On englands toughest lockdown level. Stocks higher on signs of a stimulus bill before the u. S. Possible. S still nancy pelosi tells bloomberg an agreement is urgently needed, by the white house warns there is still a ways to go. Shill. Etflix shares they miss estimates for subscribers. The forecast suggests the pandemic boom is starting to fade. You can see how the shares have fallen 6 . We are under one hour away from the start of cash trading in europe. Lets take a look at what futures are indicating this morning. Kind of a mixed picture and not a lot of size, no direction or size. Ftse futures are down 0. 10 . 0. 10 . Ures are up take a look at what u. S. Futures this morning after the netflix , ahead of thee tesla results, you can see gains here. 0. 5 . Tures of about nasdaq futures gaining 0. 3 . Anna lets get to the breaking news. We have data coming from the u. K. Inflation numbers first. The cpi number, month on month is a 0. 4 . Survey. St under the that seems to be the theme. You get the same pattern for year on year, above august but also below the survey number. Why we are seeing a big jump from august is because the lord inflation in the month of august. So we are seeing this rebound. Not a great deal of underlying momentum in inflation nevertheless, that is the view from bloomberg economics. The furlough has ended. The bank of england yesterday signaling that more measures could be coming. But seems to be the view of jan, who was speaking. Matt, you mentioned futures. There seems to be optimism around stimulus. Nancy pelosi, hopeful. Mitch mcconnell in less of a hurry preelection. 1. 88 versus 2. 2 now. This is a picture we have. Slightly mixed in asia but a slight move to the upside over all. The dollar is under pressure. A number of emerging market currencies moving to the upside. You can see the u. S. Treasury. 0year it is really on the 10 year yield that we are focused come above 0. 8 , after a fourmonth high. There is a lot of stimulus and whether it will come. And a lot of the tech stories you suggested. We will get to those shortly. Now for your bloomberg first word news update, here is laura wright. Lara nancy pelosi says she is hopeful estimates agreement week. Be reached this that would be crucial to getting it passed before election day. But Senate Majority leader Mitch Mcconnell is still running the white house about pursuing a bigger deal. Pelosi told bloomberg that progress is being made. We all want an agreement because it will need it and it is urgent and our economy needs it. We had a bump in the road with the Appropriations Committee. Not sure they are going to be are. , but lets hope they we are starting to write the bill and then we can have the negotiation. I am optimistic. Lara ecb president Christine Lagarde says a resurgence of the virus even before the coldest winter months is a clear risk to the economic outlook, a sign that policymakers are gearing up for more monetary stimulus. But economists largely expect them to wait until december before raising the 1. 3 trillion bond buying program. Saudi arabias crown prince is being sued in the u. S. Over the killing of jamal khashoggi. He and 20 others are named in the complaint. Russiagate was killed best to show the khashoggi was killed in 2018. Global news, 24 hours a day, on air and quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. This is bloomberg. Matt laura wright in london with your first word news. This Company Reported thirdquarter profits that beat expectations, in fact, it beat the highest analyst estimates. The Swedish Telecom giant saw adjusted ibitda of a. 2 billion swedish krona. We are joined by Allison Kirkby, ceo of telecommunications company. Thanks for your time this morning. Tell us what happened. We know that the prophet was higher profit was higher than the highest estimates. How did you maximize your earnings . Are we sure we have Allison Kirkby . I dont personally hear her and , anna, i am not sure if you do. Anna looks like we dont. Matt it is most ironic when we lose a telecoms executive on a telephone interview. [laughter] i feel like that is the ultimate. Anna efforts in getting her back right now. Matt we should say, we are not necessarily using tellia technologies. Maybe if we were endtoend command that might have worked. The story is fascinating, and there is a lot of supply a news from them as well. Anna another story that we will be doing a little later this morning is we have akzonobel. They are saying that covid19 headmans ease in the last quarter and they plan a Share Buyback. They will be doing a lot of painting at home, apparently. We will be speaking to the ceo later this hour, thierry vanlancker. Received some news about the providers you picked to work on 5g in a couple of countries, finland and sweden, those are nokia and ericsson. Huawei was banned from taking part in the 5g installations. How does that way in part on making your selections, the fact that while he was not available to you . Allison were just glad that regulators decided to kick off the 5g spectrum auction because finally we can roll out 5g incident in the coming months. Matt i wonder about any other actions planned in terms of shoring up your balance sheet. You had more than 1 billion global carrier disposal earlier this month. The you have any other actions planned to reduce leverage to improve credit ratios . Allison on a pro forma basis, our leverage is down to 2. 