Pelosi shifting the deadline to tuesday. After gdp misses, Industrial Production and retail sales accelerate. And a pair of losses on a bloomberg exclusive as the u. K. Could rewrite its lawbreaking brexit bill, a move that would revive talks with the eu. It comes after a downgrade from moodys. Its a barnstorming beat for phillips. 6 00 a. M. In london, 7 00 a. M. In amsterdam. The adjusted ebitda is up. Free cash flow will be above 2 billion by 2025 is the guidance. Phillips targets accelerated growth and higher profitability. September where they cut their guidance because the u. S. Slashed the ventilator contract by 650 million. This is going to be something which bolsters it. They are targeting comparable sales growth of 5. 6 . We will put those questions to the ceo, who joins us in just under 28 minutes. Management. Et nnmarie the standout is the new money inflows. They say considerably they have risen in the Third Quarter. Under management are up 3 . We know the ceo has been trying to accelerate this push into digital. One thing covid19 has made very hard for all of these banks is it is difficult to manage new sorts of wealth, new sorts of clients. Julius baer, coming out with new inflowset new money rising considerably in the Third Quarter. Should we have a quick look at whats going on in the markets as we kick off this week . Its a bit of risk on this monday morning. I dont 100 by the stimulus talks 100 buy the stimulus talks. How many times have we been down this road . Up Msci Asia Pacific is 0. 8 . Futures in the United States, up. Thatollar hovering around level. 0. 75 ur guild is at the 10year yield is at 0. 75 . Global coronavirus cases are approaching the 40 million mark. Infections are sweeping across europe. Cases in india and the United States averaging more than 50,000 per day. Quite worrying. Manus it is, indeed. Sets Speaker Nancy Pelosi a tuesday deadline for more progress with the white house on a stimulus bill before the election. That as President Trump says he is willing to offer more than the one 8 trillion amount amounte 1. 8 trillion the republicans have put forward. Back onat to have you the show. Good morning. I have christened her knife edge nancy. For marketss is it if they dont do a deal in the next 48 hours . How febrile is it on the back of that . Good morning. Tim good morning. Well, on that note, i dont think it is too febrile. I dont think the central expectation for markets is that a deal will get done in the next couple of days. Its that one will get done eventually, pricing in the higher likelihood that the democrats not only win the presidency, but takes both houses of congress. If that doesnt happen, i can see that being a far bigger disappointment than something not coming together in the next couple of days. Annmarie our mliv question is about i wonder how much that could, in the sense that markets are already pricing in some deal at some point. Is it more about who wins the election, that could end up being the real driver . If we were to get from another four years and get trump another four years and republicans back in control of the senate, is that when you would like to see things sell off . Tim the senate is the key variable in a lot of this, in that they havent been seen as willing, at least as of last week, to give the president what he wants, even if he were to agree with pelosi and the democrats on a bigger stimulus or even on the current one. Its not clear that the senate will allow for that. That, fo rme for me, is the big variable. If you get a very paired stimulus or even nothing pareddown stimulus or even nothing. Manus i got a little bit overexcited. Ive had five days off. I went straight in on the attack. You warn im so excited you are back on the show. Getwarn that we mightnt the blue sweep. They want to belong put options be long put options. This is a better counterbalance to a biden plateau. Is that the kind of hedge that you would prefer to engage in . Tim yeah. In fact, its interesting. We basically said the exact same thing last week, when biden nationally was up 10 points in the polls. The odds in the betting markets were 70 chance he would win. That had happened very quickly. We have adjusted short euroyen. If you look at the correlation between aussie swiss and euro aussieswiss and euroyen, views like that make a lot of sense. Annmarie i know we talked a lot about stimulus, but sitting here in london, the resurgence of covid cases is what is taking center stage. You look at the highfrequency data and you are seeing some of that come down. Are the markets yet to price in the full impact of these lockdown measures . Italy is the latest to have fresh restrictions, tim. Tim yeah. It does depend on how far they go, but i think thats right. The key variable for me will be the u. S. And how much the consumer in the u. S. Is