annmarie: right. what kind of growth do you think in the united states the sectors that will do the best and rounding out 2020 into 2021? do you by the full rotation? depends timetally horizon you are talking about. very short-term, it is pretty hard to call which way things are going to go because it is in the melting pot. these kind of points, you have to step back a bit. just put -- one way would be putting on your till and helmet -- tin helmet and dodge the shrapnel, the negative news, and focus on the prospect for a strong global and u.s. recovery. the way still on path, to think about playing it is this valley rotation. it does not mean that value stocks will outperform, but if you are looking at a strong cyclical recovery next year, and interest rates remain pretty low, that is an attractive environment where you expect value stocks to do well, particularly where value stocks are very key. i think you have to play value six to 12 months. annmarie: going into 2021, john brought this up, the next

i'm annmarie hordern. risk off, concern over the coronavirus variant shows -- united states.e a last-ditch proposal on fishing to secure an 11th hour fishing deal as he races to reopen routes to france. powering down, tesla shares dragged down the s&p 500 in its trading debut. a good tuesday morning to do, 6:00 a.m. in london. another day we are seeing a pullback across global equities. over thissh concerns variant in the united kingdom, which the who chief scientist is alreadyterday, it identified a number including the netherlands and belgium, potentially the question is could we see this pop up in other countries and that is overshadowing the good news out inking it a $900 billion package. we have an update later in the show. we have the asian benchmark index trading software this morning, down more than 1% now. the s&p 500 futures down .5%. 1.3388.d, at one point, trading below a 1.32 handle on the british pound. this has to do with the strengthening of the dollar. this is as london is facing a tier fo

annmarie. annmarie: thank you. fishing for a deal, officials are cautiously predicting an agreement within days even as differences remain over access to u.k. waters. we go to brussels, next. this is bloomberg. ♪ are you frustrated with your weight and health? it's time for aerotrainer, a more effective total body fitness solution. (announcer) aerotrainer's ergodynamic design and four patented air chambers create maximum muscle activation for better results in less time, all while maintaining safe, correct form and allows for over 20 exercises. do the aerotrainer super crunch. the pre-stretch works your abs even harder, engaging the entire core. then it's the back extension, super rock, and lower back traction stretch to take the pressure off your spine and stretch muscles. planks are the ultimate total body exercise. build your upper body with pushups. work your lower body with the aerosquat. the aerotrainer is tested to support over 500 pounds. it inflates and deflates in less than 30 seconds using the electric

annmarie: what about the modernist study? study? at -- moderna looking at some of the headlines, it says the vaccine -- potential for durable immunity. >> it is one step forward. ands based on a short paper the new england journal of medicine, very short meaning two pages. they are data as following subjects they had in the phase one trial. looking at immune durability. a basic analysis of antibodies shows 119 days after the first injection, people still had pretty high levels of antibodies. we do expect that to go down. the thing they need to show down is that thing called immune memory and that is coming soon. annmarie: you know as well as i do the financial markets are bullish on this vaccine coming into play. what are the biggest risks to the downside of the vaccine narrative? >> the equation left ahead of us is a very complex one we need to solve to get out of this pandemic. people taking shots in their arms, getting the vaccine disturbed did and not wasting so many of the doses because obviously they perish if they are in the

annmarie: they meet every six weeks. they will likely say, they will only use it if it is warranted. why deliver such a big number if you know you are not going to use it? and you know you can just add to it in six weeks? chris: we question the wisdom of going so big, to be honest. we think that a 500 billion euro expansion would be more than enough to keep financial conditions. it would be more than enough to keep pressure off of fiscal authorities through this year and next. one of the issues with announcing a very big number is the ecb can say, well, we won't necessarily use all of it. the number starts to become meaningless. let's take an optimistic stance. theecb might want to end program or discontinue purchases. if you have a very big amount, that might make exit from the program a little bit more difficult. as i mentioned earlier, the market is looking for big numbers and the ecb really wants to avoid an adverse market reaction. maybe that's why the ecb would want to announce something pretty hefty. today, and po

i am annmarie hordern in london. the european union has become a -- they get the vaccination campaign. it will take months to vaccinate enough people to have an impact on the spread of the disease. the european commission president will be a gradual process and caution is needed. this comes as the u.k. is poised to approve the covid-19 vaccine produced by astrazeneca and the university of oxford. the regulator could clear the shop for use this week so lothar montel of tatton investment management stays with us. 2021 with the u.k. getting the astrazeneca vaccine would be good for a lot of places around the world considering it doesn't involve as much as the logistic problems of refrigeration as the others. with europe finally starting to vaccinate, is there risk to the upside when you look at european assets? is now a time you would want to buy european assets? brexit plus vaccinations, is this positive? is positive and should be positive for the economy but let's not forget market had anticipated much of this happeni

