dani burger joins us with more market reaction. dani, stocks dropping, ftse futures down. we see money flowing into safe havens, don't we? dani: that's right. you'll have to forgive me because i have gmm up. for one specific reason. i want to point out a consistent across asset move. that's what is happening in russia. a biden win would be negative for the ruble and russian stocks for russian assets because they see a biden administration less favorable to putin. while we are seeing a bit of the action, the ruble down against the dollar, russian stocks down nearly 2% as well. if you believe what seb says, that is a negative for russian assets if biden becomes president, you have to imagine some of this pricing is a view of a shift in biden's favor with the news president trump contracted coronavirus. we're also looking at the yen, one of the biggest foreign-exchange moving assets moving up .5%. interesting discussion this morning about if you go to a safe haven currency, is it the yen or the dollar? fore seeing lots of bids the yen underneath the surface, referring this ha

here is dani burger with the details. dani: have fs lol, and this looks at etf -- over the past month we have seen net inflows

hey, dani. dani: hey, jon. one of the things that helped the company and the third quarter are people going back to the regularly scheduled doctors visits. flu vaccines also massive for them this quarter. when you look at what is expected for their sales in the last six months of the year, they have already reached half of that level with flu vaccines alone, so they raise their profit outlook to 8%, previously it had been in the 6% to 7% range. annmarie: those flu shots, i know a lot of us have already gotten them. dani, what is going on with airbus? dani: stopping the cash flow they had seen before this year. certainly a more optimistic outlook. boeing, for example, seemed flat for the first quarter when it comes to adjusted free cash flow. airbus, theythat are sitting more comfortably after a gruesome second quarter to reach this point so soon is remarkable. 30athan: we have got about seconds left, dani. yesterday, autos were hammered in europe. what is the latest with vw? vw, like airbus, flipping to see som

francine: thank you so much, dani burger, with the very latest on what is going on in japan. the u.s. is set to vote on a new stimulus plan. give speakerto nancy pelosi and steven mnuchin and one more day. both say they are making progress. president trump has also signed bill, avoidingng a shutdown of the government. cole,g us now is adam head of currency strategy for rbc capital markets. adam: it looks as if they are moving closely to a compromise and a vote. ironically, however, given that some cross asset correlations are so strong in our markets at the moment, the immediate market reaction to that has a positive for the u.s. economy, maybe. the immediate market reaction to that would be to push risky thets higher, and with dollar having reestablished itself as a safe haven recently, to push the dollar lower. longer-term, i think it is a different story. both the immediate market reaction is good news and bad news for the dollar. francine: adam, when you look at whatlations, you know, correlations and asx markets remain valid -- in the fx markets remains valid? general ri

to discuss is dani burger. the shareholders are getting a bit antsy, halting new investments in apollo. give me the latest. dani: the latest happened over the weekend. firm thatnsultancy manages $160 billion of investments has told its clients do not put money with apollo. that's after another consultancy, cambridge associates, did the same last week. two pension funds in the u.s., a pennsylvania public school systems one as well as connecticut. connecticut's treasurer, coming out saying we are not committing new capital to apollo. the australian financial review is reporting one of the tensions is reviewing one of its mandates which is worth one million australian dollars. new yorkthe back of a times report that the cofounder of apollo wired jeffrey epstein 15 million -- $50 million in 2008 after his original conviction of soliciting prostitution from teenagers. this started as a reputational issue for leon black, increasingly becoming one of financial stress for apollo. manus: and in terms of the lasting dama

let's talk about which countries and sectors are attracting -- with dani burger. dani: one

dani burger has more. dani: a lot of the comments i'm hearing reflect what you are seeing in the markets, a cautious optimism. fx strategist from a brokerage says the president may be doing better than it initially feared and that is giving a positive sentiment injected into the market. but he added that if the president is not released from the hospital today, that would cause a bout of volatility. around theme revolves the dollar. goldman sachs pointing out that a democratic win would probably mean a weaker u.s. dollar. the chairman says -- look at what we have seen what the dollar. there is not a big flight to the haven currencies. the fact that we have not seen a rally in the dollar is telling. it means markets are starting to reprice themselves around the increased odds of a biden presidency. the last theme is around stimulus with the president tweeting that a stimulus needs to get done. core jp morgan and ever believes this has increased urgency after the president's diagnosis. anna: dani burger, t w

