Manus it is daybreak europe. Let us discuss the single bit biggest geopolitical issue in the world. For me, there is a divorce between market recalibration to risk on or less the risk off and retaliatory risk. Let us have a live picture. The foreign minister from iran speaking in tehran. The attack made the world a less unsafe place. The u. S. Is a more unsafe place. There are a number of other headlines translated by al jazeera. I is alling of soleiman big gamble and what happened was not an attack on iraqi sovereignty. It was targeting a man who was fighting terrorists. Good morning. See thee certainly do rhetoric not necessarily backing down on both sides. This is one of the questions we are asking ourselves. If weather with the u. S. Did last week was a great miscalculation and how that might feedthrough into rotelle tatian retaliation. Are we going to see rational actors being more calm in the markets as we wait to find the answers . Manus markets have repriced, and this is what im saying. Standdown, webout have given some back on oil. Goldman sachs would point to the essence of the capping of this market is because you have significant supply, but what about that question to the secretarygeneral . What does he make of the market likes ability . Market flexibility. The Global Impact of the bushfires. , 3500. 500 pension fund all in, i hope. I leave you with that. Three rate cuts. We will debate that over the next hour. Manus asian equity markets, we are seeing green on the screen, particularly tokyo and australia. The asiapacific index up almost 1 . Gold easing its rally from a sixyear high moving toward 1600 an ounce yesterday. The 10 year yield steady after rising yesterday as well. Risk on or relief across assets. On to our top story, tensions climbed between the u. S. And iran after the killing of general soleiman at the pentagon has deployed additional trips to the middle east and the u. S. Has denied it is exiting iraq. Iran is promising retaliation. President trump threatened to attack iranian cultural sites if that happens. Manus indeed. Investors are dialing back the concerns of escalation. Some appetite for risk premium back into financial markets. U. S. Futures a little bit higher. Oil, as we have said, and gold ease back from their recent highs. How should we assess risk this Tuesday Morning . The head of investment at commercial bankers, good morning, welcome. We put parameters around risk on the gtv library. Oil spreads and cdf for the region. What i find interesting is this. The attack on aramco provoked more market response than the taking out of qassem soleimani. Are we loaded into a false sense of security . Lulled into a false sense of security . S has had very little impact on markets for the years now. But theents are big, risk of further escalation is low. Yes . It sounded like you were finishing your thought. With risk, the biggest risk, the impact on the oil market, you translate into how that might potentially Impact Global growth. Our investors anticipating that even if and it is a big if, we get oil to 100 a barrel, is not going to impact the economy the same way it did in the past . Dont thinkall, i people really believe oil will go to 100. The oil market today is not the mostthe oil market importantly, oil is available across the globe, evenly spread out. You have a very large producers in the u. S. And russia who can cover up any shortfalls from other regions. Markets are placed very differently, so no one feels there is a risk of oil going to 100 and that becoming a risk to global growth. I think we have a huge supply issue coming with new countries coming and coming in to the market. Last week you must have noticed the real has come up with half a Million Barrels of oil a day. This is a new country coming to the block. Kuwait and saudi have resolved the neutral zone, more oil supply even in our region. Can i paraphrase you would suggest risk of buying on drawdowns . Deepak absolutely. No other risk than to stay invested. Your preference in terms of risk assets . Is it a is it equities . We have been very constructive on u. S. Equities. Despite all the problems we have had last year. Think Technology Stocks remain very attractive. The other asset class we are looking at is the highyield space, the u. S. Highyield space in particular. That remains extremely attractive. Everyone is hunting for yield in the low growth, low Interest Rate environment, fixed income and highyield will be favored by investors. Highyielddoes the world look to you . Ultimately, my view on highyield is predicated on i presume nonrecession in the united states. Deepak absolutely. The u. S. Economy is chugging along extremely well. Emerging markets look attractive because their Balance Sheets are healthy. Anywhere you get good yield, low risk of reform. Either u. S. Highyield or emergingmarket sovereign and corporate, these are attractive spaces to be in. Would you put protection in the portfolio . Does gold look attractive to you . Deepak gold does look attractive to us for different reasons. Gold. Scared buying no one does that. Gold is doing well because of other reasons. It is more to do with Central Banks globally loading up on gold in the last few years since the financial crisis. They have been adding 400 to 500 tons every year. Last year was Central Bank Buying was up 20 . There are various other factors that make gold very attractive. As a risk off, as a hedge to risk. You manus