Selloff and a dollar selloff at the same time . What does that actually mean . We will break that down as well. Guy and youve got bitcoin rocketing to a record high. Out of the United States, pending home sales month on month a little weaker than anticipated, 1. 1 . Expected at 1 . The prior number revised a little higher. These have absolutely rocketed. The year on your number now stands at plus 19. 5 , which is another incredible number to think about. Lets get back to the vaccine. Is monday, and every monday morning it seems we get some news. Moderna is planning to request clearance for its Coronavirus Vaccine in the u. S. And europe today. Ceo speaking earlier to bloomberg. We have millions of doses ready. We have more and more every couple of days. Joining us now is robert. He spoke a little earlier on. I think they have a review coming up on the 17th. After the potential clearance on that date, how quickly can we get things up and running . Robert they have been told in publicu. S. Fda to expect review by advisors on december 17, and there is a possibility of it getting cleared, if everything goes well, 24 to 72 hours after that. U. S. Regulators havent officially confirmed that eight yet, but it is in line with what , which isgiven pfizer about a week ahead of modernas vaccine, being reviewed on december 10. If it gets official public review on december 17, it could be out and being distributed potentially as soon as around december 20. Orx what kind of agreements structure does moderna have in place to distribute over 24 to 72 hours . Robert it is going to be working with a Government Contractor mckesson, helping with the distribution. Out as are ready to ship soon as they get the authorization. Exactly what doses go to which states, not clear yet, but all of that is being worked out, and mckesson is going to be involved. Hopefully that will go well. Alix expecting 20 million doses in the u. S. By the end of the year. Thank you, bloombergs robert langreth. Fourvember, we have had positive mondays a vaccine news. It has been a killer for weeks. Here with us is bloombergs Abigail Doolittle to take us through it. Abigail it really has been a recordbreaking month for stock so far. L, its vestment the russell, its best month ever. Thet of this tied to vaccine, as you were just discussing. Traders taking a bit of a breather, understandable after such a recordbreaking month, but on average, look at monday relative to the other days, up more than 1 . Four mondays ago the biggest one on the pfizer news. Then you see going right through the week, investors, traders not participating quite as much, so real optimism around the possibility of reopening to some sort of normality in the second half of 2020. Driving stocks up in a big way on a monday. If we take a look at the s p 500 all world index, we are headed towards the best month ever, up nearly 13 . Gold really catching my eye. For the s p 500 financials sector come on pace for its best month since 2009. That was the green shoots months. Thats the degree of buying optimism that we do have right now. Theres always tension in the markets. If we take a look at the vix on the year, it is well off of the highs on the vix right now is holding, so while it suggests there is clearly complacency on a historic basis, anything above 2012 you anything above 20 tells you investors have some heightened sense of risk, so there could be volatility ahead. The question is whether it will be eight normal selling after a recordbreaking month or something bigger. Guy it dropped pretty precipitously during the month, hasnt it . Thank you indeed. Joining us to carry on the conversation is manys despond deshpande,esh barclays head of equity derivatives strategy. The vix has come down to around that 20 level, and doesnt seem to want to go any lower. What should that tell us about perception of risk after the month that we just had . Maneesh you are absolutely right, we got three catalysts. ,e got the vaccine, earnings Corporate Tax hikes. That is pushing the market higher. But one clear headwind facing investors is what is going to coronawith the u. S. Waves. The third wave in the u. S. , the second wave in europe. Are going to have some lockdown from that . That is what is causing the vix to stay elevated. Theres a premium before it starts to go below 15 which is what usually does when you have a proper wisconn valley. Alix actual troop proper risk on rally. Alix when you take a look at caps,um, value into small into energy and industrials in europe, into banks and the recovery trade, how do you understand the distinction between the vix still pricing and risk, but it feels like the equity market is not . Maneesh i think there is a bit of a disconnect, and obviously the kind of investors who trade options are to some extent french. Thats part of it. But i think options investors are worried about that. Though the overall market is certainly higher, the rotation has only just begun in my mind. Ledrotation from what has the current rally this year out of big cap tech into more cyclical sectors or to some extent value stocks has barely begun. So we have a long way to go there. Guy how far does that rotation going reality does that rotation go in reality . I am wondering whether or not at some point there is a kind of story within value that is a little bit more negative, i. E. If you look at the travel stocks, for instance, they are going to need to raise an awful lot of equity, and that can be dilutive. Technology, weve accelerated a bunch of trends during this crisis. Those now look firmly established in terms of things like work from home. Greath i think that is a point. The way we frame the problem is that during this crisis, there have been groups of stocks who have had positive benefits, and others who