Commodities having a positive session the far. Astrazeneca stock is actually down today. The s p is up i 014 . It is a monday. We get vaccine news. Generally it is taken quite well. Cyclicals have a bigger day. That seems to be the narrative that is establishing itself. We do have a euro that has weakened. The manufacturing pmi data out of the united states, and i know the ism is more important in terms of what people look at, but nevertheless, the manufacturing data was strong, and as a result, the dollar went up. It does seem to be something of a consensus now that the u. S. Is simply a few weeks behind europe. You only have to look at what is happening with the eurozone data today to get a sense of how far pmis can fall. Highs,off our earlier off by 0. 2 percent. Boris johnson is currently talking about covid. We are also possibly making some progress when it comes to the brexit story. Certainly today, the big driver is definitely that news on astrazeneca. Alix Boris Johnson saying take great heart from the astra oxford vaccine. The vaccine prevented candidates from getting covid19 a trial. It is being called into question by analysts, specifically an Investment Bank specializing in health care. It called the report embellished. We spoke to astrazenecas executive Vice President earlier about the allegations. I think those comments are quite harsh. We need to realize that the study has been executed by top scientists from oxford, as well as astrazeneca. We will publish later in the week the full dataset, so they are working around the clock in order to give full visibility about the different cohorts we have studied, and i thing it is far too early to speculate about how regulators will react on that. Alix going us now is sam fazeli, bloomberg senior pharmaceutical analyst. What is the biggest question you still have on astrazeneca, and was it answered or not . Unfortunately, he did not answer it. That is why you see a difference between these two socalled cohorts of patients, ones who had half a dose and a full dose, and the other ones who had a full dose and a full dose. Why did you see better effects in that group . We can speculate, and the company can answer that question, but they need to answer it, because until you know why this is happening, you cannot make the case that there is a real effect and it is not just some statistical fluke within the different groups. And as we get more data, we will be able to understand more. So i am completely with the he said, and what lets wait for the full data. Guy why did we get the announcement today . Is it because you release vaccine data on a monday . That seemed to imply that we will get more data by the end of the week. Sam exactly. But did you miss that announcement that was made globally that vaccine data has to come out on mondays . [laughter] guy yes, sorry. My mistake. Sam i have no idea why. If you know you are going to have better detailed analysis, why put this out and create these shenanigans, for want of a better phrase . I dont understand it. Theres no element of Safety Information in there. Analysisd that interim earlier on, but very quickly came out with that analysis. Maybe it is just Everybody Needs to give people a little hint of how they vaccine is doing as soon as they can. Alix what is the next thing you are going to be looking for . I feel like it is really hard to keep track of who, what, where, when. Markets have seen each time we get a roll out of some good news, the market will keep responding less and less. Sam that is natural. We have been a bit spoiled by this 95 efficacy in the pfizer and modernity trial. But lets not forget one thing that astra has done that is really great in this trial, and that has been the data i would love to see. That is they did weekly testing of their subjects. So you would be able to tell not only how this vaccine, whatever level of efficacy it had, impacted the disease, but also how it impacted the infection. Is, peoplee number who are not develop in covid19, are they also not infectious . That is a critical piece of information we will not get from modern and pfizer. From moderna and pfizer. The next one is novavax that we are looking forward to that should report at the end of this year, early next year. Guy excellent. Thank you very much for the update, and as ever for bringing some intelligence into the conversation. Joining us now from copenhagen is Steen Jacobson, saxo bank cio. Should investors be focusing on the vaccine news, which is a kind of second half of next year story . Or should investors be focusing on the virus news, which is a here and now story, and seems to be getting grimmer by the moment . Steen i think market has already taken a decision to look beyond this to the vaccine. I think it is a given that we have it somewhere in the next six months, and i think the market already starts to price assets that way. The only thing we are really missing from the final piece, of course, is to see the first full fiscal support we expect out of the biden adminstration, but 