tv Bloomberg Daybreak Europe Bloomberg December 9, 2020 1:00am-2:00am EST
unemployment insurance unacceptable. poised for approval. the fda says the pfizer-biontech vaccine is safe and effective ahead of tomorrow's decision. good morning to you. essence onthe either side of the atlantic. wanting to get a stimulus deal done. in europe, time is very much of the essence and we have boris johnson heading up to brussels andthe high-stakes dinner we have equities definitely moving higher. across asia, 8/10 of 1%. yesterday's drop was the first today decline in more than a month. asian equities have been holding up very well. s&p 500 futures extending the advanced. 2/10 of 1%. another record high on that index. nasdaq 100 futures higher. 10th straight day of gains
yesterday. longest rally in a year on the nasdaq 100. look at full-screen number two. the 10 year yield, despite stimulus talks, 10 year holding around 93 basis points. we have been talking about this with a 10 year to break that 1%. to your option was weak yesterday. yesterday, jamie dimon saying he touch 10 year treasury bonds with a 10 foot pole. we are down 6/10 of 1%. we have this risk on mood this morning. the pound is doing nothing. 1.3381. we are on edge. we are waiting for that dinner this evening. that will be the big brexit barometer depending on what the pound does, headlines outside that dinner taking place this evening in brussels. to our top story. steven mnuchin has picked a new
$915 billion relief proposal to r nancypeaker int pelosi. this includes state aid and liability protection. pelosi and senate democrat leader chuck schumer quoted the plan as unacceptable to reducing on employment insurance. we are joined by derek wallbank. one thing that's that out to me is that mnuchin is marrying these sticking points. one is the liabilities and the other is state aid but they are at loggerheads really on some of the main issues. do you see this getting done in time for the year-end? think theretainly is some amount of progress in terms of getting to the idea of an overall spending top line number. they are very close on what the overall tub number is.
some senate republicans could not get above $500 million. -- $500 billion. getting up to this level north of $900 billion is a movement. that is something to flag. what i would caution before people pop the champagne right now is that you are still just as far apart on some of these critical issues. liability is one of those that is a critical redline for a lot of democrats because they think what it would do in practice is allowing bunch of companies that were fairly responsible and have not followed guidelines in the u.s., which we should note has the world's worst outbreak of covid-19, that it would put them off the hook for bad decisions made. on the flipside, there are some republicans who think we actually need this stuff because some of the science was unclear early on and people who have
been good faith actor shouldn't be tied up in liability concerns. there is an area to thread this. i am saying that they are still just as far away on some of those really critical issues as they have been for the last week. annmarie: maybe the market is getting ahead of themselves overnight. the other point you mentioned, of course, is what covid-19 is doing in the u.s. yesterday, the u.s. surpassing 15 million infections. time is of the essence. it's december 9. the u.s. government has the pass a bill to keep the government up running and functioning in 48 hours by december 11. what is the timeline for all of this? there's a number of things that needs to get done. derek: yeah, you are right. one other thing i would add to that list of things that need to get done is the defense authorization bill, setting priorities for the department of defense.
i have been in washington and covered washington long enough to know that a lot of these things look like they are really daunting. midnight comes around, and all of a sudden things move. that is certainly a way this could go here. you do have a lot of things stacked onto the agenda before congress wraps up. december 11 is the deadlinee. you are also looking quite frankly at the end of the calendar year because the way that congress works, at the end of every two years, if you don't get all of this stuff done when the last congress leaves and the new congress comes in, every single bill goes up in smoke and no longer exists so you've got to start over. there's a real hard deadline at the end of december, early january. about january 3 is the hard deadline. if something does not move by then, it is dead and you have to restart entirely. annmarie: derek wallbank, thank you. laying out the reality of d.c. our bloomberg news senior
editor. joining us as the head of asset allocation and macro research. very good morning for you. i want to begin with the stimulus talks because clearly, that is going to be a big boost for the markets. what derek outlined was some cold water on the potential this could actually get done before year-end. do you buy into the fresh momentum we are seeing in terms of the u.s. stimulus deal? >> yes, absolutely. despite the few days of progress where negotiations seem to go down. however, ite remains that a deal should be made before the end of the year. 60% probability for this scenario. this is the reason why we are assetspositive on u.k. and especially u.k. equities. annmarie: do you think u.s. fiscal aid package will be done before year-end?
