New york orders fresh measures to stem the spread. Cases in texas exceed one million. Risks. Ing the Christine Lagarde says all options are on the table to fight the crisis. She will be joined by the boe governor and fed chair. It is the ecb for. Warm welcome to the show. We are waiting for numbers to cross the tape. It is europes single biggest engineering company. I think youve got a little bit of merck. How are the merck numbers looking . Good morning. Annmarie pretty strong. Third quarter net sales coming in ahead of estimates at 4. 45. The estimate was 4. 3 8 billion. Net sales higher. That was a beat on merck. We will speak to the cfo. , inthing to look out for august, he thought it would be another 15 months to a vaccine. Im wondering if that timetable has changed, given the pfizer and biotech news. Biggestt is the Single Company in the world. They did better than some of the others in terms of their stoicism through this. Profit rises into 2021. Thats the key take away from this. Net income will rise modestly from 4. 2 billion euros from this year. Thats the guidance they are giving to have a Lasting Impact on the world economy. The global outlook. We will speak to him in just a moment. Us appease surprise profit. Third quarter numbers also beat on the estimates as well. In that respect, break it down. The industrial business is adjusted at 2. 6 4 billion. The estimate was 2. 03. Its about weathering that storm. That is the red headline. We will speak to the ceo of siemens in just a moment. I know that when we do a call, we try to decide where the narrative is. I have a weaker pivot. You have focused my mind and it comes to covid. Look at the data coming from the United States. On labor day, 23,000 cases in the United States. Today, 143,000. This is a long and enduring covid. Annmarie it is very grim. You could find a stat in any state. For me, south dakota. One in every 1500 people are in the hospital. Texas alone surpassing one million. New york going back to a curfew. They tried that in london and we ended up at locked 2. 0. The market has that vaccine narrative. The pandemic is what is driving that. Lets take a look at where we trade this morning. S p 500 futures are softer. We had the nasdaq yesterday up. You see the pivot as you talk about those that were doing well with the vaccine, those value stocks. Now with the pandemic front and center, the nasdaq was up. Softer on the futures market. The dollar weaker against the yen. 10 year treasury yields back on the market. Down 4. 5 basis points. Bid in on those asian buyers. Brent crude, we are close to 44 a barrel. Putin signaling that the cuts may maintain. Juergen talking about the fact that he sees this range bound due to covid. We will have more later in the show. Hes the guru when it comes to oil and gas. Heres laura wright with your first good news first word news. Laura joe biden is naming ron klain as his chief of staff. He played a leading role during the economic and Public Health crises of the obama administration, leading the white house response to the 2014 a bullet outbreak. He has been chief of staff to two Vice President s. Modernity vaccine trial has had a key goal, allowing preliminary analysis to begin. It can get data on an independent Monitoring Committee within days. It will decide whether the vaccine is effective. Modernity the therapy is similar to pfizers. It should be effective. Signaling aident is ceasefire with international investors. Hes pledging to contain inflation and support market friendly policies. Its a uturn from his unorthodox view. There are doubts about his change of heart and how long it will last. Global news 24 hours a day on air and at bloomberg quicktake, powered by 2700 journalists and analysts in 120 countries. This is bloomberg. Manus thank you very much. We started the show with some fairly grim readings and tough news when it comes to global deaths from the coronavirus. Theyve hit record levels with the u. K. Becoming the first country in europe to surpass 50,000 deaths. The resurgence on the continent continues. Maria tadeo spoke to the Eu Health Commissioner about the blocks timeline for a vaccine. It was news that was very well received. We are following it all very closely. The commission agreed on the contract with biotech pfizer today. Now we will have to wait to see when the company will submit its application for authorization from the european medicine agency. Initial order will be for 300 doses to be applied across europe. Yes. The initial contract that we have completed is for 300 million doses across europe, plus the option for another 100 million doses. Successful,ccine is we understand that it is, you would want to execute that possibility quickly. Yes. That would depend on the results that we have and also discussing with member states. Our partners in this whole process of the eu vaccine strategy. How Many Companies are you dealing with on