1 asill leave 10year at a critical Inflection Point for the rotation and the confirmation of the rotation, but certainly when we look at our portfolio, what is really working right now is, as you mining,the intro, it is dry shipping, agriculture, industrial metals. ,t is the optionality of buying leisure, hotels and the like. So i think the market increasingly is playing this game and awaiting the resolution of what goes on in the u. S. Alix how long does the Economic Data have until it has two backup what the markets already think they know . Steen a lot of time because you have to remember the policy response at all times will be more of the same. I think the early game in 2021 is what i used to call pretend and extend, but this time it has to be pretend and extend to infinity because we already know that powell is concerned, the ecb is concerned. Lagarde makes two to three speeches a day trying to convey on everybody how important it is to get the fiscal push. So it is ironic. You have no price discovery in the marketplace. It doesnt really matter, to be honest, when the vaccine comes, as long as it comes. Guy is it going to be inflationary, and if so, by how much . Tenure breakevens have bounced back to where we were at the beginning of the year. A reasonable rate of inflation to pricing, and do you think that there is the possibility that that goes . Igher steen i think it is too conservative. Since 1998, which i think his timeline zero in this world of nonprice discovery, when greece decided to bailout the lt cm, we have been on a Financial Stability policy. Everything in the world has been about Financial Stability. The way that works through society and economics is simply the trickledown effect of champagne glasses flowing over. It is benefiting the rich, benefiting the haves, and benefiting capital ownership. What the pandemic accelerated is a couple of trends, but most importantly, it has put focus and the onus on policy response to be on social stability. When we think in terms of social stability, we have to renumber that it is inequality which is one thing. And for structure is another. Certainly it is the green transformation. What is embedded in all of those three categories of social stability is a much higher spend from both the government and consumers because of course, if you do a redistribution policy for one of the three things we just mentioned, you are increasing the propensity to spend money in the economy. I think that is going to be the surprising 2021, plus the that china is coming back online. It means they will step up probably sooner than i expected, which used to be q2. Now i think it is going to be q1. They have the most restrictive policy. All of this is coming in place as we also play the vaccine card and find that hopefully we can one day in the saga on the president elect or not going into office pretty soon. Alix one more question on this part, specifically on the us economy in the next segment. How do you hedge this . Typically we say haven that is gold, the 10 year. What is going to be your hedge in case that scenario doesnt play out . Steen i think commodity, and i think we just saw the biggest commodity cycle in the last decade, and i think that will play out in 2021. The place to be for investors in the commodity cycle, we need to address even old people like guy and me. [laughter] but we need to focus on the fact realcrypto has become a value alternative for safekeeping. I think druck and miller has called it the west coast money. These people want to live in a different system than we do, and that is the feeling they are being made redundant through the monetary system. They trust something else. I think that is a growing inclusion we will see. We see the number of Treasury Companies over the last few months and weeks getting to this space. So i also think that will have competition, and i think it is increasingly we are going to see more and more people like my age Group Getting more into that part of the safe haven as well. Alix there you go. Crypto, and guy, you are old. That was my take away with that. [laughter] Steen Jacobson is going to be sticking with us. More on the european economy next. This is bloomberg. Guy live from london, im guy johnson. Alix steel steel is in new york. This is the european close on bloomberg markets. In my conversation with french finance minister Bruno Le Maire, asked him what would happen if poland and hungary continued to veto the plan for the european Recovery Fund. Is there a plan b . Bute do not have a plan b, to convince poland and hungary to change their mind about this they areplan, i think making a strong prickle mistake. I also think they are making for their own people and their own nation strong economic mistake. We all need the support of the european Recovery Plan, and the sooner the better. We are all seeing the consequences of the crisis on thesmes, on the people, on Global Growth of the economy. Why should we wait before spending that money to support our economies . So once again, i really