Madrid could announce a state of emergency today. A golden reopening. Beijing is back to work efforts week long holiday. Chinese equities and the yuan outperform. Very good morning to you. 6 00 a. M. In the city of london. Happy friday. Its one week since we learned the president of the United States tested positive for covid19. D. C. Politics is messy. We will talk about that a little bit later. We are 25 days away from the u. S. Election. Some optimism that we have had a bit of shift on stimulus in the white house. Nancy pelosi, Steven Mnuchin, are talking again, but many skeptical we will see support. The hope of that is moving markets this morning. S p 500 futures to the upside this morning alongside euro futures as well. Chinese equities outperforming. We are up more than 2 this morning, 1 00 p. M. In beijing. China is back to work after golden week. Its back with some good optimistic measures when you look at the equities space. The bloomberg dollar index lower against all of g10. You can see it down. 2 . Of 43 aading north barrel. We are definitely on hurricane watch the gulf of mexico and the 10 year yield trading at. 77 . A lot of what is going on in the markets has to do with the stimulus coming out of d. C. Will we see it or not . We have seen this reversal. Weighing in on the debate is Robert Kaplan. He spoke to Kathleen Hays a few hours ago. Take a listen. The problem is this. The fed has a lot of tools and we have more things we can do but our tools primarily ease financial conditions and make it easier to borrow money. Our tools are not wellsuited when you have an income last and we need to make up an income last. Borrowing more money will not solve the problem either. The fed can do more and im sure we will look at all of our options, but those are not substitutes for fiscal policy. He said the fed needs to give when iton guidance comes to the feds intentions with regard to bond purchases to ensure effectiveness, transparency, accountability. So what is going on here, what is the question you guys are grappling with . I will speak for myself on that. I think we are buying still a substantial amount of bonds every month. Treasuries and mortgagebacked purities. I think we can say more about what a bar what our plans are Going Forward but my own view is i, right now, would be hesitant to see us doing more in that area because i do not see the benefits. I can see how it would further add fuel to the financial markets. I am more skeptical of how much it would help the real economy. I have another question that struck me coming out of the minutes because the minutes said that the new outcome based Forward Guidance is not an unconditional commitment to a particular path. I thought you guys just said that he defended against it that the fed will not be moving rates until its moving higher and you are at maximum employment. Now, it sounds like there is flexibility there. Was this a compromise that had to be reached for you guys to put out this statement and have a new Forward Guidance . It seems vague and not clear even though you said there is plenty of clarity on this new framework. I think there is plenty of clarity for the next three years on the path of rates. I think there is going to have to be judgments made on what we do beyond the next three years but i think it will take us that long to whether the pandemic and get the economy back on track and i think until we have done that, rates are likely to stay where they are. But there is another paragraph. There is the paragraph with the Forward Guidance or enhanced Forward Guidance and there is another paragraph after it which is worth reading which talks about Financial Stability and a whole range of other issues going on in the economy that we are going to be cognizant of. There will always be people who say they want more clarity and transparency but i am a business person. I have been watching the fed for most of my adult life. We have got pretty good visibility on what the path of rates is for the next few years. There may be some debates about asset purchases, but i think theres decent visibility and i think you will want the fed to have the ability to use its judgment and adapt to overall conditions. Why is 2 so important . When inflation could not get to 2 and stay there, unemployment got down to a 50 year low. Gdp was growing near trend. Does not really does it really matter that much to get to 2 with the financial risk to do so . This,me, and i have said i am much more interested in Financial Stability. We dont want deflation and we dont want, on the one hand, and we dont want inflation running away from us. What ideally you will one is Financial Stability so people can go out and buy goods and businesses can transact and not worry we are either going to have an extreme deflation or inflation. I think it is wise for us and i support us reanchoring Inflation Expectations at 2 , but for me, the 2 by itself is not magical. It is indicative of price stability and i think that is what we are shooting for. That was Robert Kaplan speaking exclusively with Kathleen Hays. We also heard yesterday from eric rosengrant. He