two tweets following in the evening, showing the specificity that jon ferro talks about. with that come of polls have to be coming out. we are now on from the debate, on from the advent of the virus. today and tomorrow, i would suggest we really start to see a number of polls. jonathan: you mentioned the national polls. cnn yesterday, 57%-40 1%. the one that came out on monday didn't look great at a national level. as we've pointed out a million times, as everyone has, it is the swing states that matter. we mentioned florida at the end of the program yesterday. pennsylvania, some giving joe biden a slight lead. they are the polls the matter right now. tom: what is important right now is jon ferro moving to new york, tom keene moving to new york. how about someone who has lived it? lisa abramowicz, who is rudy giuliani to the people of new york? lisa: a very big figure in new york city. very much law & order focused, very heavy police presence. people credit him with a huge reduction in crime, increasingly taking on the role of advisor to president trump and adhering to pr

he has been tweeting actively this morning, almost as much as jon ferro. in the markets, i would say we've got a bit of a celebration. futures up 21, dow futures up 184. what do you make of the markets this morning? jonathan: a strong correlation between the president's health, his tweeting activity, and equity markets. we hope we avoided the local crisis, the chaos that many people were thinking about last friday. up 0.6% on the s&p. in the bond market, this is where things get interesting for treasuries headed into election day. if the polling remains the way the polling looks right now, at a national level, the 14 point lead joe biden at the moment, at some point you do start to think about prices in the fiscal

jonathan: alongside tom keene, i'm jon ferro, together with lisa abramowicz. coming up on the program, liz ann sonders, charles schwab chief investment strategist. any words for the dog this morning? tom: it's his birthday. lisa: happy birthday. jonathan: happy birthday. there you go. this show is nuts. [laughter] equities down two. tom: he wants to move out. jonathan: this is bloomberg. ♪ kailey: with the first word news, i'm kailey leinz. prospects for another stimulus package before election day look bleak. president trump and senate republicans are at odds. the president was urging them to "go big or go home," but senate majority leader mitch mcconnell is only legend to vote on the paycheck protection program for small businesses. house speaker nancy pelosi says it is not big enough. meanwhile, the world's top central banks are urging governments to keep spending. they say concerns about mounting debt should be put aside until economic recovery from the coronavirus is complete. the imf is normally a champion of budget restraint, but the fund agrees it is t

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 and prayershoughts are with the president and the first lady and that we hope they would recovery and this -- that they would recover and that this turns out to be a mild case. he certainly has the best medical care there. i think that those of us who have watched the campaign and watched the white house have been concerned that the seen --s there have have seemed lax. you don't have to go far to find photographs of members of the white house, members of

tom: jon ferro with another hour jon at 10:00 a.m. jonathan: no one wants to see that. coming up, a conversation you don't want to miss, henrietta treyz of veda partners, director of economic policy. a really important conversation up next. this is bloomberg. ♪ ritika: with the first word news, i'm ready to. president trump -- i'm rick agrippa. president -- i'm ritika gupta. president trump appears resigned to getting a stimulus bill after the election. the white house blames house speaker nancy pelosi for the delay. pelosi put the blame on santa republican leader mitch mcconnell. mcconnell is reluctant to embrace a larger scale really felt. president trump -- larger scale relief bill. bloomberg has learned the president may issue an executive order requiring an analysis of fracking. fracking is used to get oil and gas out of underground rock formations. the president would require an evaluation of how the progress could be expanded. biden has denied the president's claims that he would ban fracking. france has reported its most deaths from coronavirus since april, and

headline were let, that's what jon ferro ash were let -- headline roulette, that's what jon ferro has been calling it. guy: we are monitoring the stimulus story beat by beat. nancy pelosi will be talking around 14 minutes. we are going to get a sense at that point whether or not we are making progress. that could certainly be market moving. we will bring you those headlines as soon as we get them. lisa: the white house has been pushing for a large-scale deal again, off again, on again. wants alosi says she more comprehensive fiscal bailout as a result of the pandemic. emily wilkins joins us now with the latest. emily: if anyone is confused about where things are with the stimulus deal, you are not alone area senate majority leader mitch mcconnell said yesterday he was feeling some with lash -- some whiplash with all of the back-and-forth we have seen this week. house speaker nancy pelosi is still holding out after months for a larger stimulus package. she and the white house negotiator, treasury secretary steve mnuchin, spoke by phone yesterday. it seems like there still could be pote

