>> good morning. it is 6:00 a.m. in london. i "bloomberg daybreak: europe "bloomberg daybreak: europe am annmarie hordern and this is." i am and reordering and this is "bloomberg daybreak: europe." the fed pushes back. restrictions ramp up. california imposes a late-night curfew amid the spread of coronavirus and the cdc says do not travel for thanksgiving. hong kong's chief says it has

entered a new wave of cases. europe's twin battles. e.u. leaders make no progress. chancellor merkel says finding compromise will be difficult as france and belgium are said to have urged e.u. leaders to step up contingency plans for a no-deal brexit. very good morning to you and happy friday. what a week it has been. witharted the week off optimism and euphoria with markets on a high into vaccine news and we will be ending the week on a much more sobering tone. the news coming out in the united states, california imposing a new curfew, with pressure on officials. we wake up to a public clash between steven mnuchin and jay powell on unused lending funds and we saw that hit the futures market. s&p 500 futures paring some of those losses. we have nasdaq futures relatively flat this morning.

treasury yields steady. in the pound, north of 132. we do have sources telling bloomberg's that emmanuel macron is urging his e.u. counterparts to start drawing up contingency plans for a no-deal brexit. we are going to have more of that with maria tadeo from brussels later in the program. a lot going on in the european union and still no stimulus deal. complicating the brexit is one individual on the european team has actually contracted coronavirus. those talks are going virtual. coronavirus is surging in many with 9f the world million cases and california ordering a curfew. it comes amid a rare public rift between the u.s. treasury and federal reserve. the central bank is pushing back after steven mnuchin asked a return any unspent stimulus money when the program expires. >> i was a bit surprised and i have to say right after that

announcement, the reserve board came out with a statement expressing their interest in extending them to keep them available and that's pretty much where i am, and i think given where the economy is, and there is so much uncertainty out there. it is prudent to keep those things open so that when people, if they do have stress, can draw upon it. rafael bostic speaking to bloomberg yesterday. the chief investment strategist for aipac and northern trust asset management joins us. happy friday. thank you for joining us. i want to get your initial thoughts on this public spat playing out between the treasury and the fed which normally work hand-in-hand together. we have seen it time and time again. whether it was with the pandemic or the depths of the financial crisis. but we now have them arguing and that is having an impact on the market. what do you make of this? >> very unusual, and unexpected,

to be honest. we all expected the fed learning programs that were slated to have -- they were slated to end at the end of the year, to be extended, to have that asymmetric crisis fighting ability if you need it. to see the treasury step away from that notion, it looks like we are doing all right so let's leave it. and see what happens next. it's very unusual because again, you wanted there in case you need it, not because you need it right now. it is a bit concerning. i understand why the markets do not take kindly to it. youarie: and i wonder, do think the markets will question whether or not this is a political act? will this make it harder for a biden administration? wouter: i think so. people are putting everything into that context for the transfer of power and they will wonder, is this another sign that the transfer of power will

not go smoothly, that may be the republicans in congress will be extra difficult when it comes to me stimulus measures? they put all these things together, and of course, as a result of that, they worry about the shape of -- what the shape of the economic recovery will be in 2021. they are hitting a fairly substantial surge in new cases and we are already seeing the new impact of new restrictions of slowing down the economic recovery. what does this mean on top of that in terms of what you can expect for 2021, and certainly, the way you phrase it is a good way of putting things in a market -- in the market context. it certainly is. kaplan was talking to bloomberg about that yesterday, saying we could seek another contraction in the fourth quarter as well as into next year. i wonder, from your, this kind of public disagreement, does this change investors confidence in u.s. assets?

wouter: what it does is it introduces a bit of uncertainty, a bit of a risk premium when you look at the u.s., when you look at the dollar, the u.s. treasury. these are very solid but you wonder what's going to happen next from a governments perspective. how will this work with the fed? everyone expects that relationship to be quickly real established -- reestablished once biden is inaugurated as president, but what happens in the meantime? you are facing a fairly difficult winter because of the surging covid-19 cases and people wonder if in that interim period, in the three month we have left, if things sort of go the wrong way, and i think that's what markets are pricing in right now. in that interim period, we are going to have another fed meeting. does this put pressure on them to potentially do more or introduce new policy plans? wouter: the state was already

under pressure to provide a signal that they are willing to do more because clearly, the fiscal stimulus has still to be decided and it has not yet come through, so already, risks were tilted to the downside. now with this on top, the fed will be at least, that say, motivated to perhaps do more on the stimulus side, crank up the qe button a little bit. here, still ready to support you and the economy. very important. as supportiveay throughout this recovery. annmarie: wouter sturkenboom from northern trust, thank you for joining us and he will be with us throughout the program. let's get an update on your global news with juliette saly in singapore. good morning. george's recount shows president-elect joe biden with a narrower but still decisive lead over president trump.

