Radio, Bloomberg Television across this nation and worldwide, what you need to know. Moonshot. Let me get to it. Futures, the high for the day. Dow futures up 19 points. Nasdaq futures up 1. 7 . Forest thend ndard and poorest 500 friday, echoing a matter of it is when, not if. It doesnt matter when we get that fiscal stimulus. We will get the fiscal stimulus area that seems to be the message from so many people we speak to. Tom Jonathan Ferro already explaining some of his other properties to us here on our simulcast worldwide. Lisa abramowicz, the political story front and center. Do you link the political story to what we see in market activity . Lisa you certainly see that across wall street analyst reports, saying that joe biden solidifying his lead reduces the election. A contested the lack of uncertainty is what is giving people confidence to go ahead and get long equities and come up with this narrative, that theres going to be fiscal stimulus regardless of what happens. Tom what is so interesting to me as we wake up across america, focus 22 days out, i tried to read carefully on liverpool and manchester and newcastle to the your, and depended make in United Kingdom. It is about exploding cases, but very few deaths. What do you expect in the next 24 or 48 hours about the pandemic in the United Kingdom . Jonathan at 3 30 local time, we will have the Prime Minister addressing the house of commons. We will then have a press conference. They will be three tiers, and in each there will be a separate policies. F they got a problem. You are going to see potentially the very high tier. The question is where london fits into all of this. What medium or high, and other restrictions could we see around the capital . Look out for extending or introducing that restriction around houses mixing with each other. That seems to be an approach we might see come down to the capital. Tom very quickly, you have been on top of the heathrow to jfk debate, the transatlantic debate. I saw a little bit on that this weekend. Is there any chance we see that from where you sit in london . Jonathan i am looking for some news on it. The task force, finally the u. K. Has announced a task force to try and get this done. We already know that the contest for this pretty quickly now. Highspeed tests have been introduced. It is something that can be done. I just dont know why it hasnt been done quickly. Tom they could borrow a few embers from the Surveillance Task force, the simulcast task force. We are doing this on a day when bonds are closed. Full phrasing full facing credit closed in the u. S. Dow futures up 29 points. Morgan stanleys head of fixed income, it is a Morgan Stanley call that is nuanced and is wrapped around the politics. How do you wrap the politics of the moment around total return or clipping coupons . Good morning to all of you. The way we think about this is in terms of the scenario analysis. Forook at the potential different outcomes in the house and the white house, and increasingly the market seems to be finding a group a greater probability for a democratic white house, a greater probably for a democratic sweep, including the senate and the house, andy graber and a greater probably for lower of the electoral outcome. Put these together, and the likelihood that we will get some form of stimulus, perhaps higher than what we had been discussing , there is a greater probability that we will get some sort of stimulus after the election. That is where the market is really focused on in terms of stimulus after the election. Dolonc andus means of the Treasury Curve would go higher. So 10 years to 30 part of the curve will go higher. But on the other hand, for several risk assets, it is a constructive outcome . A constructive outcome. Jonathan does this trade hinge on the republicans losing the senate . Vishwanath it doesnt entirely hinge on it. Clearly the prospects of this trade are greater with republicans losing the senate, but on the other hand, if a thinner margin would certainly move in that direction, that is how i would say it. The gridlock scenario in the long run is going to be problematic clearly. We have seen that in 2011. But i think that the Market Assessment that some form of fiscal stimulus is coming, i think and the bulk of the scenarios we are looking at, i think it is a fair one. It is a question of how big the stimulus would be, but if you couple this with a potential for second wave and across the board , policymakers calling for stimulus, unless we have a very different election outcome then what the markets are protecting at the moment, we think that the stimulus is going to happen. Lisa people are taking this consensus, increasingly consensus view, and going into riskier stocks and credit now. Have we simply abolished the default cycle that a lot of people were expecting, or do we just delay it to another time that will rear its head in the nottoodistant future . Vishwanath we are certainly not abolishing the default cycle by any stretch of the imagination. In fact, but we expect is in the highyield bond space, we expect yields to be in the 7 to 9 , and that is something that we are very much on track to get to that level. Perhaps lower defaults in the liver loan space, but clearly the defaults have been going up, and we dont expect that the default cycle will be genetically different from what we are inen expecting a different world now where said is much more active in the markets a much more active fed in the markets. Go,than before we let you just a word on what is happening in europe right now. What is behind that move . Europe, we think that the market seems to be underpricing