Eurozone. The german lender looks to fill its top job as soon as this week in a bid to end a shareholder revolt. 6 00 and in 6 00 a. M. In london. You have not had it so cheap for quite some time. Five year low in dollars. Record no in pounds. , thedity from my friends munificence of Central Banks is gushing in the form of liquidity. It goes back to the old story which is where do you find the velocity, where do we start riskon. He bonkers jp morgan, citigroup, look to the hinterlands of recovery. Good to see you again. Bita Goldman Sachs takes a of a different view in terms of the rest of the year but i still see some growth coming through in 2021. To jp morgans point, they are saying liquidity will lift stock and bond markets and that comes back to the conversation you and i have been having for so long in terms of our these two markets giving us different signals or is it all about the liquidity . Manus which is priced better . Moves they scrapped their bearish call on risk assets and they say you should buy the dips in the s p. You can put that question to greater minds. How are the markets looking . When it comes to bonds as well, do you want to be putting those trades on that traders are putting on in terms of yield curve control trades or even shorting volatility . In terms of markets, a lot of green on the screen in equities. Gains of more than 1 across a lot of asian benchmarks including in japan but it is china i want to highlight because it had a world eating rally, a gain of 12 . The csi 300 absolutely powering ahead, having its best rally. Of 2019, some of the support coming through from commentary in state media. U. S. And european futures power higher as well. The u. S. Stock market reopening after being closed for Independence Day on friday. You are seeing risk on across assets. The dollar is weakening. Brent into the green. Manus. Brought moreekend grim updates to the pandemic. The who reported a oneday high in global infections. Iran, south africa, the deadliest days. In india, that has been replaced by russia as the country with the third highest number of cases. In the u. S. , the pace of new infections spread up to 2 versus the average of 1. 8 over the preceding week. On the economic front, as we were just saying, Goldman Sachs expects a wider contraction in the u. S. Economy this year. Economists expect gdp tesla 4. 6 from 4. 2 previously. The reason the thirdquarter growth is not expected to be the robust 33 earlier predicted but will instead be 25 . Edward smith, is head of Asset Allocation research. Rate to have you with us. Thank you for joining us for most of the hour today. I wanted to come back to your investment update where you put forward the case but also the bear risks. When you take those two elements think thato you markets offering sufficient compensation for some of the risks out there . Good morning. The short answer is no. Not in equity markets. The extraordinary locomotion of monetary and fiscal the lessee that extraordinary munificence has written a lot of Economic Activity and explains a lot of the impressive rebound. Somee concerned that on measures, Equity Investors are demanding less compensation for the risks to 2021 earnings than they did at the start of the year. Our preferred measure of the risk premium is back to its average. Off tomorrows earnings, really more at risk no more at risk men they were 18 months ago. Than they were 18 months ago. Some analysts are predicting it is consistently high unemployment. The risk of a second wave. The risk of sufficiently high inflation. Low probability to that one. We have gone against them with a more defensive positioning and we see more value in bond market. Of thatot surprised socalled rotation into value or deep cyclicality many were counting in june. It proved shortlived. You, good morning to edward. You would agree we are in this tugofwar between the data and sentiment in terms of the reality of what is happening with covid . Do you think there is a risk we run out of steam . We are looking at nonfarm payrolls. We are looking at the economic surprises but not the record covid cases. Everybody talks about the disconnect, but is it our job to look through the who data and focus on the recovery momentum . Is there a risk that that runs out of steam . Edward there is a risk of it running out of the, absolutely steam, absolutely. People got data excited about over the last few weeks. U. S. Unemployment, theres been lots of weeping about the rate at which it is falling but if we exclude workers on temporary layoffs, we have actually just had the biggest increase month on month in unemployment for at least 50 years. In other words, more permanent unemployment is rising fast. 1. 