Plenty of things to be thinking about. The election dominating the narrative. Alix polls are just opening in alaska. In the lower 48 states, voters have been filing into bowling into Bowling Centers across the United States. Joining us into pulling Centers Across the United States. Joining usis bloombergs nick wadhams joining us is bloombergs nick wadhams. We saw a record early turnout of about 100 million voters, i reflation that a lot of democrats in particular were worried about the coronavirus and possible exposure, and want to get their votes in early. Republicans tend in this election to vote much more on election day. The big number we are looking at is 9 00 p. M. That is when we expect to know what is happening in florida. Once we know florida, people have a very good sense of what this race is going to look like. If joe biden wins florida, President Trump has very few paths to get to the white house. If it is a nailbiter, that could give us a sense of the shape of things to come, that it will be a very close election and we will have to watch for those blue wall states that donald trump took into any 16. In 2016. Guy we will leave it there. Nick wadhams joining us as voting continues in the United States. And europe, we are watching this very carefully. Joining us in berlin with a view , chad thomas, bloomberg editor. A lot to think about. How critical is it . Are absolutely right. When you think across europes difficulties that many in the eu see with the trump administration, they have been conflict over tariffs and trade. Publicly, leaders will tell you that they will work with whomever the u. S. President is, and of course, they will do that. But privately, many are hoping for a biden presidency. They are hoping that if joe biden does win tonight, then there will be more of a return to sort of a normalcy in terms with allies. Gs i was talking to a double met who said one of the challenges to a diplomat who said one of the challenges we face is that trump changes his mind and his strategy on a daytoday basis, so it is difficult to move forward with any sort of negotiations with the administration. You can rest assured that people across the confident are watching very closely this evening those results coming in. Alix i have been hearing 24 our desks going on. Lets take a look at how the election outcome could be for investors. Joining us from berlin is Holger Schmieding, chief economist at berenberg. What is your base case for the election outcome, and how does it affect nations like your like in europe . A 60 we see for biden probability that he will win. If so, from a european perspective, that is the key message. Domestically in the u. S. , it is what happens to the senate. For europe, the presidency matters because the president has a lot of discretion over trade and Foreign Policy. The European Union is a multilateral institution. Trumps disdain for multilateral institutions did not go to down well, and the trade antics of trump caused a significant setback in global trade in 2019 that did harm the euro zone and european economies noticeably. So europe is watching very closely what happens with the white house. Guy are we going to see a reset to the obama administration, or is this going to be Something Different . Clearly trade tensions exist now between europe and the United States. You wonder whether biden is going to completely reverse all that trump has done. Holger no, and i dont think europe is expected to go back to the good old days of transatlantic cooperation. There are serious issues of substance between the u. S. And europe, particularly between the u. S. And germany over the nord stream 2 pipeline, over German Defense spending, over the current account surplus, over fiscal policy. These issues wont go away. However, what many in europe would be betting on is that with a Biden Administration, many of these feuds could be pursued and settled within multilateral institutions and dialogue rather ,han with threats over tweet and hence the better tone would make a difference. Also, if the u. S. Were to back the wto and returned to the paris accord, that would be good for global trade, and if the under biden, it would make it easier to explain at home in europe why, with a Biden Administration, when would need to move towards u. S. Demands on defense spending and a few other things. They would be easier to manage. Alix does easier to manage mean you want to buy european equities on this . There was a narrative that if biden wins, you will see a move to value, which also means a move to European Value stocks. What is your narrative surrounding this . Biden on foreign trade, would be strengthening the global multilateral institutions. Relativeld probably be to trump good for foreign trade. As the European Union is the top exporter of the world, the biggest power in global trade, a course, it would be positive for europe, and hence european equities. Guy what would biden mean for brexit . Trump seemed to be getting on with nigel farage fairly well my top brexit here i top brexit nigel for farrage, a top brexiteer. It would put pressure on the u. K. To honor its agreements under the withdrawal treaty. Alix if President Trump stays in office, what do you think is priced in or acknowledged or echoed in your models based on that . Holger there is a significant is returned. Rump after all, opinion polls for years ago were not a clear guide to the outcome of the 2016 