for joining usch today, piero novelli. the investment bank at ubs, you're expected for anything to happen in the election. but what does the scenario now mean for the markets? francineod morning, and tom, and thank you for having me on the show. it is generally an important day, an important time. we have seen significant changes in the market environment over the last few days. clearly there are three factors that will drive the markets going forward. number one is the u.s. election outcome, and focus on fiscal stimulus. number two is clearly the vaccine, both in terms of the phase three trials and deployment of the vaccine and production, and approvals. number three is of course the development of covid-19. the unfortunate development in europe and the lockdowns that may -- that are following that. clearly as it relates to the first topic, it seems that while any election outcome may face core challenges and potential recounts in several states, investors seem to have decided on the outcome of a biden presidency and on a