Europe here. We initially saw quite a negative story coming out of europe. In the United States, maybe some stimulus talks helping propel the story a bit higher. The s p up by over 1 . The euro has come back. It is still negative on the day. We did have a 1. 16 handle. We now have a 1. 17 handle, but we have seen continuing dismal inflation data out of the eurozone. Yesterday was germany. Today it is france. A 0. 6 print. We get the final number friday. Alix totally different from the u. S. , in that we are able to generate some inflation. Christine lagarde with her strongest signal that the ecb will change its goal. She said it may be worth examining a strategy that allows inflation to temporarily rise above the target rate, similar to the feds shift. We need to thoroughly analyze the forces driving inflation dynamics today, and consider whether and how we should adjust our strategy in response. The anchoring of fixed rate expectations might have loosened. The wider discussion today is whether Central Banks should commit to explicitly make up for inflation when they have spent quite some time below the inflation goals. It is not about moving the goal posts for monetary policy. The usefulness of such an approach could be examined. Alix joining us from london is chris watling, longview economics ceo and chief market strategist. And on the phone from brantford is Volker Wieland of the institute for monetary stability frankfurt is Volker Wieland of the institute for monetary stability. Is there a first mover advantage . Who is going to win in that playoff . Er basically, we had this conference today. This is a conference which was reaching out to academics, two former central bankers, to researchers to discuss the strategy review, and in my view, all that president lagarde said is that everything is on the table and being examined, so it is only natural to also examine the proposal of what the fed is doing now. The socalled average inflation targeting. But if you listen to the various assessments at the conference, it got mostly bad reviews. There was a lot of criticism that the feds approach is unclear and that it may actually, if anything, increase inflation volatility or d anchor expectations or deanchor expectations. That ity, my reading is will not lead to the ecb picking this up. Guy what do you make of the chances of the ecb, regardless of the policy changes that it makes, being able to lift inflation to potentially above average . We had a print out of france today, 0. 6 . There is a concern now that Inflation Expectations in the euro zone are getting anchored at very low levels. They were anchored around 1 for a while. Now it seems we are getting anchored potentially below 1 . [indiscernible] chris excuse me, sorry. I would say it is a great question. Is clear there is a divergent trend. The most obvious force behind that is probably fairly obvious. One, the demographic profiles are very differents of the aging in the euro zone versus the u. S. , where youve got a much younger population on average. Got baby boomers, youve got a b boomers that shes got baby boomers youve got baby boomers, and a lot more millennials. Theres a much bigger thing in america that is less prevalent in places like italy and not very prevalent in germany. So you get the consumption impulse from lowering interest rates, and therefore harder to get inflation up. I think these factors are making it very tough, whatever the ecb does. Im amazed that these Central Banks are still regarded as credible, having missed these targets for 10 years pretty much across the board, and the ecb is on of the ones that has missed it the hardest. Alix that is a pretty good point. Volker, why should the ecb maintain that when it comes to targeting . Measureon the inflation , everyone is talking about Consumer Price inflation. Consumer Price Inflation is also driven importantly by imports. That is a different effect here in europe than in the u. S. Because we import oil and other energy. We really benefit in terms of consumption from the reduction in the oil price and other energy prices. That is what is pushing down Consumer Price inflation. But a little known secret is that the broad inflation in europe, which you measure with a gdp deflator, which basically includes investment goods and public goods, all of the government expenditure, all of these areas, we had a reading of 2. 4 inator increase of the second quarter. So we actually get diverging inflation measures, and that is getting too little attention in the ecb strategy. I think it would benefit from looking at broader measures of inflation, and not only Consumer Prices. Guy a couple of things which i want to pick up on. First and foremost, the ecb mandate doesnt include that. Knowledge, it doesnt include that. You think we need to change the way that we target inflation, or the in place and we target here in the euro zone . Second, do you think the ecb is therefore going to have to step up when you talk about the inflation related to imports and be much firmer about what happens with a stronger euro . Can you talk me through those two things . Volker first of all, no. The mandate is not tied to a particular measure of inflation. The mandate is laid down in the treaties. It is part of the strategic choices of the ecb, what measure they choose and at what horizon they target. That sign that they can focus on the measures they have, there is some fine tuning one has to do. For