The ceo of sanofi says they are ready to produce a billion doses of its vaccine available next year. Making a vax on on a platform year in and year out. We are doing it in partnership and other Global Companies defend or delay the u. S. Government gets an ultimative President Trump says safety is his main concern they are working to see if they can make a deal if they make a deal, theyll need to bring it to me safety is the predominant factor a warm welcome to street signs. Lets look into the final markets. It is a mixed picture. The ftse 100 up a little higher. Yesterday, we did see that uk benchmark underperform falling 1. 3 overall the stoxx 600 fell by about 1 wall street plunged to the close on wednesday a bit of a catch up trade on wednesday to put these resent moves into context youve got the stoxx 600 trading slightly higher on the week. Down 3. 5 . On pace to win a resent win streak it has been a strong period on pace to break a twoday win streak looking at the process, weve seen activity in the currency space. Up one and a half week to date and up 2. 4 up to date we have seen sterling rally. We did get news to boost into the winter adding support. Up three basis points under the 1. 17 mark. Lets bring in rebecca great to have you with us this morning. It feels like the rise in virus cases and the concern around these cases has rattled investors. You spoke to analysts and investors and this seemed to be the base case that numbers would rise why has this rattled investors. We were ignoring it for a while. As you say, if we had spoken 6 or 8 weeks ago, in the meantime, we had seen a relatively good reporting seasons. Earnings forecast had started going down and we had seen pmis come back up and people would stop worrying. Now we are seeing exactly what people predicted a second wave, if we are going to call it that. The reason it has been quite volatile is that is getting people mixed into the u. S. Election again, we always knew when the election would be but combining those two has given people a lot to think about when it comes to u. S. Investors, what does it mean for the european equities specifically interesting often with a step back in the u. S. , such a health care and financials you get caught up all the time quite an interesting thing to think about. First of all on that relative basis. In europe, all of a sudden, the european states start acting together there is some stability there, they havent managed to push through the next big stimulus packages. Looking at cat am in europe. One watches the agenda in the election two possible out comes from here one is a biden win, second is possibly a disputed election. One is a dispute then youll see uncertainty in all of the markets, affected u. S. Markets more than europe whereas in europe, in some cases, we have got our act together if we saw a biden win, that is interesting for europe. If you listen to what hes saying, there is more transwe see global trade calming down a bit. Global geopolitical action and his take on green policies is very, very interesting to us in europe where we have been leaders in that interest it does feel like investors have gotten to be more bullish it has been some what start stop it hasnt been in a big way until the tech selloff of late in order to see further out performance of equities here do we need to see more further concrete appetite of stocks . That has to come from a macro top down perspective, doesnt it you are right it has to act as a value market and a large sector what you may see now is because you have seen a topping out of the pmis, the indicator has come into its top theyve followed that on the way and it may be Something Like health care or utilities where it leads us out of that. Places people havent looked since march when they were getting more bullish in the market the ipo market has been incredibly hot weve seen a pick up of m ann a. Are there deals to be had here absolutely. You mention financials there that could be very, very interesting in the future. It is a difficult space and making the margins is difficult but this is a cheap sector that is one to watch m a and banking will bring down cost space and allow them to invest in digital which is just whats needed. Clearly what we are going to see is ipos on the Technology Front particularly like the cloud. That is a growth area. What we are seeing now and seeing again today as we are told to work at home again, that try and that infrastructure. There will be plenty of new companies in that space. Thank you, well leave it there. Senior equity strategist, state street sanofi ceo says the company is ready to start largescale production of its coronavirus vaccine. Adding that it will be available to the public soon we are going to produce over a million doses. We are in human studies and manufacturing doses right now. It will be available next year we need to play our part i can tell you, we are doing it the right way, high skand atands one of the few companies that has kept almost 100 of our studies running to bring this through despite the challenges we are not wavering. We know what our duty is and what we should do. If the trials are successful, it will be available to the public early next year bosch has announced it has developed the lastest pcr covid test it produced a kit that can test up to five people with a single cartridge adding that the kit should be available next month the interesting distinction here is that it is a pcr test which has a higher sensitivity than those an toe agat again tests. In tech news, they must delay or file the legal papers the plan would be ousted by the judge blocking a similar order. President trump told reporters that tiktoks deal is still