walter reed

alongside tom keene, i am tom ferro.ty futures positive, this is bloomberg. ♪ businesses today are looking to tomorrow. adapting. innovating. setting 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. probably judge this that this is no longer a contested election. >> some clarity around the election and some clarity with a divided government, which i think is a great outcome for markets. >> i think the vaccine, in a way, should be seen as a global fiscal stimulus. >> everything is going to be lower and flatter for longer. >> just a lot of cash on the sidelines that needs to be put to work. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. tom: good morn

alongside tom keene and lisa abramowicz, i'm jonathan ferro. equitymorning, with futures going nowhere, but the crosscurrents this morning absolutely phenomenal. where do you want to begin. tom: where do you begin? i've got to go to politics. the shift we saw in washington yesterday about 4:00 p.m.. we don't need to be on this all day. every other network is going to cover it up and sideways come but this this is original actions by a president of the united states, really reminiscent of what we saw in 1876. it is a story our washington team will cover. this election of 2020 continues. jonathan: that tuesday night still continues in some ways. the news of the last 15 minutes is on the vexing front. pfizer -- on the vaccine front. pfizer set to file today for emergency other ration -- emergency authorization use. think that has been the sequence, and each time there is a lesser market reaction. jonathan: i tug-of-war continues. if we think about the tug-of-war right now, the tension is phenomenal. on the one side, the darkening near term outlook

ferro's many properties. we welcome you to a narrow conversation.ke a wonderful gas to usually talks bigger and broader and note they say one single thing and we go narrow. we do that with james athey of aberdeen standard investment looking at broader investments. , in your important comments on china and the idea of china with negative interest rates. is china becoming europe-like? good morning. i guess you're referring to the chinese euro bond issue? it gets technical and complicated and confusing for non-bond investors or non-geeks, but what you are buying his european interest rate risk with chinese credit risk thrown onto the top. while it may feel like from a logical perspective you should be able to equate euro currency a eurocgp with denominated chinese euro bond issue, what we have seen in emerging markets more broadly and what we see here is that is not necessarily the case because the interest rate outlook in europe is vastly different to that in china. tom: you never have to apologize iness in the bond market. i am bad and lisa is worse.

alongside tom keene and lisa abramowicz, i'm jonathan ferro. with equity futures advancing 43 on the s&p 500, the day is finally here. tom: over 1000 days of campaigning, i believe 1195 days of campaigning. i am going to be direct, you do it better in the united kingdom. i just wish the length here with a little bit more u.k. what we've got today, kevin cirilli, our chief washington correspondent, makes clear when he is on after midnight, we are not going to know many of these outcomes. jonathan: we do better because it is shorter and it is cheaper. we hope wednesday morning we have a result. this market fears this could drag out for a long time. sea, wem sea to shining are having a vote occur right now. we see a number of institutions already. how about the bank of america stadium in the carolinas? carolina playing at kansas city this weekend. this is the first of the disciples in west palm beach, florida. it is a beautiful church, ravaged by hurricanes over the years. yet today, there is the peace and calm of voting. i want to make clear that

jon ferro has raised this point several times. . how much doesn't hinge on the steepening of the yield curve? jonathan g: i can think of a half-dozen things that aren't working. the banks have reserved for substantial losses. good situation with their regulators. secondly, the regulators have forced them to cut back on dividends and buybacks. that is most likely going to get released in the second quarter. my third point is that the loan losses are not getting work, and they have over reserved. you are going to start to see probably around the second quarter, maybe the third quarter, that they are going to be giving more money back to shareholders. that is going to appear to be a bit of a surprise from a valuation perspective relative to the way they normally trade. the two cheapest sectors are financials and health care. you have all of those things working for you, even if you didn't get any yield curve steepen us. if you don't have at least a steeper you'll curve come of the trade is not going to work. but i would say 15 basis po

i jonathan ferro. -- i am jonathan ferro. away from initial job claims jobless claims -- jobless claims. mike, still waiting on the data. 742, the estimate is 700. the number in the forecast, the number in the forecast was 700. this is not a surprise because people have been expecting to see a rise in jobless claims with the rise of covid cases and a lot of bars and restaurants being shut down, we expected more people to go under. last month, 709,000. 2000, we go from 711. claims -- that is a drop. that has almost become irrelevant in the sense that people are using up their benefits. moving into 27 weeks and that goes into emergency unemployment category. that was up by 233,000. a lot of people still getting benefits, they are just not getting them under the old continuing program. total people getting benefits falls by 841,000. it raises a question of if people are going back to work or are people dropping out of the labor force? one thing about that total, that is through the end of october, that is delayed. we may see tha