were negatively impacted. It is not going to be a complete reversal here, so whatever happens this year is not just going to flip next year because the scars, like you said, are going to take some time to heal. At the same time, some stocks are groups of companies which , those benefits are more permanent. There are those whose benefit has been temporary, and that is going to reverse much more , but that herd is going to reverse. That is a temporary hurt that will come back after the vaccine. But we have to distinguish between what we call a mediumterm positive and mediumterm negative stock, and you really have to be careful about that. I think the big cap tech stocks are rated for some rotation, but it will not be a massive rotation out of them because these are stocks who are generating cash, they are good companies. It is just a leadership change that has to happen. Alix to your point, if you dont have a huge rising bond yields, we were almost at 1 , but backed off of that. Inflation a spec patients were ing a few months ago, Inflation Expectations were rising a few months ago, arent really any more. What actions are we talking about that are sustainable . Maneesh that is an important point. Is a of people think this value versus growth rotation, but we would frame it as a covid versus covid healing rotation. Is a coincidence to some extent that the Growth Stocks of the last five or six years have rallied substantially and also benefited this year. This crisis could have been completely different. If it was not a lockdown crisis, it is not obvious that ecommerce stocks would have benefited as they have now. As the covid situation normalizes and we get the lockdowns lifted, that vector will be there. The longterm real rates underperformance of value, that is not going away. Maybe it is a reversal of the trends rather than a reversal for allll the way back of the under performance the value has had for the last three or four years. Guy just one final point which haventalluding to, we seen bond yields move significantly higher this month. I am wondering whether or not, for this value rotation trade to really catch fire, we need confirmation from the bond market for this to take place. On what kindepends of value stocks you are talking about. For example, the classic value right now is energy and financials. Work,nancials to really you need those to go up. That they could go up. Energy iser hand, also probably leslie to benefit more because oil is expected to go up if you have a proper recovery, but again, the headwinds is also a concern. So the classic value we are not that excited about. What we are excited about is the new growth. So industrials, hardware. Their growth rates are now going to rival the growth rates of large cap tech. It is a growth to a new growth rotation rather than a value rotation. Alix that is such an important note. Thanks very much. Good to chat with you. Coming up, we are going to continue this conversation with a deeper dive into small caps and that socalled value trade with francis gannon, royce Investment Partners coast cio. This is bloomberg partners cio. Cio partners co this is bloomberg. Alix the conditions for smallcap outperformance may be coming together in 2021, according to research from bloomberg intelligence. Is that rotation now sustainable . Joining us now, francis gannon, chiefinvestments Co Investment officer. How much of that is currently priced into the sector . Francis it was an incredibly strong month. We saw massive rotation into the small caps space, and we probably had the strongest monthly return going back to the late 1970s. You could argue that a lot has been priced in, but on the same is an i would say this index that has been trailing on a relative basis to its large cap resin largecap brethren for a period of time here. Guy i understand why it is thought that you would see the small caps outperform. That is certainly the historical precedent. What we have seen is a lot of ,ompanies take on a lot of debt and a lot of Companies Really struggle through this. Is this going to be a blanket bounceback . How granular . Is this a topdown trade . Francis i believe this is a bottoms up trade, and i say that because i think this is going to be were selective in terms of how you approach the smallcap asset class. If you look at the russell 2000, it is comprised of almost 48 of the companies with no earnings at all, an ethic you have to focus on companies that have earnings that are anchored to the economic rebound, which will continue into the new year. In terms of the opportunity set, it is more around cyclical areas versus defensive areas. I think you could say this about the full market as well. In the Narrow Economic environment, as the economy continues to broaden out, you should see more of these cyclical areas do quite well, and i think they will do better than areas of the full market. Alix we were just talking to many stash panned too many stash pound too manys dish all to Maneesh Deshpande of barclays. Industrials have kind of been left behind these more cyclical, economically sensitive areas of the market. I think what people miss in todays market is this idea of innovation. Theres enormous innovation taking place today in the industrial sector of the United States, machinery businesses, will bet i think benefiting small caps, and i think that is why you have to be very selective in terms of how you approach the smallcap asset class right now. Guy how operationally geared are these companies to the recovery as a result of the crisis . Have a slimmeddown . Are the cost basis more efficient . How much of a coiled spring is there here . Francis i think it is probably more coiled than you think, but small caps have this perception fragiley are a very companies, that these companies are