election and the brexit vote, so there is some probability in that direction that is priced in. However, they reelected trump would probably mean that for european markets, especially export oriented companies, the outlook would be a bit dark. Guy this talk about china. Germany relies on china. China is a very important export market. If we were to see a biden presidency, do you think that europe and the United States would get on the same page . Holger they would at least try to get on the same page. They would probably coordinate their process on china somewhat, and that would be been with that would be beneficial. It would put pressure on europe to think hard about china. At the moment, the demand on china comes from trump, and is at the detriment of europe simple because it comes from trump. In a Biden Administration, it will be more difficult for europe to ignore that. Hence, europe may move closer to the u. S. Position on china to take a harder line towards china. Guy always a pleasure. Thank you for your time. What is coming up next . Thomas gift, director of the center on u. S. Politics at the University College london. We will get his insights on the relationship between the u. S. And the eu, carrying on the conversation. This is bloomberg. Guy breaking news out of the u. K. The u. K. Government raising the Terror Threat level in the United Kingdom to severe. That means an attack is highly likely. This following the terror attacks we have seen over the last few days in vienna, near paris, and in nice, spread across europe. The u. K. Now responding to that and raising the Terror Threat. This against the backdrop of the u. S. Election, which we are continuing to cover today, and the implications for europe. Lets carry on the conversation. We were just talking to Holger Schmieding from berenberg. ,oining us now is thomas gift director of the center on u. S. Politics at ucl here in london. Thank you for joining us today. Let me just get your take on your sense of the timeline that we are working with here. Financial markets seem to be pricing in the idea that we are going to get a result. The inflation trade is on, and we will get that result relatively quickly. Is that your assessment . Thomas it is really difficult to know. I know that is an unsatisfying answer, but it really does depend on the margins of these votes coming out. If it looks like biden, for example, is going to a decisive win in florida, i think we will know the answer very quickly. At the same time, if donald trump does betterthanexpected, is able to have some good showings in florida, pennsylvania, wisconsin, michigan, and elsewhere, we could be in this for quite a few days, if not weeks. If we get into the territory of recounts, where this ends up becoming adjudicated in the courts, it could be quite some time until we know the outcome. Alix how do you look at the senate race . It looks like that could drag on into january, particularly in georgia, where you have one race and the retirement of another senator. How do we understand how that is going to walk us forward to any fiscal stimulus and the u. S. . Thomas those are all great questions. We do have something in the u. S. We refer to as coattail effects. That means a lot of the down ballot races in the senate and the house are very much contingent on what happens at the top in the white house. If donald trump is not doing well, that certainly bodes well for the democrats picking up the house, sweeping the house, and potentially even getting the senate. Whether that would be more resolute give a decision on stimulus, it is tough to say. Joe has promised that if they get into office, they are going to pass it. Same thing with donald trump. I think it is more a question of the size of that stimulus and what the actual details would be. Guy if we do get divided government, what with that gridlock look like . Sand would be in the gears of washington . Would policy be possible . Thomas i think you would be looking at another four years of policy paralysis, which has become essentially the default in washington over the last several years. Many people complain that washington isnt able to get a lot of things done. In large part, that is a reflection of divided government. At the same time, this is how the federal system in the u. S. Is set up. There are good things about that as well, but to the extent that the United States government is unable to respond to some of these really pressing issues like the coronavirus, like getting stimulus passed, it is very dispiriting and has broad implications for the markets. Alix when you look at u. S. Elections on a global scale, we were talking about the impatiens for brexit, for china, and for europe. What relationship is most at risk in a trump or biden win . Thomas being here in the u. K. , i am particularly interested in how that dynamic is going to turn out here. I think that if biden is elected, he has promised to restore americas reputation abroad and restore the status of u. S. Alliances. To the extent that would facilitate multilateralism and advance goals within the international community, whether that be tackling climate change, uniting on defense issues or other common pursuits. It is unclear whether biden would demonstrate particular interest in the special relationship, or if he would just view the u. K. As one of several other important western european partners, along with germany, france, and other