francine? francine: leigh-ann, thank you so much. now, it is brexit decision date for prime minister boris johnson. today, he will determine whether or not to demand trade talks with the european union. the leaders are refusing to give a clear signal that he wants to stay at the table. joining us now is maria tadeo in brussels. maria, it is difficult to see whether he will walk out or not. maria: francine, there has been a lot of back-and-forth, and the indication we get from the u.k. dilatation is he will give -- delegation is a clear signal whether he will walk out or not. the assumption is he will not walk out, purely because we won a deal, we just can give you one today, and we. -- and we need more time. the problem is he came up with a deadline, october 15. it is clear the europeans did not expect that deadline. he really wanted a clear signal that one way or another, a deal is coming. statement, at that the european union is still playing this very coy, so it is a difficult situation for him to sell something as a win, because

francine? francine: leigh-ann, thank you so much. now, europe is intensifying its unrelentingurb the virus resurgence. imposing a curfew in paris and other major cities. chad: good morning, francine. one of the challenges she faces is germany is a federal system, which means a lot of decisions are up to state leaders. she was frustrated last night. she met with state leaders for eight hours, and when she came on again for press conference late last night, she basically said look at what france is doing, france is putting in place a curfew, and she is really struggling to get any sort of agreement out of these leaders. she put her chief of staff on the radio today here in germany. he basically said germany is on the cusp of a second wave, and if we don't act now, it won't only have health effects but effects on the economy as well. i will be watching very closely to see how this continues to play out here in germany in the next couple of days. right now, the new measures that they put in place have been very piecemeal, to say the leas

francine? francine: leigh-ann, thank you so much. now, stimulus talks are back on. the white house has reversed its stance with president trump now wanting a comprehensive deal. it comes after house speaker nancy pelosi pushed back on the idea of individual measures for different parts of the economy. joining to discuss all of this is jane foley, head of fx strategy at rabobank. jane, as always, thank you for joining us. on, off, stimulus willoughby comprehensive or not? what will it mean for the dollar -- will it be copperheads of or not? what will it mean for the i--l will it be comprehensive or not? what will it mean for the dollar? jane: -- perhaps some signs that that would have bought consumption in china. some good news to absorb, but of course we will know that we still have lots of tests ah ead, not least with the coronavirus and a greater number of cases in europe. but still we just do not know whether or not that election in the u.s. will be contested or not. so plenty still to worry about. francine: longer-term, jane, doe

francine? francine: thank you so much.et to the deputy director of the berlin office center of the marshall's fund of the united states. thank you for joining bloomberg surveillance this morning. it's been quite a weekend. it's been difficult to ascertain the exact health of the president of the united states. if you like we have a white house that's more transparent? do we know how sick or have not sick the president is? guest: good morning, francine. this is the storyline of the trump presidency. what does one believe? this white house is known to put out misinformation. in fact, cornell university put out a study saying president trump is a large source of disinformation during this pandemic. it's hard to say. we've seen videos of the president. but we've also received conflicting reports from mark meadows and what doctors are saying. we don't really know. it's ambitious of the doctors to say he can return to the white house monday. we'll see how the day proceeds. francine: how will this play out in the election? will p

francine? francine: laura, thank you so much. the tokyo stock exchange, the world's third-largest, has shut trading for the entire day. the operator plans to restart the system and resume trade tomorrow. ant is what it said in announcement. joining us is our trades reporter, dani burger. did we learn more about what actually went wrong? dani: francine, the discussion is still going on this morning, but the tokyo stock exchange is doing its best to explain the issue at hand, initially saying they had a hardware issue and then tried to change the system over to a backup system, and that is when they got the glitch, leading to halt trading for the entirety of the day. going forward, their plan is to restart the system and have it up and running by tomorrow. now, the fault, they say, lies with what they say is in their trading system. that was helped developed by an outside company, but extremely apologetic in this press conference, francine. the japan stock exchange group says the fault lies with them, and they regret how the announ

francine? francine: president donald trump returned to the white house after three days of hospital treatment for covid-19. in a video released shortly after, he urged americans not to be afraid of the virus. pres. trump: don't let it dominate, don't let it take over your lives. don't let that happen. we are the greatest country in the world. we are going back, we are going back to work. we are going to be out front. francine: joe biden spoke out and urged the president to encourage mask use. mr. biden: i would ask him to do this, listen to the scientists, support masks, support a mask mandate nationwide. require masks in every federal building and facility and in interstate travel. urge every governor and mayor to do the same. we know it saves lives. his administration just rejected a mask mandate for public transportation on friday. francine: let's get more now with kathleen hunter from our politics team. the president seems to be trying to turn his own bout with covid into a political advant

