Contributor. What do we look out for . Spin is the only substantive issue to discuss with respect to this debate, but theres a Closing Argument to be made here by both President Trump and joe biden. Joes Closing Arguments have been about coronavirus. We see spiking in the midwest, and globally a worsening of the situation. Donald trump has chosen to tackle issues such as hunter biden and corruption within the biden family, which is a repeat of his Closing Arguments against Hillary Clinton in 2016. We will see if they have the same impact. Americans have already voted. Why will tonight move the dial . Rick well, it moved the dial in the first debate a bit. No question, the polling taken after the first president ial debate had biden consolidating his lead in almost all of the battleground states and nationally. Some of that has been given back to the field. Donald trump has improved since then. His numbers in states like pennsylvania and a little bit nationally. We know that people are watching the debates, and certainly in various forms, whether it is youtube or the networks themselves. That theyve moved around a bit. Outcome influence the of the election . It is hard to know. 40 Million People already voting will not be influenced, and that number continues to go up by record amounts on a daily basis. Alix it feels like the stimulus is the backdrop of this. If President Trump wins points on the economy, not having the stimulus is a tough conversation to have. Morgan stanley says any depth on the elections, you buy because theres going to be huge stimulus no matter what. What is the real story . Rick if only there was a real story. I think washington has become a gamesmanship center for the stimulus. Yesterday the senate, under the leadership of miss mcconnell of Mitch Mcconnell, past of , just to stimulus bill get his own narrative into the game. Most people in washington who follow congress think that this will actually be a postelection stimulus because they dont have enough capacity to decide. Most republican strategists i talked to cant understand why donald trump wouldnt cut a deal on pelosis terms and get a multitrillion dollar stimulus into the economy before election day. Everybody agrees that it must be a positive for him economically. So everyone is scratching their head wondering why this hasnt been done. Guy theres a big gap between the two sides in the ability to spend money right now. How big a difference is that going to make in the closing days . Rick i think more and more, you are seeing that impact gap diminish. Most people have already place their bets on network tv and cable for the closing week of the election. Theres no question that having the money advantage over the last month has helped joe biden control the narrative of the election come about the end of the day, the last 10 days of an election will much more be driven by earned media, things that are happening in the public domain, then by paid media, where biden will have an advantage of almost two to one. Guy looking forward to the coverage tonight. Thank you very much for joining us. We are going to have special coverage this evening, the final president ial debate at 8 30 p. M. New york time. Lets get back to the macro story we are focusing on today. U. S. Initial jobless claims falling more than forecast last week. The data follows upbeat remarks from saint lewis that president James Bullard last night. Forlayed down the need stimulus to continue into 2021. Youre getting this big bounceback in the Fourth Quarter from the very bad Second Quarter, of course. I think the natural assumption is that you should have well above trend growth again in the Fourth Quarter and in the first on. Ter, following guy preoptimistic pretty optimistic. Michelle meyer, bank of America Securities head of u. S. Economics, what do you think of that . Michelle i do think the quarter had a big bounce in Economic Activity as a result of reopening, as a result of incredible stimulus. But that is just the initial stage of the recovery. But i think really matters, and there is still a lot of uncertainty, is about the next stage of the recovery. How much further healing will we see in the cycle . What are the obstacles we might face . How does the path of the virus impact that . I think that still remains an outstanding question. Some of the more outstanding indicators we track moderation in the rate of growth. Alix does moderation mean we need that stimulus . I am taking a look at the data from existing home sales, up over 9 for september. We hear things like fica scores got better because they were able to use stimulus to pay off debt. We fallle to see when off this cliff. It was supposed to be back in august, it was supposed to be in september, and it still hasnt happened. Michelle what seems to be the most appropriate for stimulus is a really targeted program because we know that there is still a good portion of the country that is not receiving the same amount of the income they would have if not for covid, and the sense of the continuing jobless claims numbers. They are coming down, but still , andt nearly high consistent with what we see in peaks of other recessions needs to have quite a lot of drive for fiscal stimulus. The Fiscal Stimulus Program that i think we can put in place will look different than back in the focused more on supporting spending and purchasing power of the unemployed, supporting small businesses. Those seem to be the most important factors when you about where there is still some lingering in the economy that could slow down the overall recovery. Guy im looking at the landscape in europe. Covid cases are climbing