Beijings economy. He says the world has entered a transformation period but warns against the closed domestic cycle. Watching wall street, Goldman Sachs, bank of america and wells fargo report later today. This after j. P. Morgan and city shares fall despite surprising to the upside. Very warm welcome to our viewers just waking up. Manus is off this week. A much do holiday and very welldeserved. The pandemic really was maines front and center. We have the latest projections from the imf, warnings from the u. K. Scientific advisor. The netherlands entering a partial lockdown. The pause from eli lilly and Johnson Johnson on their latest medical trials serve as a stark reminder that the pandemic is a perennial Market Driver even amongst the uncertainty of brexit, the tugofwar over u. S. Stimulus, and the noise surrounding the u. S. President ial election which today is now 20 days away. Against that backdrop, the markets this morning a little softer in asia. Xi jinping speaking in shenzhen, lifting the 300. Euro stocks futures point to a brighter start. Look at whats going on across assets. We do have eurodollar and the pound a little bit weaker. 10year treasury yields steady. For euro and the pound, tomorrow will be key. The selfimposed deadline on thursday. Many waving it off as not a real deadline, but will talks continue . Set to speak today. The only bright spot of the imf forecast was china, where output is expected to exceed 2019 levels. Such an outlier from the rest of the world, that the chief economist had to separate china from both emerging and advanced economies. The imf endorsement comes as president xi jinping lays out his vision for the socalled greater bay area. Joining us now is the chief north correspondent Stephen Engle. Very good morning to you. He just wrapped up a little bit ago. Xi jinping very light on specifics. He did want to showcase chinas resilience by going to shenzhen. What stood out in the speech for you. Stephen yeah, i was seeking those hard bullet points, the headlines, and some of the policy specifics but we did not get them necessarily. If this was like a designing of a house, we didnt get the blueprint, we got the grand concept of what he wants to turn juan dong into. For the past 30 years, shenzhen has been this Pilot Program of innovation, but also opening up to the west. The foring at the time asian tigers, south korea, hong kong, taiwan and singapore as a rival to hong kong. It has now almost surpassed that in many ways on the innovative front and past the four tigers. Shenzhennping wants and the greater bay area, the river delta to kind of bring hong kong into the fold and complement each other. Hong kong is the gateway to the raisingd the capital with the International Ipos is a huge one. Shenzhen, like has been playing now with the likes of the headquarters of huawei and tencent, they can be the innovative hub, rivaling silicon valley. Big pictures but now how are you going to do it . Annmarie i think the market was looking for the blueprint. There was a lot of excitement going into this speech. What impact will this have on hong kong even if it was a little bit skim on the details . Executive carrie lam who was there for the speech is now kind of having to redraft her own policy speech. Stephen keep in mind, today, she was supposed to give her annual policy address for priorities for hong kong. She postponed that as late as next month. Wanted to hear what xi jinping has to say and how she has to integrate those priorities into her plan. One thing thats that out to me was xi jinping overture to the young people not only in hong kong but he called them the compatriots in china be at hong heg, macau and taiwan included to have the young people, live, work and study in the mainland to file part of economy and chinese place in the world despite the troubles and some would say bifurcation of the tech world with the west and this more selfreliant push that xi jinping has talked about. He said we need to create a sense of belonging to the motherland for all of them. It was his plea to the people of hong kong who did take to the streets of protest over the last yearandahalf of our so to try it out in china for work and living and studying. Annmarie bloombergs chief north asia correspondent Stephen Engle. Joining us this morning to digest all of this news is michael metcalf, global head of microstrategy at state street. I want to start with china. We had president xi speaking hours ago and china is really the only one that stands a chance. Look at the imf projections that is going to grow this year. For years, we have talked about chinese exceptionalism and i wonder if it is coming to a point this year specifically. Does the rest of the world stand a chance to catch up to chinas growth . As you say, china is the standout positive in the Growth Outlook. Large part and significant part of the Global Economy now that that will actually help