francine? francine: thank you so much.negotiations could break down within days after the u.k. warns it will pull out of eu talks if there is no clear deal insight next week. progress on the key sticking points of state aid and fishing rights appear, from the outside, at least to be slow. by cboee, a report global markets says london is losing its role as europe's leading stock hub. companies could actually go elsewhere after brexit. for both on these stories, we are delighted to be joined by our brexit editor, edward evans. first of all, thank you so much for coming in, but what is really going on behind the scenes? it is unclear whether it installed are still progress, or the 15th of october, that is it, no deal, and the u.k. leaves under wto agreements. edward: let's take the two questions. thet, you have to separate ring's mention from the briefings and political leaders, what is going on in the negotiations. on that part of the discussions, you can begin to see now some signs of progress on state aid and some on fishi

francine?ine: the italian government has been increasing its grip on the country's strategic assets in recent months. the go to vehicle for expanding its influence in the business world has been a savings bank which is controlled by the ministry of finance. giuseppe conte's government has endowed the cdp with more than 40 billion euros to buy companies, and the state's back a 7.3 -- it will have percent stake in the venture. investor into sia. i am delighted to be joined by pure apology stephanie. first of all -- by pierpaolo di stefano. i think we are having a couple of technical difficulties with pierpaolo di stefano, but we will be back with him very shortly. with some of these strategic partnerships and how they release their money. coming up on surveillance, vaccine& johnson pauses trials due to an plane illness. in healths and losers care this is bloomberg. this is bloomberg. ♪. ♪ . this is bloomberg. ♪ francine: this is "bloomberg surveillance." joining us is dipaola distefano -- pierpao

francine? francine: thank you so much.leaders will discuss whether the billion-dollar recovery fund will be continued. that is after christine lagarde says she hopes there will be a debate. still with us in geraldine sundstrom from pimco. geraldine, first of all, the message from the ecb in general, what does it actually mean for the german bund? what does it mean for the ecb? think thatwell, i the ecb has handed over the job to the fiscal package and government therefore, so it is becoming more into the sphere of fiscal governments and politics rather than monetary policy. of course, the ecb would be very important in smoothing this, because governments and eu entities would have to ensure a lot of that, a financial recovery package. i think, in a way, the pandemic gave the perfect excuse, and i think that should be welcome, to create this european recovery. i think it is going to be around climate and the climate targets that have been issued by the commission and that are also being voted by the mp's in strasbourg . the

francine? francine: thank you so much.ning us to talk more about the markets and more about the developing story on president trump and his wife both testing positive for covid-19, i'm delighted to be joined by scott thiel from blackrock. good morning. how much a little of the will we get given we don't know how sick the president is, we don't know how it impacts the polls, we don't even know if the fed will have to step in and stabilize the markets if volatility continues. if we look at the reaction thus far, equity markets are sold off, but fixed income markets have been very stable. we have the vix around 28, 29, but the forward vix is above that for the period of the election. treasury yields have not fallen that much. part of it is the uncertainty, which is difficult. there are many different pathways this could obviously take, and i would pause here for a moment and wish the trump family well and that president trump and milani would recover quickly. but from a market perspective -- and milani a would recover quickly

francine? francine: thank you so much, francine. of the focus is on brexit negotiations because we had that self-imposed deadline, on october 15, tomorrow. it seems from boris johnson step aside, they may decide to extend or at least not leave straightaway. no making hard decisions, is how they are putting it. it would be great to show it to see how towns moved on the back of it, and you can see there is quite a lot going on with leisure stocks down but financial stocks in europe up. tom: looking into the equity --ket, 28,691, dow futures we are watching the nasdaq to the moon. amazon in the middle of their prime day, joe feldman just out seeing day one of prime was extraordinary come up .3% on the nasdaq 100. isabelle mateos y lago of blackrock is up next. this is bloomberg. ♪ so you're a small business, or a big one. you were thriving, but then... oh. ah. okay. plan, pivot. how do you bounce back? you don't, you bounce forward, with serious and reliable internet. powered by the largest gig speed network in america. but is it secur