potentially locked down. There are no real signs that is coming, but it is worrisome that places like europe are going to be a big driver of this recovery and they are starting to enter these more draconian lockdowns. I suspect, to coin a phrase, it has to spread, those lockdowns have to spread for it to get a lot worse. Expectations are already pretty modest, especially for europe. The more the consumer is impacted, the way they were in march, april, may of this year, that is quite a risk. Annmarie today, the chinese data shows the divergence we are seeing when it comes to covid19 and the recovery. Tim graf, so excited to have you with us this morning. Coming up, we will talk about what happened in china, a continued recovery. Thirdquarter gdp rose faster than the Second Quarter. We will look deep into the numbers. This is bloomberg. Recovery is anticipated, which will benefit the global recovery. The macro leverage ratio is increasing. The risks remain heavily skewed toward the downside. So, to borrow a phrase from sports [indiscernible] we are not going to take it in october. [indiscernible] if our Financial System becomes unstable [indiscernible] this,you were to grasp after the great decline we saw in march and april, the recovery looks Something Like this. Of the centrale bankers around the world on the fallout from coronavirus and the risks. Chinas recovery from the depths of the pandemic continues. The headline gdp number came in short of expectations. Still, growth accelerated in the Third Quarter, while the retail sales and Industrial Production numbers both meet by a country mile both beat by a country mile. Our cohost, tom mackenzie. Great to have you on the show. How did you read the headline miss versus the underbelly of success . Good morning. Tom good morning. For 5. 5 ates were growth for the Third Quarter. Got,is what we actually but that was still comfortably above the Second Quarter gdp. What the economy seems to be telling us is we shouldnt read too much into this gdp for the Third Quarter. They say that imports have picked up quickly, and that drags the gdp number slightly lower, even though its probably positive for chinas economy. The retail sales were a standout number, 3. 3 increase for september well above estimates, well above, august. Consumer and retail sales were the missing component in terms of chinas economic recovery. Put that together with strong exports and strong investment and the picture looks slightly more rounded. The question is how sustainable is the recovery Going Forward, and there is continued debate about that, particularly given whats happening with some of chinas Major Trading partners in europe and the u. S. If you get the virus under control, you could get the economy back on a surer footing. Annmarie tom, we are envious of your beautiful, live broadcast position, out and about, very different from what we are experiencing in london and dubai. You are at this jd. Com fulfillment center. How solid are things looking on the chinese export side . If beautifulsure is the adjective i would quite use, but theres a lobar. Not many a low bar. Not many of us have managed to get out of the office. On a week by week basis, they are seeing volumes increased by about 10 . Which points to the strength of the retail sector, the consumer, that is coming back. Still fragile. Not back to where it was in 2019, but the momentum is picking up. In terms of exports, that has been a key driver of growth post pandemic, because they were able to fire up the factories quite quickly and take advantage of the demand for medical supplies in europe and the u. S. , also work from home equipment. In terms of what happens Going Forward, that is the question mark. Whether its in london or elsewhere, does that drag on chinas exports Going Forward remains key question remains a key question. Developer, property is there a Systemic Risk there . Ever present u. S. China tensions. Annmarie we will see whether or not that changes, given the election just 15 days away. Tom mackenzie, back on the road. Thanks for joining us. Tim graf, still with us. Tom, i guesswith the real worry for chinas rebound, if it can be a full and real china rebound, is if the rest of the world is still embroiled in the virus crisis, can china continue on this level of growth . Tim it goes back to what we were saying in the previous segment. Its down to the strength of the consumer, particularly in the u. S. , where, so far, it doesnt feel as if they are going to be back to a draconian lockdown. I think thats probably a good thing for chinese growth. A biden presidency is probably an even better thing, as to the point tom raised about trade tensions. They might ease. Other sources of growth in the world, india, it appears, is taking the herd immunity approach, so there consumer shouldnt slow down too much so their