The german lender taps Deutsche Banks retail head, manfred, for the top job, ending months of management turmoil. Shares and hsbc jumped the most in over a decade as its biggest shareholder, ping an, raises its stake to 8 . And buckle up, brexiteers. The e. U. And the u. K. Enter the final round of formal brexit talks this week as britains conservative Government Faces another Party Rebellion at home over emergency covid19 powers. Just under one hour away now from the start of cash trading throughout europe, and in the u. K. Take a look at futures. We see more than 1 gains across the European Equity indexes. European equity Index Futures contracts that are trading, gaining more than 1 with euro stoxx 50 futures up one point 1. 6 right now. Trading higher, up more than. 5 on the nasdaq contract right now. S p and down jones futures or jones futures trading. 7 . 8 . Anna you try and catch up with gains in the United States on friday. I want to mention what is going on. The real focus on where and at what margins drinks businesses are managing to sell off their alcohol. All story for monday morning, but bear with me. They have made a good start to fiscal 2021. They talk about improvement since the yearend. The outlook has improved since yearend. They are seeing margin dilution. To your question about what we see on the gmm, we see some fairly Strong Performance coming through on the asian session, up by just over 1 on the asian markets right now. India, south korea, japan, the main market pushing to the upside. A few reasons to be cheerful. Industrial profits data out from china over the weekend. Maybe talk around further stimulus in the united dates helping to lift sentiment. Countering United States helping to lift sentiment. It has overall been a negative month for stocks. The first month of losses since march, probably. Possibly. That is what we are heading towards. The Australian Dollar making gains with a bit of an aboutface. Bill evans pushed the rate cut expectation to november so we will talk about that shortly. Lets get a bloomberg first word news update. Here is laura wright. Laura a judge has temporarily blockedPresident Trumps ban on blocked President Trumps ban on tiktok. The reasons are not available but they may be unsealed later today. Its a blow to the government. President donald trump has not nominated tell barrett to the supreme court. Nominated amy barrett to the supreme court. She is known to be a devout catholic and has described abortion as always tomorrow. The nomination sets up a clash in the senate with republicans planning or confirmation vote in the last week of october. According to the New York Times, President Donald Trump pays just 750 dollars in income tax in both 2016 and 2017. Thats due to reporting losses of millions of dollars from his golf courses. According to his returns, he paid no income tax intent of the past 15 years. Paper also said he was hundreds of millions of dollars in debt, coming in the next few years. The president says the report is fake news. It conservative Party Rebellion against Prime MinisterBoris Johnson is gaining steam. Opposition parties signaled support for a tory plan to force upon entry scrutiny for new pandemic or instructions. The labour party is could to chancellor for pushing putting jobs at risk. Global news, 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. This is bloomberg. Anna, matt. Matt laura, thanks very much. Laura wright in london. Stocks in asia gaining along with you u. S. And european equiy futures as chinas ongoing economic recovery encountered some of the concerns sparked by rising global coronavirus cases. Lets get over to mark cudmore, right now, our managing editor in singapore. Lets talk about the chinese economy. Reasons to be optimistic . Mark i think it will still be in outperform a generally. Are tweaking is we marginal expectations. The fact is china is one of the few Major Economies in the world growing this year, and their economy will grow faster than the rest of the world next year and the rest of the world is struggling. We seemed to waver back and forth whether we narrow the gap or widen the gap but the point is that the chain outperformance is still large regardless. We are just tweaking that marginally. Anna good morning. What do you think will be guiding the market thinking this week . We saw last week a lot of preoccupation around fiscal stimulus story. Maybe that does not go away. We also have the china data you mentioned. And the u. S. Election looms large and we are going to be seeing a debate taking place starting this week and that could put added emphasis on that particular dimension. What are you looking ahead to as we head towards the end of what would be a tough month for risk assets . Mark i am not convinced that the tough environment is over yet. Im not convinced the dollar short squeeze is completely over yet. Its a little bit soft this morning. Playing into that, the president ial debate tomorrow is very important. If we get a clear result by the way, if theres a chance for a little bit of risk aversion in the shortterm and a little bit more of a dollar bid, if biden wins, it brings into focus the idea of a democratic retreat and that will ultimately be quite positive for risk assets because it means massive stimulus comes through the new year and a reflationary trade. Shortterm impact might be a shock to the rates market which would tighten financial positions. On the other hand, if we get a clear trump victory, it makes people worried that we are going to have a very close election and therefore a contested election and therefore the volatile backdrop for the next six weeks. Its a tough environment this week. We have got rebalancing as well that could feel the narrative of the dollar bid. We are in the suppose it final round of talks on brexit. We heard that many times. It is a real week for brexit. Outside the u. K. In europe, they no