Continues to face criticism journalistlling of jamaal khashoggi. The Trump Administration is wideranging Immigration Enforcement arrests last next month. Those raids would take place in cities and jurisdictions that have adopted socalled sanctuary policies. The move is seen as amplifying the president s Law Order Campaign message. Global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. I am Mark Crumpton. This is bloomberg. It is 1 00 p. M. In new york. I am vonnie quinn. Welcome to bloomberg markets. Stocks are climbing today as lawmakers in the white house appear closer to reaching a stimulus deal, even as a bitter president ial debate raises concerns about a chaotic election. Standing by for the taping debut, set to become one of the most valuable companies. Cuts set by Job Companies in the last 24 hours. The latest as you look ahead to fridays jobs report. It check of the markets now, we are seeing stocks rising. Pay a 4 billion fine. It is been thought to be as many as 12 billion, back in the air faster than expected. A one and at quarter percent gain all on his own. General good cheer out there stockinvestors and investors in particular. The dollar is weaker versus the stronger yuan. Interesting to watch the movement. Saying, as i was saying, Steven Mnuchin and House Speaker nancy pelosi our meeting now on capitol hill. Mnuchin standing by his assertion that they can get something done. Thennouncement would change would change today. Policy. Us now, head of watch the debate where it was even later. Worth those two candidates being on stage and debating each other last night . Singularlyit was a a spectacle. We americans like our debates like we like the super bowl. Eating popcorn, some political theater. Neither people looking for entertainment or diversion, nor investors looking for policy clues, would have taken anything away from this debate. There was nothing for anyone. I was disappointed. Theater, what of substance did we get that we did not know already . Got pretty flimsy policy platforms from the like of the likes of joe biden and President Trump, to be honest. Did we glean anything new . I am acquaintance . Myself as much as possible with likely policy directions. The candidates themselves told us almost nothing. It was like two junkyard dogs in a fight. All tactic and no strategy, certainly no substance. That the candidates do not like each other and that in thelity to debate twitter age is declining and both of them tried to speak in soundbites and it did not work. Some clues,ean summing about china, turkey, russia, nothing. Doesnt make it possible we will get a stimulus announcement , to take away a spotlight from anything going on right now . I have been more optimistic about that most about it. The political imperative with the election, i continue to think there is more hope than expected. We see that today in the markets. It will not be a function of last nights debate. It will be exactly that. More damage to further poison this debate and the of our the environment. We heard they might offer one f trillion democrats will say no but i think no means yes in this case. Lineually draw a straight in the middle and both sides need to this is an issue. I have said since the beginning of the pandemic that regardless of left or right, put orientation, the pandemic means more from governments, including the u. S. , were democrats do not like to give rich people money republicans there was a promise that joe and againstcome on that was not. C. Even done particularly well. Iserson out there who unemployed, furloughed, not support, it ison just not being seen. Political the the state of the political debate. Live, peoplere i thatess concerned about this is an investment environment, and it is not clear. The noise around the elector process will get more frantic. A lot of activity will get more expensive because we are looking for a signal end all we have is noise. I want to ask you about brexit and the idea that we are. Oming up against october 15 the deadline for Boris Johnson to change the internal market bill. Intention of not breaking International Law . Can get a lot of people to walk you through technical details. Why is it famous for International Representation willing to consider the damage to his representation question market is simple. If the u. K. Does not agree to the level Playing Field rules, socalled, the current willnment believes it in the tech plan, picking winners that as far as i can remember was discredited some time ago. A lot of people optimistic on the breakthrough. Because i think although there might be short term as the u. K. Leaves europe without trade deals, and the longterm, it will be balanced out by the opportunity for britain to set its own rules by which they need these level Playing Field rules. There were drafts sent yesterday to brussels, which was and so on. The Northern Ireland protocol is one of the leveraged pieces to try and get britain to change its mind. Does britain bend . It was originally the stumbling block that made britain agree to the agreement. Does it now come back into place . They have been very much northernck by the ireland issuing the good friday good friday agreement and johnson. Udes boris congressar the u. S. Would not support it if it meant a good friday agreement. This is a major stumbling block in a way that other seemingly werectable issues etc. Underestimated to be. Another chat in a moment. Of Global Political strategy. This is bloomberg. Vonnie we are back now with tina. Talking brexit and Boris Johnson strategy and so on, talk about how britain is coping with coronavirus now, and Boris Johnson sort of suddenly becoming a person who is really serious about it and he has not been for six months. It is important to put the u. K. In context with its other