Sen. Harris the American People have witnessed what is the greatest failure of any president ial administration in the history of our country. Vp pence quite frankly, when i look at their plan that talks about advancing testing, creating new ppe, developing a vaccine, it looks a little bit like plagiarism. One, joeis on day biden will repeal that tax bill, and what he will do with the money is invest it in the American People. Vp pence weve already added back 11. 6 million jobs because we had a president who cut taxes, rolled back regulation. Sen. Harris the president s trade war with china, he lost that trade war. He lost it. What ended up happening is because of the socalled trade war with china, america lost 300,000 manufacturing jobs. Vp pence lost the trade war with china . Joe biden never fought it. Joe biden has been a cheerleader for communist china over the last several decades. Alix the question is, has that been the last debate of the election cycle before november 3 . President Trumps Campaign now saying he will hold a rally and not participate in the upcoming virtual debate. We want to bring in Kevin Cirilli from Salt Lake City for more on that news. How do we look at it . Kevin President Trump saying he will not participate in next weeks scheduled president ial debate in miami, florida. This just after the Debate Commission announced they would be holding it virtually. Meanwhile, the Biden Campaign responding and saying that joe ,iden will plan to still attend as the president now says he will hold a rally. Either way, the president bulldozing through this morning in public remarks, no doubt trying to activate the base of his party. Yesterday i spoke with the Senior Adviser on the president to Election Campaign who told me that is their strategy, to try to turn red districts blood red to try to increase turnout among the president s base. Questions,ow serious as the president is trailing significantly in quinnipiac polls. Senator harris saying last night they are not trying to take anything for granted. There were some key differences that emerged on whether or not it will be overshadowed that emerged, but whether or not it will be overshadowed by the president s comments this morning, we dont know. Guy theres an awful long way to go, it seems. Not many days, but many miles, it seems. Thank you very much, indeed. Kevin cirilli outside last nights debate site in Salt Lake City. ,oing is now, andy blocker invesco head of u. S. Government affairs. How did last night in the news of the morning, the fact that the president Wont Take Part in a virtual debate, change the narrative, if at all . Andy it is great to be with you guys. First, i want to acknowledge the sniffing and some having kamala theis acknowledge significance of having Kamala Harris participate as the first woman of color in the Vice President ial race. Mike pence did the best job to stop the bleeding from last weeks debate. Harris did what she needed to do, proved that she belonged on the stage and could be a potential president of the United States. She repeatedly brought the question back to the coronavirus. Everyday we talk about coronavirus is a bad day for President Trump, but everyday we is ae the subject, that good day for President Trump. There are many days to go, many new cycles to go, and he is best at changing the subject. If we are talking about the debate, we are not talking about coronavirus. Alix that is a great point. We have seen in certain swing States Joe Biden either take the lead or come close to overtaking President Trump. I wonder, would we look at those daily factors for the next 25 days, why are we trusting those polls . Andy that is a good question. I think the polling is better than it was in the past, but this election is all about turnout. I think your correspondent noted that the focus of the Trump Campaign is to make red states redder. Red states they are not trying to reach up to the middle. They have given up on that. We wont know until maybe a couple of days after, between male and in person voting. I think the general direction is not to President Trump right now, but theres things we probably cant see on the ground. Guy lets talk about the blue wave. The president ial numbers look ready strong for the biden team right now, certainly on the national vote. But lets talk about the senate. How close is the senate . The market is pricing in the full blue wave right now. I am wondering whether that is the correct thing to do. Andy yes, the prevailing wisdom right now is that Vice President biden wins by a significant margin, and pulls with them a number of senate seats. Youre talking arizona, colorado, maine are the ones people are looking at mostly for democrats having a good chance of taking. Youve also got alabama on the democratic side. If you get those three and lose alabama, you are only net two. Then youve got to look at North Carolina. Theres some controversy there. Then youve got montana as the next one we are looking at. But a total blue wave, you could bring in iowa. You could bring in one of the Georgia Senate seats. It is possible, but im not there yet. Trumpsen how does strategy of make the red go reder go into that go redder go into that . I dont understand how that is going to win him anything. Andy at the end of the day, it is all about wisconsin, michigan, and pennsylvania. If joe biden wins all three of