annmarie: fascinating. the self-imposed deadline has turned into, hopefully will get two.e or bloomberg's maria tadeo, thank you for joining us she will be on the story for the rest of the day. commerzbank's esther reichelt is still with us. traders are not losing sleep over this. is this all politics, markets just calling boris johnson's bluff? esther: i certainly hope so. they have had enough time since 2016 to understand and we would kind of theater this is again and again. they know that i deal may be sealed in the last minute or even after the final deadline. we have seen it again and again surprise.not a annmarie: traders seem to have been trained very well when it comes to brexit negotiations. olaf scholz talking to matt, yesterday, giving it does the reality, saying this always comes down to the deadline. as a strategist looking at exit negotiations, you have the firm deadline at the end of the year. is it best just to have a firm position, what you think the deal will be until the end of the year,

annmarie? annmarie: leigh-ann, thank you so much. now, the second presidential debate was a natural, tennessee. the tone was a lot less combative. take a listen. mr. biden: he says we are learning to live with it. we are learning to die with it. pres. trump: if he is elected, the stock market will crash -- >> ok, move onto the next question. pres. trump: there hasn't been -- there has been nobody tougher on russia. mr. biden: this resident paid 50 times the taxes in china, has a secret bank account in china, does business with china, and, in fact, is talking about me taking money? i have not taken a single penny from any country, whatsoever. mr. biden: what about fracking pres. trump: what about fracking? mr. biden: i never said i opposed fracking. pres. trump: you said it on tape! mr. biden: show the tape. these kids came with parents. they were separated at the border to make a disincentive. mr. biden: they did -- pres. trump: they did it. we changed the policy. who built the cages, joe? annmarie: kailey leinz joins us now from new

i'm annmarie hordern. this is daybreak europe. here's what you need to know. >> i knew it was a big threat. at the same time, i don't want to panic this country. i don't want to say everybody is going to die! >> we make up 4% of the worlds population. we have 20% of the worlds deaths. we have 210 plus thousand people dead. and what is he doing? nothing. the coronavirus features prominently as donald trump and joe biden fight for airtime, 18 days away from the election. global stocks struggled for direction as europe goes into reverse with increased restrictions. german hits records as they plan for a tough winter. and walk or talk? boris johnson will decide today if he will abandon brexit negotiations. it comes as eu leaders refuse to give a clear signal on prospects of a new deal. good friday morning, everyone. the focus is on the fragile recovery on thin ice as europe deals with rising infections across the region. they are reporting the highest number of new cases since the outbreak peak in the spring. france is reporting new i

annmarie? weakere: coming up, a than expected fix from the pboc as authorities take steps to rein in the yuan's recent rally. we will discuss that next. this is bloomberg. ♪ annmarie: 6:25 a.m. in the city of london. the pboc has moved to restrain the recent appreciation in the yuan by removing a two-year-old rule that made betting against the currency expensive. juliette saly joins us from singapore. we also saw a weaker fix in the pboc, and we see this moving the yuan. juliette: we certainly do. remember, this is after the onshore came back after the holiday and strengthened the most since 2019. this lifting of ththe rule showed they are putting the brakes on some of these recent appreciations. ofy stopped short encouraging declines. that is seen by many as a move they will tolerate some strength. this could push the yuan back toward 6.75 to the dollar. it provides an elegant way to mitigate the appreciation of the yuan without upsetting a belligerent white house in the middle of an electio

i am annmarie hordern. manus cranny from dubai. >> we need to save our country, and joe biden is the best lead tore do that, and frankly this administration as forfeited their right to re-election. >> their plans talks about advancing testing, creating p.p.e., develop ago vaccine. it looks a little bit like plagiarism. annmarie: more policy, less chaos. kamala harris slams the response in a largely even tempered debate with mike pence. polls show joe biden widening his lead in battleground stites r- states. nancy pelosi is open to relieve bill for carriers. they are hoping for a bigger fiscal bump down the track. and coronavirus cases rise in europe. france reports a daily record number as the president says more restrictions are coming. boris johnson warns of rising infections in london. manus, gyorko. among. gloomy back drop of cases ticking higher in europe and the united states, we had this v.p. debate. the virus front and center. for me, at least it was a little more polite, more policy to the forefron