directly. The, data is starting to reflect that. Getting cold here. People are moving inside. In the states, cases are beginning to climb. Not get that cold. What do you see in the winter data . U. S. , thereshe already been a rise in cases, if you think about the low in the middle of september area the virus count is up significantly from their, somewhere around a 70 increase. Part of that is because testing continues to ramp up. But even with the increase in testing, obviously the spread of the virus has picked up in the u. S. As well. Most Health Experts would suggest theres real reason for concern as people are forced back indoors in the colder weather. That is something we are monitoring and thinking about very carefully as we approach the end of the year. If we think back to the summer when we had the wave of the sunbelt,oughout the there was some modest hit to Economic Activity in the areas where the virus was rising, but we didnt see an abrupt stop to the recovery in those regions. It was just a speed bump. I think that would be what we would see again this time, particularly if the virus is rising on a rolling basis throughout the country rather than hitting everybody all at once. Alix not to ask a political question, but it is hard to talk about Growth Without the number of stimulus that we are dealing with. If we get a blue wave, that is going to be something different. The green deal is a different kind of input. If we get lower taxes from President Trump that is a different input. What do you do for your outlook for 2021 . Michelle we are at an incredibly difficult time when it comes to forecasting because theres two huge unknowns. One is the outcome of fiscal policy and the like as a result of the upcoming elections. The other one is what is happening around the virus path, as we just talked about. I think for stimulus, monitoring the headlines, trying to understand what the composition power might be in washington, what that means for policy, is the right approach. We are assuming additional put into gets place. A smaller package than we had seen before. Most likely, it will take a few weeks, not months before that is a bill amended. But i think the forecasts as market observers, youre supposed to be as willing to adapt as you see these headlines flow because it is very hard to predict the timing and the magnitude. Alix we appreciate that. Michelle meyer of bank of America Securities, thank you very much. Southwest posting a smaller than expect a loss in the Third Quarter. Ceo gary kelly will be joining us next. This is bloomberg. Guy welcome back. More earnings from the battered Airline Sector this morning. Scarlet fu has dug into what weve learned. Scarlet weak demand has left the airlines unprofitable for a Third Straight quarter. The focus is squarely on their financial position, specifically their cash burn. Here is where american is leading, not necessarily in a good way. American is spending the most in the industry on overall operations, burning 44 million a day in the Third Quarter, down from on 60 million in the Second Quarter. Increasede time, its its government lung capacity to 7. 5 billion and will look to sell 1 billion worth of shares. Southwest is any better position because Third Quarter cash burn was 60 million a day, down from 23 million was 16 million a day, down from 23 million. Meantime, the carriers are keeping the fleets pretty lean. American is deferring the delivery of some boeing jets. Southwest is also calling for washington to extend payroll support for another six months as it tackles cost cuts this unions. If it cant get a deal done, it may need to furlough workers early next year. Before with the results, cowen called the court or lost quarter for the industry come but also said it may have seen its worst. Thirdquarter revenue at alaska, american, and southwest did top analyst estimates. For now, Fourth Quarter capacity is down more than half in the u. S. , and internationally more than 75 . Southwest says it is actually adding flights in certain leisure destinations, so there is some good news. Alix, back to you. Alix joining us now on bloomberg tv and radio is gary kelly, Southwest Airlines chairman and ceo. Thank you for joining us. You heard scarlet set up where the industry is. I want to get your visibility outlook. On december 1, you resume selling all seats, not taking up that bitter seat that middle seat. I wonder why. Is that better visibility, or just plain economics . Gary that was a great set up. I didnt hear anything i disagreed with. The Third Quarter is the low point, and it feels like things will improve from here. We are definitely having a had inoctober than we the Third Quarter, so that is welcome improvement. November, in terms of the visibility we have there, looks like it will be better still. She was talking about the cash burn. Our cash burn is now down to 12 million a day. I cant believe i am celebrating that, but in any event, it is definitely good progress. We are hoping for better revenues in the Fourth Quarter, and also lowercost, so we should narrow our loss yet again in the Fourth Quarter. Beyond that, who knows . I think the demand is just difficult to predict in this environment, but at least the current trend suggests things will continue to get better. Got to have a vaccine. Got to reach herd immunity. Then i think we can hope for demand to begin to recover to more normal levels. So weve got a long way to go. Guy good morning. Great to be with you. Thank you, as ever, for your time. I would love to talk about your people. You have really supported your people throughout this entire crisis. Youve already indicated