As a result, you have the two sides stuck. There is broad agreement to that something more has to be done to address the challenges created by covid19 and the covid19 related shutdown. The other issue discussed is we are headed for a Government Shutdown if we do not get government funding within the next two weeks by september 30, we are headed for a Government Shutdown in the middle of the election, in the middle of a pandemic. Not only is there the question of how we stimulate the economy, there is the question of how we keep the government open. David taking the immediate thing, we have heard from Speaker Pelosi as well as secretary mnuchin they think they have some sort of a deal whether it is written down or not. They think they will have something clean, is that a big problem . Lanhee they do apparently have an agreement. He challenges what clean means republicans view a clean extension of existing government funding is just that, a clean extension without any provision stuck on to it. Some democrats are clamoring for there to be at least one or two additional pieces that go into that government funding package. Some funding for local and state governments in a democratic redline, and others are saying maybe we can do something to help those who are unemployed, additional unemployment benefits. We will see if they can stick to the definition of clean and both agree what clean means, we did appear to have a deal. In washington these things are never done until they are signed off on. Truerruer words david words have never been said. We have 48 days between now and the election. A lot of things can happen in 48 days. There is a lot of data that can come out. If that goes south, the republicans have a problem . Lanhee the incumbent party will always be held responsible for what happens with the economy, and every election is a referendum on the incumbent. Lets start with President Trump. There is no question the state of the economy will be a big factor and one of the major factors in looking at whether he gets reelected or not. Well have another group of Economic Data coming out of her next couple of weeks, including an leading up to jobs data. The labor market will report to first friday in october. That will be the last labor market data we get before we get to the election. That number will be important. There is no question republicans are on the hook for what happens with the economy between now and the election, even though they share power with democrats, they have control of the senate, they have control of the white house. The state of the economy will be using if it issue for republicans politically and for President Trump. This is the one issue, the economy, where he has an advantage over Vice President biden. If you look at the polling, voters are more likely to trust trump on economics and joe biden. It is an issue i would think trump would want to campaign on and make sure he would do everything he can to make the case he is the best stuart for the economy. David one of the stories breaking right now is this tiptop deal that apparently oracle is in a position to buy or have a relationship of tiptop of tiktoks u. S. Operations. The voters care about this . Lanhee some voters care. Growth has been astronomical and happened in a short amount of time. This is examples of where u. S. China policy has become so much more complex over the last year, and you see the time together of what is fundamentally an economic question with a National Security one. It has become so complex with multiple bidders, the question of whether chinese authorities and u. S. Authorities will sign off. This is not a simple deal of economics. This is a natural a National Security question and gets tied up in the broader issues of how u. S. China relations have become that much more complex. It is no longer the case you can have the separation of economic concerns and National Security ones. This is not something i think voters will vote on, whether the u. S. Has access to tiptop or not not, andtok or President Trump will hold this up as an example of where he was able to force the chinese to have a company sell a portion of what is a very important brand in order to protect u. S. National security concerns. I expect the president to try to use this to his advantage. David thank you so much. Always a great pleasure to have you here. That is lanhee chen, fellow at the hoover institution. It is time for a market check with scarlet fu. A good start on monday. Scarlet a good start on monday after two weeks of declines and backtoback weekly losses for the s p 500. You have the nasdaq outperforming once again. We have resumed the rally where tech takes the lead. A combination of dealnews and vaccine hopes. 