example, the Consumer Prices would probably not it up another probably notch it up another few basis points, or 10 to 20 basis points. We will see. But when you about policy transmission, what are they actually affecting . If the ecb is buying extensively corporate debt of companies such as siemens, it lowers the financing cost of those companies, so it has an effect on their output, and eventually goes through inflation. But what do the companies produce . Investment goods. So of course, you have to look at broader measures such as gdp deflator, which includes those goods. You have to look at it when you want to know the effect of policy and how quickly it is taking effect. In that account, the measures they have taken in the last few years in terms of asset purchases look better than if you are more effective look better and are more effective than if you focus on Consumer Price inflation, which is on imported goods, therefore not directly affected by ecb policy. Alix lets get to the fiscal policy. That European Recovery Fund now seems a little bit dicier. Angela merkel spoke earlier on that. Still got to get over some hurdles that are now in negotiations with the parliament. Along with the purely financial questions, theres also the issue of the rule of law in connection with financing. I am not going to go into detail, but i will say that we have difficult negotiations ahead of us. Anyone who is bullish of european equities says it is because of the European Recovery Fund. If there is a delay, what happens to that thesis . Chris thats a good question. To be fair, that part of the story is the european cover refund, but it is really a global story. We hear some challenges to the european Stimulus Fund. Clearly, and a sense they are setting each other off. Clearly they need the Stimulus Fund to support its growth, and i suppose if you dont have it, you could argue that the euro would strengthen because theres less looseness to policy and europe. Youre struggling more and putting more deflationary headwinds, and not even getting that boost back as well. I think this is classic referring thats classic european negotiation in parliament. Classic european negotiation in parliament. Theres clearly some challenges on some of the financing, but i am pretty sure europe will get over this hurdle. I would not have thought of this as a meaningful problem for the European Equity market, really. Rallying,markets are and europe gets caught up in that to an extent, too. Yf course, europe is heav encyclicals, like in the u. K. Majorityill need the of e. U. Membership back it. Polandre, hungary and wont necessarily be able to resist it. We do need this package to be improved on a nation by nation basis, so potentially there could be some risk. Volker, let me talk to you a little bit about that. The fiscal side is absolutely critical for europe. If the fiscal side were to stumble, where would that leave the continents recovery . Volker yes, the fiscal side is crucial. We have huge packages already in terms of giving support to the economy, and also additional stimulus packages in germany, now in france. S a lotional government of ready are already doing a lot. They have no problem funding themselves at the moment because the ecb is massively buying out government debt. So in that sense, right now the governments have no funding problem. If you look at the cost of government funding, they are low across the board. So in a sense, i dont understand the Recovery Fund as a stimulus package. It is really a growth and innovation package. A key element is that it is to a significant part of transfers, so it doesnt automatically increase the debt of the high debt countries. But if you get a gift, if you get a transfer, people want to know how you use it, and then use it wisely, so this comes with Strings Attached to be used greeningation, health, of the economy. So it will be a process. I agree that there are hurdles. Political negotiations. We will get over them, and then this will be a program hopefully putting growth on track in certain key areas. In terms of if the governments run into financing trouble in the nearterm, if the ecb were to have to stop buying so much government debt, there is still the ease and the esm. There are still unused credit lines. In that sense, governments could sustain their deficits also in that way. Governmentsf resistant to maybe taking esm financing for a long list of reasons. We will leave it there. Chris watling and Volker Wieland, thank you very much, indeed. Coming up, pelletier making its coming up, palantir making its debut through delectable sing they view through direct listing. President eak to nyse Stacey Cunningham. Stacey cunningham. Guy 16 minutes past the hour. This is the european close on bloomberg markets. Majorors are watching two wall street debuts today, peter going publictir through direct listing. Misc president nyse president Stacey Cunningham is with us. How confident are you that this will go off without a hitch . Stacey we are excited about today. We are ready, locked and loaded, and it is going to be a great day. Alix far palantir specifically, its gotten all of the buzz, but there has also been criticism as to the governance of it and how much peter thiel is in control of the stock and voting rights. How do you see that debate playing out as more Companies May opt for direct listings and try to keep more control . Stacey i think what you are going to see across