Transcripts For CNBC Street Signs 20240712

With france reporting record infection rates as germany curfews go into effect in berlin and frankfort. President trump is back on the campaign trail after announcing he has fully recovered from covid, claiming he is now new. Well get rid of it all over the world. You see big flareups in europe, big flareup in canada, very big flareup in canada you saw that today a lot of flareups, but its going to disappear congressional lawmakers have rejected a white house proposal for a new 1. 8 trillion Coronavirus Relief package, as talks to reach a fresh stimulus deal before the november election remain at an impasse. The Trump Administrations plan would include aid for state and local governments and Liability Protection for business, along with 20 billion in support for the struggling airline sector. Senate republicans, though, oppose the plan in a weekend call with treasury secretary Steven Mnuchin and white house chief of staff, mark memeadows, saying they were not pleased with the high cost of the proposal meanwhile, House Speaker nancy pelosi claimed the package was not large enough, adding that more fund were required to help support Virus Testing and tracing. Mnuchin and meadows later released a letter calling for legislation to release funds from the Small Business bailout program, while a larger stimulus deal is discussed. They also urged lawmakers not to take a quote, allornothing approach to negotiations President Trump says he plans to return to the campaign trail this week after claiming he has fully recovered from the disease. Nbcs Kelly Odonnell has more reporter tonight, President Trump making a new claim about his own covid recovery, saying he tested negative in an audio message to supporters. Were in great shape, tested totally negative and really in good shape reporter but the white house physician, sean conley, has not reported the president tested negative for covid in a memo late saturday, dr. Conley wrote, he is no longer considered a transmission risk to others. Today in a fox news phone interview, the president claimed he is now protected by immunity. You know, the word immunity means something, having having really a protective glow, it means something reporter the cdc guidance says being cleared from isolation does not imply immunity the doctors memo also indicates the president may have had more recent fever and lingering symptoms, given this wording feverfree for well over 24 hours and all symptoms improved. The president s health injected in a campaign ad reporter President Trump is recovering from the coronavirus and so is america. Reporter the Trump Campaign used an old interview clip from dr. Anthony fauci. President trump tackled the virus headon, as leaders should i cant imagine that anybody could be doing more. Reporter but dr. Fauci tells nbc news, they did this without my permission and my comments were taken out of context. In my five decades of public service, i have never publicly endorsed nor do i now endorse any political candidate. The Trump Campaign responded in part, the video is from a nationally broadcast Television Interview in which dr. Fauci was praising the work of the Trump Administration. Today, joe biden attended mass in delaware, while this weekend, biden warned democrats to be wary of intimidation tactics at polling places weve got to go out and make sure you vote, because the only way we lose this is by the chicanery going on relative to polling places lets take a look at some of the Market Action in the european markets this morning. We are still trading weaker on the ftse, similar to where we started out the trading session, holding 6,000 points, but a weaker start the French Market, deepening out of a positive in negative territory at this point. So fairly flat trading pattern the dax has given back some of the early leadership it was showing as well. You can see, only up about a tenth. Slim ranges from the smi and zurich and slightly down on the italian market weaker for stocks in spain so patchy session, not a huge amount of momentum at this point. Well, the bank of england has asked uk lenders to provide information on their readiness for negative Interest Rates. This after the boe announced that it was considering plans to take rates below zero if necessary. The banks have until the 12th of november to respond. And you can see, most of the banks trading higher domestic ones a little bit weaker at this point lets get to jim mccormick, global head of desk strategy and jim, do you want to weigh in on this type of market we caught this morning looks like were lacking direction. Listen, i think there was more bad news than good news over the weekend, particularly on the trend in u. S. Fiscal policy so i would say that the quiet open is probably good news the market isnt really taking the news all that negatively last week, though, the markets had got to the point where some were saying, does it really matter who wins the election at this point weve got fiscal stimulus coming anyway down the track. And plenty of monetary support, if not enough now, the fed will step in again. Does it really matter what the outcome of the election is what do you make of that thinking i keep hearing it more and