that you are not going to furlough anybody until yearend. My question is, what kind of revenue numbers do you need to see. What kind of demand do you need to see . What kind of Government Support do you need to see for that to continue into next year . Gary i promised are people that we would have no pay cuts, no furloughs in 2020, and i hope that we never have either one of those. If we can get the stimulus package passed and include the payroll support for the airline industry, we wont ask for any pay cuts were furloughs. Its all about getting that stimulus passed. I agree with chairman powell and the fed that the country needs this. Weve got a huge war on our hands, and we just got to fight our way through this. Absent that, we were way overstaffed at current demand levels. Staffingof that over is absolutely staggering. One way or the other, we have to work with our unions to see how we can mitigate that if we dont get the payroll support. Obviously payroll support would solve that. Alix when do you need it by . What is the timeline here . Gary it is political. Alix but when do you need it . When do you feel like it is crunch time . Gary it is a long game. I think the question is more will we get the payroll support or not. Ityou judge that we will get , obviously we can be patient here because we have cash to fund our losses well beyond 2021. That is not the issue. Money andis wasting having to borrow more and more money to fund losses that are in excess of what they could be. That is the challenge here. But i dont want to put our people through the agony of pay cuts and furloughs only to find that we are going to get the support, and then we could abandon those efforts. Thats the trick here. I believe we will get the stimulus. We are working hard to make that happen. That is when you get into the politics, and it makes it really hard to judge, which is why we have to have these contingency conversations with our people to understand that if we dont get this, we are going to have to do everything we can cut our costs. Gary there is some suggestion that you might have to wait into next year, possibly february. There is some suggestion that we dont give it done now, we dont get it done in the lameduck session because the politics is going to be difficult potentially. And we have to wait until past next year, into 2021. How do you manage it if it is that last idea, that we get it in maybe february of next year . What do you do in the interim . Said well, ive already wont have any pay cuts or furloughs in 2020. We are working with our unions right now. We will just have to make a judgment about the likelihood that we will ultimately get some kind of support. I think a concern is the longer time goes, the less likely it seems to become. We may need to see what happens on election night. A lot of people believe, and i was listening to your show, that the stimulus is going to happen after the election. We are just going to have to play this game out as best we can and just make sure that we put southwest in a position where it is strong and healthy and in a Competitive Position to therelative to the rest of industry. This is a huge factor in that in terms of managing our costs Going Forward. But it is a risk that we will just have to do our best to judge and manage. Alix talking about managing, if you can get domestic flights going, that would be huge. Talk to me about rapid testing. Using it works . Is it a good idea do you think it works . Is it a good idea . Cost . Gary ive been a fan of doing testing. Ive been a fan of doing temperature checks on a wide scale. Pandemic ends quickly next year, which we would all celebrate, we need to finish this work and put our country and our world in a position where we are better repaired for the next one. Better prepared for the next one. We are working hard on the west coast to get this testing in place, but i think it is critical. I think it is critical not just for flights, but for gatherings. Think about sporting events or conventions or whatever it might be. We are in this for the long run. To get better testing in place. It needs to be rapid. It needs to be something that gives us all confidence that we are not going to continue to spread these viruses. Guy one final quick question. You are in talks with boeing regarding the max. Youve got 34 at the books 34 on the books at the moment. What are you talking to them about . Can you give me a little but of color on what your current thinking is . Gary in this world that we are living in, we are talking to them about everything. Im not happy that the max has been delayed now getting close to two years, and we still dont know when we will have it in service, so that is a problem. That is the number one thing that needs to be solved because we cant get our planes right now, even if we needed and wanted them. But we are looking at the delivery schedule and a whole new environment, and we are looking at the pricing in a whole new environment. Obviously, we need certainty around the max. Period all of those things are being discussed. Guy thank you for your time. We really appreciate it. Gary kelly, southwest ceo. And thanks to our radio listeners as well. This is bloomberg. Alix earnings this morning at tesla getting a small lift after the company reaffirmed its delivery target of 500,000 cars by the end of the year. Hollandes Technology Surging 30 , the best performing the s p online Technology Surging 30 , the best performing in the s p. Cocacola warning of more challenges. We will talk to ceo james quincey, coming up next. This is bloomberg. Ritika it is time for the Bloomberg Business flash. Im ritika