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tv   Bloomberg Daybreak Europe  Bloomberg  December 11, 2020 1:00am-2:00am EST

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♪ >> good morning, from bloomberg's european headquarters, it's 6:00 a.m. in the city of london. this is day break europe, this today. you need to know >> we'll continue to negotiate, ut looking at where we are, i do think it's vital that for body now gets ready that australian option. >> get ready for no deal, that's the message from u.k. prime minister boris johnson. negotiating tactic as
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the leaders meet in brussels. approved a $2.2 trillion fund.f still no stimulus package in which could .c. leave millions of americans without unemployment benefits. side, pfizer moves one step closer to getting emergency use approval. 6:00 a.m. in the city of london, what getting an update on is going on with the recovery is what boris johnson saying no deal on brexit, prepare for an australian style deal. this morning, potentially we have the recovery fund, but we don't have a in the united states. that is driving the market this morning, some of that softness seeing, s&p 500 futures down this morning. asian equities are fluctuating picture.of a mixed
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10-year yield 90 basis points, hough what we saw in treasuries, this comes after a 30-year auction yesterday, a lot support for. crude holding above $50 a barrel which is stunning considering ago, they were trading in negative territory. his is all about the vaccine story and hope that demand, that 100 million barrels a day could and the on the market pound, 1.3314, we're up slightly. showing maybe they're shrugging off the idea of no deal brexit and not boris biting on what johnson is saying and using it as a negotiating tactic. johnson did say yesterday, prepare and brace for no deal. that was his message. here is no breakthrough in sight for european union. johnson has blamed it on common and standards. ood morning, maria or good
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evening, boris johnson worrying about a no deal. how serious is this or is this a negotiating tactic to get merkel phone?ron on the >> you make a key point. the message was prepare for no deal, we're going australian style which means no deal. which heteresting line says i am ready to go to paris if that's what it takes. berlin if to go to that is what it takes. the prime minister has been rying to get european leaders on the table to stage an intervention. he doesn't want to deal with the commission. he wants to speak directly to the european leaders. is 's where potentially he headed. it's interesting, no reaction far, european leaders so they're very much reliant on the rest of the team. the summit is still ongoing. nobody has gone to bed. hours.een going on for 18 it's stuck on climate. the european leaders haven't brexit.lked about
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at this point, they're still very much looking at the to aloes story, too early jump on this because they didn't have enough to work with. >> of course, we have the fund, that landmark agreement finally getting pushed over the red line. of this mean in terms of the budget, they're still negotiating the european there, i they were think, until 5:00, 6:00 a.m. it talks got stuck on climate. maria: they're still inside the for 18 hours, i'm happy you're asking me the question. it's not about brexit here in brussels. it's very much about the european recovery fund and the european budget, there was a of a veto from hungary and poland, it didn't happen. huge, huge win for angela merkel who was able to compromise and get it going in 2021. it will be operational at the next year. by april, the plan to benefit
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from that money. half of the year, there will be real money being put from the commission into the countries that were hit by coronavirus. relief for spain big win for angela merkel who was able to get it done. > breaking news this morning, announcing a delay in the covid-19 vaccine program just itting the terminal this morning. they say the r and a vaccine, earliest page will be in the second half. vaccine availability in the fourth quarter of 2021. another big story is pfizer going to the fed to get that emergency reduce approval. yesterday there was a bit of a od from advisors, but with the european companies, sanofi and g.s.k. announcing a delay in
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program. to break down all of the news, strategist, frederick, thank you for joining us today. to start where maria left brexit.regard to boris johnson saying prepare for no deal. australian style deal. do you take him at his word and change what you think in terms markets because the pound pretty much shrugged this off or negotiating tactic? this's always going to end way, which way when you know the position on both sides, this is an opportunity no new new change in position from either side over few change.etition and no the final push and as maria just
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the key comments and quotes from prime minister ohnson that he will go to frankfurt, to paris, whatever it takes. convince the lead that you need a final last minute concessions on both sides seal the deal at home and get over the red line. still a possibility of a deal, we have known it for weeks. we need this final push. the other way to look at this, the pound while it's news ing off the overnight, on a weekly basis, weeks, do you t think enough is priced in? you 'm trying to get from is how much downside to the pound if there is really no deal 31?december them being very