a work in progress and hes waiting before it is finalize before making a call whether to approve it they are working to make a deal if they make a deal, they have to bring it to me. Ill approve it or not to me, safety is the predominant factor they are moving along. Well see what happens if they move it along, thats fine if not, through good too. This looked like a done deal. Now President Trump seems as though hes castingdo doubt that seems to be because of comments made by the company you heard last week President Trump in concept approve a deal in which oracle and walmart would take a stake in a new Company CalledTiktok Global they came out and said tiktok would be a subsidiary. Then oracle followed up saying bytedance would have no ownership. We stand in a state of real confusion. It may be a fact that each side is standing in a way to favor them the Ownership Structure and how that is going to be structured particularly whether bytedance owns a direct stake in Tiktok Global or whether Share Holders are holding stake. Watching out for those key findings is going to be crucial. These key terms. One thing we havent seen is bytedance applying for export license. Theyve previously said it is not going to export or transfer technology or algorithms as part of this deal it is unclear at this point but certainly appears to give beijing some sort of say theyll have to approve that as we head to the weekend, a few things to watch out for. Sunday at the end of the day, that would be when tiktok could be banned. A judge has rolled the government come forward and delay or argue in legal filings why they think that ban should take place the u. S. Government should have a hearing at some time and the judge will rule upon that and the ongoing fluidity in these deals we have that going on, the pending ban and u. S. And china have to give this approval to the deal it will be an eventful weekend china has joined ftse russell Government Bond index and could attract somewhere between 60 to 90 million in foreign capital. Inflows could be as large as 140 billion coming up, uk chancellor unveils the latest job support as a surge of covid threatens to stunt the country. Well tell you more next at cdw, we get that employees working from the road are a major security concern. Cdw can assess your needs, then design and implement a secure Mobility Solution using the hp elitebook powered by intel 8th generation core processors. The hp elitebook features groundbreaking builtin security, like sure view to thwart visual hacking and cdw configures them to your companys specs. For mobile security, you need hp and it orchestration by cdw. [intel jingle] welcome back electrolux says it will reinstate dividends. The swedish Home Appliance mader withdrew the payout. Thanks to pent up demands. Morrison is the first to reinstate limits on the number of items customers can buy limit of three on cleaning products and is limiting flour, rice and oil they first did so in march to prevent people from stockpiling. If you are in the uk, you can relate and understand. We are seeing a bit of red on the board. More isson trading 3 higher the uk reports over 6,600 cases. The increase reflected a higher level of testing compared to the first wave he estimates fewer than 10,000 people a day, far below the 100,000 daily infections uk chancellor sunak unveils new job protection measure as the second wave threatens to undo the subsidy its contribution will drop from 80 to just over 20. The new measures are to support only viable jobs it can only offer a blanket level of support all i want to be able to do is provide as much support as possible given the constraints we cant sustain the same level at the beginning, nor would it be right to do so either the situation has evolved. This is now something we know is going to be a fact of our lives for a while to come. We know the economy is going to change and adapt i know not everyone can go back to the job they once had cinemas suffer as the delay of disney march val films. Pushing for the possibility. More on the turmoil of the Entertainment Industry great to have you on the show. What in terms of the panel check that the industry is doing now that weve heard cinema change plunging to a huge loss after the virus closures has h how has the sector fared caller good morning. In the last two weeks, things have turned on their head again. Numbers were bad they report a bad first half there was some optimism things would get better then there is news from disney and the additional lockdown measures being put there there were some signs of light for the company and the industry but im afraid theyve been largely extinguished i saw it released saying they had seen signs after solid demand from tenant i went to see that film. It was the only film being played every theater had it and there were just a couple of others in the theater. How does the economics work . There isnt really one simple or single answer they have to maximize attendance operating under limited capacity or constraints there are limits to what they can sell as far as food and drink. Anything that might be considered marginal is not getting a look the problem weve got now is that people are becoming accustomed to streaming and video and demand increasingly, consumers will disconnect between going to cinema and staying home. That will be a long run pattern we see clearly we are seeing providers trying to experiment when it comes to that trend, which takes me to disney the decision to release on disney plus for 30, the mulan movie. That caused a lot of conversation and debate over whether it is worth 30 on a film to stay home and watch it from your sofa how did that decision go how did the