more . Yeah, i would push back on that i think the outcome matters quite a lot. But what i do think the market is seeing is one that the probability of a democratic sweep is going up quite substantially. And if you get that democratic sweep, youre looking at a very sizable fiscal stimulus coming in the u. S. Very early in 2021 so i think it does matter, you know, what happens, but the market is moving toward a democratic sweep in terms of what that means for the dollar, i would be interested to hear your thoughts on that. There is a view that we do get some dollar weakness we saw the pboc over the weekend trying to enter the market to ensure that some of that strength that theyre witnessing, their own currency is tamed what do you think were setting up for if there is a blue wave i would say, just firstly on the china news, its going to be very difficult for asian policy makers to push back on their currency strength. The fundamentals are so overwhelmingly positive in asia right now. As far as the dollars, our view has been all along that if you get a democratic sweep, it should be some combination of dollar weakness, a much steeper u. S. Dollar curve. And on the equity market, its a tougher call, but looks like the market is gravitating towards it not being the negative they thought a few months ago when it comes to some of the action we saw in the Chinese Markets today as well, it wasnt just about the Central Bank Policy it was also a little bit of chasing of growth corridors. The market seems to have done a fullcircle comeback to what we started out the first wave of infections saying, we stopped chasing areas of the world where you are seeing limited covid infections. Where youre seeing a strong handling of the crisis and the market seems to have circled right back to china as its come off of this very long break for the markets. Yeah, listen. I think this concept of covid differentiation is going to be a real market story over the next six months and lets be honest. Asia, china, and a lot of east asia have done a much better job than most. And what youre beginning to see is the growth dividends that come from good covid management are accruing so good, strong anecdotal news about chinas golden week. A lot of strong data in the past month or so. Jim, where does that leave europe, there was a mindset were not going to have another National Lockdown in some of these countries, but in france, it was more than a handful of major cities that were under severe rerestrictions. In the uk, were talking about substantial services that could damage the Services Sector how do we need to think about the economic hit from this second wave now . I think we need to also think about the concept of differentiation. What youre finding in the second wave is some countries like germany, norway, italy to some degree, are faring better than others, like the uk, spain, and france and that will become a market story. On the uk side of things, the market seems to be getting excited about a brexit deal that we still dont see at a time when growth ended the summer in a fairly difficult place and with this covid surge, youre likely to see new lockdowns. Weve certainly been negative on sterling and continue to be so into the end of the year funny that you point out that optimism around a brexit deal, because the pound has climbed that 130plus handle, which is a higher range than we have been, and youve seen a little bit of headwind for the ftse. Does this trade wiwind it could climb much higher than the levels weve got at this point. I think ultimately we get a deal thats been our base case for a while. But the risks of an accident between now and the end of the year are pretty high and i think the market assumes that the pound is super cheap, given the weakening in recent years. And if you look at some of the longterm fundamentals, its not so clear im not surprised the market is trying to buy sterling into some brexit optimism, but that optimism needs to probably be curbed a bit and i think the fundamentals around the uk economy look pretty difficult heading into the end of the year. Jim, where is the optimism going to come for for european markets then if we weigh up some of the news of the background, any Brexit Developments any boost from u. S. fiscal stimulus it feels as though weve been stuck in a range the French Market struggled to get back a 5,000 points. Its been excruciating where do you see the genuine push that would take us back to high ranges, where we would be in catchup mode versus the u. S. Markets . I think the big difference with europe, and well see this in the coming months, is that the u. S. Frontloaded a lot of its fiscal policy, which is why youre seeing so much concern around the difficulties of this latest fiscal policy in europe, the fiscal policy has been slower, but steadier. And as we get more fiscal support heading into next year, that should provide at least a relative outperformance story in europe but i agree, its been surprising how negative the market has been around the European Growth story. It certainly hasnt been great, but it hasnt been quite as bad as markets seem to think and jim, just finally, can we talk about event risk in some of the u. S. Banks today weve seen