the probability that there will be a favorable outcome in the near term on brexit. We think that is a key view we have. Europe, i think the Economic Data has not been that impressive. At the u. S. Treasuries versus bunds, we think that the trade here seems bunds toarly for the outperform in that sense at the long end of the curve, purely in terms of brexit. I think there is clearly a probability that the market is underpricing the probability of a nearterm resolution, a move in the positive direction. Jonathan just quickly, why is that positive for bunds . Vishwanath well, it is positive for the bunds only to the extent differentials are certainly constructive for the bunds. Jonathan ok. We will talk about this another time. Thank you sir. Look at the italian bond market this morning. Down six basis points on 50 year italian debt, down to about 1. 8 percent. Your 10 year debt in italy, we come in another three basis points. Record lows. Jonathan your point tom your point there as you book vishi for one of your other properties, i know what youre doing there. [laughter] lisa nailed it. Tom thanks, lisa. Lisa anytime. Tom what would u. S. Bonds be doing today . It is a mystery. Jonathan it is a mystery. I am sending himan ib right now. Tom im sure you are. Alongside tom keene and Lisa Abramowicz, im Jonathan Ferro. Heard on Bloomberg Radio, seen on bloomberg tv, equity futures with a list. The bond market, the treasury market is closed in the United States for columbus day. 1. 18 handle on eurodollar. Come across the atlantic, discovered america. Jonathan did he . What year was that, tom . Tom i dont know. Tom, you should teach history classes remotely for schools. Wonderful. From london and new york, this is bloomberg. Karina with the first word gh with thelei first word news, im kailey leinz. The president told fox that republicans are having a hard time with pelosi. Meanwhile, pelosi called the administrations offer grossly insignificant. Even if there is an agreement, it is not certain if since republicans what if Senate Republicans would approve the measure. Minneapolis fed president Neel Kashkari says that the economic recovery has flattened out. He says we will see a very slow improvement with thousands of Small Businesses going bankrupt. Senate confirmation hearings begin today for President TrumpSupreme Court nominee. Amy Coney Barrett will cast herself as a judge committed to keeping her personal views out of rulings. , kratz are concerned democrats are concerned that she will rule against abortion rights if confirmed. Prime minister Boris Johnson is set to read them from its restrictions to contain coronavirus. As will result in millions being subject to more stringent curbs on their lives. Astrazeneca says an antibody medicine against coronavirus is moving into the final stage of clinical tests. It will be given to more than 6000 people starting in the next few weeks. The drug will be evaluated for its ability to prevent infection for up to one year. It can also be used as a preemptive medicine once patients have been exposed to the virus in others. 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 kailey leinz. This is bloomberg. I believe she will be confirmed no later then tuesday, a week before the election. That is my hope. It will be up to senator mcconnell what to do after the 22nd, but we can easily get her confirmed before the election. Jonathan that a senator lindsey graham, the Senate Judiciary chairman, speaking to foxconn news speaking to fox news over the weekend on the vacancy the republicans are looking to fill. This is bloomberg surveillance with tom keene, Jonathan Ferro, and Lisa Abramowicz. Looking to fill. Alongside tom keene and Lisa Abramowicz, im Jonathan Ferro. Alongside tom keene and Lisa Abramowicz, im Jonathan Ferro. Good money to all. We are up 0. 6 , near session highs. Up 20 points on the s p 500. We will say it again, for a fifth time. The bond market is closed for columbus day. A stronger dollar across the board. The chinese losing a little bit of tolerance for the strength we have seen over the last couple of weeks. 6. 74 on the offshore. it will be fascinating again, news highs here on the spx. Right now on the election and some of the oddities of this odd of0, we are joined out chatham house, out of wesleyan. Thank you so much for joining us. I want to go inside baseball right now. It plays off of the Vice President ial candidate for mr. Biden. We have two senators from california, the elderly feinstein, and senator harris. Does the Biden Campaign and is Vice President biden one senator harris to be visible biden want senator harris to be visible at these judiciary hearings . That is a very interesting question, and of course, it depends. It is not be visibility. It is what is said, what questions are raised. I think people are always looking to, harris looking to Kamala Harris to ensure that she is the number two, not the number one. In the Vice President ial debate, she continually brought the question back to joe, just to reassure the American Public that she is on the ticket as the Vice President ial candidate, very important in this particular election. I think a lot will come down to the nature of the questioning. Verysure she is thinking carefully, being coached very clearly on tone and temperament. I am struck as well at how invisible joe was this weekend. You were member columbus day, has to do with coming across the ocean and all that. Where is Vice President biden, or is that the plan . Polls as you know, the demonstrate that whatever Vice President biden is doing, even if it is remaining lowkey, it is clearly working. Columbus