mnuchin saying their counter offer, and we still have the bipartisan group in congress working on the $908 billion offer. ahristophe: we still believe successful negotiation with a fiscal package for the west economy to continue to recover at the speed for a few months. miss year-end as a deadline, we still expect in q1 under a biden administration, a package of at least $500 billion to assist in u.s. consumption. what is at stake in terms of the frozenf a recovery is revenues for households. it is not a matter of stuck of revenues in the first fiscal
package. consumption is a matter of confidence, consumer confidence. consumer confidence depends on the flow of revenues, of additional revenues. this is the reason why we need a fiscal package and we consider that it would be a mistake if the trump or alternatively the biden administration don't do it. this is the reason, according to us, and this is the core scenario for the u.s. economy. a fiscal pe package would be done before year-end, probably. willt, early q1 when biden take over the white house. annmarie: i want to get your sense on where we stand right now with inflation. jeffrey gundlach saying we could see inflation accelerating to 2.25% next year. we have these expectations, but
i wonder if so much of this is just technical or to be really see that growth coming through? christophe: no, we still consider we are in the different environment. inlation rates, not only europe or japan and china, we remain below bank targets. some of these targets are around 2% and we still consider that inflation will continue to under shoot the targets. however, as you said, you are a spike inlso expect inflation in the u.s., probably in q2, april or may. have a rise in inflation, it will be a spike according to us, not regime regime ininflation
which we are now 10 years which is a deflationary environment. both in terms of inflation rate but also economic growth. economic growth is slowing down everywhere. annmarie: he stays with us this morning. i want to bring you a moment of breaking news. we are on the watch for vaccine breaking news and this one comes from the united arab emirates. they are saying the vaccine has 86% efficacy against covid-19. this is something we are going to be watching. pairing losses right now 2.7 tenths of a percent after this vaccine report of what is coming out of the united arab emirates saying that vaccine has an 86% efficacy against the coronavirus. let's get a recap of the first word news with laura wright. laura: the u.s. supreme court has projected president trump -- rejected president trump's
efforts to overturn the election results and offered a one line return. president trump has previously predicted he will be vindicated by the supreme court which has a 6-3 conservative majority. hungary and poland are voicing optimism that a deal could be reached, but they are still reiterating demand to block the house has already recovered. other leaders may cut the pair out if the coronavirus aid is vetoed. primengarian minister says they are one centimeter away from a deal. 100 million vaccine doses in the first 100 days. that is a pledge of president-elect joe biden as he prepares to take office in january. he says getting the vaccine to most americans will be a costly challenge and is calling on congress to release the funds. he also wants all americans wear
masks in public. idea for jpan m&a morgan? jamie dimon wants to hear from you. he is actively looking for acquisitions and could buy anything except for another u.s. bank. he says it might be software, fintech, it might be overseas. adding if a competitor investment bank brings the idea, it would get the fee. global news 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. annmarie: thank you. coming up, the brexit showdown. boris johnson heads to brussels with ursula vanda line. this is bloomberg. ♪
boris johnson will hold crisis talks is evening in an effort to save brexit trade negotiations. joining us is maria tadeo. up early again, going to bed very late this evening. can they get a deal done? what is on the menu? maria: what's on the menu, we still don't know. we know it will be a three course meal and it is a dinner that really matters that will be held here between the prime minister and the head of the european commission at the building that serves as a personal office in brussels. ultimately, this will come down to can the iron out some of the differences that have been very well documented over the past few days? this is about fishing, the governance of the package, the deals. by the end of this, if it goes well, you could see a choreography towards a deal that could shape up.
she would speak to the european leaders. they would come to brussels. the talks would ultimately restart by the weekend. again, what i would say is we are not really expecting a breakthrough. that is something we are being told that brussels is very much briefing. this is not about a deal today. it's about putting some political momentum to talks that have been stuck. i would say if it goes well, you could argue tomorrow, leaders would have some thing to work with. annmarie: i want to ask you about the recovery fund. viktor orban is saying the two sides are one centimeter apart. is he planning on dropping? maria: this is a really interesting story because viktor orban has totally changed his narrative. you can argue he is feeling the pressure and he has come to realize he has made a strategic error. viktor orban was betting that the european countries would
stick to the principles of unanimity. that they would say either 27 countries or we are not going to do it. that he can hold that recovery fund. that has changed now because the commission has said, and we hear this on the daily basis, they could get around 25 countries, and hungary and poland could be left out. they could not be part of the european recovery fund. orban is now in a situation where he could lose out on the money and his veto could be proven worthless. you can see he is really changing the tune because he does not want to be the biggest loser by the end of the week. annmarie: thanks to maria tadeo in brussels. on brexit coverage to the entire day as we await the dinner between boris johnson and ursula von der leyen. christophe, we have boris johnson going to brussels. we have the fact that the u.k. is ditching the controversial parts of internal markets. do you find this all as a positive of a deal getting done?