francine? francine: on to november, and on to november 3, tom.y one game in town and that is the election. we look at the polls at the impact on the sectors. european stocks are dropping, a number of infections and coronavirus continue to climb. there are a number of restrictions that came in over the weekend, and then s.a.p., the german software maker, plunging 20%. and then a story about cutting pay and fixing bonuses. in the next hour, we speak about green initiatives with a former unilever chief executive. this is bloomberg. ♪ it is difficult to see how europe can gain grounds from where it is today without a itsificant shakeup of system. be the u.s. is still not to undervalued, underestimated, because, it has always been able stronger fromw any changes in administrations or politics. tom: good morning, everyone. francine lacqua and tom keene. the gentleman exiting ubs, mr. ermotti. there will be a special talking about mr. ermotti and his tenure ate ubs. look for that this weekend. also, a headline -- given the challenges out there, they had

tom and francine here. tom, a lot of people enjoyed the debate because it was a lot less background most -- a lot less most --st -- lacqua it's a lot less --. and couldn't move the european stocks? tom: i agree that it is secondary or tertiary but at the margin was the list in the markets today with presumed stimulus, government to the rescue and all of that. i wonder if it has a good feeling to it versus what we have seen over the last two weeks. francine: do the markets move on just a good feeling? paul: -- do you remember? .t's a good feeling to know i'm thinking 1970 one. francine: it's a good morning when you sing to me on air. let's get straight to the bloomberg first word news, here's riddick a group that -- gupta.'gerard: -- the first question had to do with the coronavirus after the squared off -- they squared off. thetor harris: you respect american people when you tell the truth and have the courage to be a leader and speak of the things that you may not want people to hear but they need to hear

francine: meanwhile, u.s.timulus is deadlocked as nancy pelosi asks the white house to revamp its offer. it says the $1.8 trillion package falls short. let's get back to melanie baker, senior economist, royal london asset management. if you look at the stimulus needed for the u.s. economy, are you worried it will fall short, and what does that mean for inflation expectations going forward? melanie: it has already fallen short. there was expectation early in the year that if by july we had another fiscal package to carry on the package that expired, it has already fallen short in that sense. you saw in the august personal income numbers, personal disposable income which is about the fallen unemployment benefits. that disappointment has already happened. there is widespread expectation once we are through the election period, maybe we wait until eight january but there will be another fiscal package in the u.s., that is built into my expectations. now, and it is looking increasingly unlikely we will get any befo

francine: china's economic recovery from the depths of the covid crisis continues. third-quarter gdp rose 4.9%, missing expectations, but faster than the expansion seen in the second quarter. restrictions tighten as virus cases surge around europe. italy is the latest government to add lockdown measures that prioritize its struggling economy. and shifting the deadline. nancy pelosi sets a tuesday time limit for more progress on u.s. fiscal stimulus if the president wants a deal before the election. good morning, everyone, and happy monday. this is "bloomberg surveillance." i'm francine lacqua in london. tom keene is in new york. the other big story is euronext. because of a technical glitch, stocks and derivatives are not changing -- are not trading on most of the european markets where euronext is present. portugal, the netherlands, ireland, and -- they are. tom: nasdaq is at a solid 1% plus, so that is a little bit of a lift that is maybe not identified within the euronext. go, kevin cirilli

francine? francine: i am looking at pound. we are expecting, i don't know if it comes now or later, you see what boris johnson decides when it comes to brexit. i am looking at some of the stocks that are performing. lvmh shares are up after they say demand rebounded in the third quarter. positive news filtering through to european stocks. tom: very good. this is a monthly affair and it is always done equality. foreign affairs magazine, the font is adult size. what is interesting about "foreign affairs," you can read it cover to cover, but the way that you really read it is article to article. gideon rose joins us right now. also, a great treaties on where we are moving forward as well. i am going to take mariana meza cotto is maybe the bigger, broader view. i love how you went immediate on what we are going to do to fix the state department. how do we fix the state department the first wednesday of november or in january of next year? gideon: thank you, tom, for the kind words, as always. the first step is having a desire to c

francine? continue to track the virus, bloomberg has developed a partnership with the leading authority on covid-19. john hopkins has been at the forefront of the international response of everyday insights from experts in public health, infectious disease and. emergency preparedness joining us today is jason farley, johns hopkins nursing professor. good morning to you. we seem to be quite close to a vaccine. you are also taking part in a trial. any concerns? jason: good morning. i have decided to personally participate in the vaccine study because i think we all talk and we all really want to get back to normal as quickly as possible. in order to do that, we have to stand up and participate, all of us, as many as we can, as quickly as we can in the various vaccine trials. my vaccine trial is currently on pause. i am planning to enroll and signed up for the astrazeneca vaccine. it was the one most convenient byme, being altered colleagues at johns hopkins. it was more about the convenience of a

