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[Bloomberg]( Follow Us [Get the newsletter]( China congratulates Biden, California cases pass 1 million, and stimulus talks back on the radar. Pushing ahead President Donald Trump's claims that he won the election are becoming [ever more tenuous]( after three more networks projected he had [lost Arizona](. Meanwhile, the rest of the world seems happy to move on with President-elect Joe Biden as [China became the latest country to congratulate]( him and Vice President-elect Kamala Harris for their victory. Georgia begins a hand count of all [5 million votes cast there](, which will finish by Nov. 20. Virus California became the second U.S. state after Texas to see total cases since the pandemic began [pass 1 million](. The U.S. Centers for Disease Control and Prevention said the tally is currently increasing in [94% of jurisdictions](. A study by the University of Washington’s Institute for Health Metrics and Evaluation found that the fatality rate has dropped by 30% since April due to improvements in treatment. Tesla Inc.’s Elon Musk tweeted he [may have Covid-19]( after he did four rapid tests, two of which were positive, and two negative. 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. Stimulus The White House is stepping back from any negotiations over a new stimulus package, leaving it to Senate Majority Leader Mitch McConnell [to revive talks](. With both Republicans and Democrats in Washington seemingly as far apart as ever, [hopes are not high]( for a breakthrough. Lawmakers are more likely to concentrate on McConnell's moves to agree on funding measures which would avoid a [government shutdown]( on Dec. 11. Fed Chair Jerome Powell said again yesterday that Congress may need to [do more to combat the effects of the pandemic]( on the economy. Markets rise There are little signs of Friday 13th fears in markets so far this morning as investors finish a busy week [on an optimistic note](. Overnight the MSCI Asia Pacific Index slipped 0.1% while Japan's Topix index closed 1.4% lower. In Europe, the Stoxx 600 Index was 0.4% higher at 5:50 a.m. Eastern Time with banks the best performers. S&P 500 futures pointed to a [gain at the open]( and the 10-year Treasury yield was at 0.896%. Oil dropped on [surprising stockpile data]( and gold was slightly higher. Coming up... October Producer Price Inflation data is at 8:30 a.m. with the November University of Michigan Sentiment numbers at 10:00 a.m. The latest Baker Hughes rig count is at 1:00 p.m. New York Fed President John Williams and St. Louis Fed President James Bullard speak today. DraftKings Inc. results will be watched after the company's shares rallied in the wake of several states [voting to allow sports gambling](. What we've been reading This is what's caught our eye over the last 24 hours. - Election was [most secure in American history](, U.S. officials say. - The $36 trillion bill for [neglecting climate and free trade](. - Brexit talks hit [make-your-mind-up time]( as deadlines come and go. - Trump's [war on Fox News]( just latest threat for resilient network. - Zambia [on brink of default]( as creditors set to reject relief. - Goldman names [60 new partners]( in smallest class since 1998. - Can the EMDrive [actually work for space travel](? And finally, here’s what Katie's interested in this morning Goldman made waves this week with its annual year-ahead investment outlook, where it named a [steepening]( U.S. yield curve as one of its key global themes for 2021. The thesis is straightforward: the Fed will keep the front-end anchored, while expectations for growth and inflation will buoy the long-end. However, for some, the call's magnitude left something to be desired, as [laid bare]( by my Bloomberg Opinion colleague Brian Chappatta. The bank sees roughly 30 basis points of steepening for the 2s10s curve. They expect 10-year yields will top out at 1.3%, while 2-year yields may edge up to 0.25%. As a markets reporter, the thought that 2021 will bring just 30 basis points of movement paints a fairly bleak picture. But that non-action -- should it materialize -- has important ramifications across asset classes. Consider the stock market’s latest attempt to wean itself off tech and rotate back into value shares -- those that look cheap relative to fundamentals. Like the reflation trade, that was quickly somewhat [squashed](. But while it was taking root, bank stocks helped power the rebound. In fact, financials are still up about 6.6% this week, even after Thursday’s hosing. It’s a basic tenet of the banking business model to borrow at short-term rates and lend out at longer rates -- a tricky proposition with a relatively flat U.S. curve. That’s a problem for value strategies, given than financials are the largest sector weighting in the Russell 1000 Value Index. If the bull case on value is a bearish bet on bonds, just 30 basis points of steepening may not bode well for the strategy’s prospects in the new year. Follow Bloomberg's Katie Greifeld on Twitter at [@kgreifeld]( The world's most influential leaders will be there. 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