as you were mentioning this blue wave theory that could be positive for the banks with any steepening of the yield curve, but the banks are giving us a show and tell this week on the report cards weve had about a 9 bounce in the banking stocks since the start of october versus 3 in the wider market do you think theres a chance of either a selloff or further gains this weekend on the back of the news flow well, listen, i do think the underlying fundamentals for banks heading into next year are better so, obviously, the crisis has created a lot of asset problems at banks, but the truth is, banks are far better capitalized than they were back in 2008. And as we move away from monetary reliance than steeper reliance, we could see steeper curves and that could be supported for banks. I would hope to see the trend weve seen in the last few weeks continuing through next year Jim Mccormack with us, global head of desk strategy at gnat west the ewian has treated from 17month highs after the peoples bank of china scrapped the reserve requirements for banks when trading in Foreign Exchange contracts Financial Institutions would be allowed to cut the returns from 20 to zero, removing a safeguard against depreciation this latest move by the Chinese Central Bank certainly tempered the recent rally in the u. N. We saw it pulling back from 17month highs investors retreated from their long position. So the pboc said it would scrap the reserve requirement altogether for forward trading starting from today, meaning Financial Institutions would no longer need to set aside cash and essentially getting rid of the rules that made doing this more costly. Previously within banks and Financial Institutions did need to set aside 20 as forex risk reserves this was a rule that was brought in two years ago in an effort to stabilize the rem b at a type the u. N. Was under some trade tensions the pboc says this latest move, that makes it cheaper now to short the u. N. Comes as the forex market is remaining stable and has done since the start of the year we have seen the u. N. Gain more than 6 against the greenback since may. And last friday marked its biggest oneday percentage gain since 2005 this has been partly put down to the pace of the economic recovery in china, which has been faster than other parts of the world, as part of this firstin, firstout story. Some economists have pointed out that chinese authorities havent got in the way of the u. N. Strength, particularly at a time when chinese leaders have been really promoting this socalled dual circulation strategy, which am aims to prioritize supporting the domestic economy and rusie i reducing a reliance on exports with some of these external pressures like the virus in the United States. But this could be a sign now that chinese authorities may want to slow down the pace of the appreciation but its only said to be a minor sign of concern. Economists have actually said that the fixing this week will be significant and more telling in terms of whether chinese authorities actually do want to hit the pause button on the u. N. Strength in sydney, im sam valles, back to you more cities are placed on to maximum letter be sure to tune in term with olaf scholz. Well be right back. For skin as alive as you are. Dont settle for silver gold bond champion your skin youre watching street signs. Let me take you to airbus today as we see a slight pop in the share price. The eus new trade commissioner has called objen the u. S. To ree retaliatory trariffs on over 70 billion of products. The u. S. Levees on eu goods were imposed last year after the wto confirmed illegal subsidies were granted to european aircraft manufacturer airbus. Trade chief has called for a settlement between the yearslong dispute between the u. S. And the eu over the giant and boeing moving on to iag which has replaced the boss of british airways. They have put sean doyle into the job, taking over from alex cruz the move comes as part of several Management Changes enacted by luis guego as the group struggles with the impact of the pandemic and the slump in travel and the stock price traveling weaker today, as you can see lets move on tos astrazenea which has received phase iii trials with hopes that the british Pharma Company will be able to provide up to 100,000 doses by the end of the year and the stock price climax positive, about a tenth of a percent positive the British Government today will unveil fresh local lockdown measures for england, with liverpool set to see the tightest restrictions. The Prime Minister will present the latest changes in the commons before giving a press conference in downing street this evening uk communities secretary Robert Generick defended the curb all the number of cases are rising rapidly across the country, there are still huge variations if you go to north norfolk, the latest statistic shows that the number of cases is around 19 if you go to manchester, its well over 500. So it is right that we pursue a localized approach that must be the way forward because none of us want to see a return to blanket National Measures that would be the alternative. A partial curfew has been introduced in berlin and frankfort over the weekend to curb the spread of the virus the