The focus certainly on the u. S. Not only for the infections but of the transition period and what we can expect from the markets. The markets looking at some caution, we heard from Central Banks saying look, the vaccine is not going to be a cureall. If you look at what investors are trying to assess, it is additional stimulus, an economy that has been battered by these coronavirus cases that we have seen going up and up. Treasuries adding to the gains, and if you look at other things we are looking at, you know, the dging higher afterword that Dominic Cummings will leave his role with Boris Johnson at the start of the year. Now lets get to the bloomberg first word news in london with laura wright. Hi, laura. Laura good morning, francine. Powell, ecb president christine lagarde, and Andrew Bailey used a Virtual Conference to highlight the risk. The post pandemic economy will be different in many ways. The 2020 election was the most secure in american history. They say there are is no evidence that the election was compromised in any way. It comes as President Trump and his allies continue to make unfounded allies of fraud. Poland is joining hungry and threatening to veto the eus recovery fund. The eu needs unanimous approval to borrow for the stimulus package. If they managed to block the budget, poland would leave about 33 billion euros, hungry about 6 billion. Boris johnsons Prime MinisterPrime MinisterBoris Johnson stop a Dominic Cummings is leaving at the start of the year. He is the second advisor to leave. Cummings has long been a britishrsial figure in politics. He was the mastermind behind the brexit referendum. Global news, 24 hours a day, on air and at bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. This is bloomberg. Francine . Francine laura, thank you so much. The u. S. Is banning investments informs us as are owned or controlled by the chinese military. The relations between the u. S. And china have deteriorated with to quitident vowing beijing over the coronavirus pandemic. Asia get to bloombergs correspondent. Good morning, francine. It does suggest the Current Administration has not finished with its aggressive stance toward china. The executive order says china is increasingly exploiting American Capital to grow its own military, and investment firms, pension firms buying shares in 20 Chinese Companies that the pentagon has considered have military ties. We saw the reaction in the markets today, including china mobile and china telecom, has lostchina mobile the most in almost six months. Some analysts have said china has options of its own of course the moment,but at they appear to be taking a lie low approach until President Biden takes over. Francine enda, what is the significance of china today, finally acknowledging that biden won the u. S. President ial election . It is interesting, because initially, china was quite muted in its reaction, francine. They were the week, not saying much at all, other than observing the election like everyone else. Directve been quite since then, a military spokesperson had a briefing in beijing earlier. They said that they respect the American People choice and extend congratulations to mr. Biden and ms. Harris. This comes as president elect biden does hold telephone conferences with leaders in japan, australia this week, and that we have china publicly acknowledging his election, too. I think there is a view in part of this world, and President Trump clearly remains in opposition and he has not finished with his china agenda. China may be trying to lie lows in hopes that they can diffuse the situation a little bit and start fresh with president elect biden. We know there is bipartisan support in the u. S. It is a question of whether or not they can succeed in diffusing the tensions that have played out in the last few years. Much,ne thank you so enda curran, bloombergs chief asia correspondent. Coronavirus is the pricing levels from last winter and spring. But there are signs of hope. We will speak to italys Deputy Health minister. That is coming up shortly, and this is bloomberg. Rg. Francine economics, finance, politics. This is bloomberg surveillance. I am Francine Lacqua here in london. Lets go back to the markets. This is absolutely the time to invest, what a specialist says to bloomberg exclusively. We have rising case numbers and covid, but we know more this week than we knew last week. We now know that there is a successful vaccine for this pandemic, and we also got significant clues as to how the market reacts to that news. There was a shock to the flurry back into value stocks. There was a significant optimism , ill be at beginning to fade right now, but if you cast your, past thismind difficult shortterm this quarter, and we see the vaccine being, you know, distributed successfully, than i think and we see the transition of power in the u. S. , i think what you are going to see is you are going to see, you know, biden is certainly going to be spending money. We think there will be fiscal stimulus. We do think that in the longer term there will be a weaker dollar. That will be good for emerging markets. 