3, which is a good level us to be at. It puts us in a strong position ahead of investment into our new networks and investment into productsvin rolling out and services on the back of our modernized networks in the coming year. For now, whic we are very much focused on trying to return the business to growth again after all the impacts we have had from covid. Very much focused on organic growth now. Anna what about the relationship with that divested unit . You still need the Carrier Service to service customers. What will be the nature of the relationship . Allison we have entered into a longterm Strategic Partnership with them. We will sell Carrier Services alongside some of our existing connectivity and collaboration services. It will be a very longterm operatingand under the same terms we have today. We do expect that they will want to retain us as a Strategic Partner as well. Nothing really changes. Telia to have relationships with investors who are focused globally and it allows us to be more focused on the region of the nordics and the baltics, where we have a way to win in the long term. Matt semi ask you about your experiences. Have the first wave of covid behind you. Now that we are looking at a second wave in europe, what do you expect for the nordic regions and for the impact on your business . Allison based on what we know today, we expect the covid impacts that we saw this quarter, which was 600 million on the top line, and 300 million on the bottom line, to continue into the next quarter. Very much driven by loss of roaming revenues and pressure on the advertising sector in our tv media business. We dont expect either of those to turn around in the shortterm. We are not seeing the same stores, we have a very digitalized population anyway. So we have not seen the same economic and Consumer Impact that may be other markets are seeing because of their lockdown measures being more extreme. Impacts. Roaming until travel is back and until consumer Economic Confidence has improved, expect our advertising revenues in the tv and media sector will remain muted for time. Anna allison, thank you for joining us this morning on the european open. Ceo of telia. Akzonobel says it is running a Share Buyback to be completed in the first half of next year. The dutch painter manufacturer also said the headwinds from covid19 continued to ease in the last quarter. We are joined by the ceo of akzonobel, thierry vanlancker. Good to see you. Things seem promising, but we all know infections in europe and other parts of the world are on the rise through the winter. How much visibility do you have at this point . i think we have enough visibility to be confident about the next quarters and the year to come. We had the worst of the lockdowns at the beginning of the year and the middle of the year. I think it has proven our ,usiness model is pretty agile and we keep focused on our margins in our costs, so we feel that for us even the second wave will not have that much impact on our Business Model. Matt you just heard Allison Kirkby talk about how their sales model is more agile and less reliant on football and stores. That is in nordic issue as well issue. Lia i wonder, how much have you changed your Business Model at akzonobel because of this new covid situation in which we now live. Thierry good question. In the first wave, we had to step up our ecommerce activities, they were hardly used. Once of the week of the first over, people stepped away again from ecommerce. I want to point out that for us, if you look at what is consumerlinked, it is probably less than 20 of our company. The other half is professional trade, and the painter that comes to your house to do a painting job. The other 50 is Industrial Coating from ships, planes, cars. Industrial complexes. In that part, the ecommerce business is actually company to company connections. For us, we continued to build on the from consumers has been relatively limited. Anna so it has continue to have a decent rise. You mentioned ships, planes, and cars. What other Industry Groups the you apply . Some reports are that the auto sector has been good, but aviation is still a troubled business. What are you seeing . Thierry correct. Indeed, the paint business has been strong. It was already strengthening before the covid crisis. If you take a look away from europe, at our south american business, it is gaining share. Margins were ok in china. Geographic expansion in the countrys doing well. If you look at our industrial businesses, the weak spots, you just least of them the automotive markets are very small but still very challenging. Aerospace has been down since the beginning of the way linked to the lower travel. Shipbuilding is not that strong. On the flip side, we have seen that in our Powder Coating business, we are number one worldwide. Bolstered on the quality of the product, that has been growing above what it was last year. So it is really very different dynamics. The weaknesses you just spotted. But all of those areas, Powder Coatings, wood coatings, packaging, is very strong. We have a very diversified portfolio. That explains why we are up 18 and our bottom line and explains why all of our metrics are very strong. It balances out the good and the more challenging. Companies,many other you put some restructuring for cost cutting measures on hold during the pandemic. I am wondering Going Forward in this quarter and beginning of 2021, what is still on hold and where have you gone back to plan . Teri you may remember that the 15 saless to reach by 2020. Since the beginning of 2018, we had a transformation program. We did the hard work during the last years before the pandemic so we do not have to do anything special for the pandemic. We also i think it really made our Business Model pretty lean. Still a ways to go, but so far we are good where we are. It is also why we did not need to take any specific measures during covid19. We