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tv   Bloomberg Markets  Bloomberg  November 6, 2018 9:00pm-12:00am EST

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breaking news, we are projecting the republican challenger, will take the senate seat from the in cup -- incumbent joe donnelly. there will be a flip there from the democrats to the republicans. this is a pretty bad blow for any democrats hopes left of taking over the senate. >> the polls had the race connect. -- neck in neck. confident.ame in he was running as a moderate. an endangered species, a moderate democrat. he supported trump on some of his judicial picks. he is looking like he is going to lose because president trump spent a lot of time in indiana. mike pence spending a lot of time down there, rallying trump
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voters to support the republican candidate. >> going into this, the democrats need to pick up a net. .hey have to take three more it is getting harder and harder. >> this was almost a must win for democrats in order to take the senate. projections republicans keep the senate were on point. the president won indiana by 19 points. it is a red state. a big loss for democrats. they desperately wanted to keep this. in this environment in the senate, the battles for democrats are tough. >> coming up on this 9:00 closing, we just had the polls close in texas. doesn't make it less important for ted cruz to win? >> i think republicans would like to pad their total. they went all in to support the .ruz candidacy
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some folks went down to campaign for him including the president. they had nice things to say about each other. >> it has been a learning experience. if they can solidify that, the 's strategy as building the senate as able work against the democrats will have worked. they have judicial appointments solidly in place. they cannot get things out of the house and pass them to the senate. he is in good shape. >> shannon, you know the white house so well. how big a deal is this? >> indiana is huge. president's the success on the campaign trail. they made two stops in the past week. vice president was
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there constantly. in a red state, the president carries a lot of weight. when he comes and endorses a candidate, and endorses a candidate, in a red state, that sticks. that gives that candidate an enormous boost. the polls were neck and neck. there, thent comes administration makes a push, you see the republican candidate pull way. minnesota, the house races? >> there are opportunities for republicans to make pickups. represented by democrats, in some cases republicans -- democrats who are retiring. we will have to test the theory of a blue wave. whether republicans can take advantage of what appears to be a strong night in terms of beating expectations. there are pick up opportunities for democrats as well. there is a senate race where the democrat looks to be in a good
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position to continue on. minnesota is going to be an important race. minnesota, wisconsin, pennsylvania rate to see whether president trump who was close in 2016, whether his brand is strong. >> i agree with all of that. olson holds onto a seat, that is good news. a state where they were not automatically going to do well. a guy on the ways and means committee. if he prevails, i think that is good news. >> in the senate, the expectation for the white house is they would pick up 2-3 seats. they do not like having this tiny margin in the senate. any to get a bigger margin. any house, even if there is no blue wave, if democrats control that, that is going to wreak havoc on the white house.
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investigations and subpoenas. >> even one vote will give them the power the gavel, the power of the investigation. >> we are going to see them really make it difficult for the white house to move forward on its agenda. addressing these investigations, the time and the energy. staff having to put themselves through that personally is very difficult for any white house. one thing as we are looking at indiana, i think we are seeing something of a people returning home. if you are republican, you are voting republican. if you are a democrat, you are voting democrat. partisanship in the electorate we probably have not seen in recent history. >> when president trump was first elected, there was talk that he is not really a republican. is he in the process of making the party his? >> yes he is, there is no
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question. people who had previously distanced themselves have asked for his help getting elected. he was unenthusiastic, but went out and campaign for her, mr. mcconnell has done this more effectively than anybody else. >> we are going to make a projection. the tennessee senate race, marsha blackburn will win. the congressman close with president trump. she run in -- ran against a popular former governor. a close race, it was thought, but she has won me tennessee senate -- the tennessee senate. trump, is he the republican party? when you look at races like this, he is. say,e would question and
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is it because many republican moderates do not identify as republicans anymore. you can still see, there was a big turnout. in republican states, republicans coming out and voting for the republican , those who are closely aligned with the president. the results show president trump is the republican party. >> this is the seat above corker. chose not to endorse marsha blackburn. and yet she still wondering. >> no friend of president trump's. chief correspondent. polls closing now.
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we are carefully watching arizona. trying to defeat martha mcsorley. been one of the key tenants of the arizona race. take a look at texas, dominating the national conversation. o'rourke, willro he be able to unseat ted cruz? we don't know. crivello running as a moderate independent. much more to the middle than the traditional republican. trailing and neck and with 87% of the precincts reporting. she is able to win this seat, that is a big pickup and a flip for democrats. sixth.look at florida's
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a suburban district where you have the republicans winning with 95%. this is something republicans wanted to keep on. the topdicative of ballot races as well as bill nelson, how that could play down. it is seeming helping republicans. i have my eye on virginia seven. vote for the0 plus the republican. he is one of the most conservative members in the republican party. this would be a remarkable swing democratsrict if the are able to seal this. just 500 votes is what the democrats are holding. >> back with you in just a
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little bit. another projection to make. virginia,n, from west will return to the senate. is one republicans wanted to take away. thought they had a chance. he is a very popular west virginia. former governor. we are projecting he will prevail and return to the senate. let's check in with our reporters on the field. we will start with you. what you have to report? >> polls in arizona closing. turnout turning into the big story. top election official, maricopa 60% of all votes in arizona. a record number of people have voted in person. more than 240,000. they have counted 700,000 early ballots.
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that is an maricopa county alone. story, asueresting campus here in phoenix. long lines. they had to add voting machines and officials saying they will stay open until everyone has voted. demographic -- younger. the seat, opened by retiring senator jeff flake. both of them currently in the house of representatives. the race has been very tight. a lot of people calling it too close to call. is expected to be late here in arizona. arizona will send its first woman senator to the senate. >> david welch, the detroit bureau chief. what do we know? >> two very close races.
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the house. two the democrats would like to flip, haley stevens, democrat. she is trying to get the seat vacated by dave trott. she has had a lead of five points but it is close. it is in north oakland county, just north of detroit. a wealthy area, affluent. suburban. the kind of place for the democrats should be able to pick up some seats if there is going to be a blue wave. there is a good margin. also, a popular candidate in the spent time in military intelligence, she has a slim lead over her opponent. that is another one democrats want to flip. two important seats they can
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pick up in key areas but they are tight races. we don't know who is going to pull them off. >> what do we know about the governor's race? the census, redistricting. she should be able to pull that off. opponent wanted president trump to campaign. gretchen leber has a pretty good lead. that is a race -- gretchen hitmer has a good lead. let's go to miami. close races down there. one decision. a lot of things up in the air. know it is going to come as a surprise, but florida is turning out to be really close races. the governor races in the senate
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races. it looks like republicans have a slight edge. here in the 26th district, it looks like the m a crowd is up 1.4%. -- thetill waiting for democrat is up 1.4%. >> what do we know about the governor's race? >> we are waiting for about 10% of the precincts to report. andrew gillam was the hope of the democrats. the young mayor of tallahassee. if he is defeated, that is going to be seen as an endorsement of is opponent, rhonda santos -- ron desantos. >> as we go to break, we want to look at virginia seventh. race, you can see there
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with 94% of precincts reporting, 50-49. that is what you call a nailbiter. live from new york, this is bloomberg. ♪
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, joined byack now our guests. let's talk about one of the top issues, immigration. >> this is the issue president trump wanted to contest the selection on. he believes it is a good issue. he traveled to a number of states with competitive senate races. emphasized this. indiana hisin candidate appears to have defeated joe donnelly.
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tennessee, the republican candidate, marsha blackburn. according to nbc news, has won matt open seat. will see how that turns out. texas looking like a nailbiter. ted cruz does not look safe, but we will find out. this might have in the issue that got the base out. >> there was the issue immigration would alienate more moderate voters. >> we can tell that is happening in the suburbs. comstock10, barbara lost. south florida, the seat vacated, just won by a democrat seen as a close race with a strong republican challenger. favored to win his race. seems to be having that dual effect.
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republicans in the base. issue president made an out of immigration. here's a bit of what he had to say in the closing days. besident trump: this should a bipartisan bill. we are going to get something done. we hope it is going to be bipartisan. the republicans do not really have the votes to get it done. something very positive come out of it. for our country. if we don't change it, we will do a top -- shutdown. it is the democrats' fault. loopholes supported by extremist open border democrats. leave room for negotiation. this has been in many years. >the democrats have left immigration get out of control. the want to totally open
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borders. if you don't want america to be run -- overrun by masses of illegal aliens and giant caravans, you better vote republican. >> talk about an evolution of position. he started out saying we want to make a deal on the dreamers. i forgot we even tried to get that done. he ended up saying the democrats want to get these people into the country so they can vote illegally. bill of love to build the wall and put the military on the border. the president tried to june of his base -- gin up his base. want to focus on the economy. sometimes it is boring to talk about job creation and the economy. let's talk about immigration. he is looking at what happened in 2016. he was able to win unexpectedly on an anti-emigration message. trying to re-create that magic.
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trump voters, get them to come out. stoke up the idea of fear, motivatehat can voters. having a backlash. we will have to wait a few more hours to find out whether the president regrets that are things that was the right idea. at least at the senate, he can point to that issue that helped bring out his base. >> the president tried to make the election largely about immigration. the parties tried to make it more about women running. we have a record number running. we are going to have more women in the house than before. >> that wave is mainly powered by democrats. are 185r, there democratic women running compared to 52 republicans. losing, ara comstock
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tough race in california, republican women, there are going to be fewer. it is a question of how many democrats are going to win. we saw in florida, lauren bauer lost. donna shalala did win. democratic women are struggling with those republican seats. mcgrath losing in kentucky, it is not clear about the tossup races. >> the hopes were so high. particularly women but not exclusively. do not make a lot of, how discouraging is that? >> it probably hurts. if you think about it, even under the best case scenario, we are looking at high 20's for the number of women in the house. right now it is 19% of the and 23% of the
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senate. that is a record and we are looking at a small, incremental jump. if they cannot make that jump when people are upset about the president and his comments and avanaugh hearings, it is tough to say what would cause a big leap. >> supposedly the year of the women, 2016. i wonder -- when i was talking to operatives, i said was there too much hype? they said no, they think it is real. when they look at enthusiasm, enthusiasm among women was not higher than men. there was one poll that found enthusiasm was highest among white men. maybe women were more vocal and visible out there. the perception, a lot of enthusiasm among men. >> we don't know what is going to happen.
