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tv   Bloomberg Markets Balance of Power  Bloomberg  September 1, 2020 12:00pm-1:00pm EDT

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headquarters in new york, i am taylor riggs. kevin: and i'm kevin cirilli. welcome to "balance of power. taylor: we want to get right to the world of business as we take a look at equity markets. i want to bring in abigail doolittle. equity markets continuing to extend the gains. before i get to you i want to bring in breaking news. china is nearing a milestone in their nuclear arms buildup according to a pentagon report that we are expecting. their annual report on china's military capabilities, saying china has met or surpassed the u.s. in shipbuilding and other areas. still havemilitary major shortcomings according to this report, but they are said to double their nuclear weapons stockpile over the next decade. the big take away, the pentagon says china is on the cost of having a full nuclear triage, they would be the third country after the u.s. and russia to
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have nuclear capabilities, it is nearing that milestone in the nuclear arms according to the pentagon. i want to get market reaction from abigail doolittle. we were much higher before this report. how are we thinking? abigail: we are right around where we were before those headlines. the s&p 500 about .25%. the risk on rally we have seen in august, the s&p 500 in august up about 7%. itre we are really seeing for tech stocks, the nasdaq 100 putting in another all-time high. at this point the nasdaq 100 up almost 1%, .9%. not surprisingly, this has everything to do with apple, up 2.6%. yesterday climbing after it split, investors liking its post-split facelift. there is a four for one split. now the stop is around one hundred $30 as opposed to $500.
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the value is not different, but the optics may be more attractive to retail investors. bloomberg put out an exclusive report about the fact the company is preparing an iphone blitz for this fall, targeting 75 million units to be sold. perhaps the pandemic not taking a hit. however, we have a small rally for bonds, mainly a risk on town. isre we have strong risk on zoom video. this talk is absently soaring on the day, the best day ever. up more than 40%. absolutely incredible. they put up another monster quarter, beating estimates in a huge way. the numbers are relatively small. on3 in adjusted earnings $663 million. those revenues quadrupling from a real -- from a year ago and the outlook they raised it twice this year, this stock up up and away. the takeaway for resume and some of these other stay-at-home stocks is this is not a fad, these trends of working from
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home and video conference probably here to stay. investors wanting in on that friend. taylor: thank you. i will take it from here. kevin, given your perspective, this annual report we have given you at least 60 seconds to look through, what is your take on during this milestone in china on this nuclear arms buildup? kevin: secretary of defense experts weeding the last hour, saying china has thought to double the size of their nuclear arsenal. the last half-hour, president trump weighing in on u.s. and china relations. withs asked by a reporter regards to the sale of tiptop, he has doubled down on the escalating tensions between the u.s. and china, saying china has until september 15 to sell tiktok, and finally, you look at the developments in the indo pacific as well as on the border
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between india and china and the skirmishes, at least two in the last months along the india china border, and all of this is bringing heightenedness to this issue. i want to bring in bloomberg national security team leader bill faries for more perspective on how the pentagon report taking a look at china's military. what does it mean in terms of the potential for what this does to u.s.-china relations in the short-term? bill: in the short-term it will provide fodder to more of the hardliners in congress and the trump administration to say we need to take china much more seriously and cut a lot more of the technology links with them and review the entire relationship, and i think there is also an angle on the pentagon side, which is the pentagon is very interested in helping modernize and rebuild its nuclear stockpile.