5 million extra in june alone and that is a big risk to the recovery. All of that Monetary Policy, all of that fiscal policy, can only take us so far. It cannot save every job or every company and it is the second half of the year that we are can turn about. The data looks great at the moment, but will not run out of steam . It is certainly will that run out of steam . It is certainly something to guard against. Nejra we mentioned jp morgan saying the liquidity surge will boost stocks and bonds but out of those two asset classes, in that note, they are favoring stocks a little more. You just said you see more value and bond markets. What does that mean for the crossasset tragedy . Crossasset strategy . Are you allocating it to bonds . Edward we did that back in early late may and june, took a little money out of the stock market. Overrate went overweight credit. Implied default rates are probably not high enough. A larger cycle than normal. In investment grade, there is that valuation cushion that equity markets, just are not offering that up at the moment. Manus we will dig into some of those specific equity markets in just a moment. Let me get you up to speed. The agenda with the first word news. The coronavirus is top of that agenda. The pandemic has permanently changed European Economic policy according to the bank of france governor, francois. He cites the forging of a powerful joint fiscal plan for europe. He also says that has forced more expensive Monetary Policy which is likely here to stay. Money into plowing music venues in a bid to rescue the countrys arts and culture sector are from the brink of collapse. The chancellor of the show must go on of the exchequer tweeted the show must go on. To israel, Benjamin Netanyahu has declared a state of emergency. He says more steps are needed to be taken to stem the spread of the coronavirus. The cabinet will now decide on new restrictions, present a plan to address the economic challenges of the pandemic. Netanyahu says parliament cannot behave like it is business as usual. Global news, 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. What have we got . Stock china stokes the market mania. S ps extend their recent rapid climb, helped by reports from state media. We will discuss that, next. This is bloomberg. Manus it is bloomberg daybreak europe. Nejra cehic alongside me in london. To the market, flying high in china. There is a whiff of panic about the csi. 7 last week. 5 this morning. , absolutely in that market. The mliv team said it smells like panic. Jp morgan along with city, pro risk this morning. Up to. 25 on the european futures. The rollon the stimulus is the klaxon sound. Less, but it is monday. They are going to have 50 of the office space that they have by 2022. They are going to shift 18,000 people in japan to remote working. I put it to the market that that is the start of the whole news discussion. The dollar rolls over. Down she goes. The longest winning streak since january has broken. The economic surprises are rolling. They say there is a broader bias for the dollar is probably negative. You must give your man that looks after the pension for me give a little bit of gold because we have had that many suggestions. Anyway, talk about china. Talk about lowering extensions roaring extensions. It is a healthy bull market. The pandemic is more important to the economy than ever. Edward smith is with us. Edward, 7 last week. 5 this morning. Does that add up to you . They are getting through this. Perhaps one would say a better lockdown is the media that we are given in terms of the pandemic. Does that justify a ramp . Edward unlike pretty much any other stock market around the world, we find it very difficult to fit what is going on in chinas stock market to fit what is going on in the economy. That is pretty much always. Stock market is speculative and often not really that connected to the macro picture in a way that most other stock markets are. Csi an extraordinary amount. Is that reflective of what is going on in the economy right now . We track highfrequency indicators in china. That hit unprecedented economic momentum. Rebound from lockdown really petered out from mid june. Look at highway traffic. That stopped recovering. Look at tourism. That showed a fall in domestic tourism. Yearue relative to last compared to golden week. We have had devastating floods in southern china. Beijings covert outbreak, the worst in wuhans original. The stock market is ignoring it. Generally, you do think there is a risk to equity markets globally, and at the moment, you are favoring credit overstocks for that reason in terms of a risk reward. The two things you highlight in your Investment Outlook are value and quality when it comes to equities. What sort of stocks does that draw you towards either on an industry basis or geographically . Looking weare have been adding a few quality cyclicals. Cyclicality overall has underperformed. You isolate quality factors and strong Balance Sheets, strong return on invested capital. They are outperforming. Guarding the upside risks by looking at industrials, particularly industrials with good technological most surround moats around them. Technology. E we still like higher tech aspects of Consumer Discretionary online retail. That sort of thing. You can always get me with boring. It suits the demographic slightly. I do not do well with 20 to 30 drawdowns in equity markets. Me it causes me a little bit of anxiousness. You say tech in the u. S. Is not justbubble, and i am curious. U. S. Technologies, that is the consensus. It is a bubble. Because of earnings. 92 times earnings versus today at 31 so the price of the nasdaq peaked at 92. Today, 31. It is a very different nasdaq. This is not necessarily the right justification, is it . Edward we totally agree. 