urge hungary and poland to change their mind about this Recovery Plan because the sooner we are able to implement this Recovery Plan, the sooner we can get the money, the better for all of us. That is a question which is of common interest. We need european support. We need the european Recovery Plan. Guy do you think there is some merit in the idea of moving toward enhanced cooperation in order to overcome the vetoes . That we are all on the same board. Facing stand together economic crisis facing this economic crisis. Even hungary and poland, which means we all need to support of european Recovery Plan. Guy french finance minister Bruno Le Maire speaking to me earlier today. Lets bring back into the conversation steen ja kobsen of saxo bank. Polandto by hungary, by could have farreaching consequences. Steen absolutely, and what Bruno Le Maire fails to say is that one of the reasons why is vetoing isgary the rule of law, which is one of avoid,ngs they want to is only on the condition of a meeting that hungary and poland cannot block it. You can too, extent say that the Recovery Fund has become a prisoner on the malfunctioning of the eus legislative way of doing things. I think it is really a catch 22 ,ecause in the case of hungary you have the hardest hit of the pendant, and you have what the core European Countries betting that italy and spain and maybe france come to the table, and wonder that money from the Recovery Fund being played out. But that will not play very well if it comes at the expense of the rule of law. I dont think it is as easy as everyone is trying to make it that ultimately, poland and hungary will step down. Because if they step down in terms of the conversation, it will be based on the fact that they accept the rule of law being implemented, and they cannot live with that with their to messick audience. Alix why dont markets care about this yet . How can someone go buy europe when this isnt a done deal . Someone who has been following european politics for over 30 years, i think it is very difficult to understand how it operates, and i think a politician like Bruno Le Maire, and on the hunt gary inside, they are very good at playing the game of just staying with the headlines. That is very often the case we see. Andes a legal timeline there is a political timeline. The political timeline is the one that guy is interviewing on. That is one case to be made, which Everyone Needs to compromise, but legally that is very difficult right now. The legal and political framework doesnt add up. It has never added up in a european sense. So either europe needs to given and allow them to go ahead and get some somewhat some sort of dilution, or they will have to revisit the treaty of the eu, which dictates they should be suing them through Chapter Seven and other remedies. They are not able to do that, so they can only do it through the budget. So again, we end up in a catch 22. Guy how does this change the calculation on whether or not you want to put money to work in europe . European equities have at really strong run. Does that get sustained . Does that carry on . The risks are mounting, the data are getting worse, and we dont have resolution on one of the key fiscal sides of the story. Steen it is kind of interesting because again, we need to take a step away from the palooka process. Look at the actual cash from the local process. Look at the ash from the political process. From thehe actual political process. Look at the actual stock 600. The Online Companies that we all know are doing well. I think you need to be individual. What i am really saying is on an individual basis, this fundamental value, and in particular if we go back to value investment, i think europe represents deep reservoir value stocks, but it is really depending on this rotation towards cyclical stocks to relieve some of that because right now, people are only willing to pay for Technology Stocks with Free Cash Flow and a discount rate of zero, but imagine a discount rate of 1. 5 and they need to deliver some some physical goods like the volkswagens of the world. Alix really good to catch up with you. Thank you for your time. This is bloomberg. Ritika it is time for the Bloomberg Business flash im ritika gupta. The u. S. Has ordered General Motors to recall nearly 6 million big pickup trucks and suvs equipped with potential deadly decatur airbag insulators. 