Help battle the pandemic. For bothhe death toll italy and france reaches the highest level since april. Setting a precedent. Joe biden confirms support for the good friday agreement in his first call with Boris Johnson. His transition presses on, despite President Trump contesting the election. Welcome to the show. 6 00 a. M. In london. Breaking news in amsterdam. Ceo remainsing, the cautious on the outlook as we go through those covid numbers. 270 million. We are looking at an outcome of a strategy review. We will get that on november 30. Good morning. Good to see mr. Biden committed to something that i grew up with, the good friday agreement. Annmarie certainly is. We are still waiting for President Donald Trump to accept those results, manus. A slew of legal issues going on in the United States. Breaking m row abv amro breaking. You are excited today about what is going on in china tech. Almost 260 billion of market value over two days in a frantic of a frantic selloff wiped out. Manus i think i have been very amrogenuous to the abn crew, i think i said ing. How could i do that . I actually think the global tech discussion is the biggest market right we have seen. Breaking headlines in the past hour. Amazon fighting another fire on antitrust from europe. We are far from the end of the discombobulated and in tech discombobulation in tech. Annmarie we can take a quick look at what is going on in the markets. Msci asiapacific, even though we have that sex selloff, broadly, asian equities tax selloff, broadly, asian equities holding. Brent close to a 44 handle. That is yesterdays close. It is veterans day. There will be no cash trade on the treasuries. 97 handle on the 10 year yield. Manus dont forget. There is always futures, and there is money of liquidity in those. Lets take a look at the u. S. Equity markets, because they fell yesterday. It was all about the rotation from defensive tech names into value. That move continued. The s p 500 retreated from a two month high. The real trade came in heavy tech trade. The prospects of a vaccine lifted the Global Equity narrative earlier in the week, but some strategists have said the move has gone too far. Coronavirus cases continue to sturgeon. Lets take that thought to the fund manager at mng. As kate jukes, have we swallowed jickook, line, and kit es said, have we swallowed it all, hook, line, and sinker . Good morning. Good morning, manus. Certainly not. To me, this market is still characterized and has been now for at least the last three or four months by extreme myopia tnd overreaction really, or a least myopic reaction to news flow. Knowld say both the you second wave renewed lockdown in europe was predictable. It is only now just over a week where i was looking to be buying cyclicals, then i have a dramatic change in tune about something that is equivalently part of the distribution problem. We are going to get vaccine news. I am seeing a huge reversal in cyclical stock prices. I am looking at these as opportunities to trade. Great dealt think a has frankly changed in the last two or three months. The reality is, this is a all about your time horizon. If you can look forward 9, 12 months, we are on the road to recovery. If youre trying to predict whats going to happen in the next 36, forget it. There are lots and lots of complexities and it is very unclear what the economic picture is going to look like. I would not read too much into any of these price moves. The only thing we will take comfort from, if you look from the value price perspective, if you look for example at european banks index. They have not got down gone down significantly on bad news over the last four to five months. They took a big hit in march, have been volatile since. You have seen a bit of a recovery. Be looking, i would to exploit these phases of very rapid volatility. Annmarie are we in a rotation or a rotation with a big, capital r. We still have covid ravaging the United States, lockdowns in europe. You think this is a rotation r. A lowercase eric yes, i think thats right. I would be very reluctant to start making i think its a totally different call to start saying on a one year, two year review, a fundamental difference in tech Earnings Growth relative to the rest of the market or to the value sectors is going to change. If you look at the sectors where you have seen really ferocious price action in the last few days, you know, things like banks, oil stocks, airlines, thats a very legitimate trade to have put on, given where those prices got to. Those sectors still face huge challenges. Manus the ferocity in those bank trades is driven ultimately by the steepeners that came through in the bonds. We are within smiling distance of 1 on treasuries. Goldman all in on this. They say steepeners for all my friends, as robert frost said, a mild to go before i sleep mile to go before i sleep. They believe in run it hot, run it hot, average inflation targeting. That reinforces the steepening narrative. Do you buy that narrative . Does that challenge the dividend trading equity trade in equities . Buy thatont really narrative. I think the reality of the world now is, nobody knows how to price 10 and 30 year treasuries. There are some that you can argue the case for a degree of higher degree of steepness, and maybe we can come back to this. I think one of the important changes through covid has been the net should nature of central bank policy. There has been some pretty profound changes that could be relevant to the yield curve. In