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this will provide them with extra ammunition to go before lawmakers, after all the spending done during the covid-19 crisis, and say we do need more of this funding going forward to counter china. taylor: you mentioned in the middle of this covid pandemic we are in, we are getting another advisorssaying u.s. are offering a draft on how to distribute the covid vaccine. distribution remains another big hurdle. ,s we are thinking about china where is the national community's response? bill: it is a very horrible response. , theding on where you look united nations security council has been very divided with the u.s., sometimes alone on one side against china and russia and european nations. i think the u.s. pulled out of the world health organization earlier this year. they would normally have a significant role in helping set
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the terms or set guidelines for how a vaccine could be distributed. youbig question behind what are pointing out is what if china develops the vaccine first? that would present an interesting difficulty for the u.s. in that case. kevin: there is more than 130 vaccines in developing worldwide. only a handful of them truly in phase three trials. i want to specifically target on two countries in particular for how they have been dealing with china. that is australia and the germans. what we know about the contrast in how these countries have sought to have business relationships or lack thereof with china? certainly australians have found themselves in a more difficult position. they have been pushing back against china. we have seen them join the u.s. in terms of protecting many of china's claims in the south china sea. withhave paid a price
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sanctions and restrictions by china on doing business with australia. that threat is very real, and it is not something that just australia and germany worries about. it is something every other country in the world has to deal with when they think about how -- everything from 5g technology to vaccines. kevin: our thanks to bloomberg's bill faries. thanks for jumping on and breaking down that story. , president trump's visit to kenosha, wisconsin. biden -- overstreet violence and police treatment of minorities. to stopt trump: we have this horrible left-wing ideology that seems to be permeating our country. basically it is weakness. it is weakness on behalf of democrat politicians.
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biden: i look like a radical socialist with a soft spot for writers -- for rioters? really? i want america safe from looting , say from racially motivated violence, say from bad cops. let me be crystal clear. say from four more years of donald trump. kevin: we welcome jim moore, an associate director of political outrage in portland, oregon. thank you for joining us. as kenosha has upended the 2020 election cycle, democrats are saying this is an issue of racial inequality and the occupant of the white house, president trump, has done little to alleviate racial tension in the country. republicans and president trump are suggesting it is democratic political machines in cities that have led to this divide.
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how will swing voters interpret the events happening in kenosha? jim: at this point swing voters look like they are not worried about it that much. there's a lot of pulling, especially in which again -- in michigan, wisconsin, and pennsylvania, saying only 3% to 5% of people are undecided. nationally it is not much more than that. when you look at the swing voters, it appears they are worried about covid-19, and they are worried about the economy. the latest polls i saw from last week, just as republicans were getting going, showed only 5% of the people said crime was one of their top issues. it was number five for number six on their list. right now does not look like this is going to swing voters, and they're not that many swing voters for the president to try to swing. taylor: you said voters are concerned about the economy. you look at places like portland
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, you of unemployment higher than the national average. how much of -- it might favor trump as some jp morgan strategist have mentioned where all of this plays right into his playbook. jim: i think it does play into his playbook, and he has been very upfront since the beginning of june that he wants this to play into his playbook. he wants this to be a law and order presidency. he has been very explicit and his advisers had been explicit. he wants to mimic the 1958 election -- the 1968 where richard nixon used law and order to win a close election and become president. the issue he faces is the overwhelming health concerns of covid and the overwhelming economic concerns. even if you have a job, you will continue to have a job, or your salary has been cut. that kind of worried outweighs law and order. the longer the protests go on, and not the protests themselves but the violence we see.
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in portland there a few hundred people on the streets every night. we had 10,000 in june, now it is a few hundred. those couple dozens are the ones who light fires and things like that every night. when we focus on that, the president wants us to focus on that, then there is a fear that develops the president is hoping for that fear. he has been very upfront about wanting that to happen. kevin: is remarkable. what the republicans are saying is will the democrats care about ae small business who gets handful of the writers, will they care about the small business that is looted and burned to the ground? what the democrats are saying is has the president done anything to alleviate this? i want to pull up the wisconsin election results in kenosha county. this is fascinating in terms of the swing voters will decided. there it is. for a radio audiences, for the
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first time in more than four cycles at least, the republican candidates, candidate donald trump beat the democrat in 20 in kenosha county. you look back at previous .residential democrats far beat the republican candidates. trumps it about president that played well in kenosha county in 2016? as theesident trump ran outsider. we have seen it before. this is ronald reagan, it is jimmy carter, bill clinton ran as the outsider. he ran as the outsider and hillary clinton the consummate insider. what had government done for people in kenosha county? jobs leaving, the quality of wereis integrating, there previous things with the police. they looked around and said this is not what we want. we want the change agent.
