Surveillance. I am Francine Lacqua here in london. This is what the markets are doing, focused on the lack of stimulus coming from the u. S. They are also focused on the earnings. I see a bit of zigzagging. The other thing i am watching for is the pound. A lot going on, you know, in the next 12 hours, when Boris Johnson needs to decide whether to abandon talks with it eu, giving the clear signal of what he wants in order to remain at the table. We have a pack show today. Talk top at 9 30, we the irish finance minister that wedonohoe, and speak with ignazio visco, the Banca Ditalia governor. Now lets get to the bloomberg first word news in london with leighann gerrans. Hi, leighann. Leighann good morning, francine. The boeing 787 has been deemed safe to fly. The news comes besides a software upgrade, not being done it for up to two years. The max was founded in 2019 grounded in 2019 after two fatal crashes. President trump and joe biden held separate town halls last night, 1000 miles apart. The president clashed with the moderator and lauded his administrations handling of the pandemic. Aimed ate answers avoiding anything that could imperil his lead in the polls. President trump is ready to lobby the Republican Party for a bigger stimulus deal. In a call, treasury secretary Steven Mnuchin told nancy pelosi that the president will lead on the gop if the lean on the gop of the two sides can come to an agreement. He wants a bigger rescue plan than the 1. 8 trillion on offer. Senate Majority Leader Mitch Mcconnell says that is too much. President trump says the u. S. Will strike much harder if the eu goes ahead with 4 billion of terrace on american products. To imposence the wto the duty after a ruling on illegal state aid. The union. Union will likely hold fire until after the president ial election. 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. I am leighann gerrans. This is bloomberg. Francine . Francine leighann, thank you so much. Now, it is brexit decision date for Prime MinisterBoris Johnson. Today, he will determine whether or not to demand trade talks with the European Union. The leaders are refusing to give a clear signal that he wants to stay at the table. Joining us now is maria tadeo in brussels. Maria, it is difficult to see whether he will walk out or not. Maria francine, there has been a lot of backandforth, and the indication we get from the u. K. Dilatation is he will give delegation is a clear signal whether he will walk out or not. The assumption is he will not walk out, purely because we won a deal, we just can give you one today, and we. And we need more time. The problem is he came up with a deadline, october 15. It is clear the europeans did not expect that deadline. He really wanted a clear signal that one way or another, a deal is coming. Statement, at that the European Union is still playing this very coy, so it is a difficult situation for him to sell something as a win, because he did not get that. Will continue. Ks he says he is willing to go on london on monday should he decide to stay in the negotiations. Francine thank you so much, maria tadeo, in london. Ahmed, us is salman global head of macro and Strategic Asset allocation at fidelity. Salman, great to have you. What doesund europe, that mean for Economic Projections and therefore where you want money in the market right now . Salman hi, good morning. Rapidly we have seen a big second wave now, both coming through in europe, and i also think sometimes coming through in the u. S. As well. Considering where the markets are, they were not price for the kind of, you know, rapid rise, especially given the fact that it seems like the pressure of policy makers and policies to pick up restrictions is lower than expected, so there is going to be some economic damage in the shortterm. Couple it with the fact that the physical response in the u. S. Is not very clear at the moment, and we know that the income numbers in the u. S. Are heavily, heavily dependent on this fiscal handout. So we are in front of what we call a reality check because the markets are not priced for another round of restrictions. Francine do the markets care, or are they just looking at Central Banks . The question we are looking out for, and we are asking on mliv, which i recommend, because it is a fantastic product, how are european stocks on this . Salman the issue is as the fixed income comes through, there is a comment that it has to be replaced by some kind of report, and over the last few months, it was done by fiscal policy mostly. Which was being financed by Monetary Policy. The Monetary Policy guys tell us clearly, but as we know, Central Banks cannot spend money, they can only lend money. That is why fiscal becomes so critical. And less they get this in place, they will have to be a little more cautious when it comes to market Market Pricing, because we have priced in a lot of volatility at this moment in time. Francine salman, so, where are you on that . Is a very unlikely we will not get extra support for our workers, that we are not going o get extra for low programs if we get into restrictions almost as bad as a lockdown we had in march, april . Salman we are thinking it will be much more localized. The Data Availability is much richer. In march, we had that data that was available, so it is probably going to be much more localized and focused, but having said that, the Major Economic centers are starting to go according to it, and the structures are going rapidly in recent days. We think this has to be taken