A stimulus before the election. Nancy pelosi says the white houses offer remains short. Plus, a brexit roundabout. Boris johnson seems willing to overlook the deadline. The finance minister tells bloomberg that a deal could happen at the last moment. A very good morning to you. Manus cranny is off this morning. If you are just waking up, europe is waking up to intensifying efforts to control the coronavirus. President macron announced in 9 00 p. M. Curfew. London could face tighter restrictions tomorrow. And chancellor merkel to germany that the next days and weeks are decisive. Germanys new coronavirus cases rose to a record of 7173. Adding to all of this doom and gloom, in the backdrop, we have yet to strike a deal on fiscal stimulus or brexit. Lets look at where we trade this thursday morning in the markets. We are riskoff. Lockdown measures across the continent coming back into focus. It looks likely we will not have a stimulus deal out of the United States before the u. S. Election. We are seeing that riskoff sentiment across asia. The Msci Asia Pacific is off 0. 7 as well as futures. The british pound this morning is a little bit stronger, coming back from what we saw yesterday. Trading at 1. 30 am cable. Pressure,lar is under down 0. 4 . The rba governor says rate cuts are a possibility. Nymex crude is up 41 a barrel. A sign of life on the demand side. Lets get back to the top story, europe intensifying efforts to stem an unrelenting virus resurgence. From restrictive measures in france, the country imposing a curfew in paris and eight other major cities. Germany also seeing a Record Number of cases after chancellor merkel warned that germanys economy cannot handle a second wave. Joining us from berlin is matt miller. Good morning. We just had this flash across the terminal, germanys new 7173. Rise to a record of what will be the response from the chancellor . Matt the chancellor is basically saying that we cannot afford to lock down again like we did last time. But they want to stop the rising number of cases. The problem is they just dont withoutay to curb them hurting the economy so much. Or the curbs that do her to be economy dont work so well. Yesterday the Health Minister was saying in a press conference but he is less worried about people traveling across intergerman borders or even flying in from other countries and he is about people spreading it in local areas, in. Eighborhoods, households not necessarily restaurants and bars so much as just gathering places where you would go every single day. That is the biggest problem. Annmarie do you think the measures will become tighter . The one thing that strikes me is that we are in the middle of october. Not even influenza season and europe is dealing with this surge already. London may have a short circuit lockdown. Macron is putting curfews on. Aris and other cities will it just be about continuing to social distance and maintain Health Standards of washing your hands . At some point, do they have to impose some sort of block down . Matt you are starting to see real restrictive lockdowns in other countries. In ireland, for example, they are going to stop families from visiting other families. In slovenia, they are going to ban kids over the fifth grade from going to school. So you are seeing that in other countries. In spain, increased lockdowns. You were just talking about increased lockdowns in france. Closing a bar at 11 00, no one should be out past 11 00 anyway. [laughter] for me, that doesnt make much sense. In germany, the problem is people are not Wearing Masks enough, not washing their hands enough, not adhering to social distancing regulations, and that is confounding to the chancellor. She wants people to just stick to the rules rather than increasing lockdown measures. Annmarie very quickly, we are going to hear from your interview later today, but what is the bottom line from olaf scholz . Matt the bottom line is that the money is going to keep coming. They will keep doing what they need to to support consumers and companies. In terms of the coronavirus. In terms of brexit, as you mentioned, he tells us what we have known all along but we seem day, int every single negotiations like this, nothing is decided until everything is decided. It is always a lastminute solution. Annmarie and living in europe for about seven years, it does always seem to come down to the wire. Bloombergs matt miller in open. Anchor for the we will have more with his interview with on the schulz coming up. Joining us now is Esther Reichelt. The pandemic is picking up all europe. Some are working up to fresh lockdown measures and it is only midoctober. We are not even into the depths of winter. This will not bode well for the own or europe, will it . No, definitely. Apart from brexit, this is the biggest risk facing the fx market in europe right now. We have seen it in march, the huge risk off, and were seeing it again. Eastern european currencies are under strong depreciation measure and this will continue as