annmarie: yes, certainly. when i have been watching as wisconsin, jonathan, because this is a crucial battleground state, and we have five days to go to the u.s. election, had aing we have not even good discussion about because of all the news flow out of europe. but wisconsin having the most coronavirus cases a per capita, and it is a swing state, so covid will be front and center on these voters' minds as they head to the polls, and of course whether or not they agree with the way the president of the united states dealt with covid, and we know covid is not going to go away. should the opportunity be given to another individual, jonathan? we have merkel coming into the , jonathan, the partial shutdown starts on monday. jonathan: three minutes into the session, on the dax, we advanced 5.75%. we had a bound, just not a major one paired the cac 40 up by about .6%, the ftse advancing by about .33%. s&p 500 futures up by around one percentage point. let's turn to europe, to berlin, chad thomas, bloomberg's very o

. -- annmarie hordern. steve mnuchin tells nancy pelosi the president is once again interested in a comprehensive bill. robert kaplan tells bloomberg said tools cannot replace fiscal measures. search, the u.k. reports more than 17,000 cases in one day. france places more cities on maximum alert. madrid could announce a state of emergency today. a golden reopening. beijing is back to work efforts week long holiday. chinese equities and the yuan outperform. very good morning to you. 6:00 a.m. in the city of london. happy friday. it's one week since we learned the president of the united states tested positive for covid-19. d.c. politics is messy. we will talk about that a little bit later. we are 25 days away from the u.s. election. some optimism that we have had a bit of shift on stimulus in the white house. nancy pelosi, steven mnuchin, are talking again, but many skeptical we will see support. the hope of that is moving markets this morning. s&p 500 futures to the upside this morning alongside euro futures

annmarie: certainly. at some point, everyone is pretty much sure we are going to get this monster injection. there is another debate going on on wall street with goldman sachs single big, -- goldman sachs saying go big. when do you think it's time to rotate? jim: i think that if you dig into the biden program, there are clearly some big winners. obviously, companies that are linked to the climate should be fairly big winners. i think the injection into the economy should certainly be good for smaller companies. yes, i think if you are not sure what biden means for the overall equity market, you can be sure there are sectors you want to be in and sectors to move away from once that presidency kicks in. annmarie: there is this other debate where you see equities going higher, people starting to ngice in this blue wave, buyi the rumor. if it is a biden presidency, do you think we will see a selloff in the market? jim: the thing i feel most strongly about with a blue wave, so to speak, is it's a bond market e

annmarie. annmarie: thank you. he saidlarry fink, climate risk is an investment risk and some anymore investors are looking at climate change. coming up, bank of america and goldman sachs earnings on deck. how do they stack up to the big lenders we have already heard from? that's coming up next. this is bloomberg. ♪ annmarie: good morning. this is daybreak europe. jp morgan and citigroup reported better-than-expected earnings yesterday but shares in the group fell. you to discuss what they did and what they will do later today, dani burger. liber investors disappointed in the lenders' results, because actually topline, it did pretty well? dani: not just the top line, but the low loss reserves were half of what strategist expected. we saw premarket this year rally but when they turned and investor disappointment said call.s the earnings it was the executive commentary that make clear the loan-loss picture was not because they had a sunny outlook on the economy. instead, they set aside so much in the first half tha

annmarie: very quickly. story, all the gains to the stoxx 600 this entire century has been from dividends. without that, you could see real losses in the ftse market. is it time to take money off of the table in europe? say, we havee to been fairly negative on european stocks for quite a while. for me, the key chart in europe is revenues in europe relative to the rest of the world. years, downward sloping line. the point you are making is that revenue in europe, earnings in europe are substandard. the companies are paying dividends. that's it really. with dividends being removed, it's a more difficult story. yes, we are very skeptical. manus: ok. we can come back to the skepticism on the u.k.. this is our guest host this morning. coming up, more on tokyo's trading halt. a system issue blamed for shutting down the world's third-largest exchange. this is bloomberg. ♪ annmarie: good morning. exchange isock helping trading for the entire day after the worst breakdown it has ever suffered. the trade freezing on