nations. Have u. K. And france and u. S. Have demonstrated historically goodwill towards each other, but it is unclear how they are ties would be those relations. Guy biden is a kind of classic atlanta cyst classic atlanticist. You wonder what kind of role that would play. This is something certainly where the u. K. Has had plenty to offer. Thomas thats right. I think just a strong relationship between the United States and the u. K. , and the eu more broadly, would help to reinforce some of that intelligence sharing, that sense of common purpose when it comes to initiatives abroad, so you do hope that after four years of such destabilizing dynamics under the trump administration, biden is promising to bring us back to something approximating issues across on the board. I think you would see more stability and he would be able to get more of a sense at the outset of what daytoday things are going to look like under a Biden Administration. Alix i dont think i even know what normal looks like or means anymore. If we look at the conflict between airbus and boeing, for example, the tariffs on chinese goods, do you think the Biden Administration would roll them back or do we just go further down this whole down this hole . There is a distinction for markets. Thomas i dont actually know. Biden has not offered to many specifics about how he would roll down these tensions and risks between the u. S. And the European Union, between the u. S. And china. For at least the first month, you might see something that approximate more of the status quo, that joe biden would aggressively roll back some of these tariffs, for example. But i think the primary benefit, at least as joe biden is presenting this, is that he would offer more stability to the markets. If there is one thing markets dont respond well to, it is a lack of stability. If you think about the trade war with china, it is 15 one day, 25 the next day. It is just very hard to price these things and when there is not a timeframe or set of expectations for how things are going to get done. Alix thomas, we appreciate it. Thomas gift, director of the center of u. S. Politics at University College london, thank you. Tune in for special election coverage at 7 00 p. M. New york. You are going to be up all night. This is bloomberg. Guy european banks absolutely smashing it today. Bnp paribas amongst those out with results earlier. The french bank joining peers with a big trading beat. Cfo about what the second lockdown across europe could mean for his business. If you look at the lockdowns being announced this week, and compare them to what we saw earlier in the year, they are quite different. It looks like the authorities have learned their lessons, so we should look at it like basically, the authorities themselves keep on going. Construction can continue. Moreover, if you look at many factoring can continue, and the services at manufacturing can continue, and the Services Industry has learned and is equipped to continue working from home and the like. So the impact will be different. Of course, there will be an impact, but it will be different in nature than what we saw previously. On top of that, all of the authorities have stepped up the efforts they have done to support the economy. They are rolling out new things in europe. Look at france. They have stepped up to 15 billion additional amounts of support to the economy. From that point of view, one has to see how this unfolds, but the lockdowns seem different and include the Lessons Learned from the previous one. Guy nevertheless, the ecb is continuing to impose restrictions. Your ability to return money to shareholders has been limited. Lets talk about dividend policy Going Forward. Lets talk about the 2019 dividend. Is that going to be paid in 221, or do you think we are going to in 2021, or do you think we will have to wait until later . When do you think we are going to be able to pay that dividend . Sorry, i dont have my crystal ball with me. What i mean is that we have to wait on the guidelines that europe will give. At this stage, they will come back on their recommendations probably around december, so we will have to wait for that. If we now look at the 2020 dividend, the dividends over the results of 2020, we have been considering that 50 of that we have put aside for dividends to be paid in 2021. Of course, we have to wait for what the authorities will do, but that is what we continue to provide for. Guy ok. The flipside of that is you continue to focus on costs. Timee been positive this around, which is a good thing. What is your expectation in terms of your banks ability to reduce costs further . Are we going to see significant layoffs . Certainly banks have been doing that. Policyndering what bnps will be going into next year. We are reducing costs in infrastructure and the like, so lets not forget our staff is fully deployed to support the economy. They have been mobilized. Our banks are open. We are really there to serve the economy. That is the key thing of what we do. We aim to optimize, to be there, to be available to serve our clients and the economy. That is what we are doing and what we will continue to do. Me asnps cfo speaking to the bank produced really strong numbers a little earlier on. Inenue was strong, fic particular. Banks are leading the charge here in europe today. The reflation trade is on. Up, Financial Services trading higher. Every single sector in europe is