the rest of the world we know that chinese exports are still an important source of growth and we know that domestic source of growth will become more important but i think the fact weve got such a big growth driver doing so well is positive overall for the world of growth and the gap will eventually narrow but it does not look like it is going to narrow anytime soon. Macro point of view, is china the place for returns on a yield basis, it has been a search for yield given the sovereign debt but also the yuan even if the dollar has strength. We do see the euro and pound come all of these currencies not doing well against the yuan which could last into year end given Brexit Uncertainties and the pandemic that is going to research in europe. Michael it is a very good point that you make. Not only is the Growth Outlook attractive, nominal and real almost it is only the only place you could go for yield. Do you compare the currency space things like the amount of yield relative to the level of , it is very little that gets close to it. That is why i think it is interesting we began the week with measures from the chinese authorities may be to try to remind us that the currency should be a twoway bet but yes, it seems difficult in this environment where if investors are looking for growth or yield, china is the go to place and that would suggest more downward pressure. Annmarie the other go to place in china seems to be china tech and that is what Stephen Engle was talking about, even outperforming the u. S. Counterparts. Xi jinping kind of alluded to this bifurcation of the tech market. Do you think chinese tech will continue to outperform even if we have a Different Administration in the white house come november 4 . Michael that is a good question. The one thing china obviously does not escape is the uncertainty around the u. S. Election. Assumption s an what is clear is we dont go back to where we were before 2016. Unlikely thatems if you get a Democratic Administration that you will get an escalation that weve had under the trump administration. Yes, that obviously does factor in to the chinese fundamental story to which way that will go but it does not deny the fact that whichever way the election goes, china is outperforming. Annmarie what about the trade war . Does the trade war remain intact, do tariffs remain intact . And might get turned into Something Else rather than the trade war perhaps. It seems unrealistic to assume straightaway that the tariffs will get reversed. I think weve almost gone too far along that route already. I suspect what we would be the fact that china is performing so well economically, politically might make it hard for any administration to walk back the tariffs significantly. I think what the market will be looking for is some kind of stability, some kind of guarantee that the tariffs dont go up from here and maybe get themselves on the path where you get gradual reduction. I think it seems to be unlikely that you get a complete reversal of tariffs. That would be a huge Economic Policy positive. Annmarie this week, this has been a major talking point about a change of hands potentially in the white house, what does that mean for chinese relations and the cohead of affairs at Goldman Sachs has Climate Change might be one area where the two could come together and forge a partnership. What other areas do think we could see a potential partnership between washington and beijing if there was to be abide in presidency . Think the Climate Change and green jobs initiatives and collaboration on green projects could be really quite significant. I think the other interesting , not necessarily collaboration but you get very similar policies from china and the u. S. Which could be very positive for Global Growth as you get big infrastructure plants. You could potentially get collaboration on that. Aboutk this is all opening the fiscal spigots and making sure the growth comes back properly next year. China has already done it and now we are waiting for the u. S. We talk about china being the main engine of Global Growth for now and we need the u. S. To get back onto pushing Global Growth strongly. Climate change will be the huge one and china has emerged as a leader on that and the u. S. Needs to catch up, i think but also in terms of stimulating Global Growth, that is one way there has been some kind of collaboration you end up having. Annmarie china certainly has in terms of putting out there map for it, how they will deliver, think that will be key in terms of whether or not they can get their admissions down. We will talk about u. S. Stimulus coming up next. Michael metcalf stays with us. Up next, hitting the pause button. Eli lilly halted antibody trials because of safety concerns. We discussed that and the state of covid right in europe. This is bloomberg. Annmarie very good morning to you. 6 15 in the city of london. Hope for a quick virus care take