he told bloomberg jon ferro that the pandemic has worsened inequality around the world.ready gotten bad. that is showing up in the numbers and likely to get worse as we go into 2021. one notable part of this global recession is the inequality of it. 2008, there was a great financial panic. it hit people's stock markets and their bond portfolios and so on, but it did not have as much affect on the developing world. this one is much steeper in the developing world and likely to deepen if there are further shutdowns in the advanced economies. one of the things our numbers show is that the economies -- the recession has actually been somewhat less severe than the estimates in june, but for the developing world, the recession has been worse than what was expected in june if you exclude china. china is in a bit of a recovery phase but the other developing countries are still in a worsening recession. >> given what you are seeing play out right now, and there used to be a stigma to asking this question, and i'm not sure whether there is any more, whether that you are from this

jon ferro has been very good about the resiliency of the europe. swiss franc really doesn't move all that much. i've got to come back to the about 3:30 new york time, the turkish lira and the central bank scrambling to protect lira. it is not getting done. turkish lira crushed rapidly from that eight level come out to 8.26 lira. it is unraveling. francine: extra long market checks today. tanya, our producer, who alerted me to the fact that rent was below $39 a barrel. this is really amid a flight in risk assets. let's start with european stocks. they are dripping to a five-month low, and this is because of corona -- they are dropping to a five-month low, theher lockdowns adding to pandemic. this w shipped kind of recovery, what that means for job losses, -- this w shaped kind of recovery, what that means for job losses. then assets, the dollar and yen, they are rising. volatility climbing to the highest level since june, and declining below 39 briefly, now around $40 a barrel amid the flight in risk assets. an extra long market checks throughout th

jon ferro is coming early, annmarie hordern has absconded daybreak europe for the week but she will beat seat in five days. this is bloomberg. ♪ ♪ jonathan: from the city of london, good morning. the countdown to the market open starts now. i'm jonathan ferro. your headlines this morning. curfew on the continent. spain and france have the harshest restrictions since may. deadlocked in d.c., stimulus talks stalling up a week and a day before the election. here's the price action. futures are la

i was just talking to jon ferro, just getting up at the crack of 9:00 a.m. in london, about the uniqueness of it. there are two separate parallel worlds and the united states, where europe and the pandemic is off the radar. clearly in europe it is unraveling. 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

we begin to look towards the world bank, jon ferro's conversation yesterday and the international monetaryine with her important panel. william lee will join us from the milken institute. please stay with us. nasdaq futures melt off. s&p futures negative three. this is bloomberg. there is an apple meeting, when is it? why are all my kids iphones dying? ♪ >> this is bloomberg surveillance. the world's biggest shipping line has raised its full-year guidance. recovery in demand at a time when they are aggressively cutting costs. 15%nish company represents of the world posse born freight. amazon's two day prime sale is underway. it is expected to give the world's largest e-commerce company and early advantage over brick and mortar rivals. the move could single-handedly yank the pivotal holiday season forward. their vision fund will capitalize on the investor frenzy surrounding so-called blank check companies. the fund will outline plans for a special purchase acquisition vehicle in the next few weeks. bloomberg has learned the targets of the blank check company have not been determined. seekan

jon ferro and i will be taking you through the cable show on db digital radio and around the world onf your bloomberg devices. this is bloomberg. ♪ ritika: this is of a good bloomberg markets -- european close." i am live in the principal room. ceo at 3:00 in new york. this is bloomberg. alix: covid cases keep climbing in the u.s. in new york andrew cuomo says the state has 1300 new cases. new york city also in the middle of targeted lockdowns in cluster areas. also painful for small businesses trying to survive as business talks stall out -- as stimulus talks stall out in d.c.. more on how women are impacted, cate luzio, luminary ceo, joins us now. luminarias a place where women can go and discuss and generate ideas. luminary teamed up with unilever for an initiative for covid relief. appreciate you being here with us. cases rising, targeted lockdowns, no stimulus. what happens to women-owned businesses? cate: thanks for having me. we are seeing the impact since march. 25% of women-owned businesses have permanently closed since the pandemic started. when you look historically over th