was much more blonde, saying the fact that we did not have stimulus just yet was tragic. Here to digest all of this is the global head of fixed income research. Thank you so much for joining us. I want to start with the talks. You heard kaplan saying we will need more stimulus. You are bullish on equities, deeper on curves in the u. S. Premature, that we will see any stimulus in the First Quarter of 2021 . What the market has learned of this week is, coming into the week, we saw stimulus. Now, its most likely we will not have a fixed stimulus package before the election. Curves are steepening. In my view, it seems more and more likely we would have a full bite and sweep. View. K that has been my a bite and win, paul sweeney, should be positive equities, positive for Interest Rates moving higher and per curves because you will get the fiscal stimulus. I am not concerned about the tax hike. They will not be that aggressive at the end of the day, in my view. Anmarie you are pricing in bite and sweep. If you look at the polls, that is what they are pricing in as well. Given fox polls saying likely 43 . S for biden, 53 drum, we see so much volatility. If the polls and wall street are pricing in a biden victory, why do we still see volatility . You are seeing volatility to some extent in equities, to some extent in fx, but i dont think you are seeing much more in rates and credit. Would not have, you know, the election being such a massive market mover. Also, it is more important what happens with stimulus and so forth, but still, i think this election is important politically but also in terms of shifting to a more aggressive stimulus package. Biden is going to deliver that. Thats a reason why the market is looking for biden leading to steeper curves, higher rates, and higher equities. If we dont get anything from congress or if it is not enough, what do you expect the fed to do . Its a good point you are raising. You can say the fed has said they will keep Interest Rates low for a long time but they also put a lot of pressure on congress, saying we need fiscal stimulus. The last stimulus we get, the bigger chance the fed will eventually save off their qe program. They are in a wait and see. Stable up aey would bit. They did not. We also have to think about the long run. , the fomcesting meeting, a lot of people saw that as a disappointment, so you can say they are delivering but i think you are right. If they dont get the stimulus, it is very small. Chances are, the fed will do a bit more qe or they will wait until biden comes in and he will do a fiscal stimulus in q1 next year. Annmarie the next fed meeting is coming after the election. Goldman sachs, their representative ran through the risks with tom and francine. Take a listen to what she had to say. I am quite concerned there could be considerable downside as well, depending on any number of factors we cannot fit easily into our models. That includes what will congress do, what will the president say, and of course, the election outcome. Annmarie the election, congress, and what the president of the United States himself said. How are you taking into account all of these, what she rightfully points out, the potential risks. Thomas i think they are risks. If you compare the election with other risks, i think even bigger risks you can say the election is important because of the stimulus. That ist has been important in itself. More important than that is what whatns with the virus, happens with the vaccine, but what if we what if it does not go out we will not have heard immunity, which means we will have to continue to take all these precautionary measures for a long time. Demand is not pricing that at the moment and i see that as the bigger risk in the u. S. Election. Annmarie do you see covid as a bigger risk in the u. S. Election . Im sure you have seen the numbers this morning. We have covid cases researching on around europe as well as in the United States and indonesia. Going toink we are have to see another draconian level of restrictions . Thomas no, i am based in europe and the way europe is trying to deal with it is we are trying to trying to do more targeted restrictions. I think the bar for having me as lockdowns is very high because we have learned more about the virus. We can do things about the virus. Denmark, we do things. We are not allowing people to stay out after 10 00 and bars and restaurants and it seems like it is managing to tame the virus to some extent. My base case is that will continue. The risk is it will continue for some time. Vaccinesthese kind of which will help the situation. Annmarie thomas harr stays with us. Im also having a 10 00 p. M. Curfew as well. Im just getting used to it. First word news with laura wright. Laura it is uncertain if the next president ial debate will happen. The commission that organizes it is insisting it will be virtual but President Trump says he will not take part in a remote debate, calling the commission a joke. He is calling for it to be rescheduled. Joe biden is rejecting the plan. His Campaign Says it wants the president to pull out. The u. S. Is sanctioning 18 iranian banks in a move to choke off the nations economy. The move is to constraining its nuclear ambition. The move has been flagged well in advance with officials weighing it for week. Weeks. Sanctions,so many anymore wont make a difference. The 18 billion hopes to give lower Income Countries the same access to vaccines as wealthier nations. Details on chinas commitment to the efforts were not immediately disclosed. 