german capital has reported 400 new daily case with chancellor merkel saying there is cause for concern annette joins us with more as we get set up here in the uk for more restrictions, walk us through what it looks like there in germany the cities are all implementing their own measures, but in general, the measures are Wearing Masks in public, having curfews when it comes to restaurants, and also to limit public and private gathering to if your city is in maximum alert level to 25 people and even 10 people when it comes to private gatherings thats for now, what we have in terms of restrictions. But Angela Merkel on friday was also saying that if those restrictions are not in terms of no infection rates then of course, nothing will prevent them from doing more because one thing has to be is the ultimate aim to get the infection rates down and to actually not going into a scenario where we really have exponential growth rates but it comes to the infection development. Over the weekend, the infection rates have calmed down, but that is what we have seen also earlier. That could be because of statistical biases in terms of of registering those infected over the weekend so one needs to be we need to wait, i should say, until we get some new numbers from the week one thing is clear that i guess germans are very much aneuroed about the fact more restrictions are here to come when i speak to people, the people are expecting that we also see more in terms of restaurant s closing again and also more travel restrictions. We have travel restrictions already in place inside germany. If you come from a risk region, you have to have a negative covid test in order to be able to travel elsewhere than where you are based. Karen . Thank you very much for that, annette. Lets push on to the latest in spain, where the Prime Minister has defended the governments decision to declare a state of emergency in the madrid region Pedro Sanchez issued a 15day lockdown order on the second of october amid increasing tensions between local and National Authorities over new virus containment measures over the weekend, the spanish leader called for unity. Translator in the name of one common enemy, the virus, and one battle from the scientific and technical point of view, rather than the ideological one. Because this is an epidemiological battle, not an ideological one. France has set a new singleday record of new coronavirus cases. This as two more cities have been placed on maximum alert amid a surge in infections lets get out to charlotte for more charlotte, just talk us through the situation. Good morning, karen as you say, yesterday was put at the maximum level of alert and therefore, of course, paris and marseille, the two largest cities in the country have been put on their list a couple of weeks ago. And so you have several large cities in the country that put that maximum level of alert, which means that bars are completely closed, restaurants work at limited capacity, gyms are closed, universities also at half capacity. And thats some of the measures that come in place with many maximum. These measurements have come into place as weve seen these big numbers of infections, these new numbers, almost 20,000 new infections on saturday, a new record and you had an average of about 16,000 new cases on average in the past seven days. And of course, the question is, what is the pressure like on hospitals. That is the main concern and we heard from the Prime Minister this morning speaking to france, enforcing that the situation is difficult at the moment and warned that it will be like that for several months ahead. He mentioned that we cannot exclude local lockdowns and National Lockdowns have to be avoided at all costs but didnt rule out that local lockdowns could come into place if the situation continued to deteriorate. He also said that there would be a new track and trace app coming into place on october 22nd they already had one in place that wasnt as successful as we expected the government announcing that we have a new one coming into place, but didnt give details on what this new app would be look like. Theres this difficult situation. We know that for example, in paris, about 40 of icu beds are being taken by covid patients, the latest number of infections. And theres a question of what does it mean for hospitals in a week or two with that delay for patients now, there are also some reports that president macron is considering making a tv statement this week to address the Health Situation and of course, the halftime holiday coming next week so the Prime Minister was saying advising people to avoid traveling, if they can avoid meeting grandparents, if possible during the holidays and avoid reduced social interaction. Remember, in france, the government cannot rule on how many people can meet within the private, only state emergency would allow them to allow that currently, there are no official limits on how many people can meet in their home, but hes calling on people to limit their social interaction to avoid a further deterioration in the Health Situation, karen. Just quickly, how often are the rules likely to change in france because here were talking about a month or sixmonth time frame for some of the