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tv   Bloomberg Surveillance  Bloomberg  November 5, 2020 8:00am-9:00am EST

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>> patience is the real key here, and what markets want to see is something orderly. >> the biggest downside risk is that we get divided government and gridlock. >> the senate is even more important. that is where fiscal stimulus comes into play. that is where taxes come into play. >> the more the stimulus talk is going to be delayed, people are going to worry about her they are going. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. tom: did morning, everyone. this historic gay -- good morning, everyone. this historic day for america.
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within the perfect indian summer of new york, we see a nation counting every vote. is 2.5%. within the counting of votes is the new slow bouncing off of this political moment. i've got eight ways to go in this opening, and i am going to go jon ferro where you have been, which is the renminbi just moving to new strengths moments ago. jonathan: dollar weakness has got to be the story. we talked about this through the morning. the counting continues. this race is too close to call. this market, the event they are anticipating is a joe biden white house, and what that means for the economy and these currencies. they are assuming it will mean a weaker dollar, and that is what you've got on the screen, not just against the chinese currency. it is broad-based through the
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whole of g10. tom: the emotion in the united kingdom, i saw the five letter word "march" and my heart skipped a beat. what are the ramifications of extending a locked three additional months? jonathan: i know very few people who think it ends there. the complexity is the overlay of the brexit decision. the u.k. is set to end that transition period at the end of december. i wonder how much it is the story of the lockdown and another part the story over brexit. let's avoid the brexit discussion at the moment. what i think it's important for a global audience now is what the u.k. managed to engineer this morning was the chancellor coming out after the bank of england had expanded qe, and as i mentioned about 40 minutes ago, chairman powell wishes he could come out today and say, sure, i would do a little more fiscalgov provides a
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support. that is not going to happen anytime soon. tom: i look at the wall of news this morning, and just to synthesize it, what are you observing in election 2020? lisa: i'm observing conviction in markets, where there isn't us much conviction in the ramifications therein. schumacher of wells fargo -- mike schumacher of wells fargo was talking about how the reflation trade was overpriced, and now it is underpriced. even if we get joe biden winning the presidency and a split congress, will that necessarily mean what people think it will, given the fact that the virus spreading in some places in the u.s. at a record pace. tom: we got to extend this before we get to mr. cirilli. the chancellor of the exchequer says this is not sustainable. jonathan: is it sustainable? is it not sustainable?
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let's take a look at the gilt right now. , 21 basisthe 10 year points in the united kingdom. what is sustainable in the world of rates where they are right now, and what is unsustainable? typically we say it is unsustainable, totally unsustainable. but it has been sustainable for pretty much the whole of this year to do with this government has been doing, which is subsidizing wages up to about pounds a month, capped at 2500 pounds. sovereign debt responds to the cycle, to explications over inflation -- to expectations over inflation, growth rates. so long as these bond markets behave like developed markets, then it is a sustainable position. i think that is the conversation i would be having with chancellor sunak. if you have been from some kind of moral standpoint, some kind
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of ideological standpoint as a conservative politician, that you think this path is unsustainable because you don't think people should be dependent on the government, lots of people would agree with you. sustainable,en and might be into new year, too. we are going to have kevin cirilli with us. he is buried in the election details right now. we've got reporters at the biden camp in philadelphia, in arizona as well. right now, eric friedman joins with u.s. bank wealth management, their chief investment officer. thewrite acute notes of moment. how do you take this new cacophony and create any form of long-term perspective? eric: i think the most important thing is to compartmentalize the issues in front of us.
