Other question is where what has apple become . Tom instead of the markets and the nasdaq war that we have seen , ties into apple, this was actually, francine, a huge deal yesterday. Arguably the biggest meeting they have had in three years. We are not going to go apple fan boy on it and explain all the stupid is that and the other thing. But i also want to go in with alex webb, sort of the racket that theyve got where everybody has to upgrade because this is old technology. This phone is a failure. I have to get rid of it. Francine the question i have been asked the most is, do we have 5g here, and people just dont know yet. Lets get to the bloomberg first word news with leighann gerrans. Leighann prospect of another stim list package before election day look bleak. President donald trump and Senate Republicans are at odds. The president is urging them to go big or go home. Senate majority leader mitch admitting to aly vote on small businesses. Nancy pelosi says the latest offer is not big enough. The worlds top Central Banks are urging governments to keep spending. They say that concerns about mounting debt should be put aside until the economic recovery from the coronavirus is complete. The imf is normally a champion of restraint, but the fun degrees it is too early to end support. Here in the u. K. , there is growing pressure on Prime MinisterBoris Johnson to order a Circuit Breaker lockdown. The Opposition Labor Party and government says it is needed to get the coronavirus under control. Deaths have soared to the highest level since june. And russia has ruled out a deal with the u. S. On Nuclear Weapons before the president ial election. Willeputy foreign minister have a freeze on their arsenals called a freeze on their arsenals unacceptable. Global news 24 hours a day, on air and at bloomberg quicktake, powered by more than 2700 journalists and analysts in more im 120 countries, leighann gerrans. This is bloomberg. Francine . Tom . Tom thank you so much. Get out the calendar, december 31, the e. U. Heating up with serious headlines. One of them coming out right now great wooden signals it will not walk away debt Great Britain signals it will not walk out from there are other headlines with these important meetings that frankly, francine knows a little bit more about than me. Sterling moves on this action. 1. 2939. Some oddities in the market, but the major theme is nasdaq up, the nasdaq 100, not the composite. Spx up 16 points. That is a nice big move,. 4 . 12,140. Creen, that is a quote we usually dont give. That is the nasdaq 100, and that is with the pros are watching right now, lit up by technology. You will hear me talking about that a lot more. Turkish lira, another ugly day, out to 7. 95. We are on the eightlire to the dollar watch. Francine going back to the british pound, will it did erase losses, saying the u. K. Has signaled it will not walk away from e. U. Trade talks immediately. Why this is important, there is that december 31 deadline, which she rightly said was the big one, but then there was the selfimposed u. K. Deadline for tomorrow, october 15, where they said if there was not of progress by then, they would walk away. This goes against what they initially decided. And what im hearing from insiders is that we think there is a call between Boris Johnson and the Commission President today. Boris johnson now taking this and hand himself to try and push away from try to push a way forward. Earnings will move some of the european stocks, which is why my data check also looked at european stocks coming putting financial shares up, leisure shares down, because of extra possible restrictions or lockdowns in the economy. Apple has unveiled its new iphone 12 models, promising they would be thinner, lighter, and faster, with the longawaited 5g technology. Each generation of Cellular Network technology on iphone has enabled Breakthrough Innovations and entirely new opportunities for developers and users. And 5g is the most exciting step yet. For so many people, this all becomes real with 5g coming to iphone. Francine that was apple chief executive tim cook at the virtual Product Launch yesterday. Alex. G us, it might be an interesting phone and something people want, but if i dont have 5g right now, why should i get it . Alex that is a very big ask. Incremental improvements from the previous generation, i actually think the best thing is the fact that it no longer has it will have the flat edges, phone is a lot less likely to crack. That is probably the biggest jump out feature in my eyes. Without 5g it comes short of being useful, but it will not be a game changer anytime soon. Francine how quickly his 5g coming . It is different than if youre sitting in london, in new york than somewhere else. 5gwe bring back the conversation to the forefront . U. S. Is far less proportionally than the u. K. , but in china they have 400,000 5g made stations ready. They have already sold 98 million 5g phones on china mobile. This is really a place to get the Chinese Market in order to compete in china. Apple feels it needs to have even though there are not that many applications for 5g technology yet. Tom i want to get away from the fan boy stuff. The miracle of all this are the chips. I was flabbergasted a few days ago when they talked about the 14 chip doubling operations perspective doubling operations per second. How does apple do that . Why do they do that, and no one else can do it but apple as they move the letter a14 chip out to the public . Is partly a question of capex. They have deeper pockets than anyone else in the world when it comes to r d, and they are looking at the most intensive piece of the r d jigsaw in check. They have huge teams working on this, at least least in israel. They have given they have done