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Speaker 1: Bloomberg Audio Studios, podcasts, radio news. This is the Blue

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Speaker 1: Big Day VAQUT podcast, available every morning on Apple, Spotify

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Speaker 1: or wherever you listen. It's Monday, the fourth of November

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Speaker 1: in London. I'm Caroline Hipgiz.

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Speaker 2: And I'm Stephen Carroll. Coming up today, Donald Trump and

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Speaker 2: Kamala Harris make a final dash across swing states as

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Speaker 2: markets prepare for volatility.

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Speaker 1: Rachel Reeves concedes that she underestimated the UK's budget gap,

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Speaker 1: as James Dyson describes her tax hikes as growth killing.

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Speaker 2: Plus promising big gains from even bigger losses. We take

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Speaker 2: a closer look at Novo Nordisk's Ozembic successor.

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Speaker 1: Let's start with a round up of our top stories.

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Speaker 2: With one day left until election day in the United States,

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Speaker 2: the race between Kamala Harris and Donald Trump remains on

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Speaker 2: a knife edge. The presidential election looks set for a

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Speaker 2: photo finish, with polls showing voters narrowly split both nationally

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Speaker 2: and a cross pivotal swing states. Speaking to supporters in Georgia,

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Speaker 2: former President Trump offered this message on what to expect

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Speaker 2: if he wins.

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Speaker 3: We stand on the verge of the four greatest years

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Speaker 3: in American history. You watch, it's going to be so good.

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Speaker 3: It's going to be so much fun. It'll be nasty

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Speaker 3: a little bit at times, and maybe at the beginning

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Speaker 3: in particular, but it's going to be something.

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Speaker 2: Speaking at another rally in Pennsylvania, the Republican nominee used

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Speaker 2: large parts of his speech to suggest, without evidence, that

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Speaker 2: the election system, polling firms, and media were corrupt and

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Speaker 2: conspiring against his campaign.

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Speaker 1: Notably, Vice President Kamala Harris chose not to mention Trump

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Speaker 1: by name during her speech at a church in Detroit, Michigan. However,

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Speaker 1: the focus of her comments was clear.

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Speaker 4: While we know there are those who seek to deepen

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Speaker 4: divisions so hate, spread fear, and cause chaos, this moment

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Speaker 4: in our nation has to be about so much more

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Speaker 4: than partisan.

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Speaker 1: Politics, Kamala Harris speaking there. Sunday's New York Times SIENA

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Speaker 1: survey shows Harris head in five of the seven likely

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Speaker 1: swing states. ABC's five thirty eight election model, which uses polling,

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Speaker 1: economic and demographic data to explore likely election outcomes, suggests

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Speaker 1: that Trump has a slight edge, with a fifty three

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Speaker 1: percent chance of winning. Now we will have full rolling

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Speaker 1: coverage cross Bloomberg Radio on Results Night, with the latest

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Speaker 1: updates available via our News Now, audiocasts on Apple, Spotify, Alexa,

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Speaker 1: and the Bloomberg website.

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Speaker 2: The historically tie Poland data has led investors to walk

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Speaker 2: back bets on Donald Trump winning the US election. The

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Speaker 2: dollar has weakened today on the Bloomberg Dollar spot Index

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Speaker 2: at for hitting a four month high last week. That's

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Speaker 2: a survey data showed no clear advantage for either candidate

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Speaker 2: in the final few hours of the campaign. Last week,

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Speaker 2: Bloomberg calculator that hedge funds, asset managers and other speculators

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Speaker 2: held some seventeen point eight billion dollars in bullish greenback

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Speaker 2: position as part of a so called dollar Trump trade.

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Speaker 1: The price of oil has risen after OPEC plus delayed

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Speaker 1: an increase in production, and tensions in the Middle East

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Speaker 1: continue to weigh on markets. Brent crude rose by as

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Speaker 1: much as two percent as the Group of oil producing

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Speaker 1: countries agreed to hold supplies steady in December. They pushed

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Speaker 1: back a planned increase of one hundred and eighty thousand

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Speaker 1: barrels to January. It comes as Iran stepped up its

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Speaker 1: rhetoric against Israel and the Wall Street journal reported an

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Speaker 1: Iranian attack would come after tomorrow's US presidential election, but

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Speaker 1: before January's inauguration.

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Speaker 2: In the UK, Chancellor Rachel Reeves says she was wrong

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Speaker 2: to tell British voters there would be no new tax increases.