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the past over the news few weeks. qualifies, we could see the final drive on the side, there ould be some room for the years the upside, 4 1/2 to get this deal and over the term, there will be friction significant disruptions supply chain. will be if we get this medium one and friction for trade with the u.k. >> that's the messy politics, we have the e.c.b. meeting. want to play what was said at
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that meeting. >> if favorable financing maintained an be with asset purchase flows that do not exhaust the envelope over net purchase horizon, the envelope need not be used in full. qually, the envelope can be recalibrated if required to maintain favorable financing counter the help negative pandemic shock to the path of inflation. >> should not be used in full. hat that says to me, they're probably overshooting how much do i think will be used. meter six weeks, they can up it if they need to. should have delivered a boulder package, why? of have a couple the financingbout operations, the way they have
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designed, but when you she just tried -- consistently what we yes, there are things that are done differently. i'm concerned they may need to but when you look at the area, as you just said, we have on the recovery funds, a huge extension on the national the central bank, so --
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bit skeptic this morning. first word recap of news, here is laura wright. laura: the u.s. plans to have turkey.s on sources say president trump has signed off on the measures but say what they include. turkey defended the move saying urgently needed a defense system and the allies didn't offer any suitable alternative. france is swapping a lockdown curfew, loosening some measures. curfew will take effect on december 15, although made for on will be christmas eve, travel across allowed.ill also be ondon is on tap for new covid restrictions. it comes as a survey shows britains are warming to the idea
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according vaccinated to the polls 70% say they are shot.ed to take the that's a greater proportion than n the u.s., germany, france, sweden, and japan. global news 24 hours a day on bloomberg quick take powered by more than 2,700 analysts in more than 120 countries. this is bloomberg, anne marie. on the program, u.s. vaccinations are on the horizon, the backing of fed advisors. story next, this is bloomberg. when you switch to xfinity mobile, you're choosing to get connected to the most reliable network nationwide, now with 5g included. discover how to save up to $400 a year with shared data starting at $15 a month, or get the lowest price for one line of unlimited. come into your local xfinity store to make the most
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annmarie: good morning, this is day break europe, i'm ann marie hordern in london.
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the way for the emergency authorization by the food and drug administration. the nod from the f.d.a. can come allowing the vaccine country,led out in the the pandemic has killed 290,000 people in the united states. jody, good afternoon to you, morning for me. in the could people u.s. get the i knocklations. might some people get them year-end? jody: yes, very soon, ann marie, it's -- they will start rolling out right away and some states are already set to do that. there is hope that as many as 20 given shots could be still in this year, in this calendar year with just a few joe biden is d saying that he hopes to have 100
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doses distributed, shots days of the first 100 his administration which will start on january 20. there is a lot of hope here. will be complicated distributing it. this is a huge effort, but the gearing up and the federal government is gearing up to do that. tests have shown hrough this emergency use authorization 95% effectiveness in the trials, so there is a lot of help that this will start to tem some of that really huge spread we're seeing in the u.s. right now of the coronavirus. good ie: of course, very news, there was some concern on the panel that recommended why, why was there concern? voted 17-4 to recommend to the f.d.a. that go ahead with the authorization, they go ahead and
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start the immunization. was they didn't have enough data on 16 and they didn't, so some people, four people with feel they ion didn't had enough information to say it everybody.nough for there are indications, if it worked in older people, it would work in younger people as well. annmarie: i want to get your is going on what in d.c. as far as the stimulus package. a we any closer to getting deal before year-end? jodi: it's looking more and more unlikely i'm sorry to say annmarie. heard from mitch mcconnell's taffer, the senate majority leader who said they just don't see enough republicans going along with this current package. has to do with this business liability shield. they took off the table some but this remains and several have said they just
