Isolating after coming into contact with lawmakers are tested positive for coronavirus. Good morning and welcome to bloomberg surveillance. This is a picture of the markets. A lot of the focus is on a number of infected. A lot of the focus is on the policymakers can do Going Forward. Onot of the focus will be some of the things we saw for example following asian shares. Buoyed by positive sentiment on trade. In thanar is falling the other thing im looking at is oil pushing higher. Treasuries edging up. The focus is on the sustainability of the economic recovery. Hoping for are also news on more vaccines coming up that could be positive after what we heard from pfizer. Now lets get straight to bloomberg first word news in london. Trump is still refusing to concede the election. The president tweeted the joe biden one because the election was rigged to. A claim flagged by twitter. Commentswalked back to saying i can see nothing. We have a long way to go. The u. K. Prime minister Boris Johnson is isolating after coming into contact with an mp who tested positive for covid19. In april, the covid19 put the Prime Minister in intensive care is the u. K. Struggled through the first wave of the pandemic. Austria is locking down for three weeks as measures failed to slow the pandemic. After a just two weeks partial lockdown was imposed, leaving large parts of the economy open. Hopes theseor restrictions can end on the sixth of december. Sport, Dustin Johnson made history while making his first masters tournament. He shot a record 20 under par to win by five shots. It was the largest margin of victory in the masters in 23 years. 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. Im leighann gerrans, this is bloomberg. Thank you so much. Global stocks are climbing towards records as fresh vexing reports are on the horizon. Drugmakers are expected to obtain more trial data. Joining us now is the chief Investment Officer and head of Investment Solutions at Deutsche Bank. As always, thanks for joining us. Vaccine ornews of a the fact the u. S. May not go into lockdown . Me,nt know if you can hear we may have a couple of technical difficulties. It takes a little while longer for our machines to get up and working in satellites. Let me do a quick data check and we will reestablish connection. A lot of the focus is on what we heard from pfizer and their seems to be a bit of momentum on the market we could see more positive trial data. I know we speak to industry participants and they dont want to be compared as rivals, so is there so there is a lot of concern about the sustainability of the economic recovery in the persistent flareup in virus cases. If you look at the numbers in the u. S. , pretty incredible. Lets try and reestablish with christian. I dont know if you can hear me this time. I can. Good morning. Francine wonderful. The job done. What you markets look at from now until the end of the year . Lockdownsone hand, and how long will that take. Is it going to take longer . In the next two or three weeks we get more news about additional vaccines and how they are distributed which i think will be positive news. And then of course there is an aspect to the u. S. Elections and handover of presidency. Then the Senate Elections in georgia on january 5 will be very important as well. I think thats the key points for markets to look at. Does it make you nervous the markets are higher but the number of infected, the number of deaths is rising still quite rapidly . Is there too much hope on the future priced in and not enough of whats happening now . Of course i think it makes you personally nervous infections arising globally. The markets try to look through attitude is the that if there is more lockdowns you would also get more fiscal help, more monetary help. The same will happen on the political side. Its a bit of weighing of the balance. Being wehat the time think the support coming, its tough to imagine central bankers or politicians would on the policy at that time. Francine what gets priced into bonds from that . Is it more furloughs and monetary easing, or is there a concern that we could see inflation quicker than expected if we do have a vaccine . Whats interesting to see when we saw the results of the u. S. Elections, first, by trump auld win and then you see change to the upside. With a pure biden when there could also be an upside because it be a massive fiscal package. Worlds witht of two the senate probably being republican and biden president. From that perspective we saw yields not moving massively higher in their view over the next one years time you will see still a kind of yield curve controlled by the central banks. The short end is very low and on the longer and it will be happening from banks around the world. From that perspective we dont see a mess. Think we have seen consumers coming back hopefully once the vaccine is there, they travel more, they spend more money and there probably will be some additional taxes coming up. I dont think there will be wesive upside for inflation, think inflation is slightly higher next year and then higher for 2022. But not a massive inflation run. You can see expectations already now. Which by the way is quite positive for equities again. What is your take on some of the Technology Stocks . We are using all this great technology, but is it going to be regulated . There was also some concern the biden government would be much quicker on this. I think there will be more regulation. I think it will be slow. I dont expect any quick move on this. I think if you look at what the markets are doing, i think its too early for the socalled reopening trade where you would go into cyclicals. 