gupta. It was a fifth straight quarter of profits for tesla. The electric car maker easily beat wall street estimates and says it is on track to deliver 500,000 cars this year. The earnings streak could add momentum for teslas inclusion into the s p 500 index. Shares are up more than 400 this year. The founder of saba capital Boaz Weinstein managed to be on of the biggest winners in the pandemic south. Now he is positioning the pandemic selloff. Now he is positioning himself to win again. Erik schatzker spoke to him in an exclusive interview. Versus objective measures of future volatility like the vix, with think about the onslaught of news that is going to come out. I believe that credit, when spreads are low as they are today, is asymmetric. I want to delve into that deeply. I think the markets are rightly telling us that there is a very good chance for volatility. More, register for the robinhood conference, where he will be speaking next week. Sales are inching back towards normal at cocacola. Global unit case volume was down 4 in the latest quarter. The restaurants and Entertainment Venues that make up about half of revenues are not back to normal yet. Still, that is better than the previous quarter, when cocacola fell 16 . That is your latest business flash. Alix thanks so much. For more, james quincey, cocacola chairman and ceo, joins us from atlanta. Thanks for joining us. You say you want to move faster, and it is clear in the restructuring. I wonder what faster means. Is that weeks, months . Give us some perspective on urgency with that. James im not sure one can measure it in weeks or month because the direction in the line of travel of this current pandemic, of this crisis, is not a straight line, and its duration is unknown. What the speed needs to be about is our ability to adapt and to be flexible, and be agile in the face of change. Clearly, the Second Quarter was very negative for us. We were able to adapt so that we were much better by june then we had been in april. We got better through the Third Quarter, so our focus is on maintaining the flex ability to be able to adapt to the uncertainty ahead of us for the next few quarters. As we, at the same time, build a Better Business and a Better Business system, such that we havetronger and better and more set up for growth once this has all passed. Guy you talk about uncertainty. What do you need to see to reinstate guidance . James i think guidance is about some degree of project ability of the direction of travel. As we talked about on previous calls, one of the nonnormal factors was the degree of lockdowns. I think as we start to see enough adaptation in either the management of the pandemic or the rollout of vaccines, or some combination of the two such that we can see visibility to the Business Trends and not have to lay over this kind of nonnormal factor, that will help provide greater visibility. We doy we will be looking our fourthquarter call to try to look out for 2021, the whole year. But it is this degree of visibility to we used to be factoring in versus what can be locked down, what is the goal, and come back, and that is the biggest factor here. Alix can you give us an idea of how the process works . If you have a new product or idea, how fast can it come to market . And similarly when you want to cut a product, how quickly can you get it off . James when you want to get a product off, and the Second Quarter when we really needed to focus the supply chain to make continuity, you can just stop manufacturing them. In a normal course of business, clearly you want to also recapture for your existing products or your new products the shelf space in the retailers and through the distribution chain for those new products. That can happen in a matter of months. ,f we take the latest launch which is hard to which is hard seltzer and latin american cities, the ability to pivot and bring new projects to bear is a rapid process. One decides which way you want to go. So the ability of the system to react is substantial. It is a big physical system, but the ability to act is substantial, whether that is in marketing, launching a product, or pruning so that we can be best system for growth that we can be. Launched a volunteer redundancy scheme. Can you give me an idea of how much slimmer this business will be in terms of headcount this Time Next Year . Launchedames we have a voluntary scheme. That started in the u. S. And a number of International Markets have not yet completed. Theres ongoing consultation processes. The voluntary peace hasnt finished yet. We very much in this redesign of the organization are focused on setting ourselves up for the future, for success, and we will have completed the design by the end of this year, so we are not giving out a number on how we see the exact shape of the employee base. We got work left to do. We took a very conscious decision, particularly in the disconnected pandemic time with a lot of remote working, to to the process much more in the open with the employees to optimize the design so people could see where we are going, and we havent reached the end of the process, so we havent got a final number, but we are confident that this reorganization is going to make us stronger, help us grow, and we believe the Program Allows us to have participation in making the decisions for themselves as well. Alix when you are having those conversations, do you have an idea of what region is going to provide the most growth for you, or what products per what region . What is the visibility . James in the shortterm, not so much. In the medium and long term, for thewe are looking emerging markets to