francine? francine: where do we go from here? last night's dinner between boris johnson and ursula von der leyen ended without a brexit breakthrough. sunday's new deadline for negotiators to come up with an agreement on trade. the key sticking point, fishing, state rules remain. von der leyen says the two sides are still far apart. go to guntram wolff, director of bruegel. i'm not really sure what to make of this. -- if there are a remaining big differences now, what will change between now and sunday? is it just another deadline that will come and go, or is there real will on both sides to find something? the way i think about this is really about a game of brinksmanship. both sides have positions in strong views on critical issues, and both want the other side to fold, essentially, and to give in as much as possible. so the three hours -- nobody can tell me that there was really something new being discussed. these issues are all on the table. they have been talking about them for years. it is crunch time, the last days during

francine? francine: italy's leadership of the g20 starts today. the presidency's agenda remains on three main pillars of people, planet, and prosperity. be focused onll planning their recovery from the coronavirus pandemic. alcan business leaders play their part? joining us -- how can business leaders play their part? joining us now is emma marcegaglia. thank you so much for speaking to us. is it easier to talk at the g20 level because you have a biden administration that will take over in january that looks more willing to look at multilateralism as a way forward? i think you are right. it is not always very easy to talk about alter lateral is him. thee we have seen crisis on multilateralism institutions. but i think with a biden presidency, probably we can open a dialogue on this. i think, for example, as you know, we still have the appointment of the new director general that has been blocked by the u.s. administration. now probably we can go on with that. we can talk about reform of the wto, which now has not been able to convey new agreements

francine? francine: leigh-ann, thank you so much. now, the u.s. is set to add dozens of chinese companies to a trade blacklist, including the country's top chipmaker. president trump has cemented his tough giant -- tough china stance. john, our greater china editor. and 11 otherspany are being hit on a blacklist. john: it won't be much of a surprise, unfortunately. earlier this month ,smic was put on a list by the pentagon as identified as having being owned by the chinese military, something that smic has denied. it is the latest step in a series of things that president trump has done to sort of escalate tensions with china in the waning days of his administration. francine: john, what is the thinking of china -- in china? does the biden administration perverse things? righti think in beijing now, that stance is, let's wait and see. i think everybody is trying to be restrained and how beijing reacts to the thing that trump is doing before he leaves office and i think there is a bit of optimis

francine? francine: thank you so much. i have to say, all of the conversations in every cabin london is whether you get the vaccine or not, what it will take for you to get it, and how available it is. one of the best months ever for equities as the vaccine boosted equities. what does the rest of the year and 212 2021 hold? joining us is toby nangle from columbia threadneedle. happy friday. when you look at equities and the bull run that we have seen and the record that we have had, as all the good news now priced in? a trillion dollar question there. valuation is certainly quite high. compared to at them other markets, when we think about the great environment out there, and we think about the greater level of certainty coming through with vaccine being rolled out and the kind of economic rebound that we envisage, we find some quite good value around the market. where do you see that value? is this on the perception that we get a vaccine and that it is rolled out safely and a critical mass will take it? toby: probably mos

francine? francine: leigh-ann, thank you so much. now, democrat leaders in congress have thrown their support behind a bipartisan stimulus proposal as a foundation for a new round of negotiations. it comes as the pandemic continues to raise come up with 2700.ties topping testifying before a house committee, fed chair jay powell says he is in no hurry to taper the bond purchase program. he also warns millions of americans are still out of work. chair powell: with the labor market, i think we ought to remember that despite the rapid progress in getting people back to work, which is so welcome, there are still 10 million people out of work because of the pandemic. joining us this trevor greethham, head of mostly asset at royal london asset management. what are the markets hoping for? markets werenk the expecting a compromise much closer to the republican end of the scale. keep in mind the democrats wanted to $.4 trillion, and we are getting just short of $1 trillion. what is $1 trillion these days? there are certainly a lot of focus on

francine? francine: thank you so much. president trump and senate majority leader mitch mcconnell are likely to back a 908 lien dollars stimulus package. that is according to senator bill cassidy, a member of a bipartisan group sponsoring the bill. >> neither have said we will sign your bill. that's fair, we have final language. our final leg which will probably come out earlier this week. so than people can look at it and we can modify it as needed. but indications i get, the pain of the american people is driving this, and i'm optimistic that both of those leaders will come on board. francine: let's get back to kokou agbo-bloua from societe generale. you look at the hope on the stimulus, that depends on what happens in georgia with the senate race, but what does the u.s. economy need right now? kokou: i think the u.s. economy needs a stronger short-term fiscal stimulus. the number talked about between $500 billion, $700 billion as opposed to $2 trillion. the short-term damage to the demand that we see in unappointed has