d a fewwhat ferro di years ago. forget about it, wait for march. would you say the consensus right is cyclical's, materials, and small caps? jonathan: overwhelmingly it is the consensus. that is the story. the other consensus story as well is the weaker dollar. socgen out to $1.27 on euro-dollar, year end 2021. we still haven't got through those levels from late august. we didn't close below them yesterday. a little bit of weakness again this morning. started to fade again. that is the call that sticks out. do we finally get the 2017 had story of synchronized global growth? tom: i get it. stronger euro, stronger yen. ¥95 is unimaginable. that ifturn to the idea you get that, those countries will react because they don't like it. we will have to see how that plays out in the coming weeks. what we are not talking about is the bond market. lisa abramowicz dozed off in the last hour. why are bonds not part of the discussion? lisa: because growth is not necessarily going to take off. i am looking at the russell 2000, 1 of the consensus trades, up 25.5%

it is ferro. the brazilian scream is when you get strong brazilian rial, strong taiwanese dollar, and they start screaming about weak u.s. dollar. are we closer to that, or do we have patients up to 2022 on weak u.s. dollar? gabriela: from brazilian perspective, it is the second worst performing currency this year. it has depreciated close to 40%. there is much more concern about the depreciation then there is for any sort of nascent appreciation. there is still the concern about the weakness of the currency feeding into higher goods prices, higher inflation, and a vicious cycle with higher interest rates, so i think there is plenty of room for the real to appreciate further, and brazil is a very cyclical currency, a cyclical market, so it is part and parcel of the cyclical recovery that we are seeing in global markets. in that sense, it is very much welcome. jonathan: great to catch up. appreciate your time, as always. gabriela santos from jp morgan asset management on this market. equity futures

alongside tom keene and lisa abramowicz, i'm jonathan ferro. it is monday morning, which means one thing, apparently. vaccine news. tom: that's the way it has been. we will get to the expert in a moment. it is moving markets, but there's a lot of stuff percolating. the dollar strength really has my attention. i would go to the news released in the 5:00 hour of the reports that mr. netanyahu met with the crown prince of saudi arabia. these really haven't been vetted out by the israeli or saudi government yet, but i wonder if that helped a little bit as well. jonathan: i don't know about that, tom. news, dollaraccine weakness, can we touch about that a little bit more? the dollar taking out the lows on dxy. es,: we will see how bbdx do and the others. what i would note is the mexican peso. comes through, hits 20 this morning. that is just one little snapshot of the complexity of e.m. pairs doing well. dm,than: from e.m. to everything stronger against the u.s. dollar. yields up a couple of basis points. lisa, good morning to you. supply coming thr

alongside tom keene and lisa abramowicz, i'm jonathan ferro.ne hour and 12 minutes away from the opening bell, let's get into the price action very briefly. tidye equity market a rally. on the s&p, we add another 1.4 8%. the selloff in the u.s. dollar as the session grows older, that session gets bigger and bigger. euro-dollar, $1.18 46. that is a stronger euro. will the president join a very lonely postwar club of incoming presidents who did not get that second term, election day? pundits have taken a huge dose of humility. no one wants to call this because the votes are still being counted. this market is making its move in a big way. tom: the market is voting right now, no question about that. i would point out yet absolute -- point out yen absolutely stunning. it is rare that you see this. we are seeing too much of him. our kevin cirilli joins us now, our chief washington correspondent. we can talk about georgia. i will give you an open call here. what state are you focused on now? kevin: in the short term, let's go through it. at him: 30 c

alongside tom keene and lisa abramowicz, i'm jonathan ferro. loweray morning, equities on the s&p, higher on the nasdaq. instructions from new jersey, utah, massachusetts, and now new york joining in as well. question is without the most important issue. the blur of information we are getting, the effect on the markets, the effect on the nation's politics, it doesn't matter. the pandemic statistics, the cases, the hospitalizations, and yes, rising death rates are front and center. jonathan: couldn't agree more. the conversation is so familiar to everyone sitting in london, in europe watching this play out. you start at 10:00 p.m. curfew you start to limit dining. then what? that is the concern for a lot of people this morning. tom: i'm going to use the hands up. that has proven so effective on radio worldwide. think of it like three hockey bucks of death in europe. inis only one hockey puck the united states. europe is way out front of this, and i am frightened by the idea we will begin to see the deaths expand. the other thing i am frightened