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if it is the case we don't get a lot of women elected, that is not just the men. that must be women are more ambivalent. do we make a must be cynical election -- assumption women will vote for women? >> we will have to see when the counted, but it is fair to say there is the me too movement and then there is the backlash to the me too movement. a flood of allegations came in naugh hearing. there was a strong backlash where many men thought they were being treated unfairly. the movement had gone too far. i think the president and his allies stoked that toward the end. the supreme court nominee was confirmed, but it has had an effect beyond that. >> it's go back where we started, listening to president trump.
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what happens to daca next? what happens next? >> the bill of love. i will give it to you, congress. i will sign anything. that is gone. >> the reason why people have not been deported is there is a court order in effect. department is saying, skip over the court of appeals and take it up directly. immigrationics of in capitol hill are at a stalemate. democrats are willing to give a lot on border security, and some on family-based immigration, but only if president trump is willing to normalize the status of all the people here. or raisee on daca, that to 1.7 or 1.8 million, that to give president trump his legal immigration cuts. democrats are going to pick up
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seats in the house, probably get the majority even though it is not certain. >> republicans could keep every and gettingve anything done on immigration is still stalemate. >> the reason president trump could not get his policy through is not just through congress. his bill in the senate got only 39 votes. he has opposition in his own party. >> we have to check on the markets. thet now, let's go over to market check. >> thank you. we do see futures continuing to react to the data. they are at the highs of the night. not seeing a major surge. you see it right there. market futures liking what they see. above all else, it does not appear to be a major wave for
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democrats. many had identified that as the biggest risk. we are joined by reporters. the dollar is one of the big stories. seenow how equity markets -- the lens through which they see this. >> it is interesting to see the , coming into this, i think what is going on here, it looks likeple, we are going to get pretty much what markets expected, a divided congress. that puts the focus back on fundamentals.
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the u.s. is in a good spot. we have strong economic data. the rest of the world is slowing down a bit. are arybody knows you huge taylor swift fan. no taylor swift affect. , i guess. bad day it was interesting to see the dollar turn on a dying. a 30 minute window when it went from the worst performing to the best performing. whichhows the extent to the switch has been flipped. the traditional trump trade, stocks up, yield up, dollar up, that is the order of the day. think also we are looking not only for the midterms to catalyze a dollar softness, but also a convergence move to read in the overnight session, that is not happening.
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a switch across assets all at the same time. >> talk about international currencies focusing on the dollar. because of president trump's trade actions, the chinese yuan, the peso, different effects. >> i would love to talk about nimbi.nt in the -- re headed back to 694. even though trump can pursue trade actions on his own without congress, there were some hope should the blue wave, become democrats take control, perhaps that would temper some of the trade rhetoric. now you have a divided congress, that gives some fire to his mandate. >> one of the things people talked about from the equity market perspective is the idea of tax cuts 2.0.
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if there is a republican house and senate, maybe there will be a second round. do equity investors feel that is necessary for the bull market to continue? another shot of adrenaline? >> to be honest, i don't get the sense there is. a were more worried about the potential for a reversal of tax over 2.0.han essentially, the outlook for fiscal stimulus in the event of a divided congress came much more from hopes of the infrastructure bill going through. trump and the democrats would be able to find common ground on this, much more than the idea. >> you people think that stuff is going to happen? they are going to come together and get a deal and that is going to get the economy a lift. throwaway line a you see at the end of reports. an outlook for fiscal
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policy. way, upside scenario, 20 basis points on their. .t is on the list >> i don't think we have talked all, the fed at longest i have been on tv ever without talking about the fed. are investors from the currency perspective thinking this?the pace of >> this is where the tax cut 2.0 hope comes back in. if republicans had swept that would be more of a possibility. pretty ad have been for bonds. >> final thoughts? i think we can continue to
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they are only because getting more locked in. further tightening for 2019, inching up. tension between trump and the fed, we will not be talking about the blue risks. >> a long night ahead of us. thank you for joining us. back to you. >> let's check in with kevin cirilli for an up date. no kevin. we will continue to look at texas, which seems to be very close between ted cruz and beto o'rourke. races we areher continuing to follow. surprisingly close.
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close races in virginia where we cannot make a call. the kentucky sixth has been lost by the democrats. we had a substantial challenge. but held by the republicans. what we are seeing is what appears to be a very close set of races. one thing that seems to be sure we are not seeing an overwhelming blue wave which some thought was possible for the democrats, at least at this point in the process. it does not appear there will be a large blue wave tonight. live from new york, this is bloomberg. ♪
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this is special coverage of the 2018 midterms.
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time to check in for an update on key races. >> republicans picking up seats in the senate. we were talking about west virginia. charleston, big turnout for joe manchin. >> that is how we knew he was going to win reelection. morgantown. >> what does that say about the youth vote? it seems from the margin of victory for joe manchin, he is leading and was the clarity winner. -- declared the winner. >> even though we think of west virginia is a hardscrabble, lower income state, there is a youth vote. in university vote morgantown. >> he voted for cavanaugh -- br ett kavanaugh. lost.lvin off -- donnelly
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challenger won in part because of strong turnout in southern indiana. >> you had the vice president there, trying to get out the vote. in something like indianapolis. marsha blackburn, the first female senator to lead the state of tennessee. a state where she ran as a conservative. very much in lockstep with president trump. a state where fedex is headquartered. >> he ran ads about how terrorists are going to hurt jack daniels. probably the only democrat that could win a state that last elected a democrat to the senate in 1990, al gore. >> we are obsessed with florida
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18. reelectionsn his over lauren bear. >> democrats thought they could steal this. does this say anything about the scope of a potential -- the magnitude of the blue wave. >> the republicans are winning some key races. races we thought might even leaning toward republicans. brian mast. trump wanted by the high single digits. -- won it by the high single digits. winsare going to need some in new jersey and california. >> kentucky six, andy barr holding on. this is one democrats wanted to win. barr the apparent winner. amy mcgrath running a
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competitive race. she said she would not vote for nancy pelosi in terms of the democrats got the majority. what does this tell us about the magnitude of the majority if they are able to win back control of the house of representatives? be ais is always going to hard district for the democrats to win. trump when it -- won it by 60%. amy mcgrath did not run a single negative ad against andy barr? she did not. told to climb. >> you look at this in terms of the math. in the senate, republicans picked up a couple of seats. democrats in the house able to do that, but perhaps not as many upsets. we have been able to see that in the white house. conservatives in the white house, the past hour.
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they are feeling pretty good right now about how this is going. >> the republicans did win some races that were kind of upset specials for the democrats. seen whetherto be they can hold tossups in states like pennsylvania and new jersey. >> let's go to pennsylvania, and beto o'rourke whether he can pull off the upset against ted cruz. >> let's turn to texas. susan warren in houston. key races taking place. let's start with ted cruz against beto o'rourke. i hear it is close. isrourkek that pleased with what he is seen so far. it is still early and a lot of republican votes to be counted. republican votes. west texas and a north texas. get to the polls
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and vote for republican candidates. cruzll see -- we have seen rourke a couple' of times. he could pull ahead. the expectation was this is cruz 's race. the democrats must be happy to see beto o'rourke running so strong. >> 6% reporting so a long way to go. one would think senator cruz would be in a commanding position. thereas changing or is dissatisfaction with senator cruz? >> both are true. a lot of credit goes to beto o'rourke and the kind of race he ran. he ran a huge get out the vote effort. this is what we may be seeing now. efforts to of his
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get the youth vote. spending a lot of time on college campuses. the hispanic vote along the border. seeing these urban counties go blue, deeply blue. this is where beto o'rourke could win. what would push him over the edge would be if republican voters who were not that enthusiastic about cruz decided to stay home. that is what a lot of the experts said it would take for o'rourke to win. maybe not. we are seeing him run a tighter race than expected. >> our colleague in houston. let's turn to al hunt. you have been through so many of these elections. it doesn't look like there is a huge big wave for the democrats.
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if this was all about donald trump the person, as he said it was, what does this tell us what the country thinks about president trump? >> it is as divided as we thought it was going into the election. i oversupply five. oversimplified, the blues are delivering for blues and the reds for reds. it,t now, as i look at these are not over yet, the democrats are struggling in a couple of seats they thought they were going to win in new jersey. they look like they are going to win two. kansas. they are going to pick up two in texas. lose, inurke, win or dallas and houston, it looks like republican incumbents may be unseated. wheres an election conventional wisdom and
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stereotypes may have to be thrown out. >> what does it tell us about what will happen in washington? two years of extreme partisanship in the congress in particular. victory for narrow the democrats in the house, which seems plausible if not the most likely result, but not a big victory, are we going to have two more years of that are fighting? -- bitter fighting? >> that would be the best bet. particularly the temperament of trump who may be welcoming that. a couple of things that could get done, infrastructure. the democrats have huge decisions. up 29 seats.y pick that gives them a tenuous margin.
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they cannot afford to lose more than seven members. make common cause? there are not going to be as moderate -- as many moderate republicans. sometimes we have been surprised. >> you warned young people, which might exclude you and me, from getting too much under our skis. he would think the republicans would say, yes, let's have infrastructure. we have seen that happen the other way. the republicans in congress. >> let's say there are 45 new members.
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go home andant to say we did nothing but bicker. most of them saying we are trying to get things done, even if it has to be bipartisan. that puts a lot of pressure on democrats. trump oncen is what to do. --wants to do. he once highways and bridges that say, built by donald trump. if they can cut a deal, it is conceivable. i would say 40%. that means 3-2 against. to alwill be headed back hunt later. as we go to the break, and the florida senate race which seems close, a close race in the texas senate.
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beto o'rourke doing quite a challenge to ted cruz. only 6% reporting. live from new york, this is bloomberg. ♪
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this is special coverage of
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the 2018 elections. time for a midterm market check. you have lived in texas, austin, i think it counts as texas. tell us what you think about beto o'rourke. did notple think he have a chance and now looks like a serious challenge to ted cruz. >> i used to live in austin, one of the most liberal areas of the state. people i knew there or went to college with our big beto o'rourke fans. it is easy to dismiss because you say, that is a bubble. question thereno is serious enthusiasm and the numbers show it. experience, is texas
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moving? we have read in the past, it has been deep red but it is going more purple, maybe? >> changing demographics. the other big thing, it is a national thing, you have suburbs outside of the big cities, houston, dallas. upper-middle-class white suburbs. alienated from the gop. i think texas politics is going very interested. i want to start with you. talking about the people refreshing 538 all night.