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Speaker 2: Reeves's comments during the election campaign have come under greater

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Speaker 2: scrutiny since last week's budget, where she said out forty

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Speaker 2: billion pounds of new levies. The Chancellor it was asked

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Speaker 2: by journalists why people should trust her.

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Speaker 5: I was wrong. On the eleventh of June when I

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Speaker 5: arrived at the Treasury, I was taken into a room

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Speaker 5: by the senior officials at the Treasury and they've set

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Speaker 5: out the huge black hole in the public finances beyond

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Speaker 5: which anybody knew about Ragiae Reeves.

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Speaker 2: They're defending her budget, which sparked a two day sell

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Speaker 2: off in the bond market. The government's tax and spending

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Speaker 2: plans have come under fire from Britain's richest man, James Dyson.

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Speaker 2: He wrote in The Times newspaper that the very fabric

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Speaker 2: of our economy is being ripped apart. Dyson's been in

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Speaker 2: aut spoken voice on UK policy for many years. He

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Speaker 2: backed bragsists and subsequently moved his company's headquarters to Singapore.

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Speaker 1: Kenmy bade knockers One the leadership of Britain's Conservative Party,

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Speaker 1: the first black woman to hold the role. Bade Not

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Speaker 1: one with fifty seven percent of valid votes. She says,

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Speaker 1: it's time for change.

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Speaker 5: Our party is critical to the success of our country.

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Speaker 5: But to be heard, we have to be honest. Honest

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Speaker 5: about the fact that we made mistakes, honest about the

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Speaker 5: fact that we let standards slip. The time has come

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Speaker 5: to tell the truth.

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Speaker 1: Bade Not takes over a party reeling from its worst

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Speaker 1: election defeat in modern history. After fourteen years in power,

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Speaker 1: the Conservatives have only one hundred and twenty one seats

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Speaker 1: in the UK Parliament, down from three hundred and sixty

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Speaker 1: five five years ago.

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Speaker 2: Just some breaking news this eur Ryanair has cut its

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Speaker 2: passenger growth target for the coming year because of delivery

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Speaker 2: delays from its aircraft supplier Boeing. Europe's largest budget carrier

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Speaker 2: now expects two hundred and ten million passenger passengers in

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Speaker 2: the fiscal year twenty twenty six, down from a previous

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Speaker 2: goal of two hundred and fifteen million. Rhyanires among airlines

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Speaker 2: waiting for planes from Boeing, which is facing production quality

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Speaker 2: issues as well as a worker's strike.

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Speaker 1: The Spanish Prime Minister had to be rushed away from

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Speaker 1: an angry mob surrounding him whilst visiting a flood affected area.

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Speaker 1: Pedro Sanchez and Spain's King Felipe faced crowds chanting, murderer

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Speaker 1: and throwing objects in the city of Paiporta. The country's

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Speaker 1: leader admits that more needs to be done.

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Speaker 6: I'm aware that the response that is being given is

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Speaker 6: not enough. I know, I know that we have to

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Speaker 6: do better and that we have to give our all.

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Speaker 6: But I also know that we have to do it together.

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Speaker 1: Spanish Prime Minister Pedro Sanchez, speaking there via a translator.

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Speaker 1: Flash floods have killed at least two hundred and eleven

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Speaker 1: people in Spain, and criticism is mounting about the government's

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Speaker 1: handling of the crisis.

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Speaker 2: Those are your top stories on the markets Fridays, our

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Speaker 2: late stage rebound on stocks on Wall Street, the S

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Speaker 2: and P five hundred closed op zero point four percent,

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Speaker 2: the NASDAK added zero point seven percent, and treasury tenure

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Speaker 2: yields rows by ten basis points today. In Asia, though

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Speaker 2: the dollar has weakened, the Bloomberg dollar Spot index is

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Speaker 2: six tenths week Er Treasury futures have rebunded in price

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Speaker 2: yields sinc. They look poised to raise Friday's lasses as

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Speaker 2: we look at bitcoin as well. Weaker this morning three

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Speaker 2: tenths of one percent.

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Speaker 1: Now, in a moment, we'll bring you more on the

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Speaker 1: final countdown in the US election campaign, plus the next

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Speaker 1: big thing from the drugs company Nova Nordisk. But first,

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Speaker 1: something from Bloomberg's new weekend edition that we've been reading

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Speaker 1: about running marathons can make you a better person. This

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Speaker 1: made all of us wonder a little bit. It was

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Speaker 1: an amazing insight though, into the life of a long

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Speaker 1: distance runner. This is Sabrina Little. She's a philosophy professor

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Speaker 1: at Christopher Newton University in the US. She is also

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Speaker 1: a five time US national champion ultra runner.

