Im Francine Lacqua in london. European stocks edging higher. U. S. Futures pinning hopes on the american stimulus package. The dollar is slipping. I am also looking at treasuries pretty much steady. Texas crude oil steady at 40 a barrel. Lets get to the first word news. In the u. S. House democrats have started drafting a new stim in this proposal of roughly 2. 4 trillion. The plan could get passed by the house next week. While smaller than the package in may, it is larger than what Senate Republicans say they can accept. President trump has excepted he will go as high as 1. 5 trillion. Your Governor Andrew Cuomo says he does not trust the Trump Administration over a vaccine. He vows the state will independently review anything authorized by the federal government. Polls show a growing mistrust over a vaccine. New york may require travelers from europe to abide by its 14 day quarantine rule. In the u. K. , rebel numbers of the conservative party are threatening to seize the power of parliament to block coronavirus rules. 40 tories have put their name to an amendment all but wiping out the government majority on the issue. It comes as they are due to review the pandemic legislation six months after it was enacted. The move would need opposition backing. The Federal Reserve is the focus of joe bidens search for treasury secretary. The more provocative option of senator Elizabeth Warren has not been ruled out, but it is far less likely. Choice is said to be universally accepted by wall street. One source said warren is more interested in being fed chair. Global news, 24 hours a day, on air and at bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. This is bloomberg. Francine the official global death toll for covid19 is nearing one million. The real tally may be higher. Public experts believe it may be closer to 1. 8 million and could hit 3 million by the end of the year. In europe cases are rising. Joining us now is james athey, investment director, Aberdeen Asset management. Thank you for joining us on bloomberg surveillance. Off extra stimulus stave concerns about rising infections in europe . From a market perspective, yes, potentially. Rising infections alone are not necessarily something the market has to aggressively react to. To the extent it would get further lockdown measures, and that gets back to heavy economic disruption. It is something markets are not priced for. Bond markets have predominantly been pricing the negative outlook throughout. If that economic disruption is in some way ameliorated or offset by fiscal stimulus, that is something the markets have to take into consideration. These fiscal measures are just stopgaps, and they are not dealing with the underlying damage which is occurring to economies. If companies are struggling for profitability, even as we get through the worst of the virus, those workers may not remain attached in the medium to longterm. Francine do you worry about consumption taking a hit quickly and aggressively . That really does depend on the extent we see more aggressive lockdown measures. I am surprised we are dealing with the heavyhanded, aggressive lockdown measures. Some of the cases where there has been greater success dealing with the virus, and thinking about the long term have not necessarily been accompanied with some of these measures where the full cost in economic terms and social terms and in broad health terms really are not well understood or wellknown. I do not think necessarily are being brought into the conversation. I am a little surprised at the measures we continue to see in a number of places. If that is the case, that will drive the Market Reaction. Mean the leisure industry being hit hard, or Something Else . James of course there are specific industries for all intents and purposes cannot operate in this environment. Does become a specific issue for those industries and Companies Operating in those industries. Weighing up the mediumterm damage that will occur from shutting out complete sectors from being able to participate is a very difficult economic calculus, and that makes it a difficult political calculus. I think now we should be at a stage where we should be thinking about the longterm and how we can to some degree live with this virus, because it appears vaccines to the extent they will be widely available we are talking about six months before they are widely available and that is a long time to continue with such heavy economic disruption. Francine what does it mean for the markets . Where do you see value now . Ames that is a good question the frequency i am asked about value is so difficult. To repeat myself unfortunately, there is no value. It is difficult to find what you would truly call value in this kind of environment, because assets are expensive and all of the same time, and that includes government bonds. There are reasons for the extensiveness, and that is not mean things cannot get more extensive. In the last week we have seen positioning and sentiment have shifted dramatically to a very risk facing, positive outlook. I am not sure the reality calls for such a positive outlook. What we are seeing and policy terms is some caution from the Federal Reserve, certainly not a willingness for the ecb to act immediately. The bank of england talking down negative rates. Central banks are stepping back a little bit, trying to apply pressure to fiscal authorities. And the position the governments find themselves in, they are in a stretched circumstance with respect to their own balance sheets. There seems to be an air pocket for stimulus in the shortterm. Couple that with bad news on the virus and maybe we could wobble for a period. That does not change how we are positioned and have been positioned. Look for theo safer