what about the rest of the commodity complex . Some would say that part of the disinflation discussion we are seeing the past for, 5, 10 years, the lack of commodity upswing. Walk me through. Deepak the trigger is the u. S. China trade war and the deescalation of that for industrial commodities to do better. That was a big headwind for the rest of the commodities space, including energy in the last couple of years. Deepak mehra staying with us for the hour as guest host. Les get the first word news. A decade of renewal for the u. K. Thats what the chancellor is promising for his budget. The treasury says it will make pledges to cut taxes. That will allow the u. K. To increase borrowing for infrastructure investment. In the u. S. , john bolton said he will testify in the impeachment trial if he is subpoenaed. It injects drama into the proceedings and complicates the leaderships plans for a trial with no witnesses. Beeny weinstein has charged with rape and Sexual Assault in california as the former movie mogul awaits trial in new york. He is already facing life in prison and has to confront a new set of allegations against him. Pla District Attorney says weinstein used his power and influence to commit violent crimes. More charges may be pending. Has launched more satellites. The 60 satellites will join more than 100 others placed into orbit this year. The Company Plans to launch thousands to provide old white internet. Worldwide global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. This is bloomberg. Manus thank you. Interview withs the opec secretarygeneral tomorrow on bloomberg tv. Nejra looking forward to that coverage. Coming up, as the u. K. Parliament returns from recess, we are going to look at this and reports on the day in our daybook. Musk attends a ceremony to mark the delivery of his china vehicles. Nejra this is bloomberg daybreak europe. Ahead. It is the day spains acting Prime Minister with a decisive parliamentary vote to form a government. We are going to get euros on inflation data. Parliament returns from recess. The house of commons is scheduled to debate Boris Johnsons brexit bill. Watch for the u. S. Factory orders for november. We will get ism nonmanufacturing. Tesla kicks off production in china, a major step in elon musks global push for electric vehicle domination. He is attending the ceremony for the first customers. It could herald the dawn of real competition in the worlds first ev market. Great to have you with us. Is problem here is demand declining in china. Is that the biggest challenge for musk as he needs to prove tesla has what it takes to go global . More is entering a much conducive market that when he made this decision to build his First Factory outside the u. S. Sometime around mid2008. We have obviously seen the rise of the trade war and the decline of the overall as well as electric Vehicle Market here in china. We are seeing an unprecedented slump in car sales here and electric vehicles are coming off because of a rollback of subsidies from the central government. At the start, they were very keen to push subsidies into this market to encourage carmakers and consumers to get on board, but now they are wanting the industry to stand on its own two feet. Tesla is coming right into that. At the same time you have volkswagen and toyota, the auto giants coming and with very serious ev lineups into china this year. Its going to be a competitive one for elon musk, who is gladhanding officials and enjoying all the pomp and ceremony at that shanghai factory today. The official opening. Manus they say he is shy, dont they . He does not like the press very much. Does not like walking down a carpet. Thank you very much. Emma obrien. Ok. Lets get your business flash headlines. Nissan says it will take appropriate legal action against its former chairman carlos ghosn. He fled japan a week ago. He is planning to hold a News Conference in beirut tomorrow, maintaining his that it dashes innocence maintaining his innocence. Meanwhile, a 20 billion loan as it continues its pursuit of hp. About theoubt companys ability to finance the deal, the biggest ever risk loan in the tech sector. It is welcome news to banks hoping for more merger activity in 2020. Huber is working on a flying car uber is working on a flying car. The air taxi would be able to take off and land vertically and see up to four passengers. It will cruise at speeds up to 200 Miles Per Hour and be fully electric. That is your Bloomberg Business flash. Thank you so much. Coming up, the one hits its strongest level in the yuan hits its strongest level in five months. Nejra this is bloomberg daybreak europe. Time for the chart that matters. Yuan is rising for the first time this year. It is not just about dollar weakness. Quickset is part of the story, but we are seeing more hands off approach from the pboc. Flirting with that resistance. Part of this is to do with the fact we have that intimate imminent signing of the trade phase one deal. Optics might look better for the pboc to be more hands off. Part of thisbe agreement. The u. S. Treasury and u. S. Officials certainly want more transparent pboc. Ahead of that trade agreement, you can expect the downward trend between the ust and the sea ny. It is also about the cny. It is also about optics. Nejra as we look ahead to china sending a trade delegation to sign the phase one deal annemarie was referring to, head of investments at commercial bank of