guy: live from london, i'm guy johnson. kailey leinz is in new york. alix steel has this week off. we are counting you down to the european close on "bloomberg markets." the eu calling on member states to restart trade and rail links with the u.k. ports remain shut. over 40 countries are restricting access to u.k. travelers. michel barnier has been briefing eu ambassadors over the last hour on brexit talks. he is said to have rejected the latest u.k. offer on fishing. we have just been hearing from him speaking to maria tadeo just a few minutes ago. a final push apparently is what is now being made, but there are

areas of disagreement. talk about where the markets sit right now. we are off session lows when it comes to european equities. what a difference a day makes when it comes to the story here in europe. yesterday, european markets down sharply. today we are bouncing back a little bit. the stoxx 600 up by 1.2%. the s&p negative stateside, but recovered largely after the european markets closed yesterday. we are down by around 1% on the cable rate, $1.3320. this as we deal with the double blow of a new variant affecting ande and freight, passengers allowed to travel, and all of those heavily restricted at the moment. of course, we know what is happening with brexit. crude continues to drift a little lower, down by around one point percent. kailey: as you mentioned -- around 1.1%. kailey: as you mentioned, the eu is calling on number countries

major trade links with the u.k. while limiting non-essential travel. it comes after backups at the uk's busiest port. >> this very much a global spike at the moment, and that is exacerbating some of the pressures in the u.k. >> the congestion is severe in quite a few places. if you look at what we see in places like singapore over the last couple of months, it is very. unusual. . -- it is very unusual. >> we are talking about vehicles just waiting, and there's no light at the end of this tunnel. >> the pre-brexit stockpiling is contributing to a lack of storage space and other things all coupling up for a perfect storm. >> we come out of a disaster just to hit another one. kailey: joining us with more of the latest from brussels is bloomberg's maria tadeo. francese is the u.k. to

in solving this issue, or are they not at all? maria: there are talks happening right now, and the french have said they do want to open at one point. they were also suggesting that in order to open, everyone trying to get from the u.k. into france will have to take a test. i would also note that what you referred to there, the european saying thatow everything that is essential needs to move quickly. it is almost a signal and a warning to some extent that the french really to soften up their position and start thinking about reopening very quickly, before the end of the week. it is also a reminder that there are european truck drivers who got stuck on the others out of the channel and are also trying to make it back home. the european commission being clear on that, saying it goes both ways. we don't want to see tensions at a busy time of year. it really means that we have to open up in some kind of way and do it quickly. maria, are people in

brussels talking about this being what a hard brexit looks like? extent,es, and to some this was used yesterday in europe and across the european press as a way to just present or give an example of what could happen if there is no bill over brexit. just a cautionary tale of what a no deal brexit could look like. everyone who says there could be shortages, there could be big cues of trucks that are not able the channel, and it is very real. the european commission says that is not what they are about. of course, for the french guy, this is been a very good political tactic. absolutely. some were suggesting the overlap between these two issues may be

certainly there at the moment. maybe not quite pointing that finger, but there certainly have been suggestions on the side of the channel. thank you very much, indeed. we will hear from maria's conversation with michel barnier a little later in the program. what are we seeing at dover right now as a result of these queues, as a result of these restrictions? is this a preview of a hard brexit? joining us is ian wright, the ceo of the u.k. food and drink administration. thanks for the time. we thought this would be resolved today. it is not being resolved. what is the latest? ian: it does seem as though the resolution will have to wait until tomorrow. it is certainly going to be some time if they do need to get in place checks on the lorries, and in particular, tests for the lori drivers. it depends which kind of test they use. as you probably know, the test