francine? francine: leigh-ann, thank you so much. now let's get straight to our top story. the u.k. has approved a pfizer-biontech vaccine to be used. let's get straight to sam fazeli, bloomberg intelligence's senior pharmaceutical analyst. sam, thank you, as always, for giving us a little part of your busy day. i know there are talks a vaccine would be available asap in the u.k., but does it mean that it will accelerate other jurisdictions, also saying they are ok with the vaccine being approved? sam: morning, francine. vaccinet news that the has been approved by the u.k. i do not think it will affect other jurisdictions. the fda already has its timeline set up for simmer 10 for the biontech meeting, and it is a public meeting, so anybody can listen to it and see all the data in its full glory, and of course december 17 for the motor in her vaccine, and we think -- moderna vaccine. this does not really impact much else. francine: sam, what does it impact? it will come a longer term, of course, impact lockdowns. how long will it take

francine: welcome to "bloomberg etf iq europe." i'm francine lacqua in london. everything you need to know about the funds and the flows. francine: strongest month on record. equity etf's at 16 billion euros of cash in november, jumping ahead. gold withdrawals. this shot developed by astrazeneca at oxford university, the questions remain unanswered. changing course as vanguard its smart vita in europe. we will look at the second largest asset manager. first thing is first. let's look at which countries and sectors have been attracting the money. dani burger has all the details. ago: looking at fs l

francine? francine: with the u.k. and e.u. oath warning it is unlikely, what would no deal scenario look like for the london financial services sector? boris johnson wants you leaders to step in, but was frustrated last night when summit talks overran, knocking brexit talks off the agenda. the prime minister says the u.k. should prepare to leave without a deal. joining us now is douglas flint, chairman at standard life aberdeen. thank you so much for joining us. what would a no deal in your eyes mean for the city of london and financial services? far as the city of london, financial services is concerned, i think the city has been preparing for the basis that there would be no deal, the basis that you have to prepare for the worst to get a better outcome that enables you to improve in that position. i think they are ready for a no deal and -- most importantly our clients are able to access the services they need without interruption. that is the position right across. this weekendors, and in three weekends time we will know wi

francine? this off driving startup owned by amazon -- the company plans to deploy fleets of the soft driving carriage. the chief executive spoke to us about challenges in getting the product to market. >> this is one of those technologies where there is an advantage for everybody debt for cities, in terms of infrastructure. we are working closely with city level, state, and federal level, and we are putting things together. already, inee come nevada and california, -- >> there are other jurisdictions that are looking at trying to be an example from european nations. we see is doomed -- we see zoom establish itself outside the united states? yes, we have global ambitions. >> do you think the public will be receptive to getting into a vehicle like that? it has no steering wheel, no pedals. is safe, it's clean, it enjoyable. building trust even in the way customerre is a contract, where they see what we are using a supplies. it will take time. little by little we will earn it. think it is an invit

this is bloomberg. ♪ francine: this is "bloomberg surveillance" with tom and francine. he is back after celebrating thanksgiving. brexit negotiators working to strike a deal by the end of the week. boris is facing his biggest rebellion yet. john is with us. quite a lot of pound moves as soon as someone mentions no deal. is this posturing? if we get a deal, it is skinny. are repaying too much attention to day by day negotiations? think we pay too much attention to the daily headlines . be skinny deal will unhelpful to the pound. dislocation large but it is nonetheless against the backdrop of zero yield currency the next couple years, the pound is the european equivalent of the dollar. i disagree there is a big opportunity in u.k. assets. interesting. are you expecting a deal? there will be a deal, meaning an agreement. push thety of it to economy -- four years has been a spent on achieving an outcome not particularly helpful to the economy. this is an historic event. tom: i look at real yield. contained chart, elegant with remarkable abilities. which way can they cut? i

francine: the u.k. sector, is there a sense that it has been sacrificed in order to have free trade of movement? that the dealhink in as far as it goes is going to be welcomed by much of manufacturing and automotive. it has avoided tariffs. if there had been tariffs, i think that would have killed the industry in the u.k.. we would have seen huge job losses and a lot of bank closures. that has been avoided in the short-term. i think that opens the green light to some investment that have been stalled because big multinationals did not know what the big trading relationship would be. i think you will see nissan aking big -- in 2021, peugeot may invest in the u.k. as well. in. is lagging badly behind electric vehicle supply chain. we don't really make factories at scale in the u.k. in six months, the batteries have got to come from either the eu or u.k.. if the investment is going to europe, it does not make much commercial sense to bring it back from europe into the u.k. to go into a car to than export.