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>> fox ended up calling the house for the republicans. only 58% chance. now they are saying it is a done deal. that has sent the markets reversing. s&p futures, important to note, it has not been a volatile night. this could be like a normal night for the two of us. >> a trump tweet about tariffs --ld do two or three is most interesting about what you are seeing? i am paid to be interested in the bond market.
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you did see a sharp negative reaction about an hour ago when it look like we were into a red wave scenario. the house going to the gop as well. beyondyear yield getting 3.25%. it was looking like a slow motion version of a more moceresting fmo see day -- f day. out, the fox forecast came which i found very surprising on acis -- of levels, four basis point pullback. quite a genuine reaction and --gest >> we were talking about the
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trump trade. good for stocks, u.s. outperformance. rates up every the dollar up. we overestimated the importance of trump? that pattern could change? access to the way from stimulus to the more protectionist policy sweep of trade tariffs on china. positivebeen a less backdrop. debates quite a bit of what he will do next year depending on the outcome of congress or not. learned the dominant political entity in
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d.c. is president trump. this midterm election which he was not running has been all about president trump. congress may not matter that much. >> is there a policy we could see that would matter? these results could have on the trump agenda and behavior could matter. a seriously emboldened president trump, given he was not lacking in boldness in the first place, is quite a prospect for us all. prospect.e a >> there has not been a huge backlash in the results. the economy, contrary to what many might have expected, has not been particularly hit either tariffs.
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-- by the tariffs. see trump say, i have not suffered a penalty and then ratchet it up? >> that is why you are seeing somewhat negative reactions to the possibility of a true red wave. fiscal for broke stimulus. that much more of an empowered stance on trade. >> let's face it. based on the evidence, anything that good that happens as a result of government policy. nything that is jerome powell's bolt. -- fold. >> -- fault. that a democrat
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will be a republican in the 26th district. that is one democrats disparately wanted to win and they will according to our production -- projection. moments away from the 10:00 poll closing. key senateaces -- races and house races up for grabs. this is bloomberg ♪ [ phone rings ] what?!
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david: it is just about 10:00 p.m. on the east coast on this election night. from bloomberg world headquarters, i'm david westin and this is coverage of the 2018 midterms. with key poll closings in the 10:00 p.m. eastern hour, including senate seats in montana and nevada. in the meantime, we have a projection to make, minnesota 3, dean phillips will beat mr. paulson. that in the suburbs of
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minnesota. and also a projection that carlos curbelo has lost to debbie mucarsel-powell. now we will return to our panel. our political science professor, iona. and douglas holtz. how about it? minnesota, important? >> it was a racist democrats were depending on if they wanted a chance of winning back the house. an incumbent that helped to pass the tax bill. democrats see this as a race that shows they can continue to pick up the gains. one by one they are winning these races, specifically in districts where hillary clinton beat president trump. and they are picking up some of these races. there is a better chance for them to take back the house, even as they say devastating losses in the senate. this is a sign we could have a split decision tonight where the
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democrats pick up these districts that are clinton districts, and continue to hemorrhage in the senate. david: we have a handful of flips, so to speak. i wonder if we camp old that together and see the exact number, but it is modest at this point. a long way to go until 23. >> it is. results we will see come in now will results wel see come in now will reflect different demographics of voters. we have seen the rest the bill, manufacturing -- rust belt, manufacturing wave of states coming in. as we get into iowa, minnesota does fall into that area, but then we get further into the midwest. and as we get into the west coast, then i think we will really see a group of letters that are driven by different issues. immigration plays differently in texas, nevada, california, which have key races in them. demographically, there is a
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different demographic of voters coming out. so what we see on the east coast may not be reflected in the west coast. we will find out in one hour or so. david: it is still early going. but doug, as a practical matter, we didn't think, we would not have guessed that we would say we have to count on california for the democrats to pull out the house. doug: it is interesting. it tells us the demographics are real. places where the president can deliver do differ and he has so far been delivering in his strength. second, it is all about money. ones wheret these the republicans were needed, the speaker raise the money and put into these races. he went in in north carolina, they held onto that. he went in for steve shabbat in ohio and they held onto that. so the money matters. and democrats have a lot more and they could not defend
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everybody, and they needed somebody like erik paulsen to hang on to the house and it is a bad sign that they went to the other way. david: as a democrat, looking at president trump, in the last race there was so much to talk about, he was making it up as he went along. saying he was not organized and all of that, but this race from the republican side does not feel like an impromptu race. >> it doesn't. the president has focused where he needs to to maintain the senate. and the republicans have to be happy about that. let's be clear, though, the number is five pickups for democrats, so those are important, it gets them close to the 23 that may need. two, as we were talking about off the screen was to foot the house, it has -- flip the house, it has only been done three times since 1954 and democrats
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are projected to do that at this point, so that is historically important for the democrats. they may not get the same nominee they expected, but they sunamirobably -- the t they expected, but they will probably take the house. >> they only need to do it by one. and they can do a lot to the real the president -- derail the president's agenda -- the trade policy, as far as any trade deals, and of course the investigations of the democrats. they have said they will investigate everything from the cabinet members to the family business. david: they can torture him. >> the power of the oversight is tremendous, but there is not much in the agenda that will be grinding to a halt. >> they have done a good job grinding the agenda to a halt. >> i do not think there is a lot at stake, and most of the things he can do, trade and immigration and regulatory things, they
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really cannot stop, they can just tried to make it more painful in a public relations sense. david: we do have an interesting projection. that is -- this is a speaker wills seat, brian steel hold it for the republicans. so as i have said, not necessarily a shock, but at the same time it is holding an important see. >> it is a feel-good moment. [laughter] >> but let's not forget what is unusual about that. we have seen in recent years to speakers of the house leave the house on their own accord. why? because they cannot control their own caucus. that is something we do not historically see. people are usually voted out, or they leave under different circumstances. the fact that we have seen two of them leave in recent years, republicans have had a problem getting the caucus to pay attention. david: we want to look at west virginia, district number three,
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this is going to be held by carol miller, the republican. an interesting candidate, richard ojeda, and he agreed on president trump with a lot of things. and was very involved in the teachers union strike there. yet, a different kind of populism. he appealed to the poor parts of west virginia, but he has come up short. it will remain in republican hands. >> that was one of the bellwethers. the progressive movement in the democratic party and how it could play. >> this is a district where president trump won by 20 points. when we are talking about money, able to raise a lot of money and he was seen as competitive, so the republicans will be happy this was not an upset. david: i'm not going to talk about the next presidential election. [laughter] >> thank goodness. david: but mitt romney will be
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going to the senate for the state of utah. this has nothing to do with the next presidential election, i am sure. and i am sure he will be a royal ally of president trump. >> i think he will salute and ask, what should i do? [laughter] >> and a missed opportunity for a trump rally. i was waiting to see if he would hold a rally for mitt romney. [laughter] david: that would be in interesting force, seriously. >> and it is fascinating, because even though it looks like the republicans will keep the senate, it is changing as you see jeff flake, john mccain no longer there. people who would stand up the donald trump. this is becoming donald trump's senate. david: you talk about standing up to donald trump, mitt romney was on the russian issue long before it existed. and he is going to be a strong spokesperson. 2012 asentified that in
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the most important for policy issued. -- important for policy issued. >> people laughed at him. and he turned out to be a pretty wise call. >> i wonder if you can replace -- well, nobody can replay that john mccain voice, but the elder statesman voice of the senate. david: kansas now picking one up sharicedemocrats, davis. beating kevin yoder. she is going to the congress. that is a pickup. >> one that republicans were looking at closely. davis was a candidate that was able to put out the viral ads, raise money and get excitement. and the fact that she was able to defeat a republican incumbent, that is a good sign for the democrats. the paulson race is another one where they are looking for good signs, hopefully that will carry them over the threshold and get
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them that majority. it is not happening as quickly as they want, but there is a glimmer of hope and positive signs as the races continued to be call. ed. >> they are inching closer to the 23. david: seven pickups, we will check on that. we want to make sure that is right. i do not doubt you. but in the meantime we will go to kevin cirilli, he has all of the tallies. kevin: i thought it was going to be secretary of state mitt romney, now we have senator mitt romney. and not even 10:10 p.m. no shocker there. anding iowa as was montana nevada. i have my eye on nevada. this is a state that president trump was not able to carry in the 2016 presidential election, also intor dean heller, the 2016 presidential had a contentious relationship with president trump. now he is fighting against the
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democratic challenger, so we are looking to see how that will play in particular. and we have to focus on the democratic pickups. in florida you have debbie mucarsel-powell, first-generation ecuadorian immigrant pulling off an upset of sorts and defeating a moderate republican, a very moderate republican. that is a point i want to make. carlos curbelo was very moderate on immigration, as well as environmental. he try to attract a new generation of republicans, trying to win over republicans who were fiscally conservative, but potentially more liberal. and now he is out. so this is very indicative, because it is an illustration of the democrats trying to win suburbs. in virginia, jennifer weck said daschle exton defeated another moderate republican. let's go to minnesota 3, minneapolis, suburban minneapolis. this is the type of place that
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is not like the trade policies from the president. steve phillips declared the winner against erik paulsen with 96% of the precincts reporting. he is running in a district that did go for hillary clinton, but still a major pickup and major win for democrats as they tried to get the magic number of 23. they need 23 to get control of the house of representatives. potential 2020 candidate cruising to a third term. colorado's six, crowe is the democrat, he defeated kaufman. and look at the breakdown now, democrats inching closer, but not there yet. david: thank you. another projection. north dakota projecting that mr. cramer, the republican, will take over the senate seat from heidi heitkamp. she had been thought to be the
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closest democrat just about to the president, had really aligned with the president on many things, but kevin cramer projected to be the winner in north dakota. that is a big one. >> aside from west virginia, the republican states that had senate races are performing well for republicans and the president. he traveled to north dakota to hold a rally and the polls did show that senator heidi heitkamp was trailing. she voted against the brett kavanaugh. this was a race that was not a surprise republicans were able to pick it up. they are adding to their total in the senate, something the white house will be happy about. david: the democrats needed to gain three, i think they have lost two so far. >> they did not have -- i have to look at the actual math, but i do not think this means they can take control of the senate right now. democratst -- i mean, were expecting -- the white