measures what does it look like in france how dynamic are they being so, you have a Weekly Briefing by the Health Minister every thursday that updates and gives which cities, which regions will go on the maximum level of alert, which one actually coming out of this level. And once a city comes into that level, it takes about two weeks. And then its reviewed on whether it needs to be extended and who actually announces marseilles level of alert has been extended until the end of the month, until they see the numbers. So they reassess every two weeks, while there is also this Weekly Briefing by the government and every week they have what they call a special counsel, cabinet counsel, where they meet to discuss the situation and determine what measures to take and try to take into consideration the local mayors that have this dialogue going on with local authorities, to discuss what measures can be put into place and some mayors have been happy to follow the rules, also have been more difficult, has been more difficult with marseille, for example. And others have been more easing the dialogue, paris, the mayor of paris has been following the government advice and tried to support the dialogue, as well. Shawna, thank you very much thank you very much for the update there were going to be speaking with adam kostial, the european head of listings at nasdaq shortly as his Company Turns to ipes. Thats yurg way aftcoming your. And tomorrow, annettes exclusive interview with olaf scholz welcome to street signs. Im karen cho and these are your headlines. Europeans stock 600 opposes the week higher, shrugging off concerns over uncertainty around a fresh round of u. S. Stimulus, after democrats reject a 1. 8 trillion aid package proposal from the white house get ready for negative rates. The bank of england gives uk lenders one month to provide information on how they would implement subzero Interest Rates. A second wave of covid19 continues to wash over europe, with france reporting record infection rates while curfews in berlin and frankfort come into effect President Trump is back on the campaign trail after announcing he has fully recovered from covid, claiming he is now immune well get rid of it all over the world. You see big flareups in europe, big flareups in canada. Very big flareup in canada. You saw that today a lot of flareups, but its going to disappear weve certainly seen appetite pick up on these markets just in the last few minutes the ftse which was traveling weaker for most of the session suddenly pop organize got about a quarter of a percent in the green now. Also, lackluster trade were witnessing on the dax, now translating more than 16 percent of the board and on the ftse, also tracking some of the broader sentiment, also popping higher. Some of the initial sogginess, lack of direction on the boards giving way to more positivity in the market, when you think about where they wrapped up fridays session, they were stronger, enjoyed a fairly strong trading period for the week. We also have these negotiations in the background over fresh u. S. Stimulus. Even though no one can agree on the size of the package or the details at this point, i think the markets have still been optimistic that there will be some agreement at some point in coming months. In terms of Foreign Exchange markets, as we see how that presents itself for some of these risk currencies, the dollar is the one to trade at this point slightly firmer. That means euro are on the back foot these ranges, 130 32 on sterling the market closing tracking any Brexit Developments and theres some optimism out there, hoping that there will be a deal, which is why youve seen so much trading in sterling at this point. Ye were showing the yuan here, because there were some changes to stem the accent sweechb of the yuan dollar this morning, a little bit firmer result 16th of a percent on offshore. A little bit weaker, flat line welcome 105. 57 futures out of the United States lets see what that picture looks like we are seeing a positive trade weve been watching that all morning. But as we move in the early part of the session, firming up a little bit on those dow jones futures, as well coming back to the board of dynamics on the markets. And firms in allegro have soared, over 50 on their market debut. The Warsaw Stock Exchange says it hopes allegras listing will attract more companies to go public, as europes ipo markets try to catch up with the u. S. And asian counterparts in the aftermath of the pandemic. The nasdaq says it has seen its best september in six years, when it comes to Companies Going public on its nordic exchanges but while the amount raised in europe is far below the value youve seen stateside or in asiasi asia, nasdaq says it expects to see more spes to help with the recovery adam costa joins us. Nice to speak to you again just talk us through this very strong moment that youve seen in the transactions business in the month of september thanks. Nice to be on the show its been a fantastic recovery after march. In march, we painted a picture of doom and gloom, but weve clearly seen a pickup in the activity from a listing perspective, leaving us with a very strong september from a historic perspective, both in the