dont believe we have to take any special measures even in 2021. You mentioned the Share Buybacks. We still have our house in order. We are very lowleveraged, generating a lot of cash. So we feel we are ready for whatever realistically might 2021. Or at us in matt thierry vanlancker, ceo of akzonobel, talking to us about earnings. We appreciate your time this morning. We are asking today on the mliv log, the question, when will techd priced in antitrust risk if they have not already . We put that question to mark cudmore bloomberg mliv managing editor in singapore. This is bloomberg. Anna welcome back to the European Market open. European futures are pointing to the upside. A little more so in paris and berlin. Lets get to the markets with mark cudmore, Bloomberg Markets like managing editor in singapore. A lot to talk about this morning. We want to talk about tech, but i also want to mention, many government around the world are working on how much to spend in shoring up economies during the pandemic. Net that in the, 1. 35 of the, the most since 1960 1. 35 of the gdp. What do you think of the debate about how much debt levels matter at this point and when they will start to matter . Mark at the moment, they are not mattering too much. There is too much focus on the fact that we need more stimulus to get the on the pandemic. I think they will matter in 2021. Maybe the moment will come after we get excited by the u. S. Stimulus package that will eventually arrive probably at some point next year, after repricing that initial euphoria. People might start going, when does this constant injection of cash become a problem . When we start focusing on those big that loads around the world, i dont think the u. K. Will be in the firing line big debt loads around the world, by dont think the u. K. Will be in the firing line. Percent of gdp has become common. Many of the. Developing markets are quicker on the firing line. Even emerging markets are getting closer to that level, countries like zell come to mind brazil come to mind. Matt i want to. Matt ask about the macro view. You said the dollar bears need to consider the pain threshold. Where is that threshold . Be best dont seem to dollar bears are not getting too squeezed. We have not had any Real Progress in either direction. Cometh the hours dollar is certainly softer as you get excited about stimulus hopes again. If stimulus eventually falls through and becomes clear it is a postelection issue, we still retain hope. But once the hopes are fully quashed, one might see the squeezed. When we do get the dollar squeezed it might be more painful in the short term than people think. I buy into that argument. The reasons we are bearish the dollar the reason to be bearish the dollar is very longterm. Anna the question of the day come at what responses are you getting as to when tech will price in factor trust risk . Mark people are worried about next year under biden. The best, answer i have seen is from my colleague who makes the point, the u. S. Might talk on aggressive game against the bigtech companies, even under a new administration, but they cant afford to be too harsh on them when they are entering a tech war versus china. China is doing a lot to encourage the domestic growth in the tech sector. The u. S. Cannot afford to persecute its own. Matt plus if there was no google, on of us would really know how to use internet. [laughter] mark cudmore, thank you so much for joining us, mliv managing editor. You can access his blog by timing mliv typing mliv on your terminal. Nancy pelosi which is closer to estimate of deal before the election. But Mitch Mcconnell also warning the white house against the igger pelosiled deal. 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. Anna welcome back to the European Market open, 30 minutes before the start of the trading session. Get the bloomberg first word news update with laura wright in london. Lara thanks. Google is being sued by the u. S. Justice department for abusing its monopoly in search. It is seen as the most significant antitrust action against an American Company in decades. Google controls about 90 of the Search Market in the u. S. , and the doj says that is an unchallenged gateway to the internet. Google is being sued y the u. S. Is accusing google of using exclusive deals to smother competition from rivals. We think this case is deeply flawed and risks harming american consumers. We compete vigorously in the marketplace. Our industry, our sector is marked by prices that are free or falling and rapid innovation, and those are really hallmarks of a competitive industry. Laura the u. S. And the you you are heading for a clash over the u. S. And the e. U. Are heading for a clash over their preferred candidates to lead the world trade organization. Sources tell bloomberg that brussels is supporting the nigerian candidate. Observers believe the Trump Administration is leaning towards the other candidate from south korea. The preference of other Major Economies is not clear. Saudi arabias crown prince is being sued in the u. S. Over the killing of journalist jamal khashoggi. Prince mohammad bin salman and 20 others are named in the complaint. Khashoggi was killed by saudi in 2018. Crown Prince Mohammed denies any involvement, but accepts responsibility as the countrys defacto leader. Global news, 24 hours a day, on air and quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. Wright. Ra this is bloomberg. Anna, matt. Matt thanks very much, laura in london with your bloomberg first word news. Nancy pelosi and Steven Mnuchin are moving closer to a stimulus deal that is crucial to getting a bill passed by election day, even as the