francine: what about guilds?y are partly moving because of rex it but partly also because of what we heard from the -- because of brexit but also because of what we heard from the governor. is he ready to go to negative rates? scott: the policy there, i think they would prefer not to do that, but we look at the u.k. specifically this week in our most recent weekly, and one of the things that we would note is that the combination of the virus and the government's response and brexit have left the u.k. somewhat struggling behind the euro area and the u.s. in terms of the recovery. that makes sense given what we have -- what we know particularly about brexit. so gilts again, having outperformed treasuries, underperformed buns, it seems to be in that range of fundamentally reflecting kind of the broad performance of the u.k. economy, given again the policy response and brexit. i think obviously brexit is a big issue for investors. you know, one of the things that is important for gilts is that they don't offer a dive

francine: what happens in 2021?re a number of uncertainties including lockdowns, how we work going forward, but what is your central expectation for the first half of next year? everybody, we need to be cautious given the context. we see the group coming back to organic growth's somewhere into next year. ambitions for 2021, of course, the recovery and the slope of recovery will be different when it comes to some sectors, some geographies that all in all, because we are diversifying it all dimensions, sectors and business line, we are confident to come back to growth next year. francine: thank you so much. carole ferrand, chief financial at capgemini. we had a number of earnings that beat us, and others that did less well. let's get to the first world news in new york city with ritika gupta. ritika: a big win for president trump. the senate confirmation of amy coney barrett to be the newest justice on the supreme court, that solidifies a six-three conservative majority. they may be asked to weigh in on cases that cou

this is bloomberg. ♪ francine: this is "bloomberg surveillance." tom and francine from london.s of thousand of job cuts announced by major companies in 24 hour period show a warning sign for the world economic recovery. the losses emerge ahead of two reports to show limited progress -- reports, forecasted to show limited progress. simon, the numbers are staggering. what does it mean for furlough programs or extra stimulus cuts from governments? simon: this was always good to be the case most likely. what you saw early in the crisis was furlough programs or waves of compensating companies in payrolls. ,ow, as they look to end companies are starting to cuts, companies that feel the need companies on a hiatus from letting workers go until the crisis had its time. now, big job cuts, and that is likely to continue in these months as companies react to a new normal. these jobsimon, are that will be lost forever or as soon as the economy except in a couple quarters, they are jobs that could come back? simon: [inaudible] we will be looking for this hard jobs. data, white-collar it ofte

this is bloomberg. ♪ francine: this is bloomberg surveillance. and francine lacqua in london.he ecb president and the chief economist are urging for further monetary and fiscal stimulus as the euro zone struggles to sustain its economic recovery. evident france's set to stagnate in the last three months of the year according to a statistics agency. it downgraded the forecast from 1% as uncertainty over the risk of lockdown. us, simon, i have one million questions. i could speak to you for four hours. it's about brexit, how the economy actually deals with lockdowns whilst negotiating with the u.k. as well. what worries you the most in europe? >> what worries me at the moment slowdowns in those fast indicators. suggests what has been a stronger q3 and we will season spectacular quarter on quarter growth across the euro zone when they are released in november, whether that momentum will stall. the problem is policymaking and coordination christine lagarde is rightly asking national governments to lead on in the european commission to lead on, there will be a sense that we have do

francine: same here, tom. here it is bond street, and we talk about that segmentation, different jewelry categories for different segments of the population. always a good it did to buy jewelry. tom: i thought schlumberger a was an oil company. that's how dumb i was. francine: more luxury throughout the day, and politics. let's get to first word news with ritika gupta. zeta hasurricane weakened to a tropical storm as it heads through the southeastern u.s., battering new orleans, left to million people in the dark, and left president trump to declare an emergency for mississippi. hurricane orfth tropical storm to hit louisiana this year. -- bank of japan stood trimmed its economic forecast for the current year. the japanese economy is expected to shrink 5.5% in the fiscal 2011. that is up .8% from the previous forecast. global news 24 hours a day, on air and at bloomberg quicktake, powered by more than 2700 journalists and analysts in more i'm ritikauntries, gupta. this is bloomberg. francine? tom? tom: we have

