Struggle with a contested election, and i dont think we with a delayed or contested election come i dont the queen of the interest to that. Guy unresolved contested election, and i dont think we know the answers to that. Guy unresolved issues. Services come in, and it is a miss. Just reinforcing the idea that maybe as the virus numbers continue to pick up in the United States, the Services Sector will feel that, and just reinforces the idea that may be of this trajectory continues lower, we will need more stimulus. That is looking a little bit more down right now. Alix and the number of tremulous of stimulus is much less likely now. The president ial election does remain too close to call, and a could stay that way for days. Joe biden leading in the Electoral College at the moment, taking the lead in michigan, wisconsin, and georgia. Going us is jeanne zaino of iona college. Where are we now . Jeanne we are at 238 for joe biden, 213 for President Trump. We are still waiting for several states, primarily wisconsin, michigan, pennsylvania. Those three blue wall states that President Trump very 2016 by lessin than 70,000, they are all up for grabs at this point. We also have still outstanding nevada, georgia, and north carolina. Forward, have pathways but those paths really do go through those three blue wall states. We have joe biden their own narrowly biden very narrowly in the lead in michigan and wisconsin, so we are still waiting for these counts to go forward. We dont expect results out of pennsylvania until friday. If you listen to the president , as i know you did last night he is saying that he is going to contest. He was not happy about the call in arizona made early by fox news, and later by several other organizations. We think he will contest there. He has also expressed frustration at pennsylvania. I think we are looking at litigation going forward. Guy which is going to muddy the water even further in terms of the timeline for getting a result. Jeanne zaino, thank you very much. Lets talk about what is happening in the senate, just as crucial. Democrats hopes of gaining a majority quickly fading after victory for several vulnerable republicans, raising the prospect of divided government. Joining us with more from washington, bloombergs laura davidson. Update us on where we stand. Laura six seats are still undecided. One is going into a runoff. Five right now are still being counted, and things are looking pretty good for republicans. In most of these states come others upwards of 90 of the vote in, and they are all tilted towards the republican candidates. Democrats were looking to flip a lot of these seats, and it does not look like they will get all of them or even some of them. One interesting one to watch right now, where votes are actively coming in, is the michigan seat. Gary peters, the democrat, defending that seat. The incumbent is still ahead of him, even as biden pulled ahead in the president ial tallies. That would be a win for republicans, a kind of unexpected win. Democrats were hoping to get that maine seats currently held by susan collins, and she has a sizable lead. That is when they have been in for a couple of years. We will see what happens. Alix like you said, we may not know one of the outcomes for the georgia races until january, so a huge question mark there. Thank you very much. For more on the uncertainty around the election and how csuites are thing about this is a man from wall street, ralph loss ralph tein, evercore coceo. It has been quite a 24 hour whiplash. What is wall street talking about today . Regardlesst of all, of the outcome of the president ial election, we are going to have divided government because the house will remain in the hands of the democrats. It looks highly probable that the senate will remain in the hands of the republicans. We will have either President Trump or Vice President biden as our president. I think what has happened today in the markets is an endorsement of divided government. I personally think if biden is trump, it president means a smaller stimulus package then we might have gotten preelection, when the republicans would have been more to help in the senate the president. If biden is elected, there will be support for a large package in the presidency and in the house, but my guess is the moree will revert to its roots andservative you package will be scaled back substantially, although still some stimulus. Sonali you have been a member of the administration before. The wife served as well in carter administration. When you look at the Democratic Party moving forward, what is your expectation . What comes next for the party . Sonali ralph the interesting thing is both parties will have lots of soulsearching, as they have been doing for the last few years. The Democratic Party, there is an active discussion certainly carried forward in this primary season, when you had more than 20 candidates, as to whether we are better off in National Politics putting forth leftcenter or centerleft candidates. That happens to be my view. I actually believe, had we put forward a true cardcarrying , weressive, the results wouldnt be sitting here hanging on a razors edge as to who wins right now. Probably inover President Trumps favor. So that debate will continue. In the republican party, if President Trump does lose, there will be an interesting debate between those who have become very strongly allied with his form of politics, which has not been particularly fiscally conservative or traditionally republican i any stretch of the imagination. And those who want to revert rootso the center right of the republican party, that will be challenging for the republicans because President Trump clearly is still extraordinarily popular within the party, so it is not clear to me that candidates who walk away and him or repudiate him his policies will be embraced by their party. Where, in