Transcripts For CNBC Street Signs 20240711

Low. G20 leaders call for equitable access to Covid Vaccines and commit to supporting the economy with host saudi arabia handling the stimulus measures taken by governments so far we injected over 11 trillion into the Global Economy to support businesses and protect individuals livelihoods this is an unprecedented g20 economic stimulus. And president elect joe biden prepares to name his cabinet picks tomorrow with nbc learning veteran diplomat Anthony Blinken is the frontrunner for secretary of state. Well, good morning, everybody and welcome to street signs. We have some big news for this monday morning yet another breakthrough when it comes to vaccines. Its been the third monday in a row that we get some big news on that front and today the results from astrazeneca and oxford yet again proved to be positive showing efficacy rate of up to 90 thats giving a boost to market sentiment. Theres a lot of green on the board. Yet some more positive data coming out on the vaccination space and we have the uk Health Secretary saying theyre looking to start rolling out the vaccination as soon as january, february, march. I think finally investors are beginning to see some light at the end of the tunnel. Looking to 2021 with optimism in the air and that is being reflected certainly way markets are behaving we have trading up. 6 percentage point slightly in positive territory. Lets into more detail whats happening in the individual country to give you a better flavor start with the ftse 100 which is where astrazeneca is based, up. 3 percentage point well talk more specifically about astrazenecas stock itself surprisingly it is actually trading in negative territory. More on that in just a bit ftse 100 up. 3 percentage point. But the other sectors in europe trading a lot higher france up 8 percentage point, i should also tell you that in addition to the positive vaccination news, we also have the pmi numbers come out of europe as well for germany and france this morning. Germany coming in higher than expectations, actually above the 50 line which is surprising given its november and there was another lockdown in the country. The french pmi coming on the weaker side. Still coming in at around 39. 9 handle sub 40. Still very weak on historical basis. Still, the reaction in the market is to brush off whats currently happening now and look forward ahead to 2021 with some more positive news emerging on the vaccine front. Italy and spain also trading up nicely in the green. But lets talk individually about the sectors as well because as markets tend to look forward and anticipate normalization of life come 2021, you would imagine that the sectors that got hit hardest this year are the ones that are rebounding we have oil and gas up 2 . Nice rebound in the energy space. Minors and the exports sensitive stocks also performing quite well banks clearly something that has been extremely hard hit this year in 2020 seeing a rebound there. You can see that all the cyclical names are seeing some love from the market today on the downside, teleco down and healthcare down. 3 percentage point one of the big down trades today is astrazeneca which is somewhat surprising but lets get out to julianna to give us more details on what astrazeneca announced today. Thanks very much, joumanna. Astrazeneca shares trading lower in line with the Broader Health care spaces as investors put money into those reopening sectors and out of the defensive parts of the market. Lets dive into what we learned. Astrazeneca says its vaccine candidate developed together with the university of oxford can be up to 90 effective against covid19 a second regimen gave an efficacy rate of 62 meaning together both dosing regimens have an average efficacy of 70 . They reported no serious safety concerns in its trial and no participants were hospitalized the vaccine candidate can also be stored at normal refrigerated conditions between 2 and 8 degrees celsius. So, joumanna, the key for investors, the key numbers from todays results is 70 thats the average efficacy of this vaccine they did trial the vaccine with two different dosing regimens and one of those dosing regimens yielded 90 efficacy rate. The bulk of the study participants took the regimen where the efficacy rate showed a 62 . So were looking at 70 . I think the key question now is how this compares to pfizer and moderna and whether we should view this 70 a good result. The answer is yes, this is a solid result from astrazeneca. The fda says they need a vaccine to be 50 effective or higher. Clearly this is firmly in that zone when it comes to the comparison between this vaccine and the others, it is a lower efficacy rate, but the astrazeneca vaccine is going to be cheaper than moderna and pfizer at 3 a dose and easier to move around can be stored at refrigerated temperatures for up to six month and supply up to 3 billion doses next year, significantly more than what moderna and pfizer promised this is a solid result from astrazeneca and good news on vaccine front. Joumanna i want to pick up on two points specifically that you highlighted the cost and the scale i think are key here talking about a rollout of 3 billion vaccines in 2021 huge amount of