1 3 of itst about net income this year. Macys is one of the most prominent names to join the movement for Racial Equity in the retail world. The chain plans to devote 15 of its shelf space to blackowned brands. The 15 Pledge Organization refers to the percentage of black people in the u. S. Population. The cdc has stepped up its warning for Cruise Travel to the hass level. The agency now says there is a very high risk of coronavirus to the highest level. The agency now says there is a very high risk of coronavirus transmission on cruise ships. That is your latest business flash. Alix thanks so much. Lets get to carnival for a second. It was a double whammy. The cdc saying all Cruise Travel, the warning was raised to the highest level. They specifically tabled their two large brands through the first quarter, so it is a double women for carnival specifically. Bloomberg a double whammy for carnival specifically. Bloomberg is looking at revenue of 15 of that prepended level. That prepandemic level. Guy the market doesnt really care, does it . The market is now looking forward through the difficult winter, and probably focusing on a world where vaccines are going to be common. That seems to be the narrative at the moment. Is that actually going to happen . Does the airline sector, do the cruise lines have the Balance Sheets to get through the winter . I think it is going to be a huge challenge. Ed bastian at delta talking about how he doesnt see air corridors, particularly in the north atlantic, opening up because neither side can get on the same page when it comes to testing. Alix that is such a good point. Part of that is does each country have to recognize the vaccines to make it say free you to travel without restrictions . I dont have clarity on what that would mean yet. Guy at looks as if we are heading to a world where we have to have some sort of come out of the in terms of the passport or the specification of that vaccine, and whether or not that is going to allow you to travel. I imagine it is going to be one of the key risks if you are taking air travel insurance. What kind of certification are you going to have to required to get that insurance . We are going to talk more about the travel sector tomorrow in more detail. Thatll be a 4 00 p. M. In london, 11 00 a. M. In new york. 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. Guy 30 seconds until the end of regular trading in europe. Lets talk about the session and how it has evolved. It is interesting. First thing this morning we get a gap higher. We then fate that gap. What you have seen our cyclical stocks benefiting. You see the mining stocks doing well. It seems monday is the date on which this happens. What we are seeing is a rerun of the last three weeks, two weeks, the pfizer news, the moderna news, a little less volatility. Finishing flat in europe. In terms of how the other Asset Classes moved around, it is relatively important. Spread has done well which fits in with the narrative surrounding what we are seeing the oil stocks. We have seen a turnaround when it comes to the dollar. Eurodollar is a big component dxy, lesser of the bloomberg dollar index. U. S. Pmi data was better than anticipated on the manufacturing front. The pound has faded but it is still elevated, 1. 3290 on an expectation we are inching towards some sort of a brexit deal. We will talk about that in a moment. How is that feedthrough into what has happened with the various markets around europe . Let me give you an idea. London underperforming a little bit. It has come back up. It was underperforming more earlier on. 63. 47. The mining stock is done relatively well. Dax up, not by much. Volume has not been great. It is thanksgiving this week. Thursday and friday will see light or no volume. It is also month end. You wonder whether well see positioning, month end rotation in advance of thanksgiving. Not quite evidence for that today. Weterms of the breakdown have seen to date individual stocks, i want to focus on one. Astrazeneca today. In theory it will make no money off its vaccine. Because of the gaps the market perceived in the data, the stock faded. I think moderna and pfizer have set a relatively high bar in terms of efficacy in the 90s, which astrazeneca did not get to. It will be interesting what the data at the end of the week tells us, but the market has baited the news on astrazeneca. And the mining stocks, the oil stocks have done well come at a day astrazeneca went down. That seems like a paradox to me. Alix you are also talking about brexit. Boris johnson and the European Commission ursula von der leyen may talk by phone or facetoface this week according to times radio. That could be a Pivotal Moment for brexit tops. Joining us with more is matthew goodwin, professor of politics and International Relations at the university of kent. I have heard that sentence and ive read it off teleprompter thousands of times in the last four years. Why will this be any different . Matthew this might not be different. We may end up going right back down to the wire as we did with some of the previous agreements during this long brexit saga. I think the mood music is positive. We have seen breakthroughs around the issue of the level playing field. There are still messy negotiations around fishing. It has not been helped by covid19 inserting itself into the eu negotiations, which has delayed things as well. I am happy to say we will have a deal, but i think it will become late i think it will come late. Guy do you think Boris Johnson has made up his mind . Matthew i think he has. I think johnson is not quite as ideological as some of his critics would have us believe. He has been a pragmatist