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house was expecting to pick up north dakota and there was a sense heidi heitkamp, several weeks ago and is certainly with her vote for brett kavanaugh, had resigned herself to the fact she was going to lose this race. and was positioning herself in the democratic party for the future, not trying to hold onto the race by voting against brett kavanaugh's confirmation. something the white house was expecting, but a win that they needed to. david: how important is this for the republicans? they had a majority, but whether it comes to confirming treaties or appointments, new supreme court nominees, things like that, having that extra two or three will make a difference. >> a huge difference. when we were watching the confirmation hearings so closely, it was very tight and republicans could not risk losing more than a couple voices on that. so very important for the senate, very important for the president, because if there is a democratic house and they move
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towards something drastic like impeachment, he needs that firewall in the senate to maintain his position. and i think that is part of the reason we have seen him fighting so furiously for the senate. and to his credit, a pickup of a couple seeds, if -- seats is a real credit to the president who has put himself out there for many of these races. >> and the judicial appointments are so important. i just a lindsey graham suite -- senate,f we hold the will we be able to continue with the reshaping of the judiciary? that is important to conservative voters. in the last presidential election that was a driver for conservatives to come out, because they knew they had the supreme court seat. they do not have a cetaphil -- but -- fill here, >> on this point we talk so much about the supreme court, but donald trump has had great
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success changing the judiciary at the lower-level. tremendous success. and now that will continue. david: we will move to the house now. and new jersey. we have a projection to make. -- and iryl will beat want to make a disclaimer. a super pac funded by michael r bloomberg donated to mikey cheryl in this race. bloomberg is the founder and majority owner of bloomberg lp, the parent company of bloomberg news, and that is why we are called bloomberg. so he helped a little bit without one. that is an important one. this is the helicopter pilot. all those advertisements where she was flying the helicopter, but she was a strong candidate, you have to agree. >> i think candidate recruitment is something they can point to, democrats really got candidates that were very appealing. they talk about how many women they have had, but there are
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many veterans in this and i think it will be interesting how this plays out. historically, one thing people appointed to when they talk about bipartisanship was the shared experience of world war ii, fighting in the korean war, and we now see a second round of the influx of veterans into the selected positions. and it will be interesting to see if that helps foster more of that ability to work across the aisle. david: and the polls give it away. now a projection in the texas senate, ted cruz will be reelected into the senate. beto o'rourke's quest has ended. a narrow defeat. he did very well, but ted cruz will be returning to the senate. >> one more of these cases where a red state is read. -- red. but the democrats will point to the fact that we have a real contender. they were giving them a run for their money. david: it is now official, republicans will hold control of
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the senate. no matter what happens, we know that one thing is decided, they will have a majority in the senate. >> i would look at the margin, to see how big of a margin we see in texas. low, single digits where the democrats do better than they ever have before. and if they build on that model to reshape the electorate. but in order to make a reliably and red state more of a competitive state and they may take lessons from that and try to have more candidates in the mold of beto o'rourke. and if it is a wipeout, it is another example of the democrats trying to play in texas and t allng out it is no that fun. david: i'd would guess that is not the last we see of beto o'rourke. >> he was the rock star of the midterm election, besides all three of you. [laughter] but, you know, i think the money
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into thiscrats poured race to try to boost him over the finish line, i think you are right, we will see more of him. he said the other day he is definitely not going to consider 2020. i do not think we can trust him. but i certainly think he has a future. and democratic donors believe he has a future. this was always an uphill battle. but he made a name for himself in a way nobody expected. david: talk about the donors. you made the point about how much was raised, particularly by the democrats. i wonder what the response is likely to be when we see the final tally. and if this is not an overwhelming blue wave, we do not know, but it does not look like it now. it will be really hard. does that mean they will double down next time and say, we need to give more money, or will they be discouraged? >> if history is a guide, they will be discouraged. the donors got very discouraged
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after 2012 and 2016. they were like, we are not getting a return on our dollar in those places we expected to. so it will be interesting to see if the big donors on the national scale, which include michael bloomberg, who put a lot of money into these races, and many others, if they dial back a little bit and wonder if they have a better way to use their money to achieve their political ends. >> but democrats will make the point that, look, we were able -- look at what we were able to do. this was an uphill battle. look at the strides we made, look at how competitive we got. >> and they will say those things, but the question is will the donors still write the checks. we will see about that. i will say this briefly. if they have the house by even a single vote, they get the gavel. and that means that these
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candidates that they have recruited and have put into the house, they can make them stars. they can control their time, give them their moment in the sun, and they will have much more viable candidates next time. >> i wonder if maybe there is a -- about the money, but as we talked about there will be soul-searching about the types of candidates they put up. looking at who was successful and who wasn't. david: now to go out into the field. to miami, to new jersey, and to phoenix. anna, you just heard from carlos curbelo as he conceded. what did he have to say? reporter: his message was of appreciation for his volunteers. he made a point that this is a time to come together. in south florida, many people have fled political violence in other countries and if the u.s. continues to ratchet up
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political rhetoric and not work with the other side, it is not going to matter who wins the elections because nothing will get done. as kevin said earlier, he is a moderate republican and carlos curbelo was the leader of the moderate wing of the party. if he loses and desantis wins, that will be a strong data point that shows that the trump brand of republicanism is what wins elections. david: how is it going in new jersey? i have lost track. >> they are neck and neck. seats that the democrats thought they could take. they appear to have gone one of those seats in the 11th the district, and they are trying to grab one in the second district. heree in the seventh district in the central part of the state, right now the candidates are about 1% or two percentage
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points apart. they are cheering right now. many folks here not only cheering for malinowski, but they are cheering for any democratic gain. they are really excited about that. hereve tom malinowski himself. i has spoken to his campaign spokesperson. they think they can pull this out. but based on the latest data we have, 66% of the precincts reporting, and is only a one percentage point separating the candidates. david: now we think about the 33% we have not heard from. do we know who we have not heard from and whether they will be more inclined to did go one way or the other -- to go one way or the other? >> it is not clear which way they are swaying, but i can tell you that they have not really put any of the data up on the screen here where we are at, and
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that has kept the crowd a little bit muted, but a lot of these people are campaign volunteers so they are very attentive to what is going on and they say they are confident tom malinowski could pull off the upset. david: ok, from new jersey we go to phoenix. emma, what do we know? started towe just get some of the first result in arizona. the arizona secretary of state's website reporting 5% of the precincts reporting that the democratic candidate for the senate seat is ahead by a percentage point, the head of the republican who is also going for the senate seat that was left open by jeff flake. we have some results on the largest county here, they are at a dead heat with 49% each. and the most competitive house
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race, the arizona second district, the most likely house race that the democrats could pick up. and most of the votes counted so far, the democratic challenger is ahead with a 67% of the vote there. not all votes are counted, but it is looking like it is moving in the democrats' favor here. david: thank you to our team. and texas's 32nd district, projecting that the democrats,: allred willolin take that from pete sessions. allred who played for the tennessee titans, this is a big take from the republicans going over the democrats. this is a suburban dallas district. >> we had a lot of confirmation
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about all the money that beto o'rourke was raising, why was he not giving it to other senators, but it appears he has a some coattails in texas and it is leading to some down ballot races, where they have high turnout among minorities and young voters, even though it did not get better work over the finish line -- beto over the finish line, it did help with these other races. this high-ranking republican congressman going down to a democrat is a big signal that even when the democrats cannot win at the top of the ticket, they are able to bring out new voters and there could be benefits. all that money spent during the senate race is having some benefit for the down ballot democrats. david: two networks, nbc and fox reporting the democrats will take a majority in the house. we are not confirming that yet, but that is what two networks are reporting. doug, over to you, they have lost some capital there.
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the texas delegation in losing pete sessions. he was a fairly influential character within the republican caucus. seeing somee leadership come under fire. pete sessions lost his. and we have not heard from -- one yet. speaker ryan about out voluntarily. -- bowed out voluntarily. david: will we see different leadership on the democratic side, that is an interesting question. i spoke with the former governor of pennsylvania about this and he said, i do not have any inside information, but she will say, let me stay around for a year or so and we will transition. i won not stay forever, let me go out gracefully -- will not stay around forever, but let me go out gracefully. so she will get to be speaker again. the first woman speaker, let me do it again.
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>> and while she is toxic on the right, she is an effective speaker and she has proven herself. so to which now would be problematic for democrats, so i think the strategy that was mentioned about holding it for a period, then transferring it. part of the problem for democrats is democrats on the ground feel like the leadership in the house is an older generation and may need some youngblood in there. one thing we have not mentioned and we should say is that we have seen important firsts already. the first openly gay man elected governor of colorado, first african-american woman to serve in massachusetts, and two muslim women elected to congress. so democrats are introducing changes. it looks like they may take the house, but those are all important firsts. >> and we might see some leadership races take place very
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quickly. and it will take nancy pelosi's place, no heir apparent yet. so she will take a little bit of time to field the transition and allow the democrats to take a breather, if they do when the house. -- win the house. and even something that the democrats who campaigned against nancy pelosi can stomach. david: and lauren kelly taking over as the new kansas governor. kris kobach was a controversial figure, i think it is fair to say. of andansas had its downs recently for the republican party, and this is not a huge surprise. >> this was a race where there was a republican governor who was running for reelection and kris kobach was the insurgent primary challenger and president trump got involved and i imagine the number of people in the white house are wishing he did not weigh in on behalf of his
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strong supporter, kris kobach, now that it looks like the democrats are going to win in kansas. a red state, even though they have had democratic governors in the past. david: now the midterm markets check. joe weisenthal. joe: you know what is a striking to me, we see futures not doing anything. darlier the eu raised -- erase losses, then gains. it is like the election is turning out how people thought it would. and we are seeing so little volatility. but we will dig into it a little bit more. we have our asset reporter with us, as well as our currency reporter. that is the thing, it is like any old night in futures, pretty quiet. >> textbook reaction.
