Two economic policymakers appeared to clash over whether to preserve emergency lending programs designed to shore up the economy. Global news, 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in over 120 countries. Im karina mitchell. This is bloomberg. Is 1 00 p. M. In new york. Welcome to bloomberg markets. Here are the top stories we are following. , u. S. Joblessly claims increasing for a second week last week. Incomes downed 0. 7 . The data open to interpretation. We will ask Julia Coronado what she thinks. The economic numbers may not be welcome news to retailers as they enter the important Holiday Shopping season. Later, we speak to mark cohen. And a soccer top of mind with baritone,g of diego we will talk to the ceo of fubotv, which has been booming subscriber growth. Lets take a check of the markets. Lowvolume today, the last session before markets are closed tomorrow and a shortened session friday. The s p 500 improving a little bit. The salesforce lack turned the market around the sales for slack turned the market around. The nasdaq is now up. We have the dollar index below 92, weakening dollar. The 10 year yield at 86 basis points. Crude flirting with 46 a barrel. Bidenentelect joe reportedly picking janet yellen for treasury. Coronado toin julia discuss all of this. First, your reaction to the state out. Jobless claims increasing. Personal income down. How did you interpret the data . Julia i think it shows both that the economy has been resilient, we see consumers continuing to spend and drawing into their savings, which is a sign of confidence, but the fact that we are seeing slower momentum in hiring, slower momentum in income, we are losing the cares act support, that is the key. We built a solid bridge of fiscal support with the cares act and we are seeing it run out in that is weighing on incomes and eventually it will weigh on the spending. Vonnie so far, spending improving more than we were expecting but we will see how long that lasts. How necessary is another round of stimulus and how likely is it now that looks like janet yellen will be treasury secretary . Julia it is necessary to a robust recovery. Doesnt mean we will go into a recession if we dont get any . Not necessarily, but we are going to get stuck in the mud because the pandemic is still oring for the next quarter two until a vaccine is available to the public and people can resume activities. Areout fiscal support, we going to see some backtracking and the economy. I think janet yellen nomination is great, she has a lot of clout on capitol hill. If anyone can get it done, she canberra we still have the Georgia Senate elections to get through she can. Haveve seen we still the Georgia Senate elections to get through. 12 Million People are going to be that is a significant drop. Weeks there may be a few where it is an absolute misery of an existence for some people but if things get turned around in january with a new cabinet and joe biden who might be more interested in doing something quickly, will he be able to, bill janet yellen and a team that is to be announced next force Congress Hand . Julia i think there is hope for compromise. I think there are enough moderate republicans that could convince some additional support. Coming,with the vaccine there is going to be a need to legislate something in the form of us getting that vaccine out there and the support needed for the supply chain and distribution and the administration of the vaccine, that is going to require federal work. While you are in those negotiations, can we get additional aid to small businesses, extended Unemployment Benefits . I think the trick is that so many people are losing their support through Unemployment Benefits, they are running out of ppp funding, and they are going to have to make their Holiday Plans based on that and we know how important this season is for retailers. Sluggishe a pretty Holiday Season, then start the year off on soft footing. All of that delays the recovery, adds to the pain that people are feeling. The fed has been focused on limiting what they call the permanent damage to the labor market, people out of the labor force and lose their connections to employers and networks and scales. The chances of that go up even and skills. The chances of that go up even if we get to the table in february or march. We have this pothole in the economy unless something gets done now and it does not look like anyone is really talking about that. Vonnie we know people are deleting their own savings. A leading indicator for what might happen in the future. What will happen today . Jayhere any onus on powells dont worry about anything given that everything is going to be changing next month . Already let ushe know they were evaluating options of what they can do with their Asset Purchase Program to add another dose of support, not merely of the magnitude they have been doing, but a marginal boost in support to address this fiscal cliff we are going over. I think he will get the details on that in a minute. I think we will get some specifics on options they can lead on if they decide that more support needs to be forthcoming. Be the what would question you would most like to ask the fed chair . Julia i am looking for those details on what they are going to do in terms of the Asset Purchase Program. I think that is the remaining piece of unfinished business. Powellthat, what chair and all the fed officials we been hearing from heaven saying is we are going to do what we can with all the tools available to us, but fiscal policy is the most effective policy intervention at this time. I think this burden is going to be more on congress and Janet Yellens treasury to get this moving and get fiscal policy in a good place. We know the fed is going to be doing what they can, it is just that their tools are pretty blunt and not exactly what we need right now. Place, do you see any whether it be in the