some candy acquisition of they have done some canny acquisitions of chip companies. To play this r d, they have to be close to the meters in this space. They they build on the arm architecture. Tom is anyone even close to using the ax bionic chip pass . Is there any equivalency . Is samsung even remotely close to the rigid, every year a leap condition in cheap in chip engineering . Alex samsung staff is broadly samsungs stuff is broadly comparable. Each chip has its own pros and cons. Samsung may do this at a scale which apple doesnt quite yet, and apple uses a lot samsung chips. , there is an assertion that actually samsung makes more money from the iphone then it does from its own funds because it has components in the iphone. So what alex said is profoundly important, that samsung does better naked parts for the iphone then they do playing around with their own less profitable stuff. Francine i really learned something. I dont know what chip is in my phone, but i will certainly find out during the break. Alex webb joining us on the legs apple products. Coming up, Leslie Vinjamuri. We talk u. S. Elections, 20 days away. This is bloomberg. Tom good morning, everyone. Bloomberg surveillance. Thrilled you are with us. Futures up 15, dell futures 28,686. Tting it 35 of the nasdaq 100 is three stocks apple, amazon, and microsoft. 34 point percent. You can find that on the bloomberg terminal. Right now you cannot find Leslie Vinjamuris world on the bloomberg terminal. You can in news. It is about politics and the raw emotion of what is out there right now. She is head of the u. S. And americas program. I want to try out a quote from your new study, and maybe what we will see not after the first tuesday of november but sometime in the vicinity of february one as well. It will not be lost on Vice President biden, then president biden, if hes elected, that the last two british Prime Ministers have gone out of their way to humor donald trump. Yes, they did. Bidenroud irishamerican, has already warned he will take a dim view of any u. K. Moves around the completion of brexit at the end of this year, the risk undermining the acclaimed good friday agreement of 1998. Leslie vinjamuri, this is not on the radar of pennsylvania and florida, but it does address term two of trump or term one of biden. Will there be a stark difference to the United Kingdom . Leslie well, i think there will be on any number of things. Not that comment by sir peter ross make off, the former u. K. Ambassador to the United States. You see the democrats pushing very hard on this question that the irish border and the implications for the future of the u. S. , u. K. Freetrade deal. But i think more generally, actually, if there is a change of administration, a change of leadership in the United States, verypresident biden is likely to come over, spend a lot of time in europe, and to expect a lot of europe, especially when it comes to the very big question of china, questions of 5g technology, national security. People are going to want to see europe cooperating with the United States in exchange for a much more present, committed america. As a partner, not only with nato, but on any number of issues. I think it would be a very big difference. We are weeks away from an election, and none of us tom to the election, and of course the president in pennsylvania yesterday, Vice President biden and florida, it is now that exhausting day to day grind. North carolina came up yesterday. Which state matters to dr. Benjamin to dr. Leslie vinjamuri . Leslie we are all watching pennsylvania. I personally am watching florida because what happens on election day is going to count so much, not only about which way the elections go but how quickly it is decided. I think all of us are very concerned that if the election result is delayed for several weeks, the potential for instability, unrest, contestation is significant. So florida is the state i am watching. Most of it is very close. Francine do you worry about turnout . If turnout isnt great, does it automatically give trump a better chance of winning . Leslie i retweeted this morning David Westerman of the political report, anticipating record 150 million and 160 million americans. In 2016, there were about 137 million americans, so people are mobilized, people are passionate on both sides. They want to vote. The question, as we know, is what will go wrong in the process of voting . In virginia, there was great dysfunctionality. There are very long lines, and we have seen this in the last day or two. There are all sorts of barriers to voting, but there is no doubt that people are ready to vote, they want to vote, they want to participate. America is absolutely energized by this election. Bracket orhat is the type of voter that President Trump needs to try and regain right now . Leslie well, it has been very interesting. What we have seen for the last four years is that President Trump has maintained that base, but he has gradually lost a number of other groups that were very important for him winning in 2016. So right now he is pushing hard to get suburban women back. Of white women voted for President Trump in 2016. But what we have seen in the current period is the only female demographic that is really staying with him are those women who did not go to university, did not go to college. The women who have gone to college have really begun to peel off. So he is fighting for the women in the suburbs, and theres also the question of who is going to get the Older Americans voting for him. Increasingly close. A lot of Older Americans are showing that they are supporting Vice President biden. That is another really important battle right now. Are 20look at where we days out, and of course the energizing platform one of the