dani: there are two parts to this. one is very much a tech story. you and i have been talking about this forever, that tech is just too frothy. investors want to see perfection from these tech companies. it is not just tech, it is earnings as a whole. if you beat your earnings this season, you are getting punished the most on record. companies who missed their earnings estimates were down 5.5 percentage points. historical average is 1.5%. line at theyellow far left is what it looks like. you are mostly flat. stock valuations as a whole are very high, and investors want to see companies immune to the coronavirus pandemic, because that is front and center at this moment. face it, most companies are not immune. investors want to know if the third-quarter results are just a temporary blip, and are things going to get worse from here on out? ismarie: what dani saying is not helping nasdaq 100 many futures this morning. they are down more than 2.5%. s&p 500 futures down more than 2%, alongside european equity futures. it is not shaping up to be a happy fr

now let's get more on the markets with dani burger. hi, dani. dani: good morning, francine. we see this reaction starting with a gut punch, starting to bleed into the red for the rest of the day. yes, u.s. futures are lower, but interestingly, what is doing worse right now are russian assets. the russian stock index down more than 2%, the ruble down more than 1%. yesterday, sab, before this news, said that a biden win would be negative for the ruble, because a biden presidency is seem to be less favorable for the country, so we are seeing them get that bit in now, but more than that, the question is -- what sort of volatility will this bring? is it a time to move into havens? we see that, francine, the yen up 3%, other risk assets selling off in the meantime, brent crude and wti continuing to slide this morning. bothwere down 2%, now of them down 3%, trading under a $40 a barrel. there is a question as what consequences this could have, the effect on the economy afterwards. i mentioned havens and volatility. we are seeing a move higher in the volatility space. here is the oc

joining us to discuss is dani burger. could this earnings season be the catalyst -- i feel we have been asking the so long -- could this be the catalyst to turn around european bankshares? dani: maybe it is finally it. maybe you can stop asking the question. ubs, indicated higher by 3% this morning so shareholders seem receptive to what they are hearing from european banks and that is part of the reason you have been asking this question. it is such a low bar. banks have lost 40% so far this year, so it is a really low base. barkley strategists say european banks at this point are too cheap to ignore. the market is overly pricing in coronavirus threats of they are overly discounting banks, but investors are going to turn their attention to the numbers out of banks this week and it is always difficult the week after u.s. earnings and you have these huge trading beats from the u.s. banks. it is a much more fragmented picture and they have less of a market share than what is in the u.s. in these key segments, the u.s. has al

dani burger with us now. dani: we've been paying a lot of attention to what happens with equities after the election, but let's talk about what happens with a week to go. a lot could happen. according to miller payback, if history is any guide, he was equities should move higher from here on out. historically, over the past 30 years, every single election we've seen this play out, i was move higher by an average of 8.3% heading into the election. the notable exception is 2016. a lot of news flow happened before the election that put a hamper on where equities could go. that could certainly play out this week, as well. mahle here says there's no guarantee with anything, but this does tell us odds are for equities to go higher until the election next week. jonathan: getting breaking news. let me bring that to our audience. biotech asked bayer for $4 billion. they were acquired biotech for $4 billion. dani: they're going to pay if milestones are met. let's take a look at how they trade at the open. dani, back to

joining us to discuss this is dani burger. dani: you could point to what -- you could point to some of what alex was talking about including apple launching a new iphone and amazon. you never want to just look at the surface story. , there the surface continues to be a a lot of option action. there were concerns about softbank being the so-called nasdaq whale and purchasing options. softbank says it is not a whale and not even a dolphin. we do have signs that the bullish options are what help lead the index higher. is what the underlying index and the nasdaq vix rose on yesterday. they usually move independent of one another. andy brenner says this was likely call action by leading higher so it was bullish action shown by both of these rallying higher. there is an elevated call volume for these tech shares. you can see the single name stocks by far have outstripped the action volume on the index itself. it continues to pick up over the last few months. according to jp morgan, now in terms of the entirety of the options market,

dani: absolutely. that ties into how they see the credit environment, the dealmaking environment and related to policy in washington. will theyon is how face the question of politics and how will that impact what they see as the environment ahead? will they be preparing for a more inflationary environment? we will also get more details about cost cuts. go ofhave begun to let employees. wells fargo making a lot of adjustments as well. will we hear about more cost cuts? we talked about how morgan theley -- that was only second megadeal they have had this year after purchasing a trade -- e*trade. that will be another topic brought up by analysts on the earnings calls. matt: take a look at the other movers outside of banks. kpn is one facing another potential takeover attempt. this time, it is from a pe firm. dani: this will be one of the ifgest takeovers from eqt it happens. this is very much in the early stages. they are exploring what a takeover might look like. they have a lot of hurdles to get through