which is widely favored in europe takes a couple of days to get the results, whereas the lateral flow test which is what the u.k. is going to use for mass testing of the whole population in the new year, takes about 20 minutes. so from our point of view as the member association, we very much hope the french agree to let the drivers be tested with actual flow tests. kailey: if this is not solved in the near term, could result in food shortages? how long would it have to go on to impact the food supply in the u.k.? ian: if it is not sorted in the next 48 hours, there will be impacts, but it won't be the obvious ones. the traditional u.k. christmas dinner is safe because most of the vegetables that the birdseed for christmas lunch with the turkey are grown in the u.k.. so potatoes, parsnips, carrots, they are all u.k. based. ,hat will run out is soft fruit oranges, and green vegetables that are out of season, and more

worryingly for my members' point of view, the circular movement of lorries, was about 4000 trapped on the side of the channel wanted to go to the other side. all of the lori drivers will be in the wrong place next week, and when businesses are stockpiling in the post-christmas, pre-exit week, that will be very difficult. your correspondent maria said there would be some europeans trapped. actually, the vast majority of those drivers trapped on the side of the channel will be from the eu, not from the u.k. guy: is this what a hard brexit looks like? ian: it is lifting the curtain a little bit on the chaos that could happen if it all goes horribly wrong. i don't think we know what a hard brexit looks like, to be honest. we all know there will be extra checks, four or five extra checks per journey.

if there are tariffs as well, which is the heart of a hard brexit, we have no idea what that would do to demand, and we really don't know what that will due to paperwork. i don't think anybody has properly rehearsed those. yet this kind of chaos and this kind of delay could easily be a presaging of what is to come. but whatever a hard brexit looks like, this particular last couple of days will mean that lori drivers who have the to make the journey to the u.k. are very likely to decide they will give the u.k. a very wide birth for the next few weeks, and that has to be bad for us because we don't have enough lori drivers -- enough lorry drivers in the u.k.. it will erode confidence in the u.k. both in terms of a destination for business and is a place to bring trucks. kailey: how large with that

impact be? boris johnson said it is a very small percentage of food impacted by the chaos we are seeing right now. is that true? can you give us a more firm number of what actually is? ian: he used a figure of 20%, which was intended to i think explain the amount of food that is accompanied if it comes across the channel, but that is not actually an accurate reflection of the market. the impact would be significant both ways. any of the trucks on the side of the channel which are stuck carry fresh food going out to the eu, things like salmon, that kind of product. if that is stuck for more than two days, it goes out of time, and the products have to be destroyed. that is a next ordinary costly process. many of our members are losing one million pounds in one journey, but more important, they lose the customer they were going to serve because once you don't deliver to the customer on

,he other side of the channel that customer will look elsewhere, and the customer loss is 50 times harder to regain than gaining them in the first place. kailey: thank you so much for your time today, as we watch all of this play out. i do want to bring you some breaking news of the u.k., a reminder of just how bad the virus crisis is there. 36,804 moreported a covid-19 cases today, up from 33,000 roughly yesterday. also, 691 more covid-19 deaths today. coming up, markets are mixed, even after a stimulus deal here in the u.s. we are going to ask saxo bank's cio and chief economist weather concerns over lockdowns and the new variant of the virus will overshadow confidence. this is bloomberg. [ sigh ] not gonna happen. that's it. i'm calling kohler about their walk-in bath. my name is ken. how may i help you? hi, i'm calling about kohler's walk-in bath.

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york, i'mve from new kailey leinz, with guy johnson in london. this is the european close on "bloomberg markets." the s&p 500 all that flat. optimism around another round of fiscal stimulus and the u.s. being tempered by that new covid variant and ongoing economic restrictions that really cloud over the good news. for more, let's bring in steve jacobson -- let's bring in steam jacobson -- let's bring in steen in steen jabring kobsen, saxo bank cio and chief economist. at what term does this upset the longer-term thesis? steen: never. to some extent, i think we used

