The 1. 20 mark. We will talk about that in just a moment. We are basically flat. Brent crude, which has soared during the month as well, what and what is happening very ,arefully with that opec story trading 47. 68. In terms of the german bund market today, we are seeing a little bit of movement, but not much. That kind of captures the story of the last month, doesnt it . Not Much Movement in the bond market, lots of movement elsewhere in risk assets. This kind of sums it up, the one month of the stoxx 600. For some markets, many markets here in europe, smaller markets were up by over 20 . Alix back to the main news with the vaccine because it is monday, so we obviously have vaccine news. Moderna is requesting clearance for its vaccine in the u. S. And europe today after analysis showed it was 94 point 1 effective in preventing covid19. Moderna Ceo Stephane Bancel will be speaking to us later. He earlier said that we have millions of doses ready. We will have more and more every couple of days. Joining us with more is bloombergs michelle cortez. The market is taking this very much in stride. The recovery stocks are lower on the day. What is the outstanding question that you have right now concerning the modern a vaccine the Moderna Vaccine . Michelle the question is how quickly will it be able to be administered, and home any people are going to be able to get it right away. We know that every state is going to get a certain allotment of these vaccines, and they will be able to distribute it how they see fit, but of course, it is a very controversial topic. Do you want to prevent your protect your Health Care Workers first . Do you need to get your teachers protected, fire and police . Who is going to get protected, and how can we do it in the most efficient way so that we can get the virus itself under control and not just protecting people unilaterally . Guy how quickly, if it is approved on the 17th, does it start to get rolled out . Michelle they have said they are going to start rolling this out within 24 hours. We know that the work that has been done ahead of time has been just as remarkable as the science when it comes to the vaccine. They started producing this product months ago, so that is why we have 20 million doses already available. If they know they are going to have to roll it out, there are plans in place to actually deliver the vaccine to the administrators. They are going to have to truck across the country. All of those pieces are already in place, and they were in place before we knew whether or not this vaccine was even going to work. Guy ok. Thank you very much, indeed alix much, indeed. Alix stay with us. We will speak to Stephane Bancel coming up at 11 30 a. M. In new york, 4 30 london. Joining us is mimi rushton, barclays cohead of global fx bloombergs, and laura cooper. We have seen huge gains, particularly here in europe. Laura absolutely. It has been quite an exceptional month, notably in europe. The fact that we are seeing really doubledigit gains for the month, this is all on the back of that vaccine euphoria that we saw earlier in the month fixed in with some political clarity on the back of the u. S. Election. I think for markets going forward, really the question remains of can we sustain this moment them through year end, or is it a case of the risk reward payoffs have clearly shifted, and it could be the case that equities have frontrunner a lot of those yearend gains we would normally see. Instead we are lightly to go back to this competing narrative of this vaccine progress against the nearterm challenges, as clearly, the virus is not yet under control in a number of parts of the world. Alix mimi, is it going to be the same conversation when it comes to the fx market . The result has been the weaker dollar. Absolutely. Predominantly it has resulted in this dollar lower trade. Our clients have told us this is very much the consensus trade they are thinking about the moment, and whether or not that dollar weakness progresses through december and into 2021 will be exactly as laura described, a balancing of the shortterm effects around the virus and the impact it is having on the economy, but also looking through to of the more positive effects that the vaccine hopefully will bring. Guy how big a problem is this going to be in the short term for certain Central Banks . Philip lane got very agitated when we got up to 1. 20. We are now kind of at those similar sort of numbers. Do you think as maybe this trade continues out of november into december that we see similar reactions . Mimi it is interesting because most central bankers really want the market to operate freely within its own rights, and often, central bankers will be more concerned about the speed of a move rather than necessarily the outright level. When you are looking at eurodollar in particular, theres a number of factors at play. Remember that when you look at euro sterling, for example, it has shifted to adjust to some of that. When you look at the euro trade weight, actually it is not at the same levels of where philip lane last made his comments. That does not mean he wont necessarily make them again, but we are in a different environment now, and the justman and the timing we have had to get to this level has been more protracted. Alix and it has come in tandem with a lot of money coming into european at. A recordbreaking month, apparently. 