That is better sequentially and Beat Estimates as well. I should point out that july was also revised higher. At a monthtomonth basis, looking at an increase of 4. 8 . It continues the story of the Housing Market on fire, very strong. That is going to bode very well for home sales. We are even seeing private equity going into buying homes to rent them out. A lot of the news coming out from washington over the last 24 hours. Currently, we have President Trump and the first lady paying their respects to Supreme CourtJustice Ruth Bader ginsburg any moment. We are bringing you live pictures, and we will bring that to you live as well. Meanwhile, the president refuses to commit to a peaceful transfer of power as the peaceful transfer of power if the tally shows joe biden as the winner. He spoke at a News Conference yesterday. Pres. Trump we will have to see what happens. Ive been complaining very strongly about the ballots. The ballots are a disaster. People are rioting. Do you can bi do you commit to make sure there is a peaceful transfer of power . Pres. Trump there wont be a transfer, frankly. There will be a continuation. The ballots are out of control, and no one knows it better. The democrats know it better than anyone else. How are we set up over the next three months to deal with the election uncertainty . Reporter theres a lot to unpack in that answer from the president. He has frequently raised complaints about mailin voting, despite voting by mail himself. Ofre has been an expansion mailin voting this year to accommodate people who dont want to vote in person because of the coronavirus outbreak. But there is really no substantiation for his claims that the election is going to be riddled with fraud. There are probably going to be some issues in some states. We have a story today on pennsylvania, where counties cant even start to count the mail in votes until election day. So it is probably going to take a little while to figure out what is going to happen in pennsylvania, a key state in the election, so we might not have an answer to who wo the electionn for a couple of days after election day. Alix a couple of days feels optimistic. What are the polls telling us right now about how this election will play out . Usx the polls are telling that biden is going to win. Hes got a pretty substantial national lead. On average, he leads in most of the battleground states. It looks like a biden when right now, and the polls have been pretty static. They have been fairly unchanged for the last month or so. So trump has a lot of ground to make up. Defense,y that in his this was a difficult question for this particular president to field because donald trump does not like to publicly ever admit that he might lose. Imagine a situation where donald trump would publicly concede the possibility that he might lose the election. So he gave the bad answer to that question. I dont think that people should read into that question that donald trump is planning a coup if he doesnt win the election. I think he was presented with a question he didnt like and had some trouble answering it. Alix very different than the rhetoric we heard overnight, so thank you for that. Lets get to the market reaction. Markets pricing for more uncertainty and volatility around the election. If you take a look at fx vol, particularly elevated as november 3 approaches, we have risethe curve for the vix as well. Joining me now is jim caron, Morgan StanleyInvestment Management portfolio manager. What assets are pricing in uncertainty . The dollar right now, we are seeing some of the early indicators that the dollar has weakened as a sign or a signal of risk on, and that is as the markets have turned risk off. But i think one of the things that kaplan said from the dallas andwas very relevant pertinent. Essentially you are seeing a selloff in riskier assets, and all and obviously the dollar is following suit as a risk off barometer. But on the other hand, credit spreads arent really widening a lot either. Yes, Investment Grade spreads have widened, but they are not a racing any of the major gains not a racing any of the major. Ains theyve had but from a fixed income perspective, highquality assets we continue to think will do well because it really just helps keep Interest Rates low, and people are going to look for high quality assets to gain carry. Alix the other thing percolating is the rollover in Inflation Expectations. The fed has since really rolled over, and that is a cause for an equity selloff as we adapt to that. What do you thing about thesis . Guy i think it is all correlated jim i think it is all correlated. If we look at the tenure to yield, the lower that goes, that is when the equity markets and highyield spreads were tightening and the equity markets were peaking. Today it is around 92 basis points negative. Yield is really low at this point. I do think that is part of it. Certainly is the real yield rises or becomes less negative, it is also going to strengthen the dollar. Some of the Inflation Expectations are really just the expectations of an easier fed for longer. Maybe has come off, some of the some of the from comments from evans and possibly clara to possibly clarida. Alix Goldman Sachs cutting its fourthquarter growth forecast to 3 from 6 on lack of extra stimulus. They say it is now clear that congress will not attach fiscal stimulus to the continuing resolution. That implies that after the final round of current unemployment benefits, any fiscal support will likely have to wait until 2021. What does that mean for the market . Jim stimulus is like that old saying, everybody is talking about it, but nobody is doing it. We have to thick of the second half of the year as stimulus, but break it up into two parts. The stimulus really started to end by the end of july. That is when the Payroll Protection Program started to rolloff and what have you. In julynued to do well and august, and even parts of september. What is different right now, and where the stimulus question becomes more important, is as the weather changes, as it gets colder, than many of the retail activities start to fall off. That is where the stimulus which might not have mattered in the warmer several months might start to matter in the Fourth Quarter as it starts to get colder, and certainly in the First Quarter as well. Things probably still need to get a little worse before our colleagues in washington get motivated. News, no news is good doubt i will be hammering that drum. Thanks a lot, jim caron of Morgan Stanley. He is going to be sticking with us. This is bloomberg. Ritika lets check in on the bloomberg first word news. China is preparing to ease restrictions on foreigners into the foreigners entering the country. People entering the country must undergo two weeks of quarantine. China reported seven new coronavirus cases today, all of them imported. It has been 39 days since the country reported a case of domestic covid19 transmission. New students are choosing to college in the united undergraduate enrollment dropped to. 5 for the current economic year. The steepest decline was amongst international students, where enrollment dropped more than 11 . Even the most sought after colleges are feeling the impact. Arvid universitys undergraduate Harvard Universitys undergraduate enrollment fell 20 from last year. Britains finance minister has laid out his plan to rescue millions of jobs and businesses from a winter crisis as the coronavirus pandemic again threatens to derail the economy chancellor of the exchequer rishi sunak announcing new measures that would extend loans for businesses hit by virus restrictions. To support more than 150,000 businesses and help protect 2. 4 million jobs through the winter, i am announcing today that we are canceling the planned increase and will keep the lower 5 rate until march 31 of next year. He painted a bleak picture, saying, i cannot save every business. I. Cannot save every job i cannot save every this is bloomberg. Alix thanks so much. For more on the uptick in virus cases in europe and the u. S. , joining us is sams is ellie is sam fazeli. His lockdown light really going to work . Sam lets hope so. I was just looking at the cases in china, assuming the numbers are right. Whatever they have done, they have done something right. Only six cases in the past 30 days or whatever the number was. Lets hope that europe does that. The good thing with the u. K. s it has taken some steps a bit earlier than other European Countries did. France and spain kind of watched their numbers run out of control a little bit before they started making moves, and the u. K. Took intoteps before it went four digits, so lets hope that helped a bit, but at the end of the day, we just have to see whether that actually pans out. Alix at the same time, we are all looking for the vaccine. The latest is that one company could be starting to expose those that have the vaccine to the actual live virus. How does that work . Sam challenge studies, as they are called, are not abnormal in these trials. A good story is the antiallergy set up, where people are given the allergen and see how the drug works. The difference here is that youre not going to give this to anyone unless they are in their early 20s because the susceptible population, youre not going to try that on. So what value this has come into my mind it is a bit more academic than actual reallife. Alix what is real life approval of vaccines. We had the fda seeming relatively cautious, and then President Trump saying he might veto the fda on a longer approval process. Can he do that . Who wins there . Sam i dont know that legalities of things in the u. S. , you always find that the administration finds ways of getting things done that perhaps people hadnt considered before. Hhs or the up to the administer should to accept a changing guideline, maybe they can. At the end of the day, no one can approve a drug unless a from a Company Hands over its data. Can the Administration Push them to do that . That would be interesting. Alix no one knows the legality of this, sam come up a good point in terms of companies. Still with me is jim caron of Morgan StanleyInvestment Management. We are talking about lockdown light. In some countries like the u. K. , this second wave is worse in some ways than the first. Is the narrative of europe handling it better than the u. S. Totally switched now . Not to use upon, but it not to use a pun, but it comes in waves. Certainly there are best that,ces and things like but we saw the heavy summertime when the u. S. Was having a spike and europe was doing better, what are the europeans doing that is so right and what are the americans doing that is so wrong . Now that narrative as may be a little bit, and we are wondering why it is starting to rise. The way that we think about this from a markets perspective is that this is probably going to take a little bit of a toll on gdp in europe, if we joke if we just look at it purely from an economic perspective. In europe, the differential might be a little bigger, and that is also helping to prop up the dollar. But i think some of the narrative has flipped. Alix the widening we have seen in terms of the five and 30 year bund spread, does that have more room . Jim it is possible that it does. I think that when we look at the u. S. Just in general, the has more ability to generate inflation into the future. If we just get past this quarter, get past the next three months start to look even beyond that, what i would argue is that the inflation risk premia in the u. S. Will rise in 20 anyone in 2021. Hopefully we get some good news on the virus or possibly a vaccine, and if that happens, we think theres a lot of pentup demand that can come back into the economy in 2021 very rapidly. With the fed wanting to keep Interest Rates very low and even invite some inflation, i think inflation risk premia will start to rise, and that could weigh on the back end of the u. S. If longerterm yields, even 10 rise, this start to could derail some of the stimulus the fed has put in through their policy of keeping rates low. Alix where is the best play for a recovery vaccine . You do have a Recovery Plan in europe, and the u. K. Feels somewhere in the middle with the plan unveiled today. Jim i think this is a great question because it is really about how we approach this. We cant bet on a vaccine. Cant bet on the path of the pandemic. What we can do is ask ourselves, are we getting paid to take the risk . Right now, what we see over the next three months is a fair amount of volatility. Some of it comes from the u. S. Election. There might be spikes in the virus. Where we want to be right now in portfolios is to take down risk. Some of the underweights in the dollar that we have had, we are buying some of that back. Some of the positions for high , assetsInvestment Grade are still going to be a strong place for us to be because we think rates will stay low. People still need yield. But here is the key. At some point in the Fourth Quarter, when this risk is fully priced, i think theres going to be a lot of opportunities. You may find some of those opportunities in the highyield space, so some of the data quality spaces, whether in highyield Corporate Bonds or securities,tbacked and also in emerging markets. The dollar may resume its downward trend, which i do think the dollar is in a downward trend and may be valuable over the next 18 to 24 months on the order of somewhere between 15 to 20 . So i think there are a lot of opportunities that are going to come to us in the Fourth Quarter. For right now, we want to be in high quality, more interestrate sensitive rates are going to whenow, and then look all of these start to become more fully priced. Alix always good to catch up with you. Its been too long. Jim caron of Morgan StanleyInvestment Management, thanks very much. Those orders for all of us to stayathome end away from other people actually might have done more to fight the spread of coronavirus then business closures, and lead to fewer jobs being lost. That is according to a new study from the university of pennsylvania. The research is being presented at a conference today, that an estimated 330,000 lives were saved in the month of may, half of them due to shelterinplace orders, not necessarily because of the lockdown. That gives some support against the lockdown light situation to keep your life as normal, just maybe stayathome more. This is bloomberg. Alix we are seeing extra pressure in some of the most beloved names with market volatility all around the open. Scarlet fu is digging into some of the action. Scarlet the qs are the proxy for big tech, and it is down 10 this month. Apple is down 17 this month, so clearly some pain from Retail Investors who loved it. The Product Launch event went fine, but bubbly best described by Raymond James as the no phone event. Tesla down 24 this month in a bear market. The negative catalysts include not being added to the s p 500 and the battery day event really left people wanting more. Tesla had its first split ever, five for one. Apple marking its fifth split, a four for one. Splits are often declared after a long run above the price. An increase in the number of shares doesnt change a companys market value, just the pershare value. When you look at apple, its previous splits have not necessarily been seen as good or bad for the individual stocks or the broader market. Its first split was in 1987, just before the 1987 crash. Its other split into thousand was right before the dotcom selloff at the turnofthecentury. Alix that is interesting. Nicola is down 15 with its first sell rating from dan ives that wedbush. Nikola has been the poster child for the 2020 equity market. Early june. Arket in no meaningful revenue, therefore no profit, but a great story with an elon musk type founder. It more than doubled in the first week of trading and has since followed a path of where it was when it first made its debut. It is that idea that dan ives has picked up on. Lets give you the quote he said in his downgrade. The recent questions surrounding the nikola story will be a dark cloud over the stock until they are answered, with no revenue or delivery catalyst in nearterm. Alix scarlet fu, thank you very much. Coming up next, it its crunch time for california in a push for all electric vehicles. We will break it down. This is bloomberg. Give you my world how can i, when you wont take it from me you can go your own way go your own way your wireless. Your rules. Only with xfinity mobile. Ritika lets check in on the bloomberg first word news now. Britains finance minister has laid out his plan to rescue millions of jobs and businesses from a winter crisis as the coronavirus pandemic threatens to again derail the nations economy. Chancellor of the exchequer rishi sunak and im singing a measure to subsidize wages of people working parttime. The plane would also extend loans to businesses hit by virus restrictions. Sunak painted a bleak picture, saying, cannot save every job. I cannot save every business. Voted to close all nonessential businesses. The measures are set to go into force friday, i have the weekly sabbath and the jewish holy day of juncker poor of yom kippur. Told president moon jaein that the neighbors should work to resolve their strained relations. Koreaproposed by south would be First Contact in nine months between leaders of the two countries. They deteriorated to their worst under shinzo abe. Global news 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. Im ritika gupta. This is bloomberg. Alix thank you so much. Time now for futures in focus. Gold falling to a two month low, the dollar extending its gains. Joining us now is mike mcglone, bloomberg fx strategist. Mike the stock market is declining, but this is just a shortterm kneejerk. The stock market going down means more qe, more debt to gdp, all of the above. Aroundt way over done 2000. It is going to see really good support around 1800. Then it is a matter of time what it will take to go back up again. Alix bnp said that Pension Funds could have to adjust their end of quarter equities i about 70 billion to sell u. S. Stocks. How does gold react when things like that happen . Sam we saw a little bit mike we saw a little bit and some of the divergent strength of copper. It is good for gold. At some point, when the market figures out they might get underperformance in the stock market, that all should go towards gold. Alix so where is positioning . It is also the end of the quarter were gold headed to break out, so how does that affect traders . Mike managed money net positions are quite positive in gold. Crude oil is a bit too high, but positioning is fine. Right now it is just normal profittaking end of the quarter stuff. It is now only up 20 . The s p is unchanged, so if you were allocated gold this year, you have been doing much better. Alix maybe treasury volatility is not really moving. Where is gold in that area . Mike right now, it is a little bit of profit taking. If we do get this new president biden, that means more debt to gdp, more qe, probably a correction in the stock market. Alix dollar, what do you think . Mike at some point it is going to peak. If the u. S. Stock market stops outperforming the globe, which it should, that is going to drive the dollar. Bigger picture, it is making a big run to the top. Alix does that mean it has to go materially lower, or is it just going to top out . Do we stay around these levels . Mike you measure the dollar versus other paper currencies, or against nonphysical assets like gold. Paper currencies are going down in value. Gold is continuing to appreciate against all paper assets, including the dollar. Alix we are looking at european lockdown light. Asian economies have done that, but very successfully because theyve also had Contact Tracing and a really good system in terms of finding people who might have been exposed. If that is true and we see a recovery better off and more stable in asia, what does that mean for the Industrial Metals . Can they rally and hold up when other guys are selling off . Mike that has been the big significance in copper. It is showing divergent strength. Overall, it is this risk of quarantine, the risk of that makes people not want to spend, and we have already reloaded a lot of the stocks, so i worry about where it is going to go. If the stock market goes down, copper is not going down. Alix fair enough. Still have to watch that. Mike, always good to chat futures with you. Coming up, we are live at the World Aviation festival with United Airlines exec it of airlinesar munoz executive chairman oscar munoz. Dont miss that. This is bloomberg. Alix coming up later today on balance of power, j js chief scientific officer. This is bloomberg. Just want to give you a quick market check here to see where we are at. You did have the s p erasing gains for the whole year. Back trying to get into positive territory. You are seeing a little volatility in terms of pricing in the election in the equity market. Energy definitely getting wiped out here. Updateant to give you an on the aviation festival, which is underway right now. Guy johnson is set to moderate a Panel IncludingUnited Airlines executive chairman oscar munoz. , die alsoin asia spoke with trip. Coms ceo. We very much look forward to healthy growth in the aviation industry. Guy in terms of the nature of travel we are seeing right now, is it leisure, is it visiting friends and family . When does Business Travel come back . Leisure in the nearby cities comes back first. For example, with the one to two hours nearby, these are the most frequently visited areas because people need to do something to relax during the weekends. We see Long Distance tours which will take three to four hours by destinations ideal for the economy. [indiscernible] because of the zoom meetings, people are more and more used to being able to use zoom to connect to businesses. But the pentup demand is very strong. Pickup between major cities to conduct business meetings in facetoface meetings. Guy and again, i am just curious the way that this comes back. I am fascinated to hear that it is coming back because a lot of people in europe in the United States are certainly not talking about that yet. That is such a critical youll driver that they are desperate for it. In terms of the way this process discountingis it Leisure Travel first, and that we get into the higheryielding Business Travel further down the road . Is that the way elsewhere in the world you would expect demand to come back . That is correct. Selfdriving nearby travel come back first, and then Long Distance next, and then Business Travel third. People are becoming less and less frightened of it right now. The longtermof effects of all of this, what do you think this is going to be . Do you think there will be consolidation . Do you think there will be changes in the travel industry that will have a longer Lasting Impact . Crisis we see is the made Small Business very difficult to sustain. However, for companies that are well prepared with strong balance sheets, they will be able to do very well to weather the storm. Going forward, i believe the pentup demand is still very strong, particularly in china, where we are used to sending millions of people out to visit countries. Now these people are converting the high end users for [indiscernible] and they are doing a lot of shopping within china right now. So i think the pentup demand for travel abroad is there. Once the border opens, once the vaccine gets developed, i think the pentup demand will be able to bring people abroad to different countries. Alix that was guy johnson speaking with the trip. Com ceo. We want to go live now to the World Aviation festival, where guy is speaking with you netted Airlines Executive with United Airlines executive chairman oscar munoz. Day, at the end of the this is one of the most competitive industries. I have worked in soft drinks, telecom, other transportation. This is by far one of the more competitive ones. We like it that way. Of thevery proud collective effort we have done. I truly look forward to when we can fully returned to the skies and at an even higher level than before. So with that i will turn it back over to you for any questions you might have. Guy thank you very much, indeed. I would like to welcome our audience on Bloomberg Television as well, joining us for this conversation. Oscar, you talked a little bit about what is happening in washington. What is your level of confidence in getting something done at the end of the month . Unfortunately, the dynamic in washington, d. C. Issuesith many different , along with the passing of a Supreme Court justice recently, has really created an environment where our hopes are still there. We had a new bill introduced on both sides just recently, so we are holding onto hope. Our outreach, our personal conversations with leaders, pleading for what i think is an Important Initiative continue come about at this point in time , it is not looking as positive. It is hard to judge. We will continue to push, but it is going to be tough. Guy just in terms of how the dynamic has changed, we are all rbgs passing. Has that been a pivotal factor to tryview has shifted and find a repayment . Importantis a very point. It sets the stage for many years to come with regard to the u. S. Up in court decisions. The u. S. Supreme court decisions. It is a whole new dimension that begins to push forward an agenda that really raises a lot more emotion a lot more involvement, and the divide that exists, certainly we have had that in the u. S. , it creates an even further divide and more emotion. Clearly this had a Chilling Effect on the conversations we were having before. The impact if be nothing is passed . Oscar the impact is simple, and we have laid that out before. The layoffs will occur fairly quickly. Some are going to hang on for a little bit longer and keep people on, and credit to them, but the fact of the matter is when youre are burning the kind of cash these companies are burning, it is important we take measures to ensure that we are around when demand returns. In our world, we have been incredibly transparent with our Employee Group from day one, and we are going to fight to the bitter end. Delighted. No one is but our point is that we know demand will return, and our hope is that if people have to be furloughed, we are able to move quickly enough to be able to move people back as quickly as possible. [indiscernible] is that the start of this process . Is that going to be a benchmark . Oscar it is one of them. You have to be creative. One of the things we have been pushing for the last month, month and a half is the concept of a rapid test that can ensure that the country receiving passengers that they are indeed covid free. That is the context. Most everyone says, what a great idea. The devil is in the details. Which test . Who is tested . Does the government approve it . Morning wenced this are going to start that process, where there is a way for you to self administer a test provided in the receiving end, so it is a start. It is something we pushed in the u. K. , certainly in the eu. We have a great partner with little honda with lufthansa in the eu. Of the many start things that will allow people to start to do that travel. Doforget about this, people tend to attack the commercial end. We are just trying to generate business. People have families. All of us know people who have loved ones in a foreign country or foreign state that we have not been able to get to because of the restrictions involved, so there is a very real need for people to reconnect, and for people who want to make it a safe as possible. Guy will testing reopen the north atlantic . If so, when . Oscar it should, and it should be soon, if indeed we all get aligned on these tests. Think we have gotten so much better at that, and really it is of the return. E it needs to be very close to the flight time to ensure all of the Health Agencies around the world. And again, when and how, that is as much of a question that all of us would like to have answered. We will continue to push for that with all of the people we speak to on a regular basis. Guy what is it take to improve the liquidity story . Oscar the u. S. Has done an amazing job across the industry, incredible creative. I know that united has led the way on several items that are onceinalifetime, first of its kind. We feel very comfortable with our current position. We dont know how long this will last. It has been a very creative process. Im happy to say that many people have followed our lead on some of the things we have done, but at the end of the day, we are all going to wake up at some point in time while we celebrate liquiditys of the raising, we have to be very