to talk about a greenspan put and a yell and put, but now we have a covid-19 put in the sense that the worse things get on the ground, the more we are likely to see an increase and a ramp-up in the ability of governments to print more money through fiscal banks.g and central guy: given where equities are, do you think the possibility of a significant drawdown has grown higher? it does certainly seem as if equity investors in particular are nervous about any change in the narrative surrounding the virus and what that could ultimately mean for a vaccine. everybody has on their hopes on a vaccine. if that is threatened, do current valuations stack up? steen: i'm sorry to be repetitive here, but that would only mean that the authorities will step up even further. let's deal with the facts of the

variant of the vaccine. i think we saw today that pfizer and biontech was saying they would be able to deal with this inside six weeks in terms of programming this new vaccine, which i guess is good news, but of course, it is a delay. i think both of your questions are in place in the sense that it is a delay on the action plan, but i don't think six or eight weeks is going to make a difference. what is the focus right now is that governments will step up. we got the deal from the u.s. this morning, and over the course of q1, as is already priced into the action, i think we are going to see further additional stimulus. i think there's a different theme going on which i think in right and you guys were pointing to. we have infrastructure issues not only dealing with brexit,

but all over the marketplace. the story i have for 2021 is that we have been too successful in moving online into digitization, so much so that the infrastructure of the underlying physical world is too small to cater for this. in 2021, this is only going to be accelerated. if we are seeing an increase in , thatg from home again will accelerate the problem. don't forget the issue coming into the u.k. with goods right now was already in place before. container prices have moved from $750 at the low in march 2 now $4200 for a 40 foot container. usis already signaling to that the physical world is too small. for investors, how wary should investors be about that? is that something got --

something that is going to cap lower?, send markets do they not respond in the same way they would if there was a problem with health care or technology? steen: because it is someone else's job, first of all. secondly because this kind of inflation, and that is the operative word here, is not reflected in the cpi, as you very well know. cpi is really the rental value of homes, which in the u.s. right now is dropping. we see san francisco rental prices down by 20%. the cpi as a measure of inflation is invalid because there's no price discovery, but buyingson why i'm not debts and going into the market is i think the technology market and the overall stock market is a very high interest rate sensitivity. we have estimated in our group

that the duration risk is equivalent to 15 years of government bonds. so in other words, the technology market and the stock realt will go wherever the interest rate goes. if it goes down by 100 basis points, you would be supportive. if we start to rise on the upside, clearly the technologies sector will be the one most at risk, and with that, all of the companies that are priced to infinity and beyond basically only because we have a zero bound interest rate, which means that the discount mechanism and pricing stocks is close to zero. when you are already close to zero, you have infinity. kailey: what is the base case for where nominal yields are going to go in 2021? the consensus seems to be a move upward, but it hasn't breached 1% since march. what is your outlook? steen: i think there's already yield controls -- yield curve control in place. i am not a conspiracy person, but it is kind of

interesting every time we get close to that 100 basis line, it sort of comes off immediately by five or six basis points. but ultimately, you are right. 1.25%ly the markets are by 2021. i am a 2% because i think we have miscalculated the ability of society to move into this new business form between online and digital. we see a little break down in the brexit talks. immediately you have a compounding impact. today we have containers in the wrong place. they are not usable and the like, and on top of that, the delivery from ups and fedex is almost not possible at all because they simply cannot get enough vans. it is a clear warning signal to people who want to believe that this online transformation is the path to nirvana. it is not. neurontin needs to come with an interest that matches it, and a

decade-long miss investment and underinvestment into the infrastructure and the natural resources, which is very much part of the second part of 2021, is going to be about green transformation. you've probably noticed by now the green cabinet. we have the eu budget being , so alld we have china of this is going to contribute to an impact which is high inflation, which will spill into this equity market by the high rate sensitivity that we have. guy:guy: we will talk more about this in the next block. we are also a little later on, your point about infrastructure and delivery, going to be talking to the ev delivery van producer any pop -- producer canoo. we will talk to them a little later on. we'll talk next to steen about what that outlook looks like for next year. stay with us. this is bloomberg. ♪ (announcer) do you want to reduce stress? shed pounds?