in positive territory as we go into this election. Alix is it a value trade for banks . Is it like, you are going to start paying dividends . That will provide the catalyst. Guy maybe you get a steeper curve. That is Something Else you could potentially think about as well. The Net Interest Income story we have worried about for so long, maybe that is positive. That would be good for the banks. What ahave to wonder Biden Administration would do in terms of regulation, though. Alix that will be a very different story. Guy absolutely. Lets take you to a live shot. This is democratic candidate joe bidens headquarters. This is bloomberg. You can go your own way go your own way your wireless. Your rules. Only Xfinity Mobile lets you choose shared data, unlimited or a mix of each. And switch anytime so you only pay for the data you need. Switch and save hundreds on your wireless bill. Plus, get 300 off when you buy the Samsung Galaxy note20 ultra 5g. Learn more at your local xfinity store today. Guy wrapping up things in europe this u. S. Election day. The reflation trade is firmly on. We moved sharply higher. We have been climbing ever since and it is writ large. Stocks are not the only one catching a bid. Let me show you other asset classes. The euro is trading higher, the dollar is down. The pound is getting a bid. Brent is trending higher. Fading a little bit from earlier gains but nevertheless we are higher. , yields are0 year going higher on both sides of the atlantic. Bonds are on offer. Lets take a look at individual markets around europe. We will get you through the auction process. The ftse, the cac 40, and the dax all trading up around 2 . The ftse underperforming. We have seen a pop in the pound. Part of that dollar weakness but also evidence from science in the u. K. That may be Boris Johnsons tiered system was having an effect and that argues the idea of this current in a monthding becomes a possibility. Ftse, dax, and cac 40 all up strongly. What is driving the gains . We are hearing from the cfo, the results of his bank perhaps driving higher. The broader reflation trade is on. Every single sector is in positive territory. Todaygetting the best bid , up 4. 5 . Cars trading higher, insurance sectors up, the Financial Services sector trading higher. More defensive names of the bottom. Bond like proxy names are up but not up anything like what we are seeing at the top of the chart. Banks leading the charge. Alix on the flipside, one stock we are watching is alibaba, down in the u. S. Group is suspending its listing in shanghai and hong kong. Joining us is bloomberg deals editor. Walk me through why. This was the biggest ipo we were ever going to see. There was huge demand, particular institutional and retail investors. What happened . Was a big surprise and it does seem like last minute the chinese authorities decided to put a halt to the listing plans. It shows it does not make sense to pick a fight with regulators right on the people of your listing. In recent weeks the founder of had said jack ma things criticizing financial regulators and stifling innovation, not paying attention to development opportunities, to developing Capital Markets, and and ant, which sees itself as a technology darling, needs to follow the same rules as the big banks in china. Guy this was not happening in the United States, it was shanghai and hong kong. Does this pour cold water on the idea of the Big Tech Companies will look to the Chinese Markets in the future . Investors must be concerned by the fact this is happening so quickly and with a complete lack of transparency. We do not know what is happening. It is a complete aboutface and that will cause concern for investors. The fact is there a ton of liquidity in the domestic Chinese Market and people are willing to pay much higher valuations than u. S. Investors. They say they understand the economy, they understand the growth story better and are willing to pay. A lot of companies that are looking to get top dollar will still try to list domestically. That being said, it is a surprise. This is supposed to be one of the banner listings that would show the development in chinas Capital Market that they have reached a more mature stage and this train wreck at the last minute is not going to help improve their image. Guy absolutely. Thanks very much indeed. Bloombergs been sent on the ipo ben scent in hong kong and shanghai. We are getting back to our main story of the day, the u. S. Elections will mean a great deal for the markets. Goldman sachs says the dollar could fall to its 2018 lows in the event we get a blue wave. Joining us now zach pandl, global sex global Goldman Sachs global cohead of research. I want to talk about how much volatility is priced in. If we get a quick result, what happens . Yourehe first thing is likely to see brought relief across assets because the process is going smoothly and will not drag on. Some of the risk premium you have priced in and currencies and equities and elsewhere reflects concerns about a drawnout voting process and an uncertain result. If that gets resolved today, i think you will see brought relief in markets. Alix if we go with a joe biden win, on the one hand you will have a lot more spending so you will have a bigger budget deficit. That is dollar negative. The flipside is you could have stronger growth in the u. S. If you will gear towards the u. S. Exceptionalism outperformance narrative we