Electoral joe bidens win is confirmed by the electoral college, but he hints he may never concede. Good morning, everyone. Welcome to bloomberg surveillance. I am Francine Lacqua here in london. It is the day after an american holiday, which saw a lot of markets closed. Cash equities open in the u. S. Because of thanksgiving. This is what i am looking at overall in the markets. Quite a lot of movement is on the portuguese 10year yield. Markets are speculating when it could go into negative territory. Today, the overall mood is a bit of caution out there. Investors, secondary valuations following a rise in equities this month but also enduring pandemic and parts of europe, oil retreating, with rising tensions within opecplus members. We will have plenty of more on that throughout the show. The stock market has a rotation into cyclical and value, by the promising vaccine, or could we see farther moves . For more on this, lets get straight to our dani burger with a look at the markets. Hi, dani. Dani hi, francine. Thing, will this rotation last . If we look at the indication since the announcement of the vaccine, you can see how overpriced they are. If you look at what happened in the past three weeks, this captured the pfizer news, 90 percent effectiveness, this is 89 billion flowing into global stocks. That is a record amount in three weeks time. It is not just global equities, it is emerging markets, both stocks and debts. Small caps saw their second biggest inflow value, rather. The exuberance here, it is important to note, is within value shares. But can that continue . Can the cyclical rotation continue . There are arguments that yes, it can, the economy will continue to recover. A lot of this is based on the vaccine. Goldman sachs says investors may have jumped the shark here. Investors have become increasingly sanguine about u. S. Lockdown risk. An erroneous belief we can control the winter wave. They say the market is pricing into much success from the vaccine. They are not really pricing in the idea that we could see instructor lockdowns in the u. S. After a thanksgiving surge in cases, but at least in the shortterm, certainly more caution coming into the picture that this cyclical rotation can continue, francine. Francine thank you so much. Our dani burger there with the latest on the markets. Europes biggest economy has passed a milestone, certainly something we are watching. Eminis total coronavirus cases germanys total coronavirus cases surpassed one million yesterday, i day after the government extended a partial shutdown until just before christmas. Vaccine front, the astrazeneca chief executive says they are heading for trials, to clear up confusion about the latest trials. Is nannetteow hechlerfaydherbe. Nannette, thank you for joining us, as always. There is always rotation in the markets. Does it have a right to go further, or does it make us question it . Dr. Hechlerfaydherbe the market has really been in balance between come on the one hand, the second wave of the coronavirus, especially on the web the western world, and then the hopes of the vaccine. The market to continue to have legs, we will have confirmation of the vaccine hopes. Very quickly we want to see approvals, we want to see Production Outlook as far as the vaccine, broader distribution is concerned. The u. S. At the moment is in a better position than europe, so i think it will boil down to that, as well as what Central Banks are going to continue to to support those sectors that are having to bridge a period of softness in between. So we have been looking at value stocks. Catalyst,very clear and at the moment, the safest catalyst for a recovery, for earnings prospects, is the link to asia, the link to the Chinese Business cycle, because china is propelling ahead, is accelerating, whether it is in the domestic economy or in the export sector. Nannette, going back to what Central Banks can support, is there a danger that if we have the vaccine as planned, and of course there are still questions about that, that Central Banks put too much stimulus and we finally see a shot of inflation going on. Dr. Hechlerfaydherbe for sure. If the economy is recovering, as we expect, the Global Economy will grow by more than 4 , and in that context, we would absolutely expect inflation to normalize. Inflatione global forecast, in our view. Will naturallyds ,ome up, but not by very much and also distinctly on a region by region basis. What Central Banks can do and this is really important right now in europe is to continue their purchase programs. We would expect that the ecb is program, indeed the pandemic emergency purchase program, by about half 1 trillion in december, and that is important, because it is keeping european yields in the periphery, that is negatively impacted at the moment at very low levels. This is what Central Banks can do. Francine so, nannette, you know, what is your haven . Is there haven par excellence . Do you protect yourself against that possibility . Dr. Hechlerfaydherbe sure, we like to have both, right . We like to have the sectors that are going to experience this pentup demand, and in the beginning, we think that the safest way is to go with sectors that are linked into the Chinese Business cycle. Alsois, by the way, including assets, for example, german equities, potentially able to decouple from the German Economy and the fact that still come on the domestic side, they are negatively affected by the second wave we are talking about. But as we and also reaching out into the construction sector, if you like, those sectors that benefit in the recovery, and they hedge as well