1. 7 trillion for november into european equities. A lot of it going into greece, spain, banks, industrials, energy even. You definitely sound a lot more skeptical. Do you think that the money comes out, or it just kind of doesnt flow in anymore . Laura i still think there is upside traction to be had in terms of european equities that are clearly leveraged more toward that economic reopening trade. I just think it is the pace of gains that we have seen are likely unsustainable. Why we look at the composition, like you mentioned, it has been autos, banks, insurance sectors that are clearly undervalued. So if we do have these brighter 2021 growth prospects, those are supportive for this sectoral rotation. Clearly there is some traction there. We also have the ecb likely easing policy further in december. We do have the support of fiscal stimulus backdrop potentially. The ecb is alluding to the fact that they could remove this de facto cap on bank dividends, so that clearly is another tailwind. It is just the case of really, i dont think the moment and we have seen. Is. Something that can be sustained. We have seen is something that can be sustained. To it doesnt seem to want go below 20 on either side of the atlantic. What is the market worried about here . What are the big risks that the market potential he still sees here . We are going to be talking vaccines in a few minutes, how big a problem that could be if it doesnt get rolled out properly. What does it take to get the vix below 20 . Laura i think the fact that we are still seeing volatility elevated means we are still seeing the pace of virus cases continue to accelerate in the u. S. , so that is clearly a challenge to the nearterm growth outlook. We also have the potential fiscal stimulus lapse, whether that begins to actually fade into the consumer. The consumer has remained relatively resilient so far. We had elevated savings rates, resilient balance sheets, but if we start to see that feed into the economic data, it starts to roll over, clearly that is going to be a risk, as it would focus markets back to those nearterm challenges that the fed has alluded to. Given these challenging months ahead, it would kind of take away from the vix vaccine progress that has driven a lot of this euphoria. Again, there is the question of the deployment of vaccines. It is one thing to price in brighter 2021 growth prospects, but it is quite another in terms of the actual distribution and the efficacy around the timely deployment of that. Alix mimi, how does that play into your world . Is the euro still a risk on currency and the dollar still risk off . Is it that simple, that we are going to be taking that template . On one second, i am going to throw that to mimi. Mimi im not sure it is that straightforward in terms of g10 and a eurodollar perspective. I think it is much more clearcut in em, and certainly our clients are thinking very carefully about how that vaccine deployment is going to play out and how relative economies are going to perform in terms of then thinking about how they will invest their assets, and therefore that will play into fx. But in g10, it is definitely not that straightforward. You could potentially see some resumption of the dollar because lets not forget that if there is growth more globally, the u. S. Is set to benefit from that cigna lee as well from that significantly as well. Guy what do you think the catalyst could be . Difficult one to say at the moment. I think it is by far the biggest thing on our clients minds. Is this consensus trend really going to take hold, and we will see a dollar downtrend which sets the dollar into a new paradigm . Friendly, we havent seen for a long period of time. Or will get the move substantially to some of the topics you were discussing with laura earlier . That i think is will he what we will see over the next four to five weeks, but balancing these shortterm effects around the real macroeconomic impact of what is happening as a consequence of the virus now is very difficult away very difficult to weigh, and that is what the market is grappling with. Alix thank you bloombergs laura cooper. Mimi rushton of barclays, youre going to be sticking with us. This is bloomberg. Alix live from new york, i am alix steel, with guy johnson in new york in london. U. K. Foreign secretary dominic raab saying a trade deal could be reached in days if both sides continue working in good faith. Joining us on the phone is bloombergs edward evans. I feel like i literally have said that sentence 75 times. Why is this time different . Edward it may not be different, is the short answer. I think both the u. K. Side and the eu side say they can get to a deal here. The key point is the second part of that sentence, which is about how the other side behaves. Really, what youre seeing now is the deadline is focusing