at key points in his career in the context has changed from the days when johnson was going hard for brexit. We now have the biggest economic crisis since the Second World War and we have a rapidly moving landscape. Johnson will probably come down on the side of getting a thin deal and moving past this moment rather than try and inflict more Collateral Damage into what is already a highly volatile situation. Alix how is a thin deal become a real deal . Matthew the thin deal will provide basic pathways, basic agreements around fishing or state aid or government structures and will get them over the line and will allow to say to his new electric, his more workingclass electorate, that he has delivered. They can continue to finesse that relationship Going Forward under different governments. For the u. K. , it means we can get as many of those trade agreements with noneu states around the world as we can. Pivotal a moment was it that Donald Cummings departed 10 downing street. It was denied this was going to have any impact on brexit. Do you think it will . Matthew i think the departure is significant. I have known Dominique Cummings and people around the conservative party for a longer period of time. Despite what all of his critics say, the thing about cummings is he understood the electoral reality of british politics, he understood the realignment going on in bridge politics and understood how to exploit that in understood the realignment in rich politics and understood in british politics and understood how to exploit that. With cummings gone, who else in number 10 understands the realignment unfolding in british politics . That is not a popular point to make, but i think it is critical to understanding how the johnson premiership evolves from here on. Alix to that point, for more international view, i am wondering what the role u. S. Politicians have played in coming to this moment . Often times i will ask this question and british analysts will say nothing, president elect biden had nothing to do with it, but that i read other articles that say it is not true, and the relationship to the irish is true in keeping that border open. What is the truth . Truthw the immediate around the recent bill the government tried to get through the lords was rejected by the house of lords and was not dependent on what president elect joe biden said. However, much of the talk in london and westminster is about the incoming president who has very different views of brexit. We also heard this morning the suggested new secretary of state is also quite antibrexit and has compared brexit to forms of popular is him in europe like Marine Le Pen in france. That has people nervous about what that means for the angloamerican relationship Going Forward, that special partnership. Bidenre wondering will and the new secretary of state look past london and look instead to paris, berlin, rome, when trying to think through some of the broader geopolitical issues. That will be an open question. I do not think biden has impact the negotiation as of today, but longer term this new incoming president will have considerable impact on what is happening in the u. K. And the eu. I read a lot of notes that suggest brexit is a sideshow for the british economy, and the implication of covid and the amount of money being spent, we will hear more about that this week from the chancellor are far and away the more pressing issues. Would you agree with that . Matthew we have had some forecasts over the last few weeks that have suggested a messy no deal brexit may end up being more disruptive for the u. K. Economy than the covid19 crisis. I have seen competing evidence that suggests the opposite, that over the longerterm paying off the 2 trillion pounds or whatever the cost of covid currently is will prove more impactful on the u. K. Economy. It all comes down to what the future economic and tech strategy is going to be for the johnson government and where theyre going to choose to lay the burden of the current crisis. Are they going to focus on the changes we are hearing about, capital gains, selfemployment changes. Are they going to offer a new Growth Strategy as we come out with some sort of brexit deal . All of these are open questions over number 10, which at the moment is going through something of a revolt. We are year into the johnson premiership coming up in a couple of weeks. So far many of us are asking what is johnsonism . Was the Ideological Foundation of this project . We do not know, because some people are suggesting there is not one. Lets see. Guy that is what i was going to say as well. We will find out, hopefully. Matthew goodwin, professor politics and International Relations, university of kent. Lets show where european stocks have settled. We cap hire first thing. Faded. Hit session lows, bounced a little bit, and then faded into the close. Down during the auction process. We will carry on the coverage at the top of the hour and delve deeper into the u. K. , both covid news and brexits. Jonathan ferro and i will