u. S. And also in kbroourp. The nordic markets in particular stand out, because were listing small to Mediumsized Companies, something were not seeing in the rest of europe on the same level. And a key driver that is the fantastic that we are able to take these companies, but in particular, also some of these are coming out of the markets and benefiting we have spoken about the corridor, the window of opportunity. And it doesnt take much to derail some of the sentiment and that destroyed the ipo window. How long do you think it will last this time thats a good question. One thing that has been coming out of this pandemic, the digital footprint that many of these companies have had has now been proven and cemented some of it have it so that we are picking up or the trends that were picking up are now actually a part of our everyday live and i think thats reflected in the valuations and the appetite of the investors to participate in these companies on the exchange from that perspective, were talking about stimulus still coming into the market were talking about low Interest Rates. Were talking about slightly lower volatility these are all things that will benefit the equity market overall, as people are looking for return on investment i think ipos and equity market will be in favor and i think were probably going to have to be used to living in a lower Interest Rate retirement, which, again, will favor equity overall what do you make of the new crop coming to market . If you look at the long list of potentials, theres something that stands out about them theyre mostly technology names. Fintech and some of the mobility players. I think, the fact about the pandemic, one thing that has come out of this before is the fundamental which i have the weve seen trends before and now were seeing companies change behavior that not only relates to, some of this will stick after the pandemic so these companies have been a part of this fundamental change in the way we deal with everyday life are now coming to market. And theyre being received not only as more Mature Companies that have grown in the private markets, but are now looking to leverage the Public Markets to take that as the next part of their the platform for the next step of growth. Again, theres a huge appetite from Institutional Investors to participate. Time will tell whether this is resilient or not, but its great to see that many of these companies are now coming to the public market. Lets talk about the type of listing then in the United States, theres been a huge fever around spaqs, special person acquisition vehicles in london, if youre part of a spac, you dont get to vote on the takeover target, the acquisition target and youre stuck in terms of getting you have to that what are you trying to do to make them more appealing for investors . I would say first of all, its interesting to see the development in the spac environment. Spac, direct listings have been there for a long period of time. If you compare the numbers from last year to this year, we had 59 spacs last year, we have 138 so far this year and the exhacapital rate is just astonishing, over 110 billion so what is key from our perspective here is that in the u. S. , theyre leveraging these spacs and their listings to access the Public Markets. And companies are doing this examine companies that are well financed, its a different kind of company leveraging this bank than before. When it comes to europe, its a different dynamic. We have a much more sophisticated Investor Base in the u. S. That is used to using these spacs. And in europe, off different government structure, different tax regimes. So im not sure the spacs will be as resilient or as attractive in the europe markets. The others a fr s aspect from c perspective is that we are able to list small to Mediumsized Companies quite efficiently. So im not certain that the spac will function in the same way that it does in the u. S. But we are rollingout the rule back for that, or the Regulatory Framework for it there is more and more demand, but im not certain that the spac environment will be as resilient or interesting in a nordic conference. Interesting to hear the context there, adam. Before i let you go, i want to come back to the deeper dive into the smes and what happens over the next few months the market is closely watching any vaccine news and whether that changes the narrative what the damage is going to be to businesses, particularly in the Services Sector. Whats it going to take to have the same appetite for the smes do you think it needs to be a strong market or just stressed, companies trying to come to the market and getting any sense of cash that they can well, i think i think the companies that are coming to market now are approving that the dip in the curve was related to the pandemic and theyre proving quite resilient results after that the companies that are not able to prove that will struggle to come to market from that perspective, sits not any company that will be able to leverage this momentum has to be a company that shows they are coming after the pandemic strongly, this was just a dip in the curve, and their Business Model has adapt to the new environment. The interesting thing is that