if so, how do you position yourself this week? christophe: yes. brexit deal should be done before the end of the year. is johnson today, it is a good sign. von der leyen in brussels. both combined, it should help to strengthen the discussion and the deal. to maximize the deal before the end of the year. according to me, in terms of political signal, but is a very strong one. it should help to strengthen discussion in order to making the deal done before the end of the year. annmarie: it is a very busy week for europe. there is brexit negotiations, a summit on the recovery fund, and the european central bank meeting. that seems to be looming
large. what caught my attention was the 10 year yield on portugal. if you remember, the height of the debt crisis and said portuguese bonds would be trading in negative territory, you would have called me crazy. 16% in 2010. are you a buyer of this debt? christophe: yes, absolutely, because central banks, especially the ecb for the eurozone will remain, for sure, in terms of monetary policy. to also budget deficits for any country. it will help to continue to bonds,the spread for sovereign bonds. the bonds for the euro is the german bund. we still expect negative long-term in germany for a while.
for probably years. ecb interventions will help to narrow the spread for all countries in the euro zone. annmarie: if you look at the bond market, you can see the cohesiveness of the european union. as we head into the week and we have the standoff with poland and hungary, do you think that rift from poland and hungary, does that hurt the cohesiveness we have seen of the european union? christophe: no, i don't think so. , as we are saying for the u.k., it is a very difficult view for economic perspective which take countries a negative position for the european union. it will put at risk the economic
growth at a time which is not something needed for any country. probably,is reason, within the european union, probably all countries will do their best to find agreements and to continue discussion in order to remain at work within the european union. including:. poland. thank youchristophe, so much for your time this morning. coming to the program when clients get the b-team, bluecrest has settled with the sec over allegations it is prioritizing hedge funds. that story is next. this is bloomberg. ♪
annmarie: this is daybreak europe. bluecrest capital, the investment firm led by mike platt, will return $170 million to its former investors. the settlement comes after the sec said bluecrest prioritized an internal hedge fund over its client money. here with the details is dani burger. a lot of noise. dani: these allegations them you have to 2015 so be exact about the timeframe. it was over that time that bluecrest started an internal hedge fund that managed the money of the billionaire founder mike platt as well as the external money which they stopped doing in 2015. the allegation surrounded the internal funds saying the details of it were kept away from clients, they misled clients. even so far as saying any
traders they had to that outperformed or were doing really well, need were taken off the flagship fund and put onto the internal fund. that means the flagship fund chronically underperformed. a lot of it was managed by an algorithm in this allegedly just copied the traits of its main traders put on a one-day delay. if you are trading on a one-day delay, you miss a lot of the markets including the 2013. bluecrest says we are pleased to have resolved his manner which primarily involve disclosures which was more than five years ago. annmarie: in this kind of thing happen again? when impact is this kind of thing have on the entire industry? dani: the hedge fund industry was in a lot of trouble the past five years more funds have closed. if anything, this is somewhat of a cautionary tale of what can happen when there's a conflict of interest, hedge funds managing both internal and
external money. this is not to say that any hedge fund that engages in this sort of behavior but it is something that might concern clients if they have a hedge fund structure set up like this. this a bit of irony considering it is michael platt. he was caught on camera in a mock interview with a taxi driver bragging about how much money he has come of the fact he's a billionaire. telling the taxi driver i am a hedge fund manager and transported my personal funds into an investment, personal investment in vehicle because we made such high returns. that bragging, very public bragging coming full circle. annmarie: i am sure a lot of people remember that. thank you to dani burger for that roundup want to bring you up-to-date on breaking news the bloomberg terminal. this comes from germany. a grim statistic. their virus deaths rise by 568.
