Transcripts For BLOOMBERG Bloomberg Markets Americas 2024071

Worse preventative measures. Has been the hardest hit of the region iran has been the hardest hit in the region. A postbrexit trade agreement were abruptly disrupted today when one European Union official involved in the talks tested positive for the coronavirus. Michelleief negotiator barnier said he would suspend talks with u. K. For a short period. The two sides are trying to reach an agreement by next week to allow time for a deal to be ratified before the end of the year. Global news 24 hours a day, onair, and on bloomberg quicktake, powered by more than 2700 journalists and analysts in over 120 countries. Im Mark Crumpton. This is bloomberg. Vonnie it is 1 00 p. M. In new york, 6 00 p. M. In london, and 2 00 a. M. In hong kong. Im vonnie quinn. Welcome to bloomberg markets. Here are the top stories we are following on the bloomberg and from around the world. Transition to the white house. Members of the president elects team are set to be contacting staff of the congressional appropriations committees, as President Trump continues to block efforts to build and administration. We will be talking to melody barnes, someone familiar with working in the white house. She was the director of president Obamas White House domestic policy council. We will ask her about the challenges. Withll also be speaking Brown Harris Stevens ceo Bess Freedman about how the real estate sector is faring as covid continues its way around the United States. Lets get a check on the markets. Its been pretty bifurcated between the dow and nasdaq. The dow down about 90 points. The nasdaq up. 4 . Some of the mega techs holding the nasdaq higher. 84 plus basis on the 10year yield, which is a little bit of a move today. After data show more people filed in a look initial jobless claims, a backwards move. Half of the highs for gold but we were heading toward the 1900 mark. Has aentelect joe biden lot to tackle when he heads to the white house in january from a stimulus impasse to certain covid cases, to a lack of acceptance of the results from the trump campaign. Joining us now is someone who played a previous role in a previous administration. Melody barnes was the former director of president Obamas White House domestic policy council. Thank you for joining. How disruptive is it to an Incoming Administration when it cannot carry out a typical transition . Melody good afternoon. Such a pleasure to be here with you. The answer to your question is extremely difficult. The period between an election and in inauguration is already very short. If you could imagine being the ceo of a company that is in the middle of a takeover, a merger, and then all of a sudden your time to do the necessary work, to do the Due Diligence is shrunk dramatically. That is in essence what is happening right now. The work of the Agency Review teams, National Security apparatus that needs to be in place for the president elect, Vice President elect, all of those things are now waiting and hanging on a thread because the gsa has not done what it is supposed to do because the current president will not acknowledge the fact that president elect biden is, in fact, president elect biden. By gsa, you mean the General Services administration, for clarity. We know that the last transition was chaotic, some people turned up, others didnt, but it seems like this time it is even more imperative that there is somebody on the ground ready to run in january because we have a pandemic ranging. Melody first and foremost, the pandemic, which is a healthcare crisis that continues to surge and grow even more dangerous because we dont have a hand on the killer right now. Have greatw that we reports about a vaccine, but there is Vaccine Distribution that has to take place, and the coordination that needs to take place, and the information that the Incoming Administration needs to have. Those kinds of meetings absolutely have to take lace. In addition to the pandemic being a healthcare crisis, it has also led to an economic crisis. We need to talk about aid, focus on the policy that has to take place so that we can start to support the economy, states, localities that need federal aid so that small businesses, larger businesses, the airlines, which recently asked for additional support, as well as frontline workers and others, get the kind of support they need. There are a host of issues related to covid19 and the pandemic that are front and center. In addition to that, there are a host of other issues. The Affordable Care act was just in front of the Supreme Court for argument. Many of us believe it will not be struck down, but in addition to thinking about what needs to happen to strengthen health care, plans need to be made in case the Supreme Court takes a different course. Whyie tell us president elect biden cannot just do everything he would have offices, transition from the transition area, even without approval from the Current Administration . To,t he hire that he wants nominate people, put virus plans together . Melody that is a great question. The transition period has, over time, become more and more structured. Most recently, legislation passed to govern this period. That is very important. What the acceptance of the 2020 election would mean is that office space would be made available to the bidenharris transition team, that resources would begin to flow to the transition team, the Agency Review teams that go into all of the departments and agencies and assess personnel, litigation, regulation, policy issues, that they could begin to do their work in earnest. It would also mean that i. T. Support and other kinds of support would be offered to the biden harris transition team. All of those things right now are frozen because the General Services administration, and the administrator there, will not sign the certification necessary to allow that to work. So while president elect biden is able to announce his White House Team while he is able to determine who wants to serve in his cabinet, while he is appointed a covid19 task force, and i know they are doing policy work internally, they dont have access to all the information they need. Towe heard recently prior this show, they are doing workarounds to try and gather that information. That is ridiculous. Given the size of our economy, the importance of this country, the