produce more volumetric contribution to overall growth. In developed markets, it will be a balance of volume and price. Across the categories, we see actually opportunities for growth across the categories, clearly in places like sparkling beverages, where we have a five deal of brand like coke. The percentage of gross might be less than other categories, but there is still tremendous Growth Opportunity for sparkling brands, including coke. Insee a great opportunity teas and, juice, andees, and in the hydrogen sports drinks dehydration and sports drinks. It is not just a reorganization, but refocus of the market, improving of the portfolio is really setting us up to perform postcrisis. Guy guy ive been to cope ive been to coke world. Youve got a lot of products. We are seeing lockdowns increasing in europe. We are seeing circuit breakers. The hospitality sector is taking it really hard. Performing right now with this uncertainty . What is happening with the cost of coffee . Way fromearly, the home channels are under pressure in europe in general, and that is affecting all our brands and categories. As we go into the winter, i think we had some expectation that there would be an increase in cases of potentially increasing restrictions, and that is what we are starting to see across europe. The darkest day was april, and when there was the full national lockdown. Now virtually all of our stores are open again, and they have been adapted to allow for digital ordering, take away, ability touch more operate even within similar restrictions. And the Costa Express machines, they have done fantastically. They have been growing well ahead of last year, all the way through this crisis. So it is about managing which channels and which locations we can serve the coffee through, but weve been bouncing back, and i think with the adaptations, we will be able to weather through the upcoming restrictions in q4 and q1. Alix james, thanks a lot. We really appreciate it. We are also all admiring your cocacola retro thing on your wall. Thanks for joining us. Coming up, a work from home boost. Life tech gains after boosting its sales forecast. This is bloomberg. Ritika this is bloomberg markets. Oming up, dow ceo this is bloomberg. Lets check in on the bloomberg first word news. Im ritika gupta. Amy Coney Barretts nomination to the Supreme Court will now go before the full senate. The Senate Judiciary committee voted to advance her nomination today. All 12 republican senators on the panel voted in favor of barretts nomination. Democrats boycotted this committee vote. Synthroid publican leader Mitch Mcconnell says the chamber will load on barretts confirmation monday. President trump and Joe Biden Square off for 90 minutes in their final debate tonight. Both will be trying to improve their performances from what consultants call a disastrous first meeting. The president faces a bigger challenge. He will have to restrain his aggressive posture from the first debate. Meanwhile, biden has struggled to stay on topic. Ofudge has released hundreds pages of testimony by ghislaine maxwell, onetime friend of disgraced financier jeffrey epstein. Maxwell is in jail in new york on charges that she trafficked girls as in is 14 as young as 14. Epstein was found dead in his cell last year. Global news 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. Im ritika gupta. This is bloomberg. Guy thank you very much, indeed. Ofitech come of this with wireless mice and webcams found itself at the center of at home working, raising 16 after raising fullyear forecasts. Joining us now is bracken ceo. Ll, logitechs thank you for your time today. Really appreciate it. How much longer does this work from home boost last . Bracken thank you for having me. I think the boost is related to the new reality that a lot of us are going to be working from home for good. Most of them a few days we get home, a few days a week in the office, and some all the time. So this is kind of the future we saw coming a long time ago. We have positioned ourselves for this. Alix how much of it is pulled forward demand because we were going there anyway versus a structural change . Bracken we started five or six years ago. We saw this structural change coming and started really positioning ourselves and trying to make sure we had the various pieces of our business structured for where the tear wind was. Tailwind was. I think it is still the same destination were some people are working from home a lot in this new world. I think longterm, we will continue to have good longterm growth. Guy just in terms of how much potential area is out there, how many pcs still dont have a webcam . Bracken i couldnt give you a specific number, but i will give you a guesstimate. I would say it is probably less than 5 of all pcs out there. Ave a webcam if you can get a price point on a pc, they can also be positioned so you can look right into the camera. Alix how do you get them to adapt . Theres two parts to it. One is the consumer. The other is going to be enterprise sales. I wonder if you need to get aggressive into the latter also. Wecken on the latter, started a collaboration business ,hich includes video link rooms making sure that [indiscernible] it is really a question of basic awareness. You will see more as we go through next through the rest of this year. Guy margins are up nicely. Where do you spend that benefit . Where are the opportunities Going Forward . The three areas that i call out off the top is continued investment in innovation and engineering, innovation in sales force that drives that through the Enterprise Business space. We are increasing our infrastructure