another hit. Eli lilly is the latest to halt Clinical Trials of its antibody therapy because of safety concerns. Shares fell on the news and this follows Johnson Johnson. They hit pause yesterday on its trial after a patient illness. Several European Countries are taking steps to control its record surge in cases. Citizens are being called to make more sacrifices. Bars and pubs are closing today in the worst hit parts of inland as Boris Johnson faces growing pressure to order a National Circuit breaker lockdown. For more, we are joined by maria tadeo in brussels. Czech republic, netherlands, what is the state of play across europe . Seeing his you are daily restrictions when it comes to coronavirus. The tone has changed. Last week, 700,000 cases, the most since the pandemic began. That is triggering all the government action. The Prime Minister is under huge pressure to declare a National Lockdown for two weeks in the u. K. In the netherlands, more restrictions, a partial lockdown that sees all nightlife being stopped. No more alcohol sales after 8 p. M. This is a major uturn for the dutch permit is there who until now has said we want to go for a smart lockdown. We dont want to put in place measures or restrictions that could hurt the economy. Onay, the focus is very much interviews this afternoon, it does signal a real escalation. It had been the Health Minister and Prime Minister diab dealing with this another president elzie has to say something. Theres big speculation that there could be a curfew, meaning you are not allowed to leave your house after 8 p. M. In cities like paris. Annmarie with all these fresh restrictions, but as the Economic Impact going to look like . Maria well, thats a big question when you look at it from this side of the channel. What you have is a situation where there is no effective treatment for coronavirus at this point. Restrictionst could be in place for a long time. We are probably going to be in this for months. I would point to the fact that Angela Merkel did not rule out we could see some type of lockdown. When you look at the projections that came out from the imf, they believe the contraction this year will not be problematic. The concern is 2021. The rebound we were expecting perhaps may not be as strong and may not be as quick as we anticipated as a result of the restrictions. Annmarie thank you. We will be looking out to see what Emmanuel Macron has to say later today. Michael metcalfe from state street is still with us. Yesterday, the imf warned the pandemic would cause lasting damage to living standards. They are pushing for a twoweek lockdown. We really seeing economies in the west struggled to stamp out the virus and keep the economy going. It is a hard line for them to walk. When did the markets stop pricing in all these fresh restrictions . Michael yeah, it is a very good know whatecause we ultimately the restrictions bring which is a version of what we saw in q2 which was a very sharp slowdown in growth. Right now, were in the midst of getting the data from q3 which we know as seen a significant rebound. Right now, most of the forecast, the imf included, you do have the recovery continuing. Lockdowns are just partial or not quite as strict year,had earlier in the the moree stringent lockdowns get and you talk about these Circuit Breaker levels and no national thosewns, obviously forecasts will have to be revised down. I think right now, the market has not got that in their projections, the idea that you could have in some cases, you might be talking about double recession. The market has not priced that in yet but it may begin to do so as lockdowns get more stringent. Annmarie just yesterday, the u. K. Job losses jumped to a record. Potentially, we could see more. It does not seem like the Financial Markets are pricing in the real pain we are seeing on main street in the u. K. , europe and the u. S. This has been really a debate throughout the entire pandemic. Are the markets just convinced that regardless of what happens, the Central Banks will come to the rescue . Michael yeah. Bankusly, the Central Support in terms of liquidity and asset purchases is huge and remains huge. That is a very significant support. You touched on the jobs market there. Obviously, the thing that is really keeping the real economy going is all the support, particularly in europe, all the support we have gotten through the labor market through fiscal policy. Is interesting question now if we are heading back into much stricter lockdowns, is that really going to stymie any Market Recovery or it will get worse again. It puts a lot of pressure on all the fiscal measures that have been put in place to basically keep spending going and to keep the real economy at a certain level. All of that is some comfort to markets, but the interesting thing to watch would be the bond market, i think, to see if yields dont react to the idea of the fiscal situation