it is a step back to the president who is still refusing to concede the election. biden is hitting out, saying trump's legal efforts to overturn the results are outrageous. leaders of the global economy are warning the recovery is at risk as coronavirus continues to spread. the international monetary fund and g20 are sounding the alarm ahead of a virtual summit this weekend hosted by saudi arabia. the imf says elevated asset prices are pointing to a disconnect from the real economy and a potential threat to financial stability. the world health organization is recommending against using gilead's remdesivir to treat covid-19 patients. the advice comes weeks after u.s. regulators granted speedy approval. the who says there is currently no evidence the antiviral improves survival rates. gilead says it is disappointed and the guidelines ignore the science. global news, 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700

journalists and analysts in more than 120 countries. this is bloomberg. annmarie. annmarie: juliette saly in singapore, thank you very much. coming up on the program, bill gates tells bloomberg that america's failure to handle the pandemic has been "mind blowing." he spoke to john micklethwait. that interview, next. this is bloomberg. ♪

infections wave of is slowing down the recovery. it is losing momentum. and in that context, our first message to leaders is to not withdraw support for the economy prematurely. stay the course. now is imf managing

director kristalina georgieva. both the imf and g20 have warned that the recovery from this recession may be derailed. also speaking with us, billionaire philanthropist bill gates. he says the only thing the u.s. has done well in the pandemic is funding the research and development of new medicines. microsoft cofounder and cochair of the bill and melinda gates foundation because the country's failure to control the virus "mind blowing." bill: if they funded more r&d, not just for u.s.-based companies, but for companies around the world including a lot of these european constructs, and you know, that was a good thing. that was a favor to the world. the rest of it, the u.s. is at the back of the pack. the diagnostic we did, the messaging, even today, the messaging is reaching a new level of incoherence.

>> going to come back to vaccines but you look at the numbers. i just looked again on the bloomberg virus tractor. look at the deaths for every million people, america is close to 750 deaths. china, the other great participant, is around three deaths. for every million people. one number may be a bit over counted. the other, a bit undercounted. by any measure, one country has done enormously better than the other. why has the u.s. been so bad compared with other people? bill: i don't think comparing china and the u.s. is that helpful, because the china -- china has a more authoritarian control over behavior than the u.s. does, but if you compare the u.s. to south korea, australia, the contrast is every bit as dramatic as it is with china, and so, we did not catch the epidemic at the early stage

before they get exponentially facing, which the model predicted, that the fall will be very tough. some people did not think it would be tough but as they had looked at the numbers and saw in places like zillow how winter affected infection rates, they newshat, and so, the bad is the next six months in the northern hemisphere will be very tough. the good news is that both the vaccines and the therapeutics, in particular the antibodies, are coming along and will start to bring that number way down. john: up to that point, presumably, we must rely on masks and testing, especially. bill: that's right. using the tests for people, and if they test positive, you

contact tracer, and those people make sure they are not infecting other people. the u.s. still has a long ways to go on that. all of the numbers are so extreme, you do have finally more agreement that restaurants, bars, a number of things will have to forgo during this next five month period. john: were you surprised at how badly america has done on that? bill: it is mind blowing. we have so many more pcr machines per capita than any other country. you know, we have the cdc that has the deep expertise and the practice for how to communicate appropriately to the public. they made mistakes early on. nobody knows the name of the people underneath redfield who would have been the key communicators. we have this so-called task force, so it is disappointing.

we don't get to go back and change that. but you know, we still have a chance to wear. in fact, at health data.org, that's the forecast. they show a line that if you have good mass wearing, you know, that you save now over 100,000 deaths in the u.s. over the next six months. that was bill gates speaking to john micklethwait. wouterth more is sturkenboom. what we have seen playing over the course of this week as we started the week, markets very euphoric and excited on the vaccine front, but we are ending it with this sobering news about just the case count and overload we are seeing not just in the united states. hong kong as well as warning of a second wave. how do you balance these two narratives? >> for us what matters is to what extent will you be able to