alongside tom keene and lisa abramowicz, i'm jonathan ferro. londonup, brian klaas, university professor. we are up seven on the s&p 500, we advance a little more than 1%. .his is bloomberg ritika: withritika: the first word news, i'm ritika gupta. the presidential campaign is now in its final full day. polls show democrat joe biden leading president trump nationally and in battleground states. still, some of those estates were made extra blue close. both candidates -- some of those states remain extremely close. with candidates will campaign today in pennsylvania. president trump suggesting he may fire dr. anthony fauci after the election. over the weekend, found she said -- over the weekend, fauci said the u.s. is "in for a world of hurt" with the virus this winter. economists said the federal reserve won't increase the page of asset purchases -- the pace of asset purchases this year or next. most economists say it would not meaningfully boost the u.s. economy. fed policymakers meet wednesday and thursday. briggs and negotiators are moving cl

jonathan ferro drives for the conversation on tv.aul sweeney drives forward the conversation on radio. i do not know who i am joining. my joining jon ferro or paul sweeney? lisa: both. tom: a gloomy day in london. this is bloomberg. ♪ ♪ jonathan: from new york and london for our audience worldwide, good morning, good morning. the countdown to the opening bell starts right now. equity futures advancing. the rotation is back and that is where we begin with the big issue. vaccine optimism paving the way for record highs. vaccine news. >> the vaccine. >> the market is close to a high. >> infections are rising globally. >> the virus continues to surge. >> markets look through them. >> markets are still going higher. arearket participants anticipating the likelihood of a vaccine. >> the vaccine is the game changer. >> that is the perspective you should have. jonathan: let's bring in kailey leinz and sarah ponczek for more. we want to start with the vaccine news. pfizer last week, moderna this morning.

alongside tom keene and lisa abramowicz, i'm jonathan ferro. equity futures slightly negative. the brutal reality of the here and now catching up with the help of 2021. tom: it is going to be interesting to see the 2021 look forwards. all we have is good conversation and a look at the tea leaves. lisa is going to talk about jobless claims and all the rest of it, but i want to look at the granularity. is a pandemic ago stock, and there is the reality which i believe you mentioned yesterday. i can't remember which property you mentioned it on. you know what? retail is really struggling. jonathan: this is the story. a stock like macy's has done pretty well over the past week, but that is the difference between the ketchup trade -- the catch-up trade and a durable trade. i think that is the story for hours.t couple of we got to get through the next couple of months. tom: i mean, it is a comedy. but this is not funny. in south australia, you can now not walk your dog because of pandemic fears. talk ofes of the macro the bloomberg new economy forum a

alongside tom keene and lisa abramowicz, i'm jonathan ferro. this is bloomberg. ♪ ritika: with the first word news, i'm ritika gupta. the state of georgia will conduct a hand recount of ballots for the presidential race. joe biden leads president trump by a slim margin of about 14,000 votes, roughly 5 million that were cast. the trump campaign has alleged there were ride spread -- there were widespread voting irregularities come but has offered no proof. study hasys its accumulated more than 53 infections. that will allow a preliminary analysis of its effectiveness to begin. internet did not predict how long -- moderna did not predict how long it would take an independent committee to analyze the data. oak hill and visors -- oak hill advisors founder spokes with bloomberg's eric schatzker. a biden presidency supported by a fed that continues to be accommodating, i believe that as a goldilocks scenario for the markets. you can see more of that -- ritika: you can see more of that interview starting at 10:00 a.m. new york time here on bloomberg tv