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the issue president trump bases is he has been in power for four years, have things changed? it will be interesting for one of the candidates, probably bided, to ask the question reagan asked jimmy carter, are you better now than you were four years ago. another issue with wisconsin in kenosha county, there were fewer voters in 2016 than there had been in previous elections. simply because of the ways they ran the polling places and he was eligible to vote. part of that was minority communities stayed home. i do not think minority communities will stay home in this election. taylor: voter turnout ever more important. thank you was always to jim moore with pacific university. stay with us. ons is "balance of power" bloomberg television and radio. ♪
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kevin: this is "balance of power" on bloomberg television and radio. from washington, d.c. i am kevin cirilli. taylor: and from new york i'm taylor riggs. we turned to mark crumpton for first word news. mark: senate republicans are putting together a 500 billion dollar covid-19 relief package aiming for a vote next week and effort to prod democrats back to the negotiating table. republican lawmakers have been working on a slimmed-down virus stimulus that would spend much less money than the $1 trillion proposal look forward by senate republicans last month. treasury secretary steven mnuchin is set to testify before the house subcommittee investigating the federal response to the coronavirus pandemic.
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jared kushner and other u.s. officials visited a major airbase at the united arab emirates today. the u.s. delegation arrived in the uae on a plane on monday and the first-ever direct commercial passenger flight between israel and the uae. last month the countries agreed to establish diplomatic relations. the visit came as i ran's supreme leader called the uae's recognition of israel treasonous. representatives from iran working to save the landmark nuclear deal meant today in vienna, their first meeting since the united states announced a bid to restore sanctions against iran. the bill promised iran economic incentives in exchange for curbs on its nuclear program. with reinstatement of sanctions, other nations have been struggling to provide iran with the help it wants. global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700
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journalists and analysts in over 120 countries. i am mark crumpton. this -- kevin and taylor? taylor: the u.s. bureau of labor statistics is it projecting employment to grow .4% -- forecast much slower than the 1.3% expansion rate we saw following 2008. many investors are betting on easy money. former federal reserve chair janet yellen agrees. yellen: my guess is we are in for a long period of excessively low rates and asset purchases. decade, inflation shows very little response to labor market economic activity. that suggests unemployment may need to fall to low levels during the next expansion, and
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stay at low levels for quite a long time. for more insight, i want to bring in blerina uruci, economist at barclays. i understand the fed wants to keep it -- rated zero for the for siebel future. how much can they do without the help of fiscal stimulus? blerina: thanks for having me. that is a great question. ist the fed is trying to do call on those parts of the on labornd to focus markets and inflation. last week we heard a lot from jay powell in terms of what they plan to do to bring inflation higher. we all know for the past decade they have been undershooting their target, and this move towards inflation, of flexible inflation framework is them telling us they are going to
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stay put for a long time, until they see inflation sustainably above target for a number of years. i think this is important. it has practical implications for monetary policy. we do not expect interest rates to be lifted for a number of years. theink we also have implications for labor markets. that is something the fed believes they can help. what they can do is not tighten policy at the first sign unemployment trade is declining, because they know the pursuit of ever lower unemployment rates is not going to endanger their inflation target in a meaningful way. in a way it feels as if the fed they can have the cake and eat it. kevin: you make such a great point. that is where i want to take the conversation. how much pleasure can the
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central bank put on washington, d.c.? secretary mnuchin, speaker mcconnell, leader closely, divinely push -- nancy pelosi to finally push stimulus over the finish line. a lot of folks are banking the stimulus will finally be injected into the economy? blerina: very important separate issues in my view. first of all the importance of fiscal policy. it is crucial to make this recovery sustainable, it is crucial because the unemployment rate is still at double digits, and from here the with economy -- what can the fed do about it? thatnk we got a taste of ida'svice chair clar remarks yesterday. he was cleared to say we use fiscal policy as an input. we have no influence over it. what we will do is watch how
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fiscal authorities are going to react, and we will incorporate that into our reaction package. ppp?r: how successful was i keep hearing from small and medium-size businesses, they do not need more debt, more loans. they need grants, they need revenue, they need relief. are you thinking about the success of ppp? blerina: i think the ppp was very important, especially in the initial stages of the recovery. it has provided about half $1 trillion in terms of loans to small businesses, and supporting small businesses is very important. i think they are the backbone of the economy. they provide close to 40% of employment in the u.s.. act -- active to financial market liquidity like larger companies do. an important aspect of the ppp
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is if you used most of the loan to pay the payroll bill, that will be sustainable down the line. the lack of information in the way it was deployed in the beginning, and the uncertainty about the terms of the loan and the length of the loan, i think that is compounded to make businesses quite skeptical of this loan. kevin: it will be remarkable to see where they go from there. mark meadows, the president's chief of staff saying earlier today he is not willing to have public inflation price tag on there. thank you to blerina uruci of u.s. park police, c is the senior u.s. -- of u.s. barclays, she is the senior u.s. eponymous. we'll will hear more about how the economy is -- economist -- the senior u.s. eponymous. steven mnuchin will be testifying at 1:00 eastern.
