A lowerures point to open on lockdown news. Fears rise of a prolonged economic slowdown. And u. S. Equity futures trade higher. 24 hours to go. The president ial campaign enters a final stretch as donald trump and joe biden focused on the key swing states of pennsylvania. Biden leads his rival in a series of weekend holes. It is 6 00 a. M. In london and dublin. Ryanair. Good morning. We have an expectation for more losses. First half losses, record losses in the second half relative to the first half. Theres a couple of lines that are critically important. 1. 18 billion. There is no fullyear guidance going into 2021. As Michael Oleary and the rest are facing new lockdowns and the u. K. In terms of no leisure travel, it must be essential travel. This is the message from Boris Johnson. It could be extended. Ryanair expects record losses in the second half but theres one line here and we will put it to Michael Oleary himself. He joins us very shortly. Putting measures in place to owned. Ain majority e. U. Welcome back. Annmarie i missed you, manus. We had such a busy week last week. This monday morning, we are setting up to be one of the biggest events. We are going to see this risk event facing 2020. S p 500 futures, euro stoxx 50 futures to the upside. Worst week since march for s p stoxx 50. Ne for the with the 100, that has gone lower. As the u. K. Enters another lockdown. Across assets, the real action is in the oil price. What is going on in europe is going to weigh on demand significantly. Wti trading below 35 a barrel. These are numbers that are really going to start to be painful for the major oil producers. Eurodollar, 1. 16. We are seeing Euro Weakness against the u. S. Dollar. We are seeing a little bit of Dollar Strength across all of the major peers today and the 10year treasury yield holding onto 85 basis points on the yield. Stillsis points but holding onto that yield. Bears steepen. E this potential move heading to the election. The massive story in europe is yet again another country going into lockdown. Boris johnson announcing a onemonth lockdown for england, the latest leader to walk back from a no lockdown pledge but still needs to get the measures approved by lawmakers. Rosalind mathieson joins us now. He went for the nuclear option. He said this would be the nuclear deterrent. Will he get this new lockdown through parliament this week . We are expecting a vote on wednesday and in all likelihood, he will get it through because labor supports a lockdown although they will make the point that he could have done it earlier and therefore made it shorter. Criticalion is, what capital has he expended to get this done . Many tories oppose another lockdown. They say it will crucify the economy thats already on these and they were not really consulted enough about it. You might see some tories voting for this measure with gritted teeth but others abstaining entirely and that will be something that is key to watch when this vote happens. Overall, we are expecting it to get through. Manus great to have you with us. They are ratcheting restrictions across europe. Sometime, you are seeing pretty Strong Social pushback, arent we . We are seeing leaders really struggle in a number of ways. Three similar ways. One is they have to work with the regional authority. Leaders of cities are saying we are taking a different approach and we disagree with you. You are seeing strongly this Angela Merkel in germany really having to negotiate and navigate their way through so that is one thing. You are also seeing people just being fatigued. Italy was the first country in europe to go into lockdown in the early part of the year and they are in extended lockdown. People are saying we went through all that and yet the virus did not go away and in some cases, it is back worse than ever and even though you are trying to keep schools open so we can keep working, we are just sick of it. You are seeing a lot of social pressure, antilockdown protests grow in a number of parts of europe. Some Political Parties trying to seize on that. Generally, people will go along with it but there are potential political ramifications for certain leaders. So much. Ank you rosalind mathieson, our International Government executive editor on the lockdown in the u. K. The head of asset allocation, research at a company, good day to you. Go further. It could be extended. What does this do to the bank of england on thursday . Good morning, manus. Washink the bank of england pretty highly likely to engage in more stimulus, even before this new lockdown measure. So we may see more quantitative easing, some more targeted longterm financing for the commercial banks. The interest linked lending activity. I dont think we will see negative Interest Rates, which a lot of people are looking for. The question governor bailey and his colleagues at roundtables and conferences. The bank is still not confident they are feasible. Ruling them out. For sure. They have asked Financial Firms to report on their operational ability to accommodate them. That report and concludes in a week or two. We expect the bank to expand its Quantitative Easing Program first. Annmarie good morning, edward. Michael said if the data is not good, the lockdown could be extended. How are you preparing for that, more pain post december 2 . Edward that could be pretty nasty, so you know, we think, if we are working on the assumption its four weeks, we are already thinking the economy will contract a 10 to 12. 