day is a very interesting one, on the back of black lives matter and the attempt to rethink americas identity. That is not an uncomplicated national holiday. But i think gearing up, saving that energy, and knowing what is coming down the line, and knowing that the polls are heading in Vice President bidens direction, it all comes down to who is voting now, and who turns out on the day. So it is unsurprisingly a lot of uncertainty right now, but it is probably about waiting for monday and the last three weeks of what is going to be a phenomenally intense lead up to the elections. Jonathan it is obvious to say that every campaign has a weakness. Not all campaigns and those weaknesses are created equal. One weakness that has come up with the Biden Campaign is the issue of Court Packing and their ability to answer a question on it. What are your thoughts about it on the moment . Leslie that question came back several times in the Vice President ial debate. Harris deflected it. I think probably they have not decided. They certainly do not want to they do not want their campaign to become tainted by the idea that they would pack the courts, while at the same time not wanting to be held by clearly stating they would not do this because perhaps it is the card that they might want to play should the Vice President be elected on november 3. Lisa President Trump holding his first rally since his covid diagnosis, how does this read in public . Will this gin up more support for him, or go in the opposite direction where people say he is being irresponsible with the pandemic still present . Leslie we have seen the majority of americans lack confidence in the president s handling of coronavirus, it only increased with his own sickness, and i expect that his gamble is that hes got to keep those voters who are on his side enthusiastic enough that they turn out and cast their votes. I dont think anybody is anticipating that people will change their minds when it comes to this question of how they evaluate the president s handling of the pandemic or his own personal health, but there is a very serious issue around getting people to turn out and people to vote. I think for a lot of americans, it is going to drive them, for those who are already leaning against the president or possibly on the fence, the tiny percentage of people who have not decided, it is unlikely to persuade them to lean in towards President Trump. Tom talking with martin schenker, our chief content officer, earlier about this fabulous idea that nobody is paying attention to florida. Theres a few electoral votes. Frame florida for the next five days. Areie i think many of us watching florida. You are right that everybody is very focused on pennsylvania because of all the court cases and the pressure on the president s failed case and effort to really push on what is going to happen with the mailin ballots, but florida is going to. Ell us probably on the night it is a state where things are very close, where turnout will be everything. And if it goes one way or the other, and by a significant percentage, then we will have a much clearer picture of which way the election is heading, and if either candidate wins decisively, we might have some clarity sooner rather than later. Of course, one of the greatest fears for many of us is that this election could run for several weeks if florida is very close. Jonathan certainly something this market was worried about a couple of weeks ago, and now, all of a sudden, not so much anymore. Leslie, lucky to have you on the program, as always. It is quite remarkable for someone who was hospitalized only a week ago, to go to orlando tonight, pennsylvania tomorrow, i, on wednesday, and North Carolina this coming thursday. A very active schedule for someone on the out of hospital in the last week or so. Washingtongive you post as credit, there is real concern about the president s durability over the next four or five days. Jonathan certainly has always been an energetic campaigner. , paul up on this program donovan, ubs chief economist, weighing in on the Economic Data. A loss of momentum, stalling perhaps in europe, and quite a recovery in china. A lot to discuss very shortly here on this program. Alongside tom keene and Lisa Abramowicz, im Jonathan Ferro. On this monday morning, good morning to you all. This is bloomberg surveillance. Are you frustrated with your weight and health . 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Jonathan this is of a good thisg surveillance is bloomberg surveillance alongside tom keene and Lisa Abramowicz. I am Jonathan Ferro. Futures near session highs on the s p. Another lift to this market. Up 23 points on the morning. Eurodollarange, weaker, stronger dollar against the euro. As for Economic Data, cpi in america tomorrow, ppi wednesday, claims on thursday, retail sales the back end of the week. A huge focus on the loss of momentum not just in the u. S. Economy but europe. Take a listen to what Mohamed Elerian had to say. Mohamed throughout the advanced countries, the pace of economic recovery is slowing and i cannot think of any exception to that general statement. Saythan i would have to that is much more prominent in europe, and i pick on the u. K. In particular, before these new restrictions come into force, a recovery that has started to stall. Disinflationary tendencies and across the atlantic a little bit of inflationary tendencies and may be some of that to evolves market. In bonds we do not see full faith and credit in the equity market today, it is columbus day. Paul donovan, ubs global chief economist. In the zeitgeist this weekend, can you believe