european peers. The u. S. Has the highest per covid19te of infections among other european nation countries got the virus under control. Britain has been an outlier to that effect. What has the you cannot got . An effective test and tracing regime. That is missing. Response at the moment talking about regional lockdown, return to london lockdown. Many of us are filled with despair and people are compliant the first time around. Wearing masks, which they are still not imposing in the u. K. , and test and trace. It is not happening. An object failure on the part of u. S. Governments. Even from his most ardent fans, several times. Does he ride this out through the end of the year . Does he actually get deals on a lot of things . Withhe need to placate something related to coronavirus restrictions or whatever it may be . Position. Cult feels aftereffects, Boris Johnson is more concerned, arguably, than Many Conservative Party members or the conservative party government, and would like to take a libertarian stance. What has emerged instead is a mixed bag of restrictions that nobody, including the prime minister, who misspoke, as he put it, can make sense of. You go to a pub, you have to leave by 10, but i cannot see a friend at the house. That will all change at any moment. The policy is inconsistent but the governor has the majority , forhe labor opposition the First Time Since slightly in the polling leak. Illegal. Any how big before he is kind of threat . Labor has not in a threaded anytime now. Not at all. Certainly gave more Political Capital to conservatives than they have gotten now. Decision not to waste his put a cocapital on brexit, and rather to focus more on covid, which is probably wise. Juncture to take power. Speculationors and that he may not want to stay in the job for long. Very clearly lined up as his successor. It is important to understand done is the brexit number one imperative of the government. The senate through a massive card curveball that havent factored into the strategy as we theto a real pitch point in next couple of months. Thank you for your time. E appreciate it policy on coronavirus really. Still ahead, waiting for trading. We can discuss more on what we expect next. This is bloomberg. Vonnie this is bloomberg markets. Ompany volunteers New York Stock Exchange today had a direct listing. For more now, lets bring in max. Et fu and scarlet, to you first. Looking to price around the 10 mark. A good 20 to 30 for the gains. Why a direct listing . Sell allows the company to existing shares. A direct placement rather than a fundraising attempt. This is a way to not dilute shareholders and give some insiders and early investors a way to cash out holders. Typically, you do not have a lock up rather than an ipo. This is different. Limits were placed on insiders and early investors cashing out i 20 . They still have to hold on by 20 of their stakes before they get rid of everything. It is something to keep in mind. It is something people are looking for more of. Pandemic and have a Strong Enough balance sheet, it had a lot of companies backpedal. It is actually flirting with all of its years of existence, 17 years at this point. Cia made at, the pass at the revenue, no . Investors had this company, a Consulting Company . More like ibm, where they send in smart engineers to a big company, or a government agency, or is it a Software Company charging a fee . Years, they moved in that direction. That is a big part of the direct listing story, that it has taken a long time but they have finally gotten there and the pandemic and post pandemic is a perfect illustration because the company has not been able to send consultants all over the world. From their home offices or whatever and the story is that this shows they finally got it to gather, they turn into a product and it will be super profitable in the future. This is another high wheel it highly awaited tech appeal. How much of it is actually going public . Who will take a bite out of this . It is a good question. The continued Trump Administration. Using technology for surveillance purposes and he said, business may be impacted. Or the political environment certainly among tech executives and tech leaders. For a lot of different things. Peter thiel and two other cofounders have to factor control. Having these other Silicon Valley setups more or less in charge. It is not that they will have the normal power they would normally have, and i think we would expect that to affect transparency and all sorts of things down the road. We should get a pregood reading on whether the company can make money or not. Financials have improved quite a bit. You take six more months and it should give people a sense. The political question is a huge one. Depending on what happens in november, that could have a big impact on the ability to secure a lot of government contracts in the future. To both of you. They will be back later to tell us more. Some headlines, we did see steve pelosisising as nancy office force them to talks a few minutes ago. Saying he hopes a deal can be done. Praising Chris Wallace for moderating. Mark i am Mark Crumpton with bloombergs first word news. Tense moments in paris today. Aitter carried a report of violent explosion heard in the french capital. Police came out with an explosion that was a fighter plane breaking the sound barrier. Madrid is embracing expansion of virus expansions restrictions. The deal comes weeks after bitter public disagreement on how to tackle uncontrolled virus clusters in madrid. The central left wing government of sanchez, but the centerright has resisted. China has moved to prosecute 12 people matching the description of one dozen hong kong activists detained for more than one month on the mainland. They are accused of organized or