fact that we are doing this with bailing twine and glue, when there is a proper way for this to happen, just doesnt make sense. It is not good for the american people, nor is it good for democracy. Vonnie as you wrote in an editorial, we dont get these days back. A very clear sentence saying we have to get things moving. Meantime, the Trump Administration is continuing to push forward with a fiscal 2022 bite budget package. Maybe delusion or the idea that potentially he will be there for a second term. This is chaotic. Business administration, groups have been calling for this to get rectified. The chamber of commerce, the National Association of manufacturers have said, get your act together. Is it helpful to business that we are in a time of business, because business is suffering so much anyway, the negative impact of this chaos is not fully reaching business . Imagine there is no way businesses of all sizes are not feeling the impact, both of the covid19 pandemic, as well as the lack of certainty that surrounds this transition of power. What Business Needs is greater certainty. Of thet that the rest world is watching the United States of america struggle to make an obvious transition from one administration to the next, something that we have done time and time again, is problematic. I know from the corporations, businesses that i deal with, this is an additional problem on top of the challenges they are already facing. Vonnie melody, thank you so much. We will hear from you soon. Barnes, the former director of president Obamas White House domestic policy council. This is bloomberg. Mberg. Vonnie this is bloomberg markets. Im vonnie quinn. New york city announcing its Public School system will close again today as it reached for 3 Positivity Rate that trigger the halt of in person classes for at least two weeks. City schools has been open for just under eight weeks. Joining us now is our opinion columnist. Little bit of differing opinions surrounding this. Citywide thought a 3 triggering point should close all schools. The governor perhaps not so clear, maybe deciding it would schoolsr if hotspot were evaluated differently. Does it matter if it is a school . Hat is two miles away should all schools be closed . It is a tricky question. Policyone hand, reactive to respond to the rising case numbers is exactly what you want to see in a broad sense. If we had that consistently applied across the u. S. , i think we would be in a lot less trouble. But when it comes to where you direct the policy, what you close, that is where i think there is more of a question. Schoolsinion, i think should probably be one of the last things that you close. Other potential sources of spread, james, Indoor Dining, large gatherings, those should be your focus before moving to schools. It is not just about Public Health but the longterm impact on kids, one that is unequally distributed because kids have less access to remote capability. That is where i would have the most trouble with the policy. Vonnie the mayor says it is a matter of time before Indoor Dining shuts. He said it may be the next week or two. Meantime, we got numbers from the governor showing that cases rose in line with the average. We also got guidance from the cdc saying that we should not be traveling for thanksgiving. Much worse does this get . Max there is already a very concerning case trajectory on a National Basis with some larger states like new york, california, texas all beginning to see upticks that will to scaryly get us hospitalizations. The thanksgiving holiday is a real area of concern. Buthave that cdc guidance, to what extent will people follow it . The current case surge is a pretty clear demonstration that Public Health guidance is not being consistently followed. Whether that is pandemic fatigue, the extent to which caution about the virus has unfortunately been politicized, policies ins lax individual states, it is the wrong place that you want to be heading into a holiday where people may still gather, and colder weather, where it is generally harder to do anything safely. In new york city, if there were to be a surge, could hospitals take the influx . Max what we are seeing is modest so far. 3 is the test positive that most of the country would envy, but it is still moving in the wrong direction. You want to take the steps you can to avert that while also limiting the harm to education and the economy. Vonnie max, thank you. Bether piece of advice would to follow his columns closely. The Real Estate Market is still struggling in cities like new york. We speak to Bess Freedman, next. This is bloomberg. Vonnie im vonnie quinn. Im amanda lang in toronto. It has been choppy among reits and investors with news coming thick and fast. Where exactly are we in the discussion on the return to city living . Joining me now is the ceo of Brown Harris Stevens Bess Freedman. Of citys an out flux inhabitants early on in the pandemic. Where are we now . Bess we are in a much better place. The big picture of real estate has been remarkable considering all the challenges we face in the economy. The weeks leading up to the election were a little bit slow, but now that we have results and there is less uncertainty, we have seen a lot more people volume. The market is doing considerably well. On monday, there were 22 contracts reported signed over 4 million last week, which is prepandemic levels. So we are very happy about that. Vonnie prepandemic levels in terms of the numbers. What was the covid discount generally . A very complicated question to answer. It was a mixed bag. We saw a lot of things signed close to the asking price, but there is a variety. It is a buyers market, we know that, but sellers are negotiating, there is good supply, rates are low. People are taking advantage of the opportunity to buy things right now. People are doubling down on new york city. It is not a ghost town, its a place people want to be. Vonnie what is your proof for that exactly . I dont need to be funny, im genuinely asking. People say i love new york city, but if its institutions cannot come back, if the opera, music, everything that makes it new york doesnt come back, what is your proof . Issue facinggest new york city was the pandemic. It is still an issue. As we know, new York City Schools closed yesterday. All of that is temporary. At some point, broadway, everything will