dubai is still with us. How are you approaching investing in china . Are you doing it via the yuan . Are you looking at equities . The fixed income space . There are different aspects. We look at mediumterm view. We think china has been trying to reorient its economy from an export led economy to a domestic consumption oriented economy. We believe the trade war has helped expedite that transition. Domestically, companies playing on the domestic front in china, therefore are very attractive. Manus how do you play the differential in technology . American Technology Companies are resplendent versus those , do you agree . Think it is a structural change. It is technology that will decide the future. Chinese Technology Companies have done extremely well and they are far ahead in terms of developing new technologies like 5g, for example. I think that is a fundamental issue behind the trade war. There are opportunities in the Technology Space in china. Companies will do extremely well in the future. The chinese economy remains robust as it becomes more domestically oriented. You see how Much Technology has it is amazing. There are huge opportunities. Nejra issues in tech are going to carry on beyond phase one, dare i say phase two, phase three. But you see investors buying on dips. How do you connect those ideas we are not going to have resolution to the trade war . I agree with you, that is exec a the situation. This is an issue much bigger commodities or intellectual property rights. These are fundamental issues the world dominates of Technology Going forward . This is likely to persist. At the same time, investors are concerned that the china that china and the u. S. Are keen to their economies. China is trying to create a domestic economy. The u. S. Is doing extremely well. Is in a better place to be, fighting these wars that this point in time. Chinese growth is at 6. 7 . It is still growing at 6 . Manus the debate is where does chinese growth going . 5. 5 to 5. 8 , sub 6 . I want to talk about the rba, the pboc. Have a look at this. This is the onemonth g10 over the past month. The aussie dollar as you can see has the trade market relief up over 1 . I know everybody is going to go, i know month to date. The aussie dollar is underperforming. Goldman say the probability markets are saying rate cuts will come into the rba, it is a global issue. How do you look at that . Rba, but i cank tell you about the chinese currency and the yuan. Authorities chinese look at the yuan from two angles. It is a weapon to fight the trade war. If you have seen over the last 18 months, most of their tariffs were neutralized by the devaluation of the one. The yuan. On the other hand, the chinese authorities also not scaring investors who are converting their money into yuan. It is a balancing act they do. Seven dollars is where the redline lies. Seven yuan is where the redline exists. You see correction already over there. It is managed very well by pboc. Manus thank you very much. We will continue this conversation with you. Let us just bring you some quick pictures from tehran, the funeral session for mr. Soleimani. The foreign minister has been warning the world is now a less safe place. Nejra the rhetoric not backing down. Also keeping an eye on the pound. Hedge funds and large speculators betting sterling has further to run. That is next. Beyond the routine checkups. Beyond the notsoroutine cases. Comcast business is helping doctors provide care in whole new ways. All working with a new generation of technologies powered by our gigspeed network. Because beyond technology. There is human ingenuity. Every day, comcast business is helping businesses go beyond the expected. To do the extraordinary. Take your business beyond. Good morning from bloombergs European Headquarters in the city of london. I am they with manus cranny from dubai. This is bloomberg daybreak europe, and these are todays top stories. Manus bouncing back. It is riskon again for global stocks despite lingering tensions between washington and tehran. This as the u. S. Says no decision has been made about leaving iraq. Peaking out nissan says it will take appropriate legal action against while ghosn will stte japan because his escape highly regrettable. All of this ahead of tomorrows press conference. And made in china. Elon musk is in shanghai as the consumer rollout of teslas vehicle finally takes place. We are on the ground this morning. Nejra a pause for thought and markets. Relief when it comes to geopolitical risks are to oil and gold retreat and Global Equities bouncing back in the 10 year yield holding onto the level. We get all the Market Action from around the world, manus. Do indeed. The divorce between rhetoric of deescalation and the reappraisal of risk. Lets get the context. Juliette saly is in singapore and niraj shah is in mumbai. Dani burger is in london. You are looking at this turbulence which is very market specific in hong kong. Juliette absolutely. We had more bad data coming through today, showing that visitor arrivals were down 36 in the second half of 2019 after we saw a 14 gain in arrivals earlier in the year. This of course as we start to see this really impact the city due to the ongoing protests. Frome same time, we heard carrie lam, saying the economic recession in 2020 is expected to be more severe with rising jobless rates and some businesses could shut down after lunar new year. On the positive side, the tourism board