francine? francine: leigh-ann, thank you so much. now, we are just getting breaking out of nor just bank. interesting to see what they are doing. so the key rate is unchanged. the governor, andrew bailey, holding a decision. the only thing i would watch out for monetary policy, and it is monetary policy heavy today, as rumors or talks that the pboc could go at it alone, so tightening, and that could actually change the trajectory going forward. now, the fed staying the course on the u.s. economy until it sees massive changes. the fed chair, jay powell, sounded the most optimistic he has been since the coronavirus crisis actually began. chair powell: it means we will be looking for employment to be substantially closer to assessments at its maximum level and inflation to be substantially lo closer to our 2% longer run go before we make adjustments to our purchases. >> that is a long time to be very accommodative, but that is basically the horizon that we are talking about here. now, everyone knows how uncertain everyone macroeconomic

francine? francine: i'm looking at my bloomberg terminal because we are getting breaking out of south africa. this is gdp and you can see annualized quarter on quarter better than expected, 66 point 1%. the last quarter was so bad that the right number to look at is year on year. so you can see year on year it is -6%. so you can see south africa exited its technical procession, to september.h gross domestic product figures released today hardly present a glowing report, even though it is better than expected. you can see the economy is still stringing -- still shrinking some 6%. bit.wer is quite a story, 15african rand per dollar. crisis talks will be held in brussels. boris johnson making an 11th hour bid to break a deadlock on trade negotiations. he will meet with ursula von der leyen to discuss critical issues, a level playing field, fisheries, over which significant differences still remain. maria tadeo joins us from brussels. meeting high-stakes happening tomorrow between the head of the e

francine? francine: thank you so much. this is what the markets are looking at. after a pretty impressive month isnovember that we had, it december 1. not sure how that happened. back. are bouncing u.s. futures also bouncing back. if you look at the gauge of dollar, it is fallen to the lowest since 2018. gold edges up after the decline, and overall there is a lot of company news when it comes to, for example, some of the banks. oil falling for a third day, reaching a deal on production after for the moment they don't have one. goes i love that tom keene on vacation, and i think we should go wall-to-wall bitcoin as it reaches a record high. markets,head of u.s. s&p futures are higher, near session highs after that pfizer biontech news. --basis points, 36.50 7 3657.75.- thirst suck kit juckes of societe generale put out a note this morning saying the dollar is on the back foot, but who is on the front foot? meanwhile, we see 10 year yields climb. newr futures hitting a all-time high after gains. incredible to see manufacturi

francine: stimulus before christmas? mitch mcconnell says lawmakers are getting closer to a deal, guidance from the fed on bond buying. expanding restrictions. new york city mayor says prepare for a shutdown after the holidays. france and poachers eight -- imposes a curfew. bang dividends, imposes strict limits of payoff levels. we hear from the chair of the supervisory board. good morning, everyone. welcome to "bloomberg surveillance." i am francine lacqua here in london. we are just getting some figures, so let's have a look at what that means. i think the ifo institute numbers do not take into account the latest lockdown, so it will be a good indication of before lockdown but not what we will see in the next few weeks. before we get onto ifo, we have central bank pmi, and there is positive news on the stimulus. of course, watch out for anything in terms of assets, bond buying program, that areges on the fed, and we hearing positive noise out of brexit. i think we have the ifo institute figures. i don't know if we can

francine: mr. papaconstantinou, when the leader of a g-7 country tests positive for covid-19, does it change the trajectory of that government policy? president emmanuel macron tested positive. george: best wishes for a quick recovery. to people thatl no one is immune, and it facilitates some restraint over the holidays, which is going to be a problem all over the world. issue, ineate an terms of governance with big decisions coming up. athink the two big things, , to putat europe had, a together the new financial package that is done. brexit which seems to be in the capable hanetiators. micron has shown leadership in europe over the last few years and being able to move forward. francine: thank you for joining us, george papaconstantinou, the former greek financial minister -- finance minister. president of russia is holding the annual press conference for an hour, and i think counting. the president is virtually speaking to a lot of socially distanced reporters. we are expecting covid-19 to come