come back. There is news of two potential vaccines that they should be able to distribute in the first or Second Quarter of 2021. Morale is up, people are feeling more confident. Hopefully, we will get some aid in new york city to help us with the mta and other things. The city is bustling, people are eating out. We see it in the numbers. We do face some headwinds, i cannot deny that, but people love this city and want to be here. Other said that, our regions have done extraordinarily well, like palm beach, miami, the hamptons, connecticut. Some people have moved, but there are people who are staying here and investing in new york city. Vonnie where are the places that you are most thrilled about when it comes to more properties being sold, at higher prices, higher commissions . Say, not alls square feet are created equally, but we are seeing Good Business downtown. Uptown, there was a large penthouse that was signed last week for 35 million. We are seeing movement all over the market and in brooklyn. There is a variety. I wish i had more specific answers for you but it is very complicated because every area is different. Vonnie i meant cities you mentioned a few cities. Bess palm beach is up roughly 200 from last year. Connecticut, the numbers are incredible. The hamptons. New jersey. Those markets are performing incredibly well. We have been happy about that. Vonnie roughly how long is it taking for your clients to decide that they will cut the price further in order to sell . How long are they willing to carry the cost . Bess again, that is a tough answer to question to answer. It depends. You have to look at the motivation of the seller. Maybe they are moving or going through a divorce. They will be motivated to price accordingly. It is not a time for aspirational pricing, in any sense. It depends on the motive of the seller. We are seeing sellers be much more reasonable. So that has been a good thing for us. Vonnie unlike other times in it is notrkets, where typical for rents to go done as much as sales prices, but rents have also plummeted. What is convincing people to buy when you can rent for a lot cheaper generally . Bess you are right, we have a lot of supply for rentals, but landlords are offering two or three months for free, which is helpful. During the pandemic, a lot of people thought about their space , decided they wanted something different. You are seeing people move here from other places, who want to be a part of the city. People do believe in new york city. It has been a challenge but we are seeing the transactions. Vonnie how much are people andng to avoid the broker go to straight cash deals . Can you give us any data on that . Littleew york city is a different because the majority of the Housing Stock are cooperatives. You need someone to guide you. Typically there is representation. You need someone to guide you and help you getting through these boards. You have to paint a financial portrait of who you are, social references, and our agents can help buyers and sellers through the process. It is not just something that you can show up and do on your own. You have to have guidance, trust someone who can lead you through that. I dont see the broker going away anytime soon. Vonnie thank you very much. That is Brown Harris Stevens ceo Bess Freedman. The u. K. And canada there a trade deal. We will hear Prime Minister Justin Trudeaus thoughts on it. This is bloomberg. [ sigh ] not gonna happen. Thats it. Im calling kohler about their walkin bath. My name is ken. How may i help you . Hi, im calling about kohlers walkin bath. Excellent happy to help. Huh . Hold one moment please. [ finger snaps ] hmm. The kohler walkinbath features an extrawide opening and a low stepin at three inches, which is 25 to 60 lower than some leading competitors. The bath fills and drains quickly, while the heated seat soothes your back, neck and shoulders. Kohler is an expert in bathing, so you can count on a deep soaking experience. Are you seeing this . The kohler walkinbath comes with fully adjustable hydrotherapy jets and our exclusive bubblemassage. Everything is installed in as little as a day by a kohlercertified installer. And its made by kohler americas leading plumbing brand. We need this bath. Yes. Yes you do. A kohler walkinbath provides independence with peace of mind. Mark im European Union<\/a> official involved in the talks tested positive for the coronavirus. Michelleief negotiator barnier said he would suspend talks with u. K. For a short period. The two sides are trying to reach an agreement by next week to allow time for a deal to be ratified before the end of the year. Global news 24 hours a day, onair, and on bloomberg quicktake, powered by more than 2700 journalists and analysts in over 120 countries. Im Mark Crumpton<\/a>. This is bloomberg. Vonnie it is 1 00 p. M. In new york, 6 00 p. M. In london, and 2 00 a. M. In hong kong. Im vonnie quinn. Welcome to bloomberg markets. Here are the top stories we are following on the bloomberg and from around the world. Transition to the white house. Members of the president elects team are set to be contacting staff of the congressional appropriations committees, as President Trump<\/a> continues to block efforts to build and administration. We will be talking to melody barnes, someone familiar with working in the white house. She was the director of president Obamas White House<\/a> domestic policy council. We will ask her about the challenges. Withll also be speaking Brown Harris Stevens<\/a> ceo Bess Freedman<\/a> about how the real estate sector is faring as covid continues its way around the United States<\/a>. Lets get a check on the markets. Its been pretty bifurcated between the dow and nasdaq. The dow down about 90 points. The nasdaq up. 4 . Some of the mega techs holding the nasdaq higher. 