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number one, the election event risk. number two is the pre-vaccine and likely covid spread to follow. going to be the sitting president, we have the agenda we have to digest, and then we have the event risk of the vaccine. bottom line for us, you have to really compartmentalize those four time periods, and think about what does life look in a -- what does life look like in a steady state after this is behind us? i think there have been a lot of changes in the last 48, 72 hours that have really caused us to rethink what we're are doing for bonds right now. lisa: how are you changing your portfolios or thinking of doing so after what we saw this week? tom: the biggest thing is the effect on the dollar. if you look at dxy or renminbi or the charts you were referring to this morning, there is a 88,le rope trapdoor down to
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which we haven't seen since the early part of 2018. if that happens, we don't own enough in our national equities. if you look at where we were in e.m. to jonathan's point earlier this morning, e.m. has a great fundamental story. that data is getting better in our metrics as well. that for us is probably a higher conviction idea, but the lower conviction idea that we might be bullied into thinking about is covid, as well as demographics, not great. but if we see both intervention and if we see a biden presidency that does reach out to the other side, that could be bullish for europe and japan. in,tom: strong in -- strong -- strong yen, 103.64. we own enough international? jonathan: it is a huge question.
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we've got to get our hands around why we are seeing this dollar we before we understand whether we should buy international. my interpretation of things isn't just a position squeeze. it is that they think it is a more editable, softer policy around trade and china and out of that good stuff. i just wonder how much that will influence the u.s. dollar without really thinking about what the global cycle more broadly is going to look like into 2021. daniel: i think that -- sharing: i think that nails it. what does this mean for qe in terms of timing, as well as size? you've mentioned that chair powell may have a desire to be more forceful today, but really can't be as we are still thinking about how these events unfold. i think there was significant concession yesterday my mitch mcconnell when he said we should come back to the table before too long, before year end.
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that is a concession, but also may mean it is quick your quicker -- it is stimulus. those are the things we think will have a more negative impact on the dollar. but if you come back to the long-term, the steady state we are thinking about after all of the short-term risk, we still think u.s. productivity is better than the european and japanese stories. it could be more of a trade or a rental as opposed to a long-term buy in our investment community right now. lira is: the turkish unchanged on the morning. that says a lot about things if you have been following this fx market. when do you make the decision? you said you were having that conversation internally. there are some people itching right now, thinking they are
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missing out, that they've got to chase this. when do you make that call? eric: number one, you have to think about your end size. if we were to pick an overweight equity position and build into it over time, if we are going to six or eight basis point over the benchmark, doing so now maybe it worthwhile conversation. we think that there is a likelihood of more covid spread, more risk, and our hearts are with those who passed from that. but our markets looking through that? the other thing to think about in terms of the next leg in trade because that faxing will arrive. that is a forecast that keeps being pushed out further into 2021. i think piecing into it entrenches, thinking about that right now makes some sense, but not feeling you have to be bullied into buying breakouts right now to get to a full position. that is the way we are thinking
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about it right now. ,onathan: eric, just tremendous allowing us into the conversation this morning. we appreciate it. eric freedman. you've got to compartmentalize different things and work for the sequencing. we've got to get through this risk event. still counting. after that, you've got to get to the prevaccine/post vaccine. . after that, the next move, the next move. jonathan: i think your -- lisa: i think your comment was right. i am really grateful to get inside some of this conversations. this was a pivotal moment, and people are's just processing the input occasions, not yet necessarily ready to make the move and pull the trigger. jonathan: let's get through the price action this morning. the market is making its move. that does not mean we've got a call to make on this white house or on congress either. equity futures up 1.84%.
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we advance 63 points. in the fx market, the euro is stronger. most people aren't. year, -- on the euro-dollar, $1.1850. i will do what tom keene wouldn't do earlier. a happy birthday to mrs. keene. this is bloomberg. ritika: joe biden is just one battleground state away from becoming the next president of the united states. prizeslready won two key in the midwest, in michigan and wisconsin. that puts them at just six those away from the 270 he needs. --would have to be in nevada he would for president trump --
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for president trump, he would have to win all of the remaining battleground states to be counted. president is trying to stop vote counting in states where he is ahead, but demanding counting or recounting where he is losing to biden. the president has repeatedly claims there is widespread fraud in voting by mail. down restrictions take effect in england today. they will enforce the closing of jim's, pubs, and nonessential shops. parliament gave its blessing to the new rules after prime they facearned that fatality on a grievous scale. the ipo by ant group will reportedly be delayed by at least six months, according to "the financial times." it was supposed to begin listing and chunk on -- listing in hong kong and shanghai today, but regulators put that on hold.