92 times earnings, 31 times today. That is a different time. Bubbles, andf theres hundreds of years of financial bubbles to learn from. It is a first when we get a big macroeconomic shock. The macro tied goes out. Macroeconomic shot. Which are the companies most likely to get through this with their earnings intact . In fact, in some cases, their earnings improved. Its a tech company. The polar opposite of what happens in bubbles. Pricesong rise in tech is connected to their earnings. Nejra hopefully, we will get to ask you about japan in a moment. You think it is relatively well positioned with strong Balance Sheet and potential dividends. Edward smith stays with us. Coming up, Christine Lagarde sees two years of downward pressure on prices and the euro zone before a recovery. More on that, next. This is bloomberg. What is up, boston . This is queen latifah. I hope you get to enjoy a little moment of joy through the sound of music. America will always be a beacon of peoples dreams. 2020 has been a seminal year. Boston pops. Thank you for all the years of beautiful music and all the years to come. I just want to say i love you and i miss you. Transcendent the power of music to offer our hope and prayer that god bless america. Manus quite stunning. Quick recap of bloombergs annual broadcast of the boston pops fireworks spectacular carrying on the orchestras fourth of july tradition. Albeit, from the living room. Lets take a look at some of the key events to set the agenda for the week. On wednesday, the u. K. Chancellor will set out the governments plan to kickstart the british economy. His address follows Boris Johnsons announcement of billions of pounds of infrastructure spending. Trump hosting the mexican president at the white house. This will be the mexican leaders first foreign visit since taking office. Mira. Nejra. Nejra the euro group is expected to announce the name of its new president. On friday, singapore holds an election. The Prime Minister seeks to renew his mandate after the pandemic pummeled the islands economy. Lets get back to europe. Christine lagarde said the euro zone faces about two years of downward pressure on prices but could see a turnaround after that. Christine lagarde expects the crisis to spur digitalization and automate automation. The central bank will need to keep its Monetary Policy exceptionally loose. Inflation dynamics will be impacted with disinflation to inflation and then that will occur that we will have to anticipate and measure, but it will most likely be based, if we have an increase in productivity, on a natural increase in interest rates. The European Central bank and other banks launched instruments to elaborate on negative rates for securities. Massive purchase of securities. Were temporary instruments, but in fact, they mastered so the nonconventional instruments have become conventional instruments. There is a second change to consider. Policies. Al budget in short, germany has turned out to be comedian. Ynesian. Easy and ke our response must be designed for the future. It should allow us to revive our economies and at the same time make a leap forward. We need to accelerate the transition, strengthen our sovereignty while remaining faithful to our values. Nejra edward smith is still with us. You are approaching europe with quite a bit more caution than a lot of people we speak to. Why . Edward one of the reasons is that Recovery Fund that everyone got very excited about. Yes, it is certainly a milestone. The first time we are seeing germany accept the need for both fiscal transfers within the euro area and the use of the budget and the genuine stabilization. Step in thetely a right direction but it is a temporary solution to an exceptional set of problems and it will only be truly stabilizing, by which i mean decreasing the risk premium demanded by investors to compensate for that threat out little disintegration that people have been nervous about for many years. If it is extrapolated across time and space, the way that our reading of the agreement is to rule out in principle meanwhile, the gdp and 2020 is likely to contract by more in the euro zone in aggregate. Given the economy was weak to begin with, Banking Sector fragility, that means the risk of corporate failure is still quite considerable. We are still maintaining a bit of caution on europe. It tends to outperform when the riskiest parts of the market underperform and we are not sure we are there yet. At the dax, stoxx 600, and you see that hyper almonds in the dax and the narrative from barclays, for example, is the things that underperformed the cyclicals and the value, that you will see that rotation. You think in the near term, that has been done, and the outperformance of the dax has topped out . Edward exactly right. We think that rotation into the more cyclical and valueoriented parts of the market has run its course now. Out because of our assessment of the risk reward, which favors more growth quality areas of the market, which europe does not really excel in compared to some other regions. There is definitely some Great Companies in europe. Definitely picking some stocks. Edward, thank you very much. Coming up on the show, we speak to the ceo of it is an exclusive conversation right here on bloomberg. Our guest joins us shortly. This is bloomberg. 49. 