| Biden remains on the brink of winning, it's jobs day and virus cases rise again. Almost Joe Biden edged ahead of President Donald Trump in the state of Georgia as counting there nears completion. The Democratic nominee only needs to claim one key state among Georgia, Pennsylvania, Nevada or North Carolina to reach the 270 electoral votes to win the presidency. Trump has unleashed a flood of lawsuits which have so far struggled to gain traction. In a rambling speech last night, Trump said his allegations of election fraud were "going to end up at the highest court in the land." Payrolls The U.S. labor market is expected to have extended its rebound last month, with the median estimate from economists surveyed by Bloomberg projecting there were 593,000 positions added in October. The unemployment rate is expected to have fallen to 7.6% when the data is released at 8:30 a.m. Eastern Time. Yesterday Federal Reserve Chair Jerome Powell said the economy may need more fiscal and monetary support as rising Covid-19 infections cloud the outlook. 100,000The U.S. yesterday became the first country to record more than 100,000 cases in one day, according to data compiled by Johns Hopkins University and Bloomberg. The surge in hospitalizations could force more lockdowns before Thanksgiving, according to one policy analyst. There is still little sign of the outbreak in Europe coming under control, with France posting a record number of new cases and Austria seeing its highest daily death toll. There were further restrictions announced in Denmark as a mutation of the virus which started in the country's mink population has spread beyond the region in which it was first discovered. Markets slipThis week's everything rally is taking a pause today as investors unwind some of the surge in asset prices while they wait for final results from the U.S. election and concerns about the pandemic rise again. Overnight, the MSCI Asia Pacific Index added 0.6% while Japan's Topix index closed 0.6% higher. In Europe, the Stoxx 600 Index was 0.5% lower at 5:50 a.m. with cyclical stocks leading the losses. S&P 500 futures pointed to a drop at the open, the 10-year Treasury yield was at 0.775% and gold held its gains to trade over $1,950 an ounce. Coming up...Canada also publishes its October employment report at 8:30 a.m. this morning, with a 75,000 increase in jobs expected. U.S. September wholesale inventories is at 10:00 a.m. and the latest Baker Hughes rig count is at 1:00 p.m. CVS Health Corp., ViacomCBS Inc. and Marriott International Inc. are among the companies reporting today. Warren Buffett's Berkshire Hathaway Inc. reports tomorrow. What we've been readingThis is what's caught our eye over the last 24 hours. And finally, here's what Emily's interested in this morningSo the reflation trade isn't looking healthy. Look how quickly this closer-than-expected presidential race has slapped down the yield curve. At the start of the week the 30-year yield had risen to highest point above the five year since 2016 -- the crash at the long-end has reversed all the of the past month's climb. The reflationistas' loss may be a gain for global investors, as a flatter U.S. curve has been typically supportive of inflows to relatively higher-yielding emerging markets. Asia bond- and currency bulls have already seen some benefits -- demand for carry drove Indonesia's rupiah to its strongest level in almost four months. "This outcome is the best of both worlds," said Ken Peng, head of Asia investment strategy at Citigroup Inc.'s private-banking arm, who sees lower rates keeping the U.S. dollar on the backfoot, and boosting risk appetite.  But support for the steeper curve hasn't entirely evaporated, with some investors looking through the surprise elements of the election to focus instead on the resilience of U.S. economic data thus far, and the potential for a vaccine. Greg Staples of DWS Investment Management in New York is keeping the faith in what he sees as the underlying strength of the U.S. economy, arguing that the downturn that was feared as the first fiscal stimulus rolled off at the end of July didn't materialize. "If longer Treasury rates started drifting up for the wrong reasons, meaning portfolio managers don't want the risk, then Powell will step in and through QE try and manage that down," he said. But if they're climbing for reasons such as a steeper drop in unemployment, or rebounding activity, "he's going to let that happen because it signals that the recovery is really taking root." Follow Bloomberg's Emily Barrett on Twitter at @notthatECB The world's most influential leaders will be there. Will you? Click here to join Bloomberg New Economy Forum for a virtual Global Town Hall on November 16-19 and be part of change in real time. Like Bloomberg's Five Things? Subscribe for unlimited access to trusted, data-based journalism in 120 countries around the world and gain expert analysis from exclusive daily newsletters, The Bloomberg Open and The Bloomberg Close. | 
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