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tv   Bloomberg Markets European Close  Bloomberg  November 20, 2020 11:00am-12:00pm EST

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johnson. alix steel is a new york. we are counting you down to the european close on "bloomberg markets." --zer and germany's im tech and germany's biontech submitting their vaccine for emergency use approval, becoming the first manufacturers to do that. the u.k. and french data showing may be the lockdowns are working. both sides in the brexit negotiations and the other side must now compromise to ensure a deal. ursula von der leyen making positive noises a little earlier on about the progress being made. today in the markets, and some ways a relatively quiet session. european equities are higher. we are seeing some softness in the united states. considering the volatility we have seen, not much to write home about. downuro trading at $1.18, by 0.2%, so the dollar a little bit stronger.
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but after the huge moves we have seen related to some of the vaccine news of late, this is a relatively quiet session. if you look at the headlines as well, the mnuchin and powell spat doesn't seem to have caused much aggravation during the market session thus far. seeing weakness in the turkish lira today, but after that big move we saw yesterday by the work of central bank and the shift higher in the lira, people may be fading that move a little bit on some expectation that maybe erdogan will not stick with his recent decision to maybe go to more mainstream economics. alix: let's get to our top story, governments rushing to issue vaccine approval. the modernas that and pfizer/biontech vaccines could be approved by december. >> if all proceeds with no
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problems, the conditional marketing authorization for biontech and mentor in a could happen as early as the second half of december 2020. alix: joining us now is sam fazeli. i love how she kind of couched it and said if. what are the options in that if? of: obviously there's a lot information that needs to be digested by the regulatory authorities. let has already been digested. this is not a normal regulatory process. the two regulators have already been speaking, apparently constantly. they have also got this issue that a lot of the many factoring work and background work that takes ages to do and assess has already been done. what they need to do basically is to look at the data and get the rubber stamp on that. we will have to see what comes out in the details of that data.
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that is the critical question here. guy: is it going to be harder to vaccinesessenger rna since they don't have the same traditional history as traditional vaccines? sam: not necessarily. vaccines have traditionally been one of the safest things people have taken, probably safer than the food and drink people take on a regular basis. you've got a situation here in which any vaccine that comes along, it is going to need to go to so many people, it is going to have to have the same scrutiny, mrna or not. it really is an adjuvant you have to think about, too, so they've got one less issue to worry about. alix: in the meantime, if you wind up getting emergency use authorization, everything goes well, how long until those individuals get immune? how long until things are ok for certain people? sam: the answer to that is tough
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to tell. we need to see some of the data collected after the first dose and the second dose. pfizer started counting cases five weeks after the first dose, weeksen -- sorry, four after the first dose. with moderna, you had a four-week time period between the two doses, and then two weeks, so a six week time difference. i doubt there is that much difference between them. we just need to see the data. so at worst, six weeks. guy: have a great weekend. thanks for your coverage this week. sam fazeli, thank you very much. mui,ng us now is janet investment director at brewin dolphin. what are you looking at right now, the cases or the vaccine news? janet: we are focusing on the more positive aspects of 2021.
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we feel there are a number of positive tailwinds for the next year which we should be pretty excited about. clearly, the vaccine news. though it may take a while to be distributed, we think this is a very positive boost to markets, which we have already seen that markets have reached record highs. we are very excited that in 2021, we are going to see more sustained recovery. setbacks, there have been countries that have to go back to lockdown. we are very unlikely to see that next year if we do have a vaccine available, so that is good news. and we are still going to see very accommodative policy from central banks and governments, so these should set apart that recovery story in 2021. we are focusing on that better expectation of next year rather than the current virus.