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will bring it to you live. ♪
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taylor: this is "balance of power" on bloomberg television and radio. huge interesting vaccine headlines in the last 30 minutes good u.s. advisors are offering a draft on how to distribute a vaccine. there will be a four phase plan for vaccine distribution great phase one is frontline health workers, nursing homes. phase two looks like older adults outside nursing homes as well as teachers and students. phrase -- phase 3 broader immunization, followed by everyone else in phase four. this is bloomberg. ♪
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give you my world ♪ ♪ how can i, when you won't take it from me ♪ ♪ you can go your own way ♪
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♪ go your own way your wireless. your rules. only with xfinity mobile. lookentertainmentour experience: xfinity x1. it's the easiest way to watch live tv and all your favorite streaming apps. plus, x1 also includes peacock premium at no extra cost. this baby is the total package. it streams exclusive originals, the full peacock movie library, complete collections of iconic tv shows, and more. yup, the best really did get better. magnificent. xfinity x1 just got even better, with peacock premium included at no additional cost. no strings attached. taylor: this is "balance of power" on bloomberg television and radio. from new york, i'm taylor riggs. kevin: from washington, d.c., i'm kevin cirilli.
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four bloomberg first word news, we go to mark crumpton. mark: president trump continues to make unrest in u.s. cities a central theme in his campaign. he is heading to kenosha, wisconsin. governor's democratic asked the president not to come, saying the visit may inflame tensions in kenosha. china likely plans to double its stockpile of nuclear warheads this decade including those designed to be carried atop ballistic missiles that could reach the u.s. that is according to a new report from pentagon which says china has been rapidly building up its military. their growing arsenal of nuclear weapons will provide an added rationale for u.s. officials who want to accelerate the modernization of u.s.'s forces. russia has become the fourth country in a world to confirm more than a million cases of covid-19. intrict nationwide lockdown the spring helped to tame the
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initial surge in russia but new cases have remained stubbornly high. russia averaged more than 5000 new cases a day in august. the united states, india, and brazil are the only other nations to top one million cases. public tours of the white house halted six months ago due to the coronavirus outbreak are set to resume this month. the white house as there will be new safety policies in place. days aill be held two week instead of five, and a number of visitors will be capped. all visitors over the age of two will be required to wear face coverings and practice social distancing. global news 24 hours a day, on-air, and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. i'm mark crumpton. this is bloomberg. kevin: thank you. let's go back to that news out of the pentagon that mark mentioned, warning about the country's rapid military buildup
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in china, capable of deploying nuclear weapons on land, in the air, and at sea, incapacity known as the nuclear triad. let's bring in ian bremmer. what emphasis and pressure is this going to place on the pentagon to try and boost up their protectionism but also to modernize their nuclear response capabilities? hopefully not too much. china has always hereto for considered a nuclear arms race was not in their interest, not one that they wanted to play. they have about 304 nuclear warheads right now, compared to about 6000 in the u.s. that as a partte of growing nationalism, the chinese are signaling more to their own people than to the u.s., that they are preparing to expand that capacity, but it is
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very far from, say, where the americans or the russians are. it says more about the fact that xi jinping has had a horrible year and is engaging in greater nationalism everywhere. whether it is the fight that we are seeing in the himalayas with the indians, whether it is the various unilateral national security laws they put in place in hong kong, whether it is the rest of canadians, australians, other nationals in china right now. all of these things are showing about the potential insecurity about xi jinping more than they are about the near-term threat to the united states. kevin: i want to talk about what you described as the horrible year for xi jinping, the insecurity. all of the developments that you listed, you look at gdp and how china as a country has