announcer: this is bloomberg surveillance with tom keene, jon ferro and lisa

jon ferro, jp morgan doing better than good.itigroupi am getting , on first blush giving us the same enthusiasm we heard from jp morgan. jonathan: jamie dimon's jp morgan delivering the beat, and it looks like city group is repeating the action. figurepoint out, the eps third quarter, $1.40. a little bit of an upside surprise here. i believe we have sonali basak with us. what are we seeing. sonali: we are seeing a beat on revenue, on fixed income. we are seeing loan-loss provisioning higher than what jp morgan put in, but lower than what analysts expected. perhaps wall street has just gotten it wrong compared with the banks are expecting in terms of loan losses. they are higher than jp morgan, so we are going to want to understand why the divergence, but overall, pretty clean numbers here. tom: as we see the numbers come out, we are getting this now in real-time. every bank brings them out , i amently, and jp morgan going to be blunt, i just now got the research done from citigroup. we will see what that looks like. bank, orr. c

tom: jon ferro, i should have loaded the boat in march. of course, i didn't. but come on, we are at dow vix00, spx 3408, and the really shows that uncertainty out there, doesn't it? 28.34. jonathan: the volatility looking out into the year-end, that was all about this contested election idea. for me, i keep going back to this difference between squeezing positions and having a policy of it that drives durable change. i think the polls of the last couple of days starting to squeeze some of those positions at the long end of the treasury curve, elsewhere in the equity market, driving that internal rotation, it is only when you wake up november 4 that you really start to appreciate policy. four years ago, many people didn't anticipate that the president would be donald trump. they also didn't and as bait the outcome of the president being donald trump, which was a market that ripped. it took about five minutes for people to get their heads around it. i think it is still too early to make a decision with any conviction what a potential biden presidency would mean

tom: jon ferro. [laughter] lisa: i will say, there is growing emphasis on any potential bond purchases, interest rates, anything the fed can do as washington doesn't act. at 9:00 p.m., we get that vice presidential debate in salt lake city. will it matter? tom: oh, come on. 74, 77. this vice president will debate matters like it never has. i can't convey the importance of this debate to introduce these two in the discord of the leading candidates, if that was ever to happen. jonathan: most people agree with you, tom. that is the talk in europe, and i don't think many people watch the vp debate. they will be watching this one. equity futures on the s&p 500, wednesday morning, looking a little something like this. futures up 0.6%. d remember a guy called -- do you remember a guy called phil mattingly? he worked at cnn. if you are trading on tweets that have already been rejected, i don't know what to tell you at this point. 8%.the 10 year, 0.7 tom: i think mattingly sort of disappeared like the cincinn

tom: we had a bunch of bank earnings, as jon ferro mentions. we are going to move forward. we going to have more eaton vances? is there a massive desire, too big to fail, non-regionals? is there a new need for scale, which simply means combinations? chris: it is long overdue, certainly in the banking sector. we have an artificially fragmented banking sector because until the 1980's, you couldn't bank in more than one state. compare it to any other country in the world. our banking sector is just way too fragmented. that makes sense. see at think you will giant m&a wave near term. i think you will see some, but i think it will still be episodic and sporadic. jonathan: just a final question for me. how much of these names are propped up by the fiscal effort down in washington? chris: actually, i think the much bigger impact is just the white collar layoffs haven't been back that haven't been that big. if you look back at big bank credit portfolios, over 80% of the borrowers have five haveores over 680 -- fico scores of over 680. that is roughly average. if you look at the peo

lisa: jon ferro its setting me up because he wants me to ask you about the incredible amount of money that has poured into whether wece, and have seen the end of the bankruptcy cycle. are you saying that spreads are going to tighten because credit quality is perhaps underpriced right now? that investors aren't giving the benefit of the doubt to the likes of carnival, delta, and these other companies that have yet to get back on board? or are you saying that liquidity will overcome all of this concerns, and they won't be an issue for creditors? andrew: i think it is a little bit between the two. i think it would actually be a pretty common, pretty normal credit cycle to see the market they and improve ahead of peak in the default rate, ahead of the worst of the downgrade cycle. we saw some of that in 2009, 2010, where the market had largely recovered in 2010, even as there were still quite a fugue -- quite a few downgrades to happen. the credit market does have some precedent of moving well ahead of those factors, so i guess what i would see it more consistent with is that kind of norm