a daily basis to broaden your treatments . We aim toe beginning, have a portfolio of six or seven potentially safe and effective vaccines. We signed with astrazeneca, johnson johnson. We are about to sign with pfizer biotech. Weve completed negotiations with moderna. Portfolio, we have a that should offer six potential vaccines. We could extend it if we see the need. You are looking at that. We will leave no stone unturned. I know that you mentioned the medical agency, they will have to approve it. In the United States, it can get done very quickly. In europe, how quickly could we see that green light, to make sure that this can be given to people . Any medicine or is used in the European Union needs market authorization from european medicine agency. This is important in terms of independent scientific assessment for safety and effectiveness. I can assure you that this will be done as quickly as possible. The European Medicines Agency is already looking at rollout review for this vaccine. Also, its ready to receive the application when it comes. There will be no delay. We will not be cutting corners in terms of looking at safety and efficacy issues. That was the eu commissioner for health. Speaking to bloombergs maria tadeo. Our guest house this morning is martin malone, chief Economic Advisor at out the book. The adventure list of the triple v. Good morning. We read weary headlines on the state of covid this morning. You look at markets through the triple v lens, a vaccine, victory. Peace with biden and recovery. Is it intact . Will it enter . Good morning. Martin good morning. How are you . Manus im good. Martin i think the triple v is still in play. I think we will look forward to a very good 2021. Formost important factor policymakers and politicians is really to produce a positive outlook. Under all circumstances, avoid the risk of scarring. That is minimizing the potential for any permanent negative behavior affect from consumers or companies. It is quite important to remain a very solid positive outlook. Annmarie good morning. Regarding this triple v, weve seen a steeper yield curve. This is being priced in. More fiscal spending in the United States. Do you maintain we are going to get that triple v . The fiscal supply of it. Do you see the United States producing a big enough fiscal stimulus support that can help u. S. Consumers and thus ute u. S. Gdp and growth . Martin absolutely. The most important factor is, look at nominal gdp. In america, it will be down 2 . It is quite a good outcome. If we look at the u. K. , we will get the data very shortly. 10 nal gdp could be down by , five times worse than america. It is critically important that fiscal support is maintained. Isetary and fiscal support 30 of gdp. Significantly greater than the economic declines we seen. Its very important that that be maintained in 2021 so that the potential for some finance ministers to talk about taxes or repairing their fiscal position, thats actually misplaced. Its critically important that they discuss growth strategies. For instance, the furlough in november in the u. K. It will triple to 6 million. Its very important that in 20 days time, that we get out of the second lockdown and we recover very sharply, particularly the hospitality sectors. Manus with that in mind, if i look at the yield curve, you are talking about the reflation narrative around the triple v. , 75 bits at the curve is where we are at the moment. Another 30 basis points in it. Thats nothing compared to coming out of the Global Financial crisis. Lets have a look at it there. It is not so super steep. Given your narrative and the expectation of fiscal impulse in america, does the curve steepen aggressively beyond 1 . That is the jumping off point. Martin i think its a fantastic signal for everybody to focus on. We are trying to focus on the triple v. Victory, Political Uncertainty is reduced. Strong economic recoveries. Interest rates are going to rise. Weve seen a bearish move in bonds. Thats very good news. Thats a great signal. Steeper yield curves is the second great signal. If we see the reverse of that, thats bad news. We want to see a mild rise in yields. We want to see a mild steeper curve. This will show us that economies are recovering quickly. And that full support is still needed through the fiscal angle. Fiscal will be a much more dominant factor next year then monetary. Monetary will be in the background. Its a very important signal that curves continue to steepen. Clearly, they can double. We dont wanted to double in a week or month. We prepare them prefer them to have a mild steepening on a monthly basis. Manus ok. You like a gradual. Thank you very much. Do not hang up the phone. Thats the chief Economic Advisor at alphabook. For 2021. Ncrease the coronavirus pandemic weighs on the Global Economy. A tough year for industrial companies. The man running the company is jove joe kaser. A quick pepper on the numbers. Well done. Fourth quarter industrial business comes to a beat, beating the estimates. You are talking about your sales number as well at 15. 