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because as the headline just passed, it looks like the senate is going to the republicans and nbc and fox have said the house will go to the democrats. and if you look at the markets, they have been reacting to the different headlines exactly as strategists said. every time we think we see a bit more of a democratic sweep, we take down a little bit, but then it comes back up. joe: every chart is looking the same. down early, then up, then settling in the middle. the night is not over yet. so what is next? after tonight, what is the next big thing? >> that is the question i have been asking people all night, what are we going to wake up to tomorrow morning after this knee-jerk reaction has faded? the answer i got is it will look like charts right now. the dollar is down, yields are
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down, dreams of tax cuts 2.0 are fading. joe: stock investors, what are they looking at next? sarah: a lot of people have told me if we have a divided government that could mean we see potentially intraday volatility, just in the sense that democrats may have control of the congressional committees and could look further into these investigations of president trump. but everybody keeps repeating the fact that if you look at every single midterm year since 1946, in the following months we have seen a rally in stocks. so everybody is optimistic that could happen again. i think people expect a bit of a relief rally. joe: the 2020 is basically going to start tomorrow, so are we basically looking at another world where the investors and traders just talk about politics for the next two years? >> i'm afraid so.
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now with the democrats back in control, it could inject more political uncertainty back into the markets. you could see intraday volatility. and in that case the dollar, the take political uncertainty on the chin, it drives it down, so it will make it more interesting in that sense. joe: talk about volatility, sarah. we have obviously seen october with a big pickup in volatility, but could we see a permanently higher move going forward? sarah: investors are expecting that. and if you think about 2017, that was not the norm, but people got lulled into a sense of calm, now people are expecting the volatility. and when we wake up tomorrow, and a lot of the risks are still on the table, whether you think
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about the fed raising interest rates, whether you think about trade and the implications there, whether you think about the idea of peak earnings. so these are all risks that have not left, you just have to say that midterms are in the past. joe: thank you very much for joining us. back to you. david: ok, breaking news. we will project that mr. cap dump -- this is a western suburb of chicago. he has been there for a while. sean caston known for his science background. he even said the reason he decided to run was he went to visit peter about tax credits, to encourage clean energy. he said, ok, i better run for congress. so what are we seeing with this loss. another pickup for the democrats now in the house. >> we are seeing the moderate republicans losing. this is another, erik paulsen,
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fred upton, longtime number from michigan and former chairman of the energy commerce committee running behind at the moment. that seems pretty clear. not great to be a republican on the ways and means committee. that is another theme that is emerging. >> i think it speaks to, in the districts that the republicans gerrymandered so well, they are holding on, but with more moderates they are incredibly vulnerable and that will continue to be a problem for republicans as they redistrict after 2020. david: which points back to the governors races. >> we saw a number of them hanging out. i mean, so much going on in the house and senate. david: we have the number i have been asking for. democrats have picked up 12. the magic number is 23. so they are roughly halfway to a majority position. >> and i was going to say, it
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seems like as we get out of this rust belt, trump country environment, things are getting less predictable for republicans. and we are seeing more surprise races, more bricks for the democrats, and we still have nevada and arizona, and california which i think everybody thinks is a democratic state, but has a lot of republican seats up. >> and as we are getting past the midwest, there are a number of different places where there are suburban voters and districts, where just like this district was, hillary clinton won the race, but republicans were in the house seat. and there are almost two dozen races like that and it seems like the democrats are consistently winning those races. they are around the chicago suburbs, some in iowa, some on the west coast, so that is looking good for democrats. they are not winning the races where president trump won by 15
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points, as much as they wanted. but they are winning the races they had to win and it is looking like they will win the house. david: i wonder about the geography. florida is always difficult. illinois does not surprise me, we will have democrats win there. but kansas, i think of that as a republican state, yet in the house and now the governorship, we have democrats. is there something in the geography? >> i think in the case of kansas, what you had was the choice of a nominee who may have been too far to the right, even for a predictably red state. david: is that a counterexample of what you are saying? the extreme versions are not doing well? doug: it really depends on whether you are in a geography where the president turned out his base in large numbers. that is not true of kansas.
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it is much more true in the rust belt. the agriculture folks are upset with the trade policies. and it has hurt republicans. >> this is why it presidents stay out of the midterm elections, typically, because they can help people in certain areas, hurt them and others. president trump got the message on immigration. that is not a great thing to be on if you are a moderate republican, you do not want people talking about shooting immigrants. that is not good for moderate republicans. but the white house and president made the calculation that he had to be out there, otherwise it would be a bigger bloodbath. goinglos curbelo was up into the final two weeks and the president sacrificed him. that is all that is. david: they made a calculation that the president just wanted to be out there. [laughter] >> you cannot tell those apart.
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sense that before the brett kavanaugh confirmation, things were going downhill for the republicans, and they thought, we have to do something to energize the base. david: now back over to kevin cirilli. he will bring us up-to-date. kevin: we are here with greg. fascinating to crunch the numbers and see it has been a rough night for moderate republicans. those that were able to win in hillary clinton districts are losing tonight. >> peter rosman defeated in illinois. a lot of suburban, well-educated, upper income districts that used to have a republican orientation have now become more democratic in the era of donald trump. they are now falling to the democrats. kevin: peter roskam was one of the few republicans who won in a district that hillary clinton carried, i believe it was seven
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percentage points, but he also embraced the republican message on tax reform in a chicago district where the tax the duction was very unpopular. >> very unpopular. but democrats did gain a doozy of them on other issues. like health care and other issues. and the check on the tax-cut law was, this is a base election in you want to get people riled up and angry to vote. running on things are good and the tax-cut is helping you is not a message that will make you angry. kevin: go on down to texas, senator ted cruz able to hold onto his a seat over the beto o'rourke. suburban dallas, just north of dallas, 3 has actually gone for: already -- colin allred, the winner against pete sessions, so that is interesting. another district flipping back
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to democrats. >> well educated, suburban, the democrats have scarcely -- that district. kevin: they made it an issue about temperament. it is a civil rights attorney running against a republican who was too much in line with the president on immigration. it is still texas, this is where george w. bush resides in this district. now another server near where i grew up, pennsylvania one, and you have -- i know, we are both obsessed with her this race. >> the quintessential suburb, this near philadelphia, with fitzpatrick, the brother of michael fitzpatrick, who was seeking a second term. this was redrawn to be more democrat leaning. push on labor issues may
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not be enough to save the seat. kevin: many refineries located there. also a state president trump was able to carry, the first republican to do so since 1988. so if republicans want to win back the house in 2020, they have to win back pennsylvania. and another suburb, republican scott taylor hanging on for his political life. >> scott taylor has been defeated there. a navy seal, elaine a 20 year navy veteran, commanded ships, was in charge of nuclear reactors. she has the lead in the race. and another democratic pickup. kevin: we are monitoring in that. but this is the land of trade policy and the lockheed martin, how is that impacting that? and we have our eye on virginia. this race of neck -- this race neck and neck.
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and the georgia gubernatorial race we are watching as well. that will be interesting, if stacey abrams, if she is still trailing in that race. it will be interesting to see if she can become the first african-american female governor. >> that is right. so the question is whether the late reporting precincts in georgia, like fulton county, will that be enough to bring brian kemp up. kevin: she ran as a progressive, but it looks like kemp has the lead. david: many thanks. we will be back to you shortly. and right now we have a current look at the house a seating chart. we are showing right now a net pick up of at least 12, meeting 23 to get the majority -- needing 23 to get the majority. we have a ways to go. live from new york, this is bloomberg.
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david: this is special coverage of the 2018 midterm elections on bloomberg television and radio. i'm david westin. now we will go to our bloomberg opinion columnist. al, things are developing here. you predicted this, you said, watch kansas. that seems to be going to the blue. al: kansas is going blue. this may not happen, but something that was not on anybody's radar, in oklahoma the democrat is ahead. so that could change. salek city looking like it might switch to the mayor of salt lake county, a democrat. all kinds of surprises. democrats are really down about what happened, what appears to be happening in florida, they will not win the governor's race. and in ohio. but they are doing great in michigan. and in texas, despite the loss
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from beto o'rourke, it has been a good night for texas democrats. so it is a very mixed bag. david: pete sessions in texas, that pickup is good, but at the same time they lost in kentucky in number 6. and are you surprised how close the virginia races are now? al: i am. first of all, they beat comstoc k. and it looks like spanberger is going to win, but it is not there yet. and the dccc has already congratulated - -in southern virginia. that could be premature. but those are close. it couple in north carolina are close as well. it is clear the democrats are going to win the house. or difference could be 28, more like 33, which gives them
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more comfort -- that will depend on these races and what happens in california. were there they will pick up three or four, or five or six. david: to jump ahead, jim the ooten said to me that the election is more about what it says about the country, not the candidates.. so those places, where they are struggling more, or is it those some -- or is it those places in the west where they are doing better -- is the country changing? al: i think there is a little bit of that. democrats are doing well in urban areas and suburbia, and republicans are doing well in those smaller towns. kansas is an outlier. and some of that i think reflects the fact that governor brown, he had a miserable performance there, very
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unpopular, and they ran a right-wing immigration basher for governor and he got clobbered. and that helped them carry at least one house seat, if not two. i think the country is every bit as divided as we thought or worried that it was. david: so how much is left to be decided? theer is a lot -- there is a lot of votes to be counted, but give us a guide for the rest of ownight and maybe even tomorr morning. is it florida, california? al: i think the florida senate race is really big. i think that is clearly up in the air. questionthere is the of how many governorships the democrats will win. looking like it will be five or six. but those are important. the senate, i think the question is did the republicans pick up one or as many as three or four.
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and the house is clearly going to the democrats, as i said, and what we will not know probably until tomorrow is the state legislatures. what happened, what kind of gains did the democrats make? and there are a couple races we may not know for a couple days, including maine, which i cannot describe how it works but basically if you get 50% they have a stacked the voting system and i have no idea how it works. david: if you don't, i will never figure it out. overall, you know we are on bloomberg and people pay attention to the business aspects, the financial market aspects of this. are we looking at gridlock? businesses do not mind gridlock, they just want the government not to do much at all. al: i think that is right. i cannot imagine very much occurring that would really upset most of the business community. that is talking about business interests.