distinctions yesterday in the zeitgeist was a president that has to get back on message, away from the entertainment of it, the theater of it, and, yes, recovering from his illness and get back to policy. What is the policy message of the president of the United States . Leslie i think this one is really challenging because there has been so much distraction. We know the number one issue in this election is the pandemic. The health crisis, the economic recession. I think that this president , he is really trying to say to americans that he is the president. He can deliver the economy, that he can bring the economy back. He is trying to suggest that Vice President biden and Kamala Harris are too far to the left to do this and that they will tax americans and drive the economy into the ground. I really think he is trying to campaign on the basis of being the president that really restores the health of the u. S. Economy. Francine leslie, do you believe trump voter that may not be showing up in the polls . Leslie that is a very interesting question. That is unknowable, one of those known unknowns. I am sure there are some people who are reticent, whether it was President Trump or any other candidate, to openly state their political views. America come as we know, is as polarized as it has ever been. I think a few years ago the survey came out that people were more worried about their son or daughter marrying somebody from the other political party. It used to be somebody from another religion. If is, god for bid wouldnt be surprised if people did not always want to say the question is, how significant is that, and i suspect it is smaller than we think. Tom she is a what . Francine thank you so much, Leslie Vinjamuri there. Market,p on bloomberg the ims and managing director, christina euro gave a that is 10 30 a. M. In new york, 3 30 p. M. In london, and this is bloomberg. Leighann this is bloomberg surveillance. I am leighann gerrans with the Bloomberg Business flash. Liver has learned that the company has a market value of about 8. 7 billion. Kendo to looking for a big bet on shale in the midst of a historic downturn in the oil industry. You will not be seeing massive crowds on black at walmart. Number of customers will be limited inside it stores to just 20 of usual capacity. Other changes include sender carts. Sanitized business chiefs are calling on government to rescue the a billion dollar bailout after the coronavirus pandemic led to a collapse at travel. That is your Bloomberg Business flash. Francine . Francine thank you so much, francine. A lot of the focus is on brexit negotiations because we had that selfimposed deadline, on october 15, tomorrow. It seems from Boris Johnson step aside, they may decide to extend or at least not leave straightaway. No making hard decisions, is how they are putting it. It would be great to show it to see how towns moved on the back of it, and you can see there is quite a lot going on with leisure stocks down but financial stocks in europe up. Tom looking into the equity ket, 28,691, dow futures we are watching the nasdaq to the moon. Amazon in the middle of their prime day, joe feldman just out seeing day one of prime was extraordinary come up. 3 on the nasdaq 100. Isabelle Mateos Y Lago of blackrock is up next. This is bloomberg. So youre a small business, or a big one. You were thriving, but then. Oh. Ah. Okay. Plan, pivot. How do you bounce back . You dont, you bounce forward, with serious and reliable internet. Powered by the largest gig Speed Network in america. But is it secure . Sure its secure. And even if the power goes down, your connection doesnt. So how do i do this . You dont do this. We do this, together. Bounce forward, with comcast business. Advanced economies are doing better than emerging and developing economies, including china. Within countries, are seeing women doing worse in labor markets. We are seeing rising inequality. This is what we described as long and even highly uncertain percent. Tom something i read, the executive summary every word. I try to dive into one or two of the appendices, as they say, as well. Terrific work by the imf. Theyre like opinion out of. They get beat up constantly. Book, gradebook, redbook. Required reading. Francine lacqua in a conversation with her today. Right now isabelle Mateos Y Lago with us with blackrock. Are you kidding me . Global head of official institutions group. That means she is a big deal. That is all you need to know. Isabelle, one of the great juxtapositions is technological innovations. We are in the middle of prime day. Massive global inequalities in a moldy 2021. When we break the elite outperformance of technology from the observation of a world that is really struggling . Well, goodally morning, tom. It is the job of the imf to focus on what is not working, where there are the tough question that a lot are working with. It inield bonds, you find emerging markets, and you find. T in china but for a lot of donors, these are investments they would never have contemplated historically because of their risk parameters. And likewise for a number of them now, contemplate an investment in liquid assets. They would have thought they were completely offlimits in the past and now they have to be on the table. Yielders. N dividend portfolio construction is being completely taken back to the drawing board because people understand we are going to have these low Interest Rates for a long time into the future. Francine what is the biggest worry that there is too much risk and even parts of the market which is not as regulated as others and that could be dangerous for some kind of meltdown or that some of the risks that could materialize some of the Downside Risks that weve been talking about in the World Economy materialize . C