boom, it is don farrow -- it is jon ferro. on fire at axios this morning.y have a single line in the report looking at the stunning mathematics right now of an idea unimaginable, which is we don't get more conservative as we age. some of the nation is screaming a new liberality as they age. do you see any indication of that? a great think it is unknown. i think the older you get, i don't know. i guess i will have to live it in real time hopefully. but i think it is difficult to point that out. i can tell you that based upon my reporting, joe biden's campaign has really been trying to hammer home the issue of seniors and the constituency of seniors, especially in a battleground state like florida, and the president has struggled with seniors as a result. tom: we got the ceremony yesterday in warm springs, georgia, which resonates frankly years before me on the death of fdr, and that resonated across the nation. is that symbolism resonating florida?an elderly in kevin: that is the precise dynamic. one could make the argument that the reagan democrats or the k

jon ferro calls and from london and says sterling one point when he 972. -- 1.2172. lisa: exotic.--aking of exotic, edward hyman, evercore. stay with us on bloomberg radio and bloomberg television. ♪ ♪ you can go your own way ♪ go your own way your wireless. your rules. only xfinity mobile lets you choose shared data, unlimited or a mix of each. and switch anytime so you only pay for the data you need. switch and save up to $400 a year on your wireless bill. with the carrier rated #1 in customer satisfaction. call, click, or visit your local xfinity store today. ♪ jonathan: from new york and london for our audience worldwide, good morning, good morning. "the countdown to the open" starts right now. what he futures down .7%. we begin with the big issue. thick fog on the horizon. big tech delivering blowout results, injecting more volatility into a jittery market during up for a massive week ahead. >> all of these binary events coming. >> we need to get through the u.s. election. >> the election is driving short-term volatility. >> if we can get a material expectation for large infr

jon ferro and i will take you through the hour.is bloomberg. ♪ ritika: this is "the european close." coming up, mike nova grabbed, galaxy investment partners chairman. this is bloomberg. guy: let's talk trains. gains,acific is making but its stock is getting no love from investors. let's find out why. scarlet fu taking a closer look. scarlet: expectations were high into the third quarter result. in the last four weeks 70% of analysts surveyed by bloomberg had raised estimates while 70% -- provident and sales fell more than expected. ump lowered its cost relative to its revenue. much of the gain was a result of falling oil prices. citigroup says there are now questions over how much more management can this margin improvement, particularly following yesterday's announcement that the chief operating officer roles. bottom line, railroads are a bit on the industrial economy and we know that part of the economy is still very much in recovery mode. sawhe top line, ump industrial, which covers oil and lumber, we know there is a massive sh

tom: jon ferro, you have been way out on front on this.as an offering that shows that fear of missing out. jonathan: that came back in after a selloff yesterday. i think keeping an eye out on italy is really important. the jury is still out as to whether we have made that full conversion to behaving like a sovereign. how independent he that market someill on coming out with accommodative language later? italian i think the debt in general is very reliant on continued fiscal consolidation, this monetary policy support. you wouldn't necessarily buy italy or greece based on the fiscal situation or, growth projections, but the entire european bond market is coming together and behaving like one government bond market more and more. we think over the longer-term, those yields are going to continue to compress towards each other. jonathan: so you are looking for some capital returns on the periphery, then? you are not looking for the yield at 74 basis points on the 10 year. . michael: the way you get the capital return is you short the bund on t