3. The language you use for guidance martin mod josef moderately. Manus the moderate left lift where you are into next year. Good morning. How are you . Good morning. Hi, joe. We will take a moment to double check. We are going to get things sorted out with joe in just a moment. These numbersap together. We have the industrial business numbers. 2. 64 billion. That was estimated at 2. 03. A fantastic email on this. The point is this. We will get through this global pandemic. Be about this fiscal program. Everybody has warned us we will not get a big fiscal deal. Annmarie yeah. Even though martin thinks that triple v is intact, the victory part of that, we are still waiting on a runoff in georgia in january. We dont have the senate. One thing that they have been able to do this year is fair better dealing with the virus. They have been able to keep their factories operating. A lot of people couldnt. We keep drumming this home all day long. The pandemic once again is front and center. Manus mr. Joe kaser is with us. Hes the ceo at siemens. Lets start that conversation. Good morning to you. Manus in dubai. Hopefully we have communication with you. How are you . Good morning. Great to have you with us. Well done on the numbers. The business is doing nicely. The language you used is that you see net income rising moderately. From the 4. 2 billion. Will a vaccine skew the risk to the upside on that guidance . Good morning. We are having one of those difficult warnings this morning with communication. Do you think we will get there a third time . What do you reckon . Annmarie i think so. Three vs. Victory. We will be able to speak to the seamen ceo. We will take a quick commercial break. Stay with us. 6 20 in the city of london. This is bloomberg. Annmarie good morning. Manus cranny is alongside me in dubai. The global stock rally showing signs of stalling. Investors seeing the deteriorating of coronavirus situation. Some bullish calls in the market. Here is Juliette Saly in singapore. Know, theres concerns about how the vaccine comes to market. How it is stored and tissue beaded globally. Goleman sacked saying the Pfizer Vaccine efficacy should see life returned to some kind of normalcy by 2021. Their target for the s p 500 index. 3300 points by the end of next year. Thats a 21 upside. They will call for further gains for 2022. They see the index rising to 4600 points by the end of 2022. Goleman sacked saying they are overweight i. T. , health care, materials. Bernstein saying not all value stocks may see sustained gains. That chart showing what we have been seeing with the value growth story. The main diversions has been between value and momentum rather than just value and growth. Even though you have seen this abrupt macro positive shot, vaccine news could lift value stocks for some time. Theres a need to separate the shortterm tactical news moves from the mediumterm prognosis. They are overweight sustainable growth. Companies with real yields likely to remain low. Manus thank you very much. Malone,t back to martin our guest host. Chief Economic Advisor at alphabook. I want to get a sense on the dollar. Weve debated this for quite a while. Where do you stand . Theory gives me a stronger u. S. Economy and stronger dollar. Where do you stand between the two parts of the barbell, between fiscal dollar down, smile theory bid . Martin we disagree. The main point is the word unconventional. Historical factors about how currencies move, we really have to be quite careful. We would simplify the dollar. We are bullish on the u. S. Dollar. We expect it will go up by 25 . The reason is very simple. American economic and macro and asset price outperformance. Almost on every measure, we expect american outperformance. We saw that in the late 80s. In the early 80s and late 90s. We expect over the next few years, we will see substantial america performance. Annmarie i want to push you on this. You sounded so optimistic this morning. The United States is waking up to more grim covid data. New york going back into curfew. South dakota, one in every six teen hundred people is in the hospital. Texas is passing one million. Do you not see any pressure on this economy . Martin we are actually quite positive in the surge in cases. The reason for this is that the dynamics are complete we different than earlier this year. We are getting natural infection at very high levels. Thankfully, that is not leading to the worstcase outcomes we had earlier this year because the age profile has dramatically shifted. The second reason we are positive with case surges is that as we have seen with the pfizer information, we would not be able to get rapid data for phase three trials to prove efficacy if we did not have significant surges. We prefer no lockdowns. We see very positive accelerated data from the vaccine providers. We are seeing natural infection rates increase quite significantly which is good news. Manus what is Bidens Administration do to stop this explosion . 