against the impact of yields that will eventually start to rise, at least in the United States. We would anticipate the Second Quarter of next year to post some positive economic surprises that could well push the 10year u. S. Treasury yield above 1 . Of course, another hedge that is often times spoken about when expecting yield increases is the financial sector. Francine nannette, thank you so much, nannette hechlerfaydherbe from Credit Suisse. We will get back to men that shortly. Now we have a great exclusive interview, because we focus on the worlds most important commodity oil. Opecplus just ahead is a key meeting, future resistance from the uae and iraq, which are eager to resume oil sales. I am very pleased to be joined by the finance minister of nigeria. He is zainab ahmed. Thank you so much for joining us, minister. If you look at gdp growth, of course that growth is the price of oil and the fact that you cannot pump as much as you want to. Have you ever considered leaving opec . Ahmed good morning, bloomberg, and thank you. We have not considered leaving opec. We are within the opec community, and we conclude that is certainly engage now, we believe it is the right sector at the right time, and this is not going to last forever. It will improve over time. Francine minister, are you confident that with vaccine rollouts, nigeria will have access, you know, in the middle of next year, if not earlier . Are you expecting a general resumption of, you know, nigerian growth . Are things looking really bright . Things are looking absolutely better. A you know, we just released report, and the indication is a positive one, even though we 3. 62,negative goals of technically we are in a recession, but compared to results of 6. 1, it is a significant improvement, and it shows that the measures we are taking are the right ones, and we are very hopeful by the Fourth Quarter, we will exit the recession, if not, the First Quarter of 2021. Working, very early vols measure, and the measures will likely focus on stabilizing the economy by supporting the weak and the vulnerable. A lot of effort and concentration was also given to the health and response, and certainly you can see from the members that the covid19 pandemic in nigeria has been very well controlled. Down,e course had to lock like everyone else, and opened up gradually, and the economy is now open, just with a lot of cautionary measures, and we dont anticipate another lockdown, because in nigeria, the pandemic is controlled, and the numbers are flattening out. Francine minister, talk to me about the growing gap between the official and parallel rates of the nejra to the dollar. Are you about this . Are you talking how concerned are you about this . Are you talking to the ecb to close the gap . Ms. Ahmed we have been trying to close the gap, and the focus is not as much as we hoped, but the reason why we have a gap is is theird quarter, highest we have been for two quarters, so it is significant. Officially, the oil and gas sector is still the largest sort of foreign exchange, so the idea that the strategy where we are trying to address the high demand and very low supply has a sort of process where they are accruing and meeting it, and the needs are being addressed as time goes on. We do hope that we will be able keel very soon, so the impact on the Exchange Rate will become moderated. Francine minister, i have a great bloomberg chart, and you can clearly see that, you know, real Interest Rates in the economy are now negative. Is that a deliberate strategy to reduce the domestic borrowing costs, considering the rising debt to rate ratios . Ms. Ahmed well, it is something we have had to do to be able to stabilize the economy. We actually have to reduce Interest Rates, especially for Government Intervention plans and also grant forbearance, and it haschannels, actually been suspended for some time, the repayment. Manye trying to get as businesses as possible access to annancing, so that they c reinvest in their business, revive their businesses, and also ensure that we keep jobs, so it was a deliberate effort att we took, and now we look , after a while, we can begin to readjust that. Francine minister, there has also been some discussion of situation of Central Bank Advances to the government. When is this likely to happen . A number of further processes we have to go through, process all, the review and consolation process of the numbers, but we have to get approval of the executive council, and then the parliament has to approve it, because the security prioritization is going the stockse increase of the country, and we hope that, in the next couple of weeks or so, we will actually be able to request the approval. Francine so you think we are six month away . Could it take longer or less time . Ms. Ahmed no, no. Personally, i am hoping for three months. I think it should be about that time in the Parliament Come up with the numbers, that we will see approval. Wencine minister, are likely to see big privatizations of some government assets in the next year, and will that particularly affect some of the Oil Joint Ventures . Ms. Ahmed the process we are is focused onnow growth in the parliament, in the making. It is progressing well. Part of the recommendations in the bill is this issue of guiding some of the access that government owns and the oil and gas industry. So we are waiting before we move on on that. But the focus is to put in place strategies to unlock liquidity. That are lot of assets not recognized and properly booked into our Balance Sheets, and therefore this abnormal us theon is not yielding benefits, so