a world because of gerrymandering in many of our states and certainly many congressional races, the election, the general and that tends to encourage people to go to the extremes rather than towards the center, which is an unfortunate thing. Market trying to parse all of this and figure it out. Good morning, by the way. Yesterday i was told by many Market Participants that divided government was bad. That as you say, it would not deliver the stimulus that the markets crave. That divideds government is good. Can you explain that flip to me . Is it simply that todays gains in the equity market are simply being driven by what is happening in the tech sector . Is there a bias just to go up . Does the market just want to go up when it comes to equities . Ralph i think that divided government probably does mean, as i said earlier, that stimulus will be smaller then it might otherwise have been, certainly preelection. Thatheres a lot more divided government also means. It also probably means less aggressive regulation. It probably means more plans, if on the tax biden is elected, that he wouldve had as they pertain to the Corporate Tax rate, Capital Gains rates. It is hard to imagine that the reversal of the trump tax cuts will be high on the agenda of Mitch Mcconnell and the senate republicans. So there are a lot of elements to divided government and the size of the stimulus packages, but one of those, and i would argue a relatively short term one. Sonali you have been such a big proponent of some of those taxation measures, especially Capital Gains. Without a blue sweep scenario, how do you expect some of those more aggressive measures to be passed . Do you expect mems of the party to still push hard on taxes on investors, on the wealthy, and on corporations . Ralph i think we are living in a world, and we have been for many years, where our appetite for Government Spending significantly exceeds our willingness to pay for it. To the end of the clinton administration, the share of gdp that went to federal taxes was about 19. 5 . This year it is around 16 . But the share of gdp going to spending has actually drifted up a bit. That is not a sustainable situation. Obviously point, and in the middle of a deep Unemployment Rate and recession. It is not the time to put your fiscal house in order. But at some point in the relatively near future, that has to happen. I dont see spending coming down that much, so we will probably wind up with some combination of modest spending cuts and some tax increases, and it will be very hard to find consensus on how that happens. Lisa if week alix if we continue in a divided government scenario and get stimulus that we were not expecting, we dont get it all, or if it is delayed, what is your expectation for the market in terms of Companies Going bankrupt, m a activity . What is going to be the repercussion in the Investment Banking world . That evenown view is with a pickup in the virus that we have seen over the last two impact weeks, that the on the economy will be nowhere in march,it was april, may. That we will figure out a way to balance Economic Activity continuing to some extent. Obviously there will be service restaurants, tourism that will be more affected. But i think the economy is in recovery mode. That will be helped by more fiscal stimulus. Hink we are in the reality alix it looks like you might have muted yourself, actually, if you can hear me. Are you with me . Ralph . No . Ok. We are going to get back to ralph. We work out the technical. We love remote working. Sstein, evercore coceo. Sonali basak staying with us. Scar . Term, then the short market is repricing the prospect of a blue wave. It is not impossible, but it hasnt happened yet. The thinking is without a democratic sweep, you can say goodbye to massive fiscal stimulus and infrastructure spending. The root inflation trade that had been building up, where we saw in ask petitions rising through inflation swaps, as well as the breakeven rate, that is unwinding right now. Even talk that the Federal Reserve may need to raise Interest Rates sooner than , keep in mind as well the Federal Reserve is starting its two day meeting today and will have a decision out tomorrow. U. S. Treasuries are in rally mode because we are also seeing the short treasuries trade unwind as well. Higher price means lower yield, and as a result, a flattening yield curve. There is a move lower at the very end of the chart. The 10 year yield went from 94 77. S points to again, the fomc will come out tomorrow, and traders are looking for jay powell to come in and buoy the markets. If by tomorrow there is still no winner declared, and that is very likely here, and jay powell somehow disappoints, he says it may be time to review Circuit Breaker levels, at least in the equity markets. The return of uncertainty means a shift to defensive big tech names. That means tech of all stripes gets a boost. You could see the stoxx index up by 2. 3 . Two. 3 . Ware up by in the previous five days, materials, industrials, and financials led gains. They are all up by at least 2. 