those, he is the next president of the United States. If President Trump wins just one of them, he is reelected. If it is a close race and there is no substitution in one state for another, that is all he needs to do. He would get a bunch of people we are not seeing right now coming out in the middle of pennsylvania. Thats his best chance right now. Guy do you expect, given what you just said, for there to be a contested election . Andy the spread on this is a very tight win for President Trump, like he did in 2016, or on the other end, it is a landslide for biden. I think in either case, i think it is all about what President Trump does. I dont think he is going to be bothered whether it is one or two states had play, or five or six states he has to turn through legal and other challenges. I think he is going to fight to the very end. I think there will be a contested, even if the markets say he is going to contest, but he is going to lose. Alix do you feel like the because ofallying the blue wave, or because we are pricing out contested election . Andy great question. I think it is a combination of both. The contested election, we all thought that would create volatility in the market in the short term, that could create uncertainty. To the extent we can avoid that, that would be great. I just want to divide out contested in quotes and contested in reality. There are a few out there where legal minds do not know how it will turn out. And then there is contested, the fight is going on, but people know how it is going to end up. Alix such a good distinction. It was really good to talk to you, andy blocker of invesco. Thank you very much. And we didnt even stalk about stimulus. David westin later today will speak to House Speaker nancy pelosi, a 12 00 p. M. On balance of power. Coming up on this program, Morgan Stanley buying eaton vance in their second big acquisition of the year. More next. This is bloomberg. Ritika lets check in on the bloomberg first word news. Im ritika gupta. The Trump Administration plans to impose more sections on irans Financial Sector as soon as today. The goal is to further choke off its economy from the world. Bloomberg has learned the u. S. Could blacklist as many as 14 iranian banks that have so far escaped restrictions. U. S. Labor market isnt making much progress. The number of americans seeking an limit benefits fell for a second week, whilst remaining elevated. Initial jobless claims fell by 9000 to 840,000. Continuing claims fell by one million to 11 million. Hurricane delta is now taking aim at louisiana after hitting mexico. The storm slammed into the cancun area, knocking out power and triggering a dangerous storm surge. Delta has weakened to a category one hurricane, but is excited to strengthen before coming ashore in louisiana tomorrow. 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. Im ritika gupta. This is bloomberg. Alix thank you so much. Morgan stanley agreeing to buy eaton vance for 7 billion in ceo James Gormans second big acquisition of the year. Joining us now is devin ryan, bloombergses, and sonali basak. First off, the nuts and bolts in terms of what their Asset Management develop Asset Management division really looks like. Sonali it is quite big. There are not a lot of firms that manage more than 1 trillion. But it brings them closer to the league of goldman and jp morgan. , they looked at goldman are going to be competing hard on that front. It starts to help them lean away from having institutional securities as a major force of their business. They are starting to change the complexion of what Morgan Stanley looks like. Guy does this to make sense to you . Devin i think it does. The initial stock reaction, if you look at it today, i think it is look warm because the financials of the deal are not that compelling in year one, and i think that is probably why the markets are reacting, but this is much more of a strategic play closer to e trade in terms of rationale. Youre getting tremendous scale for this deal, and that is very important for Asset Management customization. Inyou are not going to be areas that are facing secular decline in Asset Management, you want to be in areas that are not commoditized, that are customized. I think they get a lot of that with this deal, and also distribution. This is a distribution game. Theres a lot of distribution synergy in this transaction. I think in the near term, it doesnt really move the needle financially. That is probably the reaction. ,ut longerterm, the strategy the distribution benefits, the scale benefits, and also, Morgan Stanley has been on a journey away from the Capital Markets business and capital intensive businesses and reshifting the business mix towards businesses like Wealth Management and investment management, so strategically, this is pretty consistent with where they have already been going. Alix where is the overlap between e trade and eaton vance . E trade is retail guys clicking on a website, right . That is very different. Sonali one of the analyst questions on the call this morning was, listen, they sold an asset manager because of concerns about crossselling. But times are different these days, and all of the big banks like i mentioned all have big Asset Management platforms, not to mention this helps Morgan Stanley get a big institutional client base. So there is some overlap between the mouth manager