francine? francine: thank you so much. the markets firmly focused on exactly how many number of new infected there are, and also on these restrictions of lockdowns. we had an interesting take from gilles moec talking about the vaccine, then moving to recovery, and we will be in the start and stop kind of scenario. overall, the picture is u.s. futures signaling a rebound, looking at trading pretty much making european equities holding, but not to massive gains. there are lingering worries about tougher lockdowns. treasury changing, oil dropping. this is bloomberg. bloomberg surveillance continues. ♪ francine: it's official. the electoral college confirms joe biden's victory. he asks americans to look ahead to the urgent work of getting the pandemic under control. curbing the virus. new restrictions threaten major economies. london is set to enter tier 3 rules. new york could see another full lockdown. and credit suisse will restart share buybacks in january. it also sees fourth quarter investment bank revenues ahead of th

francine? francine: thank you so much. let's talk about everything else going on in the markets, and talk about brexit, the e.u. deal, the stimulus in the u.s.. joining us is peter dixon. we are spending so much time on brexit, and we can see the end of this very long and protracted negotiating process. but does anyone apart from the u.k. actually care in the markets what happens to brexit? peter: i think in the markets they care. because of the impact on company earnings. if you're a german, french, or italian producer, which has a decent presence in the u.k., then you care. but i think the problematic -- the problem has gone on so long, it has dragged on politically and economically. the people are somewhat bored, and i think you look at market pricing, there is concern at the moment, but the market has only got to act when we see the whites of the eyes of the deal. in other words, you might see a strong ratcheting in sterling, which up to now we have not seen. francine: what does that mean for equities in the u.k.? is t

francine: matt how -- matthew: go ahead. francine: how did she do it? unlike most of our competitors who rely on market benchmarks, she chooses the size of her weights. how did you pick the companies and do so phenomenally well? matthew: let's take one of the fund, the ark revolution that she runs. --has appreciated a combined the companies in the fund, the top five, appreciated a combined 430%. there is ark therapeutics holdings, a biotech that focuses on treatments for diseases, including the coronavirus. fundpresents 4.7% of the and returned 750% in 2020. thank him a there is crisper therapeutics, a switzerland-based biotech maker of gene-based medicines. at 16%turned 177 percent of the fund. then bioscience at california, maker ofiagnostics inexpensive dna sequencing. you get the idea. these are not your household names or companies that typically people talk about. francine: thank you so much for joining us. too short time. matthew, our editor-in-chief with this story. check it out. this is bloomberg. ♪ s is bloomberg. ♪ francine: china proves

francine can speak for this. after the first child, there is immediacy of getting to the next child to support the first child. francine and i expect news here at any moment. francine: i remember the first time i met you. it was over a drink of our choice. [laughter] every 30 seconds, you would say, you have to read about economics and turn around and say, where is libor? where is libor? i always associate them. tom: that is even worse. associates libor as well. libor doesn't matter anymore, neither does my birthday. matthew miller, thank you. ritika: happy birthday, tom. stephen mnuchin is trying to break the deadlock over a new coronavirus relief bill. he called nancy pelosi with a $916 billion proposal that andudes aid to states liability protections. progress.d the offer they are unhappy at does not include enhanced unemployment benefits. democratic lawmakers balking at joe biden's choice to run the pentagon. congress would have to approve a waiver that bars military officers from leaving the pentagon within

francine: what will we see in december? carl: in december, the possibility is there that we could see a negative cable print. all of this recovery and robust , the health the second half of the year is not going to -ive up -- the house young - halcyon second half of the year is not going to hold up. we are going to see high-frequency indicators starting to reflect that tightening of the vice grips on economic activity. i should add to that, as goes december will go january february, and march. periodheading into a that will look like it did last year. it is just understood in modern economics, we can never have true wage deflation, the unitedreal, like kingdom in the first season of the ground. is that coming, outright wage deflation? carl: i don't think it is surprising to see that type of wage deflation. recession, great janet yellen highlighted that we did not see more wage deflation. this time around, i think we are going to see more of that become such a severe shock. fastecession was a record and deep recession. as we

francine? francine: thank you so much. britain's top retailers and food manufacturers are demanding lawmakers investigate disruptions at u.k. ports. the disruption has caused shipping costs to soar after the country completes its split from the european union on december 31. joining us to talk about all of this is helen dickinson, british retail consortium chief executive. we are five or six working days away from when the u.k. leaves the eu. no matter what happens, our supply chains ready for it? helen: certainly, retailers across the u.k. have been investing in really making sure they've got all the preparations that they need, but whatever happens over the next couple of weeks, there's going to be some disruption at our ports because there will be new procedures and goodsses that apply for transferring between the u.k. and the eu on january 1. so there will be some disruption. that from a food point of view will mainly be around french foods. there's no need for us as movers of the public to buy more food than we need.

