alix: julian emanuel of ubs is still with us.n tieups like this in china chemical. >> there is plenty of cash out there for m&a. we think that trend continues. the news basically gives you the elements that are with us. first of all regulatory uncertainty. when we go back to where we were in august it's a very clear that in terms of politics the markets were completely underestimating the concept of regulatory and political uncertainty. the other trend is going back to the availability of finance and. interest rates are still low in an absolute sense. financing is relatively available and there is a much cash on the balance sheet that we think the trend continues. jonathan: the credit market has not seized up at all. i can give you examples of energy companies. the yield pretty low to what was expected. the credit market has not seized up at all. . as been a very -- >> it has been a very good year for credit. you had the spasm that you had in january and february. when we found out there wasn't going to be a recession and ubs doe

julian emanuel is with it is not ready for surveillance prime time, julian, that is the nigerian currency have a few select problems. let's not bundle the sin. when you see these little moves of massively weaker em currencies, whether it is oil, civil unrest or whatever, there is a comfort to going to yen, going to dollar, going to euro. is that going to be janet yellen's salvation? julian: when you look at equity markets, that is a good reason why multiples have ended has they have. we are on the precipice of the next hike. we think there will be two more next year. the fact is, that is traditionally the time of challenge to em currency markets. we are seeing it mexico, south africa a few weeks ago. it is an ongoing -- we are seeing it in mexico, south africa a few weeks ago. it is ongoing. tom: jan, think is a much. we look forward to seeing you -- jan, thank you so much. we look for to seeing you in a few weeks. a discussion with mr. schatzker. larry fink. this is bloomberg. ♪ francine: this is bloomberg surveillance from new york. i am francine lacqua with tom keene. are we not in new

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the dow down triple digits, let's bring in julian emanuel and jonathan gollof.have you here. let me start by asking, is there anything tonight on the debate that could really destabilize the market? i can't think of two candidates we know better than these two. we're familiar with them. >> well, so our expectation is, if you look at it factually over the last month, the uncertainty has begun to build. and by most tally the uncertainty between these two is really at about the maximum point. we don't think that there is going to be any more resolution of that uncertainty tomorrow. and by that token, we think the markets could continue to be under pressure. >> a choppy and maybe down pressured market over the next few weeks. >> entirely possible. >> jonathan? >> a couple of weeks back, donald trump stood in front of the economic club and laid out what seemed like a very centrist conservative republican platform for growth. almost sounding like ronald reagan in the way that he talked. and i was really surprised at how well it resonated with big institutions who were