the second wave sweeps europe. Annmarie a few months ago, the worry, was in regards to the euro, the shrink. We had the intervention from philip lane. It almost seems like a distant now. Y do you think the euro will become under increasing pressure due to these fresh lockdown measures across the continent . Esther actually, i doubted. Is also some kind of safe haven currency. We are seeing strong efforts throughout europe to contain the virus and also to add further stimulus. This should help support the euro. But due to the interventions by the ecb, we are also not going to see much upside. I think the pop of the eurodollar will largely depend on the u. S. Election outcome in the near term. Annmarie that stay with that for a moment. Depending on the u. S. Election. Right now the polls are pricing in a blue sweep, with embedded administration in the white house, where do you see that taking the euro from november to december . Esther i think we are really theng this wave, not only president , but also democrats can get the senate, then this means huge stimulus after the election. And as we are still seeing with the pandemic, this blue wave supports the u. S. Economy and the dollar in the shortterm. In the longterm, things could be different because of the piling up u. S. Debt. Annmarie and your office is in frankfurt. Matt was just telling us what saying, this really tight line about walking in terms of trying to quell the resurgence but at the same time not being able to go to the drastic measures of the lockdown to save the economy. How do you position for that exactly . Do you think we will get more fiscal support from European Countries . Esther well, we are still waiting for the euro travel fund. Also for the u. S. A huge sector of uncertainty right now. It was agreed upon but it is struggling to get off the ground. It is still in the european parliament. If we dont see any movement there, and the response is not to and the money does not start flowing, that could put the euro under further depreciation pressure. Annmarie thank you, commerce banks Esther Reichelt stays with us. Next we will talk about what is going on with d. C. Have breaking numbers coming in. Francsp the swiss estimates was just over 15 billion swiss francsp the outlook for 2020 they say is confirmed, which is pretty incredible given a lot of people are still struggling to have their outlooks confirmed for the year. They also say that sales have stabilized. This has to do with the new demand for new medicine as well as covid tests. Certainly something we will be looking forward to. A little softer on the sales but outlook. Irmed the 2020 coming up, we speak to the ceo 8 30che as well, after london time with matt and anna. Coming up, stimulus chances scramble. Mnuchin blames politics were coming in the way of the deal. This is bloomberg. Annmarie good morning. This is daybreak europe. I am Annmarie Hordern in london. Prospects for a stimulus deal before the election are crumbling. Treasury secretary Steven Mnuchin blamed politics. This point,ay at getting something done before the election and executing on that will be difficult just given where we are in the level of details but we will continue to work on these issues. Annmarie democrats hit back, saying the white house never took either the pandemic, or the need for stimulus seriously enough. President trump speaking at the Economic Club of new york event, saying that he is working on making stimulus happen. We are trying to help in trying to get some stimulus money, which i think is very important for certain industries, certainly the airline business. People arent exactly hopping onto airplanes to travel. Then you go to europe and you have to quarantine for two weeks. Who is going to do that . So we are working with other countries. Annmarie he is right, people arent exactly hopping on airplanes. Esther reichelt from commerzbank is still with us. What is your initial thought and reaction to this crumbling of fiscal talks. Many said we were never going to get it before the election, but there was still a little bit of hope . Esther definitely. The market was clinging to this hope for a surprisingly long time my actually, we thought it was unlikely to get anything before the election because in the end it is down to politics. Right now it looks good to their respective election base. So it is not big of a surprise. Disappointment. Annmarie the dollar is little changed after the drop yesterday from Steven Mnuchins comment. Do you expect the dollar to trade rangebound as we head into the election . Esther yes, absolutely. It doesnt pay off to trade eurodollar in either direction. The ecb is definitely putting it cap on eurodollar. Dollar appreciation. Oesnt bode well annmarie what about dollar volatility. Is that a place where maybe would want to get long or short . Volatility, we have been seeing it coming down across the vix because many are pricing down a blue sweep. The you expect that to persist into the election or maybe just