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there are a number of business leaders, including in california and on wall street, that are horrified by donald trump's policies on immigration and trade, but i do not think they are going to change. so i cannot see anything that would really change the business community's outlook in the next congress from where it is now. david: it has been a real treat to have you on tonight. and maybe tomorrow, and the next day to sort it all out. al: it is a delight to be on with you. we share something in common. we both married above ourselves. david: great to have you with us. . now over to joe weisenthal. joe: it has been so subdued from the market's perspective tonight, because, perhaps we have seen results that were in line with expectations. obviously, the
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republicans will hold the senate, democrats will take the house. which is what most people would've guessed yesterday and now we have that mild reaction. we have shery ahn with us and luke -- is this a win for the markets? luke: a win for the polls and wall street. we kind of song early in the night -- saw early in the night, the risky assets all turned on a dime. but the second democrats taking the house came with a clear focus, we have seen the consensus trade develop in that people thought we would get a relief rally in matter what after the election, as stocks stay positive, but is also a dollar moment with the dollar turning down and staying down. so it is kind of like those very distinct, very subtle consensus elements creeping into play in a
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way they were not earlier in the trading session. joe: it is the middle of the night here, but in asia it is prime of the trading day, so how are they -- how are the investors digesting what we have seen? green. it has all turned the housing composite was down, now they are gaining ground. and they are rising to their highest level in two weeks. japan's nikkei is up, despite the fact that the yen is a stronger with a weaker u.s. dollar. b advertise level in two weeksut -- fo asian markets it isr about the long-term picture. and in japan, we already have , one member of the board saying easing will stay on for some time. joe: we have a really nerdy chart i do not think any other network will be showing tonight, the buying of asian
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shares in hong kong from foreigners. tell me why on election night that we are looking at this. sherry: look at that spike. that was on friday. that happened because of some positive comments from president xi on the markets and use -- and you saw foreigners going in and buying on the positive news. no matter what happens with the trade tensions, there still seems to be optimism about the chinese markets. yes, the composite has entered bear territory, down more than 20%, but it is not armageddon. joe: and for those listening on the radio, please tweet the charge when you get a chance. ake: that chart reinforces broader theme in the markets, which is the kind of convergence theme people were hoping to see.
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and one thing that is a prerequisite for that is people have to feel like there is no chance the chinese well weaponize their currency and it seems like there is an income tax floated every day, and when they talk about fiscal stimulus, even today we are seeing stability. but that has given foreigners the green light to jump back into the highflying tech stocks that have been battered. and in a couple sessions in the past week, we have seen a remarkable comeback for those chinese a stocks versus the nasdaq stocks. joe: before we go back to the election, the results coverage, i want to drive home this point. one the characterizations of the last year has been the performance of the u.s. and have we gotten enough signals from the rest of the world, some of the ones luke identified, the tax incentives, that maybe a bottom is being put in with asian and other em markets. sherry: it is all about
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valuation. the nikkei, you see the forward earnings right now and the topix trading at lower than in january. so there are bargains to be had. and talk about china for example, you keep seeing these moves to open up the markets, reform the markets, but today getting the headline that china will cut their maximum length of the stock trading -- which has been an issue for investors. joe:. great stuff. david: really great having your reports, the major market reports on that long. now we have breaking news, we will project the governor and ohio, it is going to be might the wine. the republican will be the new governor of ohio. a big victory for the republicans. shannon: absolutely. president trump coming here in one of his final campaign stops to try to push that of
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her the edge. that did not really do any ewine. to mike dw and so i think that this fits the pattern we have seen. you have ohio, a swing state, a republican governor, a democratic senator. and we see a lot of red states continuing to hold red, blue states holding blue in the house races. -- blue states holding blue. and in the house races, those democrat where hillary clinton won. things seem to be going as expected. and we really do have that divided country, but it does not seem that much less divided than two years ago in a lot of ways, but the night is not over yet. david: you look at richard dwine, they are
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not running in the center. he is not to the right of bill o'reilly or anything like that. david: the but to the right of kasich. >> that is true. he is from that moderate wing of the republican party, so this is not like kris kobach winning, and that is ok. but this is still trump country. the early results we saw were the trump country results and that manufacturing area seems to be holding for donald trump, so i am interested to see what happens as we get further out west. david: we have to look at california, and we will look at washington as well. thank you, shannon. more from the rest of our panel tonight. have thosehead, we out in the west -- idaho,
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california, washington and more. live from new york, this is bloomberg. ♪
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david: it is 11:00 in the east coast of the dates on this election night. this is coverage of the 2018 radio -- election. andrew gillum, democratic thatdate for governor says he has called ron desantis and conceded the race. that indicates clearly that ron desantis will be the next governor of florida, a big win, let's go to the panel and talk about why that is
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important. >> are used to report down in florida. we have had the last three races go down to 1% wins for republicans. this is a race where the candidate was handpicked by president trump in the primary, surged because of trump support, was able to win in general, in part because trump went down there, campaigning on his behalf. making sure that his voters in rural counties were able to come out. with a very high turnout in the big city, as we said earlier, that made him look positive, and that we saw on election day huge turnout. very high margins. we seeing more of the urban/rural split, and president trump has to look at this and be ally that not only is his in the governor's mansion, but it is possible for how he has a
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playbook of how he is able to , even if democrats of high doozy is. -- enthusiasm. win. is enough out to david: friends look at a super pac -- we want to look at a super pac who donated to andrew gillum. and important disclaimer to make. now we want to go to singapore. midterms are big topic, but another topic on the agenda in the news economy inform. welcome, john, great to have you. how much of this is a subject over in singapore. >> a lot of it is seen through
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that lens. the immediate response is what difference does it make to the trade war, what will happen, maybe some democrats will take a slightly kinder line, but also the general idea that people here are fixated on the idea that they see trump is both the , butgonist in this battle also someone who, if he was to be weaker, would that change the dynamic? so far, the answer seems to be not much. it is a somewhat surreal experience. well put. it is clear degrom will hold the senate, apparently increasing the majority. the democrats will likely take a majority in the house, it will be as large as thought. it is thought that will not cause the president of the united states to rein in, if
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anything, it might be the reverse. so how much of that will have a effect affects -- the -- effec? -- effect? china, with some saying this is just trump, others saying this represents a change. the idea that there is a group of people who do not like the idea of china becoming the world's biggest economy and want to restrain china. i think that group of people will probably feel slightly more prominent, that that is the america they are dealing with. i don't think there is a massive enthusiasm amongst the democrats. there is a shift their is there coming to terms with.
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there was a least a hope in beijing that if trump had a terrible midterm without a change. but that does not look likely. at the same time, we have this meeting and dinner in connection with the g20 down in south america. is it conceivable that the president of the united states of the united states would feel more some -- more secure in his without alienating his base? >> that is possible. whereone of those things we are all trying to work out the possible permutations. my personal view is that president trump is fairly hard line on this. he wants to have a victory, of sorts. and generally, he wants to equalize that playing field.
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few areas where trump is going back to what he believes and. she has always been a protectionist against nafta, quite a rare thing. it is difficult to have the slogan america first. element thatnuine he wants to restrain china. the chinese are prepared , ido substantial concessions think they will be inclined to keep going. hepersonal view is that if does a deal, it i've hold off sanctions for a while, but my instinct is that he will keep pushing. one, it is something he really believes in, and secondly, it is probably electorally not bad. david: fascinating insight.
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thesec question if leaders can make their country great again many thanks to bloomberg's editor in chief in singapore. for all of the highlights from the bloomberg new economy forum, go to your bloomberg terminal. now, some breaking news. lauren underwood wins in illinois 14th congressional district, another democratic pickup in illinois. democrats seem to be building up now, some of their net gains in the house. they're starting to win some of the bellwether races people thought they needed to win to have a wave. they will get the house, and it looks like pretty solidly. >> another thing is we seeing democrats win not only where hillary one, but places where trump won by two or three points. they thought that, if they would have a huge blue wave, they
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would win those trump districts. we are seeing republicans hold, but there are enough districts where democrats are within striking distance and have the momentum to win the house and have more republican incumbents fall. we will see that number go higher and higher. nightats started the thinking their wave was underperforming, now they are a little more confident. david: if you go back to where trump has been strong, florida has been fascinating. obama went down to campaign, trump one that your -- won that. stress that while we flips, this is a big
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win for democrats looking. -- flipping. david: bring us up-to-date, kevin. this florida race is fascinating, but it is net and neck in the senate. look how close this is, 50% to 50%. it looks like it governor desantis will be invited to thanksgiving down at mar-a-lago, but it also got my eye on this race. josh holly with a significant lead. of course, this is a state that president trump had one and republicans are bullish on the state in particular they want to expand the lead they have. head over to arizona, another
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neck and neck race. just at 49%. arizona, battleground zero for the issue of immigration. and when you dig down even the arizona second congressional district, you will see just how close this particular race is going to be. leading.nn kirkpatrick this is a very early, but it would appear that in suburban districts, the democrats will and they wantnout to hope to make gains at the top of the ticket. ifwould be a big win kiersten is able to win. with at and end governor, because it always comes down to ohio. the former head of the consumer financial protection bureau, a democrat, he lost tonight.
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a republican one governor. mike , he looked -- he is looking to be the apparent winner. -- dewine. he is the big winner. we should note that mike outgoingut -- relationship could pose some significant risk. i lost the 2020 battle nine minutes into the program, but i appreciate your amendment. i appreciate you being here. time from a check from our reporters in the field.
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we have correspondents all over the country. bloomberg's jeffrey taylor is an san francisco. and, let's start with you. i want to start with the house here in arizona. like a democrat ann kirkpatrick is projected as the winner of arizona's second district. that would be flipping it from the republicans control. it's interesting to see that the republican candidate for the , that martin miceli district did not for hillary clinton. that is a democratic candidate in their second district, ann kirkpatrick projected to win. when we look at the senate, we are still looking at a tight race in arizona. a key race between martha miceli and for kyrsten sinema.