effect and longer running duration. Francine thank you very much, james athey, investment director, Aberdeen Asset management. House Speaker Nancy Pelosi and treasury secretary Steven Mnuchin say they are ready to resume stimulus talks. This is bloomberg. Francine economics, finance, politics. This is bloomberg surveillance. Im Francine Lacqua in london. Lets get the Bloomberg Business flash. A judge has ordered the u. S. To postpone its ban on tiktok. It comes as bytedance is seeking an injunction to block the ban as it continues to pursue a deal with oracle. The ban was set to take effect before midnight on sunday. Palantir plans to go public next week and dow jones reporting its expected valuation is 22 billion. In 2015 investors valued the company at 20 billion, but as recently as this month it was valued at less than half that. They have declined to comment. Amazon is striving into the hotly contested market for streaming video games. It service will cost 5. 99 during the introduction period. Newon also introduced models of its echo speakers. That is your Bloomberg Business flash. U. S. House Speaker Nancy Pelosi and treasury secretary Steven Mnuchin say they are ready for stimulus talks. House democrats are drafting a 2. 4 trillion proposal, but donald trump has said he will only go as high as 1. 5 trillion. Ullmans markets are overestimating risks fairly likely the market will gauge the likely winner even if the Associated Press does not call the race. James athey, investment director, Aberdeen Asset management is with us. First of all, what is the Market Pricing in or prepared for come november . Are they pricing in no clear winner, or a second term President Trump . That is a good question, one we have been asking ourselves, and we are struggling conclusions. Any first and foremost, it is difficult to gauge what the Market Reaction should be in some potential election scenarios. You might say a continuation of President Trumps time could be in favor of risk assets. He would not be rolling back his own tax cuts boosted risk. On the bidens side, he maybe would be unwinding some of the trump tax cuts, but may be more supportive on fiscal policy, and bibby that is good for risk assets as well. A biden presidency with a split congress, where a Republican Senate would be desperate not to give the president much in policy wins. That is the most disruptive. I dont think that is priced at all. I think the market is expecting the blue sweep, so a democratic presidency and a democratic congress. I think the market sees that probably speaking as a decent environment for continuation of what we have seen, which is loose fiscal and loose monetary policy. Francine what do you expect of stimulus from the u. S. . James i think now virtually nothing is expected. Any agreement on renewed fiscal stimulus before the election would be a positive, a boost for risk markets. And nancyry secretary pelosi are prepared to get together, that is obviously positive. Is that the most Meaningful Movement forward . Obviously there are more fiscally conservative members of congress in the senate on the republican side that might not be prepared to agree so easily. Thesection season where seats are up for reelection, they will be campaigning as fiscal conservatives, and it is difficult to go back to their electorate and give that message in front of this election if they agreed for more fiscal stimulus. I think the politics is the ,ssue so close to an election with fiscal conservatives those credentials. Maybe something can be done. 2. 4 trillion sounds too big. 1 trillion would be big in front of the election. I think that would still be good for markets. Francine what about some support measures we heard from the chancellor in the u. K. Yesterday . Are they enough to keep the economy on a stable footing . Difficult, they are considerably smaller than what was in place previously. The cost of what the government expects to pay is very much smaller than what had been the case previously. What we have seen broadly speaking with some fiscal directly to main street, to the average person, some of it is being saved. That is not economically supportive in the shortterm. It may be economically supportive in the mediumterm. It is really difficult to say. I think to the extent people are not working, there is no question the government in this environment needs to step in and assist those people. Thee that line is, what right amount is, i have no idea. That is difficult to do. I think what we will see from the u. K. Economy is like in other economies, it will be ok without looking spectacular. We will see some sequential benefit moving from closed to open, and people more accustomed to dealing with the disruption we are seeing. Therefore Consumption Patterns and behaviors will settle down somewhat. Over the medium turn even with fiscal support in place, there are two young inches there are challenges for the market and emerging markets. Francine thank you, james athey , investment director, Aberdeen Asset management. U. S. Election coverage continues here on bloomberg tv. Tune in for the first president ial debate september 29. More on that next. This is bloomberg. There is a lot of terrific talent. What we have not looked at is promotion equity. Or promotion parity. That is one thing we looked at, and made a huge amount of progress. We had a higher percentage of African American employees promoted in the last six months as a result. How a manager or leader has diversity issues, and their ability to make a difference in this respect is an important element that we formally said is a part of promotion decisions, and formally a factor in compensation year end. You have to start younger, you have to build at the base to get leaders five or 10 