2021, i think there will be a point in time where you say the valuations are very high in technology and the growth rate weve seen this year not coming back. It cannot always be repeated what weve seen this year. Maybe in the First Quarter of next year we need to switch not only to value, its more cyclical. Thank you so much. Next, President Trump comes close to a concession before walking it back and saying he concedes nothing. We will get the latest on u. S. Politics next. This is bloomberg. Feednald trumps twitter doesnt make joe biden present or not president. The american that. The General Service administration deliver that so we can start to do the kinds of things you and i talked about a few minutes ago. Meet with these vaccine officials. Get the briefings for the Vice President the president elect and the Vice President elect. Wascine that president elect bidens chief of staff speaking. President donald trump is still refusing to concede. The president tweeted biden one because the election was rigged. A claim flagged by twitter. He walked back to comment saying i can see nothing. Axios is reporting President Trump land several new hardline moves against china in the remaining weeks of his term. Joining us for perspective on what we are seeing our Stephanie Baker whos been following the Trump Administration from the beginning. Thanks for joining us. World, itsside pretty incredible whats happening in the u. S. What will happen in the next couple of weeks . Does the president finally concede . Are we expecting more legal challenges to be involved . Like trump will not concede or at least not in a way we have become accustomed to. Heont think that means wont actually leave office or leave the white house. I think you will continue to pursue these legal challenges. So far, every legal challenge hes mounted has lost in court because they dont have evidence. Ive lost count of the number of legal challenges theyve launched. I think its a by my latest count. So i think legally i dont see it going anywhere. I think this is a strategy had a message you will be hammering for the next four years. I think the expectation is he may announce something that is short of a concession, but also at the same time announcing a potential run in 2024 and that he will be pushing this narrative that the election has been stolen from him, stoking support amongst his 70 plus one million supporters as a way to the king maker of the Republican Party over the next few years. I think its a dangerous game. You are seeing increasing anders of republicans, out demand president elect bidens biden be given security briefings. John bolton said so. There are some cracks appearing in the Republican Party in terms of the way this level of support they are providing. But this is a real dangerous game. Will the Republican Party have him in 2024 . If you look at the months ahead from now until december from now and december. How much policy can President Trump actually do especially with china. Things. S done two the most significant move so far is removing secretary of defense esper and installing political loyalists. I think that is what has many people worried about what steps he might take. For instance, accelerated withdrawal from troops of f of troops from afghanistan. Hobbling a biden administration, setting up a situation where they are hemmed in as to what they can do. We have this report over the saying trumpaxios planned several measures on china, cracking down perhaps banning Additional Companies, putting Additional Companies on the banned list for u. S. Companies to do business with. Cracking down on its labor hamming the Incoming Administration as to what they can do on china. Take a similarly tough position on china. Perhaps their methodology and approach to china is different. They both view china with similarly tough terms. Seen whatns to be they will do and what effect they would have on the biden administration. Stephanie, thank you so much. Still with us is christian nolte, Deutsche Bank international. Thank you for sticking around. When you look at some of the dynamics between the u. S. And china. How should the markets price in. You were telling me you like to go gold. Is that a haven or do you use it as another way of looking at the markets . Gold i like because i see inflation slightly moving up. I think thats the key point for gold and also we dont expect a massive strength in the u. S. Dollar. China, the at u. S. Policy from my point of view doesnt change. Might in general would be quite swift. I think that something markets have priced. I havent seen comments that we do expect a massive change. There was no one saying we would be more relaxed. Now youve seen the new formation of this large theres also competition between the u. S. And this new area. Nevertheless, i think the better news probably is that i dont expect biden to put additional tariffs on europe. How theto see negotiations really work. There is also this big asian trade pack announced yesterday. Asian countries and china the big winners for 2020 . Look at what china just came out with its numbers. The recovery is happening there. It looks quite ok how they can deal with the virus. Worldeed the rest of the to also be open to do their trade. So at full speed you need an open global world. What they are building in asia i think is very positive. They massively bring down tariffs within the area. Its interesting to see india has not joined so far. Joining. Still open to it would be the largest trade union globally. Something which is very positive. Itn china joined the wto, took some time but the positivity was