84 plus basis on the 10year yield, which is a little bit of a move today. After data show more people filed in a look initial jobless claims, a backwards move. Half of the highs for gold but we were heading toward the 1900 mark. Has aentelect joe biden lot to tackle when he heads to the white house in january from a stimulus impasse to certain covid cases, to a lack of acceptance of the results from the trump campaign. Joining us now is someone who played a previous role in a previous administration. Melody barnes was the former director of president Obamas White House<\/a> domestic policy council. Thank you for joining. How disruptive is it to an Incoming Administration<\/a> when it cannot carry out a typical transition . Melody good afternoon. Such a pleasure to be here with you. The answer to your question is extremely difficult. The period between an election and in inauguration is already very short. If you could imagine being the ceo of a company that is in the middle of a takeover, a merger, and then all of a sudden your time to do the necessary work, to do the Due Diligence<\/a> is shrunk dramatically. That is in essence what is happening right now. The work of the Agency Review<\/a> teams, National Security<\/a> apparatus that needs to be in place for the president elect, Vice President<\/a> elect, all of those things are now waiting and hanging on a thread because the gsa has not done what it is supposed to do because the current president will not acknowledge the fact that president elect biden is, in fact, president elect biden. By gsa, you mean the General Services<\/a> administration, for clarity. We know that the last transition was chaotic, some people turned up, others didnt, but it seems like this time it is even more imperative that there is somebody on the ground ready to run in january because we have a pandemic ranging. Melody first and foremost, the pandemic, which is a healthcare crisis that continues to surge and grow even more dangerous because we dont have a hand on the killer right now. Have greatw that we reports about a vaccine, but there is Vaccine Distribution<\/a> that has to take place, and the coordination that needs to take place, and the information that the Incoming Administration<\/a> needs to have. Those kinds of meetings absolutely have to take lace. In addition to the pandemic being a healthcare crisis, it has also led to an economic crisis. We need to talk about aid, focus on the policy that has to take place so that we can start to support the economy, states, localities that need federal aid so that small businesses, larger businesses, the airlines, which recently asked for additional support, as well as frontline workers and others, get the kind of support they need. There are a host of issues related to covid19 and the pandemic that are front and center. In addition to that, there are a host of other issues. The Affordable Care<\/a> act was just in front of the Supreme Court<\/a> for argument. Many of us believe it will not be struck down, but in addition to thinking about what needs to happen to strengthen health care, plans need to be made in case the Supreme Court<\/a> takes a different course. Whyie tell us president elect biden cannot just do everything he would have offices, transition from the transition area, even without approval from the Current Administration<\/a> . To,t he hire that he wants nominate people, put virus plans together . Melody that is a great question. The transition period has, over time, become more and more structured. Most recently, legislation passed to govern this period. That is very important. What the acceptance of the 2020 election would mean is that office space would be made available to the bidenharris transition team, that resources would begin to flow to the transition team, the Agency Review<\/a> teams that go into all of the departments and agencies and assess personnel, litigation, regulation, policy issues, that they could begin to do their work in earnest. It would also mean that i. T. Support and other kinds of support would be offered to the biden harris transition team. All of those things right now are frozen because the General Services<\/a> administration, and the administrator there, will not sign the certification necessary to allow that to work. So while president elect biden is able to announce his White House Team<\/a> while he is able to determine who wants to serve in his cabinet, while he is appointed a covid19 task force, and i know they are doing policy work internally, they dont have access to all the information they need. Towe heard recently prior this show, they are doing workarounds to try and gather that information. That is ridiculous. Given the size of our economy, the importance of this country, the fact that we are doing this with bailing twine and glue, when there is a proper way for this to happen, just doesnt make sense. It is not good for the american people, nor is it good for democracy. Vonnie as you wrote in an editorial, we dont get these days back. A very clear sentence saying we have to get things moving. Meantime, the Trump Administration<\/a> is continuing to push forward with a fiscal 2022 bite budget package. Maybe delusion or the idea that potentially he will be there for a second term. This is chaotic. Business administration, groups have been calling for this to get rectified. The chamber of commerce, the National Association<\/a> of manufacturers have said, get your act together. Is it helpful to business that we are in a time of business, because business is suffering so much anyway, the negative impact of this chaos is not fully reaching business . Imagine there is no way businesses of all sizes are not feeling the impact, both of the covid19 pandemic, as well as the lack of certainty that surrounds this transition of power. What Business Needs<\/a> is greater certainty. Of thet that the rest world is watching the United States<\/a> of america struggle to make an obvious transition from one administration to the next, something that we have done time and time again, is problematic. I know from the corporations, businesses that i deal with, this is an additional problem on top of the challenges they are already facing. Vonnie melody, thank you so much. We will hear from you soon. Barnes, the former director of president Obamas White House<\/a> domestic policy council. This is bloomberg. Mberg. Vonnie this is bloomberg markets. Im vonnie quinn. New york city announcing its Public School<\/a> system will close again today as it reached for 3 Positivity Rate<\/a> that trigger the halt of in person classes for at least two weeks. City schools has been open for just under eight weeks. Joining us now is our opinion columnist. Little bit of differing opinions surrounding this. Citywide thought a 3 triggering point should close all schools. The governor perhaps not so clear, maybe deciding it would schoolsr if hotspot were evaluated