the u. S. , you got material steepness now. For most people trying to construct portfolios in asset allocation, you will get diversification again from the bond market. The outlook for inflation has not changed. There is no inflation. There has been no inflation. There is not going to be any inflation. Everybody has been wrong about inflation. Whatever you throw at it, there is never any inflation. Its highly unlikely the Interest Rates are going anywhere soon. If you give me term premium, i can add 10 or 30 year treasuries and i get insurance in a portfolio, and i get paid a coupon. In the world today, thats a very valuable property. Dont try to be cute about pretending you know what level the yield should be, because we just dont. Annmarie or where inflation is going. Eric stays with us. We will ask you more about bonds, especially the 10 year option yesterday, wished auction yesterday, which did not get a ton of demand. Joe biden uses his first News Conference as president elect to criticize Donald Trumps refusal to concede election. Forward,s he is moving regardless of legal challenges from the republicans and the lack of cooperation from the white house. Mr. Biden i just think it is an embarrassment, quite frankly. How can ihing that, say this . Say this tactfully . I think it will not help the president s legacy. The u. K. Is planning sweeping new powers to intervene in foreign takeovers it deems a threat to national security. It includes retroactive action on deals that complete after the bills publication. That is a controversial provision. The u. K. Says it is in line with similar rules in france, italy, germany. Hong kong has removed 4 opposition lawmakers due to new rules from beijing. China has passed a measure requiring politicians in the city to be patriots and not support independence. The remaining opposition members of the Legislative Council if any pledged to resign were disqualified. Global news 24 hours a day, onair and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. This is bloomberg. Annmarie laura wright in london. Coming up, the worlds biggest shopping spree. Alibaba has kicked off singles day. Strong start, but chinas tech giants have a new issue to contend with. All that next. This is bloomberg. The emphasis will be more on political, economic, and human rights issues, and less on financial and Capital Market issues. And therefore, hopefully, we can avert a capital war with china, which would have been devastating. Msc i chairman and ceo Henry Fernandez on the outlook for the u. S. China relations under a biden administration. Alibaba has kicked off singles day, the worlds biggest shopping spree. That will gauge the strength of chinas recovery. Strong sales have been overshadowed by some of the concerns that the regulators are now seeking to curtail the growing influence of alibaba and its peers. Lets get to our Bloomberg Markets china anchor, tom mackenzie, who is on the ground at the global hq for alibaba. Tellfirst of all, you can us whats in the post for us at the end of this discussion. Lets deal with a slightly more serious issue. How big a reach is this by china and xi jinping to cross the tech beasts . Good morning. Tom good morning. It has been seen as a pivotal, significant moment. Because up until now, chinas government has taken a relatively handsoff approach when it comes to its tech giants, including of course front and center alibaba, but also the likes of tencent and others. This change and these are draft rules present a pivotal, significant moment, as i said. They are concerned about data sharing between these companies, concerned about subsidies that undercut many of their competitors. They are concerned that these companies are forming alliances to squeeze out some of the startups. Regulators are also taking aim at a system, a structure that internet, Tech Companies have used to attract foreign inflows and investment, it also to list overseas as well. And that could be significant. There are likely to be more regulatory changes next year targeting financial transactions. Yes, this is seen as a from beijing. Jp morgan have said it is certainly a tightening of the online economy. Going forward, how robustly changes will be enforced on the ground. Certainly, this overshadows the singles day event we are seeing here. Annmarie it really is a double whammy, given the fact that tech is under pressure globally. Thats the bad news. You are at the hq. Whats going on with singles day . The numbers say its a very, very strong start. Tom yes, now this is a positive line, of course, for alibaba. They have smashed those 2019 sales numbers. They have ratcheted up sales. 38 billion last year. They are well on course to more than double that this year. Youre looking at transactions of around half a million transactions every single second. There is a demand for new smartphones amid the 5g upgrade. You are seeing a lot of demand for travel services, so people booking flights and Hotel Services on these online platforms. You have a lot more foreign brands involved as well, the likes of nike, obviously trying to take advantage of an economy that is recovering and expand market share, even when their own domestic markets remain in the doldrums because of the pandemic. There are issues around subsidies and price cuts and whether or not consumers are frontloading and if the months of december and january are going to see some softness as a result. It seems that there is bullishness among chinas consumer. Annmarie bullishness probably holding up the economy a bit. Tom mackenzie, thank you so much. Coming up, one step closer. The eu agrees a spending plan, paving the way for the 1. 