the wealth manager and the asset manager, but it gives them a chance to work with those global giants, big institutions that they have been known for working with on the security side. Devin, why couldnt eaton vance make enough money to justify its existence as a standalone business . If youre not busy enough not big enough, you cannot play in this game. Is that the message i should take away from this . Devin im not sure that is this deal. Eaton vance is a premium player in the space, so Asset Management gets lumped into one bucket, but theres a lot of Division Within the overall space. You have a lot of areas within the equities business specifically that are becoming more commoditized. We all know about active to passive. That is one big theme. Is really around customization, big fixed income footprint, areas that Morgan Stanley isnt in. A lot of responsible investing, and the opera merrily u. S. , where Morgan Stanley is an International Customer base. When i think about the deal, is this it is less about distressed sellers. Is more about combining the platform. That is why i think eaton vance would want to sell, and why Morgan Stanley would want to do this. I thing they said very well on the call, when youre trying to buy a really good asset, youre typically going to have to pay a fair or even higher price. Alix do they need to buy another type of company like this in order to ramp up, or are they done . I dont think they are done. This is where we are going. It is about scale and distribution, and kind of the cross is asian of that. What is different today and technology the cross polymerization crosspollination of that. What is different today is technology. I think it is not a game, but really focused on getting as many customers as you can at current levels, finding different Distribution Channels with those customers, and then obviously being able to add different types of products and capabilities. If you are just focused on one product in a commoditized part of the market, you are going to have longterm secular problems. So firms are diversifying. They are finding new Distribution Channels. They are levering technology, and they are obviously adding new customers to the platform. Is this the gorman play . Obviously it is, but it is the Morgan Stanley play. I guess i asked the question because he clearly has been a machine on wall street. How much longer do you think he is going to be in the business, and what is his legacy at the business . Is it this m a drive he spearheaded . Sonali james gorman is dropping the mic here. They are the two biggest banking deals we have seen since the financial crisis. It will change Morgan Stanley. It does shine a light on his deputies. Does this mean james gorman has to stay around longer to help with these integrations, or does it mean it is going to elevate very quickly people like who run thatquities business, or run a business twice the size as they were running before . The i will be on these deputies, including Andy Saperstein and shelley oconnor, and it will be a race. Guy certainly, thing up that race right now. Thank, indeed, devin ryan of jmp securities, and bloombergs sonali basak, our wall street reporter, for updating us on this. Later today, james gorman, Morgan Stanley chairman and ceo, is going to join bloomberg television. That is at 3 30 p. M. In new york, 8 30 p. M. In london. We are getting headlines related to the virus. The United States is apparently readying a mass production of regeneron, the regeneron cocktail that was given to the president. Within therossing last few minutes. This is bloomberg. Pres. Trump it secure. I walked in its a cure. I walked in. I didnt feel good. 24 hours later, i felt great. I wanted to get out of the hospital. I want everybody to get the same treatment as your president. Alix shares of regeneron are up this morning after President Trump hailed that treatment as a cure. We are getting news from the u. S. , reading to massproduce the regeneron cocktail that was given to the president. Joining us for more is max nisen of bloomberg opinion. What is the regeneron cocktail . Max it is a cocktail of two different antibodies. Basically, an effort to mimic the body off natural immune response to the virus. Basically, give you the stuff you develop after a week of infection in a high dose right away, with the potential benefit of helping to clear out the virus and maybe result in better outcomes. What we have so far on it is pretty limited data. A 275 present study that showed early proof of concept, promise of benefit early in the course of the virus, but of course, very far from the president s definitive statements that this is a cure, and also there is a question of whether or not it is going to be widely available, something that also seems unlikely based on limited current supplies. Guy he says he is not contagious. I dont think im contagious at all. This is in a fox interview a little bit earlier on today. Could the treatment he has been given make him not contagious . Is he not shedding anymore . How plausible is that . It is critical to answer whether or not he is going to be up campaigning. Possible, but very difficult to confirm, absent looking at his viral load every day. It is possible that the treatment could have reduced his viral load, but the question of whether it would have done so in this time period to a point where