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now it's your turn to lose weight, look great, and be healthy. get off the floor and get on the aerotrainer. go to aerotrainer.com, that's a-e-r-o-trainer.com. ♪ annmarie: good morning from bloomberg's european headquarters. i'm annmarie hordern. racing against the clock, boris johnson has a high-stakes dinner with ursula von der leyen in brussels this evening but is a deal on the menu? mnuchin's counteroffer. billionses a $916 stimulus plan that includes state aid. democrats call the unemployment
insurance unacceptable. poised for approval. pfizer-biontech vaccine is safe and effective. 6:30 a.m. in london. 7:30 a.m. in london. we are waiting for the high-stakes dinner between boris johnson and ursula von der leyen. i want to see what the markets are trading this morning after another record high on the s&p 500 yesterday. up more than are 8/10 of 1% this morning. nasdaq 100 futures are also in the green this morning. you can see that yesterday, the nasdaq 100, 10 straight days of gains. the market is clearly taking on all the good news. pfizer poised for that approval. this morning, two headlines back to back. vaccine has 86%
efficacy against covid-19. the market is clearly shrugging off the bad news and the bad news comes from germany. their virus deaths rise by 568. that is the most since the start of the pandemic. and something this market does not seem to be grappling with. the u.s., another terribly grim milestone, surpassing 15 million people in terms of the infection of covid-19. while there is good news, we have to take into account the virus is still not under control in the west. a quicker look at full-screen. i want to take a look at what is going on in the bond market. we do have treasuries holding onto 93 basis points. yesterday, a two-year option. that was weak. a 30 year bond tomorrow. jamie dimonimm sent i would not touch the 10 year treasuries with a 10 foot pole. gold in the last few days, highs
coming down. the pound doing nothing this morning. slowly inching back to the 1.34 level. the pound is what to watch when waiting for brexit headlines. that leads me to my next conversation. boris johnson and ursula von der leyen will hold crisis talks this evening an effort to save brexit trade negotiations. the u.k. is offering an olive branch by dropping its lawbreaking legislation but the prime minister says it is looking very difficult at the moment. tim, professor of politics at queen mary university of london. good morning to give. i want to -- to you. i want to get a sense of what you think in the state of play and what these individuals are coming to this evening. boris johnson is making his way to brussels. we had the most controversial parts of the internal market bill be dropped. is this a positive? does this mean a deal is most likely by the end of the week? the i think the dropping of
clauses in the internal market bill helps move to the middle. it does not necessarily have any direct effects on trade negotiations. it wasernal market bill, set by the joint committee which is the trade negotiations. there's quite a lot of debate over here among context as to whether that means a deal is more likely or actually helps clear the way for no deal as well. whichever the u.k. and eu go for in the end or have to settle for, they have to settle that. but, the difficult sticking points for the trade negotiations are apparently still there. annmarie: right. the same sticking points that have been here for nine months. the eu is holding this united front. they are not going to let boris johnson have a one-on-one with angela merkel or amend while mccrone.
if you want to deal with the european union, unit to sit down with ursula von der leyen. do you think this is a smart strategy? tim: i think it is the continuation of a strategy we have seen throughout the eu. they have done incredibly well to hold together, unsure the brits were hoping they would be able to kick off these negotiations. that really has not worked. if anything, if there have been different signals, it has been the hard cop,. soft cop signals we have seen macron, playing the hard cop, and angela merkel playing soft,. i think everybody in the eu is very aware that they really don't want to give up too much market access to a country that may undercut them in the future unless it is forced to stick to some rules of a level playing field. and the governance of those
rules, that is very important. annmarie: does this change how boris johnson negotiates? thiswell, it's difficult, one. it could be that boris johnson is doing what he suggested and some outlets which he is going to try to rescue a process that has to some extent get stuck or it could be this is all choreography as far as he's concerned. he's already decided he will compromise to make a deal and he's going over there in order to make it appear as if he has called off some last-minute miracle. you have to remember, that's exactly what happened last year on the withdrawal agreements. there was a meeting with the then-irish prime minister which seemed to pull everybody out of the fire at last-minute. he's going to have to sell whatever compromises he makes if he's to do a deal.