have last year. Which one takes precedence . Zach a great question. It does come down to brought outlook. The brought outlook for Global Growth and investor risk appetite, investor risktaking in currency markets. The dollar reflects the u. S. Economy it is also a safe haven asset in global markets. Aspecthat latter dominates what is happening domestically. If we were to see a big fiscal expansion, that would be good for markets given the position of the u. S. Economy today. If we get a vaccine confirmed, if we see news of a safe and effective vaccine over the next month or two, that would also lift prospects for Global Growth. We would likely see the dollar depreciated because of the safe haven properties, not because the u. S. Economy is likely to perform poorly. More as a result of optimism and pessimism. Guy does the market by the dollar on a trump when . Zach the dollar probably would go up on a trump when, particular versus em like the chinese yuan. The chinese yuan has probably benefited over the last six weeks of expectations of turnover at the white house, and thinking that would have some changes for the risk of tariffs on china and other markets. Currencies, particularly the chinese yuan would probably reverse their gains if trump does pull it out. Alix we had overnight volatility spiking. What kind of shakeout are you anticipating up next 24 hours . Desk. Me youll be on your zach the first question will be what happens with the white house. Investors will focus on the chinese currency. U. S. Foreign policy is governed by the white house as opposed to congress. Throughout the evening we will be focused more on what happens to the senate, is there a change in control of the senate, what does that mean for the prospect of fiscal stimulus, and that will have other implications for highrisk currencies in em and g10 as well as bond yields across the curve. There will be a focus on the white house and the chinese yuan, and a broader picture through the night. Guy which em currencies lose out if joe biden wins . The russian ruble, ive seen price action in the turkish lira. Zach given the cyclical position of the u. S. Economy, fisal stimulus with the fed pin down at zero is likely to be helpful for growth expectations in general. If we see a blue wave and we raised the prospect of a significant spending package next year, we will probably see all em currencies appreciate, at least to some degree versus the dollar. There will be underperformance and out performers, but we would not expect major laggards. Changed Foreign Policy with respect to the china policy. Otherwise we should expect a broad response consistent with the move and equities and oil prices we are seeing already. Alix what happens to the euro . Zach the euro is the toughest one. We think it probably does move in the broader dollar. While we are bearish on the dollar and it is possible the euro creeps up on vaccine and election outcomes, we do think it will underperform other markets because of the rise in Coronavirus Infections on communal europe and the u. K. And new lockdowns, which we think will have a big impact on Fourth Quarter growth. As long as the european economy is underperforming u. S. , the euro is probably an underperformer in a broad dollar selloff. Guy we will leave it there. Thanks for the analysis. Zach pandl of Goldman Sachs, thank you. Lets check where european stocks have settled. Solid session for the reflation trade. European markets at session highs. Highsg up to near session with the ftse 100. Most of the main markets up 2 , 2. 5 actually. We will carry on with the analysis of the top of the hour. We will do that, jon ferro and i will be on bloomberg radio, the cable show on dap Digital Radio on dab Digital Radio in the london area. Around the world on all of your bloomberg devices. A live shot of a polling station in philadelphia, pennsylvania. Voting is underway in 49 states. We will bring you extended coverage over the next few hours and through the night as the story unfolds. He states to watch out for key states to watch out for, what is happening in florida. It looks like there could be plenty of those this evening. This is bloomberg. Ritika this is the european and close. I am ritika gupta live in the principal room. Coming up, bloomberg special election coverage beginning at 7 00 p. M. In new york. This is bloomberg. Live from new york, i am alix steel. Guy johnson in london. Close. European scarlet fu is breaking down some of the details. Scarlet we are looking at mondelez shares rising. The take away from the Third Quarter is sales grew more than consumers turn to their comfort foods. We are talking about cadbury chocolates and oreo cookies. You look at global revenue, up almost 5 . Certainly recovery from the second quarter. Mondelez was able to turn that Revenue Growth into higher margins. Cost cuts, and also streamlining its offerings. Cutting down on the number of varieties of snacks applying the supply chain. Third quarter growth margin grow to almost 42 . This comes as food costs are rising overall. This is a trend that all Food Companies have to contend with. After modest increases in 2018 and 2019, you look at the price of food at home. It surged earlier in the pandemic. Down since then, but elevated compared to the same time last year. Cost could be something of an issue Going Forward. According to credit suisse, higher cost may be a problem. Goalng ahead, mondelezs will be