here's dani burger. dani: we are seeing santander with a stronger than expected net income, rebounding from the first loss in company history. net income coming in at 1,750,000,000 euros, the estimate had been for just one billion euros. helping the picture was stronger operations in brazil along with cost cuts and lower loan-loss provisions. all of that gives a picture where we have a stronger capital strength measurement. improving.also that is the key for earnings because the bank has been outspoken in its desire to return to dividends. so outspoken, it has already announced its plans for further dividends. in 15 minutes where shareholders will vote on their dividend plans. they can't issue those unless the ecb lifts their de facto ban, but showing they have a strong balance sheet, the shareholder vote, all that could be raised to help the ecb push them along into lifting the de facto dividend ban. jonathan: we are joined by the cfo of santander, jose garcia cantera. fantastic to catch up with you. po

anna: thanks very much, dani burger with the latest. let's return to the earnings story, specifically the hotel sector. accor says revenue plunged, but claims the worst of the coronavirus crisis is behind the business. french hospitality group's revenue fell by 63% during the period. during the second quarter hit by lockdowns, travel restrictions, accor reported an 88% fall. we're joined to assess this by the cfo and deputy ceo. good to speak to you. it seems that traders are divided this morning, or analysts. analysts seem to be divided as to what to make of the latest trading data that you put out. how much do you think you've turned a corner at accor? how much is the worst really behind you? guest: you know, if you don't -- q2, the second quarter, which was done to -9%. i was giving 10% of my revenue, just as i did the year before. [indiscernible] -65% is nothing you want to be proud of. but the steep improvement from where we were. i look at it as the following. what we have been suffering from is obviously the closing of the countr

for that, we bring in dani burger. dani: this was supposed to be the debate where we did get some decisive movement. because there was less interruption, we could get more policy stance, but really for the markets, the big take away was that the narrative has not changed. that is this narrative of this development in the markets up perhaps more stimulus regardless of who is president and the widening gap when it comes to the polls. as one trader put it to me, all all all of -- all, love -- kamala needed to do was not screw it. the debate happens around here, we still get that holding onto higher yields in the long term and the dollar falling, so that is a clear sort of reflationary trade, but it was not all the same. i was able to find one instance where some policy discussion certainly moved markets in a decisive way. it came from comments from kamala harris over foreign. >> the president's trade war with china -- he lost that trade war. we lost it. what ended up happening is because of the so-called trade war with ch

here is dani burger. dani: we have talked about what is happening with air france and klm, because it is this idea of what was a positive summer month for a lot of companies. but the deterioration happening in the economy is starting to filter through not just companies, but markets as well. that is air france's story, cutting capacity to 35% what it was last year. previously, they fell at year end. you had things looking positive, but then that turns into cutting capacity for companies and stocks taking a leg lower. annmarie: what is going on in the energy sector? total a bright spot when you consider how bad it has been for the oil majors. dani: oil it self is poised for its worst month since march, since the height of the coronavirus pandemic, at least in the beginning of it. when you have these companies like exxon yesterday announcing they were cutting 15 percent of their workforce, that is what investors are rewarding right now. cost cuts and things like total beating profit estimates. they are up b

joining us to discuss is dani burger. just how dramatic where the proposals from this house subcommittee? dani: matt, i don't think it is unfair to say that this was the most dramatic perhaps an decade. the findings says that these tech companies are the gatekeepers of the digital economy and they are using their control to decide the winners and losers, which means less competition and less choice for consumers. they are saying these companies are once scrappy, but they have become monopolies we saw in the era of oil barons and railroad tycoons. suggest making mergers and acquisitions default anticompetitive unless they can prove it does serve the public interest, making it so they cannot compete with companies that were like another platforms , and making it easier for consumers to move data from platform to platform. nasdaq futures pointing higher for much of the morning. as jeffrey haley, a market strategist, told me this morning, he thinks there is so much concentration on the white house and people simply don't beli

courtney, david, dani, always a pleasure. thank you very much the coronavirus is changing how we live and work we know that but it is also changing where we live. for the most part a massive exodus out of big cities. we have some more on that coming up president trump on the campaign trail, shaking his tail feathers having a grand ol' time 11 days after his coronavirus diagnosis. we have white house deputy communications director brian morgenstern next. charles: president trump set to hold a rally in a battleground state of pennsylvania tonight. it comes just 24 hours after he held his first rally since being diagnosed with coronavirus. joining me now white house deputy communications director brian morgenstern. how is he feeling? some people said he is too early to be back on the campaign trail. sounds like he is having a lot of fun. >> charles he is doing great. he is well above of the time the cdc recommends. his doctors cleared him. he is not at risk of virus. he tested negative. the doctors put that out as well. he is ra