chinas recovery, can you . Paul i think china has had a genuine recovery, very different from what we saw in europe and in the states. In europe and in the states people acquired savings during lockdown. As soon as they are released from lockdown, you spent three months, set at home making watching homemaker shows on netflix. You will rush out and spend the money. ,nce you have spent the savings obviously the momentum slows. Slowing fourthquarter momentum is hardly a surprise. Every economist was expecting this to happen, but china did not have that model. Model people were not able to accumulate savings. They were able to live off the savings because there is a less efficient Social Security net. There was a pause before the domestic consumption started to kick in, and that coincided with the recovery in demand we have been seeing in europe and the states. Tom can you bring that recovery to demand to gdp in the u. S. And europe. , dowy markets today 28,581. Spx near record highs. Expectation at the of the equity market and how far out do you get the real gdp that goes with that . Paul we have to remember there is an important distinction. The equity markets are a subset of gdp, and listed companies are not nearly as important as people think they are. Is a gdpre looking at environment where a lot of the negatives on gdp are actually in sectors a million miles away from equities. It is the small restaurants that are suffering, it is the Small Service sector businesses that are suffering. ,hese not listed companies these are momandpop stores. They are not in a position to be quoted on equity markets. The lifted market tends to be more biased towards the manufacturing sector. Manufacturing is doing better than services. It has better access to capital, better control of its costs. The listed sector will outperform gdp in this environment and that is exactly what we are seeing happen. Jonathan i would love for you to compare and contrast the United States and europe. Trade has become popular in the bond market over the last several weeks. Short treasuries come along europe, the idea this u. S. Recovery continues and it stalls in europe. What are you seeing in the trajectory of the recovery. Does it speak to that . Paul not really, i would say. What we are seeing now is a shift. We have had this surge of Consumer Spending fueled by the savings of accumulated in lockdown. That is premuch universal in the developed world and that is your Third Quarter story. As we go through the Fourth Quarter and into next year, fiscal policy will Start Playing a larger role. We will have some issues. Depending on the election results, we might get a large amount of stimulus in january. The negotiations in washington forhe moment rival brexit the delays at the chaos in the internal tedium of what is going on. The failure to do fiscal stimulus now is doing real damage to the u. S. Economy. First, because if you are unfortunate enough to be unemployed you are clearly on a far lower income than you were, and economically this is important, if you are afraid you might become unemployed, that fear of a loss of income and unemployment is likely to delay spending. What we are getting is two hits to the consumer through fiscal policy. That is not in evidence in europe. In europe we are seeing the number of people on furlough fall, that is because they are being rehired, not made unemployed. The fiscal policies are creating slightly different stories at the moment. The u. S. Will grow faster than europe because of demographics. No surprise about that. We know that. Europes fiscal policy at the moment is clearly supported the u. S. Had a cloud of uncertainty. Jonathan this is slightly contrarian, and i stress this is relative to expectations, but you seem less constructive on the u. S. Recovery than most. Paul i am still constructive. The recovery carries on in the Fourth Quarter. I think we are seeing damage to therecovery from indecisiveness over fiscal policy in the United States. There are plenty of people who are relatively secure in their jobs and will continue to spend, that is all great. If you look at the employer participation, the high skilled people who have College Degrees have premuch normal employment participation. Low skilled people, people who failed to graduate high school, have almost normal employment participation. The area where employment has been weakest are people who graduated high school and did not go to college. That is an area where you are likely to see a lot of Service Sector jobs. These are the jobs which arent risk in the fourth industrial revolution. That is the area that are at risk in the fourth industrial revolution. That is the area of risk. On both sides of the atlantic, the u. S. And the u. K. And the rest of europe, you are seeing the bifurcation you earlier touched on of Big Companies doing better or having a better chance of surviving while smaller businesses go out of business at the fastest pace in some cases on record. There is a statistic in the wall street journal showing smaller businesses account for an incredibly shrinking portion of overall employment in the u. S. And around the world. How much did that hamper grow booklet Global GrowthGoing Forward . Paul we are seeing lots and lots of Small Businesses close. We are also seeing a phenomenal pace of Small Business creation at the moment. It is absolutely staggering, the rate of Small Business creation. It is not just the state, it is u. K. , it is france, it is japan. We are talking business creation rates of 150 growth. These are not small numbers. What i think is going on is we are seeing lots of people set up individual