69 billion dollars of transactions announced over the weekend with three separate 20 billion plus deals. Nvidia buying arm from softbank. Oracle as itssing partner for tiktok u. S. Assets in Gilead Sciences beeping up its Cancer Treatment by buying immuno medic. M a, where they can safeguard their future. On the vaccine front, pfizer ceo set a vaccine is likely to happen before the end of the year and astrazeneca and the university of oxford have resumed their patient trials following a oneweek hiatus. Within the equity markets, we are seeing all 24 Industry Groups rising with five stocks higher for everyone down on the new york stock exchange. Tech of all stripes leading the way. Software, hardware also moving up. Within the s p 500, only one techie only one tech company is down. The other 70 names are all gaining. Pretty impressive when you look at the moves. Very volatile. After brief respite on friday, the nasdaq 100 as resumed its string of 1 plus moves every day this month. Strategists are suggesting the recent pullback may be near the end. Goldman sachs says the magnitude of the losses we have seen has matched a typical selloff in the s p 500 since the financial crisis, although as with Everything Else in a much faster pace. Deutsche bank says options positioning, which we know have been driving tech shares to dizzying heights, has now normalized. You have the fomc meeting on wednesday. Policymakers will likely read rate there dovish stance. We had a shift in thinking, lower for longer when it comes to rates, tolerance for higher inflation in the pursuit of fullerton employment. That is pushing the u. S. Dollar lower versus all of the major currencies. You can see gold popping, getting towards that 1960 level. David thank you so very much. That is scarlet fu on the markets. President trump is on his way to the swing state of arizona. We talk with the troop veteran of arizona we talk with a true veterans of arizona politics. Rick davis explains arizona to us. Ons is balance of power Bloomberg Television and radio. David this is balance of power on Bloomberg Television and radio. Time for first word news. We go to mark crumpton. , top eugela merkel officials, and xi jinping held talks today focused on trying to reinvigorate economic and trade discussions and ease political tensions. Angela merkel stressed any eu china trade agreement should lead to issues with United States. To block asserted it is up china to meet a 2020 target for longsought investment deals. President xi called for a Strategic PartnershipPresident Trump held his first indoor rally in three months. He defied nevada regulations that barred large gatherings and prompted the States Government to accuse him of endangering lives. The president told supporters he had been blocked from using a number of outdoor sites. Tropical storm sally is taking aim at new orleans and southeastern louisiana. It could turn into a hurricane is likely to make landfall tomorrow morning. That would make it the second hurricane to hit louisiana. Sally has already put evacuations on some Energy Platforms in the gulf of mexico. Global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. I am mark crumpton. This is bloomberg. David . David every vote will count on election day, but when it comes to the presidency, the votes in the key battleground states will count more than the others. We begin a special series leading up to the election, where each week we will focus on one of the socalled swing states. Today it is arizona where President Trump is heading. Who better to bring is arizona that our political contributor rick davis, who ran winning campaigns for senator john mccain and knows the state inside and out. Good to have you here anyway, but certainly on arizona. What you would be looking at in arizona . Rick one thing to note is four years ago it was not a swing state. It is one of those who have moved into the swing column because of changes demographically and ideologically in the state. Demographically, the increasing hispanic population has moved it closer to the democratic column. Hispanics make up almost one third of the voting population, and ideologically, in 2016 trump won white suburban voters in the largest county in the state, what decides the outcome in the those samein 2018, suburban voters fled the republican party, causing Martha Mcsally, running for reelection to the senate, to lose. It is going to be an interesting ride. It is definitely a swing state this year. A really big county determines the state, it is a big county and the focus of the populace what has changed since 2018 . As the democratic nature of the county changed, has it been more heterogeneous, have they change their attitude toward immigration . Rick it has been changing for a long time. The city of phoenix is in the county. It has grown at an enormous rate. It has been one of the top five Fastest Growing counties in the United States for the past 15 years and is one of the top five largest counties in america. It is a complex political beast. I would say what is starting to change is the republican block in the suburbs. In the past we have been able to win the state by winning daragh and by winning maricopa, if we have not been able to hold on to white women suburban voters in the county, we cannot win the election. In 2018, the governor, a popular ,epublican governor of arizona was able to get 180,000 votes that Martha Mcsally was not able to get, and they voted for her democratic opponent. It shows your flexibility within the electric that in most states he would not see. David you mentioned the latino population. ,here are reports some people particularly latinos within the Democratic Party, are complaining joe biden is not doing enough to win over the vote and maybe President Trump is having inroads. Do you see that . Rick it is a critically important vote. This may be the first election where latinos outvote africanamericans as the largest voting bloc of minorities in the country. Certainly in arizona they are becoming more and more influential as their overall per capita number increases as a share of the vote. For sure, it needs to be a primary target for the bided campaign, and also for the Trump Campaign. We were lucky john mccain always had a close relationship with the Latino Community and one over 50 of the vote every time he ran in the state, including when he was