annmarie: thanks to dani burger. potential whale back, or a number of them. jim mccormick is still with us. what do you make of this? areou think markets diverging from reality? or is it just of this options frenzy? jim: i think that if you look at the equity market, the tech part of the equity market that started the reversal back in early september, so i think as we start to come back from that, it's probably not that surprising. aztec continues to be the darling of this market -- as tech continues to be the darling of this market. you can question valuation as much as you want. tech has been a big winner in general from this. crisis. . that's probably going to continue. i'm sure there is a lot of flow going on in the news. got surprising that tech is starting -- not surprising that tech is starting to catch up again. annmarie: this happened yesterday and we are just three weeks away from the u.s. election. polls are showing a biden victory, a potential blue wave. that may bring more corporate taxes, more regulatio

here to discuss compensation is bloomberg's dani burger. dani? total, the compensation is higher for the first part of this year, about $6 billion higher. but the issue really isn't that figure itself. if the compensation ratio. of the profits these traders bring in, how much are they getting back to take-home? this figures are the ones that are falling. there's that compensation ratio for some of the big banks. echo been thanks -- at goldman sachs, a two percentage point decline. at j.p.an sachs -- morgan, a 4% decline. anna: when you're under pressure on a number of fronts, maybe you want to cut down on costs. is that what's happening? dani: that's definitely a large part of it. trading may have done well, but banks have plenty of other segments that did not perform as well. certainly, investors think there's pain to come for these banking socks -- stocks, profit moving lower, and share price moving lower. one analyst told bloomberg if your management and looking to cut down on expenses, compensation is low hanging fruit. the other part of this

yousef: dani burger running us through the finer details of the latest of ellman's. i want to go back to market action because it is downside pressure on some of the key indexes across asset classes. lower by news of potential u.s. election meddling by iran and russia, and a lack of the deal on the fiscal front in the united states. morgan stanley says if there is an election plunge in stock market, go ahead and buy. look for the german fund movement as well. still with those yields near the seven month lows we saw last week, the confidence data we got early on in the day. the dollar index is up for the first time in five days. and gold getting a little bit sold off your. . this is a story in european equities, lower across the board, lower across sectors. .2%.tse 100, down about -- .4%. with aughs of interview company ceo -- our exclusive interview with a company ceo is next. this is bloomberg. ♪ andef: economics, finance, politics. let's get to another corporate story, an exquisite interview, in fact. the french italian electronics company is surfing on every for

dani burger put that line in the ib. you like ib, don't you? annmarie: i love it, and that is what we have been in the u.s. with the s&p 500 in terms of the profitability requirement. i'm trying to see what kind of companies are looking at to be added to the index. i don't think we have that detail just yet. manus: we don't have that yet. the producer of the show showed the press release. planningh government, to shut down bars in paris, impose restrictions. on maximum alert, as france struggles to contain the spike of new infections and avoid another nationwide lockdown. maria tadeo is in brussels. is this lockdown lite or circuit breaker? think the headline narrative is that paris wants to give to the world? maria: i would say it is a light, light locked down. this is because the french government has been repeating notweeks that they do envision or picture a national lockdown at any circumstance. this is something emmanuel macron himself has said. he believes you can't stop the nation the way you did in march and they have to tackle this in

with all that in mind, let's get to dani burger. she has the details. raj: this comes after -- dani: this comes after the dip of value we saw. governments taking out more deficits, especially the central bank. really adding more easing into the system. huge buildup of negative yielding debt. the most interesting part is when you dig underneath the surface and see which countries and types of debt are really contributing to this. it is really all about europe and this recent surge. we had brussels really shock the bond market with this 17 billion euros worth of debt. it had those sure bonds. it had a 10 year maturity for some of them. 20 for the other. the 10 year was at a negative yielding price. we saw investors eat that up. for the first time in years, we saw euro corporate credit bonds with zero debt. they surged to about $1 trillion worth. it is government bonds, really adding to this pile, nearing another record that was set last year. annmarie: the pile is growing. what is the fallout? dani: the fallout is that same story of investors going up the

dani: spot on, yousef. authorities in singapore, people familiar, tell bloomberg that they are looking at possible fines as well to place on goldman sachs. they could also issue a warning with conditions. conditions that if goldman breaches, good face possible charges as well. it you mentioned, this has long been known that goldman would have to pay up for this. it has likely long been priced into their shares as well. getting more of a grip on what the final tally will be certainly helps remove some of the uncertainty about the fallout from their involvement in the scandal. dani burger, thank you for running us through those details. let's stay with what else we are going to be looking out for today. u.s. earnings season. further in stride with netflix reporting earnings. investors will be watching the streaming platforms up a result for updates on growth in a slowdown in the second quarter. the streaming group has cautioned that investors -- the lockdown fueled subscriber growth, that will see a slowdown