businesses. Single proprietors are setting up businesses. Youve had time to reflect at home over the last few months and decided now is the time to start selling your hand knitted sweaters on ebay or youre going to convert your tiktok account into merchandise sales, or whatever it is. That raises an interesting question about the future and about how we think about employment. I think we end up having multiple income streams become a lot more common. You have somebody who has a fulltime job on the parttime job, but then they have a sideline, be that airbnb or selling over social media. You have these multiple income streams. There are positive as well as negative signals in business creation at the moment. I think what we have to try and do is understand how the structural changes of the whichy, which we hire we are rapidly going through at the moment, might be changing our concept about what it is to getmployed and how people income in the months and years ahead. Jonathan great to catch up. That final topic lisa introduced really important. We could continue the conversation for a long time. Paul donovan of ubs. A chart, intraday, s p 500 futures. A snapshot of where we are. Session highs of 26 points. 75 on the s p 500, you see it staring down 3500 on s p 500 futures. Tom we are in a corrective state. Im looking for an entry point. Jonathan one date you will have the confidence and conviction to do it. To rotate out of cash. Tom i thought we were in correction. Jonathan that was three weeks ago. This narrative, we talked about it a couple of hours ago, it shifted so quickly. Two weeks ago it was contested election fears. Now is about blue wave. At the start of the year, if i said blue wave, i wouldve heard Market Participants saying that would be negative to markets. Now it is all about fiscal stimulus and nothing else. Tom a stimulus whether now or in 90 days, i take your point. The journal had a great article, Gina Martin Adams has been way out in front. At the end of the day as it is about earnings and the vector on earnings is to a better world. Jonathan jp morgan numbers just around the corner. Tom is that tomorrow . Jonathan that is tomorrow. Looking forward to that. Get your hands around some numbers. Do you get any guidance . I doubt it. Tom the loan mystery. The pandemic, what will they do in terms of writedowns . I do not understand. I just listened. Jonathan you are selling it. I am really looking forward to it now. Lisa [laughter] jonathan that is the preview for earnings. Michael tom i am really looking forward to it. Jonathan get me to the 9 00. This is bloomberg. Kailey with the first word news, i am kailey leinz. Nancy pelosi and Steven Mnuchin are expected to keep talking about a stimulus package there has been little progress. Nancyand president pelosi and President Trump are blaming each other. Isnwhile the president brushing away criticism from republicans who say it is too much money. Joe biden is maintaining his doubledigit lead in the polls. Abc news has the candidate leading President Trump 54 to 42 nationally. A pole from cbs shows joe biden ahead in nevada and michigan and he is tied in iowa, state President Trump won easily in 2016. President trump tweeted he is now immune to the coronavirus since he already had. Twitter took exception to up president ial tweet on the matter. A rulepany market as violation for spreading misleading and harmful information relating to the virus. Windy and hot conditions returned to california this week. Pg e says it may need to cut off power in the northern part of the state to reduce chances of its equipment starting wildfires. The utility emerge from bankruptcy in july after having paid more than 25 million to resolve fire claims. The Los Angeles Lakers have won their first nba title in a decade. They beat the miami heat 10693 in game six of the bestofseven series. Lebron james led the lakers with 20 points and was named series most valuable player. The nba suspended its season for four months before resuming in a selfcontained bubble at disney world. Global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. I am kailey leinz. This is bloomberg. Companiesime for after a long bull run to take a look at what they have purchased , what they have in their portfolio and see if theres something that could be better in somebody elses hands. Jonathan deals leader talking to bloomberg surveillance. From new york and london, alongside tom keene and Lisa Abramowicz im Jonathan Ferro. Equity futures obsession highs. Session highs. A little bit later we talk about poverty, the economic mess in the state of the Global Economy with david malpass, world bank president. We will do that at about 9 10 eastern on bloomberg tv. Tom very interesting issue to see how those october meetings go. Very virtual to say the least. We are monitoring that very carefully. , 219q futures up 1. 