the dialogue between the companies and the investors must really shift as well its become virtual and much more efficient from that perspective. Theres a lot of efficiencies that are creating in this financial environment, thanks to the pandemic in that sense having said that, if we dont find a solution for the pandemic, if we continue to see uncertainty in the Public Markets, this will not benefit the ipo market and we will see issues in that respect but right now, were seeing a lot of confidence. Were seeing interest. And were seeing a fairly manageable volatility. So the ipo market is of appetite adam, always a pleasure to catch up with you. Adam kostyal, thank youfor catching up. U. S. Senator marco rubio has urged the white house to consider options to delay groups on the hong kong and shanghai borss. Rubio who has helped lead washingtons Pressure Campaign against Chinese Companies says wall street should not reward the countrys crackdown on hong kongs freedoms by aiding the ipo. Apple is set to unveil its latest iphones at a Virtual Event tomorrow Analysts Expect the new devices to support 5g networks and the first major redesign for the iphone since 2017. For more on what to expect, dont forget to check out cnbc. Com, where weve got some articles on that coming up in the show, confirmation hearings are underway today for President Trumps Supreme Court nominee, Amy Coney Barrett. More on that right after the break. U. S. Supreme Court Nominee Amy Coney Barrett is set to appear before the Senate Judiciary committee for the first time today as republicans move to quickly fill the vacant seat ahead of the election in her opening remarks, judge barrett will vow to apply the constitution and laws as they were reading, adding that she did not seek this position according to a statement obtained by north bbc news. Barrett is believed to have the votes needed to confirm. Her appointment would tilt the court to the right, as she replaces for rbg, who was known for her liberal rulings. John, just weigh in on what barrett would bring to the way she interprets the law, because theres been some criticism about her ultraconservative views. Well, in terms of her judicial approach, she is an originalist and a textualist, meaning that she will interpret laws based on the words contained in that language, actually passed by congress and signed by the president. In terms of the constitution, she will interpret its words and phrases as those words and phrases were understood at the time they were ratified. She is not a living constitutionalist. She will not pour modern values or her own personal political preferences into those words if the public wants to change the meaning of the constitution, they can do so through the amendment process set forth in the constitution and not through the ruse of constitutional interpretation by an activist judge. That said, it feels though democrats are going to double down on some of barrettes comments in the past, particularly related to abortion and the Affordable Care act in some of these hearings would you expect that, too i certainly expect that theres no secret whatsoever that Amy Coney Barrett is prolife that doesnt mean that she wont follow the law shes said that she believes that life begins at conception through natural death, yet when she was an appellate judge on the servant circuit, she upheld capital cases, death penalties, even though it goes against her personal beliefs and she has criticized chief Justice John Roberts for his reasoning in past obamacare cases, and there is currently a case before the court, but of course, each legal case raises different issues and rises and falls on its own merits and i have no reason to believe that she wont be an objective justice should she be confirmed to the court judge barrett having fairly strong links to those who have gone beforehand, in particular, Justice Scalia that was a mentor to her how important do you think it is thats previously gone through this process well, shes gone through this process. Shes been a judge on the seventh Circuit Court of appeals since 2017, and her confirmation hearing back in 2017 was somewhat contentious, most famously, senator Dianne Feinstein said the dogma lived loudly within her. And another asked if she was an orthodox catholic. And i think Amy Coney Barrett handled those questions with tremendous grace and has been in the klieg lights ever since. But there is something unique about a confirmation process to the Supreme Court. The lights are that much hotter and well see how she holds up, although i expect shell do just fine lets talk about the impact on society its been very much note what had the dynamics live look like, with trump selectively trying to solidify a 63 conservative majority on the countrys highest court. What are the ramifications for society when you see key cases come before them on issues, whether its religion or abortion, those sorts of issues. That are the ramifications there . Well, you know, you never want to be able to predict any particular result. However, as i said, having more originalists and textualists on the courts means that there are going to be looking at the law as passed by the legislature theyre not going to try to change the law