23,000 cases on labor day. 143,000 this morning. If you dont expect lockdowns, shutdowns, what do you expect from the Biden Administration to stop this explosion . We can see we have pfizer, johnson johnson, astrazeneca. We will see significant improvement in treatment from providers. Literally, covid q4 and covid q1 is complete lead different than six or nine months earlier. I would point out, australia just went through their winter season. Influenza and flu did not even appear. Most people are still providing mitigation measures. In all likelihood, we will see a very good outcome in the seasonal flu season. Annmarie one thing with australia is that so much of their economy was locked down for weeks and months. People were forced to stay indoors. Thats happening in the United Kingdom and other parts of europe. Thats not exactly happening in the United States. You are clearly very bullish. You like the u. S. Dollar. What about equities . We had this note from john authers. Is it a rotation or rotation with a r . Is this a rotation here to stay . Martin no. Again, we would choose the word conventional. An Equity Investment speak, momentum stocks, Technology Stocks come a growth stocks, and all the laggards. This is a switch that goes on, this twist in the stock market. That played out over the last few months. We have switched violently between those two factors. It is much simpler than that. We have to basically come at all costs, avoid the risk of scarring. Thats very important. That policy support and support from asset prices continues. There is significant cash on the sidelines for investors. Because of all the political uncertainties, the economic uncertainties, health care uncertainties have stayed away from markets. Three are reducing. Manus we have one minute left. What is the biggest risk in these 70 days of the Trump Administration . What is the single biggest scorchedearth policy that could completely discombobulated the market . Forin there is a potential further political upset in the next few months. Constitutionally, the new president will be announced at noon on january 20 in washington. Upsets. Tially do have we just have to study it and watch it very carefully. Manus thats perfectly hedge. In the backave pocket there. Chief Economic Advisor at alphabook. 200 basis points on the curve. 25 uplift and the daughter. To net zerohe path Carbon Emissions is getting cheaper. Thats according to the annual carbon report by goldman sachs. We take a look. This is bloomberg. Annmarie good morning from bloombergs headquarters in the city of london. Manus cranny live from dubai. Heres todays top stories. The move to risk takes a breather as markets refocus on the coronavirus. Tech and stayathome stocks are the beneficiaries. U. S. And european futures lower. The United Kingdom becomes the first nation in europe to surpass 50,000 deaths from the pandemic. New york orders fresh measures to stem the spread. Cases in texas exceed one million people. An upbeat german industrial giant forecasting a modest increase in 2021. The coronavirus pandemic wanes and the Global Economy returns to growth after a tough year. 6 30 in the city of london. Good morning to you. Martin was very upbeat. Im just honing in on all of the covid lines that are coming out. He United Kingdom texas, new york, south dakota. There is grim statistics. The futures are moving lower this morning. Manus you are absolutely right. Our job is to contextualize whats happening. When you look at the interviews weve done with bidens new sayingee, hes basically that on labor day, we had 23,000 cases. We are now at 146,000 cases. His point was vaccines. Raft of medical that will come to us. Maybe that is what we should look for in the shortterm. That might take away from the past when he minutes. Some huge goals. Annmarie definitely. A massive steepener. Go big on the u. S. Dollar. Potential growth being led in the United States. One thing about the vaccine, many people will push back, everybody welcomes vaccine news. The logistics of it. How do you get from a lab to inoculation . For the pfizer, its at least two. Refrigeration. Theres all sorts of logistics and production issues they will have to overcome before that sees the light of day. Manus absolutely. Those are the risks. Lets transfer it into markets. Dollaryen is a personification of risk off. Martens called for 200 basis points on the curve. 25 ratchet in the value of the dollar. 25 over the next four or five years in the value of the dollar. You dollar bears, go and have martin for little bit more qualification. Dollaryen this morning is shifting again. Yelled at 0. 