manus, amory. -- annmarie. annmarie: laura wright in london. we speak to our guest, founder of atwater capital, for today's many undercover segment. we will talk to her about investing in media and entertainment and the importance of equal representation. this is bloomberg. ♪ manus: it is tuesday. manus cranny in dubai and annmarie hordern beside me. content may be king but it's also a booming asset class. just this month, bob dylan sold his entire song catalog which was worth more than $200 million. stevie nicks sold the majority for $100ng writing million. private equity investors are also getting in on the action. investing in everything from music rights to films and tv. dani burger. joining me is the founder of media and entertainment pe fund atwater capital and also former cio of jay-z's rock nation. dang so much for joining a spirit i know you are up late in l.a. so we really appreciate it. it does seem lately like there's been a lot of music deals. manus mentioned bob dylan, stevie nicks, taylor swift songs, bought by a fund. why are

this is bloomberg. ♪ annmarie: good morning. m annmarie hordern. 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. tha

annmarie: thanks to francine lacqua. more coverage on this story when she comes up later in the program at 9:00 a.m. u.k. 10. that does it for us. another bit of banking news, lloyds ceo going over to credit suisse to be the chairman. manus:. . absolutely. a new chairman. it is a day of banking. what we need is dividends to return and then you get a fuyll cyclical tilt. we are going to do it all again tomorrow. anna edwards, she is on her own. this is bloomberg. ♪ are you frustrated with your weight and health? it's time for aerotrainer, a more effective total body fitness solution. (announcer) aerotrainer's ergodynamic design and four patented air chambers create maximum muscle activation for better results in less time, all while maintaining safe, correct form and allows for over 20 exercises. do the aerotrainer super crunch. the pre-stretch works your abs even harder, engaging the entire core. then it's the back extension, super rock, and lower back traction stretch to take the pressure off your spine and stretch mu

annmarie: you mentioned the covid year. this weekend, more parts of england will be entering tier four. that picture looking to me and gloomy here in the u.k.. brexit, a potential bright spot. thank you so much. she will join us with her show at the top of the hour when boris johnson is expected to speak with ursula von der leyen. anna will bring you all the latest news. 2020 saw an unprecedented level of central-bank support. here are some of the highlights. >> there are some signs that global growth may be stabilizing after declining since mid 2018. >> as for the uncertainty surrounding the impact, it's a renewed source of concern. >> that could lead to disruptions in china that spill over to the rest of the global economy. coordination and action is so much more. >> we will not run out of ammunition. that doesn't happen. >> we will use any activity that we have. >> recovery may take some time to gather momentum. the passage of time can turn liquidity problems into solvency problems. >> the ecb will continue to support th

. ♪ annmarie: good morning. this is daybreak europe. a quick check on where we trade this monday morning. pressure across global equity markets as the u.k. and forunces a new tier four london. we are seeing most of the asian indices to the downside. ftse 100 futures down. they are crawling back a little bit. under some pressure. futures fluctuating a little bit. sticking with our top story, london and the southeast of england are under new restrictions as a more contagious version of the virus has emerged. the pound slumped on that news as well as the brexit impasse. let's turn to our guest host, fabiana fedeli, global head of fundamental equities at robeco. every time you come on the show as you rightly noted during the commercial break, there is some new news regarding covid. does this new news coming out of the u.k. make you want to shift your focus which has been moving towards the rotation of cyclical? fabiana: good morning. no, not at this point. what we know about the virus in the u.k. that is highly contagious but the vaccine st

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 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. ♪ 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

annmarie: good point. i think december 11, in terms of having to extend the government to keep it open, is one to watch. back with us is tatjana greil castro. tatjana, i want to get your sense on where the stimulus talks play in the united states. it's almost like the bad news in terms of the jobs report on friday meant good news, because that put the impetus on d.c. to act. do you see a deal before the end of 2020? tatjana: that would be very positive. i did not think there would be a deal coming that late into the old administration. it would be positive to see it being lent to a potential government -- linked to a potential government shutdown. yet there is some agreement to be found. that would be positive for the equity markets. clearly, something we are watching very closely, what it means for the treasury markets. the treasury is in a near-term high, just under 1% in the 10-year. that could steepen further if you get a stimulus package. annmarie: do you think the 10-year could pierce through that 1%