differently. Does it matter if it is a school . Hat is two miles away should all schools be closed . It is a tricky question. Policyone hand, reactive to respond to the rising case numbers is exactly what you want to see in a broad sense. If we had that consistently applied across the u. S. , i think we would be in a lot less trouble. But when it comes to where you direct the policy, what you close, that is where i think there is more of a question. Schoolsinion, i think should probably be one of the last things that you close. Other potential sources of spread, james, Indoor Dining<\/a>, large gatherings, those should be your focus before moving to schools. It is not just about Public Health<\/a> but the longterm impact on kids, one that is unequally distributed because kids have less access to remote capability. That is where i would have the most trouble with the policy. Vonnie the mayor says it is a matter of time before Indoor Dining<\/a> shuts. He said it may be the next week or two. Meantime, we got numbers from the governor showing that cases rose in line with the average. We also got guidance from the cdc saying that we should not be traveling for thanksgiving. Much worse does this get . Max there is already a very concerning case trajectory on a National Basis<\/a> with some larger states like new york, california, texas all beginning to see upticks that will to scaryly get us hospitalizations. The thanksgiving holiday is a real area of concern. Buthave that cdc guidance, to what extent will people follow it . The current case surge is a pretty clear demonstration that Public Health<\/a> guidance is not being consistently followed. Whether that is pandemic fatigue, the extent to which caution about the virus has unfortunately been politicized, policies ins lax individual states, it is the wrong place that you want to be heading into a holiday where people may still gather, and colder weather, where it is generally harder to do anything safely. In new york city, if there were to be a surge, could hospitals take the influx . Max what we are seeing is modest so far. 3 is the test positive that most of the country would envy, but it is still moving in the wrong direction. You want to take the steps you can to avert that while also limiting the harm to education and the economy. Vonnie max, thank you. Bether piece of advice would to follow his columns closely. The Real Estate Market<\/a> is still struggling in cities like new york. We speak to Bess Freedman<\/a>, next. This is bloomberg. Vonnie im vonnie quinn. Im amanda lang in toronto. It has been choppy among reits and investors with news coming thick and fast. Where exactly are we in the discussion on the return to city living . Joining me now is the ceo of Brown Harris Stevens<\/a> Bess Freedman<\/a>. Of citys an out flux inhabitants early on in the pandemic. Where are we now . Bess we are in a much better place. The big picture of real estate has been remarkable considering all the challenges we face in the economy. The weeks leading up to the election were a little bit slow, but now that we have results and there is less uncertainty, we have seen a lot more people volume. The market is doing considerably well. On monday, there were 22 contracts reported signed over 4 million last week, which is prepandemic levels. So we are very happy about that. Vonnie prepandemic levels in terms of the numbers. What was the covid discount generally . A very complicated question to answer. It was a mixed bag. We saw a lot of things signed close to the asking price, but there is a variety. It is a buyers market, we know that, but sellers are negotiating, there is good supply, rates are low. People are taking advantage of the opportunity to buy things right now. People are doubling down on new york city. It is not a ghost town, its a place people want to be. Vonnie what is your proof for that exactly . I dont need to be funny, im genuinely asking. People say i love new york city, but if its institutions cannot come back, if the opera, music, everything that makes it new york doesnt come back, what is your proof . Issue facinggest new york city was the pandemic. It is still an issue. As we know, new York City Schools<\/a> closed yesterday. All of that is temporary. At some point, broadway, everything will come back. There is news of two potential vaccines that they should be able to distribute in the first or Second Quarter<\/a> of 2021. Morale is up, people are feeling more confident. Hopefully, we will get some aid in new york city to help us with the mta and other things. The city is bustling, people are eating out. We see it in the numbers. We do face some headwinds, i cannot deny that, but people love this city and want to be here. Other said that, our regions have done extraordinarily well, like palm beach, miami, the hamptons, connecticut. Some people have moved, but there are people who are staying here and investing in new york city. Vonnie where are the places that you are most thrilled about when it comes to more properties being sold, at higher prices, higher commissions . Say, not alls square feet are created equally, but we are seeing Good Business<\/a> downtown. Uptown, there was a large penthouse that was signed last week for 35 million. We are seeing movement all over the market and in brooklyn. There is a variety. I wish i had more specific answers for you but it is very complicated because every area is different. Vonnie i meant cities you mentioned a few cities. Bess palm beach is up roughly 200 from last year. Connecticut, the numbers are incredible. The hamptons. New jersey. Those markets are performing incredibly well. We have been happy about that. Vonnie roughly how long is it taking for your clients to decide that they will cut the price further in order to sell . How long are they willing to carry the cost . Bess again, that is a tough answer to question to answer. It depends. You have to look at the motivation of the seller. Maybe they are moving or going through a divorce. They will be motivated to price accordingly. It is not a time for aspirational pricing, in any sense. It depends on the motive of the seller. We are seeing sellers be much more reasonable. So that has been a good thing for us. Vonnie unlike other times in it is notrkets, where typical for rents to go done as much as sales prices, but rents have also plummeted. What is