alongside tom keene and lisa abramowicz, i'm jonathan ferro. on this election day in america, this is "bloomberg surveillance ." ritika: with the first word news , i'm ritika gupta. two small new hampshire communities that traditionally vote after midnight have already tallied their ballots. it was a clean sweep for joe in dixville march. in millersville, president trump won 16 of the 21 votes. in vienna, authorities say the peoplewho killed seven national.donian police made a number of rates this morning. in addition to the fidelity's -- , more werelities wounded in the attack. global news 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i'm ritika gupta. this is bloomberg. ♪ ♪ pres. trump: this will be the most important election in the history of our country. it is going to set a course. it is going to go one way or another, and if it goes the other way, it is going to be a terrible thing, so get out there and vote. mr. biden: it is time we take back this democr

alongside tom keene and lisa abramowicz, i'm jonathan ferro. abramowicz, lisa i'm jonathan ferro. tom keene still out of the building. more vaccine news. lisa: and perhaps too much turkey. to file for u.s. and eu clearance for vaccine approval for covid-19. this is widely expected. this is the vaccine that was found to be 94.5% effective in the primary analysis. there is discussion about possibly having some sort of meeting later in the month with the fda to make the approval. we heard from officials over the weekend that they are going to try to approve it in fast order. if you take a look at markets, not the response you would think, at least not much. jonathan: it has been the diminishing marginal rate of the additional vaccine news in this market that has diminished over the last several weeks. equity futures down 0.4 percent. expectations are already so well anchored by the vaccine news we've had over the last several weeks. we are down 0.4% on the s&p 500. in the bond market, yields up by a basis point or two to 0.85% on the 10 year. the news isn't this morning. it is the cu

long side lisa abramowicz, i'm jonathan ferro.his is "bloomberg surveillance ." ♪ ♪ are you frustrated with your weight and health? it's time for aerotrainer, a more effective total body fitness solution. (announcer) aerotrainer's ergodynamic design and four patented air chambers create maximum muscle activation for better results in less time, all while maintaining safe, correct form and allows for over 20 exercises. do the aerotrainer super crunch. the pre-stretch works your abs even harder, engaging the entire core. then it's the back extension, super rock, and lower back traction stretch to take the pressure off your spine and stretch muscles. planks are the ultimate total body exercise. build your upper body with pushups. work your lower body with the aerosquat. the aerotrainer is tested to support over 500 pounds. it inflates and deflates in less than 30 seconds using the electric pump. head to aerotrainer.com now. now it's your turn to lose weight, look great, and be healthy. get off the floor and get on the aerotrainer. go

. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. tom: good morning, everyone. dow 30,000. 2009,were you march 10 of while you were up 16% per year on the dow? spx i believe better as well. there have been reasons along the way to go to cash, and yet here we are with solid double-digit returns across 13 years. jonathan: and some houses got it right. one of those houses, morgan stanley. it was really uncomfortable to make the call coming out of march 2 remain committed to the recovery in the u.s. economy. it took some real confidence, and one thing that has frustrated me over the last couple of months is every time someone says the easy money has been made. there was nothing easy about going long in early april during lockdown. let's be clear about that. we are going to keep this short with mr. wilkinson -- keep wilsonort to get mr. of morgan stanley, but we are not even seeing the version of those trends, are we? jonathan: not yet. bank of america proposes holding the bonus pool flat for traders, this on a year where in the first of

alongside tom keene and lisa abramowicz, i'm jonathan ferro.our equity market back from all-time highs. record high covid cases meets record high stock market. that is the start contrast of the last couple of weeks. tom: the vix down to a 22 print. you will do a data check better than me. what i would look at is the news flow that is out there, and the clear message i get in every conversation is corporations are adapting and adjusting to a slowing economy knowing there's vaccines are out there. obviously, the celebration yesterday. jonathan: and that is the market celebration, society's celebration about the outlook, not the here and now. president-elect joe biden talking about a dark are to come -- a dark winter to come. saying he bold might be full. just a little bit of pessimism, or at least questioning the euphoria of the last couple of weeks. tom: you see it in the minutia right now. spx and dow have green on the -- have red on the screen. the nasdaq has green on the screen. the real debate is what happens second and third quarter next ye

alongside tom keene and lisa abramowicz, i'm jonathan ferro. more record highs in this equity market worldwide. in the united states, we advance on the s&p 500. lisa abramowicz, we've got to begin with some working news. lisa: moderna vaccine information has come out. rate is what we saw, i higher efficacy rate then pfizer. last week, people were talking about pfizer and how it had to be kept at ultracold to birchers until a couple of days before it was distributed -- ultracold temperatures until a couple of days before it was distributed. this one has a 30 day shelf life at standard refrigeration. this is very promising, and we are seeing a reaction in markets. jonathan: they are the headlines. let's plug them into the financial markets. there is the pop on what irna. equity futures in the united states, on the s&p 500 come on the nasdaq, and on the russell as well. futures, up russell by a little more than 2%. a record high at the close on friday in the russell, and we advance once again. i want to check in on the bond market. yields higher,