will get a lot worse. Markete the bond yesterday, italys first sale of bonds, 0 coupon. I am told we have to wrap it up but we want to get your reaction to what happened yesterday. Michael metcalfe stays with us. Lets get a first word news update with laura wright. Laura prospects for u. S. Fiscal stimulus for election day waning. Nancy is calling on the white house to rebound its latest offer. Mitch mcconnell is pushing for a smaller scale strategy, but pelosi quickly rejected. Proposals a pozo seems to be opposed by donald trump. The European Union has won submissions from the wto to hit u. S. Goods with 4 billion of tariffs over the ongoing boeingairbus dispute. The bloc will likely hold fire until after the president ial election next month. The eu was hoping to reboot negotiations and see if the talks fare any better in the results joe biden becomes president. Larry fink says the world could be a lot greener if Office Buildings never reach full capacity again. At an imf event, he said if only half of workers return, to the office, traffic could be reduced and quality of life improved. Companies could have 50 always working from home. Global news 24 hours a day on air and on Bloomberg Quicktake in more than 120 countries. This is bloomberg. Annmarie. Annmarie thank you. He saidlarry fink, climate risk is an investment risk and some anymore investors are looking at Climate Change. Coming up, bank of america and Goldman Sachs earnings on deck. How do they stack up to the big lenders we have already heard from . Thats coming up next. This is bloomberg. Annmarie good morning. This is daybreak europe. Jp morgan and citigroup reported betterthanexpected earnings yesterday but shares in the group fell. You to discuss what they did and what they will do later today, dani burger. Liber investors disappointed in the lenders results, because actually topline, it did pretty well . Dani not just the top line, but the low loss reserves were half of what strategist expected. We saw premarket this year rally but when they turned and investor disappointment said call. S the earnings it was the executive commentary that make clear the loanloss picture was not because they had a sunny outlook on the economy. Instead, they set aside so much in the first half that they built up a significant amount of loanloss reserves. At the same time, it is not clear whether soured loans and whether we have come to the end of the line. Instead, the pictures executive set up was a temporary pause in bad debt. Cfo made it clear multiple times on the call, saying it should not be seen as a seachange. Instead, they think the consumer is going to start turning in 2021, especially with such a murky picture. What comes out is this idea of an economy really grinding, struggling to recover for years to come. Annmarie what was more of what they said put stocks on pressure. Citi fell a two times as much as jp morgan, why . Dani over regulatory issues they faced, theyve had public slaps from regulators over the risk control. Theyve also had some pauses put on their dealmaking. Anything, it if was brutal. Analysts were not mincing words. One analyst from wells fargo said how can we make sure you are not the next wells fargo . Annmarie thank you so much. We look forward to the other Bank Earnings today. You can join the debate on todays question of the day, how pr Bank Earnings for risk assets . Reach out to our team. Coming up next, it is the stimulus debate. We had to d. C. This is bloomberg. So youre a small business, or a big one. You were thriving, but then. Oh. Ah. Okay. Plan, pivot. How do you bounce back . You dont, you bounce forward, with serious and reliable internet. Powered by the largest gig Speed Network in america. But is it secure . Sure its secure. And even if the power goes down, your connection doesnt. So how do i do this . You dont do this. We do this, together. Bounce forward, with comcast business. More voluminous hair instantly. All it takes is just one session at hairclub. Introducing xtrands. Xtrands adds hundreds or even thousands of hair strands to your existing hair at the root. Theyre personalized to match your own natural hair color and texture, so theyll blend right in for a natural, effortless look. Call in the next five minutes and when you buy 500 strands, you get 500 strands free. Call right now. upbeat music 6 30 inmorning, is europe. Heres what you need to know today. Pressure rises on u. K. Prime minister orest johnson as daily virus cases surpassed 17,000. And infections back and eli lillys antibody trial is pause. President xi vows access and a speech saying the world has entered a transformation period, but warns against a close to mystic cycle. City shares fall despite surprising to the upside. You, itsd morning to 6 30 a. M. In london, 7 30 a. M. In frankfurt. Lower,iapacific is down even apple unveiling its latest version of the iphone could not pick up spots. The hang seng