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11% of precincts reporting, they are within 1% a la but it looks like martha miceli is just edging things there, leading by about 9000 votes. this is been a tough and expensive race. another thing to note is officials are talking about high turnout, estimated to be about 60%. david: thanks so much. back to new jersey. it?and next, is -- net and neck? havence world war i, you had 12 people represent the issue, only one person has ever been a democrat. right now, he is trying to become the second democrat, but less than one percentage point separates them. 96% of precincts have reported,
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but nobody has yet called this election is close to call. i should point out that malinowski spent more than $5 million, the most by any challenger to a house incumbent. can tell you that right now, nbc on the screen behind us has numbers showing that malinowski has a one -- has won. or is at least leading. a couple of into people, they are still confident he could pull this out. obviously, this is a very partisan crowd, very malinowski. but they seem to think they have this in the bag and that the tides will turn. bloomberg is not projecting it yet, but nbc has turned recording. let's go out to jeffrey taylor to give us a sense of the west coast.
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polls they're closed about 15 minutes ago. >> that's right. there are 14 congressional seats in california held by republican. democrats have been playing hard for six of those, $300 million has been spent on these 14 races. most of it in these districts. we expect that some of these seats will go democratic. at the top of the ticket is the race to replace the jerry brown, who has emerged as one of the most vocal critics of president trump and one of the most specific policy directed opponents, litigating with him on climate change. gavin newsom, the democratic candidate, is expected to take up that metal -- mental. -- mantle. he is running against republican john talks from san diego.
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that diannetion feinstein, the veteran center, has been reelected to another term. we will be watching these races closely, particularly ones in orange county, traditionally a conservative aston of the state in which demographics are shifting. of thek that some number republican held seats in orange county could flip. david: many thanks. now, some breaking news from the president of the united states. he has just tweeted out tremendous success, thank you for all. is that a surprise for you? and is he writes? -- is he right? thinksa surprise, he everything he does is a tremendous success. but i think republicans have had some really good wins. it looks like they will not only keep the senate but get upwards of three or four seats, that is a big pickup.
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but what he has sacrificed to a certain extent are some of those house races. it is a mixed bag. i think the president put himself on the line and did have a big victories at the gubernatorial level and the senate. credit, he do that, but now he will likely face a democratic house, which will make his job in the next two years much tougher in some ways. i'm not sure if you recognize what a difference it will be when democrats have subpoena power, when they can get his tax return, called the secretaries before congress, put on the show and make sure voters know what is happening. protected by republican majorities, and his administration has not been scandal free. there have been a number of ethics issues, and all that may come into the light if democrats ane the gamble and start aggressive campaign of investigations. david: doug, you get the final
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thought. does it really matter to him? he seems to relish the battle. she's gotten a lot of what he wants done. and is not going to get undone by split congress. >> the things he wanted to the congress for were the tax cuts, and he wanted the health care bill. but the rest of the agenda on the agenda he ran on, the wall, immigration, those are things he can do by himself she does not mind a fight, he will get into a big fight, no question. you will view that as a good place to make his case that he is right and they are being obstructionist, and that is fine with him. a big thank you. it has been terrific having you with us. this has been special coverage of the 2018 midterm elections.
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for those watching on television, gary cohn, president trump's former director of the , amongl economic council others, are speaking right now at the bloomberg new economy for over in singapore. the midterm results are big topic of conversation as we have seen the democrats projected to take the house. let's listen in to what is going on right now in singapore. >> changes in the economy and the mortgage deduction, caps on deductibility. believe higher interest rates will have an immediate impact on the economy. i don't agree on the forward , because i think they will have to slow down their base. -- pace. >> are the canadians happy with the current administration?
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and how can your prime minister get a better relationship? >> i will not speak on behalf of government, and we are in this wonderful position of being totally up on flight from government. said, -- that said, it is the most important economy that canada engages with, and from our point of view, it's where we have our money. important, but canada has made great assets trading with europe. it will be fantastic to see more progress in asia. nafta has not yet been approved by congress, but let's assume that is. how is the new usmca going to be better for canada than the existing nafta agreement? beneficial,ginally
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but the most important thing is taking away answers -- uncertainty. it has put a damper on the growth and to make people unsure. with that removed, it will create more momentum in the .orporate sector how much money do you manage on behalf of canadian taxpayers? the national fund for everybody in canada outside of quebec. we invest all over the world. the united states has a , why don'tgo system you have something as good as that,? when the system was started
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in 96, it was basically pay as you go. one of the things we follow, every year, since the 1920's. it has kept going. basically, the system did not work. it has worked really well. david: so when canadians retire, they will get their pension? >> they will. david: in england, what about brexit. we are tired of waiting, can you finally resolve what you are doing?
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[applause] >> i can't speak for the government, but i would say the problem is that the u.k. is not negotiating with europe, it is and theing with itself proposal may get through the cabinet, but they big? is will the prime minister be .ble to get through parliament david: a lot of people say some in the parliament wants to get her job. do you think is any truth to that notion that men want to come in and take her job? old boss used to say, when things get really tough, they usually call in women to clean up the mess. [applause] and if there were another votes today, why is the prime if there were-
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another vote, would be the same 48? --? there is some evidence that some people have shifted, but i do not think it is clear the second vote look like. .aving said that . , david: david: she has two options to call another election or have a second referendum. -- having said that, she has two options. egos inre there bigger parliament or in washington? .> no comparison.
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in washington. they win by all means and .xpense there's much more of a system in wall street of having one's bluff called. at the end of the day, you are either right or wrong. and your profit and loss reflects it. your market view reflects it. then you are helps that level of accountability. in washington, if you get nothing done, you are running way above average. >> when you left, your president of goldman. washington, what was the biggest surprise in serving the u.s. government? >> in many respects, it is what i just said. you would assume that the organization of the u.s. government would come in every day, first of all, they don't
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come in most days. in, youays they come would assume they come in trying to move legislation forward to proactively help the country get itself to a better place. unfortunately, i think we keep moving farther and farther from the time and you see that even today. we are a country that is very divergence on opinions of what , whichright direction leads to a place of no activity. david: the tax cut bill that you has maybegineered been responsible for u.s. economic growth, but it is said the deficit and debt will increase. are you comfortable that that increase is worth the price of paying? >> this deserves a really long
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answer. >> i would like to hear your answer. >> so what i. -- would i. >> the answer is something like this. in the united states, we had a corporate tax rate of 35% on a basis.de our competition all had a tax rate in the low 20's. many of the countries we compete against had abilities to get single-digit tax rates. at a huge competitive disadvantage in the united states as a businessperson, creator, business formation. people ability to hire makes sense. our view was we have to make the u.s. corporate tax rates competitive.
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and to attract jobs back. that was the basic core premise of what we had to do. that was toe did drive the economy. the,he numbers behind everything they've done on a 10 but if youing cycle can drive gdp by 1%, from whatever the baseline would have , right now, we are at 3.5. the projections were stuck at a muddled 2%. we are proving we can drive more than 1%. if you drive gdp by 1%, you create trillions in deficit reduction. the answer is, over 10 years, you do pay for the tax cut.
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bismarck famously said that people don't want to see two things being made, one is sausage, the other is legislation. you were in the middle, have you think that process would look publicly exposed? >> people should not watch it. it's right. the important lesson to learn in washington is to never let profession get it of the way of legislation. to get a peace of legislation done in the united states, you make many compromises along the way. fewer to hold out for the right bill, you would never get legislation done. moira, you have built, with the help of others, the single largest management firm in the world. managing between six and $7
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trillion. the firm is how many years old? >> 30. david: if somebody was watching and they wanted to build another trillion dollar firm, what is the secret? what are things you did that enable you to come from nowhere to trillions. nowhere to trillions. >> having good partners, principles that you stand by for the entire life of your organization. working for companies and clients, not against them. are simple principles, but we have been standing by and it has paid off. it continues to pay off today. david: today, we have had a growth. -- growth period of 10 years. people keep saying there will see one?ssion, do you
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what, if anything, worries you? whatrst of all, i want because, to be true. if we don't have that, we are going into a recession. that is the debate going on. bullve had a 10 year market, and we are seeing growth shortages around the world. our government has already announced that 2019's deficits are going to be trillions, so already the math is not working
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out. don't next crisis -- i the this outcome, but deficit is still based on a 3% economy. there is a slip, a problem with the deficit that is very large, we are fighting with our creditors right now, worldwide. generally, when you fight with your banker, it is not a good outcome i would not recommend you fight with your lenders and we are fighting with our lenders. deficit is funded by external factors, no other country has been. -- has that. deficit, and this is
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where i disagree with the president, i believe it is more of a supply problem. we are going to have more and more debt because of deficits. and because of the deficits, investors will deliver a bigger premium and have greater risk for higher rates. that can be the real issue related to everything with a have interest rates becoming too high to sustain the economy. thed: when i was in government, we had inflation to 1810%. 18-19%. >> at the time, we did not have that much dependency. i think that this will be the big issue. this is going to be the real issue going forward with government. of the big projects the
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trump administration talked about that we have not accomplished yet is our infrastructure problem. $2 trillion of deferred maintenance. there are some great needs in society right now. we do have the $1.3 trillion deficit, and of the economy is not growing, we will have a far bigger crisis in the coming years. and then the fear about the ending of this market is probably going to be a reality. david: what kind of rate of return are you looking at that 330 billion? let me bring balance to some of the comments as well. the genius of the way this was arm's-length,the
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an independent board of management it was given a simple mandate, maximizing returns. returnsying to maximize as an independent board and management team. years measured over 75 the chief action comes in every three years. at that,you look things like the election result does not really matter you're looking at long-term trends on what is going to influence returns. it is things like technology disruption, things like demographic shift. it's things like the movement of economic activity to emerging markets, climate change. and then things that could really disrupt things, even in the shorter term and exacerbate the next downturn is the rise of as was written a few
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years ago, saying that this will be a secular trend and is not going to reverse. see a rise of populism which will inflame these problems. worry, theumber one china u.s. tension, which has the potential to really rise to very dangerous levels. david: what percentage do you have invested where? >> today, our biggest market is the u.s.. about 40% is in the u.s.. in asia, we are at 25% and momentum andnomic market availability rises. we are able to access a lot of investment in china because we can invest in different ways in china.