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outperformed to the rest of the world, and here we are talking about the headlines with regards to vaccinations that are close to being in the market. once a vaccinations are in the market, do you anticipate global economic pressure from europe, australia, from the u.s. to be placed specifically on xi jinping? ian: i think it is happening right now. we still have this zombie phase one agreement where the chinese are buying more from the u.s., provided more market access, but the more important economic pressure is coming from the u.s. and others important state enterprises. the most important enterprise institution that they have in changing connected to the uighurs, massive construction firms, the tech cold war that we see. huawei is firmly being targeted by the u.s. and allies. that is the most important champion china has in new
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technology. all of this is hurting the chinese economy, and it is hurting it under xi jinping's watch. you are right, the chinese economy has rebounded faster than anything else because of their ability to engage in surveillance and quarantine more effectively than other countries, but still we are talking about no growth for china this year. that was inconceivable to the chinese leadership before the pandemic hit. you can play the relative game and say china got their supply chain up and running, and we are thankful for that, but on any front that you look at, this is worse than anything that the chinese leadership could have been prepared for, expecting at the beginning of the year. taylor: you rightfully bring up the tech cold war, 5g race, huawei pressures. i want to play a soundbite from the president regarding tiktok. >> i told them that they have
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until september 15 to make a deal. after that, we close it up in this country. i said the united states has to be well compensated. we are the ones making it possible, so we should be compensated. so the treasury has to be well compensated. taylor: tiktok is just an example of review uncertainty privateina's data, policies, data policies, data gathering policies. how are you thinking about tiktok and technology broader as the new forefront for a cold war? ian: since you played that, you do know that larry kudlow and others have talked about, no idea what was talking about. there is no legal process for that to occur. it was just spit bawling. i do think there is a willingness to go after tiktok,
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wechat, force these companies to sell or they will be shut down. i think that is real. you saw kevin myers' resignation of ceo as a consequence of that. was going up for what to be an impossible position between the chinese and the u.s. notchinese say it is september 15, we have 30 days whether or not we will allow some of the sensitive chinese technologies to be exported, the kind of thing that americans and europeans have talked about. if they stick to that position, there will be some number of weeks or longer where american teenagers will have to find a different app to dance on. the chinese can deal with that. this is not a strategic importance to china. but what it is saying to app and app developers who we thought of
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as global citizens who are putting these things for everyone to use, instead we are providing humanity between people that are linked to chinese apps and the others. not only is that bad for economic efficiency, but probably bad for humanity. if we are not talking to each other, we are more likely to dehumanize each other. taylor: let's go through some other international relations. the iran relations back and focus, discussing the state of that. in hindsight, was that deal a good deal, and without u.s. participation, where does iran stand? ian: i supported a deal but i never thought it was nearly as big of a deal as it was promoted obama, former secretary john kerry. it did not end all the sanctions, did not lead to diplomatic normalization between the u.s. and iran, did not stop
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the iranians from putting money into has the law and other red ah and other radical organizations, it did not keep them from being in breach of other you in council resolutions. assets,ls some of their and it froze their nuclear program. that is a pretty limited deal. for as much as it accomplished, i thought it was a small step forward. now that the americans have stepped away, and this vienna meeting makes it clear, we have triggered the snapback procedure in the u.n., and by september 19, the deal will technically be scrubbed from the books of international law and you and sanctions will snapback. that was what the trump administration wants. other permanent members of the security council reject that, but the americans are more powerful.