running for president. It shows republicans can get latino votes. Other than john mccain, other republicans have suffered and struggled to win that latino vote statewide. David finally, all of us are horrified by what is going on in Northern California and oregon on. What is the climate issue with the arizona voting public . Might this become an issue this election . Rick before february and march of this year, when the economy , andoronavirus took over subsequently a lot of the social justice issues popped up in the polls, climate was either the first or the second issue, with a specially voters in arizona. Arizona is an outdoor state. Other than the hot summer months , people like to get out and use the National Parks and state parks and there is a sensitivity to the climate that is real. Will come back as the pandemic proceeds. David thank you so much for being with us. That is bloomberg political contributor rick davis. ,ow for a view from the ground we welcome congressman tom ohalloran, a democrat from arizona. He started his career in chicago as a policeman, became a futures trader, and then turn to politics as a third career when he retired to arizona. Thank you for being with us. I should point out you are a republican for much of your life and you switched about six years ago. Why . Rep. Ohalloran i was a republican when i was in the legislature. I got to the point where because of education, health care, and a number of issues, i cannot work, whether i was in the legislature or trying to work from outside to get much momentum in addressing those problems in the state of our zona. The state of arizona. David give us your take on the voters in arizona. What are they looking at and what are they likely to be swayed by . Rep. Ohalleran we start voting on october 7. We are a big state for mailin ballot a good this date will be looking at a lot of what other states will look at. The economy, the covid issues, issues related to Natural Resources because of the size of the state in my district i have all or parts of six national forest, the grand canyon, and other forested areas. Well be looking at that. Water is a big issue in the southwest United States. Health care, and then health care. It is going to be an interesting process moving forward, and i think demographically the state my district has about 24 of the population is native american and another 20 latino. It is made up of 41 small cities and towns in a couple of other larger suburban areas outside of tucson and flagstaff. It is going to be a race i think is trending towards the same direction it did in 2018, but we still have a long ways to go. David some of those minority populations, whether native americans or latino has been hardhit by covid19. I saw a report arizona is bouncing back faster than some of the other hotspot states. Does your governor get credit . Does President Trump get credit . Rep. Ohalleran credit goes where teamwork works. The congress put together a tremendous amount of funding in order to address these problems, so congress has to take some credit for it. The governor of the state, after slowness in the beginning, has developed into a process that has helped out. It took us three and a half get any at navajo to help there at all. Navajo is in my district. That was disheartening, but eventually it occurred. We still are not addressing whether it is in arizona or other places around the nation. Hotspots of testing and tracing still way behind where it needs to be. There is a lot of work to go. We have always had funding for this stuff, and of course we are trying to get another package through congress and are running into roadblocks every time we turn around. David president is headed to arizona today. He has been making a pitch to hispanics in various locations. A critical voting population for arizona. Bidenrmer Vice President doing enough reaching out to hispanics . Rep. Ohalleran i think first of all the Democratic Party in arizona has been consistently working with the hispanic population. We are a border state. There is a lot going on within the hispanic community. The Democratic Party in arizona has historically tried to work with the civil rights issues and the humanitarian issues within the hispanic population, and i baseline,e is a solid but this is an election that will be pivotal and you cannot take it for granted. Nothing should be taken for granted. I do not think the Joe Biden Campaign is doing that. They have been on the ground for some time. They are very active. They haveboard hispanic representatives within the campaign and our legislature has quite a few elected hispanics, all within the Democratic Party. David thank you so very much for joining us. That is congressman tom ohalloran, democrat from arizona. More balance of coming up next. This is bloomberg. David this is balance of power on Bloomberg Radio and television. Oracle is bidding for tiktoks u. S. Operation but it will need the green light from a National Security review will go all the way the president of the United States. Scarlet fu joins us for more. Thelet Steven Mnuchin says government will this week conduct the National Security review of oracles bid for tiktok. It is important to remember oracles bid would not be an outright acquisition. Instead it would be more of a partnership. According to different reports, oracle would take a stake in a newly formed u. S. Business while housing tiktoks data its cloud servers. Is a difference from what microsoft had been bidding. Microsoft wouldve move the entire business and related