inherently fragile to begin with. Debting that has a lot of is negative. But if you approach the asset class with a process that tends to focus on Better Business models, Companies Generating a lot of free cash flow, i think that is the way you are approaching it in todays environment. Many of these businesses have been through cycles like this before, even though the cause of this one has been dramatically different, but companies have been through these type of cycles before, so they know what to do and how to address their Business Models so that they are ready for the rebound, should we see it. I think you are beginning to see that. You saw some of that in the Third Quarter earning. In fact, and some of the outlook statements the come panisse were making were actually quite positive. So i think the coiled spring from a smallcap perspective is more around these more economically sensitive areas. I think that is the opportunity set. It is going to be based on a broadening of the overall economy, the global economy, but i think you are going to see a notinuation of innovation only in technology, but in industrials and Building Supply companies, etc. All of that is taking place right now as we focus more and more on what 2021 will be, which i hope will be a year of recovery instead of closings and recession. Alix we all hope that. I am going to give you a chance in the last minute here to talk your book. What are the names you are looking at to satisfy this quota you are looking at for small caps . Francis there are a couple of ways to approach it. You can find it in a lot of different industries, but i think these industrial businesses continue to be a great way to play it. Look at Companies Like manhattan associates. Look at bigger brand name retailers that have come down into our space of late, names like ralph lauren, which could be interesting here. Look at pnc Insurance Companies that are going through a really interesting pricing cycle right now. I think theres opportunity in a lot of different sectors, but focus more and more on these economically sensitive areas that will really benefit of the economy continues to broaden out. To getancis, interesting your insight. Thanks for taking this time to bring it to us. This is bloomberg. Ritika its time for the Bloomberg Business flash, a look at some of the biggest business stories in the news right now. Im ritika gupta. The credit unit at Blackstone Group is going shopping for quantifier power. The alternative asset manager is set to buy Technology Driven credit investing firm dci. The firm oversees about 7. 5 billion in assets. The dci purchased will allow blackstone to wade deeper into the world of Investment Grade bonds. Two of wall streets biggest data providers are joining together. S p global has agreed to buy ihf market for about 39 billion in stock. It is the second biggest deal of the year. The proposed tie up is part of a race for scale. The industrys largest players are trying to capitalize on surging demand for data analytics. Bloomberg lp, the parent to bloomberg news, competes with market with ihs mark with ihs markit and us be global and s p global. Guy data and analytics obviously the lifeblood of the Financial Sector now, and this is definitely a bet. It is a takeover in theory, but feels almost like a merger. It is a definite bet on bigger is better. I guess theres a bunch of things that could potentially go wrong here. Regulatory probably is one of them, i would have thought. Weve seen what has happened. The other thing is culture is really important. It is a u. S. Company and a londonbased company. Is it going to work . Is the id going to work . Theres lots of risks. Alix and you guys talk funny sometimes. Guy all the time, actually. Alix so that is going to be tricky. You are looking at a norm is amount of m a volume in the quarter. At an enormous amount of m a volume in the quarter, and we are not even done yet. So i cant imagine it is going to happen in the next couple of weeks. A huge credit deal for their unit as well. We are just talking about it, merger monday, but it is also vaccine monday. Coming up next hour, we will talk to stefan bonsall to stephane bancel, moderna ceo. This is bloomberg. Are you frustrated with your weight and health . Its time for aerotrainer, a more effective total body fitness solution. announcer aerotrainers ergodynamic design and four patented air chambers create maximum muscle activation for better results in less time, all while maintaining safe, correct form and allows for over 20 exercises. Do the aerotrainer super crunch. The prestretch works your abs even harder, engaging the entire core. Then its the back extension, super rock, and lower back traction stretch to take the pressure off your spine and stretch muscles. Planks are the ultimate total body exercise. Build your upper body with pushups. Work your lower body with the aerosquat. The aerotrainer is tested to support over 500 pounds. It inflates and deflates in less than 30 seconds using the electric pump. Head to aerotrainer. Com now. Now its your turn to lose weight, look great, and be healthy. Get off the floor and get on the aerotrainer. Go to aerotrainer. Com, thats aerotrainer. Com. Alix live from new york, im alix steel, with guy johnson in london. This is bloomberg markets. Joe biden officially nominated janet yellen as treasury secretary today. Joining us is michael mckee, Bloomberg Economics and policy correspondent. Katerina, lets start with you. We are learning about dental nominees to his economic staff. Yes, thats right. Thank you for having me. The biden team has announced nominate the head of the office of management and budget, the first woman of color and the first asianamerican to lead omb. Theres another nominee as yellens deputy at the treasury, and