also down. 25 . The hang seng is back open today, it was shut yesterday due to weather conditions. But futures are in the green. Lets see whats going on across assets. Not on the eurodollar and the pound, little bit of weakness. Break brexit negotiation continue and we should get a wel with Boris Johnson and will have to wait and see if it yields results. And u. S. Stimulus talks remain deadlocked. Nancy pelosi demands the white house revamp its latest effort. Sing it fell significantly short of what is needed. Which mcconnell is pushing a smaller scale strategy, maybe a skinny deal. He wants to replenish funds in the Paycheck Protection Fund for Small Businesses, but the offer was swiftly rejected by both democrats and President Trump tweeted, go big or go home. 132 a. M. In d. C. , thank you for staying up late again for us. Prospects for new stimulus deal seem to have taken a turn for the worse. Cut through the noise, what is going on . Performed, nobody has the last rites as of yes, but they might as well, at least until after the election and until congress is in place and one of the president ial candidates has been inaugurated. The two sides are very far apart. Not only over money or where to spend the money, but steven mnuchin, the treasury secretary who is an integral part of negotiations up until now is going to the middle east next week, so he wont even be in washington. Said, isonnell, as you proposing a much smaller package that is anathema to democrats and nancy pelosi. Now, that the for Democratic House has proposed. Even though members of her caucus who are moderates and the districts carried by donald trump 2016 are saying lets make a deal. At the same time, theres something curious going on here, perhaps loosening the grip of donald trump on the senate, as much as he has advocated a deal, they dont really want to go along with it. Wonder if steve mnuchin, flying off to the middle east kind of puts a stop to the talks and they will just have to wait until after the election. Also going on in d. C. , in terms of the Supreme Court nominee hearings, Amy Coney Barrett faced a lot of questions. A lot of it on health care and roe v. Wade and her stand on abortion. How is she faring . Takenshe seems to have the tack of others, be polite, but dont tip your hand on anything, about how you might rule on this or that issue. As you say she was question my democrats and republicans about rights, roe v. N of course stands for abortion rights in the united states. Act,e Affordable Care these are not just academic questions, either. The Affordable Care act is going to come before the court the week after the election. Certain amyost Coney Barrett will be on the court. She would not say she would recuse herself from many of she didnt saynd how she would rule on it. You so much for joining us, john. Get some rest now. Michael, the roller coaster in d. C. Seems to me like its going to come to an end, as you just heard john say there, an integral part of the discussion is Stephen Mnuchin who is jetting off to the middle east very shortly. At some point, though, the u. S. Main is going to need fiscal stimulus. Jamie dimon yesterday morning about the pain ahead. He said the people that need the most help our Small Businesses and the unemployed. More stimulus will increase a chance of a better outcome. If theres a doubledip, there will be consumer painandsuffering. What is your take on the stimulus talks and how long can they lag until we start to see this pain . Think roller coaster sums it up very nicely, really. As john said, it seems difficult to imagine them now finally coming to a deal before the election, and then it just becomes a question of timing and market narrative. There is no doubt that the real economy needs extra stimulus. Itsthat paycheck key to cushioning the downturn. If it now means that we need to t until new administration if its a democratic one in you get the must much bigger stimulus, the interesting question for the market will be will they look forward to this much bigger stimulus in the future, but that does mean that may be q4 and q1 Growth Numbers are much weaker and we start to see much lower spending as the pain in the labor market hits the economy harder. Thats going to be in interesting question, because you know the stimulus is coming, is just not coming fast enough. Annmarie im glad you brought up the polls. Moreurve is coming down as and more take on the polls which are showing a biden victory. Now moret fears are focused on the immediate aftermath rather than the week after the election. What do you say in terms of how the markets trade on the morning of november 4 . What does that immediate aftermath look like . Remember theill november morning in 2016, you will recall before that all the narrative had been how the Trump Victory would be negative for the markets that lasted all of about four hours. My perception going into it now is that