93. Martin talking about the alpha in the steepener. He reckons progressively in two or three month blocks. They want to dont want to go from 100 to 200. They want incremental ratcheting. Oil is coming off of the boiler. Of thes week on the back leaf belief in the vaccine. The new narrative is that we could see those extra barrels of oil set to hit the market in january delayed. Annmarie yeah. Your interview was very telling. He says that has signaled that. They will ratchet back. We have to wait for that. Then juergen speaking of the fossil fuel sector. Decarbonization and achieving net zero Carbon Emissions is becoming a more affordable reality according to an annual carbon report by goldman sachs. It finds three main reasons why costs have come down. Availability of technology, the use of Clean Hydrogen, and financial innovation. For more, we are joined by head of Energy Industry research at goldman sachs. Very good morning to you. Thank you so much. Good research here. Your top line is that the cost of decarbonization has dropped. The one main driver of this is what . Michele i think the extraordinary engagement investors have had around Climate Change over the last years. They are doing it through active engagement. They are changing the cost of capital. Extraordinary divergence between low Carbon Projects where the cost of capital keeps holding, high Carbon Projects were keeps rising. We believe the market is already pricing in today a carbon price close to 80. That is what is driving decarbonization. All the technological innovation we are seeing in the area. Manus ultimately, it is profit and costs that will drive everybody to innovate. Can i ask you the broad question this morning . We are looking at a Biden Administration. Climate is top of the agenda. We have been moderating climate all week. Do you think the pace and speed is going to accelerate much more dramatically in this carbon debate than any of us really quite understand at this juncture . Think the focus on decarbonization has already accelerated, even without any extent of Global Policy court nation. If there were to be Global Policy coordination, we would see a huge further acceleration. Even in a year that has been extremely difficult from every took of view, we barely Global Policy coordination. We have seen tremendous progress into carbonation asian. We will look back to 2020 feeling very happy about it. We believe that through technological innovation in the last 12 months, weve reduce the cost of decarbonization by 20 . Annum off 1 trillion per from the cost of net zero. Ismarie joe bidens plan indepth. He wants to weatherize homes. Garages every grouch to have ev. What do you expect from him in his first 100 days . Michele i think we are going to see a step towards reconciliation with some of the other countries, rejoining the paris agreement, working together to try to find the most coordinated Global Policy. In any case, decarbonization is moving ahead. Renewables are profitable in many areas today. Clean hydrogen is emerging as a really exciting technology. Most importantly, the cost of capital for low carbon activities can be as low as 3 . This is what is driving decarbonization. Are the key drivers of decarbonization as we show in our conference today. We have over 30 ceos showing how decarbonization is very much at the core of how they run their business. Part of the solution will come from the super majors. Hold that thought. I caught up with daniel juergen, the vice chairman. We talked about the super majors. The trauma of the 1990s. Who is set to come out best from the current covid trauma . Lets take a listen. I think we are seeing a difference in the strategies. A difference between the european majors and the u. S. Majors. I dont think we can say one is a Winning Strategy rather than the other. The European Companies are under a lot of pressure from governments and the eu. The European Companies are responding to those pressures, behaving more like energy countries. U. S. Majors are saying, we need to be Efficient Oil and gas companies. If you want wind, go somewhere else. Different strategies. We will have to see which ones work overtime. Its a great debate between u. S. Energy companies and European Energy companies, the various pressures. Do you think the eu super majors are going to be more advanced in this process of carbonization and delivering on it . Michele i think theres a clear dilemma. The European Companies are clearly more advanced in decarbonization. On the other, the underinvestment in oil and gas is becoming so deep that probably oil and gas, at least for five or 10 years, could become much more profitable than anything we see since the 1990s. Why leave oil and Gas Investment . Theres a limited time. It is very profitable. I think that goes back to this debate about how quickly you want to implement the energy transition. I believe as a group, big oil is going longerterm to become big energy. Its another transformation