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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. i'm ritika gupta. this is bloomberg. ♪
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mr. biden: every vote must be counted. no one is going to take our democracy away from us, not now, not ever. comeca has come to far --
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too far. america has fought too many battles. jonathan: former vice president joe biden weighing in on the boat as the counting continues -- on the vote is the counting continues. alongside tom keene and lisa abramowicz, i'm jonathan ferro. one hour and 12 minutes away from the opening bell, let's get into the price action very briefly. tidye equity market a rally. on the s&p, we add another 1.4 8%. the selloff in the u.s. dollar as the session grows older, that session gets bigger and bigger. euro-dollar, $1.18 46. that is a stronger euro. will the president join a very lonely postwar club of incoming presidents who did not get that second term, election day?
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pundits have taken a huge dose of humility. no one wants to call this because the votes are still being counted. this market is making its move in a big way. tom: the market is voting right now, no question about that. i would point out yet absolute -- point out yen absolutely stunning. it is rare that you see this. we are seeing too much of him. our kevin cirilli joins us now, our chief washington correspondent. we can talk about georgia. i will give you an open call here. what state are you focused on now? kevin: in the short term, let's go through it. at him: 30 come -- at 10:30, we will hear an update from georgia's secretary of state update on the timeline
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of georgia and the battleground state. at about noon eastern, we are going to hear from clark county, nevada, where las vegas is. the overwhelming majority of votes in the battleground state that is going to potentially still push joe biden to the magic number of 270 in the electoral college count. this evening, 9:00 p.m. eastern is when you are going to have arizona provide a final update with regards to maricopa county. the trump campaign has been saying they feel that arizona could potentially still go their way, but we will know. we will have a lot more clarity, i should say, by 10:00 new york time tonight once all of this data comes in. lisa: one of the reasons why you are so great if you walk the halls of capitol hill, and people say, "kev, what's going
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on?" for the republican strategists you speak with, are they saying trump has lost, biden has w on -- has won? where are they saying that trump is right, and some of these states could be battlegrounds still? kevin: there are many of those fighting forcefully with the president, whether it is eric trump and rudy giuliani yesterday in philadelphia. one in congress just told me to responditing president acted on election night. there's also excitement about the potential of midterm elections in 2022, and about the
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strong night that senate majority leader mitch mcconnell had in terms of defending seats with senator joni ernst, senator susan collins, and senator lindsey graham. there have been questions about whether they would. i thought kevin mccarthy, the leader of the republicans in the house, noting the seven or so seats that republicans picked up in what will still be a democratic majority in the house, diversifying in terms of the republican caucus with the andtion of several women minorities in the house of representatives. there has to be a sense of waiting in terms of what happens with the presidency, but there is also the sense of it was not the blue wave that could have been for democrats, and there is still a narrow path to that happening, but there was not this massive blue waifs the nominee of sorts.
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there will be much more to come as we keep counting votes. kevin cirilli, thank you so much. joins us from columbia university, the former fed governor. we can wax philosophical about our central bank. let's forget about that. textbooks on policy, he has thought more than anyone i know about policy and linking it to the american good. does mr. biden run a traditional democratic party, democratic president party? or does he have to carve a new path if he is elected? : who knows? what has happened has been a real polarization. we have seen the right in the and thean party
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democratic party doing the same thing. biden is a centrist, but it is going to be very complicated, the senate will almost surely be republican. getting anything done is going to be very difficult. i do think there will be some stimulus that will be put in place because something needs to be done, but it certainly won't wanted, ie democrats democratic senate and a democratic president. it is not going to the states that the democrats initially wanted. so it is very complicated for biden. i don't necessarily think he is a superstrong person. he's got a tough job to do. it is not sure he is going to win the election, but it is
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looking increasingly like it. jonathan: the counting continues. the choreography this morning and the united kingdom was phenomenal. they forced the decision early. -- treasury desta chancellor they forced the decision early. do you think the person leading that institution is going to be much closer to the president for the next four years, but over the next several decades? eric: i think it is clearly an rick: i think it is clearly an issue. we have not seen quite the vociferous attacks before that we have seen for president trump. in my new edition coming out, i have a whole section on presidential tax on the fed and how unique these are. there have always been attacks, but these are very unique. , joe biden isnly
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elected, the relationship between the fred -- if joe biden is elected, the relationship with the fed will be better than it has been. i think he will just let them do their job. in practice, it hasn't affected much of what the fed has done, but it does politicize some things. hopefully there will be less politicization of the said, but we will have to wait and see. i think that that has a very tough job right now. basically, you're out of tools. really has to come from federal government spending . there could be expansionary policy from the federal government, but who knows how note -- federal government, but who knows? not: they said they will act further expanding the balance sheet or extending the
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economy. do you expect them to double down on existing policies even if they are not proving to be effective and actually stimulating economic growth? frederic: most of the key issue is what you mean by effective. it is just that you have to be aware that the tools are not sufficient at this point. this is one of the problems that occurs when we had the zero lower down or effective lower bound. you can't go below zero. it is not clear that that even helps. through itsings ,sset purchases and lending that performed brilliantly in the early days of the coronavirus pandemic. to make sure we don't have another depression. things were very scary right then. the had basically done more by actually figuring out what to do months total.