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we are need to hug and international index. china is a big market for us. summit he said i'm watching you now and i want a good investment idea that they could employ investing using the intelligence you have. what would you recommend? >> plastic. >> have you come up with that? >> one of the things we are doing, as long as my last two worries don't come true, is we continue to push into and rebalance into emerging markets. that has been a big selloff. and long-term, by 2025. we will have up to one third of our fund in emerging markets. and we are focused, principally, on three major market. at 2025, current
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projections say 47% be emerging markets. again,t hunt gdp, but that is probably the direction we are going. if you look at all of the dislocation happening, people are very concerned about emerging markets and what the tensions are that are going on. but the best thing to put to do is to put your money in private equity, right? [applause] [laughter] david: let me ask you a very serious question. you were the deputy of the central bank of england, and there are not many women who rise up to that level. in the united states, we have had janet yellen serve, the head of the imf, christine lagarde has risen to that position. up in find that in rising the central bank and other
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places, you have had a lot of discrimination, and the still feel discrimination? -- do you still feel discrimination? discrimination diminishes massively when you have power. the more senior you get, the less you experience. i think most women would say that when it is hardest is when you were young and have little power. so i think the answer is to get more women into power. [applause] david: all right. so the central bank in england is run by a canadian. thecan it be the case that people in england say we should have a canadian run a central bank. americans would not want to have another -- a person from another country running their bank, why is that not a problem? >> i think it is a legacy of the .k's history
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appointedcarney was the queen is the queen of canada. he had to be removed from his division and approved by the queen. and then she had to approve his appointment to the bank of england. as far as she was concerned, it was an internal transfer. the prime minister gets to meet once a week to meet with the queen and central-bank, does he ever get to meet with the queen? >> i do think he has regular appointments, but he might encounter her on occasion. david: it used to be that sterling was the reserve currency of the world, now it is, let's say, not. thatu have any view sterling will ever come back and be a reserve currency, or are those days over? i think those days are over.
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becoming a reserve currency takes a long time and is highly relevant about the current debate about the dollar, the renminbi. look at how long it took the dollar to displace sterling. it took hundreds of years for them to rise to preeminence. and the key factor was institutions. your country have institutions that international investors will perceive as credible? that is the biggest question today of which currency will dominate the global market. if your management which i work differently, they can have the united states. they never think about that anymore, right? >> that has passed. many economists say a but
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that's it is a problem, but not many say a trade deficit is a big problem. of the unitednt states seems intent on fixing trade deficits, can you give us any insight on why he is so -- concerned? >> no. whoound one economist thinks trade deficits matter and he listened to him. >> i had hair when i started this job. david: can use lane the economic process and how it works? memos, last person in? your predecessor started the process of the economic council in the white house, and now that you run it, how does it work, is it mostly memos?
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catch as catch can? >> i was is going to let you keep asking. david: let's they so he wants the president to do something. have you do it? >> the best ways to just call the president. david: is a hard to get him on the phone? >> not at all. david: and betrayed skirmishes we have. do think there is a resolution after the election? >> i don't think there is an instant cure for the trade dispute, i really don't. i wish that i could sit here and say that after the midterm elections, the white house administration understand they have got to solve trade issues, i think china would like to solve the trade issue. it really comes down to two main topics.
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topic number one, for some reason, is the size of the trade deficit. the actual trade deficit is and the0 billion president seems to think that number is way too large. , i say that isr $300 billion worth of goods that we are buying cheaper then we could produce ourselves, because if we could produce the cheaper, we would be doing that. there is a more interesting issue, i think, that is more pertinent. the open access to chinese markets and the enforcement of intellectual property and technology transfers with the chinese have historically not allow u.s. companies into china and have not paid for much of the technology they have taken. i think that is the bigger issue. i think the chinese would solve and bring down
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the trade deficit, but it does not really solve the core issue, which is paying for intellectual property and respecting copyright infringement. david: larry, you talk to central bankers everything, what is the main concern about the global economy? i think they are worried about a trade explosion between the u.s. and china. they are seeing evidence of slowdowns in parts of the economy. termsorry about italy, in of what italy can do related to europe. is, iok, the reality think central bankers are playing a smaller role in what we do. the reality is we are spending more time focusing on the political issues, populism, how that is playing out.
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believe, like the issues we had to deal with with saudi arabia, where public companies have to make a decision before government. i believe investors are much more focused on things away from central banks than ever before. i do believe the role of millennials as investors are playing a bigger role, and i believe the whole issue about how we are performing as companies, whether companies have purpose or not, they are showing that purpose everyday, is really what i believe will be the transformational change, and whether central banks are tightening were easing or have these issues, i think it is so secondary to the narrative. david: will the world be better off with more than one reserve currency? >> i think we will move their overtime, many people believe some kind of crypto will be that, i catch to say that not going to happen.
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but i do believe the answer will be, over time, that there is going to be another reserve currency. moment, theat this are in the is going to play a larger role in southeastern trade, southeast asian trade. i have heard, from many in thens who are now hot , allsanctions related iran bemoaning they have to follow the u.s. because of the role of banks. we are the store of wealth. i do believe there is greater desire. there is desired by leaders and countries to find a solution beyond the dollar.
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that may still be 20 years out, but i have heard that they would like that outcome to be resolved in five years i don't think it will, but the notion that i ,eard, and i heard it uniformly people are looking for a different reserve currency, it's quite alarming, and i don't think that's quite understood enough. who haverket, people not been to canada don't know it as well as you. what would you like people to know about canada? >> you can generally see trend as it is coming towards you, this one keeps going in this direction. [laughter] on canada, i think canada is a beacon of common sense in the world. know, it is a well perspective, my very sustainable system, in many
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ways. you were at goldman for many years, you live in asia -- asia for a well. leavingts towards me the private sector in going into a government pension fund? >> we are about an arm's length of government, i don't report to government or an independent board. but i started out doing medicine, actually, i was a doctor, originally. and then i went into finance, asia, out of curiosity, i don't most of my career in asia -- built most of my career in asia. i always wanted to do something that combined knowledge i got from finance with something worthwhile in the world. a medical doctor. >> originally, yeah. david: so the best way to say
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healthy is? >> your line used to be to do private equity. i will tell the investors. final question, is england's going to have a brexit, eventually, and what do you think the impact will be on england and europe, in one paragraph? i think the most likely near-term outcome is to delay. not much will feel like it has changed. something that aside, there might not be, there might be a longer transition, but on the ground, very little will change in the near term. and after that, who knows. may, one longer-term
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eventually,that, europe will have to develop a model of concentric circles. the eurozone countries will have to, eventually, resolve the incomplete part of the institutional structure of the eurozone, in terms of fiscal transfers and having a mechanism to deal with shock. that will mean that in many countries in the next rim, scandinavians and others who might not want to join, will be in another concentric circle, and you could imagine a scenario in which the u.k. became part of one of those circles, because the economic logic of being closely integrated with your largest market is so compelling. come a long way to get here, you all agree it was worth coming. and if the fetus conference you to? ever been
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to? -- is this the best conference you have ever been to? yes. ok, we are not. -- done. [laughter] [applause] you have been watching the geopolitics of markets panel at the bloomberg form in singapore, hosted by david rubenstein. what a conversation that was. we are keeping a close eye on the results of the election, we understand that democrats are set to take the house, republicans set to take the senate. we will get back to this shortly , let's talk about what else is happening. africa's richest man is waiting for markets to stabilize before ipo-ing. he spoke exclusively to francine lacqua in singapore. we have projects, almost $16
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billion. which is $650,000 by day. it is a huge -- the largest single line in the world. so we have no infrastructure .e have to build our own report we had to build its seaside, about 10 kilometers in. there are so be challenges. we have got very far.
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equipment is arriving. we will commission the small ports we will build your so we hope to commission it next year, 3 million tons. the 650,000ve barrels by day. >> so when will you produce that 650,000 per day? >> by the end of the first quarter of 2020. >> so a couple of quarters. >> maybe two or more. but it will be very quick. it is a high-tech refinery. >> and he still want to ipo in london? for now.
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we're building 6 million tons in nigeria. millionbuild another 3 and cote d'ivoire. we're building in cameron, in nature. ipo the cementu in london? >> next year. we are also watching what is going on. right now, they're a little problems with the emerging markets. we are looking for a window. once the market issues are sorted out, nigeria will finish the election. we cannot go for an ipo when we are about to go into an election we will let all the dust settle down. founderindustry ceo and
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talking to francine lacqua in singapore. we are waiting for the final tally when it comes to the house. we understand the republicans have taken the senate. let's take a closer look at global markets. this is still pending the final confirmation in terms of balance , what could be seen as trump being restrained by a democratically controlled house, making a deeply divided nation difficult to govern. the dollar has been trading and narrowly lower from earlier. quite a few swings and the ups and downs. in terms of asian equities, quite a bit of upside coming through. 1%.csi 300 up about 2/5 of we also seeing other key indexes jumping in the tailwind. u.s. equity futures have ticked higher since the news solidified. currently, the s&p 500 many is a
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quarter of a percent higher. hasdemocrat brandenberger one in the virginia house race. then see close he says the democrats will serve as a check on the u.s. president donald will, adding that they take legislative action to cut drug prices. the fourth headline was that the gop won the missouri senate seat. that is the situation in terms of markets, clearly a risk on pattern creeping in. we have some other news hitting zero earnings coming in, third-quarter revenue at 2.34. we will get into this shortly. but most importantly, that mrs. the greats, exclusive interview. we will be speaking to david
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solomon from goldman sachs at 11 a.m. to buy time. -- dubai time. we also speak to the adidas ceo. this is bloomberg. ♪ show me movies a grinch would love.
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[ bark ] nu uh, i'm picking the movie tonight. [ whimpers ] be sad, i enjoy it. show me grinchy movies. oh, goody. [ whimpers ] mmm, fine! show me movies max would like. see the grinch in theaters by saying... "get grinch tickets" into your xfinity x1 voice remote. [ laughing ] uh oh. something in my throat. i am a techie dad.n. i believe the best technology should feel effortless. like magic. at comcast, it's my job to develop, apps and tools that simplify your experience.
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my name is mike, i'm in product development at comcast. we're working to make things simple, easy and awesome. manus: this is bloomberg daybreak: middle east. to win aats i said house from the first time in eight years and the senate stays republican. former treasury secretary warns the world could face an economic turn if the u.s. and china failed to resolve the strategic differences. a rush out of riyadh. scandaldle with -- the with $1.7 billion pulled. manus:

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