from new york and london, francine lacqua.day and what our government is going to do about this pandemic and the slowdown. francine, let's start with spain. we're waiting a plane from spain, aren't we? it isne: but this time part of parcel about the economy and basically they're trying to put in f

tom, francine?s really interesting and i give a major shout out to the united kingdom and what you've done with premier league. sports in the united states is a complete and total train wreck. there's no other way to put it. the ratings for the nba are down, down, down. i don't have the numbers in front of me. you have to have the name michael to understand this stuff. all i know is that they're terrible. but all these seasons are just disjoint. they're having an nba title in october? that's un-american. there's other issues like politics and black lives matter, this or that, but i tell you, it is just really strange. francine: it's strange. [indiscernible] it's certainly something that captures the imagination of a lot of europeans. it's so different the way you do sports in the u.s. you should do a whole show on that so i get better at it and you can analyze it. tom: they're going to blow up the premier league, as well. there is your sports report for this morning. coming up, we'll dive deeper int

this is bloomberg. ♪ francine: this is bloomberg surveillance. i'm francine lacqua in london.timulus talks remain deadlocked in washington. president trump and house speaker nancy pelosi blaming each other over the lack of progress. the president has sent shifting signals on the amount of stimulus he wants. while pelosi calls their first offer grossly inadequate. >> she thinks she can influence the election and i think they are hurting themselves by not doing it. traders may come around to the idea alert -- the election one ended fireworks. in fireworks. >> some we've heard around the election is the biggest risk is that the election is uncontested. lead in widening his the u.s. polls prayed the volatility sector has started to come down. this is the volatility curve on the vix. this is just from one trading day ago. the entirety of the curve this measures options further out and this is been brought down with volatility starting at price cheaper. this is the election right here, you can see this peak in the curve of volatility expectations. it is lower than it was a week ago.

francine: it is something

francine: it is the u.k., germany, france, italy. if you are a european politician then you have promised for four months you are not going to go back to lockdown and to the cases are stuck. if you go back into lockdown, you will have a revolt. i am more interested in china. we broke the story that they are looking -- this was reuters -- they are looking a little more when it comes to renminbi. i did spend a good of time looking this up, on sunday, china clearly said it was trying to push to have a bigger international -- this means more pboc report. reutersst report from we broke saying that china will remove a countercyclical factor in the yuan bay point in that direct and -- may point in that direction. halt, shelf will its plan to let hedge cut -- to let hedge funds conceal stock holding. that is a big decision. that is just breaking. thatll have to see where leads this morning. futures up six. dow futures up 20. we will do the data check in a moment. but now, first world news with ritika gupta. ritika: amy coney barrett has been

francine: go ahead.k the zeitgeist is that we wake up on a friday to a president who is nudging back, yesterday, towards a larger stimulus. he was approving the notion to -- he was approving secretary mnuchin into niger towards speaker pelosi -- two ge towards speaker pelosi. francine: he did say that a bigger minute -- he did say that a bigger plan was on the table. >> a star plans to close, 400 storeill be cut -- a plans to cut. been spending less on pricey perfumes and leg up and the pandemic has hurt l'oreal. buildusk wants to batteries on the site at the austin plant. this will be the second vehicle assembly factory. $6 billion will be returned in 6 billion -- $6 billion will be returned after a hospital no longer faces a business squeeze from the coronavirus pandemic. says returninge the money is the socially responsible thing to do. the world food program of the united nations is the winner of the nobel prize, this organization has a heritage back to the 1960's. i did a series of interviews with t

francine? francine: up next, we track covid-19. with dr.oss, johns hopkins school of public health director. this is bloomberg. ♪ francine: this is bloomberg surveillance. i'm francine lacqua and london, tom keene in new york. we have been tracking covid-19 and the extra measures put in place for some of the big cities, the big capitals in europe. not into go further lockdown but just more restrictions, and moments ago, is to hancock, the health secretary in the u.k., saying that london will move into a tier two virus alert level. we do that would be from saturday morning, but interesting to see how they see this moving, putting this in place to stop infections rising. this is also what we know about mr. matt hancock. the prime minster tried to give some clarity on monday and there are three alert levels. 1, 2, 3, high or very high. this gives an indication on what you can do and cannot do. no decisions have been made on the regions that are in second jeer at the moment. unclear whether they will go -- second tier at the moment. unclear whe