8 trillion euro aid package to be operational next year. More on that next. This is bloomberg. Annmarie 6 20 in the city of london. I am Annmarie Hordern. This is bloomberg daybreak europe. Plenty of Economic Data from around europe this week. Who should take a look at what is coming out for thursday. Thirdquarter gdp for the u. K. Expected to show a 15. 8 drop after falling almost 20 in the previous three months. Manus yes, and then thursday, its all about the inflation narrative. We will get german cpi and the euro area industrial production. Back to the inflation narrative from france. Of course, china set the stage on that. To the fed. Patrick harker says American Workers will need to upgrade their skills if the u. S. Economy is to continue growing. The Philadelphia Fed president told bloomberg that it is urgent that the government provides incentives for training. Think we aremic, i not just going to snap right back to the previous economy. That is unrealistic. There are people that need to be retrained. We have seen xa the ready accelerated transit retail trends in retail. We have to figure out how to retrain that workforce. Manus Robert Kaplan says he remains uncertain about the path of the economy. Saysallas fed president lockdowns can jeopardize Economic Growth over the next two quarters. We have a severe headwind we are dealing with. We have been rebounding in the United States since may, even with resurgence the virus. Mobility and engagement, we track it very carefully, is up substantially from april, even though resurgence is back. Heres the issue. People can power through this until the local health care, the local hospitals are overwhelmed. That has happened in el paso, for example. It is at risk by our measure of having it in other cities in the country, where people dont want to lock down but local governments do not have a choice but to administer lockdowns because they worry about the health care system. I do worry that that is a Significant Health care risk if this resurgence keeps escalating the way it is. We are heading in the wrong direction. Over the next two quarters, i am very optimistic that we are going to grow at very strong rates. But a real downside over the , does theuarters is resurgence get so bad it forces lockdowns because of overwhelmed Health Care Systems throughout the country . Thats what we are watching for as a real risk. Tom Robert Kaplan, i look at the two quarter slowdown. I will say this word with a broader perspective. The history you have at Harvard Business school, which is our nations productivity. What is your study of our nations productivity through this pandemic and what do you see over the next two quarters . Robert it has been bifurcated by educational intimate attainment. If you have a College Education or better, you very likely have figured out to work remotely and youre able to be surprisingly productive. If youve got a High School Education or less, its very likely you dont have an option to work remotely. Its just the nature of your job is persontoperson. You are more likely to have lost income, and you almost certainly have lost productivity. If you dont have access to wifi, which some areas of the country in at risk areas dont, your productivity is really, has really been hurt. Groups and of two its a real challenge we are going to have to work on to work our way out of this pandemic. Tom to work our way out of the pandemic will take stimulus. I dont think you want to front run chairman powell here on stimulus, but what is the kaplan use of stimulus . Is it for income substitution or replacement, may be more like what we see in the United Kingdom with governor bailey and previously Governor Carney . Or is there a different calculus for american providing the stimulus . Robert no, it starts with for those who lost their jobs or cannot get enough hours, unemployment benefits, state and federal, have been essential to making end meet. We are watching this very carefully and we do it through baked balances and other ways. Our sense is the savings from that, that fiscal stimulus starting to run out. We dont know exactly when it will run out. When it does, incomes will start to drop and Consumer Spending will start to weaken. , probably the highest priority is some continuation at some level of the unemployment benefits. Dallas fed president Robert Kaplan speaking to tom keene. Lets get more thoughts from eric. Kaplanto jump off work just left regarding stimulus. What is your outlook now, given we will have a blue white but many are pricing, depending on what happens in georgia in january, a red senate. The other narrative is the vaccine. When you have that narrative driving the markets, some republicans may say we are closing in on the end of the pandemic, do we really need fiscal stimulus . Eric i think its very clear that we need fiscal stimulus. My view from the outside here has been, we are almost certainly going to err on the side of doing too little. I cannot see a scenario where there is too much monetary fiscal stimulus. I think we will get further fiscal stimulus. And i think there will be pressure for more monetary stimulus. There may well be political constraints. Biden, particularly if its with respect to the senate, which is just going to concentrate a huge amount of power in a small number of parts of the senate who may be able to