to make sure that we can support much higher demand in every way. The third one i mentioned earlier, that we are going to increase our marketing. We want people to be aware of what we do and what we stand for, what we believe in. Alix this part of that maybe buying another company . You have about 900 million on your cash flow, which is a record high. What you do with that . Bracken our First Priority is always to make intelligent acquisitions that can create value. So we are looking now. Period wheread a we werent looking at acquisitions. We will see. It is always tricky to get things done, but we will see. Guy i just went on the website to double check this, but apple has removed all logitech Audio Products from its website. What kind of competition do you expect from apple Going Forward from here in that space . How are you going to fight back . We have made deals inside this space, so it is not effective for us. Alix but to add onto that, as the business changes, some of your products not being listed, where you feel like there is a hole in your pipeline that you want to beef up, or an area where you can go in take market share from someone else . Bracken i love our business. Was steering into new categories and using our design experience in existing categories. We keep bringing out new things, so it is super exciting. I cant be specific on what exactly we are working at. Weve got opportunities everywhere. Guy in terms of those opportunities everywhere, ive heard you say that throughout is interview, that the opportunities are huge, and they are everywhere. You have cash. You have margins that will help you spend money as well. How are you picking . What metrics are you using to determine where you will spend money, and which areas you are going to focus on . Bracken the easiest growth for us, weve got so organic Growth Opportunity, so we are going to keep investing where the action is, which is in the categories we have that are growing the strongest. We grew 35 or 44 in our mouse and keyboard business. Our business is even stronger. Weve gotten lots of opportunities, and we will keep doubling down there. Do we see longterm growth, and do we believe we can be a leader . If we think we can, then we take a hard look at it. We try first to enter organically always, and if we cant, we will try to accelerate individual g8 accelerate and differentiate. Alix it was great having you. We would love to get you back. Thank you very much. Just to update you, House Speaker nancy pelosi says she is hopeful they will be able to reach an aide agreement. She does say it is urgent that they do, and critical. So the rhetoric keeps on going on the macro front. This is bloomberg. Ritika its time for the Bloomberg Business flash, a look at some of the biggest this in the news right now. I am ritika gupta. The longrunning 1mdb scandal has led to the first guilty plea by goldman sachs. In federal court in brooklyn, the Malaysia Unit admitted misconduct, but avoided conviction in the u. S. 5al fines will exceed billion. Adidas reportedly wants to sell its reebok brand before and germanysording to manager magazine. Adidas was said to be seeking 2. 4 billion for reebok before the pandemic, but now would be content with less. That is your latest business flash. Alix thanks so much. Nancy pelosi speaking at that news conference, saying just about there, direct quote, on stimulus. Now time for futures in focus. We are looking at commodities. Goldman sachs says the asset class moving toward this market,ral bull they see returns of 28 . Youd part of this is stricking is shrinking supply deficits dollar,gs like a weaker particularly in emerging markets. Guy some of that supply shortage is going to comfort very different reasons. Part of it is structural, to do with what is happening with the virus. Other factors are just completely unrelated. I think it is also really interesting if you think about what is happening more broadly. These are inflation hedges. Think about what is happening in the bond market right now. I am fascinated to see what people are buying for here. Are they buying because we have a supply and demand balance, or buying for that inflation story . Alix or is it both . Those reasons, coupled with the deficit, are enough to offset any demand stock we will see by nextwave of covid and any kind of regional shutdowns. There is enough there to make up for. The ones in particular they are looking at are solely and natural gas are soy and natural gas. Decline rates pick up for u. S. Shale in particular. Guy absolutely. We spent a lot of time talking about those decline rates over the last few days. Up next, we are moving into what is happening with the european markets. The data out of europe at the moment seems pretty uniformly grim, both on the virus front, and the Economic Data starting to roll over. Some grim German Consumer Confidence data earlier on. More to follow. This is bloomberg. Guy live from london, im guy johnson. Alix steel is a new york. We are counting you down to the european close on bloomberg markets. Beefing up its help for those affected by the covid lockdowns. ,irus cases picking up again intensive unit beds filling up quickly across the continent. The netherlands, germany, and six other countries reporting record figures. Iag slashing Fourth Quarter capacity to conserve cash as fresh travel restrictions continue to hit demand. The market is softer when it comes to equities, down by 0. 3 . Tech is the lead losing sector in europe. Most sectors are down, but travel and leisure is the most positive sector. Down at the bottom of that very tight range we have been occupying, the s p down as