85 of the time that has been the case. So we think if you look past the short term, you can still have there is a riskon environment, central bank support, and liquidity, and we are in a world of low numbers. Given that context, there has never really been a better time to be an investment manager, because uncertainty is high, and guidance is high. If you think of it, this year in the u. K. , 20 down in q2, 15 up q4, i now i difficult think you have really got to, theknow, hold and see past difficulty and maintain a risk on environment, and that is what we are doing. Tephen, why is active having a tough time . I would think if any time it would be doing better, it would be now. Stephen that is totally the case, guy, and i agree. It is actually ahead of benchmarks. I think a lot of this gets cast and i am only here two months. A lot of credit for turning around the Investment Performance clearly goes to my predecessor, but if i sit with our funds managers and we go through the performance today, you know, we have been seeing improving performance, and as a consequence, decreasing outflows in the business than we were at the half year, as we reported, so this is the time. My message to the team is this is absolutely the time to be able to show that active performs and can outperform. Francine that was stephen chiefd, standard lifes executive officer. As countries are dealing and reeling with cases of evermore coronavirus, more people are more infected, what does that mean for lockdowns and how politicians around europe should deal with it. To be joined right now by pierpaolo sileri, the italian Deputy Health minister. Thank you for being with us. The wintertime could make it much more difficult to contain lockdown. How do you see this developing . Going to see another National Lockdown in italy, or are we going to see an in and out. Mr. Sileri i do not think we will see a nationwide lockdown, but i think the partial lockdown we are performing now, starting at the beginning of november with some regions, i think will work. Obviously we need to wait a few weeks to see the results. Divide italy, regions that are controlled every week, so we can track the ability to trace the virus and the territory, up to the number of dead and in icu care. And according to the parameters, we are able to save the higher to theower risk, calls does have a italy lockdown. Les needed compared to the lockdown we experienced at the first view of march. So according to this right now, we have several regions that are red, some are rns, and others are yellow. Are a lightegions risk, and the red are the more severe risk. 21i do not think we will see regions red. Francine are there any regions that could change in the next 21 days . What happens to the lumbar the region . What are you seeing lombardi region . What are you seeing in the case s . Lombardii l became read last week. Next week, we will change the numbers, and if the numbers are going down, the obviously the region will be range. Right now, i hope yellow, but we need one more week. Redously, when you become and orange, you need to wait two weeks for checking in the number , if the number goes back, then you go back to one of the colors. In one week, it would be give for to say if it is working or not. Some doctors are telling me they are seeing less people going to the hospital, and people think they are doing better, but this is the perception of some hospitals, you know, we need to check the general numbers of the entire region. Francine deputy minister, how likely is that that the current decrease for these regional lockdowns that is meant to last until december 3 will continue beyond that and even well beyond that . Mr. Sileri obviously, yes, if it works, i mean, if we can prove that these regional , then obviously we go ahead. We need to fight against this virus for the next 6, 7 months, it will do much better, if you aose the region, you perform larger lockdown, for two weeks, you can remove than an entire nation on lockdown. Sense, deputy a minister, of what italy right given thesethese regional lockdowns p how quickly do italians need access to a vaccine . Mr. Sileri so, first of all, we, the government, has been the economic covid. It has covid, you know, the nation has been under pressure, but we have also an economic covid. People and companies they need help, obviously. Regarding the vaccine, you know, i think the vaccine will be ready at the beginning of the next year, but i cannot give you a date. It seems to be close. Week to week for each organization. Ofer that, after the tide the vaccine, we will be able to have available to vaccine for Health Workers with the vaccinations. Probably this will happen in the first of 2021. Francine what is the biggest challenge, deputy minister, in getting the vaccine to all the right people . Is it refrigeration . When will you be satisfied you can roll out the vaccine . How long will that take . Mr. Sileri everyone now is talking about the need for minus 60 for the Pfizer Vaccine, but not all the vaccines need refrigeration of that type. Anyway, i think we are ready, and the minister of health is also already working with a group, and we have a plan. It is a lot different from the planet that every year we use for the flu vaccinations. Weeks our to six four to six months, sorry. Francine i understand, deputy minister, you are not rolling it for the extension of lockdowns past december 3. Mr. Sileri i think we will go ahead with that after december 3. As i told you, we need to monitor these regions, and as i , this will decrease, we will have better numbers, i hope, in these regions, so i see an extension of that for the entire winter. Obviously, this will avoid an initial lockdown. Francine thank you so much for joining us, pierpaolo sileri, the italian Deputy Health and esther, unimportant health minister. Shares jumpedney in the last quarter after subscribers jumped down a my household probably contributed that significantly. That is coming up, and this is bloomberg. Bloomberg. Francine this is bloomberg surveillance. I am Francine Lacqua here in london. Lets get to one of our top stories come up reporting a smaller than expected fourthquarter loss. For more on this, lets get straight to alex webb come our Bloomberg Opinion columnist. Alex, this does not take away netflix dominance of the streaming market. Alex i think that is the wrong actually. K at it, there is more than one streaming play here, two, three, maybe even for streaming services are households likely to pick, and disney plus is one of them, particularly for households with children. They stacked up fairly large numbers, 70 million