annmarie hordern at london hq. joe biden has been putting his economic team together, winning approval from political and business leaders. a nobel laureate spoke to bloomberg about the lineup, praising the competence and progressive credentials. an amazingly competent group of people. it is like night and day. was going to say something i should not. differenttotally universe of people in terms of knowing what they are doing and talking about. that i have to feel like a lot of them are overqualified for the positions they are in. is that they are a group that has very strong progressive credentials. never mind trump, think about yellen,im versus janet peter orszag. compared with neera tanden, you are seeing a really significant more towards a much progressive centerleft orientation. anythinghey can do depend a lot on politics, particularly on the senate races in georgia. >> the politics obviously are going to be challenging here at least to get anything through congress. i'm curious. it seems like there were some

annmarie: we have seen that, certainly. thank you for joining us, bloomberg live european strategist. he got up early for us this friday. that does it for me and "bloomberg daybreak: europe." the european open is up next. we can see futures lower and softer this morning. we are clawing back after the drop from the writers report saying the u.s. government is preparing to add 80 companies mostly in china to the blacklist. happy friday. this is bloomberg. ♪ ♪ anna: good morning and welcome to bloomberg markets the european open. i'm anna edwards live in london. matt: good morning. the markets say the doctor will see you now. $8,000 a ton for the first time in seven years. futures in europe are off. here are your top headlines from the bloomberg terminal. china's top chipmaker

annmarie? annmarie: thank you so much for those. i am sure we are going to get more calls on the pound as the days and hours go on for brexit. that is the market reaction and what investors need to be thinking about in pricing in. joining us now for the political side of the brexit negotiations is kathryn, professor of law at cambridge university. thank you for joining us. i just want to start with where we are right now in the state of play and was think the next 24 hours could bring. we do have boris johnson going to brussels. a fails face meeting with the european commission president. should this be viewed as a positive to the market, or do you think this is too little, too late for a deal? >> i do think this is something for the market for the simple reason that if there is a deal to be done, boris johnson wants to be in brussels at the scene of the action and taking credit for that deal. i do think this is a very positive sign. i think having a deal brexit is far better than a no-deal brexit, for the simple reason even though

annmarie: no. [laughter] --hink you have a lot more you usually offer a lot more excitement to me than breakevens but that's where we are today. the final week of 2020. manus: indeed. we look forward to 2021 and so do the whole crew as well. let's talk about markets because they are all going to scream at the tv that we are chatting too much. we had too good of a time on "daybreak europe." it's christmas. it's another day for nvidia and apple. will we go to the movies ever again? will we stay at home forever? is our societal state irrevocably changed? what we do. bonds, will they ever break 1%? rolet up. have a look at the rest of the markets. we are up 65% from our lows in march of this year on the s&p 500. it is whimpering. 135.60 eight. services are not included in the deal. in the summer. we put on 10%. is that enough? astra oxford vaccine change the narrative for cable? still have not bought any bitcoin. i could have retired if i bought the bitcoin. but anyway, let's talk about the trade deals

annmarie: benjamin. saying whatyou are a lot of guests have said, not all cyclicals are created equal. stay with us, benjamin jones from state street. a recap of your other news with laura wright. laura: good morning. president has discussed pardons with his three eldest children's and rudy giuliani according to the new york times. sources told the paper the president is concerned the biden justice department might target his children and son-in-law jared kushner. he has talked to advisers about granting a pre-pardon. no comments from the president. the eu is signaling it will play hardball with budget hold out poland and hungary. it could cut their funding as soon as next year over that threat to veto the over $2 trillion spending package. if the budget is not agreed, the eu could shift spending priorities and money going to the two nations. australia's economy bounced back to growth in the third quarter. household spending surged in the government maintained support. gdp expended 3.3% from the previous

yousef: annmarie, thank you. that is bloomberg's annmarie hordern. is david, now bloomberg's senior editor. david, do we have any more details around who gave into what? two big questions there, the timing of this, this being brexit of course. everyone knows better than to make hard and fast predictions on timing. we had teams out obviously tracking this throughout the night in brussels and london. at one point, there was going to be a press conference at 2:00 in the morning. of course the timing of that could switch, so we are poised, waiting, but i am afraid no for medication yet. there still seems to be some talks going on at the margins here around some of the details, some of the wording of the final document, which is reportedly now running to 2000 pages. whether we get our hands on that is not yet clear, and it is not yet confirmed with the details are in that. we had some headlines overnight about the compromises on the fishing. that was kind of the final big hurdle. we have got the top line numbers on that, but, again, the devils on this wil