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here we are able to figure it out in a few weeks. all that does is stabilize the situation. getting the economy to bounce back when the coronavirus seems to be getting worse, my view is right now is all about the coronavirus pandemic. clearly we have not handled this particularly well, and we are now at record level cases. i think it is going to get much worse by the winter. just think about people getting together for thanksgiving and not being able to go outside when it gets really cold. i think that is going to be a real problem for the economy. basically, it is going to do what it has to do, but can't follow the problem -- it can't solve the problem. that is why we need action from more than the central government. jonathan: thank you. frederick mishkin there,
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formerly of the fed bank of governors. we will get initial jobless claims in the united states. if you are following the electoral college votes, what we are calling at the moment from the associated press is very clear on that. we are following the associated press, 264-214. what you might see elsewhere is 253-214 because they are taking off those 11 electoral college votes from arizona, which some .eople think is still too close a lot of ballots still to come through. the counting will continue, but this market, as you said, is voting. this market is voting and has been voting for the last several days, and assuming we will have a biden white house. tom: look at renminbi, out to new strength moments ago, 6.063. i have never seen a move in china like that. jonathan: let's get to the price let's get to the price action.
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20 seconds out from the initial jobless claims data. on the s&p we advance 1.8%. the outperformance coming from big tech. the nasdaq flying, the dollar dying. a weaker u.s. dollar, and in the unchanged,, yields .75 62%. claims out on time. here is michael mckee. michael: we are just getting the numbers. 751,000 in terms of jobless claims. 7,285,000 in terms of continuing claims. at this point it does not look like we are seeing a significant improvement. 751,000 matches what we saw last week, although we are waiting to see, i probably have this right in front of me, in terms of what we saw last week. last week was revised up to 758,000. a minor change in terms of the
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revision lower, but we are still holding in the mid-700s range, which suggests we are still seeing problems. a lot of states have worked to correct any kind of miss filings , fraudulent filings and errors. the continuing claims do fall a little bit, but it looks like what is happening is people are just using up their 26 weeks of benefits and moving onto the pandemic emergency program. that rose 277,000. at this point we are still ,eeing jobless claims suggesting the economy has slowed. we will seetom: productivity. buried in those ratios is unit labor costs. what does it say about the labor dynamics in america? michael: it is hard to get a clear read because we are seeing people who make last drop out of payrolls and people who are making more remain paid.