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we tend to focus more on next year, otis where markets are looking at for the future. alix: where is the recovery trade not yet played out? is it in the equity market, fx? in the rates market, regional? is it sector rotation? equities have started to rally on the next year. there's still cautiousness and sensitivity over the recent spike in the virus cases, the closed down schools in new york and more restrictive measures in the u.s. and u.k., for example, so there is still just nervousness. lothink that next year, a more will happen, and then we are going to see synchronized global growth. we thinkof rates, that, for example, looking at the 10-year treasury yield, they are kind of back to where it was
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before the vaccine announcement from pfizer. still nervous and cautious, and potentially high inflation in the future is just not being priced into markets. guy: when you think we will get back to pre-covid growth levels? when do you think we will close the gap in terms of the growth we had in the growth we have now? if it takes quite some time, why should equity markets that have already rallied beyond where they were covid continue to rally? on the level of gdp, let's take a look at the u.k. if you look at the latest forecast from the bank of england inflation report, in isms of the level of gdp, it sometime in early 2022. but in terms of trends, you
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won't get back until 2024. there's an element of permanent as aing in the economy percent of gdp. that is the reason why some of the sectors that are heavily hit by the pandemic recover, but they may not get back to that pre-covid trend, and we have to be cognizant of that. i think the positive story for the market next year is the synchronized global growth. we are not seeing that yet in the data. it is mostly the positive news coming from asia, coming from china, but we have yet to see int played out more clearly the u.s. and europe. if we do get that, i think markets will be pretty positive. alix: you mentioned coordination with fiscal and monetary policy. i wonder when that thesis gets played out. we are still waiting for the european recovery fund. there is still brexit looming in
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the background. fiscal stimulus feels like a nonstarter here in the u.s. i wonder if that still holds true. janet:janet: i think it still holds true. ultimately, what we saw from governments is that, in the u.k., for example, whenever there is some concern on the economic situation, with renewed lockdown, the chancellor is throwing more in the pot for the economy. the furlough program is being extended, and there are loads of furlough schemes for companies who are struggling. we continue to see that trend. so in case there is some pickup and that recovery, we expect governments will continue to .upport measures u.s., there's a lot of gridlock and hiccups at the moment, but we think ultimately, a stimulus deal will pass. it is likely to be anywhere
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above $500 billion, and that is going to be a support. globally are committing to very low interest rates, and we will see more qe announced in the future. alix: thanks, janet. we really appreciate that. i remember when it was like $3 trillion stimulus. coming up next, we have an exclusive interview with jose manuel campa on the health of european banks, talking about the dividend ban and the moratorium on outlooks. this is bloomberg. ♪ this is bloomberg. ♪
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policy actions are needed. those policies lie beyond the remit of monetary policy, but will certainly affect the environment in which central banks operate. guy: ecb president christine lagarde speaking during her opening keynote at the european banking congress, which took place today. when it comes to the heavy lifting on provisioning for bad 2021, the situation in they cite evidence that repayment harlow days -- repayment holidays have started to end around europe, businesses have been repaying debt, and there has been no cliff edge when it comes to the payments. however, those with a cynical nature might argue that bank ceos would say that, given they are very keen to resume paying dividends to their investors. joining us from paris is dr. chairman ofcampa,
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the european banking authority, which is published a report on this very subject. thank you for your time. european banking ceos, and there were some speaking at the forum christine lagarde was at today, indicating that consumers that have enjoyed a repayment holiday that have come back to repayments have been paying back their loans. that there is no crisis, and as a result of which, provisioning should go down next year. is it too early to make the assessment that we can signal the all clear here? dr. campa: first of all, thank you. good afternoon. it is a pleasure to be with you today. i think it is too early, particularly as we are going through a second wave of confinement. news that, given the exceptional measures over the spring and summer, in the report that we will publish, there have been it hundred 50 billion euros in loans under moratoria at the end of june last summer, and it
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thatod to hear from banks repayments are resuming. that is certainly good news. nevertheless, i think uncertainty remains high. i thick there will continue to be improvement, and we specked that even the size of the economic downturn in the forecasts we are seeing has risen to expect an increase that may continue to pick up in this quarter or the coming court is of next year. alix: can you give me some perspective as to what the criteria will be for banks to resume their dividends? what percentage of loans have to be repaid, or is it a vaccine or a total opening up of economies? dr. campa: i think this discussion has been ongoing. earlier this year, we signaled that there should be very prudent distribution of dividends on any kind of capital
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to be prepared for any potential situations. we want any uncertainty to be removed from the economic environment. the key component is the pandemic, for sure, and the vaccines will have a countries into that. as we see uncertainty removed, there has been more foresight and assessment of where the economics will go. that is a normalized situation starting from the economic theution, and after that, evolution of the banking sector, the finance sector will go into more formalities. that should be the process for the institutions. guy: but the moment, as you have indicated, there is lots of uncertainty. we don't know what is happening with the virus. we don't know what is going to happen with the economic effects. we are expecting q4 and q1 to be very difficult.