the choices is this isnt were placing ipo, but companies are going to be able to choose, do they want to go public through traditional ipo, where they have the infrastructure in place that goes along with that and some control over their initial shareholders, or direct listing, which reduces their cost of capital . Where i think the next evolution you are going to continue to see is what elements of each of these do others start to adopt. Palantir is introducing lockups and dual class structures. We have seen ipos start to refine some of the lockup mechanisms that were traditionally there. Start toeen spacs evolve their models. The important point is it is not onesizefitsall. Not all companies are created equal. We are going to support them at the New York Stock Exchange in whatever path makes most sense for them and their investors. Guy lets talk about that. Are we starting to reach the limit of what is acceptable governance . The three founders of palantir are basically going to be able to retain control of this business, almost carless of how much they own. Until they die. I am wondering whether Public Markets are going to be undermined if we see a continuation of this trend in governance. Stacey it is really important for investors to choose and reward what they want to see. If Companies Choose to stay private because they feel forced to give up control when they go tolic, investors lose access those companies in the private markets. We believe strongly in the fact that this nation has been built on the story of shared success, as companies grow. If we dont allow the everyday investor to share in that success by having access to those investment opportunities, i worry that we are really going to redefine the fabric of this nation. So it is important that they are public of any so that people could to share in that success, but investors should reward the behavior they want to see, and they should do that i investing in government structures they believe in in governance structures they believe in. Alix do you think that investors will be able to understand the distention of all of that and know that they dont have control over these . Stacey using about a company like salesforce, who went public in 2014 and has returned 5600 since then, those companies are staying private much longer. Many times, because they are concerned about the undue pressure as a Public Company on shortterm thinking around quarterly earnings. Some of them are adopting governance structures that allow them to maintain control as a Public Company. If we dont support that mechanism, my concern is the pendulum will stay where it was in the private markets. 2020 really showed the strength of the Capital Markets, and the fact that companies under pressure because of the pandemic could easily raise money. Billionraised over 130 through ipos and followup offerings. We want to see that swing back. Guy absolutely, but there need to be checks and balances. The individual investor is less sophisticated in Public Markets than they generally are in private markets. They dont have the analysis that exists in private markets. There need to be checks and balances. If i am investing in a company where i dont have control, and , theyunders keep control are not taking the economic risk in the way that they once were. How is that correct . Why shouldnt there be greater checks and balances in the Public Markets than there are in private markets . Stacey we balance investor protections and investor access. That is how we give investors the tools and the information they need to make an informed decision. But they need access to those opportunities. Denying access is not the right answer. Want to empower them with information so they can choose what is right for them, and investors should vote with their money. Alix one more question on this particular point. Do you feel like there are a lot of companies in the pipeline like palantir that have stayed private a lot longer, and will move on to the Public Market and may a lower valuation to bring up this conversation . Stacey september has been the busiest month at the New York Stock Exchange for ipos in our history, and october is on track to look exactly the same. I think that is reflective of the fact that companies have been private for a really long time, and took for granted that they would always be able to raise capital in the private markets. This year has been challenging. It changed the dynamic around the cost of capital in private markets versus Public Markets. We are seeing a lot of Companies Looking to tap into the Public Markets. They are uncertain about what the future might bring based on the pandemic, based on economic conditions. So we are seeing more Companies Come to public, and that is not a trend we see slowing down. Guy are you 100 confident that you could justify the fees that you charge for data . Stacey the dynamics around data fees have certainly been an involving an evolving trend in the equity market. It is important to recognize first that all of our fees are filed with the sec. Competition has led to a dramatic reduction in transaction fees, but an increase in fixed costs on brokers and those connecting to the exchange. The cost to trade is less than it used to be, but the Retail Investor is undeniably the benefit or of that trend. Alix how do you see that playing out with the doj . You have a lot more exchanges coming to markets, a lot more competition in part