we are doing that, and oil and gas assets, physical assets, we are going to value them, put them in the proper aspects for the Balance Sheet, and the current ratio, it gives us room to unlock the liquidity without having to put the assets, while we have a lot of assets, profits, intangible assets, we have so many of them that when we look around, you can see that we are not actually optimizing the assets of government, and part of this is the position of government assets. Francine minister, do you see the upcoming Biden Administration actually supporting and confirming nigerian candidates to head the world trade organization, and have you had any contact with them . Ms. Ahmed i think they will come up with authority, but we do hope that the biden ournistration will support candidate to head the twto. They will see that she is very well qualified and she has the capacity to move the organization forward. We are confident that she will do very well if we get that opportunity. Minister, what is the status of discussions with the world bank of the one and a half billion dollar loan, and do you have any questions about the ambitions next year . Ms. Ahmed on the second front come on the eurobond, we are leaving our options open. Market, the eurobond whether the market is at the right rate and conditions for us. If the market rates are good, we will go to the market. We are fortunate right now that veryomestic market has a large appetite for the bonds that we issued, and the cost is low, so we do not have to go away from the international. On the case of the world bank, we are at the final stage. We hope the world bank will take nigerias case at the next meeting, which is supposed to be in december. Now it has to be considered by the board of the bank. Francine will nigeria consider or reconsider taking part in the g20 debt relief initiatives . Ms. Ahmed we are already considering it. It is in the extended gfsi, that has been relief, we will consider joining, as long as it is safe for us to do so. The first time because the conditions were not favorable to us, due to the sum due to the lower commitment, but most importantly due to the commitment that we would have the international market. Some otherition, countries have been trying to look at ways and means of the european system and ways of how tocan engage the lenders offer some of the chance to somee us to take part into of the things like the g20 virtual initiative. Francine minister, thank you so much for your time today. I know you have a very busy schedule ahead, so we are grateful that you spent a bit of today with bloomberg. Zainabvenue ahmed ahmed, nigerian finance minister. Now lets get to the bloomberg first word news in london with leighann gerrans. Hi, leighann. Leighann hi, francine. President trump says he will transition to joe biden, but he man never officially concede and skip the inauguration. The president is still calling for the Election Results to be overturned despite no results of widespread fraud. U. K. Prime minister Boris Johnson is one of long months ahead in the fight against the coronavirus. That is as they are prepared to go back to a system of restrictions after a fourweek partial lockdown. Is avoiding the toughest roles, which are falling on cities like manchester and birmingham. Chinas latest target in its spat with australia is wine. Puting is expected to duties on the export this weekend, following a rash of imports, from pork to barley. They import 900 million u. S. Dollars over the last year. The ecb is signaling a ban on big dividends could be cautiously lifted next year. Bank of france governor says there are now arguments in favor of the payouts. It follows the executive Board Members saying they should be prudent, but it is prudent on a casebycase basis. 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. I am leighann gerrans. This is bloomberg. Francine . Francine leighann, thank you so much. Lets get back to the markets. We were talking with nannette hechlerfaydherbe from Credit Suisse about some of the possible inflationary pressures, and we talked about some of the havens. Then that, thank you so much for sticking around. You put out your Investment Outlook for 2021. We also spoke to the nigerian finance minister about some of the pressure that nigeria has. How do you play into the emerging markets in 20, given the dollar dynamic, the debt dynamic, and everything we are seeing in the pandemic . Dr. Hechlerfaydherbe francine, for us, the environment here will be for supporting Global Asset Management altogether, whether it is equities, bonds, or indeed also currencies. Here are a couple of reasons why. Intoly, china is leading the recovery, and it is just out of the trade deal, for example, they have signed recently. It is a Major Driving force to lift also up with it other emergingmarket countries, not only in the asian region, actually across the globe. Secondly, the fact that the u. S. Dollar is probably still going to be weak in the absence of any Interest Rates paid under currency is helpful for many , becausemarket assets of the failing alternative, if you wish, for capital to move to the United States on the basis of those missing yields. So for investors to look for sources of possible yield pickup, emerging market bonds play a very important role. We were talking just now or hearing about nigerias tapping international markets, many emerging markets, whether corporate or governance, are coming to International Capital not thenand exposing investors to currency risk. But all of that should bode well for all three assets, fixed income, equities, and currencies, from emerging markets. Francine netnet, as always nette, as always, thank you so much. Nannette hechlerfaydherbe, chief investment officer, International Wealth management, and global head of economics and research at Credit Suisse. A roundup ofme, the Global Banking needs. We are not talking about divorce. And sabadell ending m a discussions. Consolidation or not consolidation . . This is bloomberg. 