5 during that time so thats already hugely significant. If it was just four weeks, we would not be looking at the u. K. Economy heading back above the precovid high watermark for 2023. Six weeks, eight weeks, matt gets materially worse. Thats likely to be permanent scarring. All that said, as investors, we dont think that alters the outlook for u. K. Assets relative to the rest of the world because we were already working on the assumption that the u. K. Would have one of the worst economic outcomes of the 42 economies that we keep tabs on. It is quite a shocking moniker to have. News that theres progress. We understand there is some brexits in regards to and im not being facetious. Any light in the brexit negotiation is to be welcomed. But from a currency perspective, i have to say maybe the more important thing is they need a trade deal with the United States of america as well. Cappedg is fundamentally in terms of any explosion to the upside on a brexit deal or is that being too negative . Edward i think its reasonably fair. We think there is some upside. The pound, since shortly after the referendum, has been position for really worst case scenario. Now, if we do get a deal, a ,reetrade agreement in goods thats still going to be a pretty hard brexit. Only option is a hard brexit. Nontariff barriers to trade, which will account for the most amount of economic pay, going up either way. No ordeal. If we do have a deal, we will start to see a little bit of upside because the pound, many of our longterm fundamental powerorks, purchasing parity, or favorite Behavioral Exchange rate, relative prices, relative savings, we could start to see on a three year to five onr beat maybe 10 upside the event of a deal. Annmarie edward smith stays with us. We will speak to the ceo of siemens, and that exclusive interview comes after the medical Technology Company reported earnings that fell short of estimates. This is bloomberg. G. Annmarie good morning from the city. This is daybreak europe. I am Annmarie Hordern with manus cranny. Siemens reported earnings for the Fourth Quarter that missed average estimates. The company sees comparable sales growth in 2021. Joining us now for exclusive interview is the ceo of siemens healthineers. My first question to you is how big are the caveats for this new Earnings Report given the fact that we have germany, france, and the u. K. Going in reverse with fresh lockdown restrictions . Bernd we have shown in the last year where we were able to keep revenue flat, that we have things under control when it comes to servicing our customers and keeping our supply chain intact. We also saw customers do a very good job and have learned how to deal with the pandemic so we are confident that Health Care Activity will remain intact. There a good morning to you. It is manus in dubai. You have launched a new covid test to get results in minutes. This is the key to the reopening of the world. Where are you on supply . Are you going to sign one government, multiple governments . How quickly can you deliver them . All, i just of underwent the test myself. Went through the experience. 15 minutes. Its we are merely its really amazing. A negative result in my case. We will start shipping. We started shipping. We will start shipping from this november on, starting with 30 million. We will rapidly ramp up. We have contacted multiple we are confident that we will be able to meet the demand. Who are you sending these tests to . Bernd this is a mix between private customers for federal , so its wide. Ny annmarie what about the United States, the United Kingdom . Outside of germany . Are you shipping to other countries . As manus said, this could be key to opening up economies. Bernd thats why we deliver to countries outside germany. We will be starting soon. We have the emergency use approval from the fda. Ok, well, we certainly look forward to that. Lets get to the deal situation. The guidance he gave to the market today is youre going to see 2021 sales up by 5 . This is not taking into consideration the acquisition of thats a 16 billion deal, no mean deal. What is the status of the Regulatory Approval process on the deal, and your confidence level. Is that we already approvalsimportant done by some of the authorities with the highlight being the approval in the United States. We have seen shareholder approval from the shareholders with an impressive board of confidence. Track and ig is on am very confident that we will have a transaction in the first half of next year. Annmarie what Financing Options are you considering . Bernd we are in a very good position because we have very announcementr the of the combination, we did a Capital Increase and thats giving us all options to look at that moving forward. We have excluded further measures for six months. We are in a very good position. Off with theround forwardlooking perspective on demand. Asia is recovering. China, good data from them this morning. Relative to the rest of the world. Are you seeing that come through in terms of demand for x way tubes . Xray well, a lot of our business is recurring revenue. Its more than half of our business, from Service Contracts and major businesses. But of course, we see asia getting more more important. Europe is very resilient. We will see the u. S. Coming back. We will get the logic of our customers more than in other countries. As a sustainable driver of growth and stabilization. Thank you so much. That is the ceo of siemens healthineers. Thank you for joining us. Laura wright is at london hq with your first word news. Laura brexit negotiations are close to breaking the impasse over the biggest obstacles to a deal. Thegreement may be ready by november deadline. Sources tell bloomberg the two sides are nearing a compromise on what access boats will have two waters. An official gauge of activity in the Manufacturing Industry fell slightly in october. It was still in expansionary territory. Consumer spending during the golden week holiday helped lift services, indicating study momentum in chinas economic recovery. The worlds strongest storm this year has killed at least 10 people in the philippines. Searchandrescue operations are underway after the typhoon hit the nation yesterday. The province where it first made landfall is unreachable and teams are working to establish communications. As many as 390,000 have been forced to leave their homes. 