swing and tip the balance. But i think there is a very high probability that we get further stimulus. I am still quite interested to be perfectly honest whether the fed steps up and tries to be a bit more innovative. Because one of the things i think is really interesting about this phase is we have seen much greater innovation on Monetary Policy outside of the United States than we have seen in the United States. Manus what is innovation from the fed . Very briefly, what would be the most innovative thing the fed could do . With more innovative, whats the next step . Eric i think they need to do tltros like the ecb is doing, tiered reserves like the bank of japan, like the swiss are doing. They need to cut the discount rate below the fed funds rate and make it strings attached, conditional on banks either repricing loans, loan books, or extending new credit. Manus tltros and tiering. We will pursue that conversation in just a moment. I am still waiting to hear what you got me for singles day. There is no package here and i dont understand why. Annmarie its coming. Manus you can tell me after the break. Its coming, you promise . Annmarie yes. Manus you promise . Christmas coming up on the shop. Robert kaplan says he remains christmas is christmas every day and dubai. We have a conversation to have. A little bit later in the day, we will speak to the ceo of continental. Morning this isood bloomberg daybreak europe. The on rotation, tech as move to value continues, china tech is slammed with a beijing clamp down wiping down 200 billion of value. The eu moves finalizing a landmark budget to battle the pandemic as death tolls for italy and france reach the highest level since april. Setting a precedent, joe biden with the good friday agreement in his first call with Boris Johnson. His transition presses on despite President Trump contesting the election. Good morning. That last headline, we are dealing with d. C. , but the market rotates into value, and tech is the one getting slammed especially in china. I like what was said this route does notne make a rotation. You get these fantastical moments, but you need sustainability and durability. Therein lies the point. Whether it is an enduring rotation. Annmarie he has this question, is it a rotation or a rotation with a capitalized r. Thinks nothing has changed. Manus not at all. Ofwants to take advantage volatility. Lets take a sweep through the markets, equities are rising. , line, swallowed it hook sinker s p 500, tech is under attack in asia. You have the long arm of regulation from china into the big tech names. Have a look at the dollar, this is where the point is that possibly we have gone too far with the dollar. Other houses are saying you will get a stronger u. S. Economy and the dollar will go big. Eric lundgren dispenses with that theory. He is not sure anybody can measure inflation 30 years out. The kiwis stepping back from the brink, that is what the market says. The guidance from the rbn says it is about repricing negative i, that sets the agenda am like a broken record. Stay with europe and the eu, they have agreed to longterm spending, and it brings them one step closer to finalizing the 1. 8 trillion euro budget and stimulus plan. Annmarie it is a major step making sure aid is available. Italy is particularly hardhit, and is expected to be one of the biggest and a fisheries of the recovery fund, and it may need to spend 10 billion euros a month to help businesses and workers hit by coronavirus restrictions. Joining us is enrico latta. Us. K you for joining i want to start with the bloomberg story about the 10 billion euros needed for italy per month. Does this mean they will increase the deficit target . So, it isdont think important to have it timely and well used, and fast. This is why the agreement they reached yesterday and the days are inon conditionality a tight package. I think it is very good news. The key point is to be fast in the implementation and be able to correctly use this money. Manus good morning to you. If time was critical, they tipped their time. Will it be enough, given the scale of covid . Is it enough, and the structure proposed, is it the right structure . Enrico i think it is enough if the coronavirus second wave is not hitting the different economies and the way we dont want to have it. The big risk is to have a second wave that is tough. Countriesy european are managing lockdowns. Big package is enormous, but it was conceived for the first wave. I think now it is important how the second wave will be managed, and i strongly underline the to beor all this money quickly implemented, because there is a big problem i see a big problem in the First Six Months of next year. If money does not come quickly, there is a big risk of social fatigue, social diseases, unemployment. This is the key issue. Annmarie we may see the Eu Recovery Fund hit ground. Will that be the last chance for italy to get out of its economic stagnation . Theco i think yes, it is last chance, and it is important to close the gap between the north and south. I strongly recommend government working on this gap because the country cannot afford problems for the future with these gaps. It is a key issue. The second and third are digitization and sustainability. I am slightly optimistic. Manus we look at the latest news, we have a new president elect, mr. Biden. With 4macked america billion worth of new tariff. It is a timely reminder it will not be an easy trade with the biden administration, will it be