consumer shouldnt slow down too much. If europes lockdowns become far more restrictive, you have one potential, less powerful engine of growth, but one that could be going offline a bit more. Its the strength and resilience of the consumer globally that will have a lot to say about chinese growth. Manus and the consumer in china. If you look at the breakdown in the data, apparently they are drinking more, smoking more, and popping a lot more pharmaceutical medications. I dont know what that says. Certainly on a more serious note, chinas role for emerging markets. It act as the ballast to the em trade 2020, tim . Region, i would say so, yes. Thats still going to be quite the big influence. Its probably not going to be the influence it was 12 years ago, simply because chinas economy has matured. The part i left out in the last couple response was the Chinese Consumer itself, importing from around the region, from around the world. As you mentioned, a lot of those consumer staple activities are coming back online. We look at things like the growth rate in cosmetics and jewelry sales. Those are also coming back online. To the extent that helps the region and potentially the world, it is a potential, i growth,avior for insofar as the Chinese Consumer does appear to be a lot healthier than it was six months ago. Annmarie an interesting point was brought up, that china may not benefit from a vaccine, because a vaccine, for china, would mean consumers are hopping on planes and traveling internationally. What do you make of that statement . Do you agree . Tim i dont know. Thats a really difficult question. I would think a vaccine is probably going to be good for the world, and thats going to be good for china. I think its quite speculative to say it would have no effect on effect. Im kind of struggling with that one, i have to say. Manus we are all struggling with the concept of whether a vaccine tim, stay there. Grappling with Circuit Breakers in the u. K. Tim graf. Lets get you up to speed with your first word news. Good morning. Theres optimism about progress on a rescue package in washington. The House Speaker says a preelection deal remains possible, but she said tuesday deadline for making more headway with the white house. President trump is confident he can persuade the gop to back a good deal, renewing his offer to go beyond the dollar amount that is now on the table. New zealands Prime MinisterJacinda Ardern has won a landslide election victory. Labour party got its biggest share of the vote in more than 70 years. The biggest outright majority since new zealand introduced proportional representation. Still, ardern is leading a coalition government, which may include her ally, the green party. People gathered in paris to pay tribute to a history teacher killed in the city on friday. They held a moment of silence. He was attacked after showing cartoons of the prophet mohammed in a class about freedom of expression. His attacker was shot dead by police, and Authorities Say they have now detained an 11th person. Global news, 24 hours a day, on air and at bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. This is bloomberg. Annmarie thank you so much for that round up. Losses aspares british officials get ready to water down Boris Johnsons lawbreaking brexit bill. Its a bloomberg scoop. This is bloomberg. 6 23 in london. This is daybreak europe. Are ready toials water down Boris Johnsons lawbreaking brexit bill, a move that could revive veiling failing talks with the european union. Moody has cut the uks Credit Rating over the weekend. What does this mean for the pound . Ise with this mornings call juliette saly. Juliette a little bit of a muted reaction. We have been seeing some upside. What we are hearing is a lot of these traders on the pound are washing out a lot of this political noise, saying the real deadline here is november. You need at least two months to get some kind of deal through on the new trade terms by 2021. Europe says you should be looking at november. If its clear by early november that there isnt going to be a clear deal, then you could see a 5 decline in the pound across the board. One strategist things we may be closer thinks we may be closer to crunch point. He recommends a short tactical position on the pound, versus the dollar, given the risk of a no deal brexit and also a resurgence of covid19 cases. We heard from another analyst saying, if you dont see a deal by the end of november, that could be particularly bad for pound. They are predicting a volatile month for all currencies due to the u. S. Election. Also, we had Bloomberg Opinion columnist a Bloomberg Opinion said the pound isnt even listening to the Prime Minister. He said Boris Johnson cant even get the pound to listen. Manus . Manus thats a tough day when you cant get the currency traders to waken up to the