until the end of the year, because potentially we may have a contested election while that risk has come off the table a lot of it but there will still be risk regardless who wins the election . Esther absolutely. I agree that volatility might be a bit too low right now, because of the huge risk the election box. Not only if we get the blue 2016, thet we saw in fx markets reaction might be very different from what you had initially expected, because there are so many sectors coming won, what does that mean for fiscal stimulus and the fed and so on . So there is definitely a risk and i think volatility might be a little bit too low. The markets might be a little bit too optimistic that everything goes according to plan. Annmarie Esther Reichelt, thank you so much, from commerzbank. She stays with us this morning. Lets get the first word news with laura wright. Morning. Od United KingdomPrime MinisterBoris Johnson is disappointed by the slow progress of brexit trade talks. He said he will decide after this weeks summit if it is worth continuing to work for a deal. He previously indicated the u. K. Would walk away if no deal was inside by october 15. Germany is still optimistic that a deal can be reached. It is always the right way to discuss questions that are difficult up to the last moment. My experience is sometimes that the last moment will find a solution. Laura france is going ahead with plans to collect its digital tax services in middecember. It has suspected the payment. U. S. Had agreed to hold off on retaliatory tariffs. But those talks stumbled. The finance minister said the u. S. Blocked an agreement. Thailand has declared a state of emergency in the capital as protests against the government continue. Yesterday tens of thousands of protesters broke through police lines to march on the Prime Ministers office. Protesters want new elections, constitutional reforms, and curbs on the traditional powers of the king. But they say they dont want to bring down the monarchy. Global news, 24 hours a day, on air and quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. I am laura wright. This is bloomberg. Annemarie. Annmarie our top news, thank you very much. Coming up, disappointing wall street earnings. We preview Morgan Stanleys thirdquarter results next. This is bloomberg. Annmarie a very good morning to you. I am Annmarie Hordern. In the city of london, it has just gone 6 20 a. M. Surpriseanley posted a increase in expenses and set aside almost 1 billion for customer mediation, and 718 million in restructuring charges. The chief financial officer, john shrewsbury, spoke to bloomberg. Take a listen. John those no items in particular were higher than estimated. Restructuring charges will come when they come, they are harder to forecast but they generally exist because you are taking down expenses on the other side. As we sat on or call earlier today, there is an expectation on the customer mediation front that we are through it and that should not be part of the expense story going forward, but there is this big commitment at wells fargo to bring structural expenses down in the last couple of years through business simplification and product simplification and a range of other things. We should be what to run this company on a lower expense base. Getting down to that expense base, it is a time when there are still a lot of concerns about the economy and how healthy it will be, particularly for consumer banks. As you were mapping things out heading into this earnings season, do you get any sense that the economic environment will be supportive of the current plan that wells fargo has in place . John what we are seeing is a real improvement in a lot of areas over q2 of this year. We dont know what covid is going to be, or how the economy is going to be. Are seeing Consumer Spending picking up, we see it through debit cards and credit cards, lots more payments coming through. The Mortgage Market guaido. And people refinancing with lower coupons. People are in some cases moving from these to suburbs in part because of what has happened with the virus. Auto, a lot of activity in autos has been going on. Things are better. Credit as a result looks better today than we thought it would a quarter ago. You mentioned provisions have been down below analyst expectations up and down the street. Our chargeoffs or 29 basis points on the quarter, which mirrors the best of times. While we are not out of the woods, there is still uncertainty in terms of the path where things could go it does feel better than it did a quarter ago. Feeling better meaning the worst is behind us in terms of delinquencies on loans and will mortgages even without a stimulus bill . John as you know, both with the c. A. R. E. S. Act and the programs offered by banks deferral programs that allow people to day pass ony or 180 their credit card payment we have seen the utilization of deferrals come down probably down to 5 of our consumer loans outstanding. The people who have come out of deferral by