data into u. S. Hands and let the u. S. Government review any further changes. Oracles bid is a lot more palatable to beijing which impose new rules to limit its technology exports, and a Corporate Partnership does not meet the white house standards of National Security concerns. If the white house does sign off on oracles bid there will be questions over the politics, because oracle chairman Larry Ellison has a Good Relationship and a stafferdent has served on the president s transition team. Last month the president was vocal in expressing support for a potential oracle bid. Other Companies Continue to keep a close eye on tiktoks u. S. Assets and the market shares. Walmart not out of the running, says it is still interested. There are chinese reports that tiktok will partner with walmart on ecommerce opportunities. David we will find how that turns out. It does not hurt to be friends with the president. Luntz takes us through the latest polls and we look at how strong joe bidens lead really is. Ons is balance of power Bloomberg Television and radio. David this is balance of power. Im david westin. The polls are coming in fast and furious. The latest from the new york leadingows esther biden mr. Trump in minnesota, new hampshire, nevada and the key state of wisconsin. Welcome someone known for his polling analysis, frank luntz. Give us your take on the latest round of polls. They seem to be a little stubborn right now. They are not moving a lot. They are not moving a lot and i believe you are going to see increasing concern with the Trump Campaign. They are of the belief that the polls are inaccurate. As someone who tried to learn there016, its possible are socalled shia trump voters. We call them hidden trump voters. Would need 8 you for biden and trump to have no difference. Remember, what matters most is not the overall popular vote. What matters is the electoral college. Doesose key states, trump two or three points better than joe biden. And the difference has been narrowing just a little bit over the last three weeks. Heard a representative yesterday on abc news telling George Stephanopoulos that what we are missing are people who have never voted before. Ifke a look at nevada you take a look at nevada you will see places where people have never voted before. Is that true . I want to use a word that will get me thrown off your network forever. Thats a problematic claim because people who have never voted before our 18 to 20yearolds and that is going to be joe bidens best group. Not that they love joe biden, but they really dont like donald trump. That young voter block desperately wants the democratic house, senate and president. If they turn out this time, its very hard for donald trump to add enough new voters, people who are not registered or did not participate. Youou could vote in 2020, are voting. You will drag yourself. You will pay to sleep overnight in the polling place. We are going to have such a high turnout. I actually think that narrowly benefits the Biden Campaign rather than the Trump Campaign because of so many young voters. If you are President Trump or his campaign manager, focusing on those key battleground or swing states, florida, arizona, what do you do . The first thing you do is focus on joe bidens policies because they are more extreme than what the center of america wants. The second is recognize that youve already got your own voters and they are so hyped up. Your goal is to get that 6 that is still undecided. Youpublic is not upset for for what youve done. They approve of much of what youve done. They dont like how you say it or communicate it which is very hard for donald trump to accept because hes got the biggest twitter following. When he goes on a show he gets high ratings. People show up at his rallies. Its hard for him to realize that that silent group in the center doesnt disapprove of him or his record, they disapprove of him for his language. And you have to challenge joe biden directly. Against defining the police, what about the people advising him. What about bernie sanders, elizabeth warren. Aoc. The people who speak in his ear. David we are hearing reports sayingrnie sanders is you are not going progressive enough. You are going to lose the younger progressive voters. They are going to sit on the sidelines. What does joe biden do . How much does he have to worry about the progressives . Joe biden should be focused on issues and not attributes. Say do you want to bring this country together . Do you want to unify america . Is that goal of unification. What will america look like after four years of joe biden or donald trump. Dont focus on the economy or china because trump has the advantage. Focus on unity, decency and civility. Thats where joe biden has the advantage. In the end, if he can win florida, then he wins the election. Florida in this campaign is almost definitely the next president. Delawareust move my down from move my bunker down from delaware to orlando. Weekend, onehe hundred Million Dollars specifically for florida. How big of a difference could that make . I think it makes a huge difference. Mike bloomberg may have just won the election for joe biden. That also shows the democrats are hypocrites. They claim they dont want corporate money but they are taking it. They claim they dont want the influence of millionaires and billionaires, but thats exactly what Michael Bloomberg is doing. This hundred million i believe right now is the game changer. But dont give me any of that crap ever again that you are against corporations or you are here