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guy: welcome back. let's talk more about what is happening with esg. a big outperformer this year, money absolutely flooding into esg funds. will this space continue to outperform into 2021? jakobsen of saxo bank is still with us. we have seen a lot of money continue to flood into the space. when do you think the best opportunities are going to be, in europe and the united states? steen: one of the major issues you have with esg and the green transformation being a lot of the players in the industry are small relative to the companies we normally invest with, the amazons and facebooks. there's a richer structure right now in europe to facilitate the green green transformation simply because the u.s. is under invested, but i think there will be a ramp-up from the biden adminstration in terms of the u.s.

what really makes a huge difference right now is a combination of the infrastructure and the logistics. so for me, we made money over the last 5, 6 years being on platforms. i think those are challenged by the lack of mileage, the lack of the like. i think that's where the money is for 20 to anyone in esg. think goldman sachs was out with a report saying esg compliant companies outperform the non-esg completes by 500 basis points, but i think there are two ways today that a company can trade in narrative for shareholder value. one is esg, and the other is the fact that they are a platform. inhink those will compound 2021. i am extreme skeptical, particularly on the electricity side and on the energy side. you have to remember that moving to solar and wind is great for the environment, but it would be

the first time in the human evolution that we move backwards and technology. we started with burning wood, and then we had a high density by doing cold, even higher density by doing oil and natural gas, and then atomic power. now for the first time, we are moving just north of wood. so we have into the future, not next year or the next 10 to 12 years, bill had a problem with the lack of energy intensity we get from solar and wind. so we basically need science to step up over the next two to three years, and i think it will. i think if you want to say something positive about 20/20, i think it is the fact that we were all surprised i the fact that science came through on the vaccine and really stepped up, and i see that as a harbinger for what can be happening on the technology side in energy and green transformation. kailey: the flood we have seen into esg's certainly were markable. bloomberg intelligence put out 20 charts for 2020. one of them come of the flood of

money we have seen going into esg etf's in particular. the esg etf market in the u.s. has risen by 318% in 2020 and captured 90% of smart beta flows, so that really goes to show you how hot this market is right now. guy: absolutely. happy holiday. we look forward to seeing you in 21 he won. in 2021.- up next, more on what is happening with european equities, yesterday hit hard by news of the new covid variant. today, some stabilization. that is coming up next. this is bloomberg. ♪

guy: 30 seconds until the end of regular trading this tuesday.

we are in the christmas period. when it comes to a volume point of view. we are starting to see that fate. with the stoxx 600, much better position today than yesterday. we have picked up over the last half-hour into the close. trading at session highs on the stoxx 600. we have seen currencies dipping. i will show you those who just a moment. what is also worth bearing in mind is over the last two months -- i will show you a six-month chart. we have seen a relatively tight range after the pickup we saw. we have seen that relatively tight range continuing to operate. that is important from a stoxx 600 point of view. you can see that on the chart. in terms of performance today, in terms of the ftse, the dax, and the cac. 1.5, the dax up

1.35%. in terms of low sector breakdown , -- in terms of the sector breakdown, let me walk you through the grr function. every single sector in positive territory. technology outperforming the banks. the banks had a tough day. slightly defensive still in the mix in terms of the movers we are seeing. in terms of the breakdown from individual stocks, the single stock names, we are seeing a bounce back from yesterday. the airlines got hammered yesterday. iag up 5.8% pure at the bottom end -- iag up 5.8%. stocks like oconto -- stocks like acado under a little bit of pressure. we have seen biontech saying it could reformulate within six weeks if it needs to with this

new covid variant we are seeing in the u.k.. itley: speaking of the u.k., has been one deadline missed after another and the clock is ticking. in less than two weeks the u.k. leaves the customs union with or without an agreement. maria tadeo caught up with michel barnier earlier. barnier: we are in a crucial moment and giving at the final push. in 10 days the u.k. will leave the single market and we continue to work with the member states. kailey: joining us is bloomberg politics reporter ian with heart -- ian withard. is there any indication we will get a deal between -- before