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signaltill too early to that we will be able to lift the moratorium on delivering dividends to investors until well into 2021? you sort of answered your own question, i would say. if uncertainty remains high, i thick we should be cautious. clawson will be the key going forward. i think banks have so far shown over the last -- caution will be the key going forward. i think banks have so far shown that theyast months have been. [indiscernible] context, that overall i think we will have to see how the economic evolution will continue to go. we expect the forecast from the
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european central bank in december will be a key component to the discussion. alix: do using that loan provisions have peaked for banks -- do you think that loan provisions have peaked for banks? dr. campa: we saw an increase in provisions in the second quarter. the evidence so far from the third quarter is that provisions have declined from the second quarter. i will suspect that as we get the second wave, the provisions will continue to rise. that is our expectation, that they will continue to rise over this coming quarter, and the beginning of next year. guy: we obviouslyguy: need some way, the industry needs some way of quantifying all of this. stress teststhe next year would be a useful way of determining whether or not banks are in a position to be able to pay dividends? dr. campa: i think for sure, there are stress tests, and the working assumption is it will be a very important
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contribution to establishing the way forward from that point on. planning to publish those stress tests in july of next year. that may seem very far away, so we will have to see what the level of certainty also that we have on the economic outlook in the middle of next year, but i certainly hope that will be a very important component. that may be useful for the discussions we are having right implementn how to exit strategies from the structures we have but in place. that will be the context in which those stress tests should be understood. alix: obviously in the pandemic, the focus has been on banks. what about shadow banks? what do you think the evolution of regulatory oversight should be on that portion? dr. campa: i think that is an interesting question.
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i think the overall financial system has proven that it has been robust to deal with the peak moment of difficulty in the spring and throughout the rest of the year, but i think there are some lessons that can be learned, for instance in the area of shadow banking. money market funds regulations in the spring have been pointed to as an area within the banking buffers to bel used as another part of the discussion, so i think we are drawing lessons. but the most important lesson is that the core of the financial sector so far has been part of the solution to managing the pandemic, and fortunately not part of the calls. we should -- part of the cause. we should continue that way and then figure out ways to improve the system. guy: can i change the subject a
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little bit and ask you a question about brexit? we are getting close towards the end of the year, the point at theh we are going to see reality of brexit biting. in terms of the preparations you have seen thus far, are you satisfied that the banks have moved sufficient resources, both in terms of people and capital come out of london? do you think covid is a reasonable excuse for people to drag their feet? overall, we just published communication on this two weeks ago, on how the industry is prepared for brexit. i would say that banks have made a lot of progress. we identified this summer that they may be moving assets, some moved their stuff to the continent, and to the european union. i think that has been accelerating. i don't think that covid is an excuse structurally do not move
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the resources away from the u.k. into the european union. there could be some small adjustments and operational needs in the short term, but i don't think there is any excuse on need, and those overall factors. we have been more concerned in the payment issue. there are still a number of issuers operating out of the u.k., serving eu customers. i know that official have been signaling a direction, and we except no more by year end. guy: there is a certain amount of frustration in london that there hasn't been that much information flowing from brussels and elsewhere within the european union to allow progress to be made in terms of
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harmonizing the regulatory structures that are required. do you feel that frustration when you talk to those at the bank of england? do you feel that frustration when you go down to the treasury and number 11 downing street? why has the european side not been more forthcoming in terms of the conversation that needs to be had in harmonizing these regulations? dr. campa: well, i actually had a very good communication with our u.k. counterparts, and from my impression, you colleagues are engaging with them -- my impression, eu colleagues are engaging with them. the financial sector is not the most important aspect of those negotiations. i think the real sniffing and challenges are in other areas -- the real significant challenges are in other areas. i think these negotiations have been more in the background, and