dani, are you buying strong consumer carrying the day next year? >> the consumer is everything, charles. the consumer is 70% of the gdp. the consumer has driven the market the last 10 years. absolutely you have to buy that trend. retail sales have changed dramatically as we've seen. we've gone entirely thinking to digital. not just digital by way of buying and consuming but also in terms of your experience. you know you want more from consumer goods. you want more from the brands that you're buying from. so everything, everything matters to people who are consuming. so there are names i think that stand for certain things. nike, netflix, amazon. you know these are all companies that have big sustainability focuses, they're very focused on, you know, equality and racial justice. charles: right. >> [inaudible]. charles: you like that theme, right? you're saying, you have been a big proponent of this social con con consciousness. i have to tell you the names you're throwing out there are make pack serious connection. one thing i want to get into befor

anna: dani burger with a look ahead on the banking sector. the u.k. is prepared to water lawbreaking brexit deal to try to revive failing talks with the eu. otherwise, boris johnson has said his focus is on leaving without a trade deal. what would that mean for britain's trade and ports? good to speak to you, mike sellers. i've been looking at some of your background. opened in 1976. isleave without a deal, what your assessment on what that would do to your business? mike: you are right. 1976ort was established in with two ferry operators. one of which is brittany ferries. they are looking to get fresh produce across to the u.k. and they joined and started looking at that at the time that the u.k. joined the ec. been focused on eu trade. we have been preparing for whatever the outcome will be and we have been looking at a reasonable worst-case scenario of a no deal. that has been our focus and has been for the last several years. matt: brexit is a huge issue for you. that was expected at least after the vote. you had years to prepare for it. how has t

let me circle back with you, dani on the oil company stocks. let's face it they have been a disaster until the last few sessions. they are reacting pretty intriguing. we're exporting crude oil to china. we're 7% of their imports now. can the stocks have one final gusher? against all of the action, the ugly action can they finally break out? >> i think they can. i mean we're seeing a movement i think over the last session and even today because of the storms that are going to hit the gulf. so we expect to see a rise maybe in prices because of that on crude but overall we're seeing a big seismic shift in two-ways. one we're seeing the big guys starting to kick off some m&a, buying up pro h properties, buying up other companies that will add to their cash flows over time and make them bigger. you want to look for the strong companies in the space. it is not going away. energy will not all of sudden tilt to batteries. we still have pipelines and oil that is really going to be in the market for generations to come. so i think there are some places c

dani: wealth management and m&a are the two key points. we talked about seeing more net inflows from their wealth management division. we also had morgan stanley do pretty strong here. this is an important business segment for ubs. sergio armani stepped down and gave an exit interview saying that the best thing he did for ubs was not selling the wealth management division. this is clearly a big deal for him in one of his final earnings to come. at the same time, all eyes are on whether ubs hits at any m&a acts of labor. the chairman at ubs told a swiss magazine over the weekend that they are not looking for any "bribes" and saying they don't want m&a at the moment. they would not comment on the talks they have had with credit suisse that was swirling around about potential m&a. trade will be important for ubs and much more concentrated on equities. a lot of the growth we saw in u.s. banks was fixed income.that might be a problem for them. manus: the article written about our former colleague, annmarie shared it with me. we will read that b

joining us is dani burger. given what we have seen, how will morgan stanley's results likely decide today. dani: the bar is set high for morgan stanley to see their share price have a positive reaction. most banks have fallen of to reporting earnings accept morgan saks. if morgan stanley can follow a similar playbook and what it could be good. they did actually fall a bit when it came to their equity trading. meetrgan stanley can just its estimates commit that means it will be the number 1 wall st lender when it comes to equity trading revenue and give investors a clue that they are taking market share from other big banks. obviously a big bonus for today's earnings. goldman sachs is pretty bullish on m&a, so investors will want to see similar viewpoints for morgan stanley about that as well. again, the bar is set extremely high. annmarie: once we get the numbers, it will be about the commentary, isn't it? citi and j.p. morgan reported that it was the commentary that pushed shares down. what are we expecting to

well, danny dyer and dani dyer. welcome to bbc breakfast. how did it work in your house, growing up when people shouted, "danny?" how did you know who they were wanting? well, i'm big dan. and i'm little dan. she's little dan. yeah. very simple. a very simple process and it works lovely. i think it's so common though, isn't it? i don't know if it was from round canning town, everyone always calls, usually, their first born after their father's name. see you have decided to launch a new podcast, sorted with the dyers. now explain how it came about and what it's all about. since dani came out and she won love island and has become a lot more famous than me, we've had people sort of sniffing round us for ideas. the idea of us sitting in a room together and just talking, which is what a podcast is really, really appealed to us. me and my daughter, dani, have got a new podcast, called sorted with the dyers on spotify, where we sort out your life dramas. you can e—mail us in and we'll help you all solve your problems. happy with that one? yeah,