vaccinations set to be delivered and the fact it can be stored at fridge temperature significantly better than temperatures registered by the mnra vaccines the last couple of weeks. So looking promising on both scale and cost and certainly something that the market is cheering to this morning, if not for the astrazeneca stock itself down about 2 . When julianna and i were talking about this, one of the reasons for that is potentially because astrazeneca have announced that they will be looking to sell the vaccination at cost. Theyre not really making a profit margin. But well discuss more on that with our biotech guest at 9 30 stay tuned for that chat. I want to turn back to the Economic Data that weve been getting this morning lets not forget its a pmi day in europe. So i just want to bring you the broader eurozone flash numbers composite for the whole at 45. 1. So that is a drop versus the 50 level that we had in october in terms of the breakdown between services and manufacturing, the services pmi came in at 41. 3. Again, that is much lower than what we had in october, 46. In october. The manufacturing number came in at 53. 6, also posting a drop from october, which was 54. 8 no surprise there that were seeing a dip in these numbers given that november was the month that a lot of the European Countries went back into lockdown again but lets talk specifically about france and germany starting with france, because their French Business activity plunged to a sixmonth low with the composite pmi dropping to 39. 9 in november as the economy grinded to a near halt amid the countrys second lockdown. And germany also suffered from fresh restrictions with services pmi falling to 46. 2 last month so a bit of a disparity there between the numbers between france and germany we have much better numbers coming out of germany than we have for france. But lets get out to our reporters for more on this we have annette in frankfurt and charlotte taking a look at the french numbers charlotte, lets just start with you. Pretty abysmal when were looking a the services pmi numbers for france here, coming in at 38 a big drop versus the october number of 46. 5 thats right. Thats not a surprise given that first you had the curfews and then the actual complete lockdown with nonessential shops, cafes, restaurants, everything shut down so services were expected to be under contraction side here this is what we saw whats interesting is the manufacturing side of things thats been on the expansion side of things for the past couple of months and this month it was expected to be just above the 50 line it has actually gone into contraction. Its interesting to see what that means going ahead whether the spillover on the the Services Side from the manufacturing side because its just below the contraction side. They are but numbers we see contraction however, comparing what we saw in the first lockdown of course in april where the numbers were dismal and manufacturing stood at 31 for in april and services were 10th. The numbers we saw with the second lockdown were better. We see the Economic Activity has been standing stronger this time around and theres a question of what it meant going ahead with all the vaccine news we see whether this will boost sentiment going ahead in december and january, whether people particularly in manufacturing will be encouraged to invest more in the future given we see light at the end of the tunnel but as you said, services on the contraction side, sch theyve been on the contraction side for the past few months given the different restrictions we saw in place. But manufacturing here just on the line it will be interesting to see whether sentiment gets boost from all the vaccine news, joumanna. Lets turn to germany im curious to hear why german manufacturing is holding up so well. Because order intakes doing pretty well. We have seen that phenomena already back in october because clearly even though theres a lockdown light currently in place in germany, the factories are all open they heavily depend on demand from asia. Thats been going strong we have been hearing that from jae german countries that china and asian markets especially strong when it comes to demand for manufacturing goods from germany. And that is keclearly what were seeing in the pmi numbers as well and of course manufacturers are also very much hoping about the outlook ginn the progress in the development of a covid19 vaccine. So, i guess for the manufacturing, things are looking very well. If you look at the component there in the Manufacturing Index the output level is still about 60 so, i guess they are doing quite well where as the Service Sector, of course, with the general lockdown here in germany is badly affected but still also here, theres very generous support scheme in place, which promised 75 of sales for restaurants through november, 2019, sales i should say, which are just ginn to those restaurants and Service Companies affected from the second lockdown here in germany. Which of course is a very light lockdown compared to the one in france so bottom line is the manufacturing is doing well. And the outlook is even improving with more and more positive news on the vaccine front. Joumanna, back to you. Certainly