hehas to make it look as if was the man who managed to free up things and pull off his last-minute miracle. annmarie: that was going to be my next note, tim. this last-minute political theater, is it just all i show so at the last minute ne you can say he did everythinge, he could? tim: there could be some choreography to that. having said that, it will not necessarily work because from what we know of those brexiteer auctions, they will in some cases put no compromise. it is possible he can bring back some kind of deal. some of them will go against him or tsay. however, that brings up the question of what the labor opposition will do. they are debating whether to abstain on any votes on a deal or whether to vote for it. if they vote for, there is no
danger whatsoever. if they abstain, it will still get through as well. as long as labour don't vote against it, which is very unlikely, even if more johnson manages to impress some of those hardliners, he will able to get this deal through parliament. annmarie: my one final point would be, do you think what the eu is doing, making sure that he only deals directly with ursula von der leyen, not angela merkel, not macron, do you think anything the eu is doing could backfire? tim: the only thing that could backfire is for the eu to stick to its position and not compromise in the way boris johnson wanted to compromise. rationale,k about in it has to think of the long-term. it is not what the competitor playing unfairly on his doorsteps, being given access
that would perhaps prejudice the future of some european firms and economies of european countries. in the end, there's a big economic asymmetry. we are talking about 27 member states with a very big economy which probably could take the hit from no deal. on the other hand, a country which is much smaller, which does a greater proportion of its trade with the eu than the eu does with the u.k. and would have to compromise as a result. annmarie: tim bale, thank you so much. i know you will be far this week as we wait potentially for a deal or no deal when it comes to brexit. i want to quickly recap the coronavirus headlines we've gotten. united arab emirates saying a vaccine has 86% efficacy against covid-19. shares on the move, up more than 1.5% in hong kong trading. this is china's state
backed vaccine. the uae saying the trials they 86% ofne is protecting people from getting covid-19. there is good news on the vaccine front. we are waiting tomorrow for the fda and they're nod to pfizer. it looks like the results is that is a safe vaccine. we will bring you the latest when it comes to covid-19 and vaccine development. rush it is near the end of its monetary easing cycle after cutting interest rates to a record low. the bank of russia governor tells bloomberg it is too early to give a clear signal about how the central bank will act at its policy meeting on december 18. guy johnson spoke to the governor. we will be catching up with that interview a little later in the program. very interesting given the fact where we have seen the ruble rising in the last few days alongside the price of oil. ipo bonanza. eedsdash exc
annmarie: good morning. 6:43 in london. this is daybreak europe. your end of ipo frenzy is kicking off with doordash. the u.s. food delivery service has raised $3.4 billion in its ipo. doordash has capitalized on the booming demand for home delivery meals during the pandemic at its ipo is the third-largest u.s. listing this year, evaluation of $38 billion. joining us as bloomberg news deal reporter. i know this is insatiable demand to get your hands on tech, but
doordash is coming in ahead of the ipo. does that come in as a surprise? >> good morning. that is a great point. demand for thege consumer facing technology companies. and are outperforming beating expectations after being hammered at the beginning of the year. the explosion of the coronavirus pandemic. investors'rmance and demand for higher returns are making these companies increase the price range. much price for huge demand of these companies. annmarie: what about airbnb? it has been a year where people are forced to stay home? that demand has crushed airbnb.
what if they feel like they're in a position to actually push up there ipo price? manuel: exactly. that was a big surprise, even the negative impact of covid-19, especially in the beginning of the year. people had to stay home. however, the company has bounced back and has been able to adjust its business model and attract people with longer-term stays in their home rentals. in a way, the company has adjusted pretty well to the new environment. that is key to any company these days. how do you adapt your business model to the new reality? airbnb is an example of a successful adjustment to these new contracts. no surprise that airbnb now is resuming their work on the ipo. it sounds like investors are
really catching on and really trying to get chairs in the near ipo. annmarie: something we will be watching. manuel, thank you for joining us. as promised, guy johnson spoke to the russell central bank governor. it's too early what she said to give a clear signal about how the central bank will act in its policy meeting coming up. >> after 350 basis points rate cuts since last summer, we are already close to the key rates. but, nevertheless, we expect remainxt year, it will accommodative and support russian economy. guy: ok, let's talk a lot about
what you just said. what is your best guess about whether or not the current inflation research we are seeing in the november number was above your for present -- 4% year-end target. your assessment of whether or not this is temporary or the second round of fx make it more permanent? what is your assessment currently? elvira: our assessment is more of temporary, with temporary effects. we need to assess because we have concerns about inflation. it will increase quite significantly after the spike of inflation during the pandemic. we see these figures. acceleration is quite material. our inflation expectations are not well anchored because we
started inflation targeting oon comparedvely s to other countries. that is why we should be very careful and assess all the data and to take decisions -- make decisions. annmarie: let's talk about those decisions. guy: on friday, you are going into your blackout ahead of you are decision you will make on whether or not to cut rates. you have just told me you are near the trough. what is the balance of risk do you think going into that meeting on the 18th given the data that you have described? what are you going into that meeting? which direction do you think it will take us? elvira: we make our decisions based on our forecast for next year.