market and any asset class or the Housing Market or parts of the markets that might concern you in terms of i dont want to say a bubble, but things might be overpriced . Julia i think we are seeing that rotation with the prospect of a vaccine middle of next year and beyond. There is hope for the Service Sector to recover and there is more of a balanced composition in spending, so while housing has benefited from pentup tear, thoseust on a may fall back to earth somewhat in the first half of 2021 and later on, we are likely to see some recovery. I dont think we are going to go from zero to one, we are going to see people get more comfortable moving around and going to entertainment, sporting events, travel, we will start to see those sectors recovered. It is not going to be from one day to the next, but over time, as people gain confidence in the effectiveness of this vaccine and the pandemic being behind us , then the other key issue is unlocking some of the restrictions on the labor force. A lot of people have been held back because they need to be with kids, women in particular. If we can get schools operating in a normal fashion that people have confidence in, then they can reenter the labor force and that creates a positive feedback loop. We are probably looking at q3 of next year, when we could really see that. Vonnie i want to ask about texas because we dont often get to talk to an economist based in texas. How is the economy . Do you anticipate an influx of people once this is is over once this is over . Julia we have had a mix of trends here. Oil prices until recently have been weighing on the energy noted, texass you is one of the biggest destinations for the covid relocations that we have seen. Austin has received a lot of new people, as has dallas and houston. From a demographic standpoint, texas is still on a growth has struggled it with the Energy Industry but the texas economy is way more diversified than it used to be. It has become a tech hub so we are seeing the tech sector driving some of that growth and relocation. I think texas is in a position better than a lot of other states and cities that have seen dramatic loss of population and had to grapple with that challenge on top of depleted revenues. Vonnie always a pleasure to speak with you. Coronado, macropolicy perspectives, president and founder. Salesforce report of the in talks to buy slack. This is bloomberg. This is bloomberg markets. Time for our stock of the hour. Salesforce, reports say the Software Giant has asked lord a possible buyout of slack. This would be the largest acquisition by salesforce and a big move into that Corporate Communications space. Onesforce shares are lower this news but look at shares of slack, soaring. Any deal would likely value slack at more than its current market cap of 20 billion. Since june 2019, back when slack since then,poed, his stock has soared. Stock has soared. Salesforce has a knack for closing deals. We crunched the numbers and here is a list of the largest acquisitions it has done. The 95 proposed acquisitions, 93 have been completed and two are pending. None have actually been terminated. There is no guarantee that this deal will go through, reportedly salesforce is looking at other possibilities as well. Of salesforce to that list could help salesforce and slack compete more aggressively with microsoft. Salesforce is one of the Fastest Growing in the tech space. 45 s estimated to grow by by 2023. Vonnie tech already outperforming the market. What do you see leading the charge . We have seen that rotation into the cyclicals lose a little bit of steam today and tech shares back on top. You can see homeoffice stocks where bouncing back today. Bet deal seems like a big on that work from home trade. Vonnie thank you. Still ahead, the state of streaming. The first live tv streaming platform, has been accelerating subscriber growth. We will speak to the ceo next. This is bloomberg. Vonnie this is bloomberg markets. Fubotv signed up more subscribers than expected in the Third Quarter, the company backed by 20 century fox went public earlier this year. With us now with more on the companys growth is david gandler. They for joining. Poignant today given the news of the ergo more adonis passing. Is a very sad day for football, a sad day for sports in general. We will look to add programming this week on the history of him. Vonnie that is something about football, it has become such auniter a uniter. Picking up steam here in america as well. You started with the rights to a lot of football and soccer leagues, but you have since expanded exponentially do all sorts of sports and news and entertainments. You charge more than 50. Is that sustainable . David of course. We have been building our base of customers for the last 2. 5 years. Fubo is a cable replace in service and it is relatively inexpensive when you think about the cost of cable or satellite. Range is a good Value Proposition for the amount of content we have. We have 50,000 sporting events, 30,000 bod assets, 110 channels in the basic package. We lead with the sports and provide people with entertainment and news as well. Vonnie what can you sustain those kinds of prices, even though you offer a lot for the money . There are a lot of other streaming platforms that mott that might not have as much but maybe a lot cheaper. David our pricing is actually quite good. If you look at the average amount of time people are watching fubotv, it is 120 hours a month. That is a massive amount of hours spent on one platform which suggests people like the user interface, an app that they can better understand across multiple devices. It is working for people. Adds in thef net Third Quarter demonstrates that price is not an issue. Vonnie that is great optimism. . Hat is going to happen next if the price for League Football goes up, how do you counter that . David the difference between sports and entertainment