minds. Britain leaves the eu Single Market on december 31. A deal needs to be ratified and signed off. We are getting to that point now. Ist youre seeing really decisions are having to be taken on things like a level competitive playing field, how any treaty will be enforced, and access to u. K. Fishing waters. These are issues that have dug the talks since back in march, and only now are we beginning to see some signs of actual progress. Whether that is enough to get us to a deal in time is something altogether different. Guy this time next week we may be having the same conversation, but we will have an eu summit in front of us, and the clock will have ticked a little further. Is your sense of the situation that that eu summit is effectively the end of the road for this . I think if there isnt a deal at this point, you would expect eu memory states to start looking at contingency plans very carefully. Angela merkel suggesting that some eu Member States were onatient to get started those already, you can see the anticipation on the eu side is wearing thin. That said, it is in no sides interest to walk away from this negotiation early when there is any prospect of a deal being reached. So it is quite possible that negotiators will go on right down to the very end. That summit could, is in a , looked like ad deadline. Ratify, if possible. The eu could even be sitting on december 28 to ratify it. That is how close this is just coming down to the wire. Guy tomorrow is december, so i guess we are getting to close. Thanks very much, indeed. Bloomberg said evans updating us bloombergs ed evans updating us. Still with us is mimi rushton of barclays. If i take a look at the pound right now, i am trying to balance out what is going on with shortened rates, whether or not the negative pricing that is still in shortened rates is what is Still Holding the pound back. If we were to see any kind of a deal, and we were to see maybe those shortened rates pricing back to zero, what is the upside in the pound . A clearearly there is correlation between shortened rates and fx vol, and for example, sterling dollar. However, that is not something that is holding it back. It is definitely around the clarification and knowing the certainty of what is going to come from this brexit discussion. Completedsort of gets , there is an asymmetry that currently exists around the pound. To the extent there is a deal, even if it is a very thin deal, our trade is may be there would be 2 to 3 appreciation in the pound. There is already some sentiment baked in, but to the downside, it is incredibly disappointing if it is incredible disappointing, you might see a downturn of 5 to 7 . That asymmetry is really causing that conundrum as to whether there is Something Holding the pound back, and clearly brexit is one of the biggest topics around that. Alix is it binary . Is there ever a day where we know the interto that question, that this is what we have to price out . Greatit is a really question. Ultimately i will be guided by how this is somehow concluded. The reality is very closely upon us now. As of january 1, our corporate clientside are going to have to deal with the reality of what this new normal will look like, so the market will have to adjust to the way in which we see the economy perform and our clients really having to deal with the effects of the new rules, whatever those may look like. On what would be the effect the euro of a no deal . Mimi it is interesting because really, this has always felt ,ike more of a sterling trade but your question alludes to something important, in that clearly there is an effect on the european economy as well. It is interesting speaking to our clients on both sides of the channel that our clients in europe will feel this is much as the clients and the u. K. I do think at the moment, it stands for sterling to lose momentum more so than the euro. I dont see that this creates a huge mount of euro weakness. Alix so based on that also, i wonder how we then wrap in things like stimulus out of either europe or the u. K. When we get money, when things went up reopening. When does the macro come into play . Mimi i think the macro is very much already baked in come up part of the reason why youre not seeing more potential extended effects as a result of a no deal brexit. Covid has overtaken brexit as the principal reason for concern. The reason the waters are somewhat muddy now is because we have had so much positive vaccine news, and now brexit becomes the pinnacle of the issue that we are still trying to resolve. Theres no doubt that theres a huge amount already baked in around the potential performance of both europe and the u. K. As they overcome the vaccine effects. We talked earlier about the fact that there is still a lot of pain potentially still to come, and i think that will weigh quite heavily going into 2021. Do the most beaten up countries bounceback the most . The u. K. s like it has suffered more than most. It has an economy highly driven by services, and a lot of hospitality. It therefore has suffered significantly. If we get a vaccine, how much momentum do we see coming back as a result of that . Does that get priced into fx . It has been priced into stocks to a certain degree. Mimi lets not forget that prior to the referendum in 2016, fair value sterling was around 1. 