13 men have been charged in a plot to overthrow the government of michigan and kidnap the governor. Their plan was to storm the Capital Building and try the governor for treason. Officials say the men stocked out her Vacation Home and planned to destroy Police Vehicles with molotov cocktails. 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. I am laura wright. This is bloomberg. Annmarie . Annmarie thank you. Coming up, more restrictions. France widens its curbs on city activity as the virus menaces europe yet again. This is bloomberg. Annmarie good morning. This is bloomberg daybreak europe. I am annmarie hordern. France will place more cities on maximum alert after daily virus cases rose above 18,000 for a second straight day. That is as new infections in the United Kingdom, spain, and italy surge. Now is bloombergs maria tadeo. I saw the numbers this morning and it is quite concerning what you are seeing around europe. What is the latest that we need to know . Would point to the measures we are taking that were taken yesterday by the french government. They are at the top alert level that they have. Restrictions really have an impact on the service industry, on restaurants. Now, you are looking at paris. That has been the case for two weeks now but they are also adding granada. Now, you have more coming into play. We have set for a while the approach is not to go for a national lockdown. Your underl of major restrictions, ultimately, does that have the same kind of impact. What i would point to is the spanish government, yesterday, late in the night, called a special Cabinet Meeting thats happening today. The speculation is they are going to declare a state of emergency in the city of madrid. We know it has been badly hit by coronavirus. There has been a huge back and forth between the regional and National Administration and those numbers keep going up. The government can decide to take even more measures and declare a state of emergency in the city. Maria tadeo, thank you so much for that. We will be looking out to see what exactly madrid does do. You just heard from maria what could happen. All of these economies in europe could see bars and restaurants shutting again. What does this due to the Economic Impact and is it placed in the market . Thomas that, i think, is the important question. I think what is important to watch is a worse you can say that is starting to creep up much lower than what we saw in spring but i think the risk for me is not that we are going to get these draconian lockdowns. The bar for that is quite high and i think the market is aware of that. Where the risk lies is that what we have now and maybe a little bit more restrictions than what we have now will start to weigh on consumption. We dont see that much in data. In the Northern Region where im based, where we have restrictions, we could be we did see that spending data starting to dip 5 to 8 and if that continues, you can say, for many months, some of this recovery is clearly going to slow down. I dont think the market is pricing a vshaped recovery but the market is also not pricing a new downturn. The risk lies with equities where you can see a more substantial slowdown in the last six months or so. Andrew was calling for a vshaped recovery. Our guest yesterday talked about the recovery. What kind of recovery do you see this taking . Agree, it was from may until august. I think its going to flatten out and then its going to continue next year. I dont think it will be from now on because of these things, because to some extent, its natural, over so much lockdown, it has to slow down to some extent, but i dont think that is necessarily a big concern for the market as long as we see something which looks better. The challenge comes if we start to be concerned about that and it just drags on for a year. Thats a reason why the issues around the vaccine and so forth are so hugely important. In my view, more important than anything else. Annmarie it is very much so turning the mood music sour when you have the Brexit Debate front and center. Theres a lot of criticism for they u. K. Government handling of the pandemic. What is your brexit outlook for the end of the year . Thomas are brexit outlook is that this will expand into november. Its unlikely we see any kind of solution. I think the u. K. Government is dropping a little bit when they said that for the deadline. We still see it site a more likely that we will see the final solution at the end because Boris Johnson is going to give in. A weak deal, be not a services deal, but we think it is slightly more likely we will find a deal at the end, and by the way, its very important for the u. K. , but is not really massive for