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Speaker 2: I would say, don't let that put you up because

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Speaker 2: my problem I read. I had to read this twice

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Speaker 2: because the first time I read it has just sort

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Speaker 2: of annoyed me. It made me feel bad about myself

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Speaker 2: because I kind of, you know, everything, everything in moderation

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Speaker 2: that I philosophy that I try to live my life

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Speaker 2: by does not apply to the argument that Sabine Little

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Speaker 2: is making in this piece. But I mean, I think

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Speaker 2: the interesting parts that I took away from were, first

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Speaker 2: of all, the idea of particularly long distance running being

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Speaker 2: very good for helping control your emotions. And yeah, she

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Speaker 2: points out this idea that you know, if you let

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Speaker 2: yourself get overwhelmed while doing something like this, your runners

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Speaker 2: ruined essentially, So I found that quite interesting. But also

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Speaker 2: the idea of you know, get kind of understanding that

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Speaker 2: your emotions can be wrung, and that's perhaps runs countercultural.

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Speaker 1: To well that seems Yes, I thought that was a

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Speaker 1: very interesting point. And obviously, you know, she talks about,

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Speaker 1: i mean really the whole of her life actually being

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Speaker 1: a runner, which I thought was fascinating, how she received

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Speaker 1: an education on the hill that she ran up and

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Speaker 1: down countless times when she was a graduate school and

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Speaker 1: that it really shaped her character, and how she trained

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Speaker 1: other young runners at a local school, and you know,

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Speaker 1: discussing all of this, and she sort of refers to

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Speaker 1: to basically the philosophy of life, how to live a

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Speaker 1: good life, and you don't have.

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Speaker 2: To be a long distance runner to do it. It's

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Speaker 2: the key part. Or be a kind of love philosopher

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Speaker 2: either any right, well worth your time if you do

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Speaker 2: get a time to read it. Let's bring you more

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Speaker 2: down now though in our top story, and this of

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Speaker 2: course the final hours of campaigning in the US presidential race,

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Speaker 2: flurry of polls on Sunday showing a close race, with

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Speaker 2: Harris having a slight edge nationally and in some swinging states.

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Speaker 2: We've got our senior editor Bill Harris with us for

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Speaker 2: more on this. Bill talk us through what the polls

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Speaker 2: show looks like a photo finish.

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Speaker 7: Yeah, it still does, absolutely, but very interesting polls coming

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Speaker 7: in over the weekend, and it's hard to know at

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Speaker 7: this point how much you can really read into any

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Speaker 7: single poll. But what we have seen so far from

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Speaker 7: the New York Times Siena is Kamala Harris up slightly

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Speaker 7: in states like Nevada, North Carolina, Wisconsin, and Georgia. Her

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Speaker 7: and Trump tied essentially in Pennsylvania, Michigan, and Trump ahead

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Speaker 7: in Arizona by four points. But by and large, all

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Speaker 7: of these gaps are still within the margin of error.

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Speaker 7: And I think, as you mentioned a little earlier in

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Speaker 7: your on your broadcast, that is probably playing into the

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Speaker 7: market's reaction in terms of where this selection may be headed.

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Speaker 1: Yeah, every investor is looking for an edge. Trump trades

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Speaker 1: are being wound back a little bit. Have markets flipped

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Speaker 1: to thinking there may be more of a possibility for Harris.

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Speaker 7: I don't think we're seeing a flip at this point,

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Speaker 7: but we are seeing let's let's just call it a

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Speaker 7: little more caution about how tight this is and where

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Speaker 7: it might go. I think a week or two weeks ago,

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Speaker 7: there was a feeling that Trump had been on a

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Speaker 7: little bit of a roll. I think that shifted against

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Speaker 7: him in recent days, and these poll results over the

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Speaker 7: weekend are adding to that. I mean, you've mentioned there's

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Speaker 7: been a little bit of a rally in treasuries. A

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Speaker 7: bitcoin is now under seventy thousand. It was up well

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Speaker 7: over that last week, so you know, the bitcoin is

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Speaker 7: also part of that Trump trade. So I think there's

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Speaker 7: a little bit more caution as we head into the

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Speaker 7: basically the final you know, what is it, twenty four

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Speaker 7: to thirty six hours before people go in for election day.