. ♪ dani: welcome to bloomberg etf iq europe. i'm dani burger. we will be your guide to the regions up a thriving market and exchange traded funds. everything you need to know about the funds and the flows. $460 billion of inflows. we will ask if the u.s. eat -- the u.s. etf market buffer growth will continue regardless of whether there is a democrat or republican in the white house next year. 95% oft big thing -- institutional investors say fixed income market is ready for the quant treatment. we will discuss a new way to buy bonds. if y a s

here is dani burger with analysis of the numbers. dani: that's what i've

what do you make of what dani laid out? we are seeing this volatility in e.m. it seems that things are a little quieter as the market starts to price in not just a blue wave for the white house, but really across the entire political spectrum in the united states. guest: absolutely. as we just mentioned, i think there weretwo key points worrying markets. the uncertainty, how long until we had a result, and the contested election. and the idea that we did not know which direction we were going to go in but this could turn ugly. the more we see the polls swing toward biden, the more confident we are that a contested election is not the best case scenario. if you get this blue wave that looks to be increasingly likely, you get even more stimulus. biden would be seen to be softer on some of the trade relations, or behave differently and approach them differently. it is not a surprise that all of that makes volatility in general and for emerging markets coming down. this negative base case scenario, and now the market is pricing that out. annmarie: falling volatilit

for more on the markets, let's get straight to dani burger's. dani: francine, the picture of the market is definitely a concern of the picking up of the coronavirus case count in europe. falling more than 2.5%, both germany and italy reporting record numbers of new cases this week, also seeing france putting on more restrictions, as chad was talking about. you can really see this reflect through the bid for more safe haven assets. angela merkel said they have to control the coronavirus, so it would not be unreasonable to think we get more restrictions throughout europe, perhaps london also heading for a shutdown. so the disinflationary effect of those kinds of restrictions could result in economic growth slowing, the ecb putting on more restrictions -- or more aid, rather, and that stimulus from the ecb prompting the haven and really these bonds from government and europe really getting a bid, and that is exactly the kind of reaction we are getting today. germany 10-year bond yields close to hitting another all-time low at the moment, trading at

claxton dani burger, thank you. we are going to dig deeper into the market impact. juliette saly joins us from singapore. brent trading under $40 per barrel. both contracts down 2%. 1900 it is back above announced. the market looking for havens. >> you can see that with elected in the yen as well. a big tick up in the japanese .en not only the aussie against the yen. i wrote a morning note about what is happening in asian trade. we have a number of asian markets out of action. japan turning negative after resuming trade. it was pretty subdued earlier. now we have volumes, about 40% more than the average 30 day moving average. the topics down 1.2%. accelerating those losses. 25 minutes ago. also looking at the latter part of the session in australia. mentioning what is happening in oil. accelerated,as down 1.4 percent. futures taking lower. safe havens going higher. this is quite an interesting move. so many out of action today. in terms normal friday of asia trading. thank you so much for that. joining us now is david page. morning, we see immediate market reaction.

dani: absolutely. one of the favorite tools of the pboc is there daily reference rate. -- their daily reference rate. they also have some other tools in their disposal, including weakening some of the currency controls. earlier last month, we had china allowing more short positions to be easily put on the yuan. investors here, they are preparing for more swings in the currency. this is the one-month volatility. they are saying, we are waiting to see what the pboc does and potentially gearing ourselves up for more movement. heretender here -- tenor also captures the u.s. election. that might be continued strength, continued shortening of the dollar against the renminbi as we get to the first week of november. annmarie: thank you so much for that. global recruiter randstad has beaten estimates with third-quarter growth margins. it says visibility remains limited amid macro uncertainty. the group sees resilient operating performance in north america. residents particularly exposed in the united states, wi

joining us with details is dani burger. dani: it is interesting to see the debate forming among strategists should biden when the white house. the main debate seems to be over with the growth picture would look like. j.p.morgan has come out and is changing their call. previously they said to hold onto for growth names and defensive things like tech and health care, but they actually think that should biden win, we will see value outperform in a shift -- and a shift in market leadership. aey say it is not necessarily negative. often there is a stereotype that a democrat president is a negative for the market, but they say a reflationary government, more stimulus, and positive news on the covid front would be positive, and goldman sachs also agrees with them in terms of the shift to cyclicals. j.p.morgan saying that all this better growth environment also leads to yields that start to grind higher. francine, that is no means the consensus. see bic says they see yields moving lower should biden win the presidency. they do see