markets are cheering on the positive news on the vaccine front today, annetta. Thank you for the summary. Lets get out to Chris Williamson who tracks these pmi numbers. Chris, great to have you with us is it fair to say that the Economic Impact from the second lockdown across the continent is a lot less severe than the first . Hi. Certainly looking that way, isnt it when you can compare some soft these indexes to the lows we saw back in the spring in the height of the first lockdown, theyre so much higher, around 30 points higher if you look at french services, for example, thats a severe lockdown in france if you look at the overall level of containment its actually not that dissimilar to what you saw back in the spring yet. The Services Activity index is 38 or so compared to around 10 back in april. So, it looks Like Companies are finding ways to maintain activity, to show resilience in the face of these lockdowns. Much better than they did in the Second Quarter, which obviously bodes very well. Chris, how much of that do you think is a function of the type of Government Support and the focus of the Government Support . I thought my colleague annetta raised a very interesting point in germany in that some of these service names, the specific companies in the Service Sector had performed better because of the targeted fiscal support theyve been getting from the German Government. Do you think that is playing a role this time around in terms of the disparity were seeing from country to country . Its helping definitely i mean, obviously everything helps at the moment. But, i think theres a broader picture here which is the global nature, if you like, of the lockdown back in the spring. So, what we had there is a synchronized lockdown and that meant that there was literally no demand anywhere but now youve got pockets of very strong rebounding demand, as your report said from asia, china in particular. Youve got orders coming through for manufactured goods and of course Industrial Services linked to those orders its a very old fashion split, isnt it, manufacturing and services theres a lot of activity going around it. The u. S. As well were seeing good signs of a rebound there despite the rising numbers, theres no big sort of reintroduction of lockdown measures in the u. S. The economy does seem to be faring better than we might have expected so, youve got sectors such as german manufacturing which is positively booming now so theres large parts of the Service Industries that support manufacturing continuing to do well, which is very different to what you saw in the Second Quarter where pretty much everything got locked down, no dpesic demand, no demand, everyone was suffering but thats not the situation now. Chris, this morning were focussing on the astrazeneca news last week we were focussing on moderna. The week before that focussing on pfizer. And whats changed in the last three weeks is now we have three vaccines on the horizon. For european private sector activity, what does this mean . To what extent could these vaccine developments change the nearterm Investment Outlook for european private sector activity yeah. So thats the key thing the investment weird light at the end of the tunnel that comes through from the prospects of life returning to normal in the not too distant future hopefully that Second Quarter of next year. Large sways of the economy are going to be functioning as we saw back in 2019 which means that businesses are going to start preparing for that theres been a pentup amount of investment spending, companies have been holding back, waiting for these sort of signals. We should expect that to come through now. Its still a lot of caution there and lot of companies who racked up a lot of debt over this period. And thats going to constrain the overall level investment spending, but it should unleash some of those more animal spirits to get going again so these vaccine developments are lifting confidence indeed we saw that in the survey the survey most of the variables it tracks are actual metrics what happened this month compared to one month ago but the pmis also have forward looking whats your expectations for the year ahead and that jumped higher in november. So, looks Like Companies have become more optimistic and they were linking that through the evidence we collected to these vaccine developments in this light at the end of the tunnel chris, how do the surveys portray the labor market in europe the pace of job cutting. Are we seeing signs of stabilization and if we do seed an uptick in investment on the back of these vaccine developments, could we actually see the jobs market turn around where firms begin to actually hire again rather than fire . We should see that and indeed in germany we have seen a very modest return to jobs growth, the first real expansion we have seen since january that was a very modest one in february. The overall situation is still net job loss same rate that we saw in october nothing like the job shedding we saw at the height of the pandemic in the spring so job losses are eased but no return to growth yet, just tentative sign in germany. This is where firms are going to remain cautious in relation to adding to their costs until theyre really