and large have been remaining above 90 current. But if there is no more stimulus, when these deferral programs are over, we will begin to see who actually rolls into delinquency. There will be some ambiguity until that happens. The worst of it in terms of chargeoffs probably happens at some point in the Second Quarter or Third Quarter next year for businesses. Rs and since 2018 since the Federal Reserve consent order, you have been limited in terms of your Balance Sheet growth. Are you worried that you cant extend the lending you would like to at the moment, particularly to the consumer, particularly to Small Businesses who need it at the moment, is there some limitation to what you can do . John i dont think so on the loan side. The constraint that we have is total Balance Sheet size, which of these days is more of a constraint on the deposit side, because so much liquidity has flooded into the Banking System deposits,growth in we have worked with customers to find other places for that money to go. On the low side, the reverse is true on the loan side, the reverse is true. We could use more demand than we are seeing. Consumer demand is up, housing mortgages are up. People have been buying cars. But people have been slower to spend on their credit cards, appropriately conservative as an employment peaked and then backed off a little bit, but still is at higher levels and there is more uncertainty. Annmarie john shrewsbury, the wells fargo ceo speaking to caroline, remain in taylor. The figures disappoint much like the lenders results. Joining us is dani burger. Given what we have seen, how will Morgan Stanleys results likely decide today. Dani the bar is set high for Morgan Stanley to see their share price have a positive reaction. Most banks have fallen of to reporting earnings accept morgan saks. If Morgan Stanley can follow a similar playbook and what it could be good. They did actually fall a bit when it came to their equity trading. Meetrgan stanley can just its estimates commit that means it will be the number 1 wall st lender when it comes to equity trading revenue and give investors a clue that they are taking market share from other big banks. Obviously a big bonus for todays earnings. Goldman sachs is pretty bullish on m a, so investors will want to see similar viewpoints for Morgan Stanley about that as well. Again, the bar is set extremely high. Annmarie once we get the numbers, it will be about the commentary, isnt it . Citi and j. P. Morgan reported that it was the commentary that pushed shares down. What are we expecting today . Dani it will be specifically the commentary around loan loss reserves, because banks put away significantly less than what was expected, but investors didnt care because of the cometary. They got the picture from banks and that it is just a momentary pause in bad loans, not necessarily that the worst is over. What Morgan Stanley says in terms of their outlook for the credit markets will be key. Also, Morgan Stanleys commentary on mergers and acquisitions, off the back of two megadeals, investors will surely want to hear that. Annmarie certainly, we just heard about that this week. Thank you to Bloomberg Dani burger. Coming up, german finance minister olaf scholz hints the e. U. And britain to seal the deal even if it comes down to the wire. More on that next. This is bloomberg. Annmarie good morning. From bloomberg zero p. M. Headquarters at 6 30 a. M. In the city of london, i am Annmarie Hordern. This is daybreak europe. Measures, france imposes a curfew on paris and other cities as europe struggles to contain the coronavirus. It in the season record cases. London edges toward tighter restrictions italy sees record cases. Steven mnuchin plays down chances of a stimulus ahead of the election. House Speaker Nancy Pelosi says the white houses offer remains short. And a brexit roundabout. Boris johnson seems willing to overlook the selfimposed brexit deadline. German finance minister tells bloomberg that a deal could happen at the very last moment. A very good morning to you, 6 30 a. M. In the city of london, 7 30 a. M. In frankfurt where i am joined by my guest host, Esther Reichelt. Riskoff sentiment. Europe is raking up with fresh virus restrictions depending on where you livem whether it is schools or hub the bs anded earlier pu bars the enclosed earlier. Futures are to the downside on both sides of the atlantic. Lets look at what is going on across assets. The pound is 130. Traders seem unmoved by the selfimposed brexit deadline that was supposed to be t today. The rba governor says rate cuts are a possibility. That has been moving a lot of assets in australia this morning. Relatively flat, north of 41 a barrel. Yesterday we had crude stockpiles decline, a sign of life on the demand side, the biggest weekly drop since august. So a bit of a green shoot in the oil m market. E. U. Leaders are heading to brussels in a summit where the brexit deal is discussed. But not the first time a deadline has passed by. Boris johnson