annmarie: you talk about this on page 33. there will be an unusually large number of new millionaires and x millionaires. does that have to do with currency exchange or do you see a shift of where wealth is moving in and out of? nannette: no. this is to do more with sectors. we have all seen that some areass -- you see in what where the new millionaires are active. e-commerce, for example. some of the sectors that have to or classes that are more cyclical have seen x lean heirs. it is how the pandemic has affected different areas of the economy that is explaining this in all countries. the ability across sectors by the wealthy. this: is there anything in report that talks about proclivity for risk or taking risk or becoming more risk-averse or a generational theft? you talk about the millennial generation and minorities. is there anything about risk-taking that you can tell us that is perhaps going on? seen is: what we have that, as usual, when there's high uncertainty, people tend to have more cash holdings. we have seen alr

annmarie: exactly. more and more people i am talking to don't think we will have a contested election at all. we are seven days away from u.s. election day. 65 million americans have already cast their ballot. that is half of the total votes counted basically in 2016. jonathan: 20 days -- seven days rather until we wrap up the election. i think that is the best way of phrasing it. s, we speaknor abouvati to the ceo next on this program. from the city of london this morning, good morning, this is bloomberg. ♪ jonathan: 30 minutes from the opening bell and in london, the ftse firmer by .2%. we bounced back on s&p 500 futures after a rough start to the trading week. this morning, novartis, raising its earnings forecast for the for new medicines offsets disruption from covid-19. we can catch up with the ceo vas narasimhan. fantastic to catch up with you. thank you for your time this morning. the lazy analysis around a pharma company right now is covid-19, must be good for pharma but clearly, there is disr

this has highlighted in the future, you have to be really resilient to low oil prices annmarie: annmarie:. -- prices. annmarie: what does it mean for investment? will -- the world hasn't fundamentally changed. 80% of the energy mix is coming from fossil fuel and they have been very low investments due to the crisis. you would see eventually the men would pick up again. shouldent, investors focus on the energy company, the most resiliency. there will be a day once the pandemic is beyond us where demand will pick up. oil prices will strengthen. the energy stock would be a very attractive place to be. a verye: we have important opec meeting in early november. did that hit your production? norway, as you stated, they reduced production. like all the other producers, yes, this is valid until the end of the year. despite the fact we had to reduce will production in the two main fields, we still generated over $500 million of free cash flow. i would sayt us but at a minimum. some of the meetings, we have seen contrary to what we saw in march, opec is much more disciplined. have been playing a b

annmarie: thank you. coming up, moving on. the economic recovery in china will be tested as millions travel for golden week holidays. more on that and more em coming up next. this is bloomberg. ♪ annmarie: this is "bloomberg daybreak: europe." just some breaking news. means to fight with they call creeping takeover. ng says itsfter board of directors has accepted the offer to buy the nearly 30% stake. one thing they do this morning and the headlines say that the stake purchase was in a hostile manner. clearly they don't want this to go through. indeed. i think that is definitely fighting words. annmarie: certainly. we also have news on golden week , a holiday in china. china's economy seems to be moving past the coronavirus. industry isourism expected to lose at least one point $2 trillion in 2020. china is the only g20 country in pace to expand this year. back with us, ali malik from the bank of singapore. we know you like emerging markets and we know you like high-yield debt. ,e know your call on the yuan as well. quite bu

. ♪ annmarie: good morning from bloomberg's european headquarters. i am annmarie hordern. this is "bloomberg daybreak: europe." here is what you need to know. pres. trump: we are going to go boom if i am elected. if he is elected, the stock market will crash. >> next question. mr. biden: if anyone is responsible for not taking saying i takect, no responsibility initially, anybody responsible for that many deaths should not remain as president of the united states of america. annmarie: the second presidential debate is heavy on policies like the coronavirus and policy, but will it make a difference to voters? we are 11 days away from the u.s. election. curfews have spread. governments deploy more restrictions as coronavirus cases search around the con -- continent.d the france approaches 40,000 new cases for the first time. barclays reports third-quarter results amid the pandemic today. investment banking revenue should offer reprieve. we will ask jes staley what is left for him to do at the bank. just gone 6:00 a.m. in the city of london. very good morning to you. if you a