thoughtful and strategic. It is one of the reasons we want to keep you belong this Extension Program alix that is guy johnson speaking with United Airlines chairman oscar munoz. More on that in the next hour as well. California is pushing for zero emission vehicles, a huge leap for the auto industry. Callup senior california is a leader in ev sales, but it is a small percentage. Joining us with more is mary nichols, California AirResources Board chair, who has been front and center in dealing with evs and trying to get them out the door. This is a pretty aggressive order in terms of its timeline. What are carmakers saying . Mary we had a very good response from the carmakers. Of course, we had a core group of manufacturers led by ford, volvo. Bmw, these companies have all said that they would prefer to live by california standards than what the federal government is doing at the moment in terms of both rolling back on emissions standards, and also challenging californias right to set at some standards. A large group, including the northeast,ashington and oregon, colorado that follow californias emission standards. These states have already said they like what we are doing. When we adopted our zero emission mandate this summer, they sent presented tips, virtually of sent representatives, virtually of course, to urge us on. The reason for that is these are all states that understand the importance of the auto industry. They understand the importance of jobs, and also of global competitiveness. What they have seen is that the world is going electric. The future of the industry is electric. If we dont give clear guidance as to what we are looking for, we will end up falling behind in terms of the race to be part of all of that. I want to say that although new cars are always what people are excited about, including myself i have been out looking at some of the new electric models that are out there but what is going to make the biggest difference in terms of this order is actually that it affects every sector of the vehicle market, including offroad vehicles. The governor did not stop at just mandating that we are going all electric with cars. We are doing it with the entire suite of vehicles. Alix youre looking at new mediums, heavyduty trucks, as well. What happens if the federal government opposes this . That has happened in california before. Mary yes, and each time we have won, both in the courts and in politics. I am pretty confident that the Clean Air Act gives us the right to do what we are doing. The Supreme Court in the past has said that the government actually has a requirement to deal with Greenhouse Gas emissions, that they are part of emissions thatr we need to be taking action on. I think that perhaps most important, the public understands that this is where we are headed. We are not taking anybodys car away. Nobody who has a car is going to have to give it up. If they want to buy a new one anytime in the next few years, they have a choice as well. But over time, we know where we have to go. Alix a big part of this has been subsidies and incentives. The first evs company sells, you get a tax incentive. After that, you dont. What do you do in california to incite demand . All, i thinkf these cars sell themselves. We helped form a new nonprofit combination with the auto makers, and we are actually doing what we can to get the word out about them because what we find time and time again is theres only two issues. First, people actually dont know, even in california, unless you have seen one in your neighborhood or in the parking lot, you dont know necessarily that there is a vehicle out there. They dont know the variety does available the variety that is available. And people worry about if they will be able to go as far as they need to everyday. If the answer to both of those questions is yes, it is a nobrainer because if somebody gets in the car and drives it, they dont want to go back again. They are quiet. They are powerful. They are fun to drive. So the first obstacles really have to do with socialization of the concept of electric vehicles. This mandate is actually a part of that in a way, but i think more importantly i the other ways in which we are making it easy or convenient for people to use their electric vehicles, so that involves being a part of a massive effort that is going on to build new fueling stations, to adapt old ones so that they will serve all kind of cars that then tothere today, and let people know that they are there. Ant year, we helped sponsor ad that was a viral commercial with Arnold Schwarzenegger buying a sleazy Arnold Schwarzenegger playing a sleazy usedcar salesman. We are working on a new round of advertising as well. Alix i really appreciate the time, appreciate the flux ability. It is definitely a huge shift for the electric car market. Think you so very much. Rabobank, james foley, head of fx strategy, on the u. K. And the dollar. This bloomberg. Alix live from new york, im alix steel. Guy johnson is on assignment today. We are count you down to the european close on bloomberg markets. Please, mr. Sunak, i want some more. Chancellor of the exchequer rishi sunak unveiled a job program and more loans to prop up the economy. France restricts bar life as europe struggles with a second wave of covid cases. In turkey easing rates for the first time in two years after self tightening falls short. Lets get a check in on markets as we head to the last halfhour of trading in europe. Weakness, weakness, weakness. The ftse is down by 1. 4 , around the lows of the session in any major equity markets. Mitch mcconnell, the Senate Majority leader, says there will be an election winner. That seems to help support stocks. Steve mnuchin also talking about the possibility of him and meant to