is preparing a rebranding campaign. We spoke to the tourism Board Chairman on bloomberg tv. He says we tournament in hong kong is not canceled and will take place. There has been a little bit of upside in hong kong equity markets as we see the rebound continue across asia today. Nejra juliette saly, thank you. There has been upside in indian equities as well. Speaking of data, you are looking at the first estimates of indias gdp, due today. Niraj good morning to you and manus and everybody else at the Indian Markets in line with what the World Markets have done. Thats not news. The news is what is going to happen, and two key things for the currency perspective as well. Is coming outnce later today. I dont know how much credit people will give to it because we have seen how estimates are by and large getting missed, so therefore, while this is an anticipated event, lets see what the data brings. Allowed of india currency. The rupee trading aroundtheclock. This is the first time a step has been taken to bring more onshore delivery in the rupee, and as a result of that, the currency is in focus. More reason for the rupee to be in focus for equity markets. Back to you guys. Manus thank. Niraj shah in mumbai. Lets talk about cft positioning. The latest data that we have. Dani that data shows that it is back. That is what hedge funds and other large speculators are betting on. So after being short for sterling, basically all of last year, they are the most long nonsterling since the summer of last year and when you look at the dollar positioning, it is basically the exact opposite. Dollar positioning has flipped to a net short level, so you have to keep in mind that this data is a bit delayed, but even so, Boris Johnson and the house of commons are debating what will happen with brexit this week, so some optimism that sterling has furthered a run after slightly pausing that rally at the end of last year. Manus ok. Team, thank you very much. Juliette saly, niraj shah, dani burger. Breaking news. It looks like the Business Plan is finally in. Is splitting the european Wealth Management into three units, but the top line is 500 jobs are to go and at the heart of this is the removal of three levels of management globally and the ambition is really to reduce the time between negotiations between Wealth Management and the Investment Bank, speeding up the approval of loans. Some of the names that are on the move within this split, miss nova kovic, she currently runs india Wealth Management and she will be left with western europe. And alley will run the middle east and africa. Mark is leading on expanded he is in charge of the chief investment office. He will lead and expanded office, incorporating Wealth Planning and mandates. Nejra what this does as well is it narrows her duties. Basically, this restructuring is happening in the Private Banking business. She runs india Wealth Management and will be left with western europe while she remains chief of the business. A little more details in terms of boosting the clients ubs plans to book profits and risks from lending originated in Wealth Management. This is according to the memo. They previously indicated ubs byld make quick wins increasing lending. That is a strategy she used at Credit Suisse as well. Lets get to the first word news with Annabelle Droulers. Manus just before we move on to that, one of the other names that is coming through is this is perhaps the whole momentum behind the strategy. He will be involved in leading the restructuring and origination outside of america for the global Wealth Management. He will be the link between the Investment Bank and the Wealth Management and this all goes back to the conversation we had with him before christmas, which is about an obsession with cost, so this is about costcutting and efficiency, so this is going to be the start of a new year at ubs. We will catch up with him on the 21st. Nejra lets get to the first word news now with Annabelle Droulers in hong kong. Annabelle thanks. Washington sending more troops to the middle east as tensions with iran escalate. Over 2000 marines are on their way to the mediterranean. The u. S. Is denying it is pulling out of iraq, saying a draft was released an error. Mark esper says there is no decision and no plans to leave. Chinas targeting internet giants in an overhaul of antitrust laws. It potentially gives regulators the power to reign in the countrys increasingly dominant Tech Companies. If it is found they violated the law, they could be fined as much as 10 of their revenue. It follows heightened scrutiny of Tech Companies all around the world. American companies and consumers are paying almost the full cost of u. S. Tariffs according to the National Bureau of economic research. It says the levees have not had a major impact on fournette for prices. Americans bear the brunt in most sectors. The same is not true in the politically important people industry. Spacex successfully launched more mini satellites. They will join more than 100 others placed in orbit this year. Spacex intends to launch thousands of small orbiters to provide worldwide internet. Global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. This is bloomberg. Manus. Manus annabelle, thank you. Lets turn our attention to the u. S. Data releases today. 1 30 london time, we will get the u. S. Trade balance. 