because of the data fees. If the doj is successful in its push with antitrust, you will get a pushback. Stacey this is a very competitive landscape. We operate five different equity markets. Our customers do not take all of our data fees for all of the markets. They take the ones that fit for them. That is a choice. It is a competitive marketplace. That is why we have seen how that evolves, so new exchanges will have that same hurdle as to whether or not they are providing value to their customers, that they want to be able to go about it subscribed to their fees. It is a very competitive marketplace, much like the evolution of content generally. As i look at my buying trends across netflix or hulu or alley or hbo, we are making different decisions about what we value. Guy interesting comparison. Do you expect the cost of data to come down . Stacey i expected to be driven by i expect it to be driven by our Competitive Forces as it has been to date. I reemphasize, not everybody buys every product. Alix are you concerned about more exchanges coming to market . Stacey we have been in this business for a long time. Certainly we have seen this before, where exchanges, brokers might come together and launch a new exchange. It is not something that is unusual for us. We are happy to compete in that space. Alix it was really fun to talk to you. We both had a really good time with the conversation. Stacey cunningham, nyse president. We should mention that bloomberg that is in the firms the contested space for proprietary fees. In order to get a slice of any trades happening through its network and infrastructure, that is like the third thing that extended have to worry about. Though, and finite, ultimately we didnt have enough of it. I hope we will get stacey back to be able to talk about that very subject. Talking of data, lets talk about what is happening with the European Equity story right now as we head towards the close. Right across the board, we are coming through into the end of the month. We are not down by much. It has been a kind of topsyturvy market day. We certainly had a negative story coming into the session because of the asian response to what we saw in the debate last night. Europe kind of bounced, mainly driven by the states and by the narrative that maybe we are getting potentially closer to getting some sort of stimulus done in washington. Since then we have rolled over a little bit. We have seen some action in the Foreign Exchange markets as well. We saw a one dollar 16 cents handle on eurodollar a little earlier on. We have rebounded a little bit. But that is it. The month is nearly over. The quarter is nearly over. What a turbulent months it has been. September didnt disappoint when it comes to volatility. They european close is coming up next. Plenty more details to still follow. This is bloomberg. Guy welcome back. End, quarterssion end. European stocks are wrapping up for the day. This is the session. We will talk about the here and now. Just positive on the day. The legacy out of asia overnight thattive relative story was generated mainly because of the debates overnight in the United States. A stimulus story and that started to boost equities. Lets talk about what has happened over last three months. The last three months, where have we gone . We are up. 4 on the stoxx 600. We have gone nowhere over last three months on the stoxx 600 as you can see. A real channel occupied by European Equity markets that have been very tight. On the day, we have been negative. In some ways, you could transpose the intraday numbers almost for the threemonth number. Very little to differentiate. We have seen very little volatility at a headline level when it comes to European Equity markets. Below the surface, there been interesting trends. Lets talk about the rotation we have seen into cyclicals and away from the more defensive end of the market that were positive for three months before that. This is the grr function for the stoxx 600 on your bloomberg terminal. Banks have not done well. That is a story that has not particularly performed. We see bad numbers out of the Banking Sector over last few months. A very flat curve, which has meant the Net Interest Margin story has been quite bad. Banks are generally underperforming. Elsewhere you have seen some of the staples. We could probably go back to that. The top end of the market easy cyclicals doing well. You see travel and leisure stops doing well. We have flipped onto the mrr. Lets talk a little bit about that. G4s is potentially one that could be taken private. That stock up 75 . We also see companies that could benefit from the deal being pursued in europe. Market, it hashe been those that have had exposure to the travel sector that have not done well. Tryingoyce, which is now to figure out what it is going to do in terms of its liquidity position, rollsroyce down very hard. It looks like the kuwaitis could be taking a state that business. Elsewhere you see some of the banks trading lower. Financial companies having not a particularly good quarter and some of the industrials as well. The industrial story has come back. That is the picture we found ourselves with. This is the gmm function on your terminal. A broadbrush picture as to where europe fits in in the big scheme. You see European Equity markets have performed similarly to what we see in the United States, which is interesting. We see a big outperformance from china. The russian has suffered, and growing concern about what a Biden Administration could do with that relationship. Also a stronger relationship between the british pound and the euro. We have seen this curve flattening we were talking about that has so much affected the european banking story. Alix other parts that will affect the banking story, what happens between the u. K. And the eu in terms of brexit. Latest is the eu is rebuffing british britains rightist push. Traders are looking at the cable rate sitting at 1. 