the Global Economy of the markets. Annmarie very quickly, your yearend target on cable. Thomas cable will weaken further. Eurosterling, we see right now in Something Like a 90 to 92 range. We think if we get this brexit outcome, it will drift lower, may be to Something Like 87 or 88. In cable terms, that would be a bit lower than where we are now. More at least this uncertainty period. Annmarie this morning, we are 2952. Ng at 1. China is back after the weeklong golden week holiday. The traders returned with two. Bang. This is bloomberg. Annmarie good morning. This is bloomberg daybreak europe. China is back after the weeklong golden week holiday. Traders have returned. Equities and the yuan strengthened. Lets get more with Juliette Saly in singapore. A really solid start. Absolutely, seeing assets across china really rise today. Nothing more reflected than what you are seeing in the yuan, particularly the offshore yuan. Strengthening to their highest level since april 2019 but intraday, we are seeing the offshore currency rise the most in 15 years. This is after we had a strongerthanexpected fix from the pboc, showing authorities are happy with the appreciation of the currency. When it comes to what you are seeing in the equity market, we have seen a big rise coming back. Theres been catch up for the positives we have seen in equity markets. We had an ok read on the Services Number as well and when you are looking at the yield on chinas sovereign debt, it reached its highest level since december. I want to quickly point out what you have seen in the chinext index because it has jumped as much as 4. 8 percent in trading and that is the most since february. Seeing a lot of positivity which is a stark contrast to the muted day you have got elsewhere in asian equities, annmarie. Annmarie i like the title of that chart, holiday glow. We all need a bit of a holiday. What are analysts saying about how golden golden week was in terms of boosting the economy . Juliette a little bit mixed. A lot more tortoises than were expected. Pictures of more than. 5 billion people at airports seems like a stark contrast to what most people in the world are facing. The biggestaying show is to come and you should not get into asia until you have in november. Ng golden week was very disappointing at the casinos. Orders are still very much closed, not allowing gamers back in. They are expecting october gaming revenue in macau to fall 70 to 80 year on year. Annmarie Juliette Saly in singapore. Think you so much for that. The next president ial debate is in doubt as donald trump says he will not participate after goes virtual. Lets take a look at what is going on in the futures market. U. S. Equity futures moving to the upside. Will we get stimulus . Will we not . Donald trump says he is prepared for a bigger package. This is bloomberg. Are you frustrated with your weight and health . Its time for aerotrainer, a more effective total body fitness solution. announcer aerotrainers ergodynamic design and four patented air chambers create maximum muscle activation for better results in less time, all while maintaining safe, correct form and allows for over 20 exercises. Do the aerotrainer super crunch. The prestretch works your abs even harder, engaging the entire core. Then its the back extension, super rock, and lower back traction stretch to take the pressure off your spine and stretch muscles. Planks are the ultimate total body exercise. Build your upper body with pushups. Work your lower body with the aerosquat. The aerotrainer is tested to support over 500 pounds. It inflates and deflates in less than 30 seconds using the electric pump. Head to aerotrainer. Com now. Now its your turn to lose weight, look great, and be healthy. Get off the floor and get on the aerotrainer. Go to aerotrainer. Com, thats aerotrainer. Com. Annmarie good morning. From bloombergs european headquarters, it is 6 30 a. M. In the city of london. I am annmarie hordern. This is bloomberg daybreak europe. Shifting on stimulus, Steve Mnuchin tells nancy pelosi the president is once again interested in a comprehensive bill. Robert kaplan tells bloomberg said tools cannot replace fiscal measures. Covid surge. The u. K. Reports 17,000 cases in one day. France places more cities on maximum alert. Madrid could announce a state of emergency today. A golden reopening. Beijing is back to work after its weeklong holiday. Chinese equities outperform. Very good friday morning to you. A lot to really digest what is going on. We do have china back to work, just 1 30 p. M. Now and beijing. Csi doing very well today and the market is digesting whether or not we will see a comprehensive stimulus deal. Csi 300 up to percent this morning. China back at work after eight days of being off for the weeklong holiday. A switch of the boards, lets see whats going on across assets. Ollar index down. 2 brent crude still north of 43 a barrel, even though we are weaker. We are tracking a hurricane coming in to louisianas coast and the 10 year yield,. 7 6 , holding on to some of those gains. Joe biden will hold a town hall with voters on october 15 to make up for his scheduled debate that President Donald Trump said he will not attend because it is going virtual. Joining us now is derek wallbank. How will this affect the president ial campaign . There was a lot of backandforth on this yesterday. Where did we actually end up . We did end up with a virtual debate, with joe biden saying he will do his own thing. Walk you into friday morning very much in the same way we started. Runs artisan grid they set the format, pick them out, etc. They decided they were going to end the questions about whether or not trump would show up tested or not tested or whatever. Trump said he was not going to do it. I will do the, town hall. Requests fore were pushback and now, theres a lot of outrage. Theoretically asking Anthony Scaramucci whether to respond to trump. We dont know whether or not theres going to be debate between donald trump and joe biden next week. He has been full of surprises, volatility. Expect volatility. There we are again. Annmarie exactly. More october surprises in store for us. Specifically, florida. 11 percentage points, 51. 40. Now, the president says he wants to hold a rally in florida on saturday, but given his state of health, is this even possible . We have not gotten any indication of what would happen. Certainly, the president said, quite openly, he wants to get back into the game. He wants to get back onto the campaign trail. That is the whole ballgame for donald trump. Hard to see what pathways he has to the white house. Some people say they have a little bit of the democratic 11 points is a lot. I saw polls ranging anywhere from exactly five two some amount. Is democratsiable are banking those early votes in the state of florida. It remains to be seen how it will go. Roads in that community. Florida will be interesting. He does not surprise me at all that trump wants to get there as fast as possible. Annmarie another pole with fox news. The question of whether or not americans think democracy is at risk, 70 said yes. I want to turn now to michigan. I know you are from michigan, and the fbi has busted a plot to kidnap the governor. What do we know now . What is the latest on the ground there. Derek michigan is my adoptive home state. I think it is the greatest day in america, but it is bad times when you get the fbi talking about electing more than a dozen people for wanting to kidnap the government and foment some form of civil war as a result of this. We are not talking about a bunch of guys going around the bar and talking about how much they hate wearing masks. They are sitting there saying, here is how we would go about doing something. This was beyond sitting there and talking. Chaoshas been a lot of going on in michigans political scene and one big part of it is the idea of these masks, these restrictions the democratic governor has wanted to have. In terms of some of these lockdowns. She wants to do something that is kind of like that. And there has been real opposition. There were people who went to the state capital who went into the state house and senate whilers and had guns on they were sitting there. The spokesperson for the attorney general of michigan actually sent a photo that a theselawmaker took of gentlemens arms. Two of the people in that photo were among those arrested. Know,is not a very, you there is not very large gap here. There is real concern that this is not just like some little thing but symptomatic of a bigger problem. Annmarie our thoughts are with the editor. Derek wallbank, thanks for joining us. Its friday so i will let him get away with thinking michigan is the greatest day in the u. S. We will be speaking with the former governor of michigan, rick snyder. 12 30 on the east coast. Staying in the u. S. , Morgan Stanley struck its second megadeal in 10 months, acquiring an asset manager for 7 billion. The chairman and ceo, james gorman, told bloomberg how the deals could reshape Morgan Stanley in the coming years. This has been a 10 year strategy to take what is an extraordinary Investment Bank and trading business, clean that up in terms of the Risk Management of that business, take away the prop trading, use that capital more effectively, and it doing unbelievably well, and then we have the pivot to build up the Wealth Management business, which we did, and then e trade, which gave us the digital platform, and now, we are doing it on the Asset Management i. A very small boutique on the west coast of the u. S. , and now, excitingly, we think for 2030, specifically, you will find a very stable, faster growing, very feebased institution, wellcapitalized, strong liquidity. Annmarie explain to me the strategy here. Are you making Morgan Stanley for the masses, are you trying to be all things for everybody now that you have added this large oak ridge and massive Asset Management . Large brokerage and massive Asset Management . Not at all. We sold Mortgage Servicing businesses, european private banks. We sold a business in the u. K. Into spain and so on and so on. We have been reshaping the portfolio. About originating, distributing, and managing capital for individuals, institutions, and governments around the world. Being in the Asset Management and Wealth Management, trading, underwriting space, its all consistent, all part of that process of disturbing capital. I think we are a more focused company. Has been james, this an expensive deal but at the end of the day, it is what this deal will deliver to shareholders in the future. It all comes down to profit, about margins. How do you explain the economics to them in the longer term . James i met a lot of people who want to buy Great Companies cheaply. Hopefully, you dont buy underperforming companies for a lot of money. Listen, these have been around for over 90 years. Worldclass, huge perfectly complementary businesses. Very little dislocation, highgrowth, great businesses, parametric in particular have been growing fast. So this was a nobrainer. Do if what you have to you want to buy highquality businesses and they came to us. They wanted to be part of the Morgan Stanley business and our cultures aligned. Our core regulatory capital ratio, but we created about 100 basis points this year, so we are sort of back to neutral. Its going to be a terrific deal over the long run. Im not worried about the financials at all. Annmarie it makes it about 1. 2 trillion at this point. It is still infraction aware blackrock and vanguard and even where jp morgan is. How do you compete with those rivals at this point . James they are completely different businesses. They are largely index or Exchange Rated businesses. We are not trying to be the biggest. You dont do strategy through envy. You do strategy based upon what works and what is important to your institution. To have an Asset Management company from where we were 10 years ago is unbelievable. I dont care that there are others who are bigger. That is not the point. Are we generating the returns we need for our shareholders and are we providing our clients the opportunity they need for the best out there . It is absolutely happening. Annmarie that was Morgan Stanley chairman and ceo, james gorman, speaking to bloomberg. Thats get to the first word news with laura wright. Laura stimulus talks are back on. In white house has reversed its dance with President Donald Trump is a conference of deal. It comes at the nancy pelosi pushed back on the idea of individual measures for different parts of the economy. She held a call with Steven Mnuchin yesterday. France has placed more cities on maximum alert as daily coronavirus cases topped 18,000 for a second straight day. Restrictions are being added. Bars and casinos will close and restaurants and cinemas faced stricter controls. Italy and spain recorded the most daily cases since april. The u. K. Surge in coronavirus cases is warning experts the government is preparing new restrictions for some of the country, potentially closing restaurants and bars, but theres growing backlash over the rules and anger over Boris Johnsons handling of the pandemic. 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. This is bloomberg. Annmarie. Annmarie laura wright in london, thank you. Coming up, new fed data suggests the covid19 crisis has disproportionately rewarded a small class of billionaires. We discussed the Wealth Distribution in the United States, next. This is bloomberg. Grow, it is coming to our telephones. Intoyearold going brickandmortar places and if they take brick and mortar places out of our community, we seem to be lost. They are bringing the bank right to your home. Not only savings and deposits, they are hoping to grow into a vendor for automobiles, homes, the first cap, the first sign in a piece of wealth that many first generation americans or homeowners can lead to their children. Grammy award winner killer might discussing the launch of a new digital bank that he and a group of black american businessmen have developed to serve local communities. Catch more of that interview from killer might throughout the day. The 50 richest americans hold almost as much wealth as half of the u. S. Population. New data from the Federal Reserve suggests covid19 has transformed the economy in ways that have disproportionately rewarded a small class of billionaires. The central bank has taken a look at u. S. Wealth to the first half of 2020 and has shown stark disparities by race, age, and class. From on this, we are joined by our bloombergquint take reporter. What more did the breakdown of this fed data reveal . Good morning good evening to you. Morefer this fed data is evidence of this case shaped recovery kshaped recovery. Just the top 1 of americans hold just as much wealth as half of the country. 165 million people. To be specific, their combined net worth is 34. 2 trillion while the bottom percentage of earners, 50 of earners, earned just over 2. 08 trillion dollars. What is even more staggering, as you mentioned, just 50 of the richest people in the states are worth just about that much, 2 trillion, and that number is up from what it was earlier this year, so has more wealth has poured into upper and middle class earners, lower wage workers, who we now have been disproportionately hit by this pandemic, have been struggling with job losses and financial instability, have really been struggling, and that is just the breakdown per class. When you talk about age, millennials, my generation, we are way behind what previous generations have actually been. Millennials hold 4. 