participating in illegal border crossings according to chinese officials. They were previously charged in hong kong for taking part in historic antigovernment protests. There capture more than a month flee tohey attempted to democratically ruled taiwan. Former Vice President joe biden is weighing in on what he thought of last nights chaotic first president ial debate. Mr. Biden called the president s conduct a National Embarrassment to says he wants the ability answer questions when the two meet again for a second debate in a couple of weeks. President trump tweeted nobody wants sleepy joe as a leader. Global news 24 hours a day on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in over 120 countries. I am Mark Crumpton. This is bloomberg. Vonnie live from toronto, i am amanda laying. Amanda lang. We are joined by our bloomberg audiences. Here are the top stories we are following. A 34 days until the president ial election, how investors are pricing risk with liam dalton, axiom capital founder and chairman. Progress on stimulus talks. It secretary treasury mnuchin secretary of the treasury mnuchin attempting a deal on a stimulus package. Companies sounding the economic alarm as lawmakers failed to extend aid to businesses and the unemployed. How will layoffs impact the 2020 vote . Disney to announce cuts, slashing 28,000 jobs. Amanda. Vonnie, those job cuts, the read on gdp, expectations for growth and questions about stimulus all in the mix. A slightly more mixed picture for stocks today. The broad s p 500 is showing positive action. We have a slightly more mixed picture in the strength of the move. All groups were higher at last check. Health care and financials leading the way. Energy doing fairly well. It is the rate sensitives that are weakest of all. A slightly dimmer view in toronto as we get some of the passages of bills around new stimulus. That is a question mark. We are waiting for palantir, which may have just started trading, but is set to open in price at 725. It is indicated that 995 or 10. 05. We are watching palantir for you and will bring it to you as we get it. That is our indication for the opening. Questions between today and the 30 days until we get the election and however many days it is until there may be resolution. How do you price in the market risk with this uncertainty . I want to bring in liam dalton, ceo and cio of axiom capital. Thank you for being with us. That has actually got to be one of the hardest jobs now, pricing in the risk with uncertainty out there. Liam yes. That is the case. Characteristics surrounding the market since the march low. One thing to remember in an environment like this is the dominant drivers of praise activity are not these headlines surrounding elections or shortterm fiscal stimulus packages. It is about the big wheel turning. The big wheel is we have had a massive injection of liquidity into the market. It manifested itself in large growth, high momentum rally. It is something we will look on and say, the stock market proved itself to be a predictor and not a reactor. The shortterm drop in march as a result of what looked a lot like a Health Care Disaster has now the stock market has predicted the economy will gradually reopen as a result of all that excess stimulus money coming into markets. We had that gigantic move. It looks like it is beginning to cool off. In Early September, we got to what looked like very tight valuations. We were trading in the growth sector about 100 times trailing earnings. That is about five times the average. We had some signs of some excesses in the moment gauges we use. I think you can expect a more subdued environment. As you mentioned, these news items that plagued the market now will create shortterm moves back and forth. The market will ice will oscillate around the psychology s are any concerns about the stimulus package. Vonnie how have you been faring at axiom and how are you doing now . Liam what we had prior to the pandemic hitting were holdings that accelerated upward at a much faster rate than we anticipated. We were inlief that the secular growth phase in technology that is probably unrivaled by any we have seen, so we were positioned in some of those digital platform names like zoom, like docusign, microsoft, big cap names that had monstrous moves. What were doing now, in anticipating that we have hit peak valuations in the near time, we have taken risk down. We have taken some out of our portfolio. We think we are in for choppy conditions. We think volatility is likely to be trickier now. Once we had that crescendo in Early September and began to see some of the money migrating out of those highgrowth sectors, that was a sign that those were the dominant market cap indices. They are so big that we sensed that we would have a more subdued environment, if you will. I do want to ask you. As we get the reality check from the likes of disney and others who had this running tally from the Airline Industry in tens of thousands of layoffs, the reality check of businesses that cannot sustained being on hold and the longer. We hear that the tech evaluation is still ok because they have this massive earnings potential ahead of them. So many of them will suffer if some of their big clients, disney, the airlines, are suffering. When do we get the knock on economythe real world catching up with the leaders of this market . Are actually, amanda, touching on something important right now, which is we actually saw an acceleration of Free Cash Flow during the pandemic in some of the largecap growth stocks. Or merrily because primarily because many of the Companies Cut back on some of their spending at the same time that some of their continuous programs kept going. To answer your question, when you have Large Companies like begin tof they experience m