29, not positioning for anything yet. Joining us is sir Jonathan Faull , former British Commission former british official at the european commission. Great to see you today. As we are counting down to october 15, what kind of deal are you expecting . I am not sure im expecting a deal at all. There is still a lot of work to. O the positions are quite far apart. The necessary in reaching agreements has suffered, with the british looking like they going back on some of the things that have already been agreed. Guy you are a former Financial Services commissioner. What if your assessment of how high and terms of the priority list of the city of london is. Is the city being given enough credibility within this process . Is it being treated with enough importance by the British Government . Important,t is obviously, but the current talks are more about goods than services. They are about customs, there about ports, they are about trade. To earlier referred is extremely important. The main mechanism for dealing with Financial Services is likely to be what the europeans call equivalents, which is where they look at the Financial Regulation on the others and make a judgment as to whether it is good enough to allow services to be traded normally. Alix if they rule that it does not, how fast up and running can the eu get their own Financial Services arena . Jonathan you cannot replicate the city of london and i do not think anybody should set out to do that at all. I do not think there will be a traumatic collapse. I think the chances still are willa relatively thin deal be done by the end of the year, leaving other things to be sorted out in the coming year or years. I do not think it is time for alarm, but i think the stakes are very high. We have been through deadlines before, but the end of this year is the crunch deadline, and it is working back from that you get to october 15, where people say the negotiators have to have an agreement so the ratification can take place by the end of the year. Ofould not overdo the 15th october if an agreement is reached, then later it could still be possible to get everything done i the end of the year. Governor of the bank of england Andrew Bailey speaking yesterday. I will quote him talking about equivalents. This is something worth having but not worth having on any terms. On what terms is the equivalents worth having in your book . Ifathan it is worth having both sides agree, and it would have to be reciprocal that they are each showing sufficient commitment to financial stability, consumer protection, and all of the things you need in Financial Services regulation. On january 1 year, that will be the case, because today the eu and british Financial Regulations are substantially the same. It is what happens afterwards that poses the problem. There will be divergence. It will be deliberate. It might be inadvertent, and it might be from both sides. They will have to figure out a advanceiscuss in changes in Financial Regulation and whether they are breakiently important to what will start out to be a situation of equivalents anyway. Much whatm is not so happens at midnight on january 1, it is what happens in the subsequent months. Thatthere is concern European Regulation is inefficient. This has long been a criticism of european Financial Services regulation. Not wondering whether or that inefficiency is a price worth paying for the equivalence . Jonathan people have different views. A lot of the european Financial Services regulation was negotiated by and with the british. It cannot be the british that were saying that. A lot of it derives from international standards, but people can argue about the details. What i am suggesting is those arguments, those dialogues need to be set up, need to be institutionalized, because otherwise there could be a derailment sometime next year as the british and the europeans go different ways. There needs to be some holding of the ring between them to keep trade flowing as easily as it does today. Otherwise there will be friction. London clears about 1. 6 billion of your derivatives a day. What realistically can be siphoned off from that and still have things move smoothly . Jonathan i do not know that things have to be siphoned off at all. System needsce to be applied to each of the individual categories of action. That will not stop overnight. I did not see anybody trying to build to replicate the city of london in paris, in milan, in amsterdam or frankfurt. There are Financial Centers in europe. There has been a specialization. London is obviously an important part of the european financial system, and the geography and economics will not change because of the policy. Most of that business will continue to be conducted in the same way it is today. There is an interest in doing it. The institutions will want to do it. The politicians have to provide the appropriate framework to allow the regulations to proceed , if not in an identical