francine? francine: thank you so much. this is what the markets are doing. a lot of the focus will be on u.s. jobs data. i am looking forward to seeing what happens on the markets -- to the markets on the back of it. the other story is oil, tom and i watching for american oil. wti come you can see 46.09. the first story is what is going on with brexit. we have a deal, do we not have a deal? what we have now is a lot of confusion talk, and you can see the sterling, 1.3437 tom: also the dollar weaker again today. renminbi has been really quite something. 6.531 per dollar. not enough has been said about that. maybe i will do a chart on that later here. upures up 10, dell futures 1.16. the vix does not really move much in early american trade. i do want to point out the continued lift in oil, and we are on a watch for global oil at $50 a barrel, which is a long way from the negative pricing of that crisis. i believe that was in march. maybe that was in april as well. it is jobs day in america. we will have important conversation. lawrence kudlow will join us fro

francine: what about apple? just to be clear, and every time we have something from a competition commissioner in europe, he said this is un-american. is the u.s. becoming much more like europe? hussein: to some degree, the two regimes are converging with this action. the u.s. historically has not -- has not done very much. have these commissions fighting against facebook and those are kind of the two openings. i don't think this is one where the government can go to war with all four tech giants at the same time. i think the google one may be subtle, the facebook one, the government is going for the win. i think amazon probably gets left behind and then the question of what happens on the apple side with the doj. francine: thank you. let's get straight to the bloomberg first word news. steven mnuchin and nancy pelosi are hopeful there will be a new deal on a stimulus package. lawmakers face roadblocks, one is a business liability shield and the other is aid to states. pelosi said, one way or another, we will ge

lumbar surveillance with francine in london and tom keene -- bloomberg surveillance with francine in london and tom keene in new york. the vix at 2.31. i looked for it to come in with good economic data in europe. leading to stronger euro into new dollar weakness. we see that in the pacific rim as well. on space andat joy on investment in space. the rationalization of doing it again. stanford and then she went to the dark side. are you kidding me? she lined up with one of the great distinguished venture capital firms. what was the first day like? spherical geometry and with a bunch of financial animals. what was the first day like? did common question is how we go from airfoils to term sheets? how did i get to venture capital? i am still very much an aerospace engineer. but rather than being a technical engineer at a single company, i am investing in the ecosystem helped catalyze an industry forward by investing in technologies that i think will continue to push and continue to open space for business. tom: we have just seen the chinese space mission to the moon. the moon and mars. e

francine? francine: there are two or three stories that i'm watching out for. investors are focused on a democratic call for in most talks come if they will support talks today. something that actually took the market by surprise, which is why we are seeing not only sterling change, but actual euro-sterling, and cable as well. the other thing i'm watching out for is oil, oil pretty significant simply because of opec-plus. we are expecting some things to be a bit more positive than two or three days ago. but still, something that concerns market. up next, thomas gift. this is bloomberg. ♪ tom: "bloomberg surveillance." claims coming up at 8:30. extremely important statistic before tomorrow's jobs report. a lot of focus on the pandemic, on the markets. but also the politics. yours gift, director said of u.s. politics. the royal family completely stopped, not from watching "the crown," but the federal government of the united states of america, which everybody -- i listen to it. it was very good as you were explaining away this craziness. yesterday, professor gi

francine: and london, we are definitely in tier 3, and that starts tonight. it is interesting to see how quickly and damaging to the economy it is, the stop and start, the fact that restaurants still have a lot of things that they -- they certainly have to lock down. better in lockdown, and it is easier for planning. tom: mayor de blasio yesterday, for those of you across the country, it is really pretty grim, the tough decisions he and the governor of new york state have to make. mario cuomo. i had to take a day off, francine, just to prepare for your birthday. i had my birthday, and francine's is worse than mine, folks, because it is closer to christmas, where everyone around here could care less about her birthday because christmas is right there. francine: this is the reality of having children. if you are born december 15, you are at the home stretch to wrist miss. -- to christmas. my mother is making homemade lasagna with pesto. so thank you, tom, and the team. tom: i did not get homemade