6 . Heres another reason to be defensive right now, whether in stocks or in bonds. Ian shepherdson of pantheon economics points out that covid doesnt care about elections. We have seen how hospitalizations in swing states have been soaring, and of course, that has been the case in europe as well. Alix scarlet, things a lot. We really appreciate it. This is bloomberg. Ritika it is time for the Bloomberg Business flash, a look at some of the biggest business stories in the news right now. Im ritika gupta. A big victory in california for gig economy giants. A hotly contested ballot measure will exempt them from considering their workers employees. Its outlook for the full year, at into signs that automakers are benefiting from strong car sales in china. Meanwhile, the amendment keeps hurting business in europe. Bmw thirdquarter sales beat estimates. Chinas suspension of ant groups 35 billiondollar ipo is just the beginning. Beijing wants to rein in the empire controlled by jack ma. Authorities plan to discourage lenders from working with ant, calling on ant to provide at least 30 of the funding for loans. That would render many of ants existing transactions noncompliant. That is your latest Bloomberg Business flash. Guy thank you very much, indeed. The tech rally picking up speed this morning. Still with us is Ralph Schlosstein of evercore, and bloombergs sonali basak. We have rates lower for longer, little or no regulation, the california vote, all of these being factored into the price action this morning. I question to you, do you see this being sustainable . Is tech the right place to be . Does divided government suit the tech sector . Ralph theres definitely a expert ly with the with the expedition that capital , and rates will not go up so year end selling on huge gains to capture this years apple gains rates wont occur. I do think that the one factor that you have also neglected to mention, which i think has a greater effect over the theterm, is the fact that conclusion i think most people are reaching is that the virus is going to be with us for lintr, and somewhat very irulent. Hat v Tech Companies have benefited from massive market share gains during this time. I would expect that to continue. So without having a tax reason to sell, i think these continue to be good things to hold. Sonali with prop 22 passing in california, and i know another thing relevant for you is you work a lot with these new economy companies, what does the prop 22 decision say about the future of big labor and where it goes from here . Clearly there is a tension. Ralph i think what we are areng is that young people massive supporters of the gig thatmy, and i would expect there is a whole range of things years willhe next 10 become more consequential. Not owning as many cars and utilizing Services Like lift pop uberber like lyft and in the same ways citi bikes are ind, less emphasis on being a particular locale to accomplish your work, and i think all of those things benefit large tech, and also reinforce a trend that the people are responsible for their issues, whether it is a 401k or savings or health care. A mine i may not completely agree with all of that, but that is certainly the trend in our country, the trend in terms of preferences of the next generations. I think the vote in california is very consistent with that. Alix the other part of the tech story was the burgeoning tech sector in china, and then the ant group ipo got scrapped, and that caused a lot of havoc in the last 24 hours. How you look at the u. S. Tech space versus the china tech space . If you were going to invest in china, how do you look at that now . Ralph i think we are fairly far down a path right now of having , whichhnology ecosystems two or three years ago, we might have said we are at the crossroads. Way down thatair twosroads, and leading to tech ecosystems. China is the less penetrated of onee today, and therefore would say that it now has over the short to mediumterm more growth opportunities. But over the long run, if the world continues as it has over the last year or two, we are going to have a reasonably intense battle of those two ecosystems, one led by the United States companies, and the other led by chinese companies. Guy how do you invest in that kind of environment . Just to come back to the election, the president has largely been in control of foreign policy, and the white house can make unilateral decisions and many of these kinds of spaces. Do you think biden is going to be significantly different were he to win the white house in these areas . Ralph i think a major and lasting effect of President Trump is that he has moved the on china and economic policy, particularly toward china, quite significantly from where it was four or six years ago. I think that is a permanent phenomenon for the foreseeable future, in both the republican and democratic parties. , think, in terms of investing five or six years ago when we were talking about large Tech Companies, we would be talking about the opportunity to today, wechina, and wont talk about that. Hand, their dominance in the current market will continue. Alix weve got to leave it there, but thanks for joining us on this very important day, Ralph Schlosstein of evercore. This is bloomberg. Guy live from london, im guy johnson. Alix steel is in new york. This is bloomberg surveillance. Lets get the latest on the vote. Joe biden leading the Electoral College count. Lets bring in bloombergs nick wadhams for more. Update us. When are we expecting more news that will update this map . Nick the Biden Campaign says wisconsin should be called later today. They say they have a clear path to victory here. The former Vice President is now ahead in michigan and wisconsin. They believe they also have arizona and nevada. They say pennsylvania is also swinging in their column is more absentee ballots are counted, and georgia is a tossup. He believed that in all of these battleground states, the president is winning. However, on the other side, you have the president and make both tweets this morning casting doubts about the validity of some of these votes that were being counted later because they were sent by mail. His campaign is also expressing confidence. Pennsylvania can go to the president , and they say arizona, which was previously joe bidensx in column, is going to go to the president. So you have a war of words right now where both sides are express and confidence, but looking at the numbers, it does appear that things are shifting in joe bidens direction. Alix thanks a lot. Joining us for more is nathan sheets, pgim fixed income chief economist. The moves in the bond market were wild. In moments, we went from a steepener to a flat