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. Francine economic, bloomberg and finance. Lets get to the first word news. Good morning, leighanne effective results came from a group given the lower dose of vaccine due to a manufacturing error. Now the u. K. And e. U. Are ready to restart facetoface brexit trade talks after a key official was forced to kurt warner keep. Forced to quarantine. There are significant stumbling blocks still in the negotiations. Hungary and poland are vowing to veto the stimulus package, setting them up for a major confrontation. The leaders of both nations demanded changes and showed little signs they will reverse objections. Brussels is investigating the two countries on democratic backsliding, meaning making them prime candidates for funding cuts. Global news 24 hours a day on air and bloomberg quick take powered by over 2,700 journalists and analysts in more than 20 countries. Francine . Francine thanks so much. To banks now, takeover discussions have ended. We found out this morning shares in sabadell have plummeted. The group says theyll shift their focus to developing a Retail Business in spain. A full roundup of the consolidation news. Its always great to have you on the program so thanks for making the time. How much a blow to sabadell and bbva and the merger collapse . You look at the Market Reaction and you see the story of sabadell declined to 18 at one time and bbva is shrugging the news off. They are coming from very different positions. Bbva is benefiting from the massive cash infusion of the failure of the u. S. Business and have auctions with this cash and can choose to buy a rival in spain as would be the case with the sabadell offer or return the money to shareholders. Clearly it does not want to be overpaying for sabadell because it doesnt need to. But on the other hand they are in a bit of a pinch and have efficiencies they need to improve in the spanish market where it is a possibility and a group in the u. K. And its complicated the options. And the market is pointing to a very different reaction. Francine is that it or is there still room if only on price could that be lifted . Will they merge with someone else or merge together or is that kind of it for the ituation in spain . Dynamics lays the and we have uncertainty for how it will affect banks and the buildup of bad loans but dont now yet how back those loans ll be and if you look at sabadell, they are in a block of five businesses which could tip the economy and even anyone looking to buy a rival you have to be careful because we dont know what is to come. Francine how different is the spanish situation to what were montapas spain with ci. Elisa they are a home lender and you have a capital deficit and needing to replenish the deficit and the government looking how to inject more the into the basic and union credit wanting to take over monte paschi but dont want the legal issues they carry. Youre looking at very much a situation more akin to rescue, chi ly, for montepas situation and the uncertainties that lie ahead of where the economies are going to go and how much of a hit banks will be taking to the Balance Sheet clearly weighing on all these discussions. Francine overall, what did we know about e. C. B. And dividends . Weve spoken to a number of chief executives and some reluctant to see what the e. C. B. Should do and others that are quite vocal with the need to a return to dividends. What are you hearing . Elisa several officials are pointing to the dividends publicly and will be allowed to review next year possibly on a case by case basis and maybe with some caps. There seems to be, you know, an acknowledgement banks, particularly the stronger ones, actually benefit from being able to start repaying dividends because it attracts shareholders and investors and puts them in a better position and puts the whole Banking Industry in a better position should it need to tap more investors funds to balance the Balance Sheet over the coming years. The sense is now that regulators are looking to consider a resumption of those dividends probably on a case by ase basis. Francine you have some fantastic Opinion Pieces and wrote something Goldman Sachs is going to paris and is a blow. And you follow the italian banks. What is the main story from now to december 31 for a lot of hese big european banks . Elisa drawing closer to the brexit deadline it will be in focus and youre seeing the regulators laying out laws for what happens from january 1 if there is no trade agreement and you know, while being confident there wont an systemic reaction to the market because were going to unchartered territory and theyll be focusing on where the negotiations head and what really needs to change from january 1. Francine thank you so much. I urge each one of you to read her pieces on the terminal on the website. Advertising in the age of covid. Our exclusive conversation with the chief executive of w. P. P. Thats coming up next and this is bloomberg. Francine this is bloomberg surveillance. Im Francine Lacqua in london. Lets focus on the crisis on the Advertising Industry and this should be one of the busiest times of year with hospitality reaching out to customers after the Christmas