is sports is not fungible. About 60 million americans that really love their sports. It is one of the greatest things that we have in this country and people are willing to pay, they pay bigticket prices for events like the world cup, for football games, it is a form of entertainment that people cant live without. Should prices continue to go up, we will have to think about ways to mitigate that on the customer side, but we are a dual revenue stream. Not only do we make money off of subscription revenue, but we also sell advertising on the platform which allows us to soften the blow in terms of price hikes. Vonnie peacock has started showing a lot of soccer. Has it been a problem for you . David absolutely not. We partner with nbc, we carry nbc, and we are actually aggregating content from all of the major broadcasters, nbc, cbs, abc, and fox, whereas peacock only shows nbc programming. We are believers that customers like the aggregated experience, a single place where you can get all your favorite content. Have inputs from the likes of amc and 21st century fox in terms of funding but you thisdid a merger erred why particular company and what have the proceeds allowed you to do . Playinghe company is three trends. The first and second are decline in television viewing. The third is given the fact that we have some big events, we think there is a sustained opportunity to enhance the entertainment value of our platform. That is what we are focused on. The merger allowed us to add sufficient technology around sports and digital ip and we are still working through the strategy. The keys area are continued some growth, revenue growth, and generating advertisements. Vonnie where are you planning on making more moves . Are there other sports you would like to get into, countries . A hugethe u. S. Is market, as we know. Currently, we finished the quarter with 450,000 eight subscribers. Paid we are still focused heavily on the u. S. , we have an eye out for international and continue developing for when we are ready. Vonnie curious on your numbers for the sports, what are the top two or three sports people are watching these days . David nfl, number one. College football and soccer are very close after nfl. Thanksgiving weekend, it is a big nfl weekend, it is a Big College Football weekend, and it is the start of College Basketball so we are subscribed we are excited with the sports calendar over the Holiday Season and who does not love the macys day parade and specials from our broadcasters . Vonnie has been difficult doing this, making this growth during covid when people cant stay in the office . Pandemic course the has impacted our business, as it has many others, but we have been able to recover relatively quickly. We started sports early on in the Third Quarter. We are thankful of where we are, we are happy to know that sports will continue to play out through the rest of the year and we are hate we are happy that we can provide a service that customers enjoy. Vonnie thank you for joining. Theyd is david gandler, fubotv ceo. Coming up, the pandemic has not stop people spending. More on how bigbox retailers are planning to sustain Holiday Shopping this year. S p 500 down. Nasdaq is up 0. 4 . This is bloomberg. Are you frustrated with your weight and health . Its time for aerotrainer, a more effective total body fitness solution. announcer aerotrainers ergodynamic design and four patented air chambers create maximum muscle activation for better results in less time, all while maintaining safe, correct form and allows for over 20 exercises. Do the aerotrainer super crunch. The prestretch works your abs even harder, engaging the entire core. Then its the back extension, super rock, and lower back traction stretch to take the pressure off your spine and stretch muscles. Planks are the ultimate total body exercise. Build your upper body with pushups. Work your lower body with the aerosquat. The aerotrainer is tested to support over 500 pounds. It inflates and deflates in less than 30 seconds using the electric pump. Head to aerotrainer. Com now. Now its your turn to lose weight, look great, and be healthy. Get off the floor and get on the aerotrainer. Go to aerotrainer. Com, thats aerotrainer. Com. Lets get the first word news. A pennsylvania judged issued an order temporarily stopping the state from further actions to certify election results. The really stops action until a november 27 hearing. Joe bidens victory in pennsylvania was certified yesterday, the case was separate from a federal a separate allotted wanting to toss out tens of thousands of ballots. Joe biden has made it clear he wants to calm international relations. He introduced a team of Foreign Policy expert people instant Foreign Policy experts he plans to nominate. The Africa Centers for Disease Control and prevention are discussing covid19 vaccine trial partnerships with china and russia to ensure the nation does not get left behind in the race to acquire a vaccine. They arenot letting not limiting themselves to anyone partner. The u. S. And eu have prearranged to buy hundreds of millions of doses once viable. Global news, 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. Im karina mitchell. This is bloomberg. Vonnie live from taranto live from taranto, im amanda lane. Vonnie im vonnie quinn. We are joined by our bloomberg audiences. He are the top stories we are following. Black friday shopping will look different this year, we will chat with the ceo we will chat with marco in the red we will take a look at the impact of Climate Change on cranberry farming. America, we will discuss the decision to pay bonuses at last years levels. Lets check in on the markets. We do have some Economic Data that may be weighing on the picture more broadly. Check back in favor, but lackluster performance from the group that had been surging on reopening optimism and a sense that better times are ahead, including