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the labor costs should rise a little bit because of that dynamic. if we are losing more waiters and waitresses and holding onto more architects we will see higher unit labor cost, but it does not mean a lot because at this point costs are still very low for american companies. lisa: can you build on that in terms of the trend we have seen? when we look at jobless filings people say have we run out of people to file jobless claims? are these the individuals being caught by boeing or exxon or industrial companies making cost cuts versus the waiters and waitresses trying to survive in an era where you cannot go to a restaurant. michael: i imagine it is a mix of both. you are seeing a lot of -- the airlines went through in a couple of weeks ago. you just walk around new york city you can see the restaurants that were open a couple weeks
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ago closing up, and a lot of people are warning this is happening all over the country because people are coming back and finding their business is not viable now. the question is when does that stop? when you get to an equilibrium point? tom: thank you so much. michael mckee focused on the fed meeting this afternoon. we would hope he will have a terse question for the chairman of the federal reserve system. always with questions for the fed is peter hooper, he is with deutsche bank than their global head of economic research. what a thrill. peter hooper, so much to talk about. i need to immediately go to the cautious view deutsche bank has had on the american economy. do you reaffirm that within this political moment? peter: yes. near-term things are starting to slow. we had a very good september, but the data for october has
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begun to soften, and what we are seeing the labor market, this morning's numbers in line with the sense the labor market is not improving further. the adp number yesterday says we may get some downward surprised, a downward drift in payroll on friday as well. our sense is the economy is slowing to noticeably below the consensus expectations and 3.5%, 4% growth in the fourth quarter. .e've been under 1% given what we are seeing now as slowing in consumer spending, we have had a drop-off in auto sales, high-frequency numbers on payroll purchases also pointing in this direction. what is happening is the drop in support, the unemployment benefit, the extra unemployment
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household income growth has slowed substantially. we do think the economy is slowing near-term, and the election results certainly have taken out the upside risk on substantial fiscal stimulus next year. tom: what is the nature of gridlock right now? when you talk about an american deutsche bank view, does the gridlock it is closer to stimulus salvation? luck getting a stimulus salvation. i suppose it depends on your point of view. we will not be getting anything or fore $3 trillion trillion dollar package people were dreaming about under a blue wave. had amcconnell said we high priority in getting something done before the end of the year. the republican senate had been
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talking about a $500 billion support package. with the election results we are , if thingshis point turn out the way they seem to be leaning, if joe biden is president, the president is going to be trying to do something to bring the country together. yes you have gridlock, you have a democratic house with a democratic administration, but you will have an effort to get things done. i am not quite as pessimistic. jonathan: stole a lot of ifs. the counting continues. one thing we can look at is the economic data. we had the ism yesterday, the employment component. sluggishness in the mix. i wonder how you think the federal reserve, when they meet, will pour through the jobs data we have seen.
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i think they will be seeing an economy that is starting to slow, and that tells you why jay powell has been in front saying we need more fiscal stimulus. the economy is still hurting from the shock it has faced and the support coming off will be giving us a significant slowing of growth. it is not enough to get him to do anything today. if the numbers come in the way we are anticipating, i would not be surprised to see some action by the december meeting in terms , increasingheet maturity purchases, this sort of thing. lisa: let's build on that. how much you expect the fed to expand their balance sheet if there is no promise of fiscal support? peter: on balance sheet, the isst thing i expect increasing in maturity of purchases. expending the pace
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of $120 billion per month, they told us they would continue at least that pace. if the economy is slowing we could see some pickup. how much, we've not made a forecast on that yet. would not be surprised to see something. if we do not get anymore support before the end of the year, the economy is slowing to well below expectations. i think the fed steps in and begins to do something there. lisa: how big is the spread between the streets expectation of growth in the u.s. versus deutsche bank's house view of growth, given where we are politically, given where we are with the virus? peter: our current forecast is in the raise of half a percent for any weighted growth in the fourth quarter. growth in the fourth quarter. the bloomberg survey i've seen is in the neighborhood of 3.5 to
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4%. up nexte growth picking year to between 3.5% to 4%. viewed the possibility of a large stimulus package next year as upside risk to our baseline forecast. at this point we are looking at trillion in the half a to $1 trillion range of fiscal whichus next year, supports growth picking up into 3% to 4% range, along with the assumption we will get relief through a vaccination and better testing. jonathan: peter hooper, great to catch up with you. thank you. deutsche bank head of global economic research. getting a headline in the last couple of minutes. cannot bring you much context. the trump campaign is to make a major announcement in las vegas, a major announcement in las vegas. tom: just some details. this is a bloomberg headline. we will go with it. donald j.portant is
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trump for president, inc. this is not the president, but the people around him. you wonder where it will go. it is the beginning of this contentious process. right now i'm looking at the vote count. i do not see any amendment. we are looking at quarter of 9:00, east coast. kevin cirilli looking in at the 10:00 hour. jonathan: the news conference will be alongside former director of national intelligence rick reynolds, the chairman of the american conservative union, the nevada gop chair michael mcdonald. you can almost guess the direction of that particular news conference as the counting continues. the counting does continue and we do not have results in several key states. there are some issues around states that have been called that some people think are too close to call. this date we keep coming back to
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his arizona. -- the state we keep coming back to his arizona. it is the difference between vice president joe biden being at 264 or 253. the associated press poll yesterday, fox news called early on, the president said to be upset with that decision. it is still in the mix. tom: is 68,000 cap. a one third smaller vote than arizona come and in nevada the gap is 7000 votes. it'll be interesting to see how that moves. jonathan: the associated press has 264 to 214. counting continues for the next 24 hours. alongside tom keene and lisa abramowicz, i'm jonathan ferro. here is the price action. what a rally we have seen over this week. tuesday night lasted a lifetime.