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 that they built up a significant amount of loan-loss reserves. at the same time, it is not clear whether soured loans and whether we have come to the end of the line. instead, the pictures executive set up was a temporary pause in bad debt. cfo made it clear multiple times on the call, saying it should not be seen as a seachange. instead, they think the consumer is going to start turning in 2021, especially with such a murky picture. what comes out is this idea of an economy really grinding, struggling to recover fo

dani: yeah, exactly. again, we do not know the nature of the $50 million, bud black himself has been really adamant, and apollo, for their part, that this is between leon black and epstein. this has really turned from a reputational issue for leon black to a financial issue from apollo. they have had two pension funds, a connecticut and a pennsylvania one, saying they will not connect new money to. apollo. they are not withdrawing money they have, they are just not adding new money. an edge another company says it may stop recommending apollo. even though we do not have the details of exactly what happened here, there's a lot of politics they have to deal with, and it does not look great to be involved in a firm whose relationship with jeffrey epstein is perhaps questionable. again, we do not know that by any means for sure at this depend but apollo does on raising multibillion-dollar going,o keep the ship and leon black himself is someone who is acutely aware of this. in their last investor call, when he

dani burger joins us to talk about this. what kind of clarity do we have so far on the damage to bank balance sheets? >> unfortunately, we don't have a lot of insight. a lot of it is just trajectory at this point, but the heart of the issue is that there is so much uncertainty. analysts think they could deal ofh about 300 billion euros more underperforming bad debt, but according to the ecb, we could see an additional $1 trillion added to bank balance sheets in terms of nonperforming loans, and that pile of debt is note high because they have completely gotten rid of nonperforming loans. one analyst bloomberg spoke to said it might be a decade before these things are able to clear -- before these banks are able to clear this debt off their balance sheet. the issue is the explosion in what banks owned making it difficult to grease the wheels of the economic picture. that could perhaps cause another credit crunch, and banks themselves have spoken out about this. bmp has warned about their exposure to aviation and tourism and c

dani: they are likely. bbc did speak with the communities secretary, and he said the government is discussing new steps to take and announcements are likely to happen in the coming days for further restrictions, and the data really speaks for itself. 17,005 hundred 40 cases announced yesterday. that is a pickup of 3000 cases, from wednesday's number, and 77 more deaths occurred as well. the chief medical officer in the u.k. spent much of yesterday mp's,g discussing with trying to emphasize how serious the situation is. among the things they said was that 30% of cases were connected to the hospitality industry so if there are no restrictions and we are expecting them to be somewhat regional in nature, they are likely to be tied to the hospitality industry so perhaps bars and restaurants. those sorts of plans have gone slack both from those in boris johnson's party and local leaders. annmarie: wet are seeing thisick higher up -- this tick higher of cases. how does this compare to the u.k.? dani: france, like

as for dani bush, she plans to fly again this month with a different airline. and hopes that more people will follow social distancing guidelines this time. okay, you guys, i want to know what you think about this. here's my theory on which seat to pick. and by the way, i've had a couple of experts back me up on this. you want to pick the window seat because the air comes straight down from aou supposed to keep it on and blasting. if you're sitting over next to the aisle, you have the air coming at you this way. not as good. also in the aisle, you're closer to people walking back and forth. that's my theory. i'm backed up by some. what do you guys think? >> that totally makes sense, michael. >> is locked in the lavatory an option? >> oh. >> no? >> that's a smart one right there. >> all right. thanks, michael. >> thanks, michael. >>> preparing for the worst. through gaming. a simple way to train your brain for the unimaginableable. >>> and deon and here with what's coming up on abc 7 news at 5:00. >>> new at 5:00, the alameda county d.a. agrees to reopen the osc

dani: those were things impacted by the coronavirus. it is interesting he said he didn't think the second wave much,impact them as they are somewhat insulated from that and there is no need for major cutbacks as well. all those things he discussed with you guys, this morning surely will help their stock rise in today's trading session. share buyback a plan to be computed in 2021. with so many companies stalling their buybacks and payouts, that is surely welcome news to the markets. anna, matt. matt: dani burger, thanks very much, talking about the stocks you want to watch. five minutes to go until the market opens. futures are higher this morning, much higher on the continent, especially in paris then in in london.han equity futures up about 1%. this is bloomberg. ♪ anna: a minute to go until the start of wednesday's cash equity trading in europe. germany, greece and the netherlands hit new records of daily coronavirus cases. manchester is on england's toughest lockdown. stocks pushed higher on signs a stimulus deal before the u.s. el