a bumpy ride for biden . It will not be easy sailing. There is strongly hope a new phase, a new hope for transatlantic relationships. It is a necessity for the world. We are facing the first crisis ever without any transatlantic discourse, any transatlantic dialogue. It is unique, and we need to restore dialogue. One of the first points of the agenda will be meetings between biden and european leaders, restoring and recreating a new transatlantic dialogue to boost multilateralism, and avoid obstacles that trump put on the track. For instance, protectionism, Climate Change agreements. There is room to be fast and restore the transatlantic dialogue. It has to be a place where western countries can try to organize their own responses to chinese deals or other key issues. Multilateral places are very important today. The relationship between the u. S. And European Union will be important for the future. Annmarie what will be the most important and biggest change to come . A few hours out from joe biden winning pennsylvania and the election, we have these tariffs, 4 billion worth of tariffs slapped on america. What needs to change, and will this not see the light of day . Enrico it is important, but if you ask me the first request, i would say brexit because biden can force or suggest boris in the laste wise days of negotiations. We need a deal and avoiding a no deal on brexit. Consequences of a no deal would be horrible for the european economy. January is even before 20 joe biden can play an Important Role for europe, suggesting Boris Johnson to be wise. Fascinated to see that you think biden can force Boris Johnson to do anything. Can we ask you to close the conversation what is the one thing that needs to be done to build a stronger Global Economy Going Forward as we come out of covid . Enrico it is very important to avoid the relaxation because of the vaccine. I see the risk. I saw dr. Fauci saying clearly a news, but important we need time. In this period we have a big risk. It is important to have coordination on countries to measures, andply help people be reliable, accountable, and avoid new risks. Vaccineportant before a is arriving. Manus thank you for being with us this morning. That is enrico letta, the former of italy. And dean of paris School International affairs and sciences. Lets get you up to speed with the first word news. Mike secretary of state pompeo says there will be a smooth transition to a second trump administration. The remark may have been in just, but the president s unsubstantiated claims of fraud, the president praised pompeos comments. One democratic lawmaker described them as shameful and dangerous. Joe bidens warring prime Minster Johnson not to put peace in Northern Ireland at risk of brexit. He used his first call with the u. K. Leader to reaffirm his support for the good friday agreement. It is the latest sign biden will not be the equivalent backer of brexit that President Trump has been. The mast distribution of the vaccine is becoming clearer. It has to be transported in refrigerated vehicles and used within five days. Countries will need Transportation Networks built from scratch. That will require massive investment and coordination. 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. Thank you coming up, we speak to clifford abrahams, after the dutch bank beat the streets on income. We will discuss. This is bloomberg. Manus it is bloomberg daybreak europe. Im manus cranny in dubai, Annmarie Hordern in london hq. Setting aside losses for money to cover potential loans, that has been plaguing the dutch lender. Clifford abrahams is the cfo, abn amro bank. The word that stands out is caution. Lets apply that to this narrative. The losses have got better. You use the word cautious. Of thiscall the bottom loanloss provisioning cycle today . Clifford good morning. We are pleased impairments are moderated this quarter. We had impairments under 300 billion euros down from 1. 8 billion we incurred in the first half of the year. We are pleased impairments are lower. We are expecting impairments for the second half of the year to be lower than the first half, and expecting impairments next year to be lower than this year. Whether we are at the bottom or near the bottom it is hard to say. We are cautious and see developments on vaccines, but the economy remains uncertain. Our core market relies on the governments will know a lot more when Government Support starts to phase out next year. Annmarie it was a good quarter in terms of loanloss provisions, but you are cautious. Will you pay a dividend for 2019 once the ecb language comes out and they lift that in december . Clifford you are quite right, the ecb has a recommendation in place for 2019. We declared a dividend in february did not pay it. We reserved it and it is an important part of our capital. We will consider the payment back dividend at the end of the year, february this year, depending on conditions and prospects at the time. It is too early. We are being cautious and hopeful that the economy will respond to the developments in vaccines. It really is early days. Manus is it the truth that none of us know how we will come out of this, vaccine are not there are parts of the economy permanent lease card. What do you see changing the most in your Business Post covid as you go into 2020 one hopefully with a vaccine . Clifford i think in common with many sectors we are seeing covid accelerating, so in the netherlands, our home market, we have always been ahead on digital developments. Dutch folks of all ages like using their apps and technology. I do expect more digital banking, more Video Banking like we are doing now. Nearly all of our mortgages are banking whereideo people like facetoface service, and they can get that in their kitchen. What we see in the netherlands with rates low, house prices and house volumes continued, and people are happy and prepared to make Big Decisions through Video Banking without coming into a branch. We welcome those developments. Annmarie are you on track for your limit over 5 billion euros annual cost target for 2020 . Clifford yes, we are. We are very much on track for that 5. 