it is safe for him to be working in the oval Office Around people or out campaigning, that is a much more difficult question, and one that you would ideally have given a lot more time and a lot stricter isolation to actually find out instead of just gambling with other peoples wellbeing essentially. Alix to just get a read on that, it is important to understand where he is in the cycle of the virus. Peoplesay it stayed say it is day seven to 15 that of the risky points. Do we know where we are in that . Max since we arent precisely clear about and he contracted the virus or got his last negative test, that is difficult to assess. He would be, based on the publicly communicated timeline, something in the realm of seven days. And you are right, that is the period when people sometimes do run into trouble. The extent to which his completely unique and very aggressive treatment might have impacted that, unclear. It is a Clinical Trial of one. Theres no data on using all of these drugs together. We have no idea what medicine did luck what medicine did what, or how it affected his health. It is mostly unknown, and that is not helped by the fact that his team of physicians hasnt executive been at every point entirely forthcoming. Guy max, a lot of open questions. We will leave it there. Max nisen of bloomberg opinion, we greatly appreciate it. We are going to get more opinions on what is happening in these market is just a moment with katie koch, Goldman Sachs Asset Management cohead of fundamental equity. She is going to be joining us coming up. This is bloomberg. Guy live from london, im guy johnson. Alix steel in new york. This is bloomberg markets. Stocks advancing on stimulus hopes, and a global rally fueled by corporate deals. What do we need to think about when we think about our portfolios . Weve got an election coming up as well. How do we price that in . Globaloch, Goldman Sachs cohead of equity, joins us. Think in general, when we look out over the market, the major thing we are focused on savers ares is that in a tough position in a traditional 60 40 portfolio. We are really working with our clients to build Something Different so they have a chance of outperforming and generating real wealth over the next decade. Just to put some specific some that, a traditional 60 40 portfolio delivered about 8 annualized. That was good income. We think over the next decade, it is likely to lever to deliver somewhere between 2 to 3 , so not enough for most people. The big question i think people have to be focused on in advance of the selection of this election is how do they build april folio that has a chance of delivering more than that. In equity markets, we are focused with our clients on two main things. First of all, they need to be active. Within the backdrop of being active, we want them to lean into secular themes that are going to outperform over the next decade, that are underrepresented in benchmarks. Think about Climate Solutions, millennial consumer, the future of health care and being invested be on the fangs invested beyond the faangs. Youve got 70 of the s p 500 of ring yield in excess of the 10 year, so equities will have to play in a bowl role in that s p 500 delivering yield in excess of the 10 year, so equities will have to play an Important Role in that. Em, which seems in asia to be able to handle the virus resurgence and growth at the same time, but has risk. Where do you go . Katie the other thing people will have to do is be quite global and the way they approach a portfolio. I want to pick up on one comment you made around the u. S. And the potential for this green deal, if we were to get a democratic sweep. There is no doubt that that is going to provide a really powerful secular tailwind to Climate Solutions, but i would just make the point that even in the absence of that, Climate Solutions around the world are a great base for investors to be focused on. Just a couple of points around that, the Energy Sector in general and the russell 2000 is small. As a starting point, it is only 2 . Tesla itself is actually 1 . The other thing to note about energy is it is facing some real headwinds. Obviously, people divesting from it. Even in the best of times, it was a tough industry that struggled to out earn its cost of capital. People are basically weaning themselves off of that asset. Weve got big commitment out of china and europe to be Carbon Neutral by 2060 and 2050 respectively. Even if we dont get the democrat sweep that is mostly being priced into markets now, we actually think that the corporate sector in the u. S. Is going to continue to invest dramatically in this climate alutions space, providing really excellent longterm Investment Opportunity for investors. They are amongst the Worlds Largest buyers of Renewable Energy. Guy how do investors get access to this . Do i just go out and buy esg . I am still not entirely sure the exact definition of that. Do i buy green bonds . Again, not particularly clearly defined what that is at the moment. Is this a leap into the void . Is this a leap into the dark if i am investing in some of these sustainable assets . Katie this is how i think about it, really big picture. People are set up for lower returns unless they do Something Different and are active over the next decade, and we are really worried about that. The big picture in the climate space, the way to think