jon ferro put me in the timeout chair, wolfgang, for bringing up exit, but it seems to be pretty germaneow. what is the interpretation you have on the challenges across the channel? negotiations are ending today. there is no progress. there has been a bit of optimism expressed. i did not believe any of that, because it is basically the political advisors briefing journalists. nothing on the ground has changed. this will be decided. i still believe that this will not be decided by advisors, but this will be decided by boris johnson himself and the leaders of the e.u. both will have to move beyond what they said they would accept for there to be a deal. that is possible, but it could well be the u.s. telling itself for a very long time that these red lines are for real, that it doesn't want a trade deal with such a large country on its doorstep with a level playing field and all these other commitments, with the u.k., everyone selling themselves about being completely independent, cut off from you regulation but yet doing a lot of -- cut off from e.u. regulations but yet doing a lot of bus

lisa: jon ferro is going to say the polls indicate that joe biden will emerge the victor, and we haveeene who will say, can we trust the polls? if polls don't get it right this time, if we see a redux of 2016, is the entire political polling industry dead? jeanne: i don't think so. i think we all need to be cautious. these are always within the margin of error. while they didn't predict the outcome of 2016, the national polls were pretty good. could have been a bit better, but let's not forget, in 2016, donald trump andmichigan, wisconsin, pennsylvania by less than 1%. that is really tough for anybody to pull. i have to defend the industry because we do better, but we also have to educate voters and people when we talk about polls that these are probabilities. they are within a margin. when we say 95% confidence, that means five out of 100 times, this thing is not going to happen. that is a possibility in 2020 just like it was in 2016. but they still give us indication as to where the picture of the american public , not a given moment something you can predict actual outcome from. jo

jon ferro will tackle lawrence kudlow in the 9:00 a.m. our here on the economy. you know he has to talk about this better than good claims data yesterday. no doubt lawrence kudlow talking up the president wanting to do better for america. look for that in the 9:00 hour. stay with us. this is bloomberg. ♪ anna: this is "bloomberg surveillance." francine lacqua is off today. numbers out of germany this morning that were very strong. pmi numbers coming through on the german economy, derman manufacturing pmi for october, 58. above 50 means expansion. let's talk about how meaningful the debate is. sonia allowed joins us. -- sonja laud joins us. the turnaround in the euro -- how much credence do you give to this kind of data at the moment? some people suggest it catches timing very well, but it doesn't tell you the extent of rebound or contractions. what are you seeing in the data? >> good morning. i would always put the manufacturing data points in context. in 2020, as we know, with is very unusual situation with social distancing, and the impact on services in partic

jon ferro in london, tom keene and lisa abramowicz in new york. it is a fourth quarter with an election in it. i love what kevin cirilli said. is it going to be not election day, but election month? we will have to see, harkening bush/gore. tower hudsonf looking for a melt up. jonathan: right now i think we are playing headline roulette around fiscal talks. there is still a gap that is apparently narrowing a little bit. one thing we don't know, one thing we can't figure out, is whether this is just posturing ahead of the election, or whether both parties actually want to nail down a deal this week. house democrats delaying a vote on that plan to see if talks today actually generate something positive. tom: we will have to see as well. opening up here with the markets, futures up 32, dow futures up to 34 in a nicer lift -- up 234 in a nicer lift. i've got to go to a conversation with speaker pelosi that david westin will have in the noon hour, and i wonder if she will want to negotiate. jonathan:jonathan: it really sets the stage for the talks ahea

you can look for the jon ferro property this afternoon as well. -0.001% to -0.88%, a change to what thel yield is doing. let's get the politics at hand right now. kevin cirilli joins us. are they campaigning for the tuesday voters? after eagles-cowboys sunday night, how do they address the people that will actually vote on tuesday versus the male in game? ame?he mail-in g kevin: for president trump, he is going to show up. he is going to be in , in the hometown of democratic presidential nominee joe biden. biden is heading to wisconsin today. hillary clinton was criticized for not going to michigan and ofconsin in the final days 2016. both of the sides are really just trying to push turnout. from the president perspective, gdp number, but he didn't get the vaccine. there was a forecast that we would see a strong gdp number, but they were bullish that we would have vaccinations. we are still about a month and a half away from that. sunday nighttom: biden,ssage does joe does donald trump want to convey during eagles-cowboys? kevin: i think it is that audience, i am not sure that a tv ad i