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we expect that will continue to go forward. i think it is important to be aware that the u.k. is already a non-eu member, and starting in that we we run the risk are considered just a third-party. that over thee medium and long-term, they expect to diverge from the regulatory environment in which we still operate in the eu, and that we nee -- and that will need to be managed going forward. alix: what we see in the european union is back consolidation -- is bank consolidation. what banks emerge the strongest out of covid? is it a regional play? is it the type and quality of bank that is going to be strongest? dr. campa: it is hard for me to say which banks would be stronger. i think we need to make sure that the banks that come out of the crisis are actually the best managed banks, and the banks
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that have the best is in the structures going forward. that has been true throughout consolidation processes. line, thisof the proposition really is a better one. i think that consolidation is one of the tools for restructuring, to get the banks more effective, more efficient, and more advanced going forward. we have it and if i challenges in the sector. i think those are well understood. the macro environment, the profitability is a challenge in the industry. transformation is also a need over the long-term. to continue to pursue that one forward. we also have instability that the banks need to be ready for. i don't think that there is a
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single business model that should be considered the optimal one. it would depend on the business proposition of the individual entities. guy: we are going to leave it there. thank you very much for your time this afternoon, jose manuel campa, chairman of the european banking authority. another week of outperformance for european equities. a third week higher as we continue to see the rotation trade working, maybe not quite as much this friday afternoon, but nevertheless pushing higher for european equities. the details to follow. this is bloomberg. ♪
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guy: european equities wrapping up the session and the week. higher for european equities. today going out with more for whimper than a bank, up around
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.5%, tracking sideways in a reasonably tight range. the market has not made up its mind which one it wants to focus or the vaccine. the two canceling each other out. let me show you a longer-term chart to give you an idea of where european equities have come from. where they are relative to the united states. over the last 30 days, the stoxx 600 is up 5% versus last two to three weeks, the outperformance significant. we are, over the last week, not really going anywhere in a hurry. that is interesting in terms of
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the competing narrative, virus versus vaccine, which would you focus on? in terms of the intraday performance, not much to speak about. not much to divide the equity markets throughout europe. you are not seeing the outperformance you saw a couple of weeks back. the ibex has had a solid run, but that is not continuing relative to other markets. it'll be interesting to see how that peripheral story plays out if the vaccine story is the dominant theme, or the virus story is the dominant theme. let's talk about the sectors of stocks will be watching over this period. worth paying attention to the dispersion. more of a rotational market now. a week or so ago it was an index story. the index popping higher in europe. in the states it was more rotation story, value versus momentum. in terms of the story in europe, it has been an index story, and now that rotation story. energy is outperforming. brent up around 10% during this period.
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the car sector is relative outperform her. banks are relative outperform her. defensive names at the bottom. rotation has been to the more beaten up areas, interesting to see banks outperforming. alix: let's turn to one of the stories, that is the vaccine. filed forch regeneron emergency authorization for an antibody cocktail it is working on one with roche. francine lacqua spoke to the roche ceo on the companies plan to boost the supply of covid-19 antibody treatments. the antibody cocktail's will play a major againstthe fight bottleneck with antibody cocktail's is the scale up, is manufacturing. are veryl antibodies
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complicated to produce. it is not so easy to scale them up. that will be the real problem. upare working hard to ramp production as fast as we can. latest newses the on remdesivir change the outlook for regeneron? .> specht of of other potential therapeutics, the demand for antibody cocktail's will outstrip the potential supply. target to make sure we the right patient with that kind of medicine. least critical people in the health care sector. we cannot provide such a medicine for broad parts of the population. francine: you have always said that treatments are essential even while looking for a vaccine. we are so close to having
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something workable in terms of a vaccine with moderna, with pfizer. does it change your calculus on treatments for covid? >> first of all it is really good news these newly developed vaccines seem to be very effective so they will no doubt play a major role to get the pandemic under control. vaccines will never be 100% solution. we know that from other infectious diseases. we know that from flu. therefore, there will be a continued need for other therapeutics and also testing. how quickly could we see the fda approve regeneron. we are expecting it next week. could it come today? yes.ine: -- >> regeneron has filed for emergency authorization, so that could happen very soon.