3 00 p. M. , factory orders. Ism,ll get the december nonmanufacturing survey, perhaps the most critical as well. The index should remain at levels consistent with moderate expansion and Overall Economic growth. This is the head of investments at commercial bank of dubai. So more data to parse later on today. He says the fed will cut three times this year. That data will have to be pretty darn awful. Would it be . To get three cuts . We dont expect three cuts. The fomc Meeting Minutes that came out last week also do not suggest anything like that. I think things are pretty ok. Their own assessment of the economy was quite on the positive side. They said there were concerns about global developments, but the domestic economy seems to be doing ok. We do not expect three rate cuts at all. We think the fed will stay steady, and if required, and other insurance cuts somewhere during the year, but in an election year, we do not expect the fed to play a very active role. Nejra does that mean that the dollar will stay firm through 2020 . Deepak absolutely. Case,s part of our base that u. S. Dollar strength continues thanks to two reasons. One is the strong u. S. Economy compared to the other g10 countries, and number two is the Interest Rate differential, that again, the boards have a strong u. S. Dollar and that continues for the rest of the year. Manus one of the debates as we set up 2020 is how strong could inflation be . Gtv at the gdp library library. Yesterday. Oil spike it had a little bit of ramification and the breakevens. To what extent, if at all, are you positioning for any inflation breakout . Deepak no, i think the inflation risks are muted. We dont think there will be a an inflation breakout. Where we are positioning is on the fixed income side, and there, we think that, yes, the yields could pick up a bit and go all the way to 2. 5 during the year as the economy continues to do well and Inflation ExpectationsStart Building up. That is how we are positioning. Nejra does that mean that you see the curve steepening trades in the twos and tens resuming, and if so, how does the fed respond to that . Is that going to confirm that they will stay on hold . Deepak yes, i think the steepening is coming. Remember last year, same time, we were worried about the inverted yield curve, even though it means very little in these times, and recession fears, and so on. Today, those things are completely those discussions are out of the window. I think the domestic economy supports a very healthy outlook, yet inflation is not showing up. The risk is not coming the way the market anticipated. With a steadyning outlook on inflation. Without any major inflationary impacts. Lets bring you some more live pictures. The story we are tracking on the ground in iran is the foreign minister speaking in tehran earlier. Soleimanis killing has endangered u. S. Allies in the region. Hes also made a number of other comments in regards to not just the u. S. , but the world, being a more unsafe place. So these are images. Lets bring those to you. Procession, which is ongoing. Coming up on the show, its about carlos ghosn. It is the saga that just keeps giving. Nissan on the offensive. This is bloomberg. Nejra this is bloomberg daybreak europe. I am nejra cehic in london. Manus i am manus cranny in dubai. Lets get set up for the agenda ahead. It is all about nissan. They have said they will take appropriate legal action against a former chairman and chief executive officer, carlos ghosn, for any harm caused to the company, this as he prepares for his press conference in a root on wednesday. Joining us now is our Bloomberg Asia editor, will davies, in hong kong. Fromhas the reaction been the japanese government and nissan, thus far . Will good morning. The japanese side was quiet last week because the country has pretty much closed down the new year holiday. They have come out with a flurry of comments and statements today. And this week, addressing the great escape of ghosn. They had various ministers talking about tightening up the rules on private jets and checks on the cargo that goes into private jets. The justice ministers talked about perhaps making legal conditions and the cabinet secretary said its a highly regrettable situation, the whole situation, really, and he called on lebanon to cooperate. What that will entail, we will have to find out. Nissan itself has, as you say, it will take appropriate legal after itsinst ghosn investigation found misconduct. On ghosns side, he denied any charges, and everyone is looking forward to his press Conference Tomorrow afternoon in beirut, where more details and criticism from his side could emerge. Nejra great to have you with that spirit our thanks to bloombergs asia transport editor, will davies, in hong kong. Lets get back to our guest host for the hour, and deepak mehra is still with us in dubai. Thats talk about the risks for 2020. Dennis drew my attention to manus drew my attention to this. Right at the top is the u. S. Election and political risk. I know President Trump has increased the risk for himself now, of course, with the tensions happening, but are we under pricing u. S. Political risk . Deepak yes, i think that is a good point. Results. S. Primaries start coming at the end of first quarter, beginning of second quarter, we will get a better picture of how the president ial election will look like in november. So as the Democratic Candidates get decided, there could be something that worries investors and the worries could be very simple, continuity