convincing people to buy when you can rent for a lot cheaper generally . Bess you are right, we have a lot of supply for rentals, but landlords are offering two or three months for free, which is helpful. During the pandemic, a lot of people thought about their space , decided they wanted something different. You are seeing people move here from other places, who want to be a part of the city. People do believe in new york city. It has been a challenge but we are seeing the transactions. Vonnie how much are people andng to avoid the broker go to straight cash deals . Can you give us any data on that . Littleew york city is a different because the majority of the Housing Stock<\/a> are cooperatives. You need someone to guide you. Typically there is representation. You need someone to guide you and help you getting through these boards. You have to paint a financial portrait of who you are, social references, and our agents can help buyers and sellers through the process. It is not just something that you can show up and do on your own. You have to have guidance, trust someone who can lead you through that. I dont see the broker going away anytime soon. Vonnie thank you very much. That is Brown Harris Stevens<\/a> ceo Bess Freedman<\/a>. The u. K. And canada there a trade deal. We will hear Prime Minister<\/a> Justin Trudeaus<\/a> thoughts on it. This is bloomberg. [ sigh ] not gonna happen. Thats it. Im calling kohler about their walkin bath. My name is ken. How may i help you . Hi, im calling about kohlers walkin bath. Excellent happy to help. Huh . Hold one moment please. [ finger snaps ] hmm. The kohler walkinbath features an extrawide opening and a low stepin at three inches, which is 25 to 60 lower than some leading competitors. The bath fills and drains quickly, while the heated seat soothes your back, neck and shoulders. Kohler is an expert in bathing, so you can count on a deep soaking experience. Are you seeing this . The kohler walkinbath comes with fully adjustable hydrotherapy jets and our exclusive bubblemassage. Everything is installed in as little as a day by a kohlercertified installer. And its made by kohler americas leading plumbing brand. We need this bath. Yes. Yes you do. A kohler walkinbath provides independence with peace of mind. Mark im Mark Crumpton<\/a> with bloomberg first word news. President elect joe bidens transition is finding workarounds to deal with President Trump<\/a>s refusal to help the Incoming Administration<\/a>. Team members have begun to contact staff of the congressional appropriations committees for information about federal agencies. They have also been in contact with state and local leaders and private companies, and today mr. Biden will meet virtually with some of the nations governors. The australian state of South Australia<\/a> has begun a sixday coronavirus lockdown with schools, universities, bars and cafes closed. Only one person from each household will be able to leave home each day, and only for specific reasons. Inthis sixday positive Community Activity<\/a> will bring more difficulties for South Australia<\/a> but we can and must follow the Expert Health<\/a> advice to keep South Australia<\/a> its safe and strong. The alternative is the virus escapes into the Wider Community<\/a> and we are forced into an extended lockdown to bring it under control. Mark australias Prime Minister<\/a> called the move preemptive and temporary. He added again the action draws on lessons from earlier outbreak experiences. United arab emirates is trying to lower the temperature in its dispute with its opec plus allies, as Group Officials<\/a> valued the countrys membership. Did not address whether the nation is assessing its future position. Mikesecretary of state pompeo visited an israeli settlement in the occupied west bank today, the first top diplomat to ever do so. The state Department Also<\/a> announced a major policy shift, saying products from the settlement can be labeled made in israel. He said any groups that participate in the palestinianled Boycott Movement<\/a> will not receive government funding. Global news 24 hours a day, onair, and on bloomberg quicktake, powered by more than 2700 journalists and analysts in over 120 countries. Im Mark Crumpton<\/a>. This is bloomberg. Amanda live from toronto, im amanda lang. Vonnie im vonnie quinn in new york. We are joined by our bloomberg and Bnn Bloomberg<\/a> audiences. Here are the top stories we are following from around the world. The u. K. And canada are nearing a trade agreement to replace an existing eu deal. Itig boost for britain as becomes a Global Trading<\/a> nation outside the European Union<\/a>. We will hear from Prime Minister<\/a> Justin Trudeau<\/a>. Howill take a look at former regions dependent on coal jobs are transitioning into the new economy in the era of renewables. The uks 16 billion green plan. Prime minister johnson announces the plan that will create 250,000 jobs and banned the sale of gas cars starting in 2030. We will see what that means for electric car maker tesla. Eyes on theing our markets, it appears to be a mixed picture. Certainly that tugofwar between optimism of a vaccine and discouragement around the pace of the pandemic globally. You are seeing the nasdaq as the place of strength. That is true across the broad s p 500. Tec is doing well but there are some individual names struggling for reasons of their own. Disney had been doing so well on optimism about reopening, but facing a downgrade of its debt. Many crosscurrents, as we just heard, many parts of the world back into lockdown. New York City Schools<\/a>. A sign that we could be headed into a deep freeze, as president elect biden had warned. Meanwhile, some good news on the trade front. The u. K. And canada may be close to inking a new agreement. That will be seen as good news. Earlier today, Prime Minister<\/a> Justin Trudeau<\/a> spoke with bloomberg. For meas been a priority and for us to make sure there is a seamless transition for canadian investors, british investors, and we are very optimistic that will happen. Kate is with us now for more on this. It is important that a deal be put in place. How important is it, how seamless will the transition be from the old agreement to the new one . Kate it is certainly very important for both countries, based on the size of the trading relationship. The total trade value of 