francine: thank you so much. luigi zingales of the university of chicago of business. i hope you are wearing red as all italians should on december 31. this is bloomberg and we will have more in the markets, look at politics, and look ahead to the new year. ♪ 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 of your mobile experience. you can shop the latest phones, bring your own device, or trade in for extra savings. stop in or book an appointment to shop safely with peace of mind at your local xfinity store. this is "bloomberg surveillance." i am ritika gupta with your business flash. exxon mobil indicating it has suffered a fourth straight quarterly loss. they confirmed in a filing it would take a write-down of as much as $20 billion on its upstre

francine: this is "bloomberg surveillance." alisa and francine from london and new york. we are back with sir howard davies of net west group, talking about what it means for investors and actually banks and investments. i want to ask you a little bit about how you see the pandemic playing out. how have the covid lowden's been performing? are people -- how have the covid loans been performing? i think the answer to your second question is yes, we and the other banks have been able to respond to requests for financing. the good thing you can say about the u.k. banking system is that it is strongly capitalized and is very much open for business, so the availability of loans i think has not been the issue. --say are they performing what do you mean by performing? because they are not performing in the sense of paying interest because the interest has been suspended on them. so what we don't know is whether when the schemes come to an end, which at the moment supposedly is at the end of march, whether companies will then be able to pick up and pay the interest payments on tho

francine: what is this? rick, we spoke with you for 15 minutes and we have not ask you about brexit. our u.k. assets attractive if we get a last-minute deal? rick: sterling instantly little bit cheap. if you get a deal, sterling, i think assets themselves have challenges. i think frankly the u.k., the mix in terms of the index is quite cyclical. if you have an enormous corner in fiscal stimulus, it will do very well. but in some respects it has got the wrong mix for this kind of growth and policy environment where technology is very much in favor. so that is an unfortunate place to be in. as you are grappling with europe. francine: what do you mean the wrong mix? is there something they can do in terms of tax cuts to become more attractive? we used to talk about the u.k. becoming a bit more like singapore. will that make sense for the composition of the economy? rick: i think there is an effort between the banking industry and the asset management industry, regulars, treasury, the bank of england saying what

francine: only on fridays, rebecca. rebecca: i think it is really important you bread up currencies. 70 people when they are thinking about their portfolios come a thing about their stock and bond allocation or what kind of exposure they want, most investors don't hedge currency risk. so your return is really going to be the equity in the currency. you do need to think about both. i thing a lot of folks are afraid of currencies, so they say they will worry about the equity. i think as we go into 2021, making sure you are looking at both attributes of your portfolio, the currency as well as what another country are holding, is going to be particularly important. as we get different paces of s, differentpening sizes of stimulus, all of those things are going to affect your total return through the currency. i think there will be a lot of differentiation next year. even this year, look at the chinese renminbi up about 6% against the dollar, and that possibly could continue. i think you mentioned this morning about chinese

francine, lisa? francine: thank you so much. coming up in the next hour, we continue tracking covid-19 the day before we are due to have a vaccine in the u.k. ,e talk with joshua sharfstein bloomberg school of public health's vice dean. that is about an hour from now. this is bloomberg. ♪ lisa: this is "bloomberg surveillance." still with us is wolfgango teneo intelligence director of research. we have the question of the 2.2 trillion euro plan that is being negotiated by the european union . some disagreement over whether that can go through. do you think from your vantage point people are too complacent about this passing given some of the disagreements inside the european union? there is an think element of complacency that is about the second stage, and i will get there. i think a question, deal will be eventually reached. when we look at the objection by hungary and poland, they are two different kind of domestic politics playing around this in both countries. the reality is that hungary and -- it is hard to see them sayi

francine: thank you so much. david pearl from epoch investments. up next, dr. andrew pekosz from john's hopkins, a public health professor, looking at the number of cases and deaths. this is bloomberg. ♪ karina: this is "bloomberg surveillance." oracle has come out with a forecast for revenue, a sign there is improving demand for this software company. oracle says sales jumped 33% last quarter. most employees at apple will not return to the office until june, the word from tim cook. has had success during the pandemic and it could lead to more working remotely. way aroundas found a his old firms demand for returning more than $10 million, he is giving the money back to charity. that is the bloomberg is this flash. francine: thank you so much. as we track the virus, bloomberg has developed a unique partnership with johns hopkins. every day we bring insight from experts in public health experts and emergency preparedness. joining me today is andrew kosz. why are some people still -- questioning mask wearing? dr.