i said right size and you put me in the jon ferro timeout shed. resize. jonathan: it is resize.ake the phrase right side. what is right about it. i take it for a laugh like this time yesterday. this debate is about on and jobs in america. i wonder if we get back to that policy. i cannot agree with you more. the good news is the president will be tested. he says he is doing better. tom: what do his doctors say? jonathan: you sound better than you did this time yesterday. tom: no i don't. jonathan: from new york and london, this is bloomberg. ritika: with the first word news, i am ritika gupta. now there is a question of whether there will be a second presidential debate. president trump says he will not take part of the candidates are in separate negotiations. he told fox that is not what debating is about. earlier today the commission that runs the debate said next week event will be a virtual event to prevent the spread of the coronavirus. meanwhile the vice presidential debate there were a few fireworks and interruptions. still, mike pence and kamala harris battled over a wide

the money question is, for those who are fortunate enough like jon ferro to load the boat on amazon andpple, do they sell dleres to go to the lai rotation, or hold them and use new money? as -- ihink it thing about it as a versus cyclical. they may underperform for a quarter or two, but ultimately i think they are going to be fine. the story is just a little bit different. i think the re-operating ever lived -- the reoperating leverage is on the cyclical side. we have a reopening basket that will move things on the work from home tech names, and it is where all the earnings upgrades have been coming from. i think we will get a double surprise of the top line improving, potentially catalyzed by vaccine or not, but all we are missing are a lower cost being taken out. once the kospi starts to get going again, i think we will be stunned by the degree of earnings upgrades we see. because investors have sort of been held back by this very boring debate on fiscal stimulus and are we going to get any, the election, second wave of vaccines, that has stopped people from going into those cyclicals

announcer: this is bloomberg surveillance with tom keene, jon ferro and lisa bramowitz. tom: it's simulcast on television and radio and we welcome all of you around the world and across the nation. if you're in that odd east coast october, it's the density of fog, for those of you on radio across washington to boston, drive careful. the fog is never -- it's like a london fog, jon, it's so bad. tell me london is gorgeous. jon: it's got a london feel. london is always gorgeous, beautiful. what else do you want me to say. tom: thank you. n radio it's a tapestry of gorgeosity. jon: the beautiful sky. tom: that's a postcard jon just put up. i really want to focus away from the market and data, futures negative, dow down, and we forget the claims are in this hour, this nation on a labor basis, there's no other definition, it's not an opinion, it's flat on its back and you bring that over to a debate tonight, do you think it will come up? jon: i think it will come up repeatedly, tom. at the opening of the hour, the professor said it perfectly. for people at the bottom who are r

i know jon ferro calls it it is almostette, like headline deja vu. pelosi saying where try to get a deal in mitch mcconnell say no way, we do not think we want to go close to the levels nancy pelosi or even president trump would want to see at this point. guy: i am stunned people trade headlines to the greed they do -- to the degree they do. lisa: a lot of people are. guy: it reminds me of the phase we went through at the back end of last year when it was all about china and tariffs and it was every single political headline that came out of the white house and beijing seemed to move markets. this is simply set up to hit the headlines as they come up and as a result markets are getting whipped from side to side. lisa: yes, although perhaps people are learning. you're not seeing much of reaction in equities on the back of these conflicting headlines. they are the same, reiterating this. we are still seeing the nasdaq up 1%, the s&p up .6%. guy: let's quickly settle out where european equities finish. a little bit of a push higher into positive territo

tom: lisa abramowicz and jon ferro get the love notes.gotten hate mail, and at already gotten hate mail this morning from trump supporters who separate his discourse from policy and from what they believe are the attributes they can vote for. is that appropriate? is that going to be something new to american politics? jeffrey: if we are going to the polls, it is always a lesser evil justification. we never have candidates that align perfectly with our deepest values. sometimes it would be appropriate to support someone even though you disagree with their language or their rhetoric, if you thought they were good in terms of the content they deliver for the country. the problem with the president is that his language actually does have consequences. it has implications for the kind of country we are living in, for the coarseness of public dialogue, and as we get closer to the election, i think it is very reasonable to be wary in which the ways is unhinged rhetoric leads to violence. in the town hall last night, he again mentioned governor g