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republicans ugh going along. one republican, mitt romney from voted against some of the republican proposals nd tried to do some come proapplieses on this has said he doesn't think they have enough time either. to get a really have deal done within days to get it chambers of congress in the next few weeks, leaving for vacation soon, a new congress starts in all over d starts again. annmarie: jodi, thank you so much. jodi's last day in hong kong. to your work.d frederic is still with us. on the o get your take stimulus. jodi outlined it's looking ever so unlikely. been unlikely for the past six months, they continue have
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these road blocks. given the fact that markets are trading near the record level sort of don't get any package before year-end, is that when you think we can start to equity ause on the markets and potentially off the take money table? 2020, or earlier in global with the n the u.s. challenge of the recovery on there is a huge income push in households that the government will potentially have deal with. either you arkets, solution, the supports or households and companies ncluding the fed or you get
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after the biden administration place, as you just pointed out, the risks and the markets have to with. annmarie: what could end up happening is that americans will year without the unemployment benefits. we have seen this rotation into value. do you think it will flip and we'll go back to the growth stocks? yes, absolutely, the main driver with the prospect of a stronger recovery. again, they may try to accommodate. consensus was the he central bank and again, the s, so,
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said for an ou -- sehold a annmarie: thank you so much for friday morning, global strategist. program, airbnbe sees the biggest i.p.o. pop on raisedfor a company that over $1 billion. is the company leaving too much table?n the what happened with the pricing? this is bloomberg.
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>> with a vaccine in sight, there is much hope and i think outlook will be brighter, a recovery in 2021. nnmarie: good morning, this is ay break europe, i'm annmarie
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hordern in london. airbnb whose shares opened up 115% above its i.p.o. price. has renewed a years long debate about how to price lastings. getting d airbnb pricing wrong? people th more now and aren't traveling now. >> it's so true, whether they depends oncing right what the goal is. he first day pricing, it's damned if you do, damned if you don't. if you get that pop, the having today, did they leave too much on the table. have gotten an additional $4.4 billion in funding. who don't get the one failure as seen as a an i.p.o. rightly or wrongly.
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another delphia is b.n.b. is a any in the middle of a pandemic. listen to this interview that mily chang had with brian, in this interview she mentions the for airbnb e price which is the first time he has heard this. remarkable, take a listen. at $139 a pening share which is more than double at. you priced are you at all concerned, what do you think of that number and you're ntial that leaving billions of dollars on the table? i have s the first time heard that number. know, in april, we raised it was a debt
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financing. hat price would have priced us around $30. so i don't know what else to say. hat's a very -- i'm very humbled by it. him d you can hear struggling for words, trying to figure out what he is to say. is humbled. a lot of that pop is supply dynamics. airbnb listed a small portion of their shares. why we saw a big pop at the opening. annmarie: i love that clip. his eyebrows move, ndicated as the opening price, double what you thought. do you think that contributed to mispricing? > the new technology is a way for potential investors to submit bids or interest before
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the i.p.o. marketed by the banks, a way to gain interest, they can share price better. it's institutions who use the technology. shareholders can't participate in it. they can't gauge their interest. airbnb, a lot of consumers buying it, it really underprices the retail interest. with saw ctly what he on the day it listed. jumps in and it 100%.s more than annmarie: thank you for bringing sound bite. preparing for an australian a ationship with the e.u., nice way to say no deal. we discuss it next. this is bloomberg. ♪
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annmarie: good morning from bloomberg european headquarters. this is daybreak europe. here's what you need to know. >> we will continue to negotiate. looking at where we are, i do think that everybody should get ready for that australian option. annmarie: get ready for no deal, that's the message from the u.k. prime minister. is it a negotiating tactic?
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eu leaders meet in brussels. ae group finally approved $2.2 trillion relief fund. brexit could dominate tonight's meeting even if not officially on the agenda. still no stimulus package in d.c. which could leave millions of americans without unappointed benefits. pfizer moves one step closer to getting emergency use approval. very good morning to you. brussels. day two in the capital regarding the eu summit. given boris johnson's comments yesterday that it's looking likely for an australian style deal, a nice way of saying no deal, that will dominate discussions today. no stimulust -- deal in washington, d.c. you heard it from jodi schneider. it's looking more unlikely before years end.