2019. For the u. K. , canada is the fifth largest trading partner. For canada, the u. K. Is its wealth of largest trading partner. There is also an historical link between the countries. Candidus is seen as a natural ally of the u. K. This is clearly a deal that both sides want to get done. Theres a lot of looking forward on both sides of the atlantic about what kind of a deal will be there and how it will roll over the different provisions of the agreement that the u. K. Currently is covered under with e. U. Membership. Many questions, particularly how this affects relationships between canada and other countries. Lets start with canadas relationship with the European Union<\/a>. Kait canada was in a unique situation. Out of the more natural English Speaking<\/a> allies, canada is the only one that has a trade agreement with the eu. Canada was in a situation where they needed to respect that trade deal it already had in place, to ensure it had access to the european market, but not move too quickly. With all the discussion about what was happening in the u. K. , being able to overturn certain parts of his own deal with the that line had to tow of keeping good relationships with brussels while also being able to make sure that Canadian Business<\/a> and the trade between itself and the u. K. Is not impacted once the u. K. Leaves the eu. Politically,mably, it will play fairly well in both countries to get something done here. Kait certainly. These are two Prime Minister<\/a>s that have alignment on some issues, like climate change, and global trade and multilateralism. This is something that they can reinforce with a trade deal. There are a lot of connections between the countries. Seenically, canada is not as an unfriendly nation in the u. K. A lot of canadians have ties to the u. K. As well. So on both sides of the day but there is political will to get this done. It is clearly a priority. ItJustin Trudeau<\/a> described last week, it is an easy one. For the u. K. , it gives some credence to what Boris Johnson<\/a> has been saying, a Global Britain<\/a> free to trade outside of the eu. Vonnie you would have thought they would wait until there was an agreement between britain and canada, right . Kait the big thing in justin came tos mind when it counting down the deadline of the u. K. Leaving the eu, Canadian Business<\/a>es were starting to say, how is this going to impact us if there is no agreement between the u. K. And canada when all of this ends . The key point when it comes to , iftionships with europe true to can have the same sort of regulations that roll over, the continuity agreement, what is already in place, it will be more palatable for the folks in brussels than if the u. K. Had gotten a better deal, for example. Any kind of improved deal with different systems in place is going to be something that ottowa and london will have to negotiate at a later date, which is what we are hearing. It will be a continued agreement that will roll over the provisions already established. If there was some political favoritism from trudeau toward johnson on a deal like this, that could have caused some hiccups, but at this point, it seems to be just a copy and paste. This is a rollover agreement that they just want continuity of trade, to keep the standards the same, until they decide to change the agreement at a later date. Amanda does that suggest that this could have ongoing implications . I think that is pretty clear politically speaking. Trudeau is very good at toeing those lines politically to not become too controversial on these issues. He also doesnt want to see canada getting in the middle of any discussions regarding the eu and the u. K. On a brexit deal. Something that he has been asked and always avoids discussing the issue. It is something that will have an impact, as the eu is a huge market that canada has access to, has obligations under that trade agreement. Point where they will have to negotiate. Once the u. K. Has a deal with the eu, negotiators with canada and the u. K. Will be able to sit down. If they want to make changes, theyll be able to do that. But it will have to be with that brexit deal in mind. Vonnie very comprehensive. Thank you. And theback to britain u. K. s green plan. Prime minister johnson announced a 16 billion plan to boost Green Industries<\/a> and tackle climate change. It is expected to create or support as many as 250,000 jobs as well as the proposal that new diesel and petrol cars will be banned by 2030, and also measures to make homes more energyefficient. Lets go to peter hille of the Mountain Association<\/a> that is coming up next. Stay tuned. This is bloomberg. We see an opportunity here to have a recovery in 2021 that is green. We need to invest now. The question is what direction are we pointing our economies . Are we pointing to Sustainable Growth<\/a> . There is no planet b. In business, sometimes you have a plan b. But on earth, there is no planet b. We need to invest in the clean and Digital Technologies<\/a> of the future to make our economies more resilient, and our societies and markets fairer. Until the private sector has economic incentives to get there, the reality is everybody will continue to act in what they think is their best interest. There is a range of things they can do. In the end, we are not going to set climate or carbon policy. The governments will do that. Electropowered aircraft, another area of focus for us. The technologies are not yet available today, but they will be 3, 4 years from now. Who is the villain in this story . Are we supposed to punish those people by black lining industries and companies as investors, or should we be black lining the people who are just indiscriminately increasing the demand for carbon production . Some ofthose were just the speakers from the new economy forum, discussing the many challenges posed by climate change. That leads us to our weekly bloomberg green segment, focusing on appalachia. Once the heart of the coal industry, it now faces economic devastation as automation, environmental regulations, and cheaper sources of energy has hurt its future. Our next guest says that appalachia can embrace a new economy. With me is peter hille of Mountain Association<\/a>. He joins us from Madison County<\/a> in appalachia, kentucky. When a community is steeped in something since the dawn of time, you introduce a