or if the virus is spreading more than expected, but that would make me incredibly protectable to jon ferro, so instead i will ask theoretically, if someone were in a triple leveraged cash fund right now and were looking for an entry point, what they should be buying. should theyhow be arranging their portfolio for what you are expecting next year? andrew: at this very moment, i sold in our that we portfolio a couple of financial stocks, not the big banks, but had gone up a lot. i trimmed one of our emerging market stocks that had gone up a lot. i think there's been a lot of risk on since the bottom of this little short-term pullback that happened in september, and a lot of things to me look very overbought on a short-term basis. risk looks overbought. it doesn't surprise me that we got a pullback. think, positioning wise, if we get further pullback anxiety into the election, but i would say is take advantage. get out of that cash position because i think it doesn't really matter who is elected. i think the market is heading higher into the next year. but again, i am much more confident in

think, robert wilson, of my colleague jon ferro bidding for a piece of art in london. beyond theoes so far options we understand, the options of the art market, or maybe the options for a foreclosed house. what does our audience worldwide need to know about where the science of auctions is going, and what it means for us worldwide? robert: we deal with very complex, multi-commodity kind of situations. there are many different spectrum licenses. in electricity, we are talking about electricity at various times in various places. systems arees where allocating a huge variety of resources continuously over time . in the case of electricity, it is a complex -- so much more complex than a single piece of art being optioned, and then the next one in the next one. instead, these are cases at which people are trying to buy things.packages of in the sense of electricity, you have to have the energy, the transmission lines, all of the connections that are necessary. you are bidding for a complex commodity, and there are many of them. jonathan: this is -- lisa: this is an incredi

mike swell, right now, what lisa ferro inw, with jon interview after interview, everyone is saying theyg china debt. everyone seems to be in the trade. what is the risk, or what is the thought you have on what could 2022 forere in 2021, the certitude of owning china debt? mike: i think you have two factors that are a risk to owning chinese debt. one is the risk that the chinese economy is very insular and continues to recover at a pace very different than the rest of the global economy. in the event that that does occur, that could create a situation where the chinese central bank provides less accommodation, and you actually see rates rise and inflation pick up in china. that is a real risk. the other risk is that, from a credit standpoint, people get concerned about china to the other side. while the central bank has the ability to lower rates, you could have credit concern. i think that is less of a concern. in the end, rates are attractive in china. 3.75 percentthe area. we don't expect to see inflation running away in china. the real rate in a country like china is actually somewha

jon. jonathan: futures up 15. this is bloomberg. ♪ jonathan: alongside tom keene and lisa abramowicz, i'm jonathan ferro. stop stop on the week.&p 500 up nicely -- stocks up on the week. the s&p up nicely. euro-dollar 1.1798. a firmer euro in the mix. around, dollar all through g10 and against china as well. the chinese currency doing nicely and the chinese authorities tolerated it. that is the headlight overnight for the chinese currency. well,otice the vix as 25.8. the beginning of the week, maybe a week ago, 29. we have come in three or four big figures. you get the vix down, it is a different world. jonathan: implied volatility was elevated to year end on the back of this contested election fear, and a lot of these concerns have faded, relatively speaking. tom: an eventful friday to say the least. what we do on friday on radio and on television is get ready for the weekend reading and get ready for the next week. stephen stanley is an expert. won everyt -- he has trophy. what is the distinction? what is the update in your american economic call? down.n: we are slowing we have gone through the fast recovery phase and gotten

ferro muting me in london. jonathan: i've actually gotten on my phone now. [laughter] tom: thank you, jonletting me speak. that's very kind. i'm sorry, kevin. how is biden doing? he's on the train yesterday, raising money. how is the vice president doing? the perception is it was a success. does he feel that? kevin: i think there is an uneasiness. just as everyone experienced in 2016, i think when i talked to republicans and democrats, there is uneasiness and this expectation that the election is on november 3, but there is going to be political events after that, whether it is -- you know, even in the local press reports in cleveland, the local municipalities in ohio are talking about whether mark zuckerberg should be funding poll workers at a polling station, and the entire dynamic about whether to accept money from facebook. microcosms ofe polling stations and whatnot, all of that is contributing. the pandemic is contributing to this sense of uneasiness about election night in america, and should we start calling and election months in america. jonathan: or election months, which is so