about it is we are actually on the precipice of a revolution effectively in sustainable investing, and it could have the scale of the Industrial Revolution and the speed of the digital revolution, so these are assets you want to get exposure to. To answer your question directly, we think the equity market does present some interesting opportunities for clients to get exposure. You can do it directly through the rebels. People will point out that valuations are demanding. If you actually think the end market is going to expand x potential he, which we do, they are justified in certain instances. The other thing is theres going to be a lot of stuff that doesnt because every time you go through a transition like this, youre going to have a lot of capital flooding into the market. Arts of it are going to get over capitalized. So an active manager really needs to help you navigate, particularly on renewables. But investors should also be looking in sustainable agriculture, or one of our favorite positions is in a company that makes aluminum cans, which probably doesnt sound like a really exciting industry to a lot of people, and for most of the last decade it was a shrinking industry because most of the stuff that was sold in aluminum cans was things like beer and soft drinks, which were outoffavor with millennial consumers. Seen the effect of plastic, and they are uncomfortable with it. Now 70 of new drink launches are in aluminum cans, and has gone to a growth industry. It is a less obvious way to play this trend you are talking about. Alix is there a way to match that with value at the same time . In Energy Stocks that have been beaten up, that is a total value trade. There is a transition happening in that sector. How do you take advantage and not get stuck . Katie i think that is an excellent question, and i also believe that if we were to have a trump victory, that part of the market is going to rally a lot. Remember, for investors in the really small part of the market, it is not going to be relevant to total market returns, but you have a lot of potential for upside surprise. Just the way that we invest, that is a trade. It is not a way of creating longterm Wealth Creation if you think the world is moving in a fundamentally different direction, which we do. We still wouldnt actually pick up those assets and be overweight them. We are really trying to position our portfolios for what the world is going to look like in 10 years, and for us it is going to look a lot more like alternative solutions to that. Broken, whereis am i going to get my yield in the equity market . Answer the first, and i will give it to find yield. I would look to infrastructure and real estate selectively. You can pick up about 400 basis points of yield there, so more than 3 over the 10 year. Theres clearly some extremely challenged real estate assets. Both of you are in cities that probably have some of them, given people moving up to the suburbs. City residential is something we wouldnt be overweight right now, but suburban residential is actually a great place to own. Not a lot of people would have thought we would have one of the best housing markets, with a 10 yearoveryear rise in markets, but we do, as people get out of cities. Other assets that are really attractive are data centers in areas of secular growth. The only other quick point is outside the u. S. , the European Market vs lee has a yield premium over the u. S. , and you can even find some yield in japan come up at the headline here is youre going to have to work your equity portfolio to come up with the yield shortfall you are not going to be getting out of your fixed income portfolio. Alix is this the time for europe . Some say it is. Virus cases arising, growth seems really rough. The European Recovery Fund is not a done deal. Is this the right time . Katie we are selectively invested in assets there, but i would not say we are big overweight or we think that is the only place to be allocated for the decade. You have a lot more local expertise there, but the way we look at the world, there are some really interesting assets in europe, and actually, climate is one of them. This is actually where europe has a real edge relative to the rest of the world. Biotech, which we can talk about, and traditional tech, the u. S. Is really the leader there and owns that. In the climate space in europe, you have government regulation that is friendly, a tax regime that is friendly, and it is going to be a leader in climate, which is a great secular growth opportunity. We like that in europe. We like some yield we can pick up in europe area theres also some select Companies Trading at a discount because of the zip code relative to other global counterparts that we like. It is not a part of the world that we would say one must be overweight in aggregate over the next decade. Alix that is a to the medic way of answering. Love having you on. Eddie coke, thank some katie koch, thank you so much. Really appreciate that. Coming up, lynn good, duke energy ceo. What do you do with clean energy and make money in utilities . This is bloomberg. Ritika this is bloomberg markets. Coming up, and exclusive interview with House Speaker nancy pelosi. That is at noon in new york, 5 00 p. M. In london. This is bloomberg. Vp pence they would impose the green new deal, which would crush american energy, increase the costs