Holiday and after a difficult 2020 will advertisers return in 202 1. Im pleased to be joined for an exclusive conversation of the chief executive of the Worlds LargestAdvertising Group and hes mark reed of w. P. P. Thanks for joining us today. Its a pleasure. Francine whats your outlook for vaccines and Covid Treatment and does it accelerate your roughly two year earnings revenue forecast . Youre expecting them to recover in the next two years, will that be quicker now . Marc i dont know it will be quicker but with news of the vaccines coming in this side of christmas and certainly early next year, i do think it gives a chance and gives the companies a lot more exanses to invest in the future. What is interesting is in march and april everyone slammed on the brakes understandably when the first lockdowns were issued and i dont think weve seen that reaction with the runup to christmas. I think clients are still i wouldnt say optimistic but still concede consumers spending in christmas and coming into next year the prospect of the vaccine bridges us into what promises to be a pretty strong 2021 at least from another perspective. You take the u. S. , spending is down about 9 and we expect it to grow 12 and in the u. K. We expect the similar progression into 2021. Francine overall what are the regions or sectors that have promised you on the upside and stronger than expected and what do you do with china now and what sectors are spending more . Mark coming into this if you said our revenues would be down 10 this year we probably would have predicted a much worse situation in march and to some extent the Advertising Industry or Marketing Industry hasnt been as impacted by covid as i ink many expected both ourselves and analysts. Consumer spending has held up relatively well funded by the government and the clients need to continue to invest and communicate. Whats been striking us is the growth of our largest clients and actually in the Third Quarter, 11 of our top 30 clients increased their spending so were seeing good growth in consumer packaged goods, health care and Technology Companies and seen strong results as unileaver and there are places consumer spending, i think we all feel terrible for businesses or hospitality or leisure and Small Companies that find it hard to operate and geographically china hasnt bounced back as strongly as we expected and some are automotives in our clients and i expect it to come back more strongly and the u. S. Has been relatively resilient and you watch what happens over thanks giving with some hesitation perhaps as we do over christmas ere in europe. Francine whats your take overall on some of the acquisitions you can make out there . I know you said youd be interested, is that access to new technology or technology or get bigger, is it for scale . Mark i think were focused on scale rather than size. How do we, a big country of 100,000 people around the world in 112 countries. I think we have to get bigger and there are areas in ecommerce and Marketing Technology our clients do need more expertise in where actually we could benefit from acquisitions and thats our focus, the newer, faster growth and more Technology Driven areas of our business and we have a fantastic partnership with adobe and sales force and google and they are the drivers of the growth of w. P. P. Business and acquisitions in those areas, some here in the u. K. And western europe and you mentioned china earlier. I was talking to one of our clients and they are seeing 70 which is goods is going through e commerce in china and its a sign of where things are going in the u. K. And sales growth growing 50 year on year in the Third Quarter. It starts and ends with e commerce today and is an area of investment and acquisitions would be appropriate. Francine is this a good time to buy because valuations are low . Mark perhaps. I dont think Good Companies are ever cheaper in a time like this. Its actually more about the expertise and talent and what we can do with the company and needs ly the valuation to be in the right place and rent looking at opportune istic but looking at companies to buy with leaders who can deliver results to the clients. Francine with the joe Biden Administration taking over theres talk or speculation and certain quarters concerned about big Technology Companies being regulated, what would that mean for the advertising business and do they need to be regulated . Mark theres been a lot of talk for regulating them for some time and face book called for themselves to be regulated. So opinions differ or dont differ on the subject. I think what the Biden Administration promises is perhaps more thought through or considered approach to regulation than perhaps weve seen before, clearly depends on the outcome of the senate race and the extent to which legislation can get through there. And i think greater sort of stability in the regulating process probably would be important. I think when it comes to regulating Big Technology mpanies, i think its a very complicated action and breaking them up would lead to benefits so they clearly are where you see where they control access to consumers and access to their platforms that regulators re looking at. Francine how will the end of Third Party Cookies affect what you do . Do you need to buy something to be able to actually operate similarly to what youve done so far . I know there are questions with exxon and something you would buy . Mark were not concerned with end of third parties but whats important is the consumers have confidence the data is being used in the right way. I think it doesnt make the ternet used to