there. The more you get on trade, that should be seen as a positive by markets. Thank you so much christian. We will have plenty more on the markets coming up. We also speak to the former bank of england governor around one hour from now. About thek him economy. This is bloomberg. We get the overwhelming majority of people taking the vaccine. On the one hand you have a highly effective vaccine and on the other hand you have a high uptake of vaccine, we could get things back to relative normal into the second and Third Quarter of the year. People to start thinking about doing things that were too dangerous just months ago. That was dr. Anthony fauci speaking yesterday. Lets get to the Bloomberg Business flash. Provider nextment year is buying their rival. Expanding its reach across the continent. It adds to a wave of consolidation in the industry. Did the deal generating Pnc Financial has agreed to purchase bbva u. S. Operations. Nations largest regional bank. It comes a smaller lenders are looking to scale up. The Worlds Biggest Oil company is set to return to the bond market for the First Time Since last april. Audi aramco is looking for 75 billion commitment. Its hired banks including Goldman Sachs for this sale. Thats your Bloomberg Business flash. Thank you so much. Lets get to the markets. Focusing on some positives out there including the World Economy sustaining its engine despite the number of infections rising across the world. Looking at european stocks rising. If you look at some of the other things we should be watching out for. We know Boris Johnson is isolating after he came in contact with a person who subsequently tested positive for the virus. Asian nations also signed the massive trade pack giving momentum filtered through to asia. Are definitely climbing towards a record and we also had joe bidens virus advisors saying a lockdown is not on the agenda. With fresh vaccine reports on the horizon, we will wrap up round up the latest coronavirus reports. We will look at whether people will actually take the vaccine and whether its one dose or multiple doses. This is bloomberg. As the Global Economy shifts from high carbon to green, governments are looking for ways to make a transition which leaves no one behind. This is the monumental challenge with diverse issues. Countries like france, the United States, poland, and saudi arabia have grossed a medic toduct related differently emissions, meaning they face different challenges to richness zero. Countries like poland get 75 of their power from coal. Arabiass of saudi state revenue is generated from the oil industry, and two thirds of all saudi workers are employed in the public sector. 400,000 jobs at risk in germany as the industry moves to electric vehicles. Despite the potential economic and political fallout of the transition, countries agree it needs to happen. The Intergovernmental Panel on Climate Change in 2018 outlined a steep decline needed to reach 2040. Ero in 2055 or even but there is hope and a way to do this fairly. Places like the u. K. Have shown increased growth while decreasing their core consumption. Thene step is driving down step of new technologies, renewables are getting cheaper, costs are expected to decline. There are now just over 10,000 jobs in the offshore wind industry in the u. K. And former industrial and manufacturing hubs, and the industry expects this number to more than triple over the coming decades. Other countries are finding their own successful formulas. India, for example, has some of the cheapest solar electricity are creating and 100,000 jobs in Renewable Energy whilst increasing being competitiveness that while increasing the competitiveness of its economy. A Just Transition is possible. Francine the Bloomberg NewEconomy Forum takes place this week, bringing together mobile leaders to focus on rebuilding the economy in the post covid world. The event can be watched online. You canh online watch online on the terminal. We are inspecting the indian Prime Minister, we are expecting a number of other people. The u. N. Secretary general but also the Prime Minister of singapore. It will be really interesting to get their takes on the pandemic. Lets get to bloomberg first word news with leighann gerrans. Leighann good morning, francine. President trump is reportedly planning a new crackdown on china in his final week in the white house. According to axios, he may announce sanctions or restrictions against Chinese Companies or officials. The move would be to prevent joe biden from changing course on china. The u. K. Is hinting brexit talks could be extended again as key disagreements still remain. David fosters heading back to brussels with more talks. Will not beain changing its position. The december 13 deadline is now fast approaching. And spacex has launched four astronauts into orbit on its first regular nasa mission to the International Space station. To dragon capsule is set arrive at about 4 00 a. M. Tuesday morning london time after blasting off from cape canaveral. It is a milestone in the development of commercial spaceflight. Global news 24 hours a day, on air and at bloomberg quicktake, powered by more than 2700 journalists and analysts in more im 120 countries, leighann gerrans. This is bloomberg. Francine . You so much. Nk coming up, how do you forecast retail demand during the endemic as we head to the biggest weeks for the sector . Many businesses are facing christmas like no other. More on that next. This is bloomberg. Francine this is bloomberg surveillance. Lots going on. Lets get to the Bloomberg Business flash with leighann gerrans. Hi, leighann. Leighann italian payment provider