for the little guy. If you take this money, you are forever soiled. Thats what donald trump should challenge the democrats on. David does he have standing to do that . He has a fair number of wealthy people that are his friends as well. Donations over a Million Dollars, the democrats have several. The democrats with dark money, that socalled independent expenditure is much more from the democratic than the republican side and im glad you raised that. This is something most viewers do not realize the democrats are awash in campaign cash. Corrupting, cash is and you think it undermines the electoral process, you are the guys doing it right now. They take the money and win the election or do they reject it because of principle. David always great to hear your strategy, are polling expert franklins. Our polling expert frank months frank luntz. This is balance of power on Bloomberg Television and radio. David this is balance of power. Japans Ruling Liberal Party elected a new leader, making it all but certain that he will succeed Prime Minister abe. Welcome sheila smith. Give us the significance of this transition. I assume its a done deal at this point. Yes it is. Today we had the party vote and i think that endorsed his leadership overwhelmingly. For those of you who follow japan closely, he got the overwhelming number of votes from the parliament and the regional elected officials. This is a man who pulls together the elite of the party and also the grassroots. David he was an ally of mr. Abe. Should we expect a split . Maybe he will move forward on and may betion tax in favor of even more loose Monetary Policy. He sat in the seat of the leader of the party and said, this seat is way too big for me. Im going to have to adjust to this. Hes making an adjustment from behindthescenes to the chief cabinet secretary. To the man with responsibility for making the policies. Thats a big shift for him. I think the other piece on the consumption tax, he made a little bit of a blooper. He hit the third rail of japanese politics and said he would raise the consumption tax again. Twicee has raised it during his time in office between 2012 and now. Again wants it to go up especially in the middle of the coronavirus when everybody is economically hardhit. He backtracked and said, thats way in the future. Abe said 10 years down the line. On the Monetary Policy hes been very quiet. Hasnt given indy indication hes going to shift away from the approach led by the bank of japan. David hes got the top job. Hes taking it at a fairly difficult time. We have a pandemic going on and a recession in japan. What can be expected of him to turn that around . Hes very much a man who gets to work, wants to solve problems. Deregulation was the thematic of his press conferences. He wants to untangle the bureaucracy, do what needs to be done to move the economy forward. Focused on making sure the public is safe in terms of medical bureaucracies. Theres been a lot of learning by the japanese government on that. I think hes a man whos going to put his foot on the accelerator when it comes to deregulating and untangling some of the barriers to free trade but also to the agriculture sector, other pieces of the puzzle in japan that have made change so difficult. A veryhes from different background than mr. Abe. Hes from a somewhat rural agrarian background. I think maybe his father was a strawberry farmer. Thats right. He comes from a prefecture that faces the sea of japan. Beautiful place, but it is not the front of japans economy. Everybody was in tears this morning when i watched on the news, everybody from his hometown was thrilled to see the home boy make good. Its a very selfmade man and was interesting to me when he stood up after the election and said, i have no blood ties. Im not a blueblood politician like mr. Abe. No ties to any particular rural constituency. Im going to start fresh and this is a new day for me and a new day for japanese politics. I thought that was very interesting start to his friend ministership. It is setting a barrier between him and mr. Abe that i think notice that. Trump facing president over in the United States and facing president xi on the mainland. Mr. Abe was very good and effective on the global stage. That was his most conspicuous and best legacy. He does not see any changes in the basic direction that abe was pursued and in particular in the u. S. Japan alliance. He got asked if he was going to give mr. Abe and new post and he very quickly said no, there is no such thing. We will be relying on mr. Abe for his knowledge perhaps on russia. Its interesting that he didnt states. United i think the question for the Prime Minister is going to be whos going to win the american election. Hes been here last year. So hesith mr. Trump not completely unknown to the president. But of course we could have a transition in government over here as well. Interesting an thing to watch him try and navigate. On that is int two days he will appoint his cabinet. It will be interesting to see the foreign minister and defense minister because that will signal what direction he wants to take towards the United States. David his party has a commanding lead. What is the next challenge . He has to hold a general election before october of 2021. Some people are starting to whisper that that could be imminent, as soon as october. He put the squash on that quickly and said no, we need to take care of corona and the economy. The japanese people are counting on us to solve problems and we dont have to rush to any kind of new