into account,. At least for the short term. Even though our view is, what happens in the u. S. Election, a big fiscal may come through, but what about the winter months . There is going to be significant damage. Francine salman, thank you so much, salman ahmed from felt Fidelity International stays with us. Coming up, President Trump and joe biden class at two different town halls. We give you all the details, next. This is bloomberg. Oomberg. Francine economics, finance, politics. This is bloomberg surveillance. I am Francine Lacqua here in london. Lets get straight to the Bloomberg Business flash, heres leighann gerrans. Hi, leighann. Leighann hi, francine. Planning to increase devaluation target for its ipo to at least 280 billion. That istell bloomberg due to demand of the offering and plans to raise 25 billion dollars in the sale despite the wave of restrictions earned and it could be the Worlds Largest ipo ever. Account, citing off customer funds. Sources tell bloomberg the attacks were more widespread than previously thought. That is based on social media. Investors were annoyed because contacting the brokerage, which doesnt have a Customer Service number. Working from home has not played down wall street trading. The biggest u. S. Investment banks are on pace for the first 100 billion year for trading revenue in more than a decade. In just three quarters, they have already generated almost 84 billion, more than any year since 2010. And that is your Bloomberg Business flash. Francine . Francine leighann, thank you so much. President trump and joe biden competed in dueling town Hall Meetings on different tv networks. Here are some of the highlights from trunks town hall on nbc and joe biden with George Stephanopoulos on abc. Pres. Trump i knew it was a big threat. At the same time, i do not want to panic this country. I do not want to go out and say, everybody is going to die. We are in a situation where we have 210 thousand plus people dead, and what is he doing . Nothing pres. Trump we had the greatest economy in the history of our country, including florida, north carolina, louisiana, every place, we had the greatest economy we ever had, we saved 2 million lives, we are opening it up, we have a vshape, and it is coming back. Mr. Biden if you raise the Corporate Tax back to 28 , which raiseair tax, you would trillion by 1. 3 the same act. Pres. Trump i just dont know about qanon. You do now pres. Trump what i do know about if they are strongly against pedophilia,. And i agree with that. Mr. Biden if you take a look, we are not very trusted around the world. When you ask who they trust more, who is the better leader, and the president came in behind both the national survey, international survey, both andnd putin as well as xi, look what putin is doing. Francine well, that was an interesting snapshot of the town halls. Millions of americans ive already voted. What does the elections mean for the economy and for the markets . Still with us, salman ahmed from fidelity. 18 days. What is the Market Pricing in at the moment . Salman we have had clearcut pricing on a more clear outcome, you know, late in september, there was a fear that we may have a close election or a contested election. Obviously this is different because of the heavy share of thein voting and polarization and the pandemic itself. Days we have seen a clear outcome, but again, we go, and aal days to lot of cycle ships can happen. Ishave mapped out, and it clear to us that the 14th of september day is critical. If we do not get it by the 14 of december, in the event it is a close race, then we can be moving into a much more nonlinear situation, but that is obviously a risk, unpredictable by design, but it is important to keep that in place, because the procedural and electoral nuances in the u. S. System. Francine if you look at markets, will they move if the polls dont change them are they going to, you know, price in some of the volatility that you were just alluding to . Salman i think they already have, going into this election phase, elevated volatility compared to 2016. In fact, if you look at the vol curve, this election cycle could continue into december. That has been taken off a little bit over the last few days. Lls remain stable Going Forward, they will continue to be narrow. There is a discount on the reading because of what we saw in 2016, and of course we know at readingare better the National College boat than the Electoral College vote. I think the pricing of a more clear outcome will become even more stronger. Having said that, the next question will be the fiscal plan, because, from the market perspective, it is all about shape, scope, and size of the fiscal plan once a new or the same administration is in place after the 20th of january. Salman, what does the dollar do from here . Salman the dollar is under longterm pressure. Right now, it is in a different direction because of the shock of the rising. Correct that the markets will start to think about this in a second wave and the damage has been done, without immediate support, then i think the dollar makes gains, but overall, i think we are on the path we are on, which is good fiscal, big monetary come i think dollar will struggle, because the u. S. Economy now runs a very negative rate, but shortterm, it is going to be more about secondary risks right now for us. Francine if there is a second the, we talk about stimulus, inflation, or inflation surprise, is that risk taken completely off the table . Salman i think it delays