quite sure about the vaccine situation. Interesting indeed in germany where we saw this return to growth, it wasnt the booming Manufacturing Sector that led that. It seems to be returning now to the labor market more so but manufacturers remaining very concerned about stuff costs and adding to their overheads at the moment so, its quite interesting split whats driving the market. But in theory when you see Business Investment rise we should see the job market start to stabilize as well. Really useful detail there especially on the german labor market chris, thanks for joining us, as always chief business economist from ihs market. Coming up on the show, g20 leaders pledge fair Vaccine Distribution as they agree a closer cooperation to defeat the pandemic may be needed welcome back to street signs, everybody. G20 leaders pledged to support efforts to safely and affordably distribute covid19 vaccines around the world following a twoday Virtual Summit hosted by saudi arabia the group also called for more cooperation to back Global Health systems during the pandemic but did not provide any further details on the development of new potential vaccines well, to get a bit more detail on what took place during this Virtual Summit, dan murphy joins us now dan, on the vaccine front, it all looks good on the service to say that you support the equitable distribution of vaccines, but have leaders actually committed anything in a tangible sense thats an excellent point, julianna hi to you. The devil will be in the detail here saudi arabia concludes this historic g20 summit and the unprecedented challenge of doing so in the virtual environment, the focus now is going to be on how these leaders turn optics into outcomes with a lot of pledges they made with regards to restoring the Global Economy and, of course, the equitable and affordable rollout of the number of vaccines that are now coming forward when you look at the overall declaration they made, they made positive statements on working together to get this vaccine out and to put things back on track. They said, they would spare no effort to protect lives focussing on the vulnerable, restore Economic Growth and protect jobs but again offering very little detail 234 how they would do that precisely. You mentioned there were good news as well when it comes to the global efforts to support the vaccine rollout. Leaders committing to ensure affordable and equitable access seen as critical as the Crown Prince Mohammed Bin Salman points out listen translator the g20 countries pledged after the outbreak more than 21 billion to support the immediate funding needs notably for the development of diagnostic tools, vaccines and Effective Therapeutics the king dom exhibited 500 million to support these efforts. In the g20 we agree to spare no efforts in creating the conditions for affordable and for equitable access to covid19 vaccines, therapeutics and diagnostic tools leaders al offered interesting commentary on the Economic Outlook moving forward. G20 nations already deployed 11 trillion u. S. Dollars to get their economies back on track. They said the recovery is not certain, though, and Downside Risks remain elevated. They did make one major breakthrough, though, on debt relief of poor nations the g20 unanimously agreeing to continue that program, extending for additional six months. Perhaps the biggest victory to come out of this summit. Again the optics for saudi arabia looking good but perhaps less so with the United States with President Trump failing to show up for one pandemic preparedness session and instead choosing to go play golf and wasnt present for the closing address. Back over to you. Dan, thank you for the overview of that g20 and of course the big news as ever will be the rollout of the vaccination. It is positive and encouraging that there was an agreement on that front stay with us because also coming up on street signs, well talk more about that as astrazeneca says its coronavirus feiv 9e could be up to0 efcte. Well be right back. Welcome back to street signs. Im Joumanna Bercetche with Julianna Tatelbaum here are your headlines. Shares in astrazeneca trade lower despite data its vaccine candidates can be up to 90 effective against covid19 with the british drug maker saying its inoculation can be stored at normal refrigerated conditions european equities hold on to gains boosted by the vaccine breakthrough despite data showing Business Activity across the globe contracting in november g20 leaders call for equitable Global Access to covid19 vaccines and commit to supporting the economy with host saudi arabia hailing the stimulus measures taken by governments so far. Translator we injected over 11 trillion dollars into the Global Economy to support businesses and protect individual livelihoods this is unprecedented g20 stimulus. President elect joe biden prepares to name his cabinet picks tomorrow with nbc learning veteran diplomat Anthony Blinken is the frontrunner for secretary of state all right. Were just getting some more flash pmi data this time from the uk and the overall composite reading for the uk has come in at 47. 4. That is versus the 52. 1 number registered in october. In terms of the split between manufacturing and services, manufacturing has come in at 55. 