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s&p 500 futures are relatively flat. the u.s. markets were fluctuating a bit. asian markets relatively mixed. european futures in the red. 10 year yields falling at 91 basis points. a lot of demand on the 30 year option. brent crude holding above $50 a barrel, a stunning move. think backs nine months ago. wti in negative territory. everybody is buying into the fact that we could have vaccines and that might help oil demand. the british pound this morning. it is up 2/10 of 1%. it is shrugging off what boris johnson said yesterday. at april 2018ng highs against the dollar. eu leaders approved a $2.2 trillion budget and stimulus package. let's get more with what this means for equities with juliette saly in singapore. juliet: morgan stanley saying even though you are seeing strengthen the euro, they are not changing their bullish
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stance on european equities. a lot of the currency strengthen the euro is being driven by dollar weakness. that is rising in step with bond yields. that is fairly positive for european stocks. any earnings-per-share headwinds from the strength of the currency is pretty minor compared to the overall expected global economic recovery that we are seeing. 30% rise in european earnings-per-share. next year, 20% in 2022. be in playrs will here. we heard from goldman sachs last week, saying she is bullish in terms of european stocks. a stronger euro is not necessarily negative. we are getting calls on where analysts expect european stocks to trade next year. stratasys surveyed by bloomberg predicting a 6.6% gain in the stoxx 600. that estimate above the 10 year average for european stocks.
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estimate,sus year-end 421 for the toxic country. that is represented by the yellow line. that's below the pre-pandemic highs for that index. thank you so much for that update. a brace for no deal, that's the message from boris johnson as there's no breakthrough insight in negotiations with european union. andlamed it on common rules standards. joining us now is senior economist at abm row. thank you for joining us. you heard the comments from the pie minister overnight. prepare for an australian style deal. is this a negotiating tactic? is he trying to get merkel in micron on the phone to get more involved instead of just dealing with ursula von der leyen? bill: good morning. it could be a negotiating tactic. i'm not sure how it's really going to play.
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is thateally going on the sides are entrenched along their redlines. it's looking very difficult to overcome those redlines. i do think that, ultimately, the u.k. would probably prefer to that's whatk of -- this deal entails, rather than the certainty of tariffs that you would get with no deal. clearly, politics is very much at play at the moment. so we will just have to see how the political mood plays out over the coming days. certainly, i would say that the risk of no deal is now very significant. evenrie: you made up that with a favorable trade agreement, over time, brexit is going to a road growth. where do you see it hitting the
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u.k. economy the hardest? bill: indeed. even the u.k. governments own analysis shows that even with a deal, brexit is going to be very damaging to the economy. it is something in the order of five percentage points of gdp. some of that, you will see from january as you get the new border checks that disrupt trade. some of that will appear over time because of the vergence is in product standards and regulations. hitknow, a very significant to the u.k. economy is really inevitable, even with a deal. the difference -- sorry. annmarie: it could be bumpy
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without a new trade deal. lines on either side of the channel for weeks as these new systems are being tested. how long will it take to get through this initial reaction and hit, the initial shock to the u.k. economy? bill: indeed. that's a really good point. you are already seeing disruptive effects, even before brexit actually happens because companies are trying to stockpile. you are seeing factories pausing production because they are struggling to source parts, even before we get these border checks coming in. i think it will take quite some months to get through this. the bank of england has done surveys of companies to see how well prepared they are for these new border checks. , apparently, are still not prepared for this.