says he is disappointed by the slow progress of trade talks but he will continue talks for now. He postponed the decision on whether to walk away until tomorrow. Both sides me time to ratify any deal before december 31, meaning it would need to be in place before november. The clock is ticking. Meanwhile, german finance minister olaf scholz says he expects them to see the deal even if it comes down to the wire. Take a listen. It is always the right way to discuss questions that are difficult up to the last moment. My experience is sometimes in the last moment, youll find a solution. Annmarie olaf scholz, speaking to bloombergs matt miller yesterday. Lets get the latest from bloombergs maria tadeo in brussels. I could not start the day off with crunch time or deadline yet again. I feel like this comes and goes all the time when were talking brexit. [laughs] maria it comes and goes all the time. I would say in principle, this is presented as october 15, a makeorbreak moment for the u. K. Delegation. They kept repeating, we need to know by the end of the summit happening today and tomorrow in brussels literally have a deal. To answer your question, is it a deadline . Our reporting suggests it will nodeadline. Is a over the past 24 hours, we have seen both delegations, the u. K. And the e. U. , really try to dial down expectations going into the summit. We had u. K. Officials saying they want to get to something tomorrow that it doesnt have to be good on paper, just something the Prime Minister can go out and say, look, we are making headway, we will not walk away from the deal, but we are moving closer to it. European leaders said this was a deadline would never put forward. We anticipate a lot of major action and we see a negotiation that will last for weeks, not days. I would also point to the fact that the europeans believe it will not be a brexit summit in november. So that leaves two choices, either you leave something done by october, or it goes all the way into december, because that is the next summit scheduled at this right. Annmarie what happens come tomorrow . A good question, the Prime Minister does need something to show that he has achieved, that the europeans have moved to that extent and he is not talking to himself. We have seen some of the draft conclusions, but this could change. The europeans are not ready to concede on anything. They worry about stage eight and the distortions that could create in the market. Fishing also remains of Sticking Point for many members. U. K. Hare waters with the so we will not see a lot of movement from the e. U. The question is whether the Prime Minister can get something. Whether this is a line or two of the final statement that he can present, that we dont have a deal right now but one way or another, this deal is coming. Annmarie fascinating. The selfimposed deadline has turned into, hopefully will get two. E or bloombergs maria tadeo, thank you for joining us she will be on the story for the rest of the day. Commerzbanks Esther Reichelt is still with us. Traders are not losing sleep over this. Is this all politics, markets just calling Boris Johnsons bluff . Esther i certainly hope so. They have had enough time since 2016 to understand and we would kind of theater this is again and again. They know that i deal may be sealed in the last minute or even after the final deadline. We have seen it again and again surprise. Not a annmarie traders seem to have been trained very well when it comes to brexit negotiations. Olaf scholz talking to matt, yesterday, giving it does the reality, saying this always comes down to the deadline. As a strategist looking at exit negotiations, you have the Firm Deadline at the end of the year. Is it best just to have a firm position, what you think the deal will be until the end of the year, and ignore all the noise in between . Esther yes it is. If you already know what the final deal and you have agreed off to, it doesnt pay publish it or see of it and say, ok, already done by the end of november, lets drink a beer, because it has to be a compromise. If you dont fight until the very last second, you show to your citizens we are fine with this compromise, even if it is negative. Like every compromise is. We have to show that we foster the very last second to get out fought toor us we the very last second to get the best for us. Annmarie both johnson is not only dealing with this deadline, but a recurrence or a surge in cases of covid19. It would be an act of economic self harm on both sides if we had fresh restrictions in the country. How much worse do you think with these two stories colliding, toward the end of the year, just in the middle of october, not even in the winter months, how much worse can this get for the u. K. Labor market . Worse; it can get a lot in particular as several labor supporting measures are now running out. And they are not extended to the full extent. We are only seeing the full we will only see the full impact on the labor market until the end of