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really, i would have to refer you to the fda. it is the fda's decision. we have filed for emergency authorization. guy: the ceo of roche speaking to francine earlier today. joining us is jeff meacham, bank of america and securities senior biotech analyst. the sequencing is important joint the world is very focused on what is happening with the vaccines. in the meantime, we are going to have a very tough winter. the virus is in control in the short term. what is the timeline in therapeutics and how does it differ from the timeline when it comes to the vaccine? jeff: it is a great question. vaccines as of right now should be available for emergency use authorization by the end of the year or the beginning of 2021. the therapeutic landscape, you
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have remdesivir, which is available right now, you have dexamethasone and other therapies. those are available today. availablentibody today with regeneron antibody likely available the next few weeks. ,t will be a similar timeline but obviously some of the therapies for covid have been in the weeks to months preceding a vaccine. that will be good to have everything in the mix. the suspicion is with the rise in cases, it is nice to have real therapies available that are having impact in the real world. alix: so what happened with gilead's remdesivir? ff: the remdesivir was a repurposed antiviral that was approved early on.
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i would call it first-generation. there are a lot of other therapies. the world has become more optimistic on the efficacy of the antibodies. that is my sense that the who opted for a more established covid specific therapy in the case of the antibodies. remdesivir is on the back burner in respect to their guidelines. in terms of scaling up the regeneron products, it is a bit like the vaccines. scale is important. some of these therapies have been used for years and are in a generic form and are easy to scale. some of them are not. how difficult will it be to scale some of these therapies? geoff: antibodies are very straightforward to scale. antibodies have been around for decades and decades and there are many different manufacturers of antibodies. roche is helping regeneron.
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there are lots of other companies that could be added to the mix to help scale some of the antibodies. those are straightforward, although we will need a lot more of the drug to have an effect. is up toeron antibody eight grams of drug. it is a lot of drug to have a clinical effect. the vaccines are more of a challenge given that we will need a heck of a lot more volume , 500 million to a billion by the end of next year is the guidance from a number of different companies. antibodies are a lot more straightforward technology, a lot more straightforward process to scale up. if treatments are different for different portions of the population? we are thinking about that in terms of the vaccine. there may be one better for hourly individuals versus younger -- for elderly individuals versus younger. is it the same with treatments? geoff: so far the data from
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written -- from lily and regeneron have indicated that patients with cardiovascular comorbidities generally perform slightly better, and those are the ones in an unmet need situation. we do not have a lot of details from any of the antibodies or the antivirals looking at age cohorts and a lot of detail. we need more studies to make that call? i want to come back to one of the questions that francine asked. once we get a vaccine, do we still need the focus on therapies in the same way we are focusing now? does the demand for that side -- not disappear -- but end up being significantly reduced? geoff: i think it will shrink dramatically, presuming the majority of the at risk population, and even those
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patients not as much at risk at the vaccine. we did a survey last week. the physicians predicted about 75% of the at risk population would get vaccinated, but only 60% of the total population. we need more people to get not,nated, and if they do they will be the candidates down the road if they come down with covid that we have options available vis-a-vis antivirals and antibodies. guy: we will wrap it up there. geoff, appreciate your time and input. geoff meacham of bank of america securities. a quick look at where european stocks have settled. not much action. a similar story when it comes to the final numbers. barely budging from where we entered the option period. we have a briefing from 10 downing street with the health secretary which will pick you up and bring some of your written
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update on what is happening in the u.k.. we will do that on the cable show, dab digital radio is where you will find jonathan ferro and i at the top of the hour. this is bloomberg. ♪
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ritika: this is "the european close." yelp ceo jeremy stockman joins bloomberg studio 1.0 at 7:00 p.m. in new york. this is bloomberg. guy: welcome back. let's get into the nitty-gritty of the u.k. budget finances. the road to a 286 billion dollars in the first six months of the year underscoring the tough choices the chancellor of the exchequer will have to face. for more on the budget in the state of u.k. economy, jonathan portes, king's college london.