11:59 on december 31? -- it has been an absolute roller coaster for the negotiators sitting in the room hanging on the every word of the leaders of the eu who are talking to each other. they are very close and they could get a deal within 24 hours or they could get a deal on new year's eve or it could all fall apart. nobody knows yet. sidesre close, but both need to take a final leap and they are not doing it yet. ian, is it down to fish or are we still arguing about other issues as well? not the other issues are completed. things like the level playing

fair making short competition is the same on both sides. it is mainly down to fish. the thought once they get fish everything else is in place. fisheries is the main thing. it is about fishing rights and how much access europeans get to british waters. that is a big issue for the british side. for the eu side they say fair enough, we can accept being restricted honor access, but if you restrict us further we will restrict you into the european single market. that is what they are talking about now, what sort of balance they get and what tariffs they can slap on the british economy should the u.k. restrict fish access further. guy: thanks for the update. we look forward to the ongoing coverage you and the team have been delivering. bloomberg's ian wishart on the latest on brexit. joining us to discuss what is happening and to focus on the

potential disruptions that could is theth brexit logistics u.k. director of policy. put twoh, i want to stories running side-by-side together. one of those is the brexit talks still ongoing and the other is the chaos we are seeing out of the port of dover with the restrictions put on as a result of the latest covid variants. it what we are seeing at dover any indication of what a hard brexit could look like? all of thesetting pressures together has been interesting, also on top of worldwide disruption in containers after covid. it has been a great opportunity in many ways to test some of the contingencies we have been planning on paperwork. government has been planning on paperwork should there be delays

, should drivers not have the right paperwork with them. they have learned a lot from this exercise, particularly about driver welfare. kailey: is this exercise showing us businesses are prepared in case of a no deal scenario? elizabeth: it is not testing the same thing, but what it has tested is the mitigation in terms of traffic should the drivers not have the right paperwork and not be able to proceed seamlessly as they do from one border to another border. we were talking to the food and drink federation earlier on and the suggestion was truck drivers will simply avoid the u.k. because it will be too much of a headache to deal with the restrictions. they are learning that lesson as a result of covid and it may get worse as a result of brexit. do you think that is fair? elizabeth: i think that is a

rational reason and something that could happen. however we do need to remember the amount of business the u.k. provides for the eu and the eu is double the amount we get from members, very much in favor of the eu making this simple and coming to the table to get a deal. the other thing to remember that gives us hope is for the first six months the u.k. will be waiting through imports. that should make it easier and make people want to deal with us but we still need to get the welfare and we are still pressing for a deal to make it all easier. get one,f you do not how do you protect supply chains? elizabeth: if we do not get one, the difference in the logistics industry between deal and no deal on the face of it looks simple. for each of those two scenarios, we still need a customs check

and we still need to do safety and security declarations. in many ways the paperwork is the same but there are crucial differences for us, which are even more fundamental. business?of where can you take your lobby and what can you drop off after january 1? if there is no deal, the proposal from the eu for a few of those movements for a six-month period, if we do not please deal, we will say get back to the table. we need a series of deals and improvements on the deal, bilateral agreements. something can be achieved to make it better than just a blanket no deal over time. guy: dealing with the here and now, clearly we are focused on the rollout of the vaccine. any suggestions that we could see problems if the issue at the

ports were to persist? are there other options? i am assuming we potentially fly the vaccine in. is that something we could do for other things? elizabeth: anything that is high value such as medicines and vaccines, there is a good business case to get those moving by air and also because this is so critical, i'm very confident those supply chains will not be disrupted. in fact, the department of health has said they have the military on standby should that be necessary. we hope the french ports will soon be open and a deal will be done on that issue later today or into this evening. thank your mature time today and the update. director of jong, policy at logistics u.k..