2 that is actually higher than the october print of 53. 7. Similar to what we saw actually in germany the Manufacturing Sector is holding up quite well. As for services, that has come in at 45. 8 versus the 51. 4 number that was registered in october. So services have taken a dip for the november reading but perhaps not as much as some people had been anticipating no surprise that the Services Numbers are lower because, of course, this is the month of the second lockdown. That has shut down several Services Firms but that is the picture for the uk the pound is trading up firmly at around 133. 60 and had been doing so the last couple sessions as theres more optimism about those brexit talks. Remember those so we should be getting more color when it comes to the brexit talks the next couple weeks. We are seeing more positivity in general being priced into markets over the possible vaccination rollouts as well were also going to get a little more insight into what we can expect here in the uk in the coming months. Today Boris Johnson is set to announce his covid winter plans to mps later this afternoon, just over a week before the uk National Lockdown ends december 2nd. The Prime Minister will reveal a stricter version of the previous three tiered system as plans are finalized to allow for some household mixing over christmas. Arrangements for the holiday are due to be announced tomorrow. Coming as the chancellor is due to deliver the goth Spending Review on wednesday where he is expected to detail how the Prime Ministers Infrastructure Investment in 2021 may be affected by the virus debt he promised there will be not be a return to austerity but told the bbc andrew march the economy is under pressure. Its a very difficult picture, the economy is experiencing significant stress. Weve seen that particularly in the labor market and with peoples jobs. We know three quarters of a Million People have tragically already lost their jobs with forecasts of more to come. Borrowing we saw the numbers last week, record peacetime levels already and more stress to come. And that is very sad to see. Its not just numbers on a chart, its peoples lives, that security thats being impacted and something well grapple with for a while to come sadly. I guess you got to distinguish between the shortterm pain that is supposedly going to be succeeded by some of the longterm optimism, especially now that we have a third positive vaccination today with the results out of Astrazeneca Oxford looking quite positive for the outlook for 2021 how are markets reacting to this broadly speaking were trading in pretty positive territory ftse 100 in the uk up. 4 not a huge amount but inching into more positive territory up 20 points there some of the stocks that are outperforming are basic resources and some of the oil stocks also doing quite well also bear in mind that this is a very dividend heavy index. So investors are pricing the possibility of a resumption of dividends come 2021 if the environment starts to normalize. 9 in france we had the weak pmi Service Numbers for the month of november being brushed off in response to the vaccination positive results this morning out of astrazeneca also become put to the forefront of the french market. Germany up 1 . So generally a lot more positive for european indexes this morning despite the weak pmi numbers we had for the month of november remember a lot of these countries are actually in a lockdown even though the second lockdown has been not as punitive as the first one. I want to take you whats been happening in energy markets. We have seen quite a big bounce in the Energy Complex this morning. Brent 2 firmer on the sent. You see t. I. Trading around 43. A nice bounce in the last week or so. Again, here is a function purely of the economic land scale investors are looking ahead to 2021, looking at the forward curve and saying, well, maybe we could see a resumption in demand and that would be positive for the sector and could actually mean that we could start seeing normalization there in terms of the demand and going back to what we were prepan dem michk obviously all this will take time and as a function of the vaccination rollout. So that the picture for the Energy Complex this morning. Also having an impact on the ftse 100 how are u. S. Futures shaping up on back of this news . And you can see that the three indexes are set to open up in positive territory s p opening up 20 points higher. The dow about 200. Nasdaq about 54. This after a weakish close for the week on friday worth mentioning as well the tech index closed above its 200moving day average for 144 straight sessions. That strong streak for the tech index continues and is set to continue today as we head into the u. S. Session as well more optimism being priced into the u. S. Markets as well, to lets dive in now to the latest news out of astrazeneca the company says its vaccine candidate developed together with the university of oxford can be up to 90 effective against covid19 a second regimen gave an efficacy rate of 62 , meaning together both dosing regimens have an average efficacy of 70 . Astrazeneca says it reported no serious safety concerns in its trial and no participants