the year or even after that because the fallout from the brexit, what ever the field might look like, will only we will only be able to evaluate that in 2021. Annmarie do think this will force rishi sunak to continue or resume in full the four low for the Furlough Program . Esther i think he has already indicated that this is unlikely. We are no longer in emergency mode, we have to find a long run strategy, how to deal with and of course, brexit. Of course the pandemic will go away at some point, however, brexit is going to stay. It doesnt help to hope for measures like the furlough scheme to become necessary by itself. That is not going to work out. Annmarie cable this morning is trading at 130. As an american in london by track this currency every single day. We have a skinny deal, some are calling it, or we have a more comprehensive deal, what is the rangebound we could see for cable . Esther it very difficult to judge because it depends on the u. S. Dollar. However, i think we will definitely see some significant appreciation if this deal is announced. The extentdepends on of the deal. Nevertheless, it is quite clear that the upside of the pound sterling is limited because covid19 is putting pressure on the economy, apart from brexit. The bank of england also indicated quite clearly that they are basically just waiting for the uncertainty to be lifted to see howher they can further support the economy. So i think the upside is definitely limited. We definitely would not go back to what we have seen before 2016. , in annmarie definitely will not go back to levels pre2016. Esther reichelt, fx strategist at commerzbank. Thanks for joining us from frankfurt. Lets get to the first word news with laura wright. Laura the chances of Congress Passing a stimulus package before the election are all but gone. Treasury secretary Steven Mnuchin is blaming politics for undermining the monthlong negotiations. The white house criticized democrats but democrats have hit, back saying that if the administration saying that the administration did not take more stimulus seriously. President trump has hit out as twitter put restrictions on an article about the challenger, joe biden. The story said that the emailer from his son joe biden the story said that anan email from joe bidens son shows he introduced him to ukrainian executive. Fighting has started again in azerbaijan for the first time in weeks. As a bench of says it attacked a military installation inside armenia. Russiart is to bring more closely into. The conflict it has a mutual defense pact with armenia and says it is studying the incident. Global news, 24 hours a day, on air and quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. This is bloomberg. Annemarie. Annmarie laura wright, thank you. Curfews, schools closing, bars closing, efforts to contain the virus intensify across europe. Coming up, we look at the measures announced across the region. Stay with us. This is bloomberg. Annmarie good morning. 6 45 a. M. In london. I am annemarie for don. Russia has approved a covid19 vexing for public use, despite the drug being in phase three trials. It is the second time russia approved a vaccine before testing was finished. I spoke to the minister overseeing russias vaccine production about this. Reason i am responsible for the production. The second thing, i have a lot people, andwith the to be 100 sure, you will not be infected. Annmarie i wanted to also ask you if president Vladimir Putin has received the vaccine. Yet, that he is under decision. Annmarie you still think he is arguably as many would say, the most important man in russia. Do you think the vaccine is safe enough for him to take it . It is definitely safe enough. If i give an example, in germany, i know that Everybody Knows that the daughter of the president is vaccinated. Is when, and which and how to make it, that is it. Annmarie how many doses so far have introduced of the vaccine in russia . Altogether, this month we have more than 40,000 doses. Annmarie 20,000. So what is stopping russia . 30,000. Annmarie 30,000. What is topping russia from what is stopping pressure getting to the millions . We are completing the third phase. The second issue is we have to scale up the production facilities. We are getting ready to do it. Because id some time next month we are planning to get to 800,000 doses. , 1. 5e end of the year million. Starting from january and ombruary, we need to zo up to 15 million a month. This is the target which we need to reach. Russias industry minister speaking to me yesterday. The main takeaway, there are two vaccines in russia. We were talking about the first one, sputnik v, which come up by the way, the minister has taken his son and his grandmother. Vladimir putin has not. Some officials have said by the end of the year, there would be 30 million doses. He said that is absolute nonsense and their target is actually 1. 