discuss that at the top of the hour on dab digital radio. This is bloomberg. Ritika this is the european close. I am life the principal room. Coming up, kyle wales. That is 1 00 in new york, 6 00 in london. This is bloomberg. Lets check in on the bloomberg first word news. Another Promising Development in the fight to end the coronavirus pandemic. A vaccine developed i the university of oxford and astrazeneca prevented a majority of people in a large trial from getting the disease. It stop an average of 70 from falling ill. That is below the high bar set by pfizer and moderna, but effectiveness did rise to 90 for one of the two dosing regimes. One of President Trump most loyal supporters says it is time for the president to move on. Blackstone group ceo Stephen Schwarzman says the outcome of the election is certain. He is ready to help resident elect biden. President elect biden. Vladimir putin is one of a few major World Leaders who still has not acknowledged joe biden one the u. S. President ial election. Putin told Russian State Television he is ready to work with any american leader once a winner is confirmed and expected and accepted by the opposing party. When asked if the move could damage u. S. russia relations, he said they are already ruined. Global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. I am ritika gupta. This is bloomberg. Guy . Guy thank you very much, indeed. After weeks of strict restrictions, european leaders are tried to make the upcoming johnson justris said england stayathome order will be lifted on december 2. Meanwhile, in united states, over one million travels passed through airport checkpoints on sunday, the most since midmarch. This is people traveled ahead of thanksgiving. Are these all going to be massive superspreader fears vence . Superspreader fears vence . Is your expectation for what thanksgiving and christmas will be for the covid numbers . Emma i am concerned with both of these holidays, and i think with thanksgiving we could get a taste of what will happen more widely around the world is missed. Cases are rising extremely in the u. S. This does not bode well for what will follow. I am concerned because i know many hospitals in the u. S. Are already under increasing pressure. More widely in europe, even though there has been governments announcing they will weaken restrictions, there is a concern when you tell people things are allowed they interpret that as being safe. That is not the case with coronavirus. It will not be taking christmas off and i think we need to guide people if it is legally allowed, well be staying home and not mixing as much as possible to avoid a big rise in transmissions. Alix this is anecdotal, but ive seen people talk about getting rapid test so they can spend their holiday with their family and then get a rapid test again. Is that an effective way to manage it . Alix if people are absolutely dead set on traveling, doing everything they can to make that as safe as possible is the next best thing. Isolating before you travel, using tests before and after you arrive, Wearing Masks and increasing ventilation. One thing that is important to remember with rapid tests as they do have a false negative rate, particularly early in infections. Even if you have a negative, you still could be infected. Also importantly you might be negative today when you take the test, but that is only valid for the minute you take the test. A couple of days later you could have a positive test. If do not test again you might not know this and you might transmit your loved ones. Guy test and isolate seems to be something im hearing about. Weterms of the math, do understand the order of higher weof the tick could see if we see significant gatherings . How does it work . Emma we are again talking about exponential spread, much like we saw our this year much like what we saw earlier this year. The problem is come up urgently right now, the weather is against us. If one person goes and spends a Holiday Gathering with 10 or 15 family members in a small room where the windows are closed and the heat is on, they could transmit to all of those people. Then fly back across the country, sit on a plane, spend time on buses, trains, and cars. This is exponential note this is exponential growth. Yesterdayrtheless, there seem to be positive talks on the sunday morning shows in the u. S. On the 11th or the 12th of december, hopefully the first people will be immunized across the united states, across all states in all of the areas where the state department wouldve told us where to deliver the vaccine. Get ets pretend you lets pretend that happens and you get some vaccinated on the 12. By christmas will they be ok . Emma generally, no. Most of the vaccines require two doses and they need to be a few weeks apart. We should not be expecting even those lucky enough to get vaccinated are fully protected by christmas. That would be pushing things. The other thing to keep in mind, i do not want to downplay how exciting these vaccines are. They give us a light at