longer particularly care about this story. At some point, they will care, if we do get a hard brexit and a cliff edge. I think that is important. The other backdrop is the rise in virus concerns that are playing into europe just at a time where we are about to see the Global Economic recovery is stalling and we get the pmi on thursday. Matt it is absolutely content for brexit. Let me ask you about your question of the day on the mliv blog. Its not a niche. Its not a simple or binary answer here. How is correlation analysis best applied . Mark, explain to us the question and the answer. Mark im better than expanding the question then the answer. We dont actually have the exact answer here. Its a little bit of a wonki sh question. We are seeing strong correlations trade relies on. The yen has not worked as a haven when the s p 500 has been falling. We are seeing a weakening correlation. This is a debate about how is correlation analysis best applied . If you look at the data frequency, you use multiple correlation windows and what is the implied volatility that says how trustworthy this correlation analysis is . Are we in a unique period . Is there an appropriate framework for looking at the correlation window relative to trade . That is something we are getting very interesting answers from clients. One of the problems is, we have not had anything conclusive yet. Variety of a informed debate accumulating as a team. Nothing conclusive. If any of your viewers have something clear. What window should i use for the oneyear trade . One month, two months, six months, one year you dont one year . You have got to update it more regularly. You also dont want it two volatile. Too volatile. Anna it is an interesting question. As you described it, we will see what our viewers managed to bring to the table. Great question and related to speak to you this morning. Mark cudmore, managing editor. If you want to get involved, ib tv. Breaking news coming through. Caesars is making a possible a share. R at 272 pence that might seeing little strange. Up in thea big spike latter part of last week. This is ale cash betting business, Gaming Business in some people terminology, but not of the computer game variety. Caesars has finalized due diligence. It will be closed in the second half of 2021. That is the detail coming through from william hill. Ecbs clash of clans. A battle over the need for more monetary support. We will discuss, next. This is bloomberg. Anna welcome back to the European Market open. 45 or so minutes to go until the start of cash equity trading for monday morning. Futures pointing strongly to the upside. Lets get a Bloomberg Business flash. Here is laura wright. Largesthares of chinas chipmaker are sinking after the u. S. Imposed restrictions. They must now apply for a license to export certain products to smic. According to a note from the commerce department, there is an unacceptable risk of the components being used in a military capacity. Is planning to deliver a sweetened bid ahead of a wednesday deadline. That is according to comments from the companies ceo and a french newspaper. He plans to buy a most shares in the business as well as raising a the new offer will include clarification of job guarantees. Dime there has to find a new chairman after investors soured on the idea of longterm chief executive dieter leading the board. He headed the World Largest luxury carmaker for 13 years. He confirmed he will not return. As autgoing boss is seen leading candidate to become chairman met here. That is your Bloomberg Business flash. Matt, anna. Matt laura wright in london with your business flash. Is clash of clans at the head of the ecb. Battle lines are being drawn between officials over the need for more immediate monetary support. The executive board member and chief economist have raised the prospect of a preemptive burst of stimulus. Their colleague disagrees. He said and improving outlook should prompt the opposite of monetary easing. We are joined by the cio for germany at ubs Global Wealth management. Thank you so much for joining us. Lets start with this ecb disagreement. What do you think . Does the ecb need a preemptive burst of stimulus or is it time to start thinking about the end of easing . It is certainly not the time to think about the end of easing. We believe the ecb will commit to further stimulus as needed. For the time being, thats why a also think we will see continuation of what we have seen over the last two weeks or months, namely the ecb continuing to support as needed. You, good morning to maximilian. A lot depends on whether you think it improves. Handlethink you have a on how that outlook is set to evolve through winter . Maximilian it is too early to say and that is why we would not make grand predictions about the exact timing and size of any future programs of the ecb. We still need to go through a few things as we go along over the next few months, be it with regards to covid19, be it with regards to the impact or longerlasting impact of some of the stimulus measures, etc. Matt what do you think about the fiscal side of stimulus in europe, max . Are we going to see an uneven recovery in terms of countries . Have so farwe seeing a relatively uneven recovery, but i think the ist of itust of it gus is we are seeing a situation in europe where coordination among fiscal policy makers and Monetary Policy has significantly improved what we had prior to covid19. That generally is important. The phone. The phone disconnected. What do you know. Anna the phone disconnected. Matt maximilian kunkel, cio at ubs for germany. We will get him back on as soon as we can. Problema unique with telephone lines on this program, and i. Anna we anna. Anna we absolutely will get max back. He was talking about monetary and fiscal coordination, how much they can deliver, so we can ask whether that manages to lift Inflation Expectations in the eurozone. Plenty