large go and is that a model well see more of . I dont think it wept particularly well. Theyll have to play around with business models. Well have to show along the window of the time movies stay in a theater to the time they move to the platform i think well see this changing. Disney is in the early stages of what happens next. If there is another lockdown, theyll have double exposure they are managing well but it is tough times. Hollywood has become reliant on these block busters tenant was one, mulan was supposed to be one as well this relies on making it a global spectacle, which is hard when sen mcinemas are closed do you see hollywood changing the type of movies they are making caller you are right the last few years, the focus has been building franchises that core is well established. I dont see that changing. I think there will be hard nose decisions about budgets on anything running the economics of making a movie these days is a lot tougher than it was 10 or 15 years ago. The traditional big five producers, which universal is one, you now have these guys like netflixs and those with production budgets they can pick and choose where they go. Good place to be if you are the talent in that industry, thats for sure. What about the shortform video apps that have taken off we were talking about the tiktok story. It is a different type of entertainment. Whats your take on how the short form video is posed to affect the way and type of content people share in the future to anybody under the age of 35 and im sure there are lots them watching, short form is what they are interested in. They have a lot of formats quibi, tiktok or youtube among the younger, tiktok is doing incredibly well. A lot of people think it could be a valuable advertising property i think it will get through and reemerge but housed in the u. S so short form is where it is at. There are a lot of competing models the key demographics they want to target is young guys. They are hard to reach but they love short form. Still ahead, shares of German Defense supplier come under pressure in their debut session. More when we come back at cdw, we get that employees working from the road are a major security concern. Cdw can assess your needs, then design and implement a secure Mobility Solution using the hp elitebook powered by intel 8th generation core processors. The hp elitebook features groundbreaking builtin security, like sure view to thwart visual hacking and cdw configures them to your companys specs. For mobile security, you need hp and it orchestration by cdw. [intel jingle] welcome back to street signs. Im Julianna Tatelbaum these are your headlines equities pull back from early gains following a wild session on wall street ending the week lower. German Defense Supplier hensoldt opened lower after pricing at the lower end of its range we hear from their ceo this morning. The ceo of sanofi tells us they are ready to produce offer a billion vaccine with partner gsk. We are the only big vaccine maker on a platform we use year in and year out. We are doing it in partnership with gsk defend or die laelay the u. S. Government gets an ultimative the u. S. President says safety is its main concern. Theyll have to bring me a deal and ill see if i approve it or not. For me, safety is the predominant factor youve got red across the board. We were seeing green moments ago. Now it is hovering around the flat line. Choppy but contained session this follows the selloff the main benchmark dropped about 1 so lagging but we were catching up to the previous selloff we saw after european markets on wednesday. Eyeing the virus numbers closely. We have concern for what this means for further activity and what this means about stocks we have the euro trading weaker against the dollar now the year turning lower about 1. 5 sterling now holding on to early gains up to 1. 2774 bringing a package to boost the winter u. S. Futures weve got some stabilization s p 500 looking at a flat start, dow jones looking at a 20 rise. Nasdaq looking at a flat start as well. It was a volatile session as virus numbers and weak Economic Data weighs on sentiment investors continuing to put more and more focus on the u. S. Election with uncertainty rising ahead of President Trumps expected nomination of the next Supreme Court justice to replace Justice Ginsburg bayer agreed earlier this year to pay 11 billion to settle the 125,000 claims against the company. Shares under selling pressure down a third of a percent. Sticking with germany, shares in Defense Supplier hensoldt are lore former airbus unit bryced its ipos at the lower end of the range. Weve seen a lot of tech related ipos what more can you tell us about shares trading from here clearly a crisis from the coronavirus very clearly and the owner couldnt sell amount of shares, they managed to sell the stake but at a lower end of the price range. Market reaction is great but the company is quite optimistic. They are saying the Investor Base may belong only it is not too much hedge funds they are also a stock to buy for esg investors because they are not only in the Defense Space but focusing on radar system they are very much focused in esg space with Defense Company getting listed that is the first one who is going to buy their shares because of all those esg rules in place the Defense Sector where they are catering those are growing that is a beneficiary going forward. I will bring you a first on interview with the ceo of hensoldt at 11 00 cet. Back to you. Germany is looking to launch the second green bond. Added that minister will raise this option up to 5 million euros. They issued the first Green Bond Issue this month the head of sovereign credit at pimco