Prime Minister. Juliette saly, the latest on the pound. Tim graf has written quite a lot in his notes on the state of the nation for the u. K. He is with state street global markets. Fairly quiet relative to the Prime Ministers chitchat. You have a downbeat view on the u. K. Do you think they will do a deal, and is that why you are downbeat . Or are there other factors at play . Tim at this point, deal or no deal, economically, not a huge amount of difference. The shock of no deal will be a good thing, but, longer term, the u. K. Is still distancing itself from its largest trading partner. Its going to make it very difficult. Its going to make u. K. Assets less appealing over the long run, not least on the equity side of things, given the concentration of financials and the energy sector, which have their own problems anyway. I think, longer term, to attract capital to what is still a twin deficit economy is going to require weaker sterling for a long time to come, whether there is or is not a deal. They wont listen to Boris Johnson, it doesnt look like they are listening to moodys either. Over the weekend, moodys downgrading the u. K. Es a downgrade not matter for the currency . Tim that surprised me quite a lot. Thats sort of new news. Political posturing around the Brexit Process is nothing new. Weve been dealing with it for more than four years, but the prospect of the fiscal stance having to become tighter in response to fears about downgrades and lessening the support for the labor market and the consumer, potentially, is another longterm factor that should, one would think, drive it lower. We saw this in the 2008 to 2010 crisis. Im surprised it has not had a bigger impact, because it says a lot about the longterm future, as opposed to the shortterm political backandforths. Annmarie sterling is completely unmoved by the downgrade, quite shocking, as tim graf puts it. Thank you so much for joining us this monday morning. Coming up, philips confirmed its 2020 guidance as the groups thirdquarter adjusted ebit downbeat estimates ebitda beat estimates. 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. Annmarie good morning from bloombergs european headquarters. Im here with manus cranny. This is bloomberg daybreak europe. Restrictions tighten as virus cases surgery on europe. It really is the latest government to add lockdown measures the prioritizes its struggling economy. The consumer perks up china retail sales surge keeping the recovery intact. While gdp misses estimates, beijing has recouped all ground it lost in the first half. Bloomberg exclusive says the u. K. Could rewrite its lawbreaking brexit bill, a move that may revive talks with the european union. Very good morning to you. For me its about this divergence we are seeing. We do have the recovery continuing over in china. Softer on the gdp, that we are growing and the retail sales are astonishing. At the same time they have been able to deal with covid19, which is a stark reminder of whats going on in europe. London, we were told we could not mix indoors with other households. Italy is the latest to add to the list of adding the virus restrictions. Manus absolutely. On top of that, our host from state street warns the bigger risk is that a blue sweep does not come to pass than a bigger risk of the physical impasse. There has been a 48 hour deadline on stimulus. Are up threend, we quarters of a percent in asia. Futures rally by nearly 1 . Though nota bit, it as big a bid as the rest of the world. By those covidly restrictions and Circuit Breakers to the oil markets. What is the folly to put more supply on the markets. Moved ever so slightly on the back of the china data. Headline mr. Retail sales into boost. Ozzies was could be your hedge of choice on a biden plateau. It rises on the china correlated trade. It beat the estimates for 2021. Phillips current view is the comparable sales growth will deliver low single digit growth. This is the ceo of philips regular with us here on the show. Great to have you with us. Good morning, well done on the headlines. Weve got all the numbers in front of us. But to the guidance, 2021, low single digit growth, could you just tell me the restraint on that guidance . Is a restrained until there is a substantial vaccine and a more normal operation can be applied around the medical facilities of the world . Good morning. Good morning. To explain the guidance, i need to talk replete about 2020. First half, we had a negative growth, this quarter, 10 growth. We expect to finish with year on year. Part of the growth is driven by the pandemic response. We have huge demand for acute care equipment in patient monitoring ventilators. We expect that demand to be much lower next year to the connected care segment that will actually turn into negative for one year in 2021. All the other sectors will have