more to talk to maximilian about. The virus has changed everything from health care to education and consumer preferences. We will get maxs take on some of these structural shifts in the investing landscape. Later, we speak exclusively to j. P. Morgan chases ceo. This is bloomberg. Anna welcome back to the European Market open. 40 minutes to go. Looks as if we will see a bounce at the start of trade. The covid19 crisis is accelerating seismic changes in our lifestyles. Mean fordoes this investors looking for new opportunities . Our guest believes the demographic shifts will play a greater role in driving growth, especially for sustainable brands. Maximilian kunkel is with us once again. Cio for germany at ubs Global Wealth management. We will get to happiness in just a moment. It is monday morning. We all need a dose of that. Side, is thison something you seem substantial opportunity in you see substantial opportunity in . What are the opportunities for you . Maximilian the opportunity set is evolving and it is increasing significantly in our view. Think about this. What we have at the moment is roughly 6 trillion u. S. Dollars spent globally on education each year. Less than 3 of that is on on ed tech. When we think about constant reschooling of a growing population and the ability to have more digital and personal ok. oh, looks like we have lost max again. Our viewers. We continue to have problems with telik medications here. We will try and clarify those problems and get them fixed for you. Well,ologies to max as ubs Global Wealth management cio. Very martin says its happy with how sales are recovering in china, adding it is likely to be back to prepandemic levels by the year end. Bloomberg television caught up with the china president , michael paying, at the beijing auto show. Michael we had a very happy q2, in particular now. It is almost the last to offer. That ifwe are confident we are lucky enough and we can make up the last lasting into the q1 in january, february, and march. You think you can get back to prepandemic levels of sales . Michael if you were looking at the monthly sales, we are already there. In most of the last few months, its more than previous years. It is may be something to do with consumption. Purchasing power. Q1,e did not get a use in anded into power in q2 q3. I am fully optimistic. Is there any sense that your High Net Worth clients are feeling the squeeze now from a slowing economy . Michael difficult to say. Even in bad economies, you always have to have people who make good money. That. Ments, we know exports, for example, it is still increasing. Obviously, these kinds of customers, they will not necessarily say i want to buy that in the next three months. They may have different issues with themselves. We need to look at the group. The one issue that we see for the customer, they are getting younger and younger. We see it in our customers sometimes below 25. Whicheve this is a factor is very special in china if you compared to the average age of chinese customers and american customers. Aston martin has been underperforming other super luxury brands. Where should the strategy shift be . What needs to change in the businesss overall strategy . They all have a stage. In our industry, we have a lifecycle. Time,as been a very long we did not have a new product, a long period. Advantage coming to success. , we are a we are one of the most successful brands in china in recent years. There are rumors in china that one of the leading automakers,private is looking to partner with aston martin, invest in aston martin, do some kind of deal with them. Can you confirm those rumors . Are you in discussion on any level . Michael i am not aware of this. The china team only focuses on customers. Its very normal in this industry. Nothing new. I cannot confirm these points. That was aston martin president michael peng speaking to Tom Mackenzie. Very interesting show. If only because it is the only auto show there is but also because, you know, its being held in an economy that is truly recovered. Anna one of the few tourism destinations that seems to be opening up at this time as well. We have got a lot to talk about when it comes to u. K. Politics and the brexit trade or post brexit trade conversations. Exit talks enter a critical phase. The last round begins tomorrow, but trust appears to be running out. We will discuss, next. This is bloomberg. Anna welcome back to the European Market open. Here in london. European equity markets looking to play catchup to the u. S. Markets from friday. Let us take a look at some of the things we will be watching for this week. A busy day today. Speaking atgarde is the European Parliament. A final round of a brexit talks take off in brussels. And in order and a ruling on uber,. Markets are bracing for tuesdays first u. S. President ial debate. On wednesday, Christine Lagarde speaks again at the ecb and its watchers conference. Googles big yearly hardware of an is scheduled for the same day. Doesu did not know, google still make hardware. Hold asday, the eu will special summit amid ongoing tensions the between turkey and greece. They seem to be escalating. On friday, the granddaddy of all economic statistics. The u. S. Nonfarm payroll number. Let us get your morning call. Or morning calls. Plural. Juliette saly joins us from singapore. With a house off where cash is likely to remain king. Things thegan chase equity selloff is about three quarters of the way through but they see that traditional safe even hedges have not been performing well say were likely to see elevated cash levels from investors. Retraced from its record highs. Treasuries are doing very little if not falling. And defensive assets are delivering their weakest performance. The firm is saying that as well as cash, you should also have gold versus the greenback. Week,and in less than a the economist has walked back his rba called.