1 billion cost target. In the Digital World we are working in, it made quite a bit of disruption, but right now wey none of our staff are traveling, we have progressed with our cost saving program. We are pleased to say we are on track for 5. 1 billion, and working toward finalizing our strategy for an Investor Update at the end of november. At that point we will get more guidance on how we see costs Going Forward. Manus given the turbulence of the year, do you think you can hit the 10 13 return on equities that you had, and the 8 . Income ratio, 56 50 will they stand and be achieved . Clifford we give those targets some time ago in a different Interest Rate environment. This year we will not hit those outlook forn our obvious reasons. We will plan to give an update on targets at our Investor Update at the end of november. We are pleased to do that. We have a relatively new ceo who is keen to set out his vision for the business despite the Uncertain Times we are in. Manus can i push you a little bit question mark i know you will update the market, but how much will you miss . 10 . It be sub will you burst on the cost . Give the market some indication. Consensusyou see which has us close to breakeven this year, close to zero this year, 2020. The cost income ratio, clearly higher in that range reflecting pressures on income. That is in common with banks across the sector. The key thing for our investors is the out term outlook, and we will update our broader strategy at the end of november. We need to be realistic about calibrating targets, and we still are in the middle of a pandemic, and we will focus on things we can control. Our costs, our digital programs, our target segments, we recently decided to focus on europe. You will hear more about that, and how we can win in focus markets. In an environment with many things we cannot control, we will be cautious about targets, and i hope our investors will be realistic with what they expect. Annmarie thank you so much for joining us, clifford abrahams, cfo, abn amro bank. We have breaking news from continental, they see the full 3 , thet margin estimate was for 3. 62 . A new outlook for fiscal 2020. No details on Fourth Quarter restructuring. Manus you think about the implosion we saw in Cyclical Industries during the covid crisis. Covid, are youof going to travel more on your own . Complications,of the ridesharing, car sharing world will be different. We thought we would get excited about tires. We can make anything exciting. Options in large Capex Technology are ahead of the expiration, what does that tell you . Is softbank behind the move . We discuss. This is bloomberg. Annmarie options used this summer by the nasdaq whale leads to speculation softbank may be behind the news. Dani burger has been tracking this. Is softbank posing out their position . Dani we cannot say for sure. We know softbank has outstanding positions in their trading unit, according to briefing materials released this morning. What we do know for certain is that options on the Biggest Technology stocks like microsoft and apple were closed out. Those visions mirror pretty well what was going on in august, and those august positions sound like what softbank has described is their strategy. You can make speculation around that. It is a more conservative way to bet that a stock will go up. These were sold at a loss, whoever did it, possibly softbank, making a loss. If you are bullish, tech has not been doing well, these options expire in nine days. The situation might not get better considering vaccine hopes are crushing momentum and tech names. Softbank had its earnings yesterday with a latenight breathing call. People on the call told bloomberg they faced a lot of scrutiny about why they are doing this trade when they usually do longterm tech. Manus well done. The fast and furious dani burger tracking the whale. One fine route does not make a rotation. Annmarie we are out of time. Anna is up next with the european open. European equities are lower. This is bloomberg. Businesses today are looking to tomorrow. Adapting. Innovating. Setting the course. But new ways of working demand a new type of network. One thats more than just fast. You need flexibility to work from anywhere. And manage from everywhere. Advanced technology. With serious security. And reliable coverage, nationwide. Forwardthinking enterprises, deserve forwardthinking solutions. And thats what we deliver. So bounce forward, with comcast business. Anna good morning and welcome to Bloomberg Markets european open. Im anna edwards. The cash trading is less than an hour away. Risk on rotation, big tech names as the chinese crackdown wipes out 260 million from alibaba and tencent. Another hurdle clears, you negotiators are a step closer to unlocking a 1. 8 trillion pandemic package
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