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they've gone through decades of trading with the eu as though it's a domestic market. iny are not used to trading the typical export manner. all of a sudden, they have to do all this paperwork, get licenses and so on. it will take a very long time. annmarie: it is a double plow to the u.k. economy, dealing with covid on top of brexit. what do you think will leave a more lasting impact? >> brexit, without a doubt. pandemic isay, the convenient for the government. initially, in the first few months of 2021, it will mask the effects of brexit. the gyrations in the economy are so huge from the pandemic. it will ultimately reduce the
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pace of recovery in the u.k. economy. we expect it to take longer for the u.k. economy to get back to its pre-covid levels than likes of the euro zone and the u.s.. brexit is definitely the bigger, longer story here. the pandemic is having much more near-term disruptive effects. annmarie: brexit taking over the front-page headlines. there's also a hiccup when it comes to the u.k. trade deal with china. excuse me, canada. it might not be done in time. of aa is not as big of -- trading partner. how big a blow as that for boris johnson? bill: certainly, the optics are not very good. isyou mentioned, canada nowhere near as big a trading partner. it is 2% of u.k. trade versus
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50% for the eu. the impact is relatively small. coming at a time when the economy is already being brexit,d by covid, by it really doesn't help. it just compounds things. the optics of it politically, it really looks bad considering the hold intoexit -- brexit is having new trade deals with partners other than the eu. say, more politically, it is not good for the government. annmarie: thank you so much for joining us this morning. oris johnson says, prepare for no deal. let's get a recap of your first word news with laura wright. approved leaders have of historic $2.2 trillion budget
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and stimulus package. withsolved the standoff hungary and poland, who were threatening to veto the plan. the rules are staying in place. penalties won't come in until the european court of justice has its say, which could take months. the senate postponed a vote on a one-week bill to keep the u.s. government running past today. if the deadline is missed, the white house can hold off shutting federal agencies if it expects the bill to be passed quickly. an agreement to avoid a shutdown is still seen as likely. a panel of u.s. government advisors is backing the vaccine from pfizer and biontech. it clears the way for emergency authorization by the food and drug administration. that approval could come within days and people could start getting vaccinated a few days after that. global news 24 hours a day on air and at bloomberg quicktake, powered by 2700 journalists and analysts in 120 countries. this is bloomberg.
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this is bloomberg. annmarie. blackened these are played a fifth less than their peers. we discussed diversity in the finance industry, next. this is bloomberg. ♪
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>> we have to do better than we are doing individually. that can be the beauty of this coalition. a group of companies said, we can keep doing something but it's not scaling. part of why it doesn't scale is structural barriers. the executive chair of ibm speaks to bloomberg about a
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corporate pledge to hire one million black workers during the next decade. lightbank says it's black employees are paid 20% less than their colleagues. the ledger disclose the findings in its 2020 report as it tries to improve diversity in its businesses. joining us now is jennifer zabasajja. you've been digging through this report. what exactly did they find? jennifer: good morning to you. this report really found what many people have been talking about. these lenders are still struggling with representation among their employees. which youfocused on, mentioned, was that black employees are paid about 20% less than their peers. the bonus gap is even more stark. they are paid about 38% of what their peers are making. the report found and concluded what many people have been talking about, which is that
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black people are severely underrepresented in the top ranks. that's what we are seeing in a lot of these corporations, focusing on how we can elevate and support black employees to get to senior rank so that there is more equity across corporations and not just an entry-level positions. all the way to this week. annmarie: this week, you caught up with the naacp president about diversity and what's going on in the united states. what did he have to tell you? >> yeah. -- jennifer: yeah. i spoke with derek johnson. he met with the incoming administration on tuesday and spoke about -- we talk about corporate america and the initiatives that they have been pushing for in the past few months. seethat needs to be what we from this incoming administration. we need to see people prioritize racial equity and civil rights issues. here's just a bit of our conversation from wednesday. >> despite some of his
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worldviews, his statement was to pay workers more so more workers can buy vehicles. we must invest in more of the communities as a whole so that we can have more people in the marketplace who are strong consumers. benefito longer try to one part of society and neglect another part of society and expect our economy to grow. we must create the conditions where the best and most talented individuals are provided with access and opportunity to grow and expand. jennifer: yeah. that was just part of my conversation with derek johnson. that came on the same day that we heard that melody hopkin was going to be cochair of starbucks. he did applaud some of these moves that we are seeing in corporate america. he made it a point to tell me that we don't need to do any more studies or surveys. we know that diversity at the top ranks is good for business. we just need to act on it and
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continue to find ways to support employees. he's continuing to push this incoming administration. he plans to continue to push corporations to continue to do the same. economicust not equal opportunity in this country, especially as we go through all these convening crisis. economicmic, the inequality that we are dealing with. we need to go into this new administration working to push forward, especially after the past two years of what he calls could -- regression with the current administration. a lot to look forward to in 2021. annmarie: thank you so much for joining us. live in new york, staying up late in the city that never sleeps. coming up, bracing for no deal. those are the words of boris johnson, warning the u.k. to prepare for an australian relationship with the eu. what does that exactly mean?