alongside tom keene and lisa abramowicz, i'm jonathan ferro.e's the price action of this morning. just a little flavor, a sprinkle of what we got yesterday. the underperformance of the nasdaq, the outperformance of the small caps. once again, treasuries just a little bit softer after yesterday's massive selloff, up another couple of basis points on the 10 year to about 0.95%. euro-dollar,on in $1.1809. we have a forum at the ecb later this week that is worth keeping an eye on. tom: let's dispense with the formalities right now and get to david ricks, eli lilly chairman and ceo. i think there's massive confusion over all of these fancy words, particularly around vaccine, around antibody treatment. we conflate bacterial and virus therapies on top of each other. differ fromaccine the antibody treatment you announced yesterday? david: thanks for having me on. exciting news last night with the emergency use authorization in the u.s. for our monoclonal neutralizing antibody, which is a therapy that you are to be given in this approval if you have new

alongside tom keene and lisa abramowicz, i'm jonathan ferro.ere's the price action this monday morning. we advance the cyclical tilt once again on a monday off the positive vaccine news, this time from astrazeneca and oxford university. you will hear about that more from prime minister boris johnson. euro-dollar $1.19. in the equity market, up 19, collet 20. there's a lift in treasury yields, up about three basis points in about an hour and 30 minutes. we get pmi in the united states. what is it looking at given the downside to prices we've had so far? tom: i'm not a fan of pmi data, but i do take your point that right now, pmi data is important. right now, isaac boltansky with us. you heard the senator from minnesota trying to manage the story forward. , if we were to have meetings of a biden adminstration transitioning, and republicans in the senate, what moves the needle are disaffected republicans. are they out there. isaac: i think that there are undoubtedly republicans who truly believe that the president should avail himself fully of the

jonathan: alongside tom keene and lisa abramowicz i'm jonathan ferro.g up on the program, barry ritholtz. from london and new york, good morning. we do plan on equity futures after a downside surprise on retail sales. it is a test of the faith in the year ahead with the number set to get worse from here in the u.s. economy. down 27 on the s&p. this is bloomberg. ritika: with the first word news, i am ritika gupta. mark zuckerberg and jack dorsey will be defending themselves before congress. the ceos of facebook and twitter will testify before the senate judiciary committee. the second time in a month will have to answer critics who say their social networks silenced conservatives. senate republicans are trying to push through the president controversial nominee for the federal reserve board of governors. judy shelton. now a third republican has said he opposes the nomination, lamar of tennessee. that means approval could depend on whether all republican senators who support shelton show up for a possible vote. the strongest storm of the hurricane season

jonathan ferro just emailed and said, don't forget the data check. futures up 69. dow futures up 1.24%. excuse me. the nasdaq 100 moving 2.8%. the vix is the lead story, 26.86. i calculated the standard deviation move and the 10 year yield is on the edge of china or miss. it is about 4.2 standard deviation yield from the high-yield down to where we are, .74% right now on the 10 year yield. we are seeing seismic changes in bonds. a weaker dollar. francine: a weaker dollar. i think it is a reduced likelihood of a multi-dollar stingless package and divided congress that has helped push treasuries higher again today. what i'm looking at is, first of all, the vote count. to the do take heart fact they are expecting no major changes to taxes or regulation that have underpinned the bull market for years. european stocks are up. i'm looking at pound. this is a brexit conversation. this is a bank of england conversation. guy johnson in conversation with andrew bailey and the first day of a second national lockdown in the u.k. the only difference this time around, schools an