were optized. The vaccine candidate can also be stored normal refrigerated conditions between 2 and 8 degrees celsius. Now we have fresh comments coming out now from the Oxford Vaccine Group director paulard giving us some clarity on the difference between the two dosing regimens. One that produced efficacy rate of 90 and one that produced efficacy of 62 . On the 90 efficacy, we think a smaller first dose primes the immune system. This group as a reminder received half a dose of the vaccine first and then a month later a full dose compared to the other group received two full doses well be digging into this on the 90 efficacy, we are confident around this estimate it is quite high well have further info in weeks ahead that will improve our confidence in that level we are priming the immune system with a smaller dose, so its not a total surprise perhaps adults are a bit more naive about a virus they have not seen before. This is general comments being offered by the oxford vaccine director on comparing different vaccines we cannot fully explain the efficacy in the vaccines so more efficacious than this astrazeneca vaccine. In terms of submitting further data, they plan to submit data today or possibly tomorrow for publication and that is where we may get more insight into these two different dosing regimens and get insight into how the efficacy rate may be refined moving forward will we see it trend higher toward 90 or trend lower towards that 62 there will be more data accumulating so we will have further evidence just lastly from astrazeneca, the ceo saying just moments ago very soon well see our parter ins producing hundreds of millions of dose as a reminder, they plan to produce 3 billion doses of this vaccine in 2021. So lets bring in our next guest who is has plenty to say on the vaccine front and that dr. Daniel caller, head of investment manager at bb bio tech great to have you with us, doctor first off, what do you make of the results weve got through this morning from astrazeneca, average efficacy of 70 . What do you make of it yes, good morning to you. Thanks for having me i think thats exactly where we stand. So far we have seen the press release. So for us actually the number we look for or the number we measure or consider is the 70 well get results in due time in coming weeks and months. I would highlight that they are testing different dose regimens for the high dose. In the main trials so i think well get more data on what the actual number is but i would say we focus more on the positive in the messenger rni as you rightly pointed out are in the mid 90s thats also outstanding result i think thats probably something to speak about given theres still a lot of skepticism from the main population on that front, clearly the two vaccines have efficacy on their side, 95 is awesome, as you just described but on the flip side, its much harder to actually maintain, preserve and distribute these vaccines pfizer requiring minus 70 degrees celsius to preserve the integrity of the vaccine versus astrazeneca kept at regular refrigerated temperatures for up to six months. How much of an impediment do you see those special conditions being to the wide adoption of mrna vaccines . I think thats absolutely fair we have different points to consider in terms of how broad the adoption and how quick the adoption will be so first of all, all these vaccines need two shots. I think that will be a question mark thats still open in terms of compliance and how efficacious the companies and Healthcare System can manage this in terms of first shot and second shot. As well as other logistics and manufacturing capacity and capacity constraints we have so, i think they have this question in terms of the challenge. I think that certain limitation mostly towards probably the Southern Hemisphere where distributions logistics will be really challenging i would say in europe or in the u. S. I think we can all handle this but we think this is actually the advantage for moderna in context of pfizer. Thats for sure the case for some vaccines we have not talked as well as the other virus such as what change so i think in the end given that we have capacity constraints for all these vaccines at least into coming months and the end quarters, i think its important to have different options and to segment these vaccines in the right way. And let me repeat here again, i said, i think key is how will the Healthcare System politician out and motivate people to go for vaccinations, have the right sequence of vaccination in terms of the appropriate people are at risk group are in the first wave of treatment versus the second population and third wave. The rollout of the vaccination will be key, as you mentioned, key to who takes it up first but i just want to turn you back to markets looking at the european healthcare sector, its down 3 . The rollout of a Covid Vaccine is that just positive or positive for the sector as a whole . I think its a positive sector for all what you buoyant out is more reflection of shortterm capital flows. Meaning people take certain capital off the table. In sectors have been more defensive and held up better initially and now try to play catchup in cyclicals and other names that can clearly ben