subscribers in a year. Took netflix Something Like seven years to reach a similar amount. Of course, we are in a very different environment. Francine ok, so if it were content, what can disney plus now do to become, you know, better and more viewed than netflix . Alex i think there is a question here of sustainability, whether disney can sustain a valuation, and to do that, it needs to sustain the same pace of growth. To do that, it really needs to think about investing more in original content. At the moment, we have got sort of, you know, every disney film dating back to its integration on disney plus. We do not have the many original shows. The only one really has been amanda lori and the mandalorian, which has been a hit. To what extent do they invest in more original content, which way do they go more to this and less to theaters, which would be a shame for investors, but the ways the downloads take a stake in disney seems to be agitating forward, and that will be that crucial trend over the next year or so. Francine how are the theme parks doing . Alex not well, and for fairly understandable reasons. They say at the moment they are running at 35 capacity, and i question whether that is even wise, given the surge in cases, particularly in the u. S. But frankly, investors do not seem to be worrying that too much. A Bloomberg Opinion columnist said when disney plus was launched, it was exactly that, in addition to the rest of disney. Theeasingly, disney plus is core business, and Everything Else comes on top of that. Investors look forward for that trend. Francine alex, if you look at the streaming services out there, i mean, there is amazon, is there a space for a fourth one . Are we going to see anything from china coming in . Alex we have seen so Many Services launching, particularly in the u. S. , that have not even launched in europe, peacock, nbc comcast, amazon, hulu, and they are going to be launching a more sort of, you of, non, sort grownupfocused platform in europe as well back and have a discount, if you have disney plus and starz or something. Those things are coming. I think there is audience for a lot of them. The u. K. Has now tv, which, you know, is very successful, but there is a space for a lot of these platforms. The question is who can get amazon or netflix on them. Francine thank very much, alex webb, Bloomberg Opinion columnist. Coming up, and the final days of the paris peace forum, we speak to angel gurria of oecd. This is bloomberg. Francine economics, finance, politics. This is bloomberg surveillance. Im Francine Lacqua, here in london. Lets get to bloomberg first word news with laura wright. Laura the u. S. Is banning investments owned or controlled by the chinese military. It is President Trump settled latest pressure on beijing over what he describes as abusive business practices. Relations between the u. S. And china have deteriorated with the president vowing to punish beijing over the coronavirus pandemic. Some republicans in congress are starting to back the national of the president ial gingers and. John cornyn says joe biden but he endbriefings, of the republicans have stopped short of declaring joe biden the winner. Italy is asking for government approval of 20 billion in esther borrowing. Measures too cover protect businesses from new coronavirus restrictions. No official comment yet. Global news 24 hours a day, on air and at bloomberg quicktake, powered by more than 2700 journalists and analysts in more this is countries, bloomberg. Francine . Francine lets get the latest on a turbulent week at westminster. Theces tell bloomberg that second key advisor a key advisor will leave by the end of the year. The reliefnded campaign, the brexit referendum, and was a controversial figure in politics. How bad a week is Boris Johnson having aga it actually is and is Orest Johnson having . Is criticism for his handling of the pandemic, and most of the uks back and locked down. There are questions as to whether it can come back on time and of course we have had some just today. Data no of course hes got the departure of two of his key advisors, in quick succession. These are two very hardcore brexiteers. We know of course that Dominic Cummings in particular is someone who he leans on for advice and guidance, and that has been very clear for some years now. His departure will be quite a shock if it does not indeed happen before the end of the year. Is this linked to brexit . This is linked to a leak that heading to the lockdown. It could be good, it could be bad. Is okld be that cummings moving on, which means that no deal is still very much on the table in terms of the trade deal. What it more likely means is that johnson, recognizing the u. K. Economy and the shocks that businesses have had, knows that some systems of rules and regulation is crucial for business heading into aachen on mikes of next year. Mikesing into the xml economics of next year. This might help clear the path toward a deal. Francine thank you so much. Rosalind mathieson with what is going on on downing street. U. S. Begins with a new president about to enter the white house. Markets are looking at that and a couple of other things. First of all the member of infections rising across the world. The number of things we need to look out for some kind of bond issuance. It seems like it would be a good time to have a look at exactly what we are seeing in the markets. Not least because pound has been was theove, and pound story roz was trying to explain not only with the chaos at downing street but also what we are seeing with negotiations brexit negotiations. European stocks are dipping. Process he treasuries adding to gains. We will have plenty more on that shortly. Coming up, like every country in europe, italy has been forced to borrow heavily this year, and it supports the coronavirus battered economy. We also have and how gurria comin