5 million doses. We will be tracking the vaccine quest around the world. This comes as europe is intensifying efforts to stem an unrelenting virus resurgence. Some of the most restrictive france. Come from overnight, the country imposing curfews on paris and eight other major cities. Angela merkel warned germanys economy cannot handle a second wave. It is a really hard tight rope for these leaders to walk. For more, chad thomas, bloombergs western europe managing editor, joins us now. Cases, is it going to put more pressure on markle to act . Chad good morning. It is really interesting because germany has handled by all the pandemic fairly well, but now we are seeing a new surge in germany and cases going after medically. We had Angela Merkel meeting with leaders yesterday for more than eight hours, basically imploring them to do more to get the virus under control. Germany has a federal system, so a lot of the power rests with the states to put these district and in place. Ultimately, they did tighten some restrictions, but a lot of the things chancellor merkel was hoping for, state leaders did not agree to. It will be interesting to see how this lays out. On local radio this morning, they were saying, people need to realize that we are in the second wave in europe and mornings to be done in places like germany to get this under control. Annmarie we are seeing a divergence when you look at what germany is doing with markle as opposed to what macron is doing. Different approaches. Does there need to be a unified, multinational approach to stem the virus . We are just in the middle of october, we are not even in flu season in the depths of winter . Chad that, of course, is what a about,people are talking should there be a European Response . So far, it has been very hard to get countries to agree to do that. Countries have an struggling to get a unified response across. Macron did come out with very strict measures last night. France is actually seeing the biggest surge in cases of any country in the region. France has in reporting upwards of 20,000 more new cases every day. Germany hit a record at 7000. The difference in terms of how the countries see the urges the. There is also a resurgence happening in italy. Interesting to see what they do there in the coming days to try and stem the flow. Annmarie thank you, chad thomas, our western european managing editor. Very is in morning for you. Coming up, joe biden and President Trump will hold dual in town halls tonight. Which one will you tune into . We discuss that next. This is bloomberg. Annmarie good morning. This is daybreak europe. I am Annmarie Hordern on. The event of the day has to the dueling town halls between President Trump and joe biden. Joining us is Senior Editor derek wallbank. What should we expect from tonights tom halls . Will the biden support is not just watch biden and the Trump Supporters watch trump . Dont the voters lose in this situation . Yes. These town halls are scheduled for exactly the same time on two competing broadcast networks. After the president ial debate, the second one got canceled, the Biden Campaign moved to try and get something on. So they struck a deal for this town hall on abc at 8 00. Nbc it just came out that got one with trump also scheduled at 8 00. Theou are a swing voter in great state of michigan, i dont know how you are supposed to watch both at the same time. It is not metaphysic a possible you just have it is not metaphysically possible. You have to pick one. And since you dont get the opportunity to see them both next to each other, hard to say how this will move people, if it will at all. Annmarie so basically, if you want to watch President Trump, nbc. If you want to watch joe biden, abc. And if you are not interested at all you can watch ,big brother on cbs. The quinnipiac poll in georgia is really striking to me. Derek yes, it shows joe biden ahead. The quinnipiac is a very good. But also one that has showed results more favorable to biden than some other posters. Others have it tied or within one or two points in the state of georgia. But if georgia is tied even for trumpreally bad because that is a state that has gone republican for many, many, many election cycles in a row. It is not a state should be considered a swing this year unless biden is doing really well and trump is not doing very well. I would say this, if joe biden wins georgia, he has already won the presidency because there will be many other states to flip ahead of time. Whether you buy the quinnipiac poll were discounted a little bit, it is not great news for the president. Annmarie not great news at all, 5144 in georgia. Takes the quinnipiac poll with a grain of salt. Thanks for joining me. That does it for daybreak europe. Matt and anna are next with the open. Ahead of the open, it is a riskoff day, as the pandemic remains front and center with europe and fresh restrictions, and london on the course of a clampdown. We listen to hea what the london mayor, sadiq khan, has to say. 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. 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