strong positive growth. In line with our longerterm guidance of five to 6 . Phillips is expected to grow 5 to 6 . We are not lowering our guidance, we are increasing our guidance. We used to be a four to six and now we will be a five to six until 2025. That is on the back of being wellpositioned to cater for the changes in health care. More in technology, telehealth, provision diagnoses and minimally invasive inventions and enabling people to take good care of themselves. Profitability will expand by 60 to 80 basis points every year in 20212025. That brings us into high teens adjusted territory. Our cash flow will exceed 2 billion. I think its a strong guidance of a company that is having a strong innovative portfolio that we can continue the self the core of growing and our strategy around solutions resonates. Thirtyyear 11 big orders with Strategic Partnerships with hospitals ranging from vietnam to indonesia to europe to the United States. The strategy is well received. I just want to, dig a little deeper into the outlook. You know better than anyone else the coronavirus is making a worrisome come back in europe. Its not even influenza season. Its not even winter. How much is that playing into your outlook on Revenue Growth . Concernedm certainly by the resurgence of covid, you can also see it back in elected procedures, still not having fully recovered until this last year. Our diagnosis in treatment segment in the Third Quarter revenue,to a minus 3 which means we are still in negative territory in that part of the business, because hospitals are focused on the acute care for the pandemic. Cue, weou take a longer think we are wellpositioned for a higher growth, even though we have to kind of navigate the shortterm disparities in the market. Rears its head in the Fourth Quarter, its a bit of searching, but we are pretty confident that we can deliver positive growth for the year on the back of a strong audible and continue deliveries of acute care equipment and telehealth services. Inus the shock that we had september was the u. S. Canceled the more than 30,000 ventilators. Did you find any buyers . Are you going to have to take a description . Any you said it will have a tough year in 2021. Are you talking to anybody about those ventilators . Have you sold any and will you have to write down . Whats going on with the inventory left over from the u. S. . Frans the u. S. Government was not our only customer, we had customers around the world. But it is very sad that this order was partially canceled, especially after so many people worked so hard to increase production eightfold on the request of hhs. We are working hard to fight other customers for their volume, but we did have to take a provision in the Third Quarter, given this surprise partial cancellation. On the ventilators in the United States, there is a debate in the u. S. , even a hearing about how the prices for the ventilators were too high. Is that why the u. S. Did not take the 30 plus thousand bundle from you, frans . No, i think it has nothing to do with that. At the height of the pandemic in april, governments around the world scrambled to take the right positions. The u. S. Governments affect made contracts with over 10 ventilator suppliers. I think the inside post summer was that, the stockpile of ventilators fall more than enough entry suppliers, including us were confronted with a partial cancellation. So emotionally, that is tough for us. There is some understanding that if you have a big stockpile, then you also need to take measures. So we are moving on. There is plenty to do for phillips in other areas. That patiented monitoring is in strong demand, telehealth is in strong demand. We saw consumer demand coming back in the quarter with 6 growth driven by personal care, oral care. There is plenty to do for phillips and we dont have to be just focused on ventilators. No, but unfortunately the world is focused on covid. I want to get a sense, you used the language that the word scrambled as we went in as we try to grapple with covid in the first round. Europe is facing waves and its accelerating around the world. Would you describe it as scrambling, do we have enough into leaders globally . How would you describe the situation on a Global Health level as we go into wave 2 . Frans i do think governments are better prepared than in the first half of the year. We are already seeing in several countries still a shortage of testing, a shortage of acute care in that capacity. I dont think it is so much a equipment issue, it is a staffing issue. We need to have a lot of understanding that the medical staff is working very hard, and that part of the lockdowns are to avoid, that hospitals are overwhelmed with the work. We see that also in elective down ores being ramped postponed. Matter it is a temporary a society is dealing with