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even though you see the iranians trying to reduce their friction with the international community to maximize american isolation week, they agreed with the international atomic energy agency to resolve and outstanding inspections issue. but the iranians are saying we want to play ball. but the americans are the most powerful country out there. if we are the ones pushing for the snap back, that will hurt the iranians and the economy. kevin: what elsewhere hurt the iranians is this new normalization of ties between israel and the uae. k, jared kushner, national security advisor o'brien are touring this week, trying to pick up maybe another state to join uae. is it going to be morocco, sudan, bahrain? pompeo was in bahrain and
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sudan, hoping that he would get movement quickly. they have not made any announcements yet. there are lots of levers the americans can pull. ,ilitary support, certainly removing sudan from sanctions lists. i think we will see additional countries that agreed to normalize relations with israel before trump's term in office is up. in large part, you are right, it is because of common antipathy trumping any reserve residual support that they had. this is a new geopolitics in the region. by the way, that historic flight that you saw between israel and
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the uae, they flew over saudi arabia. i think that is actually a big deal. mohammad bin salman on would like to normalize relations. a lot of conservatives in his country oppose it, but they are also moving in that direction. they are the ones that would allow bahrain to make that decision. i mayere making a met, bet on bahrain first. taylor: how does a potential biden election change things in the middle east, specifically rejoining the jcpoa? ian: that is where you could see the biggest change. certainly, biden would immediately begin working with allies in the jcpoa to get back where we were. i don't think the iranian supreme leader would suddenly approve it, not with near-term iranian presidential elections
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coming up because that would support the moderate, and he has no intention of bailing out. it would take pressure off, no question. over time, i think you would move to a more cooperative stance. conversation, wish we could have you on for maybe another hour. thank you as always, ian bremmer. much more, next. this is bloomberg. ♪
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kevin: this is "balance of power" on bloomberg television and radio. from washington, d.c. i'm kevin
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cirilli. taylor: from new york, i'm taylor riggs. i want to get to some of the key economic data out today. with us right now is mike mckee. helpd 9:45, you were so all with the market pmi data. and then we had those crucial ism manufacturing data. looking better than expected. mike: both coming in at a reasonable level. certainly for the ism data, better than expected. 56 on the index, which is the best we have had since 2018. there is strength in manufacturing. when you look under the hood, not only are new orders up butificantly to 67.6, customer inventories, what companies think their customers need. it looks like they are anticipating a lot more work ahead in america's factories, but the problem is they are not
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hiring people to do it. we still have the employment index in the 40's, below the level of expansion. hard to see that it makes a big dent in the number of people unemployed. kevin: when you look at those indicators, how much our business leaders banking that more stimulus will make its way into the market, so they can free up some of the things that have held them back? mike: there seems to be a lot of anticipation that there will be something. so many people are still out of work. unemploymentnal payments have stopped, so that means there is less spending out therape. if it doesn't happen, companies will have to find another way to deal with it. what we are seeing so far is a number of layoffs announced especially by the airlines, bigger manufacturing companies, aerospace industry. that could spread throughout the
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economy if we don't see any additional help coming soon. taylor: those layoffs, the success of the cares act will be in focus when we hear from treasury secretary mnuchin at the top of the hour. talk about some of the comments that you would like to hear from the treasury secretary. mike: when everyone would like to hear is i'm sitting down with nancy pelosi to negotiate something. from everything we have heard, that is not what he will say. obviously it is a political time, we will hear people criticize the administration of the cares act -- too many loans went to too many big companies -- probably criticism of the two sides not getting together. what has happened so far has been pretty good by washington standards, fairly effective, it is the fact that it has gone away and there is no replacement insight, that has everybody worried. kevin: our thanks to michael
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mckee. up next, we are taking a look at what may be the marquis senate theocrat primary of year, a kennedy versus an incumbent. this is "balance of power" on bloomberg television and radio. ♪ d radio. ♪