to preserve the market share it has built up in 2020. Piper sandler says mondelez has held or gained market share in 80 of its portfolio. While comparisons will get harder and 2021, the momentum will continue. It is also said it is watching for possible mergers and acquisitions in the biscuit and chocolate businesses. Guy thank you very much. A perfect set up your joining Us Mondelez International chairman and ceo dirk van de put. Positiveaying out the story Going Forward for your business. How do you keep the momentum going . It has been a year that has been covid affected with people stocking up on their pantry goods. Do you think that is sustainable . Do you think some of that behavior has become embedded . Dirk for the time being, yes i do. I wouldoing into that, say our business is composed of two types of consumption. And is consumption at home chocolate is typical for that and benefits from consumers being stuck at home and consuming more. We also have categories, and particularly our candy category, which is largely on the go consumption which is negatively affected by the covid situation and the lack of mobility by consumers. If you look at our results, which are good, it is a balance between those two. As we get through this and as consumers become more mobile and venture out more, consumption will start to decline. Go consumption will increase. Have thatny, we balance. We should be ok. We should be able to sustain 3 plus topline growth into next year. You haveseems like your eyes on both. You can tell what happens during shutdowns and reopenings. Im wondering what you notice as we are seeing europe in lockdown 2. 0, pockets of the u. S. Are starting to do the same. What is your visibility for the next three to four quarters . Dirk we see a slight uptick in the athome consumption. We see our clients asking for more inventory. Ready for what happens during the first phase of the pandemic. I do not think it will face the magnitudes of the first phase because there is uncertainty. Now we are into it and it is clear we should keep the supply chain going as it relates to food and household goods. As consumers stay more at home, yes they will consume more, but it will not face the same type it had in theat beginning. Biscuit consumption in the u. S. Was up 12 in march and april. It is currently up 6 . It might go up to 7 or 8 . It will not go back to the 12 we saw the beginning. Guy youve cut down on the us you arek operating with. How much more work you have to operate how much more work you have to do . Dirk we have cut 35 of sku. That 35 only represents 2 of our sales. While the number seems big, the real effect is very limited. Wille end of this year, we be 75 through with that. The reason being that particularly in europe, the sku movements you can only do with the beginning of the new year. We have to wait for that first quarter. It is well on track. It is happening as we predicted. If we maintain our current shelf space, we will gain back more sales on the skus that remain. Our costs will come down, our inventory will come down. It should benefit our bottom line and benefit our cash flow. That is the movement and we are on track. Alix the main story we are focusing on is the u. S. Election. With uncertainty abounding, markets looking past that. I wonder how you deal with that . If we have a contested election and do not know who the winner of the senate will be or who will run the white house, does that affect your business . How are you looking at that as the leader of a major company. Dirk we look at it as any crisis, just like we did at covid. We hope this will be a manageable situation and there will be a smooth transition. In the case there is uncertainty , consumers get anxious. The first thing we need to is make sure our supply chain keeps functioning, that we can supply our retailers and supply our consumers. We wouldd thing is hope for a supportive business environment, that the economy will not suffer, the markets will not suffer too much, and third we try to advocate for our consumers and for our industry and remain adaptable. In other countries around the world, we Work Together with governments as it relates to the covid situation or other subjects. We assume the same will be possible. We are preparing for potential disruption and making sure we can keep our business going in the middle of all that. Do you think you will be paying higher taxes regardless of who wins . Dirk that is a tricky question. I cannot predict and i would not get into any predictions. 80 of our business is outside of the u. S. A change in taxes in the u. S. Does not affect us that much. Tell, but iult to would say the risk is probably high. If you look at the stimulus and some of the work that has to be done in the cost the government to incur, it is likely the rhetoric is if joe biden wins therell be a multilateral trade approach. I wonder what that does to your business . Dirk our business, it does not do that much. We are a global company. 