45 in sterling dollar terms, that we are far away from that at the moment. Consensus is that sterling value assets, we are waiting for some sort of brexit resolution to see the u. K. Investable again. Also remember that the pound has for a very long time been a safe haven currency, and that requires certainty and the stability of rule of law, provided you have those things come back to the four. It means that it becomes a much more attractive asset for our clients to potentially hold, and i think those things are important. But you mentioned as well the vaccine. The potential vaccine dissed or beaten into the u. K. Looks very promising, and as a consequence, that will be something investors take into consideration as well. Alix mimi, thanks a lot. Cohead ofon, barclays Global Ethics distribution. Global fx distribution. This is bloomberg. Ritika its time for the Bloomberg Business flash, a look at some of the biggest business stories and news right now. Doordash hopes to raise as much is 2. 8 billion dollars in an ipo. The largest u. S. Food Delivery Service plans on being part of an end of the year listing rush. Doordash says it plans to sell at 75 to 85res each. Zoom reports after the closing bell, one of the stocks that defined 2020 on wall street. Tolysts expect a gain soaring growth, but less than certain prospects for next year. Shares of clean energy trucking stocks at nicola are plunging today. General motors has scrapped a on anive deal to join electric pickup truck. Agreementnonbinding for gm to supply technology. Plus, gm wont be taking an equity stake in nikola. That is your latest business flash. Guy thank you very much, indeed. European markets are about to close. It has been an epic month. The month of november is likely to turn out to be a record. We are up significantly. Peripheral markets are up over 20 . That has fed through into the elevated level we are currently seeing on the euro. Today, despite it being a monday and despite getting some vaccine news, we are fairly flat. Alix flat on the day, and the dollar actually off the lows of the session, shooting higher there. That it is not the typical vaccine monday. Guy i think the dollar shooting higher maybe to do with the vix. Wonder not about to come up moderna about to come up. On the speak to the ceo authorization of its covid vaccine. This is bloomberg. Uy we are nearly done november nearly over. What a month it has been for european equities. Today we are going out with a whimper. Normally on a monday we get vaccine news, stocks shoot higher. That is been the narrative over last few weeks. People getting more used to the story. Today we are drifting sideways. Just had a fixing of the dollar. We see upside in the bloomberg dollar index. What a 30 days it has been. What a month. Up 6. 57 for the stoxx 600. The real gains, this is when the pfizer news came out. Later we get the moderna news. This is been the epic rotation period. Let me show you the markets around europe. 30 days have been interesting. Let me tell you that over the last few months, over last month we have seen major gains in these markets. Asthma treated and the ftse mib and markets like that we have seen real gains coming through. Of euro has gained just shy 1. 20. Brent has put a rocket under the story surrounding the energy sector, and we have seen very Little Movement in the bu nds, which is fascinating. The bond market has been quiet, which is causing concern. We have alo en volatility down but not far. In terms of the grr, let me show you what is happening in terms of the months. The outperformance in the energy sector, 31. 59 . The Banking Sector doing 30 . Everything has done well. At the bottom is the supermarkets, the grocery stores, and the staples that have been underperforming. Health care, we are about to talk to moderna, only up 6. 44 . Stocks, a huge gain. This is a mall operator come up 72 . , brands Like British Airways and iberia, up 61 . Some of the banks up despite the fact we have not seen the m a story coming through. This is been the narrative driven by the vaccine. The vaccine has been providing most of the upside between this incredibly vicious rotation into these stocks. It is fascinating as you look at the gainers and you wonder whether or not some of this is going to end up being sustainable. Iag up 61. 5 . The Airline Sector has been hit quite hard during this crisis. We still have the winter to get through. Are there going to be additional equity raising from that space . Will this undermine the tactical story around iag . Will that become a more sustainable story or will the companies have to come back to the market . That is what the market is grappling with. You see a huge shift one way. Are we going to continue to see that being sustained. Are you going to become more nuanced . It is being driven by the vaccine news that has been driving so much. Alix we want to welcome Stephane Bancel. Thank you for joining us again. We appreciate us we appreciate it. Found thery analysis vaccine was 91. 