withecisions, they act some in the time. we think these inflationary becauses will prevail of the worsening pandemic situation. in the economynd recovery is recovering. different sectors respond differently. theyervice sectors, recover from this situation. that is why we see more inflationary. annmarie: that was bank of russia governor speaking exclusively to bloomberg's guy johnson. coming up, german virus deaths rise for the most since the start of the pandemic. we will get matt miller's take life from germany. this is bloomberg.
annmarie: good morning. over one hour away from the start of european trading. day,che bank's investor likely to raise the banks investment bank outlook. doordash traits for the first time after its ipo. airbnb will soon follow suit, ecb meets tomorrow. the central bank forecasted to add another 500 billion euros to roe 1.3 trillion eu program. eu leaders will meet and likely talk about the ratification of the chemicals and brexit, unless there is some miracle that we get a deal this evening over dinner. coronavirus concerns are growing in germany. that is front and center as the
number of confirmed cases continues to rise. there has been a jump in number of deaths. 568 recorded in a 24 hour period. that is the most since the start of the pandemic. for more, matt miller joins us now from berlin. a very sad statistic to begin your day with in berlin. what does this mean for merkel in terms of her options for the country? matt: well, she at this point does not have many options. the power rests with the state leaders. right now, some of them as we talked about yesterday in bavaria and saxony are bringing callingter lockdowns, it a state of emergency. kicking off today and putting a curfew into effect. merkel right now is really focused on the meeting on thursday in brussels because the eu budget is so important to her. she's got to try to clinch this
budget to help the economy recover from the covid lockdowns we have seen thus far. the eu together, and as you mentioned, the green agenda. she has to try to save the planet so she's got important issues to worry about. of course, there is the problem of brexit which almost seems at this point like a distraction to the rest of the eu leaders. annmarie: merkel, what is more important for her legacy? we had this excellent piece from your colleague in berlin about saying merkel was losing her touch at the worst possible time. two big important deals to get done. for her, what do you think is most important? how: only time will tell she is seen historically. ,he problem arnie points out and i highly recommend anywhere they bloomberg terminal in front of him or her read that story.
to some extent, this is on her. she was letting hungary and void the rule of law or flout the rule of law for so long and now it has come back to bite her to some extent. this is a really key issue that i will talk with william for example and the other economists and analysts on my program over the next two hours. we have been so focused on brexit that we are forgetting the fact that the european union has an incredibly important to trillion dollars plus budget to talk about that will to some extent help save the economy and planet. annmarie: viktor orban says they are one centimeter apart. i am not sure what that means. does that mean we will see poland and hungary potentially capitulate? the other thing i want you to -- boris johnson is
only leaving him meet urszula vendor line. do you think this is part of the of use this as a united front against johnson? matt: i cannot be the ultimate judge of that, but i guess the idea is the eu thinks he's a very charging man. he has a lot of charisma. if you let him start to meet with individual players, he could break their stance of solidarity. that is one thing they want to keep strong and this is the way they plan on doing it. annmarie: matt miller is up next with anna edwards. he's are european markets open anchor. he will be up in a few minutes. we are seeing across the market is risk on. asian equities leading the rally following yesterday's all-time high on the s&p 500. futures advancing up more than two tents of 1%. nasdaq 100 ne futures.
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aerotrainer is tested to support over 500 pounds. lose weight, look great, and be healthy. go to aerotrainer.com. that's a-e-r-o trainer.com. anna: good morning. welcome to bloomberg markets: the european open. i'm and alongside matt miller. matt: the markets they focused on the positive. stocks climb after another record close on wall street. tempering concerns about a surge in the coronavirus cases. cash trade is one hour away. here are your top headlines from the bloomberg terminal.