annmarie: 6:30 a.m. from london. i'm annmarie hordern with manus cranny live from dubai. >> it has been a very interesting journey. i learned a lot about covid. i've learned it from going to school. this is the real school. this isn't the "let's read the book" school and i get it and i understand it. it is a very interesting thing and i'm going to be letting you know about it. annmarie: the president may be released as soon as today while his health earnings clouded by conflicting reports. the marketurns, waits for the president's department from walter reed and more fiscal stimulus. last call for paris bars, fresh restrictions due to the virus and boris johnson warns of a tough winter. we hear from the chancellor richie synnex. good morning. what a weekend it has been since friday morning, just before 6:00 a.m. london time, the president tested positive. the results released on twitter and over the weekend, he went to walter reed hospital. that is where a lot of confusion seems to be. for me, a risk on monday mornin

annmarie: thank you so much for that round up. losses aspares british officials get ready to water down boris johnson's lawbreaking brexit bill. it's a bloomberg scoop. this is bloomberg. ♪ 6:23 in london. this is "daybreak: europe." are ready toials water down boris johnson's lawbreaking brexit bill, a move that could revive veiling -- failing talks with the european union. moody has cut the uk's credit rating over the weekend. what does this mean for the pound? ise with this morning's call juliette saly. juliette: a little bit of a muted reaction. we have been seeing some upside. what we are hearing is a lot of these traders on the pound are washing out a lot of this political noise, saying the real deadline here is november. you need at least two months to get some kind of deal through on the new trade terms by 2021. europe says you should be looking at november. if it's clear by early november that there isn't going to be a clear deal, then you could see a 5% decline in the pound across the board. one strategist things we ma

annmarie: very good advice. catherine manz of citigroup said fears of the pandemic have led so much slack in the economy that firms will not be in a position to demand higher prices for some time. what does it mean for wages? jacques: wages, of course, the first priority is keeping your job. if you are in danger of losing your job and in a sector like -- airlines or industry, you should think about reskilling. city, manying scar jobs will quickly return, as it already has of course in health care and education, so that will return. asus: you mentioned italy handling the situation perhaps differently, better, if i can up some your phraseology. who is delivering the best extended for low response? who is the smartest, sharpest, best responder to extending furlough? jacques: a lot are handling the crisis in the broad sense of the word is a country like denmark. the key is testing. asia was very diligent testing. china has basically tested [audio drop] [indiscernible] manus: ok, it looks as if jacq ues, are you ther

annmarie: i want to ask about cost cuts. you 1 -- had an thousand 400 cost cuts in terms of layoffs. it is a very grim morning for europe. ireland has very strict lockdowns. do you expect more cost cuts? francesca: we are reporting implementation of a successful voluntary scheme. reduce 40%ost will over the next couple of years and that is a fair proposition to our colleague, but of value to our shareholders to pay back -- shareholders. the payback on that redundancy program has been good. because of automation in the way customers choose to engage banks. covid has augmented that, but this is a covid related redundancy so they have been voluntary. we have been in a multiyear project to increase efficiency. we stay focused on that objective independently of covid. jonathan: thank you for your time this morning. we appreciate it. francesca mcdonagh, the ceo of bank of ireland. we want to reiterate the breaking news. 40 minutes from the opening bell in london, we rollover. zero stoxx 50 futures, down .2%. 2%. s&p 500 -- s&p 500

annmarie: hugh, good morning. how does a more accommodative policy out of the ecb change your conviction trend, change where you may want to put money? we know she is going to deliver, but she left it open that all tools are on the table. we do not know exactly yet what the ecb is going to do. hugh? seems we might have lost the line with hugh gimber from j.p. morgan asset management. thanks to you, sir. annmarie, we can talk but the ecb, i think it was revealing how much christine lagarde lent into the idea that they have already made the agreement. once the news conference started and she had read through the initial statement and then the q&a's, the first question and the first response that really let everybody know the decision has already been made. all of set to look at our instruments and reset appropriately." which instruments? we talked with the central bank governors who flagged pretty clearly that rates, from his perspective, would not be. he also said something about new instruments and not really expa