of americans in their homes, and crush american jobs. Sen. Harris moodys, a reputable wall street firm, has said it will create 7 million more jobs than donald trumps. And part of those jobs that will be created by joe biden are going to be about clean energy and Renewable Energy. Alix those were the potential Vice President s, the nominees clashing over Energy Policy at last nights debate. s,ve got big oil, enp pipelines, utilities all caught up in the debate. Duke Energy Provides service in six states. Duke recently set a goal to double its renewable portfolio by 2025. They also want to reach net zero Carbon Emissions by 2050. Joining us now is lynn good, duke energy chair, president , and ceo. It is always a pleasure to talk to you. We are talking to you before your esg day. I wonder how you came up with that number. How do you know that is enough when we dont have clarity on policy from d. C. . Lynn thank you for the opportunity to be here today. We are anggest that important infrastructure operator in all of the states that we serve, and we happen to be located in growing and thriving economies in the southeast in particular. So as we think about infrastructure, it not only includes the growth that we see in our states, but the transition you have been talking about all morning. As we see the need and the expectation that we have two toer Carbon Emissions, improve reliability, and a variety of other things, we see great opportunities to invest. So tomorrow at our esg day, we will be focusing on the generation transmission that we see over the next couple of decades to get to that net zero by 2050. Alix what i also was interested in is you guys ran a report that said if we are going to get 70 of our energy from renewables, this is how much is going to cost the consumer. It was one of the first times i have seen that from a utility that actually does wind up putting some cost on the customer. Can you talk me through what the base case is, and any feedback you have gotten from those numbers . Thereit is like anything, is no single part of a solution. As we think about driving carbon fleet, we generation have to think about maintaining affordability. Energy is so important. As we thought about laying out for the states of north and South Carolina a transition plan to reduce carbon, we included a variety of scenarios. What is the least cost option . What is the most aggressive option . What is the no new guttural option . Atural gas it really spurs a policy debate on how fast, what technologies to use, and how to save it act our customer at how does it impact our customers. I think it how does it impact our customers. I think it is a way to meet the needs of policy, but also the needs of our customers. Guy good morning. When do you think you will be free of coal, and when do you think youll be free of the legacy of coal . Lynn coal is a relatively small percentage of duke energys operations today, about 24 . In every one of the scenarios i was just talking about, we will be out of coal only assets by 2023. In indiana, it will be slightly longer, into the 20 30s. One particular asset might run a bit longer, but we have options with some of these assets to convert to natural gas or retire more quickly if the policy indicates. So i think these options i was ask ag about really question on how fast. Alix how does natural gas fit into that . Specifically, the Atlantic Coast pipeline. You were a big believer in that for a long time. You stuck it out for a while, to bring natural gas from the northeast to the carolinas, but it just couldnt happen. What is your solution for that . Lynn i would like to talk about a couple of things. We focus on the carolinas in this discussion. One of the challenges we have operationally is that the carolinas is a winter peeking utility, meaning that we need power when it is dark on a winter morning at 7 00 a. M. So we continue to have some amount of natural gas in our mix in order to match the need for electricity when the solar, wind, and resources and other resources are not available. Because of the geographic positioning of the southeast, natural gas will be a part of it for some time. You havecoast pipeline followed closely. We got to a point where the uncertainties around that project were such that i didnt make sense to continue pursuing. The economics and the timeline werent fitting the needs of our customers. We will be looking for other options to support infrastructure, to bring supplies for as long as we need natural gas in the region, and that work is underway. Guy you talked about technology. Are you talking about storage, Battery Storage . Weve focused on a number of guests who have really been championing this idea that a storagegated system in the United States could solve many of the problems. How much are you investing into storage . How big a portion of that peak load is going to be provided by storage . Lynn storage we see as being increasingly important. If you look at what we have laid out as option, there are incredible amount of storage, somewhere between one gigawatt and 7. 