the end of the tunnel. The vast majority of people are not going to be able to get the vaccines anytime next you weeks or couple of months. Our distanceep to and Wearing Masks, being wise about how money people we are talking to and in rooms with until the vaccines are more widely available. Guy if we do get another spike as a result of christmas and thanksgiving, how long will it take for that to unwind . How anymore restrictions will we need in order to compensate . Emma this depends on the size of the spike, what restrictions are put in place, and how closely people follow them. We have seen in Different Countries you can have very different epidemic dynamics after restrictions are put in place, depending on how strict those arent how strict people follow them. It will depend on us as a much of the pandemic has. Our behavior dictates how this virus spreads. It is important to keep in mind it is harder to get down from hi case numbers then small blips. When we have thousands and thousands of cases, our test and trace system, it is simply impossible for them to keep up. The lower we keep the numbers, the easier it is to keep them low. How do we get better at testing . You can take the rapid test, but there are false negatives. How can we get mass testing up where we can start to open up and be saved even without a vaccine . Possiblehink this is and rapid tests can play a role. The fact they can be rolled out isso many people means there a tradeoff worth making in some cases against that false negative rate. It would have to be incredibly widely available so people can use them anytime they think they have been exposed or have even the slightest sign of symptoms. Even that might not be totally reliable, because as we heard today the cdc is estimating 50 of transmissions right happen before you have symptoms or without symptoms. We need to make these so available that even a symptomatically people could be testing regularly. Before mass testing will solve our problem, we need to get cases lower. Testing as part of the solution, but it does not stop transmission. We need to get transmission under control through social distancing and mask wearing, then we can talk about using tests to keep the cases low. Alix Emma Hodcroft of the university of basil, thank you very much is bloomberg. Thank you very much. This is bloomberg. Ritika time for the Bloomberg Business flash. Look at some of the biggest business stories in the news. Shares of the worlds secondlargest change of Movie Theater chain of Movie Theaters are soaring. Andived a rescue loan agreed on other measures to increase its liquidity by 750 million. Movie theaters have been struggling because of shutdowns and delays of big movie releases. Suspended, cineworld operations in its u. S. And u. K. Markets. Bloomberg has learned the Company Plans to assemble key components for Google Service at the factory. The facility was unveiled to much fanfare in 2018, but it succumbed to delays and switch direction several times after local officials cut subsidies. Job cuts are on the way at the Worlds Largest maker. , including2000 jobs one in four positions at its global headquarters. Trying to revise profits after being hit by the pandemic harder than its rivals. That is your latest business flash. Guy . Guy a quick look at where we are with the markets. The earlier equity move we have seen in the states is faded. The nasdaq is now negative. The russell is outperforming. Oil stocks are doing better. It is a monday. We have vaccine news. The dollar has bounced back. Be on the pmi data. The u. S. Does not take the pmi data that seriously, but it appears to be today. Crude having a good day. We are seeing Energy Stocks higher. Alix it is weird because the dollar is higher. Gold getting hit on that as well. You will have light volume in trading with the s p and the dow as we have a shortened holiday trading week in the u. S. , so that will affect price swings as well. That wraps it up for me and guy in the u. S. As well as in london. Coming up on the carson block, Muddy Waters Capital cio will be joining balance of power on Bloomberg Television and radio. This is bloomberg. From washington, d. C. To our tv and radio audiences worldwide, i. B. Kevin cirilli. Taylor i am taylor riggs. Power to balance of where the world of politics meets world of business. We get straight to the business. What strikes me today is further outperformance of the small caps. Abigail it is striking. We have another record high for the russell 2000. It is monday, we have encouraging news around the vaccine and that is giving energy and fuel to the cyclical rally. Small caps being a piece of that. The smallcap index of 1. 6 . Another alltime high. We also have outperformance from some of the cyclical sectors such as the financials and energy, the kbw bank index. On the other hand, money is coming out of this years defense, tech, we have the nasdaq 100. Apple is leading the way, breaking support levels. The question is which
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