they have made some pix for the council of economic advisors. They have nominated cecelia ralph, Jared Bernstein, and Heather Boucher. Cecelia will be the first black person in that position as head Jared Bernstein and Heather Boucher are very progressive, leftleaning economists in the d. C. Think those are very new, out of the typical mold of people you would see in those positions. Guy are there going to be any issues getting all of these people confirmed . Catarina the only issue ive heard a bit about is perhaps near attendant perhaps neera tanden might have difficulty getting through a republican congress, but i dont think you would see problems with, for example, janet yellen. Hes very wellliked obviously was the head of the Federal Reserve for a number of years. I think she is a pretty wellliked individual, and shouldnt see much difficult to getting through the congress. Alix if we put everyone we just talked about, people including janet yellen, in a room, what is going to be an Economic Policy . Michael i think the main Economic Policy come the thing that is going to drive policy, is an effort to bring more economic equality to the United States economy to try to help people at the bottom of the ladder. Yellen known for trying to push the economy, run it hot to bring down the unappointed rate. Jared bernstein and Heather Boucher very much labor economists who want to do more to switch the balance between capital and labor in the United States, so you are going to see an effort to do that. The question is what kind of things are they going to be able to get through, and therefore what kind of things are they going to propose in terms of stimulus, and terms of may be keeping some of the automatic stabilizers in place, and in terms of trade. There may be some differences on trade because janet yellen, very much a free trader, and some of the others there he much not. Guy theres a lot of women here. It is fantastic. My question is what does that do in terms of what we are likely to see in terms of policy. People have talked about this recession hitting women very hard. Theres a lot of evidence to support that. The fact that we have this lineup, what does it suggest about dealing with gender inequality in the administration, dealing with gender inequality in the economy . Are we going to see more policies on that front . Because a lot of women voted for joe biden as well. Michael i assume we will. It is not clear exact a what kind of things they are going to propose, but theres possibilities of additional aid for childcare. That would be a big one for a lot of women in this country. But as you point out, this is a very Diverse Economic team. Is only one white male in there, and that is jared nstein, whos been a wound whos been around for quite a while. Is for the most part, this women and people of color, so you can expect that they are going to be extra sensitive to the kinds of things that need to be done to help those economic groups. Alix can labor policy walk and chew gum at the same time . Employmentle women and minority unemployment as well . Catarina yeah, i thank the two kind of go handinhand. Half of all minorities are women , so i do think that that is possible, and i think you have a lot of folks calling for policies to specifically focus on women of color, and that will kind of help bring in other marginalized folks into the fold, and kind of be the tide that lifts all boats. Think withso, and i how the pandemic has disproportionately impacted , ien and people of color think that is important to people now more than ever. Mike, there is one white men that still has his hand firmly on the economic levers, and that is the chair of the Federal Reserve. Is there anything within this that would hint at the fact that we could see changes at the fed . Brainerd was touted as treasury secretary, yet she is now remaining at the fed. Should i extrapolate forward and assume that the next chair of the fed will be a woman . Catarina i wouldnt michael i wouldnt do that at this point. Jay powell has a good record at the fed and is wellliked. Hes nominally a republican, but has reached across the aisle very much. His term runs another year. He can easily be reappointed if joe biden decides that he likes him and the other members of his Economic Team like him. Janet yellen and powell get along very well. It is certainly possible that powell stays on. Of course, that begs the question of whether he wants to stay on, but it is still too early to make a determination about what exactly is going to happen. Katerinambergs sarabia bloombergs catarina saraiva, michael mckee, thank you. We will speak about how black friday and cyber monday are shaping up to retailers during the pandemic. This is bloomberg. Ritika this is bloomberg markets. Coming up in the next hour, stephane bancel, ceo of moderna. This is bloomberg. Guy the u. S. Holiday shopping season is firmly shaping up to be a bit different this year. The pandemic is pushing more shoppers to remain at home and shop online. Black friday traffic fell 56 versus last year. Online sales rising nearly 22 . Gall,g us is kristen rakuten president. Talk me through what we learned this thanksgiving and how different it was. Has been the most interesting Holiday Shopping season weve ever seen on our platform, for sure. There are a few things happening that are factors this year. The first is a lot of retailers are pushing shoppers to shop early. They push shoppers to shop in november, and started their deals significantly earlier. Eysenck what they want and what they wanted was to move up the Holiday Shopping season, but we saw shoppers on black friday as they usually did. They just did it online. We are seeing Unprecedented Demand on black friday for a number of different categories. A lot