of policy, or the policies of the other president ial candidates. And yes, we agree, that probably has not been factored in by the markets. That seems to be very sanguine at this point in time. Manus amazing. In that eurasia list mentioned, we were both reading through it. Tom and fran caught up with an interview i recommend anyone goes to listen to peer only 53 of the American Public believes the u. S. Vote will be fair. Thats a pretty staggering number. And the outcome could be a lack of a credible outcome means there could be a protracted legal discussion. Can i ask you what is the to be rightnt thing in 2020 for you . If it is not the fed cutting, what else needs to happen . Deepak i think policy continuity the world over is one of the key factors that investors want to look at. If you look at in the euro zone, lagardechristine talking about fiscal expansion. In the u. S. , the economy seems to be chugging along well. China seems to have managed to their situation. The big issue is any policy actions that can derail the market from this point of view. From this point. Manus thank you very much. Deepak mehra, head of investment and commercial bank from dubai. You stay with us. Annabelle droulers gets up to speed with your business flash in hong kong. Annabelle thanks, manus. Pier 1 is planning to cut 40 of shuteadquarters staff and 450 stores. The retailer drafted a bankruptcy plan. They are canceling some orders and have talks of chapter 11 financing. Company shares plunged on the news. Impossible foods is debuting to meeteet two new products. Impossible pork and impossible sausage. The move ramps up the companies rivalry with beyond meat. It sees china as key to its future plans. Our mission is global. With 40 of meat being consumed in asia, we are very focused on ensuring we can enter major markets like china as soon as possible. Annabelle and that is your Bloomberg Business flash. Nejra Annabelle Droulers, thank you so much. The santa claus rally has come and gone. Find out why, next. Your morning calls. This is bloomberg. Nejra it manus its bloomberg daybreak europe. I am manus cranny in dubai. Nejra i am nejra cehic in london. Global stocks posted their best year in a decade in 2019. This is as good as it gets. With the details and your morning call is bloombergs dani burger. Why the pessimism . Into thewth is baked picture and theres not much further equities can go, according to zach pandel at goldman sachs. The rally we saw at the end of 2019 means the optimism, the growth with using trade tensions, is already priced in to the market. Now, 2020 is going to all be about those growth outlooks, growth expectations, unlike 2019, which was all about Central Banks. He says curb your optimism at least for the near term, manus. Manus curb your optimism. Its almost like an old saying, curb your enthusiasm. Thank you. Great with the notes. Dani burger in london. Deepak mehra is our guest host this morning. Commercialand banking of dubai. Curb your enthusiasm is one sentiment. If another person tells me get ready for fiscal expansion it is very real in japan. Are you preparing for fiscal expansion trades 2020 . Deepak i think the next leg for this equity rally, in its 11th year, will not be for Monetary Policy but for fiscal expansion, and you can already ,ee that u. S. Is spending more the government is spending more than anticipated. The 1. 4 trillion package, which has just been announced, you will see more fiscal expansion in the u. K. On march 11, the extractor the chancellor of extractor announces his exchequer announces his budget. I just mentioned about christine lagarde, who says Monetary Policy has run its course. We want germany and other countries to spend more. Emerging markets are already expanding their fiscal, you know, policies. Have when you you have expanding fiscal policy, when you have germans spending more money, you get better quality growth. Manus jump in. Nejra better quality growth. The growth largely priced in shofar in equity markets. So what does that mean in terms of the type of returns we might see in 2020 . I know you are saying stay invested, but should Equity Investors expect your returns than 2019 . Deepak two parts to it. Yes, i think the quality of growth is much better. You have fiscal expansion. That growth is fueled by real spending. Goodonsumer is already in shape. And therefore, i think the next leg of the equity market comes from there. Sorry, what was the second point you mentioned . I was simply asking about returns for 2020. Deepak yes. So when you look at 2020 returns, i mean, we do not look at calendar year returns. I am looking at returns from october 1 of 2018, because there was a sharp drop in q4 2018. We cannot ignore that, so when you look at returns from october 1, 2018, until now, those returns are not so huge, and therefore, there is room to grow from thereon. Nejra deepak mehra, head of investments at commercial bank of dubai, thank you so much. Great to have you with us today. More headlines coming out of iran. Irans proposing signing original nonaggression pact. Thats it for bloomberg daybreak europe. The market open will pick up, next, as equities turn higher. This is bloomberg. Good morning. Welcome to Bloomberg Markets european open. London. N i am anna edwards alongside matt miller in berlin. Matt the markets say slow news is good news. Look ahead to inflation data from europe. The cash trading is less than one hour away. Manus