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. Manus. Annmarie laura wright in london. Thank you for that roundup. Coming up, we are in the home stretch. One day to go until the u. S. Election. A number of polls put joe biden ahead of President Trump. The latest from the campaign trail, next. This is bloomberg. Pres. Trump and i think its terrible where we cannot know the results of an election the night of the election in a modernday age of computers. I think its a terrible thing and i happen to think it was a terrible decision for our country made by the supreme court. It was a terrible decision for our country and i think its a very dangerous decision. The president s allies have been talking quite a bit about may be declaring victory on tuesday night even if the votes are not final. Seems to be up ahead. What is your response . My response is that the president is not going to steal this election. Annmarie President Trump and joe biden on Election Night results. According to a series of poles, biden is ahead of president from nationally and in some key states as well. Had the moment, more than 93 Million People have already voted even though election day is technically tomorrow. Edward smith is joining us. I was looking at your research, 14 pages on the policies and the outcome. Walk us through what your base case is for when we get a decision, whether or not its november 4, if it takes a few days to count some of those ballots . Edward sure. I think whenever you are thinking about the general election, you have got to establish a baseline. To one way to do this is study decades of Financial Data and analyze the signals. It tends to be just noise. Another way to do that this year is to think about what has been driving markets over the last six months. To our mind, its been hopes of the time well of affected stimulus, and the monetary policy. Does the outcome of the election alter those three factors . We dont think so. Five decades of data means we cannot repeat the possibility that it is different this time, and biden has a very redistribution agenda. The corporate share of gdp may go down and that will have important impacts on certain actors. But our baseline is that it may not matter as much as people think. We think biden is likely to win are always happy with the mantra, prepare dont predict. Manus prepare dont predict. You say that biden taking the white house would affect congress it would actually be the best outcome. Briefly, how . Those three to drivers, they are not altered. Thatf the drivers has been reduction in the u. S. China trade tensions. Death. S no china he will china dove. He will remain hawkish. He will penalize china using the rulebased way. So its about the reduction in trade policy uncertainty, and that will take you lately good for nonus assets. Ok, lets see how that plays out. Trade relations with china and the rest of the world all in play. Bernd montag, head of asset edward smith, head of asset allocations. We will spend time with the ceo of ryanair, Michael Oleary. Fromis a real warning shot michael as we go into this lockdown. Not we, you. You are going into that lockdown at home of the u. K. , and all nonessential travel has been banned. Than looking to go longer december 2. Annmarie nuts the worry. Our guest is saying how much work the u. K. Contraction could be. Michael oleary talking about the winter. Its going to look very grim considering the lockdowns we are seeing across europe, manus. Inus we will have michael just a few moments. The projection on the numbers, a record loss for the second half versus the first half so we want to know a little bit more. Revenues plummeted. Those questions with the ceo, Michael Oleary, on daybreak europe. This is bloomberg. You can go your own way go your own way your wireless. Your rules. Only Xfinity Mobile lets you choose shared data, unlimited or a mix of each. And switch anytime so you only pay for the data you need. Switch and save hundreds on your wireless bill. Plus, get 300 off when you buy the Samsung Galaxy note20 ultra 5g. Learn more at your local xfinity store today. More voluminous hair instantly. All it takes is just one session at hairclub. Introducing xtrands. Xtrands adds hundreds or even thousands of hair strands to your existing hair at the root. Theyre personalized to match your own natural hair color and texture, so theyll blend right in for a natural, effortless look. Call in the next five minutes and when you buy 500 strands, you get 500 strands free. Call right now. upbeat music annmarie good morning. I am Annmarie Hordern with and cranny in dubai. This is bloomberg daybreak europe. England will enter a monthlong lockdown weekends germanys partial shutdown begins today. Futures and sterling decline. Ryanair expects higher losses in the second half. We last Michael Oleary about the impact of the pandemic. One day to go until the u. S. President ial election. Both candidates will campaign in pennsylvania as joe biden leads trump in a series of fresh poles. You. , very good morning to 6 30 in the city of london and we are on the brink of a law down 2. 0 in england. Lockdown 2. 0 in england. That could last longer. Boris johnson, a uturn. What we saw in germany as well as in france. Yes, the economic outlooks for those countries, france, you will see an Economic Contraction of more than 15 . Lets take the qnt of countries. France, germany, the u. K. , and belgium. Fear and loathing. It is demonstrable in the oil market. This is policy uncertainty around the wo