annmarie: nasdaq futures up .4% this morning. if this does represent such a large overhaul, why isn't there anymore move into the markets this morning? >> i think it's just a really noisy day. all focus it seems is on the white house overnight. i talked with a senior market strategist who said that right now the market just doesn't believe this is going to happen. there needs to be democratic sweet, republicans voiced skepticism and it seems like they would shun these recommendations. a blue sweep seems like it's coming in the polls, to expect this to be priced into these stocks. annmarie: dani burger, thanks for joining us. coming up, just over two months before the cdu convention that will decide on angela merkel's successor. it is heating up. this is bloomberg. ♪ manus: this is "daybreak: europe." the trading day had could be bumpy. here are some of today's events, it's all about politics and monetary policy. christine lagarde speaks at 1:00 p.m. london time. the fed published the minutes of the september meeting. so much ha

annmarie: and you did say earnings in the u.s. are doing well, but earnings taking a backseat given covid cases, given the u.s. election. using after the election, earnings will become -- do you think after the u.s. election, earnings will become valuable again? happen is will investors will effectively have in fact -- elections in their rearview mirror. --will apply there will be winners and losers. what you're probably going to see is money put back to the sidelines in order to have [indiscernible] once that clarity emerges. jonathan: we've got to leave it there. great to catch up. marc will be sticking with us. coming up, the stimulus blame game. sap cutting its outlook for 2020. we speak with the cfo in 30 minutes time. alongside annmarie hordern, i'm jonathan ferro. this is the countdown to the european open. good morning. this is bloomberg. ♪ >> we're waiting for the final -- >> you said they said they would. yeah, and also same thing. they keep moving the goal post. we're making concessions, too. >> we don't even have the

i'm annmarie hordern with manus cranny. 10: 30 a.m. u.k. time, boa policymaker will deliver a speech on the u.k. economic outlook. 1:30, housing and building permits data out of the united states, both expected to pick up in september -- december as we have record low mortgage rates and that supports demand. manus: absolutely and the new york fed president john williams is going to make the opening and closing remarks of a webinar series on culture at 2:00 p.m. later on, third-quarter earnings from netflix. what are you watching on netflix at the moment? -- we don'tbout have to publicly disclosed that. we's talk about ubs because had the results of the third quarter and it marks the start of a host of european banking majors coming to pass. we will hear from the ceo sergio ermotti. matt miller in berlin tracking the german side of the story. i'm tracking this with side -- the swiss side. in a momentnterview but the bottom line is he left something in the till for ralph hamers. a provision on dividend. good morning. matt: and he left a lawsu

annmarie: they are going back to these sharper edges on the corners. i think it's a generation five. why are they changing how the

annmarie: what are you seeing in terms of bankruptcies as economies are shutting down? the united states, some of these are set to surpass 2009 during the depths of the crisis?

alongside annmarie hordern, i'm jonathan ferro. europe, bracing for lockdown. market jitters, futures adding to this week's losses with six weeks -- days to go in america's election. bell,ur until the opening equity futures down hard. on the euro stoxx 50, all 53, -1.73%. s&p 500. futures down .6%. a proposal from chancellor merkel to closed german bars and restaurants for a month. the report is maybe we have a one-month lockdown in france. we will hear from emmanuel macron. risk off, treasuries with a little did. let's get the headline numbers on deutsche bank. annmarie: they crushed expectations. 49% -- 47ng jumped %. 49% at goldman sachs and that helped them offset bad loan provisions. is the bank clawing back market share or is this a one-off? jonathan: let's get to the ceo himself. this is what he had to say in an interview. >> to

annmarie hordern joins us. last nightom bayer and they said consumer health is doing better than expected, but it is maybe not there that we have concerns in the business. annmarie: exactly. the agricultural space, bayer is sounding the alarm. another company talking about job losses, having to shed some businesses and they are cutting 1.5 billion euros of annual cost. they are taking away non-cash impairment charges, they say it is going to be the mid to high single digits. all of this comes as we have known for months we have talked about this that they are still wrestling with the litigation over roundup, which they inherited from the purchase of monsanto. that was also called down and it is down anywhere from 3% to 6% this morning. of rolls-royce is speaking. that is one of the stocks you are watching. it is still uncertain, the timing of the aviation recovery. this is the most difficult period for aerospace and peace time a stock down more than 80% year to date. what about the weather want to shore up the

alongside annmarie hordern, i am jonathan ferro. european policymakers short on options facing lockdown. an ugly start to the trading week. american election wrapping up one week today. actionet to the price after yesterday's brittle session. the bounceback is