4 effective. You are requesting emergency authorization. You say you can get the vaccine out in 24 hours. What does that 24 hours look like . Stephane thank you for having me. Today is an important day. Two weeks ago we had phase 3. Today were are announcing the final analysis. The piece that is most important serious cases. All were on placebo. Whatyou think about happened in terms of severe cases leading to hospitalization and i see you and death, this is this is a and death, moment in the fight against the pandemic. Our goal is to get the vaccine approved in the coming weeks. We are filing today with the fda but also europe, hoping to get approval in the next few weeks. In the u. S. , the fda has toormed us they are likely have on december 17 the advisory committee, and i would expect within 24 to 72 hours after that committee, we are working closely in the u. S. With operation warp speed, who is working to make sure that within 24 hours after approval all products would be out the door the vaccination can start so we can help protect as Many Americans as we can. We are still on track to deliver up to 20 million doses in the u. S. Before the end of the year. Guy how do you imagine it actually working . What does it look like when this starts to get rolled out, when people start to come forward and say they want the vaccine were being offered the vaccine . Stephane it will be a typical flu vaccination, just on a scale that has never happened in the world in terms of the number people to be vaccinated at the same time. You take a regular shop, you go to a private room, you show your arm andy clean your inject the product, and then the next one. You need to get your boost 30 days after. Of to track which vaccine you have in your prime injection and get the same vaccine for your booster. Vaccine, you have a 94 chance of having a vaccine no disease if you get infected. Chance youl percent have to get the disease, it would be mild, because we got severe we got zero severe disease. This is why vaccination will be so important to stop the pandemic to save lives and go back to normal. Alix can you help us break down the data older than 65. Any sort of effects, what have you noticed in your testing . Stephane we have not yet discussed. We will do that when the fda meeting meets. We got it yesterday. It, around at third of the study was the elderly, 65 and older. Said is the elder data is very similar to other age groups. Also veryh diabetes high efficacy. By the time we get to the fda on december 17 most probably this will be put online by the fda in a briefing book a few days before the advisory board. Is there anybody that should not get the vaccine . Stephane today the study has only been done for people above the age of 18. We are going to start studying teenagers, so if a teenager should not get vaccinated because there is no safe data or it is not reliable yet. We have some people that are hivpositive in the study so far a group we have not studied our people with cancer. Are working with the nci and the u. S. To start a study of people with cancer. Alix you mentioned looking for approval in the u. K. As well as europe. If the astrazeneca vaccine fall gett, how quickly can you approval there and distribute . Stephane in the u. K. Or europe, we are sending them the same data package we are sending to the fda. Given the good discussions we have had with those regulatory agencies unless couple of months, we provided them the data in phase one and phase two. Younnot see the u. K. Or approve a vaccine before the u. S. It is not impossible. Challenges ahe big lot of the people in the industry talk about his convincing people to take the vaccine. What do you say to those people that may be concerned . What you think the industry message, what you think the motor the moderna message for the antivaxxers . Stephane there are three groups of people. People ready to take a vaccine. There are people who never believed in the vaccine way before the pandemic, and people on the fence, because they are surprised the vaccines have been developed so fast. To those people on the fence, what i am telling you is we have not cut any corners. We done the full phase one, the full phase two, the full phase 3 with 30,000 people, which is a largescale vaccination study. We do not have longterm safety data because we only started the studies this year, but if you look at vaccination across any vaccine that has been approved, 99 of side effects occur in the first six weeks after vaccination, which is why the needs ate cautious least eight weeks of data after a boost is given before companies are allowed to apply for emergency use. We passed that mark on the second half of november when more than half of participants i think what will happen is people will get vaccinations when the vaccine gets approved. People on the fence, when they issueople have no safety they will decide to get vaccination, because if you can prevent disease, this is how we will go back to a normal life. Alix you mentioned