european markets finishing up near session highs. the ftse, the cac 40, and the dax all having positive days. not much action during the auction. we are in the christmas run in terms of what we will see in market activity and participation. more coverage at the top of the hour in terms of the u.k. on the cable show. we will do so on dab digital radio in the london area. this is bloomberg. ♪

ritika: this is "the european close." i am live in the civil room. coming up a conversation with senator dick durbin of illinois at 12:00. this is bloomberg. in on the bloomberg first word news. i am ritika gupta. it is a spending bill that has something for everyone. last night the senate gave final approval to a measure that provides coronavirus relief with

government funding and tax breaks for businesses. white house aides say president trump will sign the measure into law. it includes $900 billion in economic relief and is the second largest such measure in u.s. history. most americans will get a one-time payment of $600. enhanced jobless benefits will be extended. it is another setback in post-brexit trade talk. the eu has rejected the u.k.'s latest offer on fishing rights. the u.k. propose the eu reduce the amount of fish it catches in british waters by one third. last week the u.k. insisted on a 60% cut. the official cost to postpone the tokyo olympics has increased 22%. organizers said the games will now cost $15.4 billion, up $2.8 billion from last year's projections. audits by the japanese government show the costs are even higher, at least $25 billion. expenses come from renegotiating contact -- contracts and

expenses to cut the covid-19 pandemic. global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. . am ritika gupta this is bloomberg. kailey: thank you. apple is said to be getting into cars. according to reports, it is planning to build a self-driving car for consumers as soon as 2024. shares are up on the report and apple is joining the assembly line of companies getting in on a thomas and electric vehicles. for more on that market -- getting in on eponymous and elect -- on automous and electric vehicles. tony, thank you for being here. story, there seems to be a potential new entrant into the market every time you turn around. how do you see yourself positioned to compete? we concentrated on high

productivity vehicles. not just a vehicle that is fun to have for people on the coast, but focusing on the need for small business owners as you saw with our recent release with our multipurpose delivery vehicle, and as part of this pandemic -- are looking to gain more efficiency. you can do that with the environment. my view is apple's participation is only solidifying the demand similar to what we saw in the automotive industry when it started booming in the 1940's after world war ii and you had manufacturers. you have the same syndrome again and i think apple is a great statement. the types of vehicles they are focused on our different than the type of vehicles we are. guy: a lot of new entrants coming in. maybe the pie is big enough and

they will all be able to execute perfectly and deliver vehicles into the market. what you think will be the characteristics of companies that are going to succeed? will it be mechanical engineering paralysis, will up -- engineering paralysis, willoughby's -- engineering pr owess, will it be software? what are investors looking for in terms of those who succeed and those who will not? tony: we invested hundreds of millions of dollars before we went ahead and access to the capital markets and we have driving platform as you can see on the videos. if you think back to the example i gave earlier about when demand ms wereh, how many e there in the u.s.. there is the old oligopoly and there will be a creation of the new oligopoly. all kinds of things happen along that journey in partnerships,

joint ventures, but the reality is when you think of the couple billion vehicles that are on the road over the next two or three-car generations, you start to see the rotation happening. today it is 98% fossil fuel based. bethe future, is going to e technologies on these vehicles. business,er small medium and large business. that is where the true efficiencies and the ecological gains occur, which is where we are very focused. kailey: let's talk about your vehicle specifically. can you give us any detail on when you are planning to start manufacturing these, who will be doing it and when you start taking preorders? tony: i come out of the

aftermarket side so i have worked with all of the oem's for many years. we focused on looking at micro getory so you can actually -- technology is changing so quickly in the way things are manufactured from 3d to laser. the element of just-in-time is actually more vertically integrated versus those that have legacy robotics systems. from our perspective, it is going to be 80% in the first 2022 to be contract ownfacturing and 20% of our . over time as demand curve hits, we are focused on being the most aggressive tech company that can deliver vertically integrated high productivity peoples to