and there, and you saw two a flatten or to a flattener. What is your take over the last 12 hours . Nathan clearly it is a mixed result, and i think the markets are struggling to understand the implications of that. Decline inful longerterm bond yields that we have seen is reflecting the reality that we are likely to have somewhat less stimulus in the economy. The size of the stimulus package will be smaller. That said, im not sure that stimulus is going to support us over the next three to six months is going to be that much different. But the overall size of the package will be lower, and there will be less is fluence less issuance. With the equity market, i think that is reflecting the fact that it looks like, in this result, the higher taxes and particularly higher Corporate Taxes are off the table. Morning. Do you expect more volatility . Really whippy market over the last few hours. Is that going to be something we look forward to over the next few days . The market looks pretty thin right now when it comes to liquidity. Nathan i think there are two key questions that will determine that. First of all, how long does it take to get some certainty as to the outcome . I do think there is a plausible path for Vice President biden that we will have a pretty good sense of by the end of the day. Hardthe question is how does President Trump litigate that, and does it feel more like noise, or is it genuine uncertainty like florida in 2000 . And then interpreting if we end this mix of biden in the white house and republicans in control of the senate, and terms of what that means for economic policy, the probability of stimulus, i am relatively optimistic in that scenario, but not everyone else is. And what it means for policy over the mediumterm, people are going to be struggling for that. I think that will result in some volatility through this week as people think through both of those issues. Alix does that mean the treasury market is not a safe haven for the short term as we figure all of this out . Nathan this is a great question. Let me say so far, it does feel feature ofafe haven the u. S. Treasury market has been at work, where in this environment of uncertainty, we are seeing longerterm treasury yields decline. I think that is primarily about stimulus and less issuance, but could we be getting a little bit of safe haven bid as well . I think that is possible. So far, it feels like a soft or safe haven trade with lower rates, the dollar flat to up a little bit. Tomorrow. T the fed we get powell tomorrow. Powell has been calling for more stimulus. He has been shouting for more stimulus. That is now looking less likely. What is he saying, and is there a potential bump in the road tomorrow with that fed meeting . Pleading withd is the political process, as you say, to do more to provide more stimulus to support the economy. Active, but it is in a place where its tools are having diminishing returns. I think what we will hear from jay powell tomorrow is he will try to strike a very measured, reassuring tone, saying we are watching the economy, the economy is being driven by a number of things, part of it is politics, but underneath it, we are watching the virus very closely, and i think over the next few months, that is probably an even more important driver for the economy. In jay powell will reassure markets, investors, and business that they are paying attention and will act as necessary in order to support the economy. So i think there will be a fair amount of reassurance to the markets we will hear from jay powell, but they are paying attention. Alix is there going to be any more than that, like we will buy more Mortgage Backed securities . Do we need that tomorrow from the fed . Nathan i dont think we will get that tomorrow, but if we get into a place where the economy is softening meaningfully, maybe in the context of higher case counts, and the political process is not responding with thinkiscal stimulus, i the fed says our responsibility is to support the economy, move totowards a dual mandate facilitate recovery. I think in that scenario, the fed would likely respond by doing more as opposed to withholding stimulus trying to leverage washington. I dont think jay powell is going to get into that kind of game with the politicians. Guy just as a tangential question, do you think that biden would even consider replacing jay powell at this point . Do you think there has even been discussion around that . Nathan i think that jay powell under a President Biden would have a very good chance of being reappointed. If he wasnt, i think he would be replaced by someone else who is known to markets, perhaps even janet yellen, who was very successful in her capacity to be able to speak empathetically to orkets and to the public, lael brainard, if she doesnt go to the treasury. If it is not jay powell, it is likely to be someone that markets, investors are familiar with and broadly comfortable with. Alix to broaden it out a little bit, we were talking about the move in yields in the u. S. You are also seeing a much more tempered move in europe. Nevertheless, still strong buying coming in all across. What is the effect of this volatility in the treasury market on other markets, particularly in europe, as all countries are dealing with the uncertain as to who is going to lead the country . My experience working with Foreign Investors and foreign officials is that when the United States is in a place where we are trying to implore trying to explore political uncertainties, if the uncertainties from their perspective seem greatly amplified, trying to figure it out from europe or from asia is almost impossible. I think what you are seeing in the rest of the world is they are waiting to see how these uncertainties, particularly regarding the outcome of the election and a possibility that it might be contested in the courts and so forth, how that plays through. So i think it is more a wait and see from the rest of the world at this stage. Guy nathan, thanks for the update. Thanks for the input. We really appreciate it. We are just getting a few headlines coming out of pennsylvania. Pennsylvania Governor Tom Wolf urging patience. We are hearing a lot of that over the last few hours. We are getting if we get any further updates, we will of course bring them to you. This is bloomberg. Ritika this is bloomberg surveillance this is bloomberg markets. Haass up later, richard on bounds of power on balance of power. This is bloomberg. Lets check in on the bloomberg first word news now. The race for the white house may be too close to call for days. There are still millions of ballots to be counted, and there are close contests in five key states. 