look through this very difficult three months to six month period that is right in front of us and look forward to the subsequent six month period, would hopefully, we will be well into distribution in the administration of these vaccines, and therefore, the very robust part of the economic recovery. that is a difficult thing to balance as an investor. we have decided to put a little bit more risk into our portfolios on the back of the election results, and we do think markets have a tendency to look through these short-term disappointments and look for the light at the end of the tunnel. but clearly, if the next three to six months disappoints relative to low expectations, there is still downside risk to investors that we have to contend with. took a modest step. do you play the rotation into value or, at this point, do you start looking for

some places to hide? wouter: now, we have not done a value rotation tilt, but what we did do is very consciously decide to keep our european intact and it's a neutral way. even though europe clearly is facing an even bigger challenge when it comes to virus cases and is also struggling with both brexit and the budget negotiations, europe -- there's a lot of moving parts there. we still thought that the values inside of the european trade was such that we wanted to stay in that trade. i do want to highlight that rotating into value and growth on a tactical basis is really difficult. it's not something that we do, but we did like at least that value backing from europe in that decision to keep it intact there. annmarie: do you think, with these two narratives playing out, one with a hope for a vaccine, but the second fact

that in the united states, having a hard time controlling the virus, how does this work with stimulus? i imagine the republicans will look at the vaccine news and say we are almost there. we don't need the funds. the democrats are pushing for it. are you still hopeful that at some point there will be a stimulus package in the united states? wouter: yes, yes we are. we are still thinking that somewhere in the neighborhood of one trillion, one .5 trillion, there should be enough common ground for republicans and democrats to get a package through and we do think it is necessary because there is still a huge amount of income shortfalls, especially at the lower part of the income distribution. and there's still a lot of companies that are really struggling out there with these s.w restrictions and lockdown we think more stimulus is required to get us over that hump over the next three months to six months and into that recovery that should follow up. we are hopeful that there is

enough common ground there but clearly, there is a risk that we have to wait until the end of january to get there and that's probably too long. a lot of support mechanisms are slated to end at the end of the year, especially the federal unemployment insurance part is when we are watching quite closely so we hope to get something in between, but we are preparing for something that will come as late as february. stay with us. i want to bring some breaking news to you and our viewers. it is hitting the terminal right now. the e.u. could pay over $10 billion for the pfizer curevac vaccines. this is just coming through now. this is according to a waiters report. --y agreed to pay 15 euros $.50 euros per pfizer vaccine dose and this is coming through reuters. they could pay over $10 billion for pfizer curevac vaccine.

we will have more on this, coming up. with the prospect of the feds backstop ending, the credit media is getting put to the task he had we will look at that, next. this is bloomberg. -- to the task. we will look at that, next. this is bloomberg. ♪

>> yes, we have some good news in terms of vaccines and a chance to overcome the health crisis, but we are not there yet. >> it is not a silver bullet. what we need is we need surveillance to be stronger and we need public health measures because we have -- this is the best weapon and we need to use it well. next sixd news is the months in the northern hemisphere will be very tough. the good news is both of vaccines and therapeutics in particular, the antibodies, are coming long and will start to

bring that number we down. -- way down. some of: stocks from the key global figures confronting the spread of covid-19 at the bloomberg new economy forum. very good morning to you. i am annmarie hordern in london. this morning is about the infighting at the top in d.c. steven mnuchin has requested some emergency lending programs at the fed be allowed to expire at the end of the year. introduction of the central bank backstop sparked a rally and credit markets. joining us now to discuss all this is dani burger. what sort of affect could ending these programs, many key programs, have on the current market? dani: it certainly puts this picture into question. this being the rally that we have seen really in every single corner of the credit market. 26% sinceated games the march low.

this was a surprise to most market observers. we thought that would be extended into next year. as andy brenner told me, markets will not like this. this will tie the fed's hand and it's clearly not mnuchin's idea. really, these programs -- at first, they helped to restore market functions that they have liquidity come back into the market but part of the reason that these credit markets were able to post such strong rallies is these programs, if anything acted as a backstop -- the question will be due market participants need to rethink this massive rally, especially things like junk bonds, if we are no longer going to have that backstop? far?t what have we seen so any reaction yet? dani: not really. a slight reaction, but markets for the most part have been mostly sanguine. you see u.s. 10 year yields

holding onto the gains we saw overnight. the fed is now going to paper over some of the cracks with the kiwi. that could help some of the flight into 10 year yields and we see things like asian credit default swaps. those have risen by one to two basis points. again, not a really big reaction. equity markets are softer this morning. the concern is that this comes at the worst time when another wave of coronavirus is hitting the u.s., the economