we are back with jane foley from rabobank.n you look at the infections rising in europe and the u.s. and asia, what does that mean for how governments will have to deal with it, and what does it mean for currencies? jane: well, you know, i think we can look back a few months and really get some strong clues as to what it means for currencies. june,e saw around may, july, the market was a little more optimistic about europe, having dealt with it, certainly european countries seems to have dealt a really heavy blow to the coronavirus. then it moved onto the u.s., and that is something that supported the euro, but now the corset is back, as we look at the czech republic, berlin, paris, parts of spain, and parts of the u.k., we are seeing really dreadful numbers with respect to the number of cases. that is not necessarily projecting onto the numbers of fatalities that we saw back in march, april, for instance, but it is a certain risk for the economy, certainly when we see these local lockdowns, it does mean that the shape of the

banks:, senior fx of rabobank -- of rabobank, senior fx strategist, coming up on bloomberg. ♪ ♪ you can 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 london and new york, good morning. alongside tom keene and lisa abramowicz, i'm jonathan ferro. 60 minutes from the opening baell. the gap lower in europe. down 51.00, more restrictions coming in europe. potentially a lockdown in france. look out for emmanuel macron later this evening. potentially a proposal from angela merkel on closing bars and restaurants for over a month. lower bymarket yields a basis point. let's take a quick look at where -- german ten-year is your where the german ten-year is. -63 basis points on a german shaving with the dax 421 of the equity benchmark and all 3.5% on the session. there is the stronge

with an acclaimed career at commerce bank, and then almost a decade at rabobank, he holds court in boston at state street bank as their head of microstrategy. he brings it ahead of microstrategy -- head of macro strategy. what is the position as you try to hedge your bet out? are you able to hedge right now? lee: in terms of the outlook? you can. market is very neutrally positioned ahead of the election. a lot of people think a blue wave is priced in. it is not. if you look across a range of different indicators, blue wave isn't priced in. the market is nervous about a repeat of 2016. they are skeptical about the polls. people are really sitting on their hands. jonathan: where do you think it is not priced in? lee: i don't think it is priced in anywhere, quite honestly. , i thinkof the dollar there's a view amongst many which i agree with, that the dollar is going to go down whoever wins the election. you can argue there's some overweight positioning, but again, i think the view is we are going to get more policy stimulus. the barometer for me i am looking at most of all this probably em.

jane foley of rabobank. european equities are closed. session has drifted sideways.e higher during the option but not much to speak about. ftse 100 being rescued by a significantly weaker currency, which adds upside to the equity market. nevertheless, weak performances across the board, the ftse, the dax, and the cac 40 sharply lower. more postgame coverage and bloom go to -- on bloomberg radio at the top of the hour with the cable. alix: if you look at the credit markets, erik schatzker is here with howard marks. rik: howard marks is out with another memo. required your memo is reading for anyone trying to make sense of financial markets. i should add i encourage everyone to find it on the oaktree website, read all 16 pages. you make the point this is not an ordinary crisis. it is a different kind of crisis. valuations are high. prospective returns are the lowest, not just in your career but possibly in history. at one point you write this. "by dramatically lifting the --kets, the fed may have that can be counted on to keep things humming." what if that is in fact j

francine: thank you so much for the update, jane foley from rabobank.are still trying to figure out the full market implications, but we are trying to get you what the market should at least be thinking about. another marke market i'm looking at -- another market movement i'm looking at is gold. stock selling off in the u.s. because of the political risk, and that is a sign that the metals may appeal long-term in the states. bloomberg surveillance continues in the next hour. tom keene joins me in the next hour. more of our top story throughout the morning. this is bloomberg. ♪ francine: covid strikes the white house. donald trump tweets that he and the first lady have contracted the virus. $40. breaks below the election is just over a month away. they flows into havens as president's positive test access a wake-up call for the markets. it morning and welcome to "bloomberg surveillance." i'm francine lacqua in london. tom keene is in new york. there is no story in town other than the fact that the president has tested positive. i think we start from the