francine: -- francine: -- vonnie: what happens if china continues to suffer economic crisis -- consequent is? only do solicy can much. it looks like whatever we get, it is going to be less than what we hope for, what consumers need. what happens in that scenario? there are certainly consequent is. i think the major consequences back home, we fail ourselves. we are going to be having real problems even with the vaccine hitting the ground, we are going to lose a lot of jobs and businesses. this is not as much of a china issue as it is a confidence issue on the home front. if the united states does not improve its testing, its vaccination process, the way he deals with the virus, we are at the end for a lot of businesses. there is not going to be a long roadway where businesses can stay afloat no matter how much firepower we have. the clock is ticking and it is time to be a very critical for the biden administration. foreign buyers in america have disappeared, chinese buyers, everything from real estate to real assets. where is that money going if it is not coming into countries like the uni

. ♪ francine: welcome to "bloomberg etf iq europe." i'm francine lacqua in london. over the next 30 minutes we will be your guide with everything you need to know about the funds and the flows. ♪ francine: strongest month on record. equity etf's added 16 billion euros of cash in november, jumping ahead of fixed income for the year. gold withdrawals.

i am in for francine lacqua and tom keene, both of whom have a day off. let's check the headlines you need to know about. here is "first word news," with ritika gupta. ritika: president trump signed the 900. -- nine hundred billion dollar relief bill passed by congress. the president is still calling for a vote to increase the $600 check to $2000. that nonbinding request is likely to pass. the u.k. and the eu have finally signed a post-brexit trade deal. prime minister boris johnson admits it does not go as far as he wanted on financial services. there is still little clarity on so-called equivalence that allows non-eu firms to sell services into the eu single market. the internet empire of billionaire jack ma has faced increase pressure from china, telling ant group to go back to its roots as a provider of payment services. -- creating timeline to overhaul. global news, 24 hours a day, on air and on quicktake by bloomberg, powered by over 2700 journalists and analysts in more than 120 countries. i'm ritika gupta. this is bloomberg. guy? guy: ritika, than

francine lacqua and tom keene have the day off today. let's go to ritika gupta. mcconnell is rebuffing both democrats and president trump on covid relief checks. toreasing stimulus payments $2000. the president warned that failing to act now amounted to a death wish by republicans. a new variant and coronavirus has emerged in the u.k. has been found in the u.s. raising concerns that a more transmissible strain could move across the country. the first american known to be infected with a mutated form has no recent travel industry. in germany, the daily death toll has surpassed 1000 for the first time since the pandemic started. deathsere more than 1100 there in the european union since it started. british prime minister boris johnson plans to rush his brexit trade deal through parliament today. he's confident it will be easily approved. hard-liners in johnson's conservative party plan to back the cord -- the accord. global news 24 hours a day, on air and at bloomberg quicktake, powered by more than 2700 journalists and analysts in more i

i'm matt miller in berlin, for francine lacqua and tom keene. let's check in with what's going on with the markets. the ftse is trading higher, now up almost 130 points. 6631. the first day of trading since the brexit trade deal was agreed because yesterday, the ftse was closed for the boxing day holiday. ftse had beenthe one of the worst performing european equity indexes, down 14%, 15% year to date. it is now clawing back some of those losses after this deal has been agreed. you can see the pound right now up as well to $1.35. rising. 10 year yield is as investors feel comfortable enough to sell some of that debt. and bitcoin, little changed at 26,630. i know a lot of investors are watching. it is becoming much more acceptable asset to own on wall street after rising above $28,000 over the weekend. let's get the first word news for you right now. president-elect joe biden is accusing national security staff loyal to president of blocking a smooth transition. he's warning that america's enemies could take advantage of the situation. biden says

i'm francine lacqua in london. it is

i am in for francine lacqua and tom keene, both of whom have a day off. let's check the headlines you need to know about. i

francine and tom have the day off. wells fargo you -- wells fargo says the latest relief bill should yield gdp growth of 7%. let's dig into details. summerhouse, wells fargo securities senior economist. thank you for your time. is's start off with what happening now and the impact this is going to have in terms of what the economy is going to look like in 2021. basicallysays we are fascinating -- vaccinating too slowly. there is relief in the market that vaccines are going to lead to a better second half for the u.s. economy, but if the process is too slow, does that get called into question? a big partvaccine is of our story in terms of growth. we do expect activity to ramp up. in large part because of the vaccine. will push backve the timing of when growth takes off. you should see activity picked up late spring-early summer but if the vaccine does not roll out as quickly as planned. you do have consumers with covid fatigue. you will see them get back out there and activities resume, even with social distancing. i th