francine: how do you do it? you look at localized restrictions or lockdowns, certain people push against tha t. so, it is about making a choice. paul: tracing matters, tracking, tracing, and testing. tracing, testing, and making people who really need to isolate when they have got the virus isolate is really, really important. that -- it is easy to say that, but that is actually an operation that takes a few months, rather than a few weeks, to put into place. but it can still pay dividends. tom: paul tucker, two days ago, the president really went after the quote gated elites. he really took off after the elites and their benefits in crisis and the economy, all of the themes of president trump. the gated elites that are perceived in the unelected power of our institutions. unfold? that years, ihink that for think the general public, the people do not want to rely on unelected people for the most important decisions in their lives. it's why any reason, congress should act. today,s ago and again they have avoided

francine, what do you see? francine: markets are a little bit calmer. that could be ratcheted up again with the jobs data. i wanted to show you pound because there is this on brexit. i need to look at gold etf's. we don't look at it very often. tom: but today it matters. francine: investors are weighing trump's diagnosis. there are so many questions and very little answers, which is why the markets are nervous right now. tom: we have so many people to speak to today. jon ferro is speaking with lawrence kudlow on jobs day. that will be a different conversation in the 9:00 hour. right now we go to the trenches. ryan teague beckwith is the one who has been on the campaign trail with the president, and we are thrilled that he could join us for a brief. ryan, did you see this coming? the idea that ms. hicks have the virus and the president got it, the president had the virus, and ms. hicks got it -- in the swirl of a relatively massless campaign, someone like you so attached, did you see this coming? ryan: there first thing i would say is just that i think a

francine: thank you so much. they focus is firmly on the election in the u.s., and firmly on exactly what it means for data. tom suggested it is about the polls and polling. if you look at european data, it is really struggling for direction. nowaw a rally early on, and it is fizzling out. the focus is on tech stocks, leading losses in europe, looking at hardware maker logitech slumping. tom: you see the statistical challenges that are there with dow 28,000 on, the close, and the vix ought to be at 25 or 23 or some would say under 20, but nevertheless it is elevated with all the uncertainty. the other thing is there has been a seismic break out in the bond market. whatever anyone can say across all credit, there is no question there are higher yields. steeper yield curve, a point to spread. elevated from a 50 level that we have seen. 30-year bond, 1.57% gets my attention. francine: president donald trump returning to the white house after three days of hospital treatment for covid-19. we are all watching. he spok

francine? tom? attentionix signals that we have seen on friday. futures up 16, dow futures up 1.49. the vix turning right now, 29 .38. in the bond market, yields lifting, 30-year bond. a 10-basis point move over the last number of days. , the real yield -.94 to start the week. sterling, 1.2961. francine: the currency, movesally sterling, only depending on football matches. good to remind our global audience that it is about brexit and it is going to be two weeks of intense negotiations. overall, consumer companies and banks are leading this among european stocks, equity in asia. we are also looking at crude oil rebounding from a three-week low. gold-dollar, and general haven assets dipped lower. that's why i wanted to show you a couple of -- a couple of the market moves that we are seeing. you could see it on tv. joining us to talk about the markets, to talk about the president trump prognosis and what it means for assets is kit rout chiefiete generale investment strategist. if president trump

francine: we have new swing states?have been trying to figure it out on "surveillance" for quite some time. there are these states that have not voted democrat for quite some time that are now -- could be on the cusp. marty: that is right. you mentioned georgia. texas and arizona as well. these are all now, essentially, battleground states. close.in, they are so and you add in the other states, like florida, which is also very close. it gives you pause before making predictions on what is going to happen. tom: do tv commercials work anymore? marty: i think they work as entertainment. but so many people have decided already and even voted already. over 60 million people have already voted. for them, the commercials are just entertainment. tom: just entertainment, and yet we will dash --in the amount of money everyone agrees on is sort of unseemly as well. what state are you focused on the most? marty: i think that, actually, georgette -- tom: stop, come on. this is brilliant. francine lacqua, across the pond, is focused

francine in london as well.rd from prime minister johnson, who has tragically a little too much experience with this terrible virus. francine: as we try and figure out what the market is trying to also look at, which is, does the president's day fine? does he recover? if you

francine: it is. we are all dealing with the same virus, having the same effect on people, but if you look at germany come it is different on how they decide to do with it, compared to macron, with tighter measures. now let's get to the bloomberg first word news with ritika gupta. ritika: the chances of congress passing a pre-election stimulus are all but gone. treasury secretary steven mnuchin is blaming politics. he says democrats don't want to give president trump something to brag about in his campaign. democrats say the white house never took the need for another stimulus seriously enough to push for a compromise. senate democrats are all but powerless to keep amy coney barrett off the supreme court. they will use the final day of aboutoning to grill her statements made about her by president trump. london reportedly will be placed on what are called high coronavirus restrictions. one of the curbs is said to be a ban on two separate households meeting indoors. averageill soon hit an of 100 cases

