I am 32 weeks pregnant and have pneumonia and asthma. What are the possible bad effects to my baby?

Probably little. If you get adequate treatment for your self the baby will likely be fine. Medicines used to treat both the infection and the asthma do not typically bother the baby, and if your symptoms are treated the baby should be ok.
Not much, probably. The biggest risk to your child would be if you were not adequately treated, and were becoming worse. Make sure your doctor is apprised of your situation.