joins us now so great to have you with us an important day for germany looking to launch another green bond in november this comes after they saw pretty Strong Demand early on how significant is this that germany is going ahead with their program of green bond iss issuance it is exciting to see the developed market come into green bond sovereign market. This would provide a bench mark looking to issue and essentially display their essentials to come to the market. You made an interesting point in your notes that the current format is backwards looking but a forward looking approach can improve the market how do you think that format should change . Currently looking to the 2019 budget how its first additional investments is likely to be a factor wed like to focus on if you had a forward looking assessment in terms of what green projects would need to be financed that would be a more focused view in terms of the budget expenditure. Some argue that this type of debt does little to increase funding on environmental projects do you think that is a fair criticism . We look overall in terms of environmental framework looking to tackle. Not just specific forms but whether this financing or this particular bond will actually be added and actually move the sovereign forward in terms of achieving its environmental goals. In that respect, looking at germanysover a germanys overall policies and whether it will meet the target is essential and what investors look at when discussing the issue. On that note, we can look to another country that has been in focus. That is mexico they became the first country in the world to issue a sovereign sdg bond, so tied to the united nations. Interesting reading commentary saying issue answer of mexicos sovereign bond is an important step towards creating a market what do you think of this instrument and how effective it can be and what out look it can be to create the market for these bonds . Looking at the sdg financing and the financing gap there is, which is about 2. 5 to 3 trillion a year so very, very large. The sdg bond offers an interesting framework to allow issuers to come and get the issuing target theyve come up with a framework that enhances the budget transference that will raise the bond currency from where the need was the latest this was a great platform and framework mexico has used with the platform it is a framework from other emerging markets that had other large needs to meet their sdgs can also pursue. It does require a lot of leg work working with various budget groups within the ministries of finance and border ministries that will be working towards achieving country specific goals. This is part of the enhancement of the process which we hope more emerging markets adhere to and sign up for. It would be great to get your view on broader emerging markets. We are looking at a Federal Reserve posed to keep rates low and policies easy for years to come what does this mean for the credito Credit Outlook i think this asset class has been void by the commissions and the Investment Grade portion there are good reasons to be constructive this group has a more resilient balance theet and their work to offset the negative impacts of covid. For that portion, we are very constructed and in spite of the difficulties the pandemic holds for emerging markets and most sovereigns, they are in a very good position to navigate the next quarters. There is morris being premium embedded investors are a lot more able to do their homework and assess which countries have their macro policies more robust to enable them to handle the impact of a pandemic and naf date through boththis year and going into next year . Well leave it there. Thank you. Head of ef sovereign credit. The u. S. Passes 7 million coronavirus cases as lawmakers continue to tussle over the next stimulus package well have more after the break. Itchy . Scratchy . Family not getting clean . Get charmin ultra strong. It just cleans better, so your family can use less. Hello clean bottom enjoy the go with charmin. Are a major security concern. Cdw can assess your needs, then design and implement a secure Mobility Solution using the hp elitebook powered by intel 8th generation core processors. The hp elitebook features groundbreaking builtin security, like sure view to thwart visual hacking and cdw configures them to your companys specs. For mobile security, you need hp and it orchestration by cdw. [intel jingle] axfinity is your home for the return of live sports. Welcome back to street signs. The number of coronavirus cases in the u. S. Has surpassed 7 million and has the highest fatality rate. Democrats and white house Officials Say they are ready to restart talks over a new Coronavirus Relief package working on a new 2. 4 trillion spending plan as the speaker says she hopes to secure a deal with republicans mnuchin says hes ready to d continue discussions but did not provide a time table officials in louisville has set a nighttime curfew following a grand jury decision to clear three Police Officers of charges leading to the death of Breonna Taylor only one of the officers was charged with endangering their neighbors after firing into the apartment. President trump paid respects to the late Ruth Bader Ginsburg as he faces criticism over refusal to commit to a Peace Process of shift of balance of power. Reporter he received little in return. A course of booes. Chanting, respect her wish and vote him out with the election just 40 days away, President Trump is bulldozing one of the fundamental commitments. Refusing to commit to a peaceful transfer of po transfer of power. Well see what happens. Ive been complaining strongly about the ballots. Amplifying the