in the 100 year history. They can do it profitably. Annmarie for the first time in history, solar, wind made up most of the worlds new power. This is down to lower cost. Your report talks about hydrogen. A great story about california trying to get hydrogen going. George bush talked about hydrogen in his state of the union speech. Its been on peoples minds. The problem is the logistics. How do you convince someone to buy a hydrogen car . It is very expensive. When will the prices come down . Michele hydrogen, Clean Hydrogen is very expensive today, to be fair. As were solar and wind 10 years ago. You need scale to bring cost distillation deflation. They have to become affordable. If you want to achieve net zero carbon, you will need a material making up 1025 of the Energy Industry. To need it ticket two carbon is heating, industry, transport. Im not a believer that hydrogen will be needed in cars. Electrification is the Better Technology there. For heavy transport, it is very competitive. Manus thank you so much for joining us this morning. We wish you well with your conference. Of Energy Industry research over at goldman sachs. Coming up, we will try again. To joseph kaser, ceo of siemens. Thats next. This is bloomberg. Manus a tear thursday edition of daybreak era. Siemens has forecast a modest increase for 2021 and profits as the covid19 wanes and the Global Economy returns to growth after a tough industrial year. Kaser is the ceo. Great to have you with us. How much growth are you expecting in 2021 with a vaccine . What kind of pace of growth can we expect in 2021, if we get a vaccine halfway through the year . Josef good morning. Thank you for having me on the phone this time. I have to say that im really proud of my team, how fascinating weve been finishing up our fiscal year. Thats a good pace for 21. You are absently right. There cautious with outlook. You need to have people be optimistic about the future. Thats why we have been cautious on the outlook. However now, with the vaccine coming along, also some political stability pending in the United States, with a 2 trillion infrastructure program, im reasonably confident. We can look into Growth Opportunities again. Thats why we said moderate growth. Of course, the earnings conversation in profitability. We will see what happens going forward. Annmarie i want to pick up on what you call political stability. You are the head of this massive german industrial giant. Youve been at the table with President Donald Trump. What is your perspective on whats going on right now in the United States . President elect joe biden, President Donald Trump is launching legal suits. What kind of volatility do you think this brings . Josef look. This is a matter of the american people. Im sure they will get it right. One way or the other. Ive been meeting with President Trump. Ive been meeting with president elect joe biden. Moments andeir their good things. Biden wille that joe eventually come into the white house. He is always a big promoter of sustainability. Saying,he things he was on the day of his inauguration, he would actually look for the states United States rejoining the paris agreement. I think thats a fascinating signal to the world. For us, that means that sustainability will be up on the priority list. That he wantsg is to look into more public transport rather than private sector transport. Again, that would be something on sustainability. Also, mobility and smart infrastructure businesses. Isrillion for infrastructure a big opportunity. , thatt is carried out will offer big opportunities for us in the United States. Manus lets carry that full forward. Year, yout early next wont be joining us as the ceo. Roland will fit into your c. Youve met joe biden. You know where the opportunity lies in america. Where i say . Will you encourage roland to buy businesses in the u. S. , to grow the business again in the United States of america . Is that your message for transition . Josef the message for transition is we have a great transition going. Hes been my man all along. We have a great transition. Its different from the last two once which were a bit bumpy. Secondly, be together. We have been setting up siemens now into three big powerful companies. Manus in america, are you going to encourage him to do more deals in america . Deploy more capital in america . Josef he will be the ceo. He needs to find his own way. If he asked me, i would tell him, go organic. Dont big dont buy because it has a lot of opportunities. Annmarie of course, the world has faced a lot this year. The pandemic being the biggest. What needs to be done we are Building Back a stronger Global Economy post pandemic . Josef one thing would be on the political side. Conflictbig underlying of the two superpower houses of china and the u. S. Gets a bit more protectable. There will be an understanding on how to deal with each other in terms of global