50 i found you good job. Now im gonna stay here and you go hide. Watch your favorites from anywhere in the house with the Xfinity Stream app. Free with your xfinity service. Now any room can be a tv room. Stream live tv, on demand shows and movies even your dvr recordings. Download the Xfinity Stream app today to stream the entertainment you love. Xfinity. The future of awesome. Manus good morning from dubai. I am manus cranny. Nejra cehic alongside me in london. It is daybreak europe. Your top stories this monday morning. Chinas stock market mania. Equities start weak strong despite another record day of coronavirus infections. Expects achs now wider contraction in the u. S. Economy this year. Christine lagarde says disinflation ahead for the euro zone. The bank of france governor says the countrys economy is picking up faster than expected. All change at Commerce Bank. The german lender looks to fill its top jobs as soon as this week in a bid to end a shareholder revolt. Nejra welcome to bloomberg daybreak europe. What a moving chinese equities in the session, manus. Biggest move higher since february 2019, 16 months if i am doing my math right, but we are also seeing a lot of green on the screen elsewhere in equity markets and you start to wonder why, given that we did have a weaker day last week, the best game global stocks in a month, is it all about liquidity . Manus it is all about liquidity and the price of dollars. Lowest in five years. The price of sterling. The lowest on record. A compression in the Lending Price in the eurozone market. It is about the velocity of money. That is something that is very much a risk. Lets take a quick flash across these markets. S p 500 driving higher. Ripping upliterally the script. Look at that. Up 4. 4 percent. Up 7 last week. Apparently, it is a very good bull market according to the Chinese Press section. Have a look at my favorite story of the day. I dont care what anybody else says. They are going to have the number of office space that they need by 2022. 80,000 people working remotely from home. They are only giving you ¥5,000 to do it that i think it is the corporate story of the day. Apart from Warren Buffett doing a deal. Dollar slips down by. 25 . We will have that conversation in a moment. Gold flat, 1772. If you want to protect yourself, maybe that is a vehicle to do it from. Of the Global Economy, saudi arabia. The g 20he seeing summit business leaders. In that of the pandemic sweeping through the world, the business put togetherp has a list of recommendations to jumpstart the businesses post covid19. Some of the areas they focus on, preventing financial instability, clogging the Global Supply chain, and the plan recommends accelerating development and the availability of a vaccine. Opposing trade restrictions and medical on medical products and services. The man behind the report, it is the vice chair and ceo of and 20. Chairman of the 20 b great to have you with us of g20. Great to have you with sp of the amount of stimulus is 5 trillion and counting. Can i ask you, vice chairman, are we underestimating the amount of additional stimulus that you want jesse to put a floor under the Global Economy . Good morning. Yousef thank you for having me in your show. I think it is clearly the issue that the Global Economy is facing is beyond just stimulus packages. G20, we arein the uniquely positioned to come up actionablerly recommendations to the g20 to really jumpstart the Global Economy. Ais is why we, as you have clue they highlighted, we looked at a very clear fundamental objectives. Focus on first people, where we need to have a very strong Resilience Health care system for our citizens and then it and into supporting maintaining Financial Stability to address the issues of the supply chain which really have been impacted severely by the pandemic. Likerevised key sectors the Consumer Sectors which i think is going to have an immediate positive to reducing unemployment. Finally, i think it is what we have learned from the pandemic. Digital inclusiveness that will be very important to link the Global Economy and help the home nations recovering in a speedy manner. Thecan i ask you series of recommendations they are quite poignant. If the worldhat and the g20 does not seriously take a lot of these on board with weights and power behind them, that we risk a deeper if not even the risk of depression . Yousef i think the g20 must, on agreeing on a shared policy solutions, that really embraces Global Common good. Of course, this is with uphold, you know, a very good d interest as well. There is a very clear understanding from our engagements with the g20 leaders. Has uniquelyque positioned itself as collaborative, inclusive platform that enables a healthy dialogue with the g20 and we clearly explained to the g20 leaders that there is no immediate action. Not only on the stimulus package as i mentioned earlier, but we need to introduce policy for reviving wto. I think we need to have a g20sborder trade for the and the entire Global Economy to help the economy revived itself as soon as possible. Manus that is about making sure we do not go into this protectionism mode and closing down supply chains. I was drawn to your commentary in the footnotes. Yes, i went to the footnotes with matthew martin. When you talk about the dollar. Keep the possibility of coordinated intervention if theres further dollar appreciation. Are you fundamentally worried about the strength of the dollar in the conversations you are having with other leaders . Yousef i think as b20, we are fundamentally worried about the health of the entire Global Economy and this is why we have been able to create our recommendations with a very inclusive, highly sophisticated engagement process. We have engaged with more than 750 leaders. We have looked at multinational organizations, institutions, and governments. We come up with recommendations that are actionable and have the consensus toof secure a success and i think it is of course part of it, what i have mentioned, the Financial Stabilitys, and the dollar is part of it. Manus