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[Bloomberg]( Follow Us [Get the newsletter]( Biden starts to shape incoming administration, markets hit record highs, and Turkey tries a policy reset. Transition President-elect Joe Biden is starting to [shape his incoming administration](, announcing his transition team's[coronavirus task force this morning](. Biden is largely ignoring President Donald Trump's continued refusal to concede defeat, as the incumbent seeks legal avenues to [challenge the election](. While Biden's supporters [celebrated long and loudly]( after major media outlets called the election in his favor, the incoming administration faces high hurdles with a [divided legislature and a divided nation](. Record While a hamstrung Biden administration might not be the best outcome for his supporters, it is starting to look like a Goldilocks scenario for markets. The MSCI All-Country World Index hit an [all-time intraday high this morning]( as investors see the election result preserving the status quo but with less political tension. Nasdaq 100 Index futures jumped, contracts on the [S&P 500 Index added 1.5%]( as of 5:50 a.m. Eastern Time and every industry sector in Europe was higher. [Oil and gold climbed](, while the yield on the 10-year Treasury stood at 0.803% Paid Post COVID-19 has created a window for executives to reevaluate M&A strategies. Fifth Third's corporate and investment banking experts share key insights. [Gain perspective]( Fifth Third Bank, N.A. Turkey moves Turkey's lira, the world's worst performing emerging-market currency this year, jumped this morning in the [wake of the firing of the country's central bank governor]( on Friday and the resignation of the finance minister on Saturday. President Recep Tayyip Erdogan met with former Deputy Prime Minister Nurettin Canikli and the newly appointed central bank Governor Naci Agbal late Sunday to [discuss monetary policy](. The surge in the lira is driven by speculation that [higher interest rates could be coming](. The Istanbul stock gauge headed for the biggest gain since August. Coronavirus The incoming U.S. administration has made the pandemic [its first priority](, with the most recent data showing Covid-19 remains largely out of control in America. Daily cases topped 100,000 for a fourth day in a row, with the average daily deaths of late [reaching 869, the highest since Sept. 1](. The crisis in Europe also appears to be intensifying, with Germany hitting a [record number of patients in intensive care](. Worldwide, cases hit 50 million, with nearly one in five of those in the U.S. Coming up... While there's very little of note on today's economic data calendar, investors will get to hear from Cleveland Fed President Loretta Mester and Dallas Fed President Robert Kaplan later. The U.S. sells $54 billion of three-year notes at 1:00 p.m. Analysts are bracing for a sharp selloff in Biogen Inc. shares after the U.S. Food and Drug Administration harshly judged the efficacy of the [company's Alzheimer's drug](. This follows the stock's 44% rally after a [positive FDA report last week](. In other corporate news, McDonald's Corp., Beyond Meat Inc. and Nikola Corp. announce results. What we've been reading This is what's caught our eye over the weekend. - Odd Lots: This is the NYSE's plan to [win more direct listings](. - Leaders [slowest to congratulate Biden]( may be his biggest worries. - Berkshire [scoops up its own stock]( while pandemic hits earnings. - Apple [freezes new business for Pegatron]( on China labor abuse. - China car sales [go from strength to strength]( as virus eases. - American workers need another "[Treaty of Detroit](," Summers says. - The most famous [paradox in physics]( nears its end. And finally, here’s what Joe's interested in this morning We talk a lot about financial stocks, and how they've been sucking wind for years and years now. But actually not all financials are doing so badly. Mostly it's just the banks that haven't gone anywhere in a long time. So for example, Goldman Sachs has a $72 billion market cap right now, whereas 10 years ago it was over $90 billion. On the other hand, check out a company like ICE, which owns the NYSE. Ten years ago it had a market cap of just $8.2 billion, and today it's a bit over $56 billion. A big part of the story is how the exchanges continue to move up the food chain, offering more and more value-added services, beyond merely being passive trading venues. One nascent business for the New York Stock Exchange is direct listings, where companies go public while skipping the formal IPO process. It's only been done by a handful of companies so far, such as Spotify, but soon the exchange expects more firms to go down this route, as they see regulators allowing companies to list and raise capital at the same time, again, without the whole traditional IPO rigmarole. [On the latest episode of Odd Lots](, we spoke with NYSE Vice Chairman and Chief Commercial officer John Tuttle about this line of business, and just how big it could get going forward. Joe Weisenthal is an editor at Bloomberg. 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.  Before it’s here, it’s on the Bloomberg Terminal. Find out more about how the Terminal delivers information and analysis that financial professionals can’t find anywhere else. [Learn more](.  You received this message because you are subscribed to Bloomberg's Five Things newsletter. 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