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an extra $260.8 billion to cover the gap between april and october. that is a very big number. does it matter? jonathan: it matters, but it is not a problem. it is not the first, second, or even seventh most important economic problem the u.k. faces. we are borrowing this money at interest rates which are low, not just by the standards of the last five years but the last 5000 years. the lowest interest rates and recorded economic history. the markets are queuing up to get the government to borrow pure at the moment it is in no sense a constraint on economic policy cured there are structural issues the government will have to grapple with in the chancellor will have to grapple with in his spending review next week. at the moment, government borrowing is not an issue at all. alix: when does it matter? what do we talk about all the debt and how we pay for it? jonathan: is not a question of
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paying for it in any meaningful sense. this is money we are borrowing from ourselves. the u.k. trade deficit, the measure of how much we borrow from abroad has shrunk considerably during the pandemic. we are borrowing less as a country. what is happening is the private sector is saving a lot and households are spending much less for reasons we know, and business is not investing for reasons we all know. that savings has to go somewhere. it is going into government borrowing. the government is borrowing, the private sector is saving. that answers the question of when it becomes a problem. it becomes a problem when and if the private sector starts wanting to save less. when households want to spend more common when businesses want to invest more. let's be clear. that is a problem we want to have. it would be a bad scenario for the u.k. economy in the world
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scenario when interest rates stay low and governments continue to borrow without limits. that is not a problem from a borrowing point of view, but it is bad for the economy. if we see improved recovery, businesses will want to invest more, people want to save more, there will be upward pressure on interest rates and inflation. that is what we should want to happen. the reason why u.k. interest rates are incredibly low is because the bank of england is buying huge quantities of its debt. the uk's debt cured isn't this monetary financing -- the uk's debt. is at this monetary financing? are we at the point where the u.k. in europe have reached that point? i know central banks deny and deny, but we have by all examination reached that point. jonathan: let's look at the
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mechanics of what is happening. what is happening is saving has gone up a lot. look at the bank of england figures for how much households are saving. household savings rate have gone to 25%. that is completely unprecedented. the private sector is saving a lot. where's that money going? people like me are paying off our mortgages, doing whatever. in turn, the banks are then putting that money defensively on deposit in the bank of england. that money is sitting in the bank's own account at the bank of england. that is the way the money is going around. that is the flow of funds in the economy. is that a problem? it is a problem if and only if , that is to say the private sector stops wanting to save and starts willing to spend, and then the money comes out. at that point you have to start worrying. yet,e not at that point
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but we will reach that point if there is a decent recovery. the monetary financing is secondary to what is driving this, the behavior of the private sector. alix: extrapolate this from the european union. we are still awaiting the recovery fund. poland and hungary are dealing it -- are digging in their heels and there is question it will not get past. what is the implication? jonathan: it certainly has political implications for the cohesion of europe. economically and politically, poland and hungary for political, rather than economic reasons, are holding this up. fundbroadly, the recovery is an important component of a european recovery, but not the most important component. the most important component is what you were discussing on the previous segment, which is how quickly governments can roll out a vaccine and return to something like economic normality.