everybody in america that we can. it is definitely an arms race. the good news for us is we foundationh the rather than a design and we have demonstrated that to the markets. we have already done 50 crash test, which is a huge accomplishment. that is a far advancement from what you see most people out there with. have this skateboard which you can put all kinds of things on top of in terms of the type of product people want. that is going to reduce design time. the design time will continue to come down. you talk about the plethora of oem's that will be out there. if we think about everybody building cars off of your skateboard, i know volkswagen

has pushed one as well. i am curious as to how fragmented and granular you think the market could become and how big an opportunity those skateboard design foundations will provide for companies to get in and build whatever they want? tony: the platform is the most important piece. that is where we put a lot of time, money, and engine tearing expertise -- and engineering expertise. we have many advances. if you watch the video you can put the steering wheel anywhere you want and drive the vehicle. we focus on use cases. how do you deliver high productivity when you have a state -- when you have a skateboard, it is very flat, as the term skateboard comes from. multipurpose cash multipurpose -- ours is a multipurpose design for multiple tops to go on top of it. we have a platform the size of a

ford ranger frame, but it is flat. you can imagine how much square footage you could get. if we take that and we have the payload capabilities of an f-150, that platform could go everywhere in the world. it could go to europe. you think of right hand drive, left hand drive, you buy wire and the steering cost. the delivery vehicle we announced last week, you're getting 450 cubic feet of space in the back. you get 50 cubic feet in the cabin. monstrous -- it is demonstrous, which is why a believe there will be the old oligopolyand the new which will happen over the next three to four car generations. kailey: i want to ask you quickly, you obviously chose a spat to come to the public

market. you think you could've gone the traditional ipo route? tony: i've had a company i've taken public and private. spac's what you see is are also a new mechanism like private equity but with lower cost. you do not have the 2% and the 20% carry. i think it is a much more efficient way for the market to participate in important technologies. that was the reason we chose to go that way. it has done very well for us and our shareholders. guy: looking forward to seeing the vehicles on the road, looking forward to the final lineup as well. opportunities coming. , the new executive chairman. thank you for your time. this is bloomberg. ♪

ritika: time for the bloomberg

business flash. look at the biggest business stories in the news. the hollywood studio behind the james bond franchise is considering a sale. according to dow jones, mgm has tapped morgan stanley and line trade to begin a formal process. the studio is betting its will prove attractive. retiree says he put almost all of his life savings into a robinhood markets and and lost $300,000. the man says eventually the money was restored to his account and then robinhood took it back, saying there was no proof of unauthorized activity. robinhood has boomed in popularity this year, but it is also plagued by customer service complaints of compromised accounts. robinhood says when there is evidence of fraud it take steps to shut it down and restore

customers account. boeing has extended its sale street of 737 max jets. anska airlines has boosted order agreement of 68 cats. the carrier is returning airbus jet it acquired when it bought virgin america and will only use one type of aircraft. u.s. officials cleared the way for the 737 max durham -- the 737 max to resume flying. ryanair promised to buy the planes. kailey: that will wrap it up for the european close. a quick check on the markets. just off of session lows. the nasdaq is flat on the day. the s&p 500 lower .3%. up,ng up, "david -- coming "balance of power" with david westin. he will be speaking to wilbur ross, u.s. commerce secretary. ♪

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david: from bloomberg's world headquarters in new york to our tv and radio audiences worldwide, i am david westin. welcome to "balance of power," where the world of politics meets the world of business. we will start with a check on the markets. we turned to abigail doolittle. not a lot of action. a little softness. abigail: relatively quiet day. volumes are well below the 20 day average. a lot of investors already heading towards their holiday break. we have taken a small light lower. right now the s&p 500 headed for its third down day in a row. the bears trying to take control. on the upside we have apple and that is one reason we do not have a bigger selloff. apple is one of the biggest component of the s&p 500, up 2.4% on a report they may try to enter the electric vehicle market. tesla down for a second day after the company has been added to the s&p 500. also risk