be probably the wild west in terms of Data Collection and tidying that up will be better and no doubt it would probably shift more power to the Royal Gardens because theyll have the ability to collect data through their direct relationship from consumers but with the perspective from the clients and w. P. P. Opens up an opportunity how they use their own data, whats called First Party Data to really drive their marketing plans and this notion of personalization and really having a bigger understanding of the customer basis and how to use that is something were working with a number of clients and went to review morgan and delivered a strategy to help them activate their own First Party Data, data consumers get them as part of the transaction from their Loyalty Programs into their marketing. Things are shifting around but i think the Third Party Cookie debate will clearly go on and well see where it ends up in europe that causes for them to seems a ablished so it bit schizophrenic on the subject. Francine given where we are at this time and what weve laid out with the opportunities that put on some of the challenges for the industry and w. P. P. , what is your thinking around dividends and share buybacks . Mark i cant say too much about that time because we have a Capital Market day coming up december 17 and were seeing we will resume paying dividend in the first half of the year and we have made progress in reducing our debt, its come down from 5. 3 billion pounds and closer to 2. 5 billion pounds and the company is in a much more resilient position and said wed look at this when we had greater visibility and i december he time in we might be able to say more on that in a couple weeks. Francine the first half of 2021 where is the spending likely to come from, china or emerging markets or the u. S. . Mark i think well try not to be too optimistic but a really strong rebound in the Second Quarter. The First Quarter i think will continue to be tough but i ink people will start to spend in q1 going to q2 and im optimistic for our industry and advertising and marketing venture in 2021 and indeed going into 2022 theres no doubt this has been a challenging year for everybody. Both with greater certainty and there will be a sense of exuberance that will come in the market. I think it will be pretty much across the board. Take india, we saw aspen in india down 60 in the Second Quarter of the year, probably down closer to 20 in the Third Quarter and expect marginal growth in the Fourth Quarter with the India Premiere League being shifted in q4 and well see pretty significant shifts n spend in 2021. Francine is this levels prepandemic and can it always be a bumper year . Mark i dont know well get back to 2019 in 2021 but i think during the course of 2021 going into 2022 we will see it get back to levels of 2019. The u. K. Government said we wont get back to that level until three or four years but i think advertising expenditure particularly driven by advertising expenditure will grow. In the u. K. We saw growth 5 this year and expected to grow by 12 next year. Its an interesting market. 68 digital, television is only 18 of ad spend and newspapers only 5 . 20 or 30 years ago newspapers were close to 25 to 30 advertising expenditure so weve seen Seismic Shift in our industry. Covid really only accelerates the greatest period of innovation weve seen and the changes we have will definitely persist into 2021. Francine mark, thank you for your time today. Much appreciated. Mark read, chief executive of w. P. P. And if we were having a lie rather war, never go against an ad man. And the rotation to cyclical and value sparked by the vaccine news, well update you on the market shortly. This is bloomberg. Francine economics, finance and politics. This is bloomberg surveillance. Im Francine Lacqua. More going on in the markets yesterday because treasuries were closed because of thanksgiving. Were seeing a bit of more normal activity today though if you look at the trading volumes, theyre still very thin because a lot of the American Traders were actually taking the day off. Stocks ending the week on a cautious note and investors assessing valuations following a record rise in equities and the enduring pandemic in europe bothering them. Crude oil 25. 28 and the treasury advancing and dollar slipping heading for a second weekly decline. Bloomberg surveillance continues next. This is bloomberg. At the moment we see scaled up worldwide globally, there will be enough capacity to 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. More voluminous hair instantly. All it takes is just one session at hairclub. Introducing xtrands. Xtrands adds hundreds or even thousands of hair strands to your existing hair at the root. Theyre personalized to match your own natural hair color and texture, so theyll blend right in for a natural, effortless look. Call in the next five minutes and when you buy 500 strands, you get 500 strands free. Call right now. upbeat music francine cautious tone and mixed picture for stocks as german coronavirus cases pass one million and infections in ew york hit a seven month high after astrazeneca will take a global vaccine trial. Shares in sabadell plummet as bbva have a disagreement in price and italians look to delay the sale of monty pass ey montepaschi. And President Trump said hell leave the white house if the electoral says so and might not seed and skip the inauguration. Thank you so much for stepping in. I know the festivities were large and markets are taking stocks as there is a resumption to valuations and question it and look to a number of cases and seeing markets