it. In the meantime, we need to look ahead and also work on our strengths where we can find growth. For example, im very excited about leveraging Cloud Technology to create interoperability and Data Exchange between primary care doctors and hospitals, and enabling patients to take better care and other areas where it is safe and sound from a pandemic point of view. Ceo of philips, thank you for joining us. He is saying the hospital is still focused on acute pandemic care. This is something we are watching very closely in europe. We have had other breaking news. The french group says they are planning to sell assets, and the cfo is leaving in a massive shakeup to revive the french yogurt makeup. Fresh news this morning. They are conducting a full Strategic Review of portfolio brands. Sticking with earnings, we are starting off the full earning season in europe. Ubs reporting tomorrow, barclays on friday. It comes after u. S. Bank bank results left investors disappointed. Joining us is dani burger. What will be the focus for ubs tomorrow . Dani Wealth Management and m a are the two key points. We talked about seeing more net inflows from their Wealth Management division. We also had Morgan Stanley do pretty strong here. This is an important business segment for ubs. Sergio armani stepped down and gave an exit interview saying that the best thing he did for ubs was not selling the Wealth Management division. This is clearly a big deal for him in one of his final earnings to come. At the same time, all eyes are on whether ubs hits at any m a acts of labor. The chairman at ubs told a swiss magazine over the weekend that they are not looking for any bribes and saying they dont want m a at the moment. They would not comment on the talks they have had with Credit Suisse that was swirling around about potential m a. Trade will be important for ubs and much more concentrated on equities. A lot of the growth we saw in u. S. Banks was fixed income. That might be a problem for them. Manus the article written about our former colleague, annmarie shared it with me. We will read that before we talk to him tomorrow about the nonconsensus. I wonder what his nonconsensus trade is at the moment. You talk about the u. S. Banks, good morning to you. Will that give us a hint in terms of the european lenders and how they perform . Its not like for like, is it . But we have belchers in terms of ivs there. Dani that story of its not like for like will be in focus. Because there has been swirling around the m a story in europe, most recently with spanish banks. When you look at the contrasting results, it might push for more consolidation in the european banking sector. Because they are so fragmented you dont get the blockbuster results you see in the u. S. Big invisions are not as europe, simply a factor of having less exposure. That will still be the focus with an outlook on what the credit picture looks like for europe, especially as coronavirus cases and more restrictions come into the four. Capital markets should do better. Andlays reports on friday their trading is expected to grow 10 . Andcommentary on dividends Capital Management with the ecb having a de facto ban on payouts. Do banks see that ending anytime soon . That will be a focus for these european lenders. Manus . Manus absolutely. You can write out the questions, give me a little bit of time. Dani burger theyre keeping track on whats to come across the banking season. Ubs on the slate tomorrow. Atst word news, laura wright london hq. Chinas economic recovery from the coronavirus pandemic is continuing. Gdp grew 4. 9 in the Fourth Quarter from the year earlier, but lower than forecast faster than the expansion in the Second Quarter. China has regained all the ground it lost. Industrial put an retail sales beat forecast. The u. K. Government is ready to water down its controversial lawbreaking brexit bill. It wants to revive failing talks with the eu as the transition period comes to a close. One obstacle is rebuilding trust. It was damaged by the internal market bill that rewrites the brexit bill that was already agreed with the eu. Twitter blocked a tweet from one of President Trumps house advisors. He is known for his contrarian medical views and treated masks worn . No. Twitter told cnn it violated the rules on sharing false or harmful information. Global news, 20 for hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries, this is bloomberg, annmarie, manus. Annmarie oil is steady ahead of todays meeting to address the state of the markets. We will to does we will discuss that next. Brent, 4280. This is bloomberg. Annmarie this is bloomberg daybreak europe. m Annmarie Hordern in london manus cranny in dubai. Opec facing growing pressure change course as the surge threatens demand once again. The group meets today to review compliance, production cuts