francine and tom both have the day off. is signalingunion support for completing work on an investment deal with china. it would expand access to chinese markets for international investors. maria tadeo joins us with details. how close are we? it doesn't sound that this is a minute and could happen tomorrow. investment deal. it is happening under the watch of the german rotator presidency of the european union. the key here is that when you look at the trade relationship between the european union and china, there is a deficit of 150 billion euros. it works in favor of china. europeans, the germans, the fronts, this is a relationship that needs to be rebalanced. they worry about state subsidies, dumping, the lack of equal access for european countries and the chinese market. in theory, this is working to rebalance. it will all be about the details. ofi say, there is a lot growing speculation in brussels that this may come as early as tomorrow. -- one of ther critical factors is europe's ability to manage labor standards in

el monumento reuniÓ a familiares de las vÍctimas que huyeron estados unidos por miedo.como francine, que desde hace un aÑo en abella a sus hermanas y madre. tambiÉn quedaron grabados los nombres de las vÍctimas y el mensaje que se recuerda, y la angustia de los niÑos. lo que no se le en ninguna parte es el apellido. quienes alzaron la voz por esta tragedia presionando a las autoridades para que no quede impune. >> creo que el mensaje es para mÍ y los que estÁn dolidos en nuestros paÍses. el presidente y al gobierno no le importa la protecciÓn de la vida. alejandro: se han detenido 17 personas.pero la familia dice que sÓlo tres estÁn relacionados con los hechos. un grupo de 20 personas lograron estar presentes. el resto se quedÓ afuera. >> por quÉ no estÁn adentro? acÉrquense. >> el gobierno ofreciÓ mensaje de aliento a las familias. informÓ de avances a las investigaciones. la familia busca que su comunidad sea declarada como autÓnoma.insiste en que las autoridades los han traicionado. arantxa: manzanero se encuentra hospitalizado tras dar positivo coronavirus. asÍ

i'm francine lacqua, here in london. global news 24 hours a day, on air and at bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries, i'm ritika gupta. and is looking to fold financial corporation into a company to be more like a bank. beijing could take a larger stake. questions enter how much the oversight is. is our bloomberg wall street correspondent. let's pretend it is holding company for some is that so bad? >> it depends on how you're looking at it. on one hand you have a business that is fast-growing and this put some rains on the business. regulate and was going to come anyway. what is scaring people here is -- one of our bloomberg opinion colonists made the point that it was not that columnist said it was not so bad when -- it is still able to grow. the financial times had done a great analysis that said it is a difference between 40 times versus 10.atio from that perspective, it could be a big barrier as to how much it is worth in the near term. alix: i'm trying to

francine lacqua and tom keene have the day off today. let's go to ritika gupta. ritika: mitch

. ♪ francine: welcome to "bloomberg etf iq europe." we will be a guide to the thriving market and exchange funds. everything you need to know about the funds and the flows. the u.k. becomes the first western country to an equivalent -- approve the covid vaccine. what the news means for investors. inflows of more than 14 billion euros putting them on course to overtake fixed income for the year.

up next, "surveillance" with francine lacqua. this is bloomberg. ♪ ♪ francine: china approves its first vaccine for general use as a second u.s. case of the u.k.'s covid-19 variant is detected, this time in california. u.k. lawmakers approve the post-brexit trade deal less than 24 hours before the end of the transition period. boris johnson imposes tighter restrictions on most of the country, warning of extremely tough months ahead.

sadiq khan speaking to bloomberg's francine lacqua. let's get deeper into the conversation we were having a moment ago. christine leads the market side blog. let's talk about the divergence we can see an u.k. equities were we to get you no deal. today is kind of a classic example. in the ftse 100, domestic stocks being battered. and there's the international revenue stream -- from an equity point of view -- benefiting from the cheaper pound. >> absolutely, guy. this is more of a dichotomy we should expect if we do get a no deal brexit. the story has not been about brexit. pandemicen about the and its impact on the economy and we have seen that flow through the economy earlier this year with the jobless rate spiking and the utility indicators and pmi trending low and now there is the added layer of exit, and really hammering this picture in the u.k. and it has already been battered by the pandemic and now that we have brexit, it's just another reason for these stocks to be weighed down. so having the retail, absolutely, the domestic --