way, at least in a parallel direction. What is your assessment of the progress that has been made thus far in the Capital Markets union . Jonathan very limited, i am afraid. It has proved extremely difficult. It is hard to build a consensus among the European Countries who are ultimately the legislatures of the european parliament. There is still a great deal of work to be done. In main Capital Market europe is in london, and Capital Markets, as you and your viewers know, operate very differently in europe from the way they operate in the United States in respect to corporate finance. Guy absolutely pure right a final quick absolutely. A final quick question. Of Asset Managers are watching this. Delegation rights allow assets to be parked somewhere and then managed elsewhere. You could park assets in dublin and manage them out of the city of london. You could also do this dublin to luxenberg and elsewhere. You think there is any threat to delegation rights . You think Asset Managers may have to move if those delegation rights were to be called into question . I am starting to hear rumblings that there are those in the eu who would like to see this change. Jonathan if the delegation rights disappeared im sure business would move. In a sensible world where people were working together, ways would be found to avoid that. My concern is given the levels of trust and the amount of time , thating to sort this out simply might not happen. We are in a time of considerable concern and danger. Things might go wrong. And theirotiators political leaders get things right, there is no need for that to happen. It could. Guy it all comes down to trust and we will see how much trust will be left at the end of this. Thank you very much, indeed. We appreciate your time. Sir Jonathan Faull, founder and chair of the European PublicAffairs Group at brunswick. European stocks have settled a negative session, not down by much. We are now closed for the session, the month, and the quarter. We will have postgame analysis on Bloomberg Radio and a couple minutes time. The cable show with Jonathan Ferro and myself on dab Digital Radio in the london area and around the world on all of your bloomberg devices. This is bloomberg. Livea i am ritika gupta in the principal room. Coming up, an exclusive interview with david miller band. That is at 4 00 in new york and 9 00 in london. This is bloomberg. Alix we are still waiting for palantir to start training. One of the things investors are watching is the companys government structure. It looks like palantir is open anywhere from 950 to 1025. Joining us is phil haslett, equities and cofounder. Has worked with half of all unicorns. What you make of the governing structure here . Does it make sense for a regular investor to get involved in the Public Market . Phil in a word i would call it egregious. I hope it does not become the norm. I think palantir has probably gotten feedback that they need clear language because they have amended their filing six or seven times since they started the process. It will be unencumbered in some of the institutional Money Managers to force change with the company by voting with their feet over time. I think there is a risk Retail Investors might not understand what they are getting into. Benefitit is an overall Retail Investors have now guy what sort of discount do you think should be applied to this company because of its governing structure . Phil that is a tough question. I would say there are going to be Money Managers that might avoid this altogether, not only for its corporate governing structure but also the underlying clients. Yesterday Amnesty International lasted palantir for its human rights record taking on money from ice and homeland security. I think it will be a bit of a discount. If the stock performs, it will attract investors. That is what we saw in the past, Companies Like snapchat that had heavy voting shares, the same thing with google. Alix we spoke to Stacy Cunningham earlier in the hour and pose this question to her and she said look, now you have regular investors that can buy the stocks where they could not buy it when it was in the private market. It is a good thing they can get into the stocks they may want to get into. What is the counter to that . Phil it is wrong. If you look at the documents for palantir, about 300 million of shares traded in 202011. I can tell you from equities Vantage Point that is an elevated amount of trading for a private company which is probably good for price discovery right i would say it is probably incumbent on the exchanges themselves to build new rules. They do that for how companies have their financial statements. They should also do it for Corporate Governance as well. Guy in terms of the underlying business, what you make of it, what are the revenue opportunities, is this Company Going to be able to continue to grow at the rate it has. What are the threats to that . Putting the governments to one side, what does the business look like . Phil a lot of the discussion is about the concentration in customers. It is about five or 6 million on average per year. It is about a 5050 split between governing contracts and corporate contracts. The upside is they expand within the government contracts they have. That has been a triedandtrue playbook. They will continue to do that with corporates as well. They can add a couple clients per year to grow those five or 10 or 20 million contracts. That