distribution. The conversation we had a couple weeks ago was about cold storage distribution. It changed you said have traditionally it would go. How . Is it a long line around the block that goes for miles . Is it you make an appointment and you get it then . Is it going to be rounding out all of the Health Care Workers and vaccinating them first, what is the conversation youre having with the u. S. Government . This willin the u. S. , be taken care of by the cdc and the states. Moderna and other companies have no say in they should not have any say. We are not a Public Health provider. What that would anticipate is in some places people would be able to make appointments. In some states nurses and doctors will go to homes for the elderly to vaccinate them. Of course the coworker would be vaccinated in the hospital by their colleagues. I think it will depend who you are, when you get the vaccine, and in which case you are. Followups,s of the you will need two this time around. Will i ever need to get another one further down the road . Potentialabout changes you could make relatively straightforwardly, how do you see the more mediumterm process . Stephane as we say, in the short term, people eligible and willing will get the prime. Will know in the new year we are monitoring data but we do not know yet two things. First, how long a vaccine will work. We do not know if any other vaccines are being studied because it takes time. You have to follow the cases in the studies to know for sure. It is possible that in the fall of 2021, a year from now, elderly people might need to get a boost. It is possible you might not need it for somebody young with good health. It will depend. We will learn that and share that and publish that data. The other big question we will known a couple of months in the new year is do we prevent infection with those vaccines, meaning if you get vaccinated, what we know today is you have very small chances of getting diseases and very small chances of getting severe disease that will lead you to get hospitalized. As you can understand, that has been a big issue for the health care system. People have been worried about their own health. Economyg about the going back and what we used to see with people traveling, having friends and families, you can go back to this world. If i get vaccinated, if i get infected by the virus, if i give it to someone else. This we do not know yet but we will know in the new year. Guy we always appreciate your time. Thank you for sharing it with us today. Stocks roaring back on this one. They day friday, the day monday big day monday. Steph and ben cell, thank you for joint thank you for joining us. These are the final numbers. One of the things that seems to have taken the shine out of the market is ongoing concern about what is ultimately going to be the longterm story, addressing the issue. Interesting to see whats to neign ban cell what stepha bancel had to say. The bank downgraded its financial goals and announced it would cut another 50 . Bankso discussing the costcutting plan earlier had this to say. Planat 15 represents our on role reduction through 2024, though it is four years, but not enough contribute into the 700 Million Dollars of cost savings. It is what we have executed over the past few years and we will do it steadily over time through natural attrition. We will retrain our staff. It will not be all at once, it will be a steady, considered, and deliberate. Guy joining us for more is bloombergs european banks expert. Lets talk about what is happening here. European banks have a cost issue and they clearly need to deal with it and deal with it soon. Many people highlighting this being an impediment to the sector getting it back on its feet. How much more of this are we going to see . How much we can see these banks going down . Issue with the bloated cost base at european banks is one that has been winding its way through the system for several years. In the past five years or so, european banks have been at the forefront of more than 500,000 job cuts across the industry. It is not difficult to see why. Urope is overbank the negative interestrate environment has hurt them disproportionately, there has been a steady pressure on cost as revenue and profitability has been shrinking, and the coronavirus pandemic has not helped with Loan Loss Provisions rising at many of the major european banks. What we are seeing is probably the beginning of another wave of especially those who have been not as aggressive to take some of the lumps upfront. Alix does restriction also mean m a . Wheres the pressure coming from to get that done . M a is definitely one of the ways banks might be able to get these cost savings, the kind of costs they would need to cut and order in order to at least show a little bit of growth on the top end. We have already seen on a smaller scale in market consolidation, in markets such as spain, where we have seen unit car in a move to acquire arrival, and you also saw moves sabadell, though those have fallen apart. Seen you are of domesticsigns consolidation within the banking industry. We do