fit quite substantially the rollout is seen as successful, this will take time. We shall not forget about the timelines. We think actually the sector will benefit in a broader fashion being at the acceptance in the population. The awareness of how efficient and important as well the industries for the overall Healthcare System, the pandemic asset has proved that. I think the industry has responded in really outstanding fashion coming together, collaborative together as such with the regulators and the healthcare authorities as well to the Capital Markets i think the sector will benefit both from the diagnostic side as the way to treatment and i think the most important ones and thats what we have called out for quite some time now. And we think actually they come at very fair price and such. We have not touched base on this one, but we think thats the other side of the economy. That these vaccines come at low price points even for the western world. Its great news that j j and others are considering how to price these vaccines as well for actually geographies with less economic power and such. Lets talk about the deal activity pipeline. This was also a big deal for mna in the biotech space and Record Number of ipos if you look at secondary performance, a lot of these ipos have actually been disappointing once they started tragd in the market looking ahead to 2021, do you think there is still some deal premium to be extracted in bio tech space yeah. We have seen the deals have clearly been impacted by the lockdowns, i would say at least in the biotech landscape. We have seen in the first half of 2020 hardly any deals at all, almost complete standstill i talk about mna now first and then i said in the Third Quarter it opened up quite a bit and i would say premiums that got paid were still hefty, high double digit percentage the other comment you asked about or question you asked is towards ipos and secondary so we see a Record Number of deals still happening. I would say in recent weeks the deals have slowed down a bit the key question is how will they behave in 18, 24 months do we start to sell shares and Clinical Trial data has to hold up to drive further. So we think the momentum for the industry in the biotech will continue both on actually the ipo side and secondary as well as mna in 21. Thank you for joining us and weighing in on the vaccine developments and broader views on the sector. Dr. Daniel koller. Germany hopes to begin its covid19 Vaccination Program in december according to the Health Minister he added inoculation centers will be ready by next month, saying hes optimistic a vaccine candidate will receive european approval this year the German Government will reportedly take on 160 billion euros in fresh debt next year. According to reuters finance minister will increase the figure by two thirds from the 96 billion euros originally forecast and over in spain, the country will begin a coronavirus Vaccination Program of its own in january Prime Minister Pedro Sanchez said the country will vaccination a very substantial part of the population during the first half of the year the country currently has the second highest number of confirmed virus cases in western Europe Sanchez says that while spain faces tough months ahead, it will be one of the first countries in europe to have a vaccination plan in place. The market is certainly looking ahead towards the vaccination rollout, but lets talk about the now because france has reported over 17,000 new cases of covid down from 22,000 on friday president Emmanuel Macron set to give a speech art the virus situation tomorrow and could indicate partial relaxation of lockdown rules the u. S. Reported over 12 million confirmed Coronavirus Infections after breaking another single day record of over 194,000 new cases on friday according to nbc this as millions of americans are reportedly planning to travel during the coming thanksgiving holiday jay gray joins us with more on how the country is preparing for Holiday Travel big week, thanksgiving certainly Many Americans will be wanting to spend the holiday with their families. What sort of impact will that have on overall coronavirus cases . Reporter well, joumanna, theres a big fear that thats just going to continue to push the cases up even higher than they are right now look, Holiday Travel in airports, on the roadways part of a tradition really for americans during the Holiday Season kicks off this week with thanksgiving as you talked about. Over the last couple weeks we have seen the crowds building. Its just before 4 00 a. M. In the morning in chicago and already you see there are people in line and it doesnt look like at this point theres much social distancing going on there. There are masks, of course, travelers required to wear mask in the airports, on the airplanes. But again, we have millions of people either taking to the skies or the roadways after warnings for weeks from health officials, from the cdc, from state, city and federal officials warning them, please, and really at some points begging them not to make that trip this Holiday Season the concern is the virus continues to spread and doing so in groups of 10 to 20 right now. Thats family gatherings thats friends getting