and assess the outlets. Joining us is the executive energy and commodity. For me its about the two phone calls between Vladimir Putin and Mohammed Bin Salman. Is is setting the stage that they wont be able to increase production . I think there is a view in the markets that is a critical balance. January is that they ease off cuts pipe to barrels a day. What the markets improving. So take that extra oil, especially the resurgence in production from libya. So it may be that the two leaders are talking about how to approach that meeting in early december, and whether they want to dial that back down. We do not get a read after that meeting. Manus who would have thought that libya would be the swing factor as we go into this negotiation on december the first. Annmarie. The prince to say, whoever gambles in this markets will be like hell. How much of a policy mistake would it be for opecplus to put those barrels back on the market . The additional supply back on the market in january . Will i think the consensus is that the moment it would undo a lot of good work that has happened in the past few months. Its not only one way picture. About the surge in coronavirus cases and the fact that many places in europe are adding to curbs on daily life. We see cases up in the u. S. There is another side to the picture, which is demand in china. Chinas demand is ahead on a year on year basis. If we look into the guts of the oil market, we see the price of oil in the near term is strengthening versus oil for next year, which means there is optimism. Its a balanced picture. There has to be a lot of work, talking and diplomacy to get a clear picture of where things stand. I think most people think that 2 Million Barrels of oil in january are setting the stage. Annmarie you mentioned libya coming back on the markets. How much of a starting to plan for a potential Biden Administration and the reentry into jcpoa and the lifting of Oil Sanctions on iran . Will that will be something that figures into this. Its a little more longterm at this stage. Clearly there is a potential of more barrels. As we have gone through this crisis, opec has been held by two things. Opecs biggest producers in venezuela have been stymied. It might not be overnight and it might take negotiations, but there are clearly talks about iran entering a nuclear deal unlikely to involve the iranian oil markets. I dont think it will be First Quarter of next year, but it will be up to saudi to put it in for the outlets of 2021. Our executive editor for energy and commodities, will kennedy in london. Lets get a play on the oil markets. On this show, brexit negotiations stalled following in acrimonious summit. We discuss that in your weekly edition. This is bloomberg. Manus its bloomberg daybreak europe. To buy,s cranny in Annmarie Hordern alongside me in london. We have been keeping a track on the opecplus. The allies gathering to assess the state of the oil market. No supply decisions are expected until december. It is about the telephone call. Putin and the crown prince, Mohammed Bin Salman spoke twice. That puts some answers. Netflix reports thirdquarter numbers tomorrow. Bloomberg intelligence reckons a somewhat conservative guidance of 2. 5 million. Whats on the slate . Looking you will be out for numbers from ubs. The last set of results under sergios watch. You will have an interview with him than im looking forward to. On wednesday, tesla reports. The u. K. Government is urging companies to help them deal with whats going on between brexit and covid. The weekly brussels addition. Maria, what do you have in store . Maria we will be talking about brexit and debriefing what happened at the european summit. We have a lot to talk about this week. If you look at everything that is happening between the u. K. And the eu, the Prime Minister has missed his deadline, october 15 to get a clear hint that a deal is coming. He is ready to go wto terms. It is a very different story. He is the one that has eroded trust in the negotiations. Nonetheless, they are still at the negotiating table, so its not completely lost. That is the focus of this weeks brussels addition. We will be doing that at 9 30 europe time. 8 30 london time. Manus we look forward to that. Maria with the brussels addition. Lets circle back, tim said he was surprised that the market did not take more note of the downgrade for the u. K. Good to be back. Annmarie its great to be back. I hope you had a lovely vacation. British pound is doing relatively nothing. 1. 29. Futures higher. Is next. Open this is bloomberg. Good morning, welcome to Bloomberg Markets european open. Im an edwards live in london alongside matt miller in berlin. Matt today the market say the Consumer Recovery is nice. Andil sales surge in china viewing markets with fresh optimism is a new week begins. Cash trade is an hour