how do you deploy cash in the land of john normand? john: i don't think you hold much of it because anytime the economy is growing above trend, the bias on equity markets is higher, the bias on credit spreads is higher. handing down other financial assets cash, ex government corporate bonds, that will give you a fix. that is the best point of this. would you hold any cash at all? i think you should, sibley because many financial markets are -- simply because any financial markets are difficult to hedge where bond yields are so low. degrees a limited to that there is a limited degree to which one can hedge with treasuries. there will be some residual cash position, even though it may be small. tom: i am going to rip up the script and go bridgewater on you , leading this charge at davos, which seems like forever ago. if balloons are useless as a bunds are useless as a hedge come does john morgan -- does john normand and j.p.morgan come up with an alternative? john: i would not claim to come up with them because they have been around for d

john normand from j.p. morgan stays with us.will look at some of the emerging market and focus on currencies. with the u.s. election on the horizon, what do the results mean for european assets? we discuss that next. this is bloomberg. ♪ francine: this is bloomberg surveillance. i am francine lacqua in london. it is u.s. election day. the stock markets climbing for a second day along with u.s. futures hours before the american presidential election. currency traders bracing for a bit of volatility. looking at treasuries slipping along with the gauge of the dollar. the measure of expected swings in china's currency rising to the highest and more than nine years. traders hedging against the volatile yuan after the u.s. election. i'm also looking at sterling jumping as the vote in the u.s. and its aftermath looms. next, europe's finance ministers discuss covid-19. this is bloomberg. ♪ francine: economics, finance, politics. this is "bloomberg surveillance." i'm francine lacqua, here in london. let's get to the bloomberg first word