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that is how we open the show, it is how we start to close the show. up 1.8% on the s&p 500. euro-dollar 1.1834. a substantially weaker dollar. bonds bid over the last couple of days in a big way. your yield .75%. from london and new york, this is bloomberg. with the first word news, i am ritika gupta. joe biden is on the brink of taking the white house after wins in michigan and wisconsin. joe biden is now six electoral college votes shy of the 270 he needs to win. his best chance may be in nevada where he holds a lead over president trump. the president's campaign is suing in michigan and pennsylvania to stop vote counts that have been trending towards joe biden. the president could still be reelected, but would hit -- but he would have to win all of the battleground states that have not yet been called.
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once all the votes are counted, it is still likely to be a divided u.s. congress. democrats hope of regaining control of the senate has faded. most of their attempts to defeat incumbent republicans were unsuccessful. meanwhile democrats will retain control of the house, but will lose seats. , hundreds oforegon protests angry about president trump's challenges to the votes smashed windows at businesses. the governor declared a riot and brought up national guard troops to help law enforcement handled the violence. a grim milestone in the coronavirus pandemic. daily deaths have set global records. yesterday it was reported that more than 10,000 people died from the disease, and the number of people reporting infections past 600,000 in a day for the first time. global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. i am ritika gupta.
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this is bloomberg. ♪
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>> how many votes do we have to be ahead to win, for a republican to win? how many votes do we have to be ahead? with 80is not enough
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plus percent counted? i think there's only 14% of the vote to go. we will win the election. we have won it. it is a matter of counting the votes family. jonathan: rudy giuliani speaking in philadelphia. the uniform approach from the trump campaign continuing to insinuate something that is so far unfounded. from london and new york, alongside tom keene and lisa abramowicz, i'm jonathan ferro. this market is confident about something. if you ask a political pundit, i do not think they have much confidence about anything. equities are rallying into the open. "the open" just around the corner. i'll be catching up with bob michele, looking forward to that chat. tom: it will be interesting. futures up 63. what is definitive is we are counting votes great we are counting votes in wisconsin and michigan and onto the mysteries
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of this thursday. extendedidedly an tuesday. tuesday evening has never lasted so long, to steal from jonathan ferro. we need to consider michigan, the state of the michigan economy and the state of general motors. there is no one more qualified to do that than david westin with mary barra. david: thank you so much. welcomealcolm -- we now the general motors chairman and ceo, mary barra. you had your earnings out. congratulations are in order. you exceeded expectations. you came back more than people thought. give us your perspective on what drove that. how much of that was general motors, and how much was the economy and the massive stimulus in the pockets of americans? david.hanks, it is great to be here. one of the key reasons was the gmc members.