6 of the nations wealth, but of course, like the rest of the country, that is concentrated with just a few billionaires and when you talk about race, white americans hold 83. 9 of the nations wealth compared to black americans, which hold 4. 1 . We keep talking about the stimulus agreement and the stimulus negotiations that are happening between the white house and congress, and while that is happening, Everyday Americans are really struggling and waiting for some more relief so this gap does not continue to get worse. Annmarie our Bloomberg Quicktake reporter. Another story later today is princeton renaming a college for , that is one of our most read stories on the bloomberg terminal. The church of england Pensions Court sold all of its holdings of exxon mobil. His comes after the giant failed to set goals to reduce co2 emissions produced by its customers. Thats get more with our reporter. Talk us through the church of englands decision. This came after your scoop this week. We have seen that investors like the church of england, but just generally, investors that want to hold on to assets for longer, are having to make decisions about how climate is going to affect their holdings. And what they found with exxon mobil is the company does not disclose or set targets on emissions generated by customers. Exxon says these are not our responsibility. They are customers choice, but it stands out as an exception in the oil industry because most large publicly traded companies, and especially all european oil andrs, reveal their figures set targets to reduce them. Annmarie and why are these lack of disclosures becoming a problem now . On to see as we go all the impacts on climate change, we have had fires into my now, we had the delta and mexico, heat waves in the middle east, floods in asia, these impacts are now here, and they are causing havoc both to assets and the markets as well. So at a time when Companies Like exxon mobil are losing their crown of being the Largest Energy company to renewables giants, it is only right that shareholders would ask for these disclosures so that they can make smarter decisions about their investments that they are going to hold onto for decades. Our climate reporter here at bloomberg, phd from oxford in chemistry. He knows everything about climate. With the u. K. And france record more than 17,000 new coronavirus cases in a day. We discussed the rising talents, next. This is bloomberg. Annmarie just over one hour away from the European Market open, this is bloomberg daybreak europe. This morning, the mayor of berlin is holding a News Conference on the rising infection numbers and later on at 10 00 a. M. U. K. Time, its the nobel peace prize. We will bring that to you. Bank of england chief economist and he will be speaking this afternoon at the oecd on the new tools that are emerging for covid19. U. K. Caseloadss continues to surge. Ae medical director warned of defined and sustained increase in cases and hospitalizations. There were lines coming out of the u. K. As well as france and spain. Dani burger is here to discuss all of that with us. How likely are further restrictions in the United Kingdom . 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 wednesdays number, and 77 more deaths occurred as well. The chief medical officer in the u. K. Spent much of yesterday mps,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 Johnsons 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 the u. K. , did clock over 17,000 new cases, but in france, its over 18,000 new cases. This is the second consecutive day and the sixth consecutive day we have seen a rising weekly figure of cases. Mostata is probably alarming to french officials, the number of i see you patience icu patients. They have tripled since the start of september and because of that, we are likely to see more restrictions placed on major french cities. Lille, andes lyons, grenoble. Annmarie that is it for bloomberg daybreak europe. The european open is up next. Retrade one hour ahead of the open. We are riskon this morning. Little bit higher. Green across the screen when you look at European Equity futures as well as u. S. Equity futures. We still have an entire day to get to. It has been messy when it comes to politics in d. C. The president seems more willing now for a comprehensive stimulus deal but everyone is skeptical whether or not we will get it before november 3. We are 25 days away from the u. S. Election. This is bloomberg. Are you frustrated with your weight and health . Its time for aerotrainer, a more effective total body fitness solution. announcer aerotrainers ergodynamic design and four patented air chambers create maximum muscle activation for better results in less time, all while maintaining safe, correct form and allows for over 20 exercises. Do the aerotrainer super crunch. 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