of them are pandemic affected categories, things like electronics, gaming, toys, sneakers and athletes are, all of these things that have been up significantly during the pandemic are getting a double whammy hit on black friday, and cyber monday as of today is looking to be the Biggest Online shopping day the world has ever seen. The pandemic has driven so many people to shop online, and today is going to be the day that a lot of them really take advantage of all of these deals. Alix typically if you go into a store for black friday, you go for the deals, but as you are browsing, you find a lot of other stuff and throw it into your cart. Not speaking from experience, obviously. Howdy replicate that online . How do you replicate that online . Kristen i think there are a lot of strategies that retailers are using. One is they are using discounting dress shoulders discounting thresholds. You can get 20 or 30 off of your order, but you have to order 200 of merchandising. They are also savvy about crossselling or up selling merchandise. They are going to use personalization to recommend Something Else to throw in while you are buying. What we are seeing right now is that it is really average order values that are going up significantly. Our average order value on black friday versus last year was up about 15 , and the average order value on electronics was actually up by 50 . From my perspective, retailers are being very successful in this strategy this year. They are causing consumers to really fill up their carts and more. E and buy guy how useful will the Lessons Learned actually be . How different will behavior be once they have a vaccine in their arms . Kristen i think there is a bit of an anomaly this year in terms of what people are buying. This world of streaming service gifts, this world of athletes are at home, slippers and comfy pants of athleisure are at home, slippers and comfy pants, wearing sneakers instead of high heels, those are the changes that are going to be temporary and because of the pandemic. I do see, however, behavior is changing in america, and this world where we buy online, we dont go to stores as often, i think there is something that will continue even after we get a vaccine. Things like grocery delivery and all of the things we have been doing differently, theres a bit of that that will sort of hangover in our lives, and the shift to online that has been just accelerated i think will continue to be a thing that we do. Alix theres been a lot of debate as to this fiscal flip at the end of the year, when benefits wont be renewed. One thought is that is really going to hurt spending. The other school of thought has to do with the savings rate. The savings rate is so high because people were able to put away the checks they got in the last nine months that people might be ok. You have any indication of which way this could turn out . Kristen from my perspective, right now people are spending. It has been interesting. Done a lot of this forecasting of what could happen. Full theres been forecasting a people pulling vaccine. We have not seen that. People are really trying to give holidays. Very joyful Even Department stores Discretionary Spending like apparel, that is up significantly, so it doesnt appear as though people are pulling back right now. There definitely could be a bit of a hangover post holiday for a lot of these retailers, where they need to use increasingly deeper and deeper discounts to get people to move because that is where people could start to get frightened about their Financial Outlook and could definitely pull back. Alix great point. Thank you so much. Still ahead, opecplus numbers kicking of a Virtual Meeting on whether to maintain current supply cuts or to hike production in january. It looks like that has been pushed off to tomorrow. We will break down that potential decision with , jp morgan head of oil and gas research. This is bloomberg. Alix opec is considering a three month extension of output cuts. Some members oppose a delay of the output hike. Good enough is christyan malek, jp morgan head of oil and gas research joining us is christyan malek, jp morgan head of oil and gas research. What is your take . [indiscernible] so theyve got a bit of a dilemma in terms of they horizon they stick to in terms of whether to extend these cuts versus seeing this resurgence in shale which has happened relentlessly over the past few years. Alix Market Participants have been looking through the longerterm victory with vaccines. How do the delegates look at it when they have the curve issue, can they short term afford to look through that . Fiscally iraq is in a very difficult situation. Theyve got to think about the price that is conducive for their own constraints. ,hey are very Long Investment whether it is investing in oil capacity. The other side is no one that whatever they do to the price will encourage more oil production. Athink what they will find is happy medium of something in between one to three months in order to keep the competition on its toes, but also straddle uncertainty around demand because when biden comes in, we may see more lockdowns, more difficulty in terms of infections, and we just dont have that visibility, so weve got to thing about that in context. Haveriyadh and abu dhabi been lockstep throughout this crisis. They are no longer in that position. How problematic is that for saudi . Uae and saudi have one common goal, which is mediumterm. The whether where there has been does agreement is how they solve that, with competition in shale oil. Every time Oil Price Goes up, you see production emerging somewhere else. I think the uae has a very good point in that regard. Theyve got to find Common Ground where they can achieve a drawdown in inventories, but also ensure that