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Speaker 2: How are the candidates playing it in these crucial final hours?

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Speaker 7: Well, first of all, you know, they're basically only going

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Speaker 7: to be in the critical swing states that we've been

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Speaker 7: talking about For months now, we saw Kamala Harris doing

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Speaker 7: rallies and visiting small businesses across Michigan, targeting Black voters

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Speaker 7: in particular, but also trying to make sure she keeps

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Speaker 7: a grip on Arab American and Muslim voters, who are

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Speaker 7: a particularly important block in Michigan. Both sides pitching their

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Speaker 7: economic plans. You saw Trump basically hitting Pennsylvania and North

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Speaker 7: Carolina in the final final day here or so what

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Speaker 7: their pitch is economically is a little different depending on

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Speaker 7: the candidate. Of course, Harris is talking about her tax

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Speaker 7: breaks for small businesses and benefits for new first time homeowners,

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Speaker 7: and Trump is out there talking a lot about He's

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Speaker 7: talking about his tariffs, and he's talking about immigration in

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Speaker 7: the sense that he has repeated this message that he

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Speaker 7: says immigrants are taking jobs from Black Americans and Hispanic Americans.

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Speaker 7: So we're just about, you know, less than two days

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Speaker 7: now from finding out whose arguments on the economy the

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Speaker 7: top issue for voters will really win the day.

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Speaker 1: Will thank you so much for being with us. Springberg's

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Speaker 1: Bill Ferries now Nova Nordisk, the company behind the so

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Speaker 1: called a miracle weight loss Drugger Zempi says that its

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Speaker 1: new product will be even more effective. But if the

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Speaker 1: new OBC drug does everything, the company says, it will

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Speaker 1: never may still struggle to actually deliver enough to meet

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Speaker 1: patient demands. Joining us now from Berlin is our pharmaceutical

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Speaker 1: correspondent Nami Kresky on this story. Neami, good morning, next

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Speaker 1: generation medicine. It's so important to Novid Nordisk.

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Speaker 3: Why, Yeah, this is really a story about competition. I mean,

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Speaker 3: Novau obviously has a very successful Lost medicine and Wigov,

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Speaker 3: but there are a lot of competitors hot on its heels.

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Speaker 3: They're in studies. So far an Eli Lilly drug has

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Speaker 3: not comparative studies, but in sort of side by side studies,

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Speaker 3: the Lily drug appears to have even more weight loss

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Speaker 3: than with Goov, and so Novau is trying to get

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Speaker 3: ahead of the game with something that can help people

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Speaker 3: lose even more weight, and we're expecting to see these

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Speaker 3: clinical trial results coming by the end of this year.

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Speaker 2: How effective is the company said that this drug, kagri Samma,

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Speaker 2: can be.

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Speaker 3: Nova has said repeatedly that they expect more than twenty

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Speaker 3: five percent weight loss from caagri Samma, and so This

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Speaker 3: is really the hurdle that our investors are expecting this

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Speaker 3: medicine to clear.

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Speaker 1: And when will we find out whether it works.

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Speaker 3: So they are predicting that the first really big clinical

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Speaker 3: trial this medicine will come by the end of the year,

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Speaker 3: most likely in December, so we could be seeing it

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Speaker 3: closer to the end of the year. There are additional

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Speaker 3: studies that are being done as well, and Novo's earnings

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Speaker 3: are coming up actually this week on the sixth, so

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Speaker 3: investors will be looking also for a little bit of

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Speaker 3: language and positioning I think from the company at that time.

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Speaker 2: What sort of concerns are there among investors about this

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Speaker 2: development and this move towards this new medicine.

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Speaker 3: I think the issue is really whether they're able to

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Speaker 3: clear the bar that they've set for themselves. They have

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Speaker 3: been extremely positive about caigrisena in the past, and they've

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Speaker 3: repeatedly said that it'll help patients lose at least twenty

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Speaker 3: five percent of their body weight. That would make it

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Speaker 3: the most effective treatment. Yet people are expecting success, and

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Speaker 3: sometimes when success is really anticipated, the downside if it

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Speaker 3: doesn't work, is bigger than the potential upside, and this

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Speaker 3: is something that analysts from UBS pointed to last month

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Speaker 3: and something that investors have been concerned about coming into

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Speaker 3: this really big binary event towards the end of the year.

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Speaker 2: This is Bloomberg Daybreak Europe, your morning brief on the

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Speaker 2: stories making news from London to Wall Street and beyond.

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