dani burger. not just a mistake. they are saying it is a historic mistake. more money going into the sector with investors wanting better returns after low expected returns for the public equities space and what they say is diversification. fraser jenkins from bernstein says that is not the case. private equity is actually more correlated with the public market. just the opacity of the strategies in the longer timeline make it seem immune to the cycle but it's closely aligned with the credit cycle. they also say that 2020 could have been the year of private equity, but instead, deal volume remains pretty depressed through the first half of the year and this is when private equity really should have been swooping in, taking advantage of the fall in asset prices. manus. bet, it'sther popular on volatility. is it expensive? how do i benchmark expensive volatility? is atvolatility, the vix a seven week high, but if you want to buy options, betting that volatility will go higher is not expensive. the expensive bet right now is actually betting that volatility wil

dani burger has been looking at this report. take us through the details of the house subcommittee. >> i don't think it would be an exaggeration to say this is some of the most dramatic proposals if passed in more than a decade. the findings say these big tech giants are gatekeepers of the digital economy and they are the ones who have been deciding who the winners and losers of the economy is. that means has been less competition and less choice for consumers, as well as just less innovation. so how are they going to address this? they are saying the platforms cannot compete with any of the companies that rely on the platform. it is also limiting the markets they can engage in, and acquisitions going to be presumed anti-competitive unless the big platforms can show that there is a public good. finally, they are also saying their ability to move data for customers needs to be more easy between platforms. annmarie: nasdaq futures up .4% this morning. if this does represent such a large overhaul, why isn't there anymore move into

thecine: dani burger with latest on some of this tech rally. to the chief talk -- of johnson & johnson after the company positives vaccine trial due to an unexplained illness. this is bloomberg. ♪ francine: this is bloomberg surveillance. the pandemic is front and center once again. johnson & johnson temporarily halting its vaccine study after a clinical trial participant explained -- experienced an unexplained illness. in the u.k., boris johnson has closed bars and pubs in the worst hit areas of the country. his top health advisor said it won't be enough. joining us now is paul hunter. thank you so much for joining us. the second in three or four months halting a trial. is this part and parcel of how these trials work? >> it is part and parcel. including the very , ise numbers of people likely some of them will get ill . some reasons may be associated with vaccines, but most likely it's one of those things caused by something else. what you have to do is every time you get one of these severe really work out whether or not it was because of

annmarie: dani burger, thank you so much. coming up, the gloves stay on. trump and biden in a far more toned down debate. much heavier and policy with 11 days to go and more than 49 million votes already cast. will it make a difference? this is bloomberg. ♪ >> good morning. it is six: 30 a.m. in the city of london. this is daybreak europe. >> they say the stock market will boom. if he is elected, the stock market will crash. >> anyone who is responsible for not taking control. i take noot saying responsibility initially. anybody responsible for that many deaths should not remain president. residential debate is heavy on policies. will it make a difference to voters. we are 11 days away from the election in the u.s.. curfews spread. boyrnments in europe deploy restrictions as coronavirus cases surge. the french prime minister because the situation grave. reports third quarter results amid the pandemic. investment banking revenue should offer reprieves. we will ask what is left to do at the bank. you.y good morning to we have just wrapped up a few hours ag

let's get what dani burger has to say. friday barclays. next week, deutsche bank, redit suisse all report. dani, could this earnings season be the catalyst to turn around european bank shares? we're seeing a strong start. >> it is part of the reason according to strategists is that the bar is set so low. european banks have lost more than 40% so far this year. according to barclays strategists, they say european banks are too cheap to ignore. the market at the moment is really pricing in too much of what's happening with the coronavirus cases and perhaps banks are a little bit more protected than market is saying. but the issue is if you're expecting european banks to really be the standout like we saw in the u.s., the market is too fragmented to have results like we saw. if we look at the market share that europe has versus the u.s., europe is such a smaller portion. really when it comes to all of the big segments, the u.s. in orange here rsh, it is much larger. this share that europe has continues to sh shrink. it hasn't been european ba

dani: they were indeed coming for everybody. this locked down sparing nothing. one of the things that makes it unique from earlier in the year, high yield was hit, high-grade corporate credit was hit. some analysts recommend going in to this asset class to protect you from the selloffs. nasdaq, small-cap, big cap, all of it was hit. treasuries also did not protect you from this action, flat on the day, showing us the 60-40 portfolio may be called into question. the volatility spaces one as you mention to keep your eye on. traders are bracing for what is not one risk event. as you pointed out, brexit. you have a risk that is continued, spread out, not a one day binary event. you have the vix in the white higher than realized volatility for some time. traders are bracing because usually realized volatility operates on a lag it you get implied volatility kicking up in the vix. we could see more days like this when we get selloffs of more than 2%, because you have this issue of the coronavirus cases, then put in the confusion and concern over the u.s. election. what