the competition in shale, nonopec isnt going to take advantage of that. I think that is a healthy discussion between them. Getmately, the governments on very well. This is a healthy conflict within opec in order to ensure that they do what is best in opecs interest, but also from an oil market perspective, they are not just getting the oil price up in five minutes. They are fixing the market for inventory drawdown. Marketarrative in the feels somewhat consensus, that the uae is going to keep on board, no problem, and even if errani and barrels come on due to a President Biden if iranian barrels come on due to a President Biden, it is going to be slow. Is there a risk of being too convinced . What is the downside here . Christyan the downside is that iran starts adding barrels in and cheating, and therefore they cant control the amount. Having said that, with sanctions in place in iran, we think the biden adminstration coming and will be looking at this in a very measured way. Will have the visibility to manage. In our view, what they will find is that the rest of opec do take a sensible, pragmatic approach. After all, with all the hard work to help drawdown inventories and support price, through confrontation or standoff would be very unlikely. It is more lightly we see saudi and uae, with rushers help with russias help to broker, ensuring that the uae and saudi can ultimately accommodate new. Arrels over time they also have to think about orderd quotas imposed in to make sure they do incorporate iran in a healthy fashion. Guy how much geopolitical risk do we need to press into the gulf right now . Christyan at the moment, i think the market has been generally quite aware, with its eyes wide open in terms of the issues we have seen. Having said that, you have seen attacks in saudi of late, and i think that is also an issue in terms of complacency. We do see the saudis making sure theyve got all of the Security Apparatus to make sure they can mitigate. While it is important to thing about geopolitical risk, the reality is we have sort of oversupplied. We are close to historic highs, and therefore if we were to see some sort of attack, we still have high inventories. Geopolitical risk is important in a tighter oil market, where capacity is not where it is. As capacity comes down, as we look at 2021, it will become more permanent because as we see a deficit in a tighter market, that is where the oil market has a higher risk premia to what we are currently seeing in terms of some of the tensions. Alix if we dig a little deeper into that, friday we had the killing of what they called the father of Irans Nuclear program, and iran did nothing. The conversation is that israel and the u. S. Will be much more volatile until biden takes office. I am wondering what kind of iran you are expecting over the next few months. Christyan iran has been extreme resilient through this oil price crisis, through the restraint on production, and that speaks to the underlying strength of its fiscally, but the fact that they do have strong manufacturing, Strong Industrial kick abilities. They will bed, approaching the situation delicately because they are in an opportunity to see renegotiation through the next three to six months. Youve also seen the saudis take a more conciliatory approach through how they manage their national foreignpolicy. I think the point is that both of these countries are looking ,ore inward, more domestically because it is a massive priority to diversify, to lower their fiscal budget breakevens, and to rebuild the economy. That will take precedent over a Foreign Policy agenda on both sides, and i think that is where you will probably see the u. S. Help intervene and try to find some of the Common Ground, given there is a mutual interest that both sides advance their economies, given particularly also the longerterm pressure on demand for oil. They do ultimate lease ecb they do ultimately see peak demand, but they will have to transform themselves. Guy we will talk to the moderna ceo in a few minutes. The vaccine is going to be in peoples arm pretty soon. Isthe upside to demand the risk around demand to the upside or the downside at this point, in terms of where you think consensus is . Christyan i think the risk is to the upside for sure. We have been generally quite conservative on demand as we have seen lockdowns emerging for 2020. Having said that, we see demand coming back with a vengeance in the second half of next year. As you rightly point out, that vaccine doesnt necessarily fix the near to interim ability near to midterm ability, but we look past lockdown three or four and think about the rate of change of demand growth. That is what we dont think supply is equipped to meet that rate of change because if you think about the before and after, if you look at the benefit of covid, the benefit from a market perspective is that you have seen a lot of slide [indiscernible] guy thank you very much, indeed. Christyan malek of jp morgan. Coming up, as i say, stephane bancel, ceo of moderna. 11 30 a. M. New york, 4 30 p. M. Here in london. This is bloomberg. In a land not so far away, people are saving hundreds on the most Reliable Network with xfinity mobile. They can choose from the latest phones or bring their own. 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Markit forto buy ihs 40 billion. The founder is only going to stay on for a year as a special advisor. A record month for european equities comes to a close, with november 2020 it clipping the previous record set in april 2009. Lets look at those markets. It is a monday, which basically means we get vaccine news, but today we are not getting the positive reaction and stocks we have previously had. The stoxx 600 down by 0. 2 . The euro also given back some ground, but we