crusade and cast doubts. Ramping up claims in the surge of mailin voting will lead to fraud. There is no evidence that is true the president saying he would accept results of a free and fair election. Are Election Results only legitimate if you win . We have to be careful with the ballots. It is a whole big scam comparing the president to a dictator you are not in russia you are not in saudi arabia. You are in the United States of america. It is a democracy. A small group of republicans also condemning but few by name. Mcconnell tweeting, there will be an orderly transition just as there has been since 1792 there have been contentious elections before for the strength of our democracy, i offer my concession President Trump is offering to confirm a ninth Supreme Court justice. Could be asked to weigh in if results are contested. His ally, Lindsay Graham the courts will hear our complaints and decide. Well accept the courts decision if the Supreme Courtrooms in favor of joe biden, i will accept that result. Biden firing back at the president overnight. What country are we in. He says the most irrational things joining us, professor of global politics. You wrote an alarming opinion piece. Everyone knows the 2020 election will be divisive but will it also be violent . Do you think there is a high likelihood well see an eruption of violence in the United States come november . I think it is going to be unsurprising if that happens all the red flags you see in other countries are being raised in the United States right now you are getting the rhetoric from the president himself no basis the stams hes making are true mailin ballots have been part of u. S. Elections for a long time with high levels of security hes stating if he loses it because it was rigged and thats false. I worry if there is a close or contested result, he will call on his supporters to take action remember when Public Health guidelines were put in place, trump tweeted to liberate and put in all capital letters, liberate minnesota armed malitia people went to those state capitals as a show of force there could be some clashes between those that support trump and other people who do not. We have heard from a few republicans in the wake of President Trump ramping up the rhetoric around Election Results failing to commit to a peaceful transition of power. Mitt romney tweeted. Without that transition, there is bellarus calling that both unthinkable and unacceptable we havent seen stronger commentary would you expect any republicans to speak out explicitly criticizing President Trump and going against this i would certainly hope so this is the easiest test anyone can face will you accept the core and fundamental principal of democracy. The answer is yes if you believe in democracy and the president couldnt give that answer. The call to reaffirm the peaceful transition of power that was passed unanimously. It is a wakeup call we are in a situation right now where the president is forcing the senate to say the fundamental principal of democracy is still in operation. The idea that this is somehow alarmist that trumps are certain. If it is a landslide victory for joe biden, which is possible none of this will matter because it wont end up in the courts if biden wins 10 more states. If this comes down to one state, which is right now looking like florida, pennsylvania, the swing states that are closely contested, then you could have the battle and when the rhetoric will get dangerous the question is, the more the rhetoric matters, the wider the margin, the less it matters. If we end up in a situation where we are in the courts and the Supreme Court is pushed to make a decision and break the result, how much permanent damage could that cause . When you think about the way of United States is set up, the president can only be in office for two terms. Is this the kind of thing america could come back from or will this cause lasting damage i think trump has done serious and lasting damage to american democracy that statement especially Trump Supporters seems extreme the things people who chip away at democracy do, trump has echos throughout his strategy. The attacks on press, appointing family members and cronies, political and financial gain you have him scapegoating minority groups in the country all of these things are hallmarks. You look at him now as he attempts to discredit. People look at the president and his words matter 40 to 45 of the country believe they are diluted to believing things that are not true it requires a shared sense of legit massy for the president. These things are true tly serios and we need to behave carefully over the next 45 days until we elect the next president thank you for being with us lets look at u. S. Future. It was a volatile session for wall street yesterday. Ultimately, we did see the main indices and marginally higher, we are looking at more modest gains. A fairly muted start we saw tech under perform relative to utilities, Consumer Staples and materials. Join us after the break for a special interview. Stay tuned for that. Thats it for street signs. So youre a small business, or a big one. You were thriving, but then. Oh. Ah. Okay. Plan, pivot. How do you bounce back . You dont, you bounce forward, with serious and reliable internet. Powered by the largest gig Speed Network in america. But is it secure . Sure its secure. And even if the power goes down, your connection doesnt. So how do i do this . You dont do this. We do this, together. Bounce forward, with comcast business. It is 5 00 in boston here is your top five 5. The election and post Covid Recovery futures are mildly higher. And a delayed plan on tiktok or face its day in court over the weekend