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they have done a phenomenal job across all areas of our business, demonstrating their the business and prioritizing safety and following safety protocols. a couple of years ago as we started to roll out our full-size truck we talked about the fact we were going to cover the whole market, from a value perspective and feature perspective. that strategy is working out well and we see high demand for our full-size pickups at all levels, especially in the high end pickups with the gmc. we also continue to have strong cost performance, not only the specific austerity measures we took because of the pandemic, but also the work we are doing as part of the transformation. gmf performed very well. all of that coming together, our products, the discipline of the
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team, and our focus on cost is what allowed us to have the strong quarter. david: i looked at your chart carefully and some of it was price and cost savings. let's talk about trucks. they clearly powered you. your pickup trucks. do you have enough? what are you seeing in demand? mary: we are seeing strong and growing demand. right now we are building every truck we can make. very shortly you will hear us taking action to how we are going to further our capability to build more trucks. what we see as demand continues to grow. we think that shifted to trucks, especially with the premium trucks we are offering for gmc, that is going to be a continuing trend. david: you talked about the safety of your colleagues at general motors. is the coronavirus inhibiting your ability to produce enough products, enough trucks? mary: we have worked
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hand-in-hand not only with all of the team members, and i'm so proud of all the way -- the way people are following safety protocols. our employees tell us they feel safer at work than they do in a grocery store, and that speaks to what we are doing and their commitment to following the protocols that we jointly developed with the uaw. our peers across the industry. we have shared all of that with the supply base, and that is allowing us to continue to make sure we have the parts necessary. it is a very dynamic situation and we work to address each situation as it occurs. right now, pleased with how the team is being creative to keep our ability to build as many trucks as we can. david: looking out into the future, you've been consistent with saying an important part of the gm strategy is electric vehicles and eponymous vehicles. give us insight as we are now waiting for results in the election. does it make a difference to your strategy whether we have a
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democrat or republican in the white house? they have very different approaches to things like fossil fuels and green energy. mary: we are 100% committed to electric vehicles and working to accelerate our tv transformation -- our ev transformation. part of that is the bolt ev as well. we recently announced a multibillion-dollar ,anufacturing commitment at gm the llc in lordstown, ohio, and most recently at our springhill assembly plant in tennessee. we have great vehicles and we have the expertise and technology. speed is vitally important and that is why we are working so quickly. regardless of who wins the election we will continue at a rapid pace to transform to ev's. david: you mentioned the hummer ev. how many preorders have you got
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so far? mary: the demand has exceeded our expectation. this is a premium entry. we areincredibly pre--- incredibly pleased that the stronger man and will continue to monitor that going forward. david: is not just electric vehicles. it is also fuel cells. the deadline on that deal is december. where are you on that and will there be material changes in terms of the deal? mary: right now we are in ongoing discussions with nikola regarding the transactions. the transaction has not closed but we will provide further updates at the appropriate time. the is important to note is fuel cell we developed with honda, they are industry-leading, and that is from external sources. we will continue to look for ways to not only commercialize our fuel cells, but also the battery platform.
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that continues to advance our zero emission future. david: you expect a continued rebound in 2021? what are you looking at? wey: a lot depends on if come across the globe, get the coronavirus under control, and we know what we need to do. we are hopeful we will start to make some progress. obviously in the united states we are monitoring what will happen with additional stimulus. if those factors stay, if we get the virus under control and other elements day on track, we could continue the recovery into 2021 and we continue to see strong truck demand. david: always a great treat to get to talk to you. that is mary barra, general motors chairman and ceo. tom: david westin, thank you so much. new numbers from georgia. these are important. an advantage to president trump your this is little bit of a blip 1600 votes for mr. trump
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added on. only 750 per mr. biden. it has been biden, biden, biden. there is good news for president trump. stay with us through the day. this is bloomberg radio and bloomberg television. good morning. ♪
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jonathan: from new york and
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london, for our audience worldwide, good morning, good morning. "the countdown to the open" starts right now. equities flying. we begin with the big issue. the counting continues november 5. joe biden exuding confidence after flipping wisconsin and michigan. vp biden: after a long night of counting, it is clear we are winning in upstate to reach 270 electoral votes needed to win the presidency. i am not here to declare that we on, but i am here to report that when the count is finished we believe we will be the winners. jonathan: donald trump seeking a recount in wisconsin and filing lawsuits in michigan, pennsylvania, georgia, as his path to reelection continues narrowing. the former vice president closing in on 270. the candidates now turning their attent

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