the dollar is part of that. I just want to get a sense from you because you speak to other Major Business leaders. How close are we to the necessity for intervention . Thesay here that that is on list of possibilities. It is a strong message. Yousef i think what we have with our engagements with g20, this time, it is different from what we have experienced in the financial crisis. The g20 leaders, especially the finance ministers and Central Banks, they have been extremely stimulus package that is really to support the economy but i would like to highlight very important elements. I think we should not challenges in the Global Economy to the pandemic. We have experienced some slowdown in 2019. I think the pandemic has just accelerated the slowdown in the Global Economy and it created a sudden shock to the system. Positiveeen a very response from regulators, the g20 leaders, specifically the finance ministers at Central Banks, where they have learned from the previous crisis. They took their time to come up with stimulus package. This time, the issue is not going to the stimulus package. We need to look at system fundamentals of the Global Economy that enable us to look tostructural changes related digitizations, related to our ability to have free trade, and more importantly, we should not use site, from a very key principle, sustainability, and also development. Important that we dont lose sight of them because normally, through crisis, people forget about those longterm issues. Which is very important. We have indicated a special task force. Can i ask you to put on your other hat . You are running probably one of the most preeminent touch pieces of the Global Economy. Slow downbout that began before covid. Give us a sense of the recovery you are seeing in terms of demand and the shape of recovery that is coming across your desk. Start with me positive remarks. People are talking about second or third wave of coronavirus. Governments letting down their system. Not in order for them to see how this is going to unfold but also to build the capacity to deal with this current crisis. I think the entire world recognizes they cannot let down the economy. They have to go back into normality and build the resilience in their system to deal with such a pandemic. Therefore, despite the fact of any second or third wave which people are talking about, is not going to push the economy to a complete lockdown based on our experience. In terms of the outlook for the economy, i think if we need to look at positive recovery that is beyond or basically reference that will be on the first or Second Quarter of 2022, so we will have this year and next year, a year of recovery, and that will be subject to different industry, different economy. Do you think, from the business side, and this is specifically about this, you have to deal with the crisis. Earliernded new capex this year. Is that going to be enough . Do you think you will have to do more given what you are seeing . We need to look at this beyond the capex. We as a company, we have a duty to make sure that we have a very safe asset tole, ensure the safety of our people and the communities surrounding our assets. For us,a top priority and then we go into a mode of understanding, how can we protect Balance Sheets, credit rating, in addition to continuing to have a very clear support to our dividend policy . That of needs to be driven with our Growth Strategy to come up with how we are going to manage. Facing isconomy is going to require indiscipline on how we will bridge from today until 2022. Sabic has a very strong Balance Sheets which enable us to cope with the current market challenges and as you can see from our first half of this year, we have announced the first half dividends of 1. 5, and that is clearly shows how resilient Balance Sheets and our ability to cope with the current challenges. Therefore, we continue to stay the course, looking at our Growth Strategy, making sure we are preparing ourselves for the next cycle. Manus it would be remiss of me if i did not just try and get a sense of how you look you have 30 of clarion. We understand they may want to be in merger talks. Any plans thatf clarion could be Holding Merger talks that might dilute your ake . Yousef there are no such talks paid i can assure you of that. Such talks. I can assert he will i can assure you of that. Manus the reversal of globalization is the biggest risk to most ceos. That is what they tell me. How would a reversal and globalization affect you and the business . Are you experiencing any reversal and how are you managing that . Probably, as we have seen from the b20, the pandemic, one Positive Side of it, is a lesson to the entire globe, specifically to the g20 leaders, that globalization is the only solution for this economy to recover. Warsve seen some trade prior to this pandemic, and we see some policy. Wto also facing some challenges, in order for them to use their platform as a way of enhancing global trade, but i think the pandemic has clearly indicated the fact that without collaborators, inclusive nations,hip between crossborder trades, and adopting policy that enables the will beto survive, it challenging for the Global Economy. Is great to get your to take on the b 20 and the recommendations. I know you have a busy day. We always appreciate it at bloomberg. Vice chairman and ceo. Good morning. Still to, on bloomberg tv, more from the kingdom. Eldin,t, yousef gamal speaks to the governor, med. Do not