it is all about the millennials so we have to have annmarie back on the show. let's talk about the risks. the world health organization is warning the northern hemisphere is facing a dangerous moment. new virus cases in the u.s. hit a record the second day. deadlockedlks remain in washington with two sides accusing each other of moving the goalposts. >> we are waiting for the final -- >> they said they would, but -- >> they haven't yet and same thing. they keep moving the goalposts. we wanted the sooner the better, so that's why we are making concessions. >> we don't even have the bill yet because nancy pelosi, i know she can speak to this, but we continue to make offer after offer and nancy continues to move the goal post. manus: and the election is next week. my guest host is the global strategist at wealth management. i'm exhausted talking about stimulus. these markets have yet to get exhausted in terms of the stimulus, but is that a risk that we have an exhaustion from stimulus and when it arrives, it is a million rated fiscal response? orated fiscal respon

for an update on the news, let's bring in annmarie hordern. annmarie: good morning. we have news that president donald trump and first lady melania trump tested positive for c covid-19. the spokesperson for the white house said that contact tracing is underway for both the president and melania trump. they obviously have a big staff and they travel frequently. just this week alone, the president went to new jersey, minnesota as well as cleveland for the presidential debate. the second thing is that what happens next is usually a 14-day quarantine. the president was scheduled to have upcoming rallies october 2 in florida, october 3 in wisconsin, october 5 and october 6 in arizona. i bring this up because these are seen as battleground states. in biden is up four point arizona according to the latest new york times poll. question, does trump take these campaigns, these rallies virtually to computers, to zoom, etc.? these were really highlights of his campaign in 2016. as kit juckes pointed out, speaking with me in the 6:00 a.m. hour, vice president mike pence likely wi

i'm alongside annmarie hordern. i'm jonathan ferro and the countdown to the opening starts now. restrictions from paris to berlin, sending markets lower and the biggest weekly losses since march. the ecb decides. one hour until trading. here is the pricing action. this is the bounce back on the s&p 500, the dax on the euro stocks 50 up. s&p futures bounce back more than one percentage point. in the bond market, yields up a single basis point. you can turn things upside down in the fx market from yesterday to dollar weakness. a massive morning for earnings. a massive evening for earnings too. suisse, a netit income was a miss, but there provision did come in narrower. it is positive for the bank. they are joining crosstown rival ubs sang they will boost shareholder return. they are looking at targeting 1.5 billion francs of buybacks. with the we caught up credit suisse ceo, thomas p. gottstein. thomas: lockdowns are unfortunately a topic

the ceo telling manus cranny and annmarie hordern that he expects modest growth in sales in 2020. baer is about more inflows. this is the big deal for them. clients aret getting more comfortable in this environment. it is hard to raise assets when you cannot meet with prospective investors face-to-face. they did see more cost cuts which helped with profitability numbers. inre was a significant cut an italian branch. danone had a big headline this morning. i guess they are going to look at all of their units. dani: they are basically looking to see what has been underperforming and looking at getting rid of it. justified ae ready few segments they are doing that to including in argentina. they will sell those assets. and the cfo is also leaving in a shakeup to management. the hope is that it will revive the french yogurt maker that phase is a lot of competition in the space. going forward they will continue to we out some of the underperformers. att: dani burger looking some of the stocks you may want to watch this morning. i also am paying close attention to siemens after a story

speaking to annmarie hordern and jonathan ferro. up next, we discussed the outlook for relations between washington and seoul close elections with the former u.s. ambassador to south korea, kathleen stevens. we will get her thoughts on each candidates's policy towards north korea. this is bloomberg. ♪ ♪ shery: with one week until election day in the u.s., we are taking a look at diplomatic relations with the asian region. today, south korea. under the trump presidency, the relationship has centered around seoul increasing funding, renegotiating an fta, and the u.s. approach to north korea. how will the next administration approach the relationship, whether it be trump or biden? let's bring in kathleen stephens , president of the institute of americans, former u.s. ambassador to south korea. it is great to have you with us. we have seen a lot of things under the trump presidency when it comes to south korea, u.s. relations, including the meeting between president trump and kim jong-un, but at the same time, we have had tensions a