trade and trade rules. Thats the most relevant topic to ease the minds for people investing into the future. Thats very relevant. The other topic i believe is that theres an understanding on the transatlantic european United StatesDevelopment Going forward. That would help the companies in terms of expanding the productivity and innovation on the supply chain. Those are very relevant topics. Politic can help us with that. The Companies Need to push innovation and localization. That will differently come. Developingdecoupling between the United States and china and friends. Whoever the friends are on each side. The decoupling is a very dangerous thing. Maintained by further localization. Thats exactly what our company has been doing over the last decade. Eu level just saw the new tariffs on the United States of america. Thats the welcome presence for joe biden to deal with. What do you make of that move . Was that a signal of intent . We are not going back to the status quo. What is the signal from europe . Think the signal and intent of europe should be im not sure what it is. It should be that they are willing to play, they want to play unequal footage. They want to play by the same rules as partners together. That should be the signal which the u. S. Should understand. Europe needs to find its own way for economic foreign policy. Its hard enough with 106 different countries. That should be the signal. The europe they could lead the world for a modern wto agreement. Make sure that we find china follow suit. The three of them are the right ones to direct the future. Annmarie ceo of siemens, thank you so much. Especially your insight. You sat around the table with both President Trump and president elect joe biden. Coming up, the impact of the virus on the u. K. Economy. The gdp tater that is coming up shortly. This is bloomberg. Manus it is daybreak europe. Economy will likely post a record growth in the third quarter. Even that will leave it 10 below precoronavirus peak. Making the u. K. The laggard among the g7 nations. The data is expected shortly. , good to have you with us. What are the key drivers for the bounceback in q3 . They dont exist much anymore, do they . Jamie we basically saw very swift progress early in the summer. In june. S up 9 6 in july. We all went out for lunch. We started living our lives more normally. Progress slowed in late summer. August output up to 2 . September recording gains of 1. 5. That picture is the economy losing momentum even before autumn came. Government consumption will be a driver. Hospitals got back to normal. Schools reopened in september. Those are the main things. Annmarie its getting quite grim. The u. K. Became the first country in europe to surpass 50,000 deaths. Now, we are back and locked down 2. 0. What does year and look like . Jamie we lived our lives in the summer, it was not compatible with keeping the virus and check in the winter. We are expecting that the new restrictions we put in place will mean that the economy contracts 3 in the fourth quarter. We are expecting that thereafter, some restrictions will be able to be relaxed. There will be something in place through winter, into the spring. As a vaccine becomes close. Economic chief europe at bloomberg. Thank you for joining us. What is so striking to me is what new york did yesterday. I was in new york for the height of the pandemic. They are following london. 10 00 curfew for restaurants and bars. Downew york set to lock 2. 0 the same way the United Kingdom is . Manus we live through complete shutdown here for almost three months. You have to get an electronic ticket to go to the grocery store. When it comes to shutdowns, you want to come here for a couple of months to really understand. I leave you with a pound. I missed the move again. Its trading up. The pound is rallying on vaccine waves. Right up to the brexit bumper. I miss the move. I will see you on monday. Annmarie good for me, bad for you. Thats great news for me. Not so much for you. On the ftse morning 100 down more than 1 . Lower across the board. That does it for us. Hes offer the weekend. The european open next. Are you frustrated with your weight and health . Its time for aerotrainer, a more effective total body fitness solution. announcer aerotrainers ergodynamic design and four patented air chambers create maximum muscle activation for better results in less time, all while maintaining safe, correct form and allows for over 20 exercises. Do the aerotrainer super crunch. The prestretch works your abs even harder, engaging the entire core. Then its the back extension, super rock, and lower back traction stretch to take the pressure off your spine and stretch muscles. Planks are the ultimate total body exercise. Build your upper body with pushups. Work your lower body with the aerosquat. The aerotrainer is tested to support over 500 pounds. 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