9 points. Right now on what has not moved, Alison Williams of bloomberg intelligence. She and her team do spectacular work on the banks and the financials. We start tomorrow. They are so far behind. What will earnings season do give you clarity and outlook where people can buy the banks . Alison i think the main question from an earning standpoint revolves around credit, and unfortunately we are not going to get much more clarity there. Ofdo have a lingering issue paused buybacks and dividend limitations, and unfortunately we are not going to get an issue except to know the regulators continue to have these caps and the second round of stress test. Unfortunately for the bigger questions, we are not going to get answers. The focus continues to be on credit and the positive thing is we are going to see lesser provisions, so we had huge bills in the first half. What is interesting as we are going into earnings is the estimates for those provisions has been declining, and in fact a few of our banks have said they expect almost no reserve buildings for provisions to equal perhaps hitting a pause button. Is right insensus markets, there will be a blue wave and you will get a democrat control of the house and senate and possibly the white house. ,his would mean higher taxes and the higher taxes would hit banks disproportionately. Do you expect them to field any questions or do you have any information on how much that could affect profitability . Alison they definitely will field the questions. I am not sure if we necessarily get any answers. I think the election is definitely a topic for discussion. Another topic for discussion is going to be m a, not just within the u. S. But globally. Within the u. S. We have a big deal announced last week with Morgan Stanley buying eaton vance. Very consistent with what they have said. It gives them new capabilities in asset management. We have had jp morgan making comments earlier in the year. Goldman sachs has done smaller deals. Pausesly deals were on when the banks were conserving capital for clients. Will that restart . Overseas, there is a lot of talk partner. Looking for a could it be Credit Suisse . Could it be Deutsche Bank . What will that mean for the bank. Jonathan from europe tom from your world i get the idea everyone is in control and they are moving at a leisurely pace. Baloney. What is the urgency to merge from the super regionals and the regionals and the small banks of america, what is the pressure to merge . Alison the pressure to merge relates to the benefits of scale and the Virtuous Cycle that has been seen at banks like jp morgan. As the need to spend on technology and that has been the key battleground, that has driven the need to spend, the need to be big enough to spend enough, and we have seen it at jp morgan and bank of america in terms of share in the home market and deposit with their Digital Banking capabilities, and we are seeing it overseas in morganf banks like jp and Morgan Stanley and Goldman Sachs as well as bank of america and citibank all gaining ground in the last several years and a lot of that relates to digital. Is one question we do have scale is necessary but not sufficient. Tom well said. What i wonder is bulk profitability of the industry. Do they need to merge to sustain appropriate profit work and they do that alone irrespective of the technology mandate you speak of . Alison i think what we have seen in the trading business is the scale and getting more virtuous creates a cycle in terms of you gain more share and that gives you better profitability and you have more to spend on technology, you gain more share. If you look at the u. S. Banks versus the european banks, the u. S. Has had this Virtuous Cycle , they also had a better economy since the Global Financial crisis, whereas in europe that has not happened. Every year we think we have gained share and other players pullback and others pull out of businesses. At some point the shares will slow. That does not seem to happen. Tom i have not had a chance to talk to you since james gorman did his ballet, e trade and eaton vance. Is Morgan Stanley a bank or has he said we are not a bank . Alison he wants to tilt more towards wealth management. It is obviously different from the days of investment banking, which is the core capability, and they still are for the most part the largest inequities trading goldman did a little bit better. In the first half they are still big, they are still big in m a and equity underwriting. It will be a great business this quarter, but they have said over time they wanted to shift more towards wealth. The big transaction they did years ago was a smith barney acquisition, and this year they did smaller things in 2018 and 2019, and this year e trade, and now eaton vance. Full price forid james gorman and acknowledge that an interview on bloomberg the other day. That is interesting to see him pay to see him say he paid a full price, but it is a strategic deal and not a crosscutting deal. Tom Alison Williams, thank you so much. For bloomberg intelligence, and all of her work on finance. Sonali basak with that important interview with james gorman. Please look for that on bloomberg digital. Futures i do not think it is a record peak, but right up on the day. Up 25 points. Bonds closed columbus day. Full faith and credit shutdown. Put it. 7 and has really on over last three hours. Dow futures up 62. A lesser percentage about amount, just. 2 . Nasdaq on fire, up 1. 8 . We continue. Stay with us on Bloomberg Radio and Bloomberg Television on a monday. David malpass coming up on the open to begin the world banks important week. This is bloomberg. Good morning. Jonathan from new york and london for our audience worldwide, good morning, good morning. The countdown to the open starts right now. Equities advance, up. 7 on the s p 500. We are higher 23 points and we begin with the bait issue. Markets anticipating another stimulus package despite little progress on capitol hill. Markets quite focused on stimulus. Fiscal stimulus. More fiscal stimulus. Another round of stimulus in the u. S. If we want the market to stay at these levels and behave. I think you need it badly. It is desperately needed. Pricing and we will get more fiscal accommodation. Fiscal is not a given. We are used to grandstanding. Between getting something done ahead of the election. Whether there is stimulus before or after the election