In today’s podcast, we discuss the partial lockdowns in Europe and the US election. Europe is likely to contract in Q4 given the blow to certain service sectors but we believe that Europe’s downturn in Q4 will be much milder than that in Q2. If we have a divided US government, the COVID-19 stimulus package would be smaller. There is a significant risk that we will not know the next US president until a few days after the election, while it is very likely we will know the Senate election results on Wednesday morning CET. There is a risk of a contested result if the election is close but any election disputes have to be solved by 8 December. Global Head of FI&C Research Thomas Harr chairs today’s podcast and he is joined by euro area economist Aila Mihr and US economist Mikael Olai Milhøj.