francine: thank you so much.up, we talk with stephen , imperial college of london infectious disease professor. we will talk about asymptomatic cases. that is coming up on bloomberg. ♪ >> we have found ourselves in a dramatic situation. this affects all of us without exception. >> renewed challenges to public health and the growth prospects of the euro area. vulnerable, test, alert, protect. none of that is sufficient in the current situation. >> obviously, there are painful choices. because there is no restrictive measure -- >> we are all wondering when we will come out of this crisis. now is the time for patients, determination, and discipline. leaders onuropean the latest virus measures. in the u k, boris johnson is facing growing pressure to implement another national lockdown. according to the findings of the imperial college london, infections are doubling every 90 days. riley.joining steven professor, thank you for joining bloomberg. when you look at the dynamic in london and in the u k, does track and tra

francine: yes.his goes to what we thought was a pretty surprising court case yesterday with that judge going against the government, saying they cannot really impose a partial locked in the spanish capital and suburbs. regional officials had appealed the application of these stricter measures and the judge said you are right, they cannot go into tougher measures unless it's an emergency declaration. will be interesting and we will follow this story through friday afternoon. it's really across all of europe with france and spain leading the way with difficult pandemic stories. francine: and we were talking to matthew liz eddie -- to matthew about the fiscal stimulus in the u.s.. he mentioned the fed. but overall matthew, how chiefult is it for the economist, u.s. or world, to look at what the economy we will have an months given these restrictions that pop up in countries where they had a good handle. it's happened in germany and it could happen in a number of u.s. states as well. matthew: you are ab

francine: what is the communication needed around that? were talking to me in the break saying, we have never really followed these trials so closely. who is the best person to communicate this to the general public? lauren: i think that is where a lot of the work has to happen. we are not -- the public is not used to hearing all of the ins and outs of this process and every single adverse event being reported as national news and making prime time national news. ensuring we are working with the community members who are going to be taking the vaccine, taking the vaccine or products and working with communication groups who understand how you talk about risk, how you talk about the process, working with people who have spent their whole careers on the best messaging and the best communication strategies is a critical. francine: is the virus less deadly than it was 3, 4 months ago? lauren: i don't think i'm the right person to speak to that. i think there is plenty of virologists who have been doing piece.f work on that what i will say is i

anna edwards in for francine. finally, the vaunted yield breakout lisa abramowicz predicted since time began. lower prices, even sterling today against the dollar. advancing is a different theme and we will cover all of these, but the story behind sterling is run optimism come around the trade deal. i feel like i have said that before. we will continue to monitor. tom: we are going to monitor all day. the news flow is extraordinary. kevin cirilli is ready to travel to nashville for that debate. that is tomorrow with all sorts of news overnight in the united states and frankly around the world. just one data point we will talk about in a moment. renminbi out to new strength. right now in new york city with first word news, here is ritika gupta. ritika: nancy pelosi and steven mnuchin are moving closer to a deal on a new stemless package. alysia hope she can get an agreement this week. that is crucial to getting a bill passed by -- pull losey hope she can get an agreement this week. theh mcconnell is warning white h

for francine lacqua., let's get straight to the bloomberg business flash, here's leigh-ann gerrans. hi, leigh-ann. leigh-ann: hi, annmarie. barclays has another strong quarter. the bank's securities division rates and 23% jump in credit-rating income in the first quarter. the british bank also benefited from a pickup in mortgage demand , swinging back to profit. jes: we are ready to manage negative interest rates we would rather not target our clients with negative interest rates. but we also have to manage the integrity of the bank. i think it is important that central banks keep in their wallets the ability to use negative interest rates, but i personally believe here in the u.k. it is not likely. ofgh-ann: now, the cfo french hotels group has told bloomberg that doing deals is not a priority and that the company is not in talks with rival intercontinental. a call reported a 6% drop in third-quarter revenue per available rooms. that follows and 88% fall during the second quarter, but accor says the word