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kevin: today is election day in massachusetts but the democrats are not taking on the republicans. the democratic party is taking on itself. congressman joe kennedy iii versus senator ed markey, the incumbent progressive. zaino joins us now. you have a kennedy, a young rising democratic rockstar challenging ed markey. this is a political junkie's dream matchup. what do we know? is keepingis, and it with the craziness of the year that you have a kennedy
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potentially losing in a primary in massachusetts. as you mentioned, this is a young, rising star in the party may potentially go down to a 74-year-old ed markey. out,this race first came people said, joe kennedy is going to take it in a slamdunk. have ed of these polls markey ahead by double digits in some cases. what has happened, he has garnered the support of the progressive energized left and young people, representatives toe alexandria ocasio-cortez be like the new bernie sanders of massachusetts. kevin: it is remarkable, his great uncles are ted kennedy and president kennedy, but potentially he has other political ambitions. where can he run should he not get the outcome he wants tonight? do somehe will have to
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real soul-searching if he does not win tonight, and it looks like he may not. there will still be a place for him in massachusetts democratic politics, but what seems to be happening, in this party, especially in states like massachusetts, the energy is all on the left, and he no longer fits that. he is more of a moderate guy and is not able to energize this base that he needs to get out. here?could he go from he could have a state run, do something along those lines, but i think he will have to fit -- think about how he fits into the democratic party in massachusetts going forward. not only figuring out how to fit into the democratic party in massachusetts but the general election. you take it to a broader scale and you see the far-left versus the moderates trying to appeal to both parties here within the democratic party.
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is this indicative of what is happening on the national stage? jeanne: such a good question because when joe biden has been dealing with throughout this process is he is trying to hold this coalition together. that may be one reason that people speculate the democrats not say as much as what was going on in portland during their convention, and then the republicans hit them on that. harris emmaamala they are in a similar position. here in new york, we know governor cuomo has been in this position. keeping these energized progressive voters and activists in the coalition, happy and supporting them. it is not easy to do. we see the same thing in the republican party. i think it is very indicative of what is going on. have not seen if we have gotten anything out of donald trump on this because this fits with what he wants to say, which is at this party is moving to the left, don't vote for joe
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biden because he is a trojan horse of the progressive left. look what happened in massachusetts, he will say. kevin: i am not ready to count out joe kennedy. with a name like that, they know how to turn out the vote. i hear your point in terms of he is an underdog in the race. by the, i'm fascinated senate race in south carolina. what do we know about the incumbent there, looking ahead to november 3 with lindsey graham? jeanne: that will be absolutely fascinating. lindsey graham, there are times where we think he is a shoe-in. this will not be one of them. this is a race to watch. neverspublicans about holding the senate, it is races like this that make them nervous. back to massachusetts, if kennedy pulls this off, there is another story going on, is going
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on with the polls? taylor: thank you so much. kevin, i know that you will be continuing this conversation. coming up, balance of power will be continuing on bloomberg radio. we will be bringing you treasury secretary mnuchin's comments before the house subcommittee on the coronavirus. a lot to be listening for. we are waiting for comments about the cares act, handling of that we future stimulus may expect as well. really interested to hear all of those comments from the treasury secretary. this was fun. kevin: always fun. taylor: this is "balance of power" on bloomberg television and radio. ♪
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>> it is 1:00 p.m. in new york, 6:00 p.m. in london, and 1:00 a.m. in hong kong. i'm vonnie quinn. welcome to bloomberg markets. in a few moments, stephen mnuchin will testify before the house select committee on the coronavirus crisis. we will bring you that hearing as congress and the white house are still deadlocked on stimulus talks tied to helping the economic fallout due to the pandemic. let's get a quick check on the markets. to rise continuing unabated today with the nasdaq leading the way. a rise in the s&p 500 of .4%. several good news stories out there for individual stocks. the market as a whole looking more toward new stimulus rounds. stopping it from rising. the 10-year yield at 69 basis points. inflation turning negative in europe today. the dollar index, barry


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