alongside tom keene, i am jonathan ferro. lisa abramowicz is out today.e will talk politics and work through these markets. equal weight s&p on monday was phenomenal. small caps surging, nasdaq rolling off. s&p up 29 today, .8% up. updaq slip speculative bit, 154, advancing 1.3%. fx market, a dovish tone from christine lagarde. for the bondding market, italian 10-year yields lower, german 10-year gilts still lower. 51 basis negative. tom: equity market up .8%. nasdaq almost normal today, up 1.3%. we will see if that can sustain through the day and through the week, as whelp lots to talk about. bond markets closed here on remembrance day, veterans day, as well. but it is a good time to speak of the political moment. julie norman is at university studied,ondon, expert, and thought about conflict resolution. what is your prescription for the resolution and the conflict at this election? what is the path forward? >> we are seeing almost two different realities playing out. i think the biden team is playing it right by just moving ahead with the transition rig

alongside caroline hyde this morning, i'm jonathan ferro.ck again on the price action this friday morning. last week, i week of gains on the russell. the week before that, a week of gains on the russell. the week before that as well, and this week as well. we advanced 0.2 5%. a bit of dollar weakness out there. some euro strength. $1.1925.ar, on the 10 year. realogy -- the rally in energy has been unreal. on the months, the s&p 500 energy sector up about 35%. we have seen the moving crude as well, free have dollars on wti. the story of the month is pretty clear -- $45 on wti. the story of the month is pretty clear. caroline: they don't carry much weight anymore in the s&p 500, but still, the outperformance has been front and center. there's a little bit of cracks around the edges on what opec does, and terms of whether they cut back on that supplier not not, but for now, that trade higher in energy and financials has been phenomenal. jonathan: this is the vaccine trade of 2021, and market participants willing to look through the near-term ri

alongside tom keene and lisa abramowicz, i'm jonathan ferro.n shaping up as follows. what a trading we get has been for all of us. equity futures up another 25. s&p 500 up 0.7%. the foreign-exchange market, the story of the week. a cyclical appetite returns. that's got to be the story for the week. in the bond market, 97 basis points the new high of the tenure trading range of the last five months or so. -- the 10 year trading range of the last five months or so. this morning, your 10 year at 0.815%. secretary alex azar speaking. we've got to think about the spread between reality and hope. going on to say, enough of the covid vaccine for all u.s. seniors by january. i am not sure if that is the reality or the hope. on twitternt viral the other day with hope p.m.. dr. peter hotez is here to push back on that. can we have hope within the vicinity of january? dr. hotez: we certainly won't have all seniors vaccinated by january. first of all, the trial has to be completed for that pfizer vaccine. there are other vaccines following. the pfizer one

givehan ferro, you have to a data check. you are doing it better than me.n: long end of the curve freight curve is where you get the pivot. oak at the front end of the hinge. 10 year yield up three basis points to 80 basis points. price action elsewhere muted. equity futures with a 90 bounce. -21 of the session. that is the story into the bond market. where is the momentum of the labor market? what is the outlook like? tom: that is right where i want to go. with movement in the bond market, i think we should see the real yield this afternoon. what is so important is off the shock of the pandemic, are we in noise or are we in trend? of you delineate a trend out data or is it still pandemic noise? michael: bartender, give him another. at this point it is hard to incern a numerical trend terms of will we see this increase or that increase. obviously we have slowed in terms of growth. .e are picking up jobs the problem is we are still very much below where we were in february before the pandemic started. we were something like 10.5 million below, so maybe somew

jon ferro has done a great job of talking about the swing.ou have seen yields come in the most at one point since april. is this a trend to bet on, basically that consensus was wrongheaded into the election come of it you will see lower yields ahead? jim: i think over the short term, you will see yields move lower. but i am still of the opinion that the march 9 low in the 10 year was the end of the bull market, and what we are going to have is a corrective phase now. if you want to look out six or nine months, i know it is hard to look past six or nine hours, you are probably going to have much higher yields into the summer of 2021 on the back of a potential move higher in inflation. i still think that is coming. what is great is that bianco is a candidate to be on "the real yield." jonathan: he was on last week, tom. keep up. tom: well, i haven't watched yet. [laughter] jonathan: yesterday, i asked if i could tell he the result four years ago 24 hours ahead of time, would you put on the right trade? so may people said no. if i could have tol

alongside tom keene and lisa abramowicz, i'm jonathan ferro.ures nicely positive, we've got to bookend of monday the hope with the brutal reality of the covid statistics in america this friday morning. tom: extraordinary to see the market levels after

alongside tom keene and lisa abramowicz, i'm jonathan ferro.ning, with futures going nowhere, but the crosscurrents this morning absolutely phenomenal. where do you want to begin. tom: where do you begin? i've got to go to

. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. tom: good morning, everyone. thank you for being with us on this simulcast, bloomberg radio, bloomberg television worldwide. tremendous news flow wrapped around the details of a worsening pandemic worldwide, and indeed across this nation. also looking at markets off the faxing news, futures up 10, dow futures up -- the vaccine news, futures up 10, dow futures up. new low on the vix as well. looking at the calendar, everybody is recalibrating. we've got a major house recalibration of the equity markets out moment ago. jonathan: at credit suisse, jonathan golub, they have a forecast year-end on the s&p for the end of 2021 with a 12% upside. the 2021 forecast is designed to answer what the future will look like in the future. he makes the point at the end of this paragraph that the rotation into the cyclicals will largely be behind us, and they stay overweight on tech, also overweight on the financials. that is just a flavor of where credit suisse are at this morning. tom: the conversati

trump on and chancellor merkel but at the same time there are issues that go well beyond that thomas ferro alexander phenomena thank you so much to both of you. let's head back to the studio now where it we are rejoined by phil i you professor and richard walker from our team here at to talk about the state of the u.s. presidential race and you know phil i'd like to toss it to you and ask you a little bit about what we just heard there about the state of the transatlantic relationship. you know more broadly speaking as well the world is really watching america right now walk us through the scenarios in terms of foreign policy of what we could see and has foreign policy really even been an issue for the candidates as they have been campaigning over the past month and weeks let me start with your final question you know i think it's been less of an issue given the state of unrest in the u.s. even though the all of the issues that are affecting the u.s. right now have global dimensions so if you think the covert pandemic of course that's connected also to how the next president will approach

steve englander, this is the tweet from jonathan yesterday morning, jonathan ferro showed us what standard chartered had suggested. it could be an intra-fed announcement where they lump up on qe. it is of course a little bit of a different narrative going on. it is just belting it up. have we crossed the rubicon on bitcoin? that is the question. let's talk about the optimism in markets. it is all around the moderna vaccine, shown to have a 94.5 percent effective rate during the late stage trials. >> what is very important as we 30 days of ad regular vaccine stored in a fridge. office has that capability. mindther piece to keep an -- in mind is our vaccine does not require dilution. vaccine two, game changing narrative. draw the differential between vaccinend the pfizer good morning. >> the difference i see is the slightly they have different logistical issues with regards to distributing them. they both need freezers. one needs to be colder than the other during distribution. the idea of being able to keep it in the refrigerator for 30 days and only five days for those are valid point. com

jonathan ferro and i will be taking you through the cable show.is bloomberg. ♪ >> this is bloomberg markets, i am risky group to -- ricky cooped up. co-ceo, that is at 3:30 p.m. in new york. this is bloomberg. >> the south african president says he has certain his nation can attract more investment and avoid a debt crisis. he spoke exclusively to bloomberg's and botta from the south african investment conference. >> investments have been going .own in relation to our gdp one of the reasons why at the beginning of my 10 year as president focused on attracting investment was to try to correct this. we are in the process of doing so. goal,d to ourselves, the $100 billion into our economy in five years. we are already more than halfway there. commitments are being made by companies, and many of these commitments are being actualized. investment in an investment weease savvy our gdp. i think we can turn things around quite significantly. but it also means that the also needs to demonstrate its role in our economy. the public sector, investment has tape

jon ferro and me. bloomberg. ♪ ritika: this is "bloomberg markets." , formerp, david feynman usps chairman. , six:s 1:30 in new york 30 in london. this is bloomberg. in on the bloomberg first word news. i am ritika gupta. joe biden has a 7% lead in the battleground state of pennsylvania. that is according to one of the final polls of this campaign. a monmouth university poll out today has joe biden ahead of president trump 51 to 44 in pennsylvania. both candidates are campaigning there today. president trump is suggesting he may fire dr. anthony fauci after the election. over the weekend, dr. fauci eight told the washington post the u.s. is "in for a whole lot of hurt" this winter. there were chants of "fire fauci" at a rally in florida and the president hinted he may do that once the election is over. global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. . am ritika gupta this is bloomberg. alix: thanks so much. let'