annmarie: thomas, thank you for joining us. thanks for giving us your time this morning. lots of topics covered with thomas on bloomberg daybreak. staying with us, brexit talks have been extended. boris johnson and ursula von der the extrae to go mile and keep working on a deal. joining us now is the senior fellow at the german marshall fund of the united states. very good to speak to you. shifted givenase the continuation of talks or is this all part of the negotiation drama? >> keep talking it's good. both parties had a prearranged onortunity to end the talks sunday. they did not. that is the good news. we don't know yet why. there is as you just said the possibility that this is all part of a sort of choreography dance of death that leads us to a no-deal, but there's also the possibility that this is the kind of drama, if you like, that takes us right up to the very deadline,before the new year's eve, before there is a deal, but i think it's important to understand that such a tactic is not without costs. u.k. firms, european firms that are supposed to be even with a d

annmarie hordern spoke to him exclusively. years,he last five plus the world has been traveling in an opposite direction. nationalism, deglobalization, global naturalism, all these things have changed for the worse, for that matter. so i'm quite hopeful, that with the new administration coming in, there will actually be a change of sentiment, and hopefully also effectively a change in direction. because if it doesn't happen, if we can't find a way to make multilateralism, globalization, everything else worked, i don't think we're going to succeed. annmarie: do you think joe biden is the right solution to that? ben: well, i'm not a u.s. citizen so i did not vote in the election, so that may not comment on the candidate. and is clearly to say at this point what exactly what the policy will be of a biden/harris administration. but i think rejoining paris is a pretty good start, i would suggest. sit of the ideas that behind the green deal -- in the end, it's all practicalities that will matter. we'll see how they play out. but the

annmarie hordern conveys her virtual regards. from me to the whole team, as i said at the end of the last show , you get your daily edition of daybreak europe. it is put together by a cracking team. how could anybody have a holiday right now? how could they not be here? my thanks to the whole team at bloomberg hq in london. they make sure that you get your daily edition of daybreak europe. happy new year. ♪ >> good morning. welcome to bloomberg markets. this is the european open. i'm matt miller here in berlin. today the markets say happy new year. stocks are set to end 2020 at record highs. in some places the cash trade is just an hour away. here are your top headlines from the bloomberg terminal. china approves a domesticically produced vaccine

the chief scientist from the world health organization speaking to our colleague, annmarie hordern. months, bloomberg crunches the numbers on the best and worst places to be during the pandemic. we have seen some surprising shifts. our reporter joins us with the findings. u.s. shocked on where the placed. dropping 19 places to the 37th position. what are the biggest changes for november? in november, we can see our global champion continues to be new the zealand. also made a bad situation worse a cross europe and the u.s. back to the top five performers, new zealand, taiwan, norway and singapore. up to thisould move range as people resume activity. what is -- what has the impact been from the vaccine on epidemic containment? access toeshed the the vaccine metric as more information emerges. thehift from tracking infections to the population covered by the vaccine. hundreds -- thousands of doses have been rolled out in the u.s. but that has yet to be translated into the calculations. canada topped the access to vaccines. they have enough to cover five times their population. it's ove

soumya swaminathan, chief scientist at the who, speaking to my colleague annmarie hordern earlier on this morning. up next, more on the markets and the response we are seeing from various countries around the world to the latest outbreak in the u.k. norway holding flights from the u.k. an irish minister saying that a 48 hour travel ban is likely to be extended. all of this weighing heavily on assets this morning. this is bloomberg. ♪ him back to the european market open -- welcome back to the european market open. down 1.8% on the stoxx 600. when i woke up this morning, i saw the news surrounding the u.s. stimulus being agreed in the u.s., and i thought maybe there is room for some upside for risk assets. but that is outweighed by more immediate concerns around the virus in europe. what is your take on the balance of those? reporter: i think so. virus has hand, the definitely spooked people. people were talking about a second wave. a lot of people were not talking about a new strain. a new strain spokespeople a little bit. but i think once markets get vaccines may that be still eff

annmarie: welcome to "the "theean open peer, -- european open." matt: crunch time for real. the pound slipped as traders brexit the latest stalemate. president trump ramps up pressure on china in his final weeks in office. cash trade is less than an hour away. knife edge. brexit talks near a compromise on fishing, leaving the level playing field the biggest obstacle. can the side to get a deal through today? sanctions hit sentiment. stocks and futures flip as the u.s. is said to add more chinese officials to a blacklist and the rollout begins. coronavirus vaccines start in the u.k. tomorrow. the u.s. may follow suit by the end of the week if the fda gives emergency and approval -- emergency approval. i have been away for six weeks on paternity leave. it has been fantastic. not much seems to have changed in terms of markets. we are still in crunch time. we are still looking at covid infections rising to all-time highs. we are still looking at u.s. stocks rising as well. i guess the vaccines is the hopeful sign. maybe this week, the good change we have all been waiting for in