election. I think hes going to hang on and push that back. Its rare that we would go all the way up to october and then have the general election. I anticipate the summer or spring. David thank you for joining us, sheila smith. Coming up, the u. S. Open for tennis is in the history books. Almost unusual sporting event with the printed and with the president of the tennis channel, ken solomon. Ons is balance of power Bloomberg Television and radio. David this is balance of power. Im david westin. The u. S. Tennis open ended yesterday. It was unlike any other with the stands empty except a few coaches. Everyone wore masks except for the players when playing the game. Her second captured win and dominic team came back sascsources very of ha zverev. Always great to see you. Give us your sense of this different open. How did it work for the business of tennis, the sport of tennis. Was remarkable. You have to give tremendous kudos to the usta, the players. You know how fractional lies this world is and everybody came together. To have 128 men and women competing within a controlled environment plus the doubles staffitors and all the and to have one positive is really remarkable. You have to give them credit and while it was different, i think what we saw last night and over the last couple of weeks of the day you have two competitors going out there in singles with the same conditions to try to win and they all had to win to thattches to get championship trophy and what a remarkable story it was. Good for everybody. David what do you know about viewership . You put it on tv but you also have a very big streaming service. The crisis is accelerating viewing and adoption patterns. We have had live tournaments from all over the world that we were able to put together and construct while the tours were resting. Saw sometimes an explosion in ratings when there was nothing else to do and sometimes some softening. Right now you have a lot of sports out there. Espn probably was a little under. I dont think its fair to put anything on par with prior years. Whats remarkable is the growth in streaming, direct to consumer. Its just been a quantum leap. Even when there was no tennis was up 35 to 40 over a year ago. Remarkable considering the players werent on the court. David all of us are used to streaming at home at this point. Can you make as much money as my question . System with subscription and advertising. Can you make as much money off of streaming . The combination of streaming and traditional delivery some systems. They always thought the movie business was going to disappear when television came along and we all know that didnt happen. This is a step forward in allowing people to have greater overall quantity for short for sure, but also more choice. When he put together the distribution and theres been some softening in the cord cutting, but that bundle is Holding Together pretty well right now. To the offers, the consumer wins. In the aggregate when you have ,roducts like sports and news we think the answer is yes and we are doing tremendously. We just expanded internationally. David thats what i was going to ask you about. One of the advantages of screaming streaming is by and large its global. How does that become a business globally . Was natural. Second most popular sport in the world overall. We always had our eyes on building here. We figured if we could make it in the u. S. We could make it anywhere. Well germany,ty austria and switzerland. To sasha andy much dominic. Its going extraordinarily well and we are partnering with , therent associations equivalent of the usta in germany to bring it out and we can go direct to that consumer and we have all the options. You put those things together and youre really able to serve the consumer. David all you need is Roger Federer healthy and playing again. How much of your business is going to be streaming and how much is going to be more traditional . We still believe firmly in the traditional. Not sure when those lines will cross. Its probably going to take longer than most people think. Aggregate when you see the players like amazon and all the myriad of places, a lot of people think its going to go back to the bundle. Seeing obviously Significant Growth on the market while we have a very slow softening of the traditional business. We would never trade one for the other. David always good to see you, ken solomon. Oninic team is going to be Bloomberg Markets coming up this afternoon. Balance of power continues on Bloomberg Radio. We will talk with the managing partner of the bahnson group on his plans to have new York Business leaders reopen their businesses and get us back into the city. This is balance of power on Bloomberg Television and radio. [ sigh ] not gonna happen. Thats it. Im calling kohler about their walkin bath. My name is ken. How may i help you . Hi, im calling about kohlers walkin bath. Excellent happy to help. Huh . Hold one moment please. [ finger snaps ] hmm. 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Chancellor merkel stressed any euchina trade agreement should not lead to issues with the United States. It is up to china to meet a 2020 target. A lot still remains to be done and other difficult chapters of the agreement, particularly to areas two areas. We need china to move on these two issues. China has to convince us that it is worth having an investment agreement. Euchina relations have been strained by alleged chinese deformation about the coronavirus, by chinas National Security law for hong kong, and by stepped up european e