in some way by finding this statement or that statement of the congressional record to come out with an interpretation of what they would have liked the law to have been, rather than the law that was actually passed. I think that that lends a certain stability to the law, including, by the way, for Business Practices but society in general i think that that is that that is a good thing, but well see over time. These are lifetenured people. There was a dying wish by hearings remotely, which sends a message too after the plexiglas Vice President ial debates we had. Not really, im assuming that medical professionals will deem the place safe courts around the country have been conducting virtual hearings the Senate Judiciary committee itself has had several virtual hearings, former fbi director jim comey testified a week ago virtually at various hearings. Senators have asked questions virtually. So i assume that they will do everything they can to keep the senators and the nominees safe very much appreciate the time thank you so much. John malcolm with us, Vice President for the institute for Constitutional Government at the heritage foundation. And for everything you need to know ahead of Amy Coney Barretts confirmation for the Supreme Court hearings, check out cnbc. Com President Trump is set to hold rallies in key battleground states this week, beginning in florida on monday. Events in pennsylvania and iowa are also planned for later this week, as the president looks to gain ground in the polls just over three weeks to go until election day our nbc colleague, tracie potts, joins us live from washington, d. C. Tracie, huge focus on the weekend as to whether the president should be campaigning at all, just how safe he is around covid and transmission risks, not to mention the focus too on key swing states and how biden is polling reporter right well, you just mentioned those states where he will be this week the president trying to, as you said, gain some ground after being knocked off the campaign trail for about ten days he looks like hes back with a full schedule at least for the beginning of this week we saw also that rally that he did at the white house over the weekend, where people were not required to be tested or wear masks or do social distancing, but the president spoke to many of his supporters over the weekend. Also on twitter, he has declared himself covid free he says he cant get the virus and he cant give it to anyway twitter has actually flagged that tweet now as being misleading they left it up, but flagged it as having misleading information. We do know that the president s doctor, dr. Sean conley, issued a letter over the weekend, saying that the president is improved, that he is clear to do public events, and that he is not a transmission risk. What was missing was whether or not the president has actually tested negative for covid. The president says in an interview that he has, but we have actually yet to see or hear from his doctor a negative test. Tracie, let me ask you about joe biden, because it seems as though his campaign has gathered a bit of momentum going back to ohio, as well. A Second Campaign trip there in as many weeks. Reporter right so hes hitting a key battleground state, as is President Trump, that he knows could make or break this election were seeing him in ohio he is hitting some of those same familiar themes, hoping to pick up not only turning out the democratic vote. Many of the analysts are saying that this election is going to be one about turnout how many people they can actually get to the polls. But also trying to pick up some of those undecided and independent voters, many of whom have yet to make up their minds this close tote election tracie, thank you so much fo running us through the political agenda for this week just a quick note to our viewers. If you want to hear more about the fortunes, an exclusive interview with olaf scholz handling the pandemic fairly well in first wave of infection. The latest snapshot on how German Industries are faring will be quite crucial. Dont miss that tomorrow meantime, back to some of the Market Action. Weve had a real start stop session here in europe the ftse, that was weaker at the start and paused a short time ago now fading again, down by a tenth of a percent really choppy action our last check also showed that the french and german stock markets were up more than 0. 6 and positive for the smi, up about 0. 2 slight gains for italy. The ibex traveling weaker. The patches of red coming through on this board, retail, oil and gas this morning and weve seen twin effects there on oil and gas with the strike action in norway and gulf of mexico production restoring u. S. Futures have been positive ahead of the session and thats what it looks like at this stage. That is all for todays show im karen cho. Worldwide exchange is coming your way next. It is 5 00 a. M. And here is your top 5 at 5 00. Stocks looking to extend their winning streak as the dow does something for the First Time Since labor day. In washington, the white house and democrats at odds once again over a new round of stimulus talk as the Trump Administration presents a new plan. Sticking with capitol hill, the confirmation hearings foju