will be valuable. The one thing investors keep an eye on is 60 of revenue from palantir comes internationally. Areanies will tout their opportunities for international expansion. Peloton was a good example. Palantir cannot say that. They have already tapped a lot of those markets. Nevertheless, i think they talk about investable market of 60 billion on the corporate side and 60 billion on the government side, so you still see room for growth. Alix that is a great point and circles back to the beginning of the conversation. Palantir is going public late, it is already a developed company. What is in the pipeline for that type of company . Will we see more of these things or go back traditional, you will cash out in the middle of your private market debut . Phil i think we will see more of them. Thatd two today, but brings the total to four companies when you add in slack or spotify. Palantir has 1. 5 billion. Why wouldnt you do it. You provide liquidity on day one and can see how the stock responds. If things do well you can raise money at true valuation and not give up onto the ipo pop. I think we are heading into this directional. The New York Stock Exchange has done a great job of opening this up. Shift toee more slack take this approach as well. Airbnb is on the tip of most peoples tongues so we might see that in 2021. Guy how many will we see before the election or do you think the window is closed . Phil i think we have a week or so to make an announcement, otherwise there will not be a time. We had our last brush this week or next week. Then i think the doors closed until 2021. Alix as we are waiting for toantir, indicating from 975 1025, what are you going to learn from how it trades today . Phil the answer is less than normal because palantir is only allowing 20 of shares to freely trade on direct listing, which is unique given what we have seen historically where slack and spotify open up funding. I think you will see trading over the next six months that might not accurately reflect how the company will trade longterm. You might see artificial inflation in the price, particularly if theres a big resale trade that comes in. Guy appreciate your time today. Thanks for the analysis. Phil haslett him equity zen cofounder phil haslett, equity zen cofounder. This is bloomberg. Ritika time for the Bloomberg Business flash. A look at some of the biggest business stories in the news. Entertainment Caesars Entertainment is acquiring a footprint in online gambling. William hill has accepted a takeover bill. The is a 25 premium to British Companies closing share prices. As many as 9000 jobs, roughly 11 of its global workforce. The crash in oil prices is forcing shell into billions of dollars in cost savings, plus the oil and gas giant is overhauling its business to embrace clean energy. Morgan stanley is countering fears the coronavirus will crush demand for office space. Bloomberg has learned the bank has begun looking for a major new headquarters in london. It is assessing options for a move from its current premises in canary wharf. Morgan stanley would focus on options in the same neighborhood or the city. It wants at least 600,000 square feet. That is the latest business flash. Guy thank you very much. At the top of the hour Boris Johnson will be holding a press conference. There is some expectation he may deliver further announcements or he may simply update on where we are. In terms of where we are, the latest numbers just over 7000, the case cap in the u. K. Deaths picking up. 71 is the latest number four yesterday. The number of patients on ventilators up to 312. In terms of what we will get, we will see the two scientists, i think it will be like what we saw last time. The chief scientific officer will be with him. We will see those updating the nation on the latest numbers. Testing has been climbing. Alix the Health Secretary spoke earlier in the house of commons, saying something similar. More needs to be done to suppress the virus and they will be rolling back stuff they do not need and they will try to consult parliament on further national measures. I do not know that will go far enough to satisfy parliament. Here in the u. S. , reportedly Steven Mnuchin and nancy pelosi will be meeting. House democrats actually like the 2. 2 trillion deal. If you start with 1. 5 trillion, can you scale up to two . That would be a significant change. Balance of power is coming up next with david westin on Bloomberg Television and radio with blair ephron. He will give his debate takeaways. This is bloomberg. David from bloombergs World Headquarters in new york to our tv and radio audiences worldwide, i am david westin. Welcome to balance of power, where the world of politics meets the world of business. Lets get a check on the markets first. That is wrong. Last night they had the debate in cleveland. It is fair to say we got a lot more heat than we did light as a practical matter. Mr. Biden Everybody Knows he is a liar. I want to make sure President Trump you graduated last in your class. Mr. Biden youre the worst president america has ever had. President trump i wear masks when needed. I do not wear masks like him. Every time you see him he is wearing a mask. He could be speaking to hundred feet away and he shows up with the biggest mask ive ever seen. What is the Trump Health Care plan . President trump i guess im debating you and not him. The question is radical left. Mr. Biden will you shut up, man