its all about the , iential of fiscal stimulus suspect that will be the market narrative really quite quickly that the significant fiscal stimulus coming and thats going to be good for growth in the market can take that quite positively. The important thing on november 4 is that we get a clear result as quickly as we can. That will remove all this absurdity about when the fiscal stimulus we desperately need is going to come. Annmarie i remember that morning as well. I was in new york and you immediately saw so much different narratives playing out in the market. I want to wrap up the conversation and move on to italy. We didnt get to this point earlier in the show, but a 0 couponaly had private investors are not getting the juicy rewards yet there still willing to take on somewhat risky debt. The sisters show that investors are confident in the recovery find in the ecb or is it really the only place for a little bit of yield . Yield, a little bit of its still incredibly low. I think italy throughout all of , is nervous about fiscal sustainability. Italy was the one to watch before the crisis in terms of having a week outlook for fiscal sustainability. The fact that they are able to get demand for the bonds with the zerocoupon tells you that the market is not in any way concerned about this and it is completely reassured by the moves of european policymakers and the ecb has made. Its really important bellwether to watch and so far governments can keep providing the fiscal support they are doing, which is super important. Annmarie would you be willing to get on a 0 coupon . Michael the one thing i can tell you is, italy is a big part of investor portfolios, and right now it has been performing. So yes. Annmarie we will leave with that, michael metcalf, thank you for joining me this morning. Weve been talking about highly uncertain, thats how the imf is describing the world economys recovery with the covid19 pandemic. Across countries you are seeing advanced economies doing better than emerging and developing economies, including china. Within countries its uneven, youre seeing women doing worse in the labor market, were andng rising inequality, were seeing manufacturing having strength and recovering on a monthtomonth basis. On the other hand, the Services Sector is either stalling or even reversing in some parts of the world because we are still living with this virus. You talk about the effects of the virus being longer. Does that mean the damage is going to be alternately greater despite the more shallow trajectory . Overall, this is the worst crisis since the Great Depression and we have very prolonged recovery. For most countries with the exception of china, they dont recover to 2019 levels even by the end of 2020 one. Then there are regions in america were that takes until 2023. About because of the crisis relative to the prepandemic levels, this is long, uneven, and highly uncertain event. Annmarie what can stop it . The government says spin, spin, to help support your economy. That seems to be coming to some kind of halt. Soft stimulus in the you in the u. S. , in the uks a more targeted furlough program. How do you look at it . Number one, the countries need to work much more closely together on ending the health crisis. The problem is not science, regaining the prospect of vaccines and better treatments and testing, but just not enough production on the scale thats required to reach everybody in the world. If that doesnt happen, is just going to prolong the recovery. Not toasking countries prematurely withdraw support but continue to provide income support. You can be targeted becau offer. For countries that just dont have the finances and need international assistance, debt relief, that will ensure that were not going to knock the economy off its path for the foreseeable future. The crisis could is going to go on for a long time. Debt levels will be significant as a result of this. How big a drag will the enormous debt that many countries are going to now be carrying be in terms of Economic Growth far into the future . We have debt now projected to be a record high of 100 of global gdp. But this is also at a time when private savings are high and private investment is very weak, which is part of the reason why Interest Rates are very low at this point and expect it to stay that way for the foreseeable future. To the extent that Interest Rates stay low and we get growth all it means is that the window of opportunity to build a mediumterm fiscal trade war to make sure your debt is going to be sustainable over the next several years. In some cases that rule require that will require cutting back certain expenditures but also through Revenue Generation some cases, making sure that corporations pay their fair share of taxes. ,ll of this will be important but we have a breathing space now with low Interest Rates. Lets get to the first word news. In the u. K. , Prime MinisterBoris Johnson is facing growing pressure to order a National Circuit breaker lockdown preview the Opposition Labor Party is calling for an increased nationwide restriction for to happen three weeks after documents revealed the government scientific advisors cautioned called for the action three weeks ago. Triallly is pausing a after safety concerns. Is developing an antibody therapy to help those with severe cases of covid19. The worlds biggest cinema chain is considering bankruptcy. Of options for Amc Entertainment as it tries to ease its debt load. No official comment from amc. 