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that's a nice way to say, no deal. the pound shrugged it off. this is bloomberg. ♪
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annmarie: good morning. 6:51 in the city of london. let's recap some news we got out this hour from the vaccine front in europe. sanofi and gsk are announcing a delay in their covid-19 vaccine program. what they are saying is they will delay what they are working on, one of these protein-based to improve the immune response in the elderly. they say they now plan to have product availability in the
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fourth quarter of 2021. when are these vaccines going to hit the market? this is all pending on successful completion of the development plan. they say the results show a results inow immune the elderly. they aremeans is that now going to have to delay their vaccine program until the fourth quarter of 2021. today, we are looking at if pfizer will get the final green light from the fda on emergency use approval. the advisors backed it, gave it the not yesterday. it's looking likely that pfizer will get that in the united states. we know when the u.k., pfizer already started rolling out those vaccines this week. let's take a look at the trade on the equity markets this morning. futures lower due to the fact that the stimulus deal in the united states is likely not
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going through. that's the take from jodi schneider. she says we won't have a stimulus deal before years end. you saw the markets fluctuate yesterday over every headline on whether or not we were going to get some sort of deal. s&p 500 futures are flat. 10 year yields one basis points. very strong demand when it came to a 30 year auction. brent folding above -- holding above $50 a barrel. wti traded negative. meaning i would have to pay you to take my oil nine months ago. now we are above $50 a barrel. that's on hopes that a vaccine will bring travel demand backup. of 1% against/10 the dollar. the pound is shrugging off what boris johnson said yesterday. he was sending a warning to the u.k., saying to get ready for no deal. negotiations with the eu see no signs of progress.
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any package will depend on the last-minute intervention by chancellor angela merkel or president emmanual macron. now is matt i want to get his take on this, since he sits in berlin. isyou think boris johnson -- this a negotiating tactic to try to get merkel to a one-on-one with him? matt: yes. annmarie: [laughter] ok. will it work? matt: what am i going to say? we've been doing this for years. they've clearly come to an impasse. the eu doesn't feel like it needs to compromise at all. johnson seems to be clutching at straws. yeah. this is him doing whatever he can to try to get some kind of deal. if he doesn't, the u.k. economy is going to be sincerely scarred. if he does compromise, it's going to scar his own legacy.
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he's going to look bad in front of his constituency. yeah. that's where we stand. it's where we stood yesterday. it's where we will stand tomorrow. annmarie: and potentially on monday. they say that sunday is the new defective deadline. matt: whatever. annmarie: the deadlines come and go. what about the eu summit today? it's interesting. i saw you and jonathan talking yesterday about the ecb. lagarde got that question about climate and whether there's a debate at the ecb about climate. maria joined me this morning and said, they are stuck in the building, talking about climate at 6:00 a.m. in the morning. do you think climate is going to overshadow the summit today or will it go back to brexit? will i'm sure that they probably try to touch on brexit if they have time. i don't think it as as -- is as important to the other countries in the eu as it is to the u.k.
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they've got really important stuff to deal with, including climate which is saving the world. they have to save the european union. hungary, poland and the issue they've overcome. they have to get this money out to their own economies to try to recover from the pandemic induced recession. they've got issues. brexit is one that i think a lot of them have grown really tired of. annmarie: certainly have. matt miller is up with anna edwards next. they will take you through the start of european trading this morning. that does it for me and daybreak europe. let's take a quick look at where we traded in the futures market. european equities moving to the downside. s&p 500 futures are flat. the openness up next. nearly 7:00 in the city of london. this is bloomberg. ♪
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♪ anna: good morning. welcome to bloomberg markets the european open. good. today's markets, still no stimulus in washington. the dollar slips as investors assess fading prospects for a u.s. relief package and disappointing jobs data. the cash trade is an hour away. here are your top headlines from


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