years from now. They realize they cannot stay where they are, they will have to move because society is pushing them to move. This is a business imperative. Francine those were a number of Business Leaders speaking out against the idea that there is a lack of ethnic and minority talent for top roles. ,t the bloomberg quality summit comments made by the wells fargo chief on hiring black talent. Citi will spend 1 billion to close the racial gap in the next three years, as the u. S. Banking giant looks to become a more antiracist institution. The announcement comes alongside report that the u. S. Has lost 16 trillion due to the racial gap. Good morning. What are the steps citi is taking . As part of this initiative at citigroup, the 1 billion they have earmarked for people of customers,inority more than half of the funds go toward supporting homeownership. The homeownership gap in the u. S. And many parts of the world is very stark, starkly divided along racial lines. Part of this will go toward developing a pipeline of Affordable Housing by minority developers, as well as supporting mortgages and other financing that will help people of color own homes. Some part of the money will be earmarked for black owned suppliers, procurement opportunities, and other opportunities. Exactly does the report find . Where will we be in six months from now . Sree six months is probably not going to move the needle much. Over the next five years the citigroup report found that the most forms of economic discrimination, and give a 5 trillion boost to gdp over the next five years. They are viewing this as a step in the right direction. Over the next five years, differences could be profound 16n what you cited with trillion in lost gdp that we know racebased inequalities have shaved off that amount from gdp with lost wages, fewer opportunities for college and higher education, less access to homeownership all of these things will make a profound difference. Francine thank you so much. Virus waveanother hits europe with record infections in the u. K. In france, and rising hospital admissions in madrid. We will discuss with paul hunter , professor in medicine, norwich medical school. Also this idea that you need to try not to throw the economy off. We will focus on targeted lockdowns as we have record virus cases in the u. K. We will look at brexit and the reality that comes with that. We will talk to a covid scientist, next. 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 up to 400 a year on your wireless bill. With the carrier rated 1 in customer satisfaction. Call, click, or visit your local xfinity store today. Politics. This is bloomberg surveillance. Official global death toll from covid19 is nearing one million. The real tally may be much higher. Public Health Experts believe it may be closer to 1. 8 million, and could hit 3 million by the end of the year. Even in countries with sophisticated health systems, mortality details are difficult to correctly gauge. Republicans are pushing back against Donald Trumps refusal to a peaceful transfer of power. Which mcconnell tweeted the process will be orderly just as it has been since 1792. The senate agreed to a resolution for a peaceful and orderly transition of power. Kentuckys governor is urging the states attorney general to release information about the Fatal Shooting of breonna taylor. It comes after a grand jury chose not to file murder charges against any police officers. That sparked protesters in louisville, including the shooting of two police officers. One is in hospital, the other is in stable condition. Global news, 24 hours a day, on air and at bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. This is bloomberg. Francine thank you. On the second wave of Coronavirus Infections hitting andpe, 16,000 in france, 6000 in the u. K. , both record daily reported figures. In madrid, high case numbers have started showing up in hospitals with a share of intensive care beds occupied by virus patients jumping 40 . Russia, germany and the Czech Republic are also recording a spike into infections. Joining us is paul hunter, professor in medicine, norwich medical school. Thank you for joining us. Is this different from march . And do we know how to treat it when people are in hospital, and in general people are wearing more masks and are more aware of the disease. , will it bewave more subdued . Paul it depends on how you measure that. In terms of the total number of reported cases, we are likely to see it dwarfing what we saw in marchapril. Hopefully we will not see as many deaths or for tallies around europe as we saw in the spring. There are a number of reasons for that. Mainly, the epidemic is. Preading in younger people and younger people generally do not get severely sick, and really die. Rarely die. That is the main reason we are not seeing as many deaths, despite the greater number of reported cases. , ande better at treating the use of medicine to reduce the death in people. It was a real step forward in our understanding of the management of the severe cases. Ande i keep reading i am not a virologist or a doctor but something called interferon. It basically helps orchestrate the bodys defenses. We understand interference and why some get sick and others do not. Paul there are a lot of reasons why some get very sick and others dont. Interferon is an essential part of the bodys immune defense mechanisms. People at the moment are trialing the use of interferon, but as far as i am aware, there have not been any strong results published about whether or not it is effective. It may well be, but we cannot jump the gun on treatments until we show it does work. Other main reasons why people haveick, people who preexisting diseases get more sick. If you have diabetes,