inflation in part because we know Economic Activity is under restrictions. It is actually more than the inflationary point. Yes, there are some issues, but i think in march and april, the supply chain issues are much more. This time around, it will be more about demand. I think our own view is that Central Banks do need inflation much more now than they did before. Of course they have been trying to generate inflation for more than a decade now, but i think the fact that chairman powell fiscal,lagarde call for because debt ratio is very high. Francine what do you do with emerging markets . Is there a value play at the moment, especially if you are looking for yields . Salman i think in emerging markets, we are extending into china, emx china. I think there are some countries that have been beaten out because of the covid crisis, the fact that economics, you know, where extreme, for example, andy a is one case, and they may do case, andndia is one they may do quite well as a vaccine is in place. At the same time, there are of course a lot of hedges. All in all, in this cycle, e. M. Has not brought the same kind of support we would have expected from an overreaching Monetary Policy support, negative Interest Rates, very low rates than we thought it would, and that has a lot to do with the fact that the intraday crisis with greater balance sheets, but exchina, i think there are opportunities, the recovery intact, and i think that will remain the case Going Forward. Francine salman, thank you so much, salman ahmed, global head of macro and Strategic Asset allocation at Fidelity International. Coming up at 9 30 a. M. London time, we speak with the irish finance minister of paschal donohoe, and after that, the governor of the bank of italy, a mesial visco. That is ignazio visco. That is coming up shortly, and this is bloomberg. Oomberg. Francine this is bloomberg surveillance. I am Francine Lacqua here in london. Now, we did have that breaking news out of boeing, the maxis 787, and this is what we know so far, european regulators sailing max 8 safe to fly and it may return this year. This is according to bloomberg sources. Boeing in premarket is actually gaining 2. 2 . Again, europes top regulators say that changes to the max have been made, the plane is safe enough to return to the skies before 2020 is out. We will see exactly what that means Going Forward and if we have Additional Communications from the other side, but premarket gaining 2. 2 . The u. S. Chamber of commerce and a group of more than 150 companies are using President Trump to withdrawn executive order. Include contractors in inclusivity be training. We are joined by our quicktake reporter. First off, what does this mean . Francine, we know that they are making efforts to diversify their workforce. A month ago, the trumpet maceration caused some confusion with that executive order that you mentioned when they were questioning whether these efforts that companies were trying to make may actually violate federal discrimination law. So what we heard from the chamber of commerce, over 150 companies on thursday, they addressed a letter specifically to the president saying that might do more to confuse companies about what is it is not permitted, and they actually end up stifling any sort of address that the companies are trying to make to create a more inclusive workplace, so there really does appear to be a disconnect between what the Trump Administration is saying and what Corporate America is doing. Still, we are hearing from Companies Like starbucks who are still moving forward with their own diversity plan and trying to be a little bit more transparent as a result. Francine jen, some companies ,re taking more Decisive Action take starbucks, for example, what are they doing . So starbucks we heard from on wednesday, they say that executive order or not, they are going to move forward with their commitment one. Of the commitments they are making as they are going to have people of color make up at least 30 of the u. S. Corporate employees and 40 of retail employees by 2025. Not only that, they are going to tie those diversity metrics to executive pay. They did not specify exactly how that is going to work out, but, you know, i can only anticipate we will hear in the coming months. They also announced several initiatives and programs, of course, again, you know, going counter to what the government is saying, and they are playing on disposing the e. O. Reports, was details tha diversity of the workplace. They have been hearing from months this is what we want to hear from companies, so our colleagues in the Bloomberg News or tomorrow taking a look at several reports, so it is something we will watch over the several months. Francine we certainly will. Jennifer zabasajja there in new york. Coming up, we discuss the Economic Outlook on brexit. Great interviews, the irish finance minister and the Italian Central Bank governor. This is bloomberg. Bank governor. This is bloomberg. Francine economics, finance, politics. This is bloomberg surveillance. Im Francine Lacqua, here in london. Lets get to the bloomberg first word news with leighann gerrans. Decision it is brexit day for Prime MinisterBoris Johnson. Today he will choose whether or not to abandon trade talks with the European Union. The blocks needed need to give him the clear signal that he wants in order to remain at the table. Local leaders in the u. K. Are in revolt after rejecting the governments regional lockdowns. Politicians in manchester, northern england, are