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so the private sector can get spending and investing in. that is what will really make a difference. the recovery fund is useful for europe and the european union from a political and economic perspective in supporting the recovery and tried to lever or public and private investments. it is not the most important thing for economic development in the short-term. guy: a final quick question on the g20, which is also taking place this weekend. has multilateralism been useful during this crisis in any shape or form? i know it has been heavily impinged by what is happening out of washington, but there is a moment to reset now. how important of a moment do you think that is? jonathan: multilateralism has failed during this crisis. 2009,go back to 2008 or multilateralism was far from perfect, but broadly the international community did have
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an idea of what it wanted to do. there was a degree of coordination on economic, fiscal, and trade policy. been largely lacking and we all know why that is, that is the white house. there is an opportunity for reset, and i'm sure most of the countries in the g20 will indeed be hoping for that, not expecting it to happen until we are into the new year and have a new president in the white house, which may come too late in terms of this wave of the covid crisis. alix: thanks so much. jonathan portes of king's college london. this is bloomberg. ♪
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ritika: time for the bloomberg business flash. a look at some of the biggest business stories in the news. in france, amazon and other major retailers have agreed to postpone black friday.
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rivals have been campaigning to reopen physical stores this fall. the shopping holiday has been delayed from november 27 until december 4. france's current lockdown is said to end december 1. the ceo of booking.com is pessimistic about travel during the holiday. he spoke with bloomberg's emily chang. >> the summer was not bad at all. people feeling optimistic about things. as the infection rate started going up, not just in the u.s., it is even worse in your. we see the infection rates go up. we see cancellations go up. until people feel safe, we will not see a rebound. ritika: that is your latest business flash. guy: thank you very much, indeed. the cdc has kicked in its opinion. it is advising people not to travel. if you are in the travel
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business, that is not a great piece of news. i wonder how important the holiday period will be for the airline sector and i wonder whether or not, given the advice out there, this to be another of those make or break moments for that sector. alix: yes, but also at some point are you going to be able ?o have more money from d.c. airlines have to be front and center to all of this. the point you make sometimes is if you do have a rally in the recovery stocks like airlines you issue equity. we had carnival coming to the high-yield market without ships as collateral. the market is still open in some aspects. guy: absolutely. as a result, maybe one would argue some of the fed programs that were just recently curtailed. i wondered whether in a couple of weeks, if the holiday season is -- christmas, thanksgiving, the new year, if it is tough whether the new year saying we
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need more aid and we need it right now otherwise the cuts we made so far it will make it significantly worse. alix: my mother canceled thanksgiving. she said we will not integrate families. my mother canceled thanksgiving. guy: there you go. alix: that is it. guy: what she going to drive or fly? alix: we're going to pick her up in the car and stayed a house in massachusetts. that has been canceled. that wraps it up for this friday. happy weekend. coming up on balance of power, connecticut governor ned lamont is joining david westin on "balance of power" on bloomberg television and radio. this is bloomberg. ♪ businesses today are looking to tomorrow.
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adapting. innovating. setting the course. but new ways of working demand a new type of network. one that's more than just fast. you need flexibility- to work from anywhere. and manage from everywhere. advanced technology. with serious security. and reliable coverage, nationwide.
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forward-thinking enterprises, deserve forward-thinking solutions. and that's what we deliver. so bounce forward, with comcast business. david: from bloomberg's world headquarters in new york to our tv and radio audiences
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worldwide, i am david westin. welcome to "balance of power," where the world of politics meets the world of business. we want to check on the markets first as we always do. joining us is abigail doolittle. a lot of little moves, not in any direction once again. abigail: once again. that has been the theme this week. monday we started a higher. that was on the vaccine news. thursday, weesday, started relatively small moves. tuesday we started off with a big move to the downside but we ended with small moves. we have had small moves, sometimes bigger, sometimes smaller, but legitimately very small. the nasdaq 100 slightly higher. investors trying to figure out what it means, this tug-of-war between the near-term challenges around the virus and the spread of possible positions at record highs in the u.s. and the long-term reality of the vaccine and that help it should bring. on the

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