80 of our business is outside the u. S. We have production in 110 factories around the world and most of the big markets around the world are supplied out of factories in the country. We do that because it diminishes transportation costs and helps us protect against any variations in currency. A better improved trade situation does not benefit us that much because we have that localized production. Guy nevertheless, that does lead nicely onto a conversation about brexit. U. K. ,ig businesses in the the concern is there are not enough customs agents. It seems so mundane, but it does seem to be a problem. Are you having that problem . Preparing for it. We can see it. We are increasing staff on our side to be ready to work collaboratively with customs agents and to speed things up. We are going to increase our inventories of Raw Materials and packaging materials, so in case there is a disruption, because as you can imagine we have products going both ways in europe, in the u. K. And out from the u. K. We are preparing for a difficult situation. We are approaching extra it is real but there could be a shortage. Alix we appreciate your time. Thank you very much for joining us. Dirk van de put, Mondelez International chairman and ceo. Thanks very much. Guy lets talk about the big story. Polls will open in hawaii in a few minutes. That is the perfect way of bringing in balance of power anchor david westin, who over the next 24 hours will be leading our election coverage. You will have the ball. Where you going to be looking for . David 70 things to be looking for. Thank you for including me in your program. The question is how long will be looking . Will we get something solved tonight . Odds are we will not know the answer tonight. If we do, it is looking better for Vice President biden than President Trump. Early on, early indication in georgia, north carolina, some of the sunbelt states the president needs to hold onto. If one of those goes early on, that might be challenging news for the president of the United States. Alix when do you think we will know what we dont know . David as i say, if florida early on went for Vice President biden, that would be a pretty good indication. If that does not happen, we have to wait. Pennsylvania we will not know for several days. North carolina we will not know for several days. Michigan, the secretary of state has told us it will be at least friday. If we do not get an early result, i think we could be in for at least several days. Guy how easy is it going to be to call tonight . This is the big challenge everybody has got. There are lots of moving parts. At what point do you think either side will be able to say it is us, we will get out there in front of the media. It is such a crucial moment. David a crucial moment. At the same time, actually being able up all or project and one side saying they win are not necessarily the same thing. Theres a possibility of somebody trying to grab the ball even if it has not been handed to them. We will be very cautious, and in part because a terribly important difference is all of the absentee and early votes. Almost 100 million americans have already voted. In some states like pennsylvania and north carolina, they only get to start counting them today. It will take a long time to get those counted. Alix i headline just crossed. More than 100 million have crossed have cast their ballots. Really unbelievable. As you are headlining our programming, walk us through the themes we will be tackling through the evening. David you will be right in the center of that. This is bloomberg come after all. We will cover the election, but we have specifically issues that are important to the business community, to the economy, and you will be there with wall street boats, covering things like energy, taxes, how the markets are reacting. Oing water two of those throughout the evening and you will be at the center. Alix not at the center, off to the side. The 2020 president ial Election Special coverage will begin tonight at 7 00 in new york, 12 00 a. M. Wednesday in london. Power on balance of Bloomberg Television and radio. He will be speaking with leon panetta on a day where you are still seeing a very fierce risk on rally. S p up 2 . Youre all seeing a big move in the bond market. Yields up four or five basis points. Kissing the 90 basis point level. The curve continues to steepen. Happy election day. This is bloomberg. Im doug hirsch. You may already know that goodrx can help you save up to 80 on your prescriptions. Unfortunately, Many Americans cant get to a doctor right now. The good news is that for many health issues, you can see a doctor online. Its easy. Just go to goodrx. Com, and with a few clicks, youll be treated by a licensed medical professional, all from the comfort of your own home. Visits are confidential and affordable. Need a prescription . Your doctor can send it to your pharmacy or have it mailed to you. Get the healthcare you deserve at goodrx. Com. David from bloombergs World Headquarters in new york to our tv and radio audiences worldwide, i am david westin. Welcome to balance of power, where the world of politics meets the world of business. It is the date we have all been waiting for. Americans who do not vote earlier head to the polls throughout the country to vote for president , congress, and for a third of the United States senate. We start with our bloomberg reporters assigned to the campaign. Mario on the Trump Campaign. Give us a sense of what is going on within the Trump Campaign today. The Trump Campaign feels pretty confident. They are optimistic going into the day. The president will soon be going traditionalor the morale booster and also the usual conclusion for a campaign. He will be visiting the hq while they are making calls to voters and gladhanding with some of the staff this morning. Later on tonight, the president expected