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. Annmarie thank you so much for that news update from london. Coming up, get ready for 5g. Apple unveils its latest range of iphones. New styles, new look, new colors, and of course offering 5g. This is bloomberg. Annmarie good morning, this is bloomberg daybreak europe. Apple has unveiled his new iphones, promising they will be thinner, lighter, and faster with 5g technology. The hope was for a new era of sales growth. Each generation of Cellular Network technology on iphone has enabled read through innovations an entirely new opportunities for developers and our users. In 5g is the most exciting step yet. For so many people, this all becomes real with 5g coming to iphone. Cook speaking at the Virtual Event yesterday. Matt, what are the major upgrades that consumers might find attractive to either upgrade or get in on a new iphone . It might be a hefty price tag for some. People willk most see the formfactor is pretty familiar. , which got a lot of the spotlight yesterday, theres quite a few things going on that are different. Its a faster chip which means the phone is going to work quicker and slicker. Crisperen will be much and clearer with better resolution. Its also stronger, something called ceramic shield. It gives four times the drop protection over last years model. Minis also an iphone coming out that will appeal to some. Not so much going on with the camera the rear camera, but better incamera gets dark darker conditions. Charging, andess theres a whole range of accessories coming out that would use that functionality. And as you said theres quite a few new colors coming out, including the new blue. Lot goings actually a on that is quite different compared to the 11. Annmarie you had me at the drop protection. How big of a selling point is the faster 5g . I guess the way i look at it, it depends on where you live in the world, doesnt it . Thats right. Is clearly going to draw some people in, but the reality of daily life, youre not going to notice it that much less youre doing something very specific. League of legends has launched a game in 5g. You not really going to notice 4g is actually pretty quick, and 5g is going to be patchy for quite some time yet. To be somegoing specific circumstances where you will get that one gigabit per spec per second speeds on 5g that will be different from 4g, and youll be using an application that really needs that speed that makes the difference. So for most people, having 5g isnt going to be a huge wow out of the box. Annmarie matthew, thanks for joining me this morning. Coming up, todays agenda. We take you through what you should be watching out for today. This is bloomberg. Annmarie 6 55 in the city of london. Just over and hour away from the European Market open. His morning we will hear from christine lagarde, speaking at a global roundtable organized by the united nations. In the g20 finance ministers and Central Bank Governors hold a virtual meeting. And later the european money and finance forum. You dont want to miss it, the fed vice chairman speaks, and at 4 30 p. M. , Stephen Mnuchin speaks at the global conference. Then an 8 00 p. M. , the dallas fed president , robert kaplan, will give a talk on financial supervision. We are about an hour away from the European Market open. Lets look and where futures are trading this morning. To thefollow wall street downside, but were seeing a brighter start here in europe. Futures up or than. 10 , and a brighter future, the positive open it looks like in new york. Of course we are waiting on where the stimulus roller coaster will land. One thing that is front and center for europe is the brexit negotiations. There will be a phone call report today, the pound dipping below 130. The other thing to look out for is where are we in terms of lockdown in the United Kingdom . Boris johnson coming under more pressure to order a Circuit Breaker lockdown for two weeks in october, from the chief economist. That does it for me. Up next is european open. This is bloomberg. Anna good morning and welcome to Bloomberg Markets european open. In londonedwards alongside matt miller in berlin. Matt today the markets say it gets better, asian stocks trade lower with no signs of the u. S. Fiscal stimulus deal. European equity futures are pointing a positive open. Thes