5 gigawatts of storage over the next 10 to 15 years. We do think it represent a very solid solution, not only paired with solar, but also to support our transmission and distribution networks. We are also advocates for continued research end develop it over longer duration storage. What we have today moves energy between hours. We need to move energy for longer periods of time. We are also educators of something called pump hydra storage, where you move water up a mountain and move it down immediately when you need it. That could also be away for bring in a resource that matches renewables more readily. Alix that brings me to the capital spend and all of the outlay that has to happen. Different outlets are reporting that Nextera Energy come of the worlds biggest producer of wind and solar, made a big for you guys Nextera Energy, the worlds biggest producer of wind and solar, made a bid for you guys. Can you confirm on that . Lynn i cant comment on the rumors, as you would expect, but i think the transition to her noble energy and the transition to to Renewable Energy and the transition to know carbon, we have the scale and the ability to accomplish that. Our Carbon Emissions are already down 39 . We operate over 8000 megawatts of Renewable Energy. We are going to double that by 2025. I think this represent a great growth opportunity. Listening to your prior segment about esg investing, duke Energy Provides an opportunity to have exposure to that clean energy, as well is a great deal. Alix your stock has jumped in the last month or so, but it was stagnating after we got out of covid. I wonder, it doesnt have to be next era, but is there partnership with esgs that make sense in this environment to help scale . Lynn i do think Building Momentum is important, and that is exactly what we have been at work doing, putting together stakeholders, working with our policymakers in our states to build the enthusiasm around this clean energy plan. And Governor Cooper in North Carolina has an aspiration for the state to achieve more than 70 Carbon Emissions reduction by 2030, and we believe that policy represents an extra ordinary opportunity for the state to drive investment, to drive economic develop it, to drive unemployment economic development, to drive unemployment, and we are anxious to help achieve his goals. Of how youms position your company, just to go back to the conversation just a moment ago, how do you make sure you are one of those companies that investors, whenever they are thinking about investing into sustainable in dirty, that you are near the ash sustainable energy, that you are near the top of sustainable energy, that you are near the top of the list . Lynn it is a really good question because it is an advancing discussion, and you all can see that in the conversations you are having on your program. One of the reasons we are having an esg investor day tomorrow is to spend all of our time talking about not only the progress we have made in the environment, but also our vision for the future. These scenarios we are talking about, how to achieve carbon reduction, the Investment Opportunities for percents our investors opportunities it represents for our investors. We will talk about strong corporate governance. We engage in very active dialogue with our investors in the fall of every year to focus on these items. I think there is almost no amount of discussion that is too much at this point to highlight your track record and your vision for the future, and that is exactly what we are trying to do with duke energy. Guy have a great day tomorrow. Thank you very much, indeed. Ceo of dukehair and energy. This is bloomberg. Contained9 is largely in the coming year, and increased by almost 10 Million Barrels a day, rising to around 109 Million Barrels a day in 2045. Guy opec secretarygeneral Mohammed Barkindo earlier on, going through the oil outlook. Theres some amazing charts. We pulled out a couple. I will start with mine. This feels awfully like battle of the charts. This is physically willing to ev, electric vehicles, and conventional vehicles. Basically, youve got a game of two halves here. Conventional vehicles in pink continuing to pick up in terms of the market, and then plateauing and fading. But look at the elected vehicles, the yellow come the yellow, continuing to search. Continuing to surge. This will go to my chart because it is the first time opec has acknowledged peak demand. This shows overall production from different areas of the world. The green is middle east production. Their production actually grows, shrinks a little bit in 2025, and grows because other areas are shrinking their production, and part because of the rise of evs. Really interesting report. Coming up on the program, we will be talking to stephen king of hsbc. Stay with us. This is bloomberg. 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. Live from london, im guy johnson. Alix steel was in new york. We are now counting you down to the european close on bloomberg markets. Optimism that a brexit deal is looking more likely. The pound, though, trading a little off its earlier highs. We are going to be joined by the president of the confederation of british industry very shortly to discuss. European airlines surging, probably because a better news on u. S. Stimulus. Easyjet warning it is heading for its first annual lost in its 25 year history, positioning its business for next spring. Countries across europe posting record infections. Germany sees its biggest rise of covid cases since april. The Health Minister calling that alarming. Agencyopean medicines say the vaccine is looking unlikely by year end. Lets get into gear and talk about what i