together. And from there it just branchs out. People coming in from all areas of the country just to spend some time. When you talk to travelers and we have, what theyll tell you is, look, weve been cooped up for months its the Holiday Season. The draw to be with family and friends overriding right now what is the concern about infection, joumanna. Its a tough balance and right now it looks like millions will continue to travel we expect this airport to be packed again today. Wow that is really stunning. We have to hope that people will just follow the guidance and hopefully wear a mask when they do travel. Jay, thank you for the breakdown. All right. Stay with us because also coming up on street signs, president elect joe biden is set to announce his first cabinet picks. Number of fed officials in the running to replace treasury secretary mnuchin. Weldiusmo iju aew minutes. N st f you can go your own way its time you make the rules. So join the 2 Million People who have switched to xfinity mobile. You can choose from the latest phones or bring your own device and choose the amount of data thats right for you to save even more. And youll get 5g at no extra cost. All on the most Reliable Network. So choose a data option thats right for you. Get 5g included and save up to 400 dollars a year on the network rated 1 in customer satisfaction. Its your wireless. Your rules. Only with xfinity mobile. Welcome back u. S. President elect joe bidens first cabinet picks will be announce on tuesday, according to his chief of staff. Biden says he has already chosen his treasury secretary, saying it is someone, quote, who will be accepted by all elements of the Democratic Party short list candidates include former fed chair janet yellen and president of atlantas Federal Reserve bank Rafael Bostic tracie potts joins us live from washington, d. C. Certainly markets are eagerly anticipating the selection of next treasury secretary, tracie. What do we know . Reporter well, we dont have a firm confirmation yet of who that person will be. We know some of those under consideration. We have, however, confirmed that former obama diplomat and Deputy National security adviser Antony Blinken is expected to be announced as the next secretary of state and also expected to announce a u. N. Ambassador markets may be very interested as well into these diplomats being announce and how hell be dealing with Foreign Relations those announcements expected to come before thanksgiving meanwhile, President Trumps legal challenges to the election tend to be running out he lost a case in pennsylvania over the weekend both pennsylvania and michigan expect to start certifying their results today. In georgia he is asking for a second recount, another recount. Theyve already done one by hand its not clear if that will happen and we also understand that the biden team has started to work with congress on inauguration, saying it will be different. It will be nontraditional because of covid restrictions. Joumanna well, pretty much everything about the election in 2020 has been unconventional, tracie. Well leave it there thank you very much for the update lets get a quick check on how u. S. Futures are shaping up into the session well, joumanna, u. S. Futures are pointing to a strong start for wall street on the back of this news out of azozen kand university of oxford 70 efficacy on average for their vaccine. So were looking at a positive start to trade to put this into context, last week we saw the tech heavy nasdaq outperform broader markets with the dow and the s p 500 both broke a twoweek win streak so ended the week lower the nasdaq edged 0. 2 higher but overall, stabilization so well see how long this renewed optimism can last. But thats it from us today. Im Julianna Tatelbaum. And you know whats great, its a monday and we always get good vaccination news on monday. So were starting off the week on a good foot thank you, julianna. Im Joumanna Bercetche thank you for tuning into street signs. Stay with the channel because Worldwide Exchange is coming up in just a few moments stressballs gummies have ashwagandha, an herbal stress reliever that helps you turn the stressed life. Into your best life. Stress less and live more. With stressballs. Youre choosing whento get connected to xfinity mobile, to the most Reliable Network nationwide, now with 5g included. Discover how to save up to 400 a year with shared data starting at 15 a month, or get the lowest price for one line of unlimited. Come into your local xfinity store to make the most of your mobile experience. You can shop the latest phones, bring your own device, or trade in for extra savings. Thats simple, easy, awesome. Visit your local xfinity store today to ask, shop, discover the latest on xfinity mobile. It is 5 00 a. M. At cnbc, 10 00 a. M. In oxford, england. Here is your top five at 5 more good vaccine news monday morning. Starting to be a trend stocks on the rise because there is more positive news breaking moments ago, the Astrazeneca Oxford University Vaccine candidate showing more positive results. Were going to break it down all this as local leaders issue orders for more lockdowns and restrictions the countrys most populous country halting Indoor Dining and las vega