miss that second exclusive conversation. Coming up, Warren Buffetts deal draft and. Berkshire hathaway breaks its science with the biggest acquisition in years. More on that, next. This is bloomberg. Nejra this is bloomberg daybreak europe. I am nejra cehic in london with manus in dubai. Rocketinguities are today. Biggest jump in 16 months. You are seeing a lot of green on the screen across asian equities and u. S. And european futures as well. The 10 year yield moving higher. The dollar retreating along with the yen so a clear sign of riskon. Wti fairly steady. Lets get to a big deal. Berkshire hathaway has broken its deal drought with its biggest acquisition more than four years. Warren buffett is betting on a Bright Future for u. S. Natural gas. Joining us to discuss is dani burger. Great to have you with us. Buffett has stayed pretty quiet during the pandemic, sitting on a big cash pile. What has finally gotten him to pursue a deal . Dani massive cash pile. Finally, he is jumping in. What got him to pursue a deal is an energy deal. Berkshire hathaway is buying 25 in dominion energies lng export business. It is natural gas. 4 billion plus another five to billion dollar assumption in debt, so that total makes this the biggest deal for buffett since 2016 and really, the first deal of this crisis era. Buffett received a lot of criticism that he had not jumped into the market at all. If you really think about it, buffett and Berkshire Hathaway stayed to its reputation on the ability during crises to go ahead, find a deal, often complex deals. He was pretty bearish during his last investors conference. That is when he announced he was dropping out of u. S. Airlines, but finally, he is back in the game with this natural gas deal. Manus it is pretty surreal given the state of the gas market. Of thisthe significance in terms of entering this market . Natural gase prices. They are getting crushed. Part of why this deal is so remarkable. Perhaps this is buffett at his best that he is buying perhaps what he sees as the bottom of the market because natural gas has been crushed but in some ways, the trend is one he is jumping onto. The u. S. Is set to become one of the biggest exporters in the world of natural gas. It is likely to overtake australia and qatar, perhaps by the end of this year. It reflects energy being one of the lead dogs for Berkshire Hathaway. Key, one of his big top players at Berkshire Hathaway is a big advisor on energy as well so it is also for taking the qs from those cues from those around him as well. Nejra dani burger, thank you so much. Great to have you with us. Coming up, seeking new leadership, Commerce Bank aims to fill a power value power vacuum. This is bloomberg. Nejra this is bloomberg daybreak europe. An nejra cehic in london. Ammerce bank aims to fill power vacuum. They derailed the turnaround efforts. Joining us now is steven arons on the line from frankfurt. Dramatic day on friday. Great to have you with us. What is likely to happen this week and who could be the next ceo the next ceo . Thanks for having me. They could announce a new ceo. They are looking for a new chairman and they are working on a massive Restructuring Plan that could the as many as 10,000 job cuts so a quarter of the workforce. That is what we have reported. But we also had a statement on the record from one of the biggest shareholder servers to yesterday night that said slow down, Commerce Bank. We dont want you to rush into a decision. They have a Supervisory Board meeting where they could announce everything or if they follow the suggestion of cerberus, they will manus why all of a sudden do you think the voice of severus has pushed a slight pause narrative . Aeven cerberus has been shareholder of Commerce Bank for three years now and the share price of Commerce Bank has declined dramatically since they took the stake. They are under a lot of pressure because they have lost so much money on their investment and they have gotten really impatient. They sent a couple of letters. We reported on them. It contains scathing criticism and put a lot of pressure on both the ceo and the chairman. They realized it did not have much backing anymore so they stepped down and cerberus of course is trying to take a lead in the restructuring to tell them what they expect them to do. Nejra the two names that seem to come up in terms of the banks head of corporate clients but also the cfo. Any sign of either of those having more of a chance, especially if the aim is to turn Commerce Bank around . It is the seems like more likely candidate at this point. He is relatively new and people that we have spoken with seem to think most people favor someone with a fresher perspective on Commerce Bank. She is another candidate. They are still considering external options. Is one reason cerberus wants the bank to take it slow at first. They said they want orderly succession process, so especially looking at external candidates first. Thank. Our man tracking the banking story. The futures are flying high in the u. S. And seem to be riskon. The European Market open is up next. Good morning. Welcome to Bloomberg Markets european open. I am anna edwards in london alongside matt miller in berlin. Matt today, the markets say start how you me to go on. Equities begin the week on a tear with the csi up more than 5 . European futures pointing to big gains on the continent. The cash trading is just one hour away. Here are your top headlines from the bloomberg. Coronavis