we will do that on the cable show, dab digital radio is where you will find jonathan ferro and i at thethe hour. this is bloomberg. ♪ ritika: this is "the european close." yelp ceo jeremy stockman joins bloomberg studio 1.0 at 7:00 p.m. in new york. this is bloomberg. guy: welcome back. let's get into the nitty-gritty of the u.k. budget finances. the road to a 286 billion dollars in the first six months of the year underscoring the tough choices the chancellor of the exchequer will have to face. for more on the budget in the state of u.k. economy, jonathan portes, king's college london. an extra $260.8 billion to cover the gap between april and october. that is a very big number. does it matter? jonathan: it matters, but it is not a problem. it is not the first, second, or even seventh most important economic problem the u.k. faces. we are borrowing this money at interest rates which are low, not just by the standards of the last five years but the last 5000 years. the lowest interest rates and recorded economic history. the markets are queuing up to get the government to borrow pure at

jonathan ferro will be on the cable show. this is bloomberg. ♪ ritika: this is "european close.n the principal room. coming up, j.p. morgan securities analyst. this is bloomberg. let's check it on the bloomberg first word news. in the u.k., the chancellor of the exchequer rishi sunak warns that country will suffer its worst recession in more than 300 years because of the coronavirus. rishi sunak says there could be as many as 2.6 million people unemployed and laid out government spending plans to protect jobs and lives. one of the greatest soccer players of all times reportedly has died. a newspaper in argentina says diego camaro donna -- diego maradona had died of a heart attack. he was 60 and had been in poor health. he was least from -- he was released from the hospital after surgery. victory inteam to the 28 -- in the 1986 world cup. global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. i am ritika gupta. this is bloomberg. guy? guy: thank you very much. just new numbers for new york. the s

jonathan ferro and i will take you through the next hour. dab digital radio.is bloomberg. ♪ ritika: this is "the european close." , msci up, henry fernandez chairman and ceo. that is 1:00 in new york and 6:00 in london. this is bloomberg. let's check in on the bloomberg first word news. president-elect joe biden is moving more forcefully to make the transition to the white house. he plans to speak today on the affordable care act the same day the supreme court takes up a case that could get the obama administration health care law. joe biden is also likely to name a chief of staff this week. obamacare returns to the supreme court. justices will hear argument over whether the affordable care act is constitutional. administration and conservative states argue it is not. they say the entire law was rendered unconstitutional when congress eliminate the the penalty on those remain uninsured. if the majority conservative court agrees, more than 20 million americans could be left uninsured. the european union has filed antitrust charges against amazon . that escalate

typically alongside tom keene and lisa abramowicz, i'm jonathan ferro. hyde is here this morning. you and i are operating into different time zones. we've got to work through a brutal here and now on both sides of the landing. -- the atlantic. lockdowns are coming to an end on your side of the atlantic, but i wouldn't want to get up early for anyone else. at the moment, i am seeing some market action that just speaks to this rotation not having that much longevity this week. bettern: this is much than what tom gives back. perfect timing. let's get to the price action this friday morning. we do head towards another week of gains on the s&p 500, set to add just a little but of weight to it. up 0.25% on the s&p. the posture just a little bit more defensive. small caps underperforming, big tech outperforming. $1.1920, up about 0.1 percent. huge calls coming through on the euro for 22 anyone. do we have 8 -- for 2021. do we have a repeat of what we saw in 2017? on 15 year to 0.8553%. ,et's bring in drew matus metlife investment management chief market strategist. fantastic to catch up

jonathan ferro and i will discuss that at the top of the hour on dab digital radio. bloomberg. ♪ ritika: this is "the european close." i am life the principal room. coming up, kyle wales. that is 1:00 in new york, 6:00 in london. this is bloomberg. let's check in on the bloomberg first word news. another promising development in the fight to end the coronavirus pandemic. a vaccine developed i the university of oxford and astrazeneca prevented a majority of people in a large trial from getting the disease. it stop an average of 70% from falling ill. that is below the high bar set by pfizer and moderna, but effectiveness did rise to 90% for one of the two dosing regimes. one of president trump most loyal supporters says it is time for the president to move on. blackstone group ceo stephen schwarzman says the outcome of the election is certain. he is ready to help resident elect biden. -- president-elect biden. vladimir putin is one of a few major world leaders who still has not acknowledged joe biden one the u.s. presidential election. putin told russian state televisi