think that is going to more and moresee banks explore combinations that might work for them. Weve seen leadership change in the Banking Sector in europe. Lloyds in the u. K. Unicredit interests me at the moment. Roleis the future in that and doubts about his future say what about the bank . This has been one of the most Successful Bank executives if you look at it in cutting some of unicredit title of that debt, he has had an aggressive costcutting program at unicredit. On his one takeaway future at unicredit. His name did come up earlier , and atr to run hsbc the time we have reported, bloomberg had reported this was at the onset of the pandemic. It is not terribly surprising he is looking for other options. The takeover of a troubled state what is causing the risk at this point, as our story today points to. Alix thank you very much. Coming up, oil on the back foot. Rita sent will be joining up will be joining us from the opecplus meeting. This is bloomberg. Alix oil on the back foot today. Delegates telling bloomberg the cartel is considering a three month extension. Joining us is amrita sen. The uae appears to be somewhat of a hold out. What is your level of confidence they will finally come to the table and get a deal done . Amrita right now i think there are lots of complications and we should underestimate how uncomfortable the situation is within that opec meeting. The uae has agreed in principle to a threemonth extension of phase two cuts, but theyre putting down a lot of conditions , which means every country, including those not opec have not complied need to make up for the cuts and that is where the pushback is. This deal by no means is done yet. Lets say we do get a deal. What you think it looks like . Amrita if we get a deal it will be a threemonth extension of the phase two cuts. Rather than tapering by 1. 9 Million Barrels a day, they push it back and start tapering from the first of april. You just have the moderna ceo. The expectation is the vaccines will be more widely available. The next three months will be tough because of the winter in the northern hemisphere. There are different agendas within opec. There is a big pushback. I think the market is under appreciating the possibilities we actually do not get a deal. One thing i will stress. By not getting a deal, we are not talking about margin april, were just saying we will go to phase 3. Goldman says the downside, like five dollars, how do you price it . Amrita we probably go back to about 40 for brent. Can see lots of different i do think the market, a lot of the strength we have seen recently, asian crude buying, was in anticipation we will get the threemonth extension because a lot of opec ministers early this month when prices were below 40 were very clear, including those from nonopec saying suddenly that has been priced into the market. All of that will come out. Asia is buying a lot of crude. A lot of barrels, you could see brent it could come back and get entangled very quickly. How confusing is opec in the postcovid world . Amrita i think it is cohesive, but a lot of different members have a lot of headaches with regard to finances. We all know iraq has been struggling. Also a lot of african countries. Uae has its own challenges with the upcoming futures contract launch. They are insisting they need to push more liquidity and that is why underlying all this, that is behind uaes push. There are competing factors. They also know they will not be able to get the upside from oil runes unless they manage to down the inventory overhang. That is why, more than ever, the need to be cohesive right now. Alix where is iran in all of this . Amrita this is the other thing. As you get the vaccine you might start to get uranian barrels back. We are factoring in iranian barrels. We know a Biden Administration will be more amicable towards iran. Over time, over the course of 2022, iran can bring back 2 Million Barrels a day. More of a headache, but also important they get rid of the inventory surplus so once demand picks up you can absorb those iranian barrels without pushing prices down to 30. Alix always good to catch up with you. You are taking a look at brent come around 47. A seven dollar downside according to amrita. That does it for me and guy in new york. Coming up, austan goolsbee, former council of economic advisors director will be joining balance of power with david westin. Front and center is president elect biden and is economic staff. This is bloomberg. 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. 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The bulls taking a breather on this monday despite the positive vaccine news. Diminishing returns on the news out of moderna. You have to question whether this is a sell the news moment. Is it just today or is it something bigger. We will only know with time. Some of the havens over last year urso are sharply higher, telling us some investors are hedging. For november, it is remarkable. 10 , p 500 up more than the russell 2000, its best month ever. Standing out the most to me, the financials up nearly 20 . The best month going all the