francine lacqua is standing by. toncine: we are delighted speak to the managing director of the imap, kristalina georgieva, a woman who has not slept in days because of the beatings on 24 hours a day. -- thankorgie about you for joining us. worryingld we start about the amount of debt we are generating and the impact it will have on the economy longer-term? >> first, thank you for having me. the worries about debt levels going up are not for now. for now, the biggest worry is we do not do enough to support the economy until we have a durable exit from the health crisis. with interest rates being record and government can borrow inject hopefully not only a recovery, but a more potent, higher productivity based growth so they can repay the debt they are acquiring now. case for lowhe income countries already in distress. importanty it is so we make sure they are provided with relief and they are supported with grants and concessional financing, a big theme for our annual meeting spirit -- for our annual meetings. franc

francine: you have also resumed the shell buyback.ere a risk that you have to scale it back because of the extra lockdowns or extra uncertainty in the economy? thomas: to be clear, we have not resumed it yet. we have announced we will resume it in the new year. we have a 31% ratio, which is the strongest we have had in many quarters, and we have high profitability, 10% the first nine months, so we feel that we should resume our share buyback in the new year, and, hopefully, this will be well received by the market. francine: and this is despite, you know, no matter what happens to the economy, or is it contingent? thomas: there is always contingency, but we are very determined to do it, unless there are any really bad surprises, we expect to start the share buyback in january. francine: thomas gottstein, what can you tell us about your thinking around asset management and how you want to revamp it? asset management has fantastic room, if you look at growth in the mid to high teens over the last few years. thirds of our strategies are

francine lacqua is off today. down five on the s&p 500.last 24 hours, this is the quote from policymakers over the federal reserve. it comes from a fed governor who said the following, premature withdrawal of fiscal support risks allowing recession dynamics to become entrenched, holding back employment and spending. message really forceful . the cynics amongst us may say promptis is not just a for authorities to do more, maybe it's an application for that job in the treasury if biden wins the election. she is reportedly one of the front runners. tom: there isn't a question about that, this is the season where those people jockey. but she is certainly more than qualified and has all the right attributes that you would see in the historic idea of a womanist treasury treasury secretary. but i think it's a statement that we see, and correct me if i'm wrong, cross countless speakers of different political and economic persuasions. we just don't let up on the fiscal stimulus. that's what we hear. we do see repeatedly but it's a lot more forceful

francine let's talk politics you've written about what donald trump's tax returns might show tell us about that well i wrote about it a while back before he started having to deny that he was going to release them every week seems like i think that based on his real estate investments we're going to see losses year after year and that's going to be really hard to explain to the less sophisticated reader why does a successful guy like donald trump have losses because tax losses are not regular losses and he's going to have a hard time explaining why there's always negative numbers in the real estate plus all of his overseas royalty and licensing stuff i think that all that income is being kept overseas that's why you have such a disparity between but showing in this financial disclosures and what people think you know in what he's saying are his his income in his assets it's very hard to match it all up because i think that incomes not coming back to the united states and he's probably not paying taxes i mean so in terms of losses you have a company like jeff bezos over there amazon w

francine: larry fink?arry: so, the pandemic and the existential risk of health, the impact on society is only accelerating societies demand to address climate change. we are seeing evidence of that every day. flows are greater this year than last year. in fact, more than double into sustainable investing. more and more investors are focusing on this. discussed about what is great about finance, when we understand a problem, we bring the problem forward. this is why we believe climate risk is investment risk. that is becoming more tantamount in all investment strategies. we have seen some very large transformations and events. even this year, exxon mobil, the largest company in the u.s. years ago, is now off the dow jones index. the largest energy company in america today is a renewable energy company. we are seeing a huge transition, real change. but because finances pulling this forward, we are seeing an acceleration. there is more believe that climate risk is investment risk across the board, worldwide.

guy: the chairman of socgen talking to francine earlier on, formerly of the ecb.s of headlines over the last few minutes certainly roiling a number of the narratives we have been focusing on. we have seen nancy pelosi say there will be no aviation stimulus package without a wider deal. she is also trying to refocus attention back on the covid story when it comes to the president. alix: exactly. she said she'll be looking at the 25th amendment tomorrow. the debate looks like next week it will be killed, president trump will be holding a rally instead and joe biden will be holding questions october 22. what is interesting with the markets is on that airline conversation that they were not going to get extra aid without a bigger package, the s&p did not even go negative and came back up from the lowest and now rolling over a touch. i wonder how much the markets will hold in expecting some kind of bigger deal on a blue wave scenario. a blue wave scenario is not a done deal. the of mitch mcconnell still leading the senate in a joe biden presidency, that will set up a l