new technology, have a new way of life, getting people to embrace that. Peter one thing that is important to understand is this is not a new problem. This region has been facing economic stress for decades. Coal industry started to go away after the 1950s when the mines were mechanized. The recent collapse in 2012 was a real tragedy for the miners and their families and communities, and all the families that relied on that, but its a tragedy that sits on top of a disaster. A resource extraction economy does not really work for communities. Economists call it the resource curse. As the resource is extracted, profits go with it. When the jobs go away, people leave, and we have economic problems on top of demographic problems. Basically, we have a market that is broken. That is why the challenges is not just to replace one industry with another, but to build a new economy that is more sustainable, diverse, equitable, and resilient. The old economy was not of those things. Amanda lets focus on where you go from here. Region thathis is a has been a bit of a political football. Was rhetoric coal that was used to win votes. The resourcees in industry, including canada, are aware that the future will look different. How are folks that are dependent on a resource like that actually adjust to the reality and make meaningful progress on a new economy . Talk aboutcannot ideas like bringing back coal without understanding why it went away. Coal went away not because of federal action or legislation. It went away because of changes in the Global Energy<\/a> economy, particularly cheap natural gas from fracking. You cannot wave a magic wand and bring back coal with policy or politics. Although that was rolled out to us in 2016, it is pretty obvious, it didnt happen. Coal jobs continued to go away. What we need to do is reinvest in local economies and local communities, create viable economies in these places, make them places where people can live and will choose to live. That means a lot of amenities. Everything from being able to have access to good groceries, two things like recreation, we have a wonderful Outdoor Activity<\/a> in this region, local restaurants, music venues, all of those things that make somebody say i can see a future for myself here. That applies to the young people growing up here, but also those that went away for college and may come back if they saw the opportunity, or those that left decades ago to find an opportunity and now may come back home to retire if they had the services and amenities they need. Vonnie much of the area went for donald trump but president elect biden says that he will be reaching out to everybody. What would you want to hear from you ease thehelp suffering of constituents around you, all up and down the appalachian trail . Ater we have put together set of policy initiatives call the National Economic<\/a> policy platform, along with organizations from coal impacted communities from all over the nation, and we are bringing that to the biden administration. A lot of what we are talking about is mirrored in things that they have discussed. We need new investment in these communities, good jobs, and we need to invest in clean energy. Things like solar are gaining a lot of traction in regions like ours. Investingne a lot of in solar installation for smaller commercial enterprises, which stabilizes and reduces their energy costs, and helps a business like a Grocery Store<\/a> stay open in a place that otherwise may be a food desert. Amanda we have to leave it there but great to have you with us. Extremely important and one that we can extrapolate to other regions. Peter hille, thanks. It is time for stock of the hour. We are taking a look at tesla today. Stay with us. Amanda this is bloomberg markets. Tarifim amanda lang in toronto. We are still talking green with our stock of the hour. Ever since tesla announced they were adding to the s p 500, they have been going up. Last three days, tesla is in a mini bull market, as the chart was showing, up more than 20 . This is within the bigger bull market on the year, up 502 percent, hitting an alltime high today, on the news earlier this week that the company will be included in the s p 500 come december 21. This means index funds have to buy the stock. It also adds a lot of legitimacy to tesla. A couple of years ago, folks were wondering if this would be a going concern. A going concern, but also a top stock in the nasdaq 100. Exciting times ahead if this momentum continues as it joins the s p 500. There are some thoughts it will have to happen in two pieces, it is such a big company. As for what is done for elon musk, other than a feather in his cap, it has helped out his bank account. These are the wealthiest americans. Bezos, on top. Wealthar, elon musks growing by more than 90 million 90 billion. He broke this down to 286 million a day. That is what he has made on this rally. An hour formillion a standard 40hour workweek. The case can be made that elon musk has done a pretty good job. Five quarters our profitability. Bet is what was needed to included to the s p 500. Estimated for the Fourth Quarter<\/a> of this year to more than double what they put up the last quarter in profitability. Numbers moving in the right direction. Ago, people years wondered if the company would be profitable and it was a question if it was a going concern. Vonnie thank you for that, abigail doolittle. More markets coming up. This is bloomberg. Mark i am Mark Crumpton<\/a> with bloombergs first word news. Wisconsin Election Officials<\/a> have ordered two counties to start recounts of the november 3 president ial election by saturday. President Trumps Campaign<\/a> is claiming absentee ballots were illegally issued and altered. Any recount would need to be completed by december 1 when the Commission Must<\/a> certify results. Microsoft cofounder bill gates says it is mind blowing the United States<\/a> has not done more to slow the spread of the coronavirus. Speaking at the Bloomberg New<\/a> economy forum, he did highlight some progress being made on covid19 vaccines. The only thing they have done well is funded more r d, not just for u. S. Companies but companies around the world, including a lot of european constructs. And that was a good thing. That was a favor to the world. The rest of it, the u. S. 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