270biden has 238 of the electoral votes needed to win. President trump has 213. That did not stop the president from claiming victory and threatening to challenge the results in the nations highest court. Pres. Trump we will be going to the u. S. Supreme court. We want all voting to stop. We dont want them to find any ballots at 4 00 in the morning and add them to the list. We will win this. Ritika the president didnt offer any evidence that wrongdoing had occurred. The democrats had hopes of recapturing the senate, but those chances have diminished after republican victories in iowa and montana. Republicans now hold a 5347 senate advantage, and all most everything would have to go right for the democrats in the undecided seats for them to win a majority. British Prime MinisterBoris Johnson is set to push new coronavirus lockdown rules through parliament today. They will take effect at midnight and will force the closing of pubs, gyms, and unessential shops and nonessential shops. 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. We are watching five key states that could decide who ultimately ends up sitting in the oval office. Powere now, balance of anchor david westin joins us after a busy night. Your assessment of the current is who asian. We are the current situation. We are trying to figure out what the timeline looks like. David my suspicion is we are going to go at least until the weekend when we get a count. The legaltting aside challenges. Pennsylvania came out this morning and said they will get it all right. It will be a wild before we even get a count that people can start to challenge. Alix it looks like they are approaching about 50 of mailin ballots counted, so they do have a long way to go. David, the president saying we will take this to this ring court the supreme court. Does the president have the authority to ask the spring court to stop counting ballots . David first of all, no. Nobody goes straight to the supreme court. Start in the lower courts and it will go up through three levels. So you cant just go in with original jurisdiction. But beyond that, the president is a little bit confused, i think. Nobody is voting at this point. Nobody is stopping voting. It is ballots that you received within a couple of days of the election day, but postmarked by the election day. That is the issue. Thus far, the freeport the spring court has said we will let you count them, but that could be revisited. Guy if we focus on those kind of irregularities, what could be the timeline in terms of the legal challenge . David the sublist thing to do is to go back to 2000. It was about five weeks with bush v. Gore. If it gets to the supreme court, that time it was early to mid december when we knew. I think we have to keep that possibility in mind. Alix what was also really interesting last night is just how wrong the polls were. I think back to the one thing that was right, that the majority of the country felt better about their lives than they did four years ago. I am wondering if that is the only question now that needs to be asked. The rest of the polling didnt really matter. David i was saying going into this, you have only one hand a 40 high percent job approval rating, which is not that great. Typically a president to candidate only gets about that percentage in the vote. But 61 saying they think they are better off today than four years ago, which typically says the incumbent gets elected. But i think you are right, there is going to have to be some soulsearching. There was a chance it could go the other way, but they were saying the chance was 10 , 15 . I think we will have to take a look at how reliable polls are in this day and age. Guy we are talking a lot this morning about divided government. Talk me through your assessment of just how divided this government could potentially be. David we could have the republican senate, the democratic house. I think you would have to say that is the most likely outcome, and may a democratic president. At the same time, as you know, our country was set up with the idea of divided government. Checks supposed to be and balances. In some ways, i dont think joe biden would say this, he might be let off the hook. If he has a republican senate, he has to come to the middle. Alix that is an interesting another is that the progressives will push much harder because there agenda didnt get anywhere this election. David does he want to unite the country, or does he want to unite the party . Those may be two very Different Directions as a practical matter. You have the progress of wing of the party pushing really hard. This is what President Trump kept talking about, the socialist wing of the party. I am not sure it a socialist, but certainly going more progressive. Alix thank you very much. Really appreciate it. Balance of power coming up in just over an hour. Volatility continuing, markets grappling with uncertainty. Youve got yields down on the 10 year about 12 basis points. The nasdaq 100 jumping higher. Julian emanuel of btig will be joining us. This is bloomberg. Alix live from new york, im alix steel, with guy johnson in london. Time now for futures in focus. Joining us is julian emanuel, btig chief equity and derivatives strategist. What is the market telling you today . Julian even when the market was ily, nasdaqpp futures were maintaining their bid. We were figuring out through the night that the senate would remain in republican hands. Therefore, no new corporate gains tax hike, and a very tax friendly structure in congress. So the yeartodate winners bid. The other stand out for us is health care. We think health care is a huge part of todays story, and health care is trading at an extreme is to oracle multiple discount because of the fear of politics that we think is not only discounted, but over discounted. Sense that the equity market wants to go higher. Coming into the election, the narrative was that a blue wave would be great because we would get loads of stimulus, and the u. S. Economy would really benefit from that. Now the narrative is weve got divided government, and that means no new taxes. The market seems to be retrospectively fitting the narrative to the price action because the price action is we want to buy stocks. Is that an unreasonable thing to say . Julian certainly you would be disputing the tape today if you did say that, but i would step lookfor just a moment and factually. The markets topped on september bothd have been correcting in time and in price, more sideways, ever since. Basically, todays rally takes us to the upper end of the range, and from where we sit, the message of the markets is definitely mixed today because when you look at yields in particular, on the one hand, the decline in yields saying, ok, big spending may not be in our future, but on the other hands, yields declining may also be saying the reality is that we have a threat to the economy in the Fourth Quarter and the First Quarter of next year because the virus is accelerating. Alix how are you hedged . How do you protect yourself or deal with that while we are waiting for this uncertainty to shake out . Julian this is one of these times where, because volatility is still as high as it is, you dont necessarily want to go the straight options route. For us, it is really picking your spot, and perhaps to lightening up on new winners. You see the strength in nasdaq today really is an opportunity to lighten up on some of those winters because frankly, we dont think that the correction and the positioning that became so extreme into september, we just dont think that story is over, and it really doesnt even matter what the political lay of the land ends up being, which of course we dont know. Weve gone 36 on the vix to 28 now. The short end of the term structure repricing. Do you carry on being short vol . Julian i think you can, very selectively. Again, when you think about, our view is that particularly if the questions the clarity of the president ial outcome, if it is not resolved in days or weeks or what have you, and again, the backdrop of the virus , that sort of argues for a bit of downside, but it isnt likely to be emphatic, incredibly volatile downside, because again, we will find out tomorrow that the fed is there to cushion that downside. Alix where is it still cheap to hedge . Out to yearuld say end is ok basically, given the degree of risks. It isnt cheap, and generally what you need to do is think about selling some upside call options against any downside you might own, but again, this is one of these times where, as an investor, you have to think about how you are going to feel if this ends up being sort of a fake breakout and we start which,g 10 lower or so, in the realm of an environment where the vix is 28 or 30, is just a runofthemill correction. Guy julian, weve got the fed tomorrow, payrolls friday. Do either of those matter for the market . Julian i think they do. The risk is the fed reinforces this narrative that they are lender, not spender, and there may not necessarily be that much more that they can do. I would look for chair powell, if he starts harping, which he which he has done, and we think correctly, that tells you that yes, the fed can buy assets, but in the final analysis, the challenges the economy faces over the next three to six months are much better for direct fiscal stimulus, particularly for the Small Businesses of america. Guy thank you for your input today. Really appreciate it. Close. Up, the european ceo, hafeez, macro hive will join us to give his analysis on the situation as we now find it postelection. We are still very much focused on the count. You are looking at a live shot of votes being counted in philadelphia. Pennsylvania one of the five key states where results are still being tallied, with the president ial race still too close to call. This is bloomberg. [narrator] this is kate. Hey. [narrator] she takes two prescriptions. Kates son jack, takes one too. Kate works hard, and thought she had good insurance. But she still pays too much. Thats no good. So kate downloaded the goodrx app. Now she can compare prescription prices, to find the best discounts. She even beats her insurance price. Good for you kate, good for you. Goodrx, stop paying too much for your prescriptions. Download the free app today. Live from london, im guy johnson, with alix steel in new york. We are counting you down on the european close on bloomberg markets, and hopefully counting you down to an election result. A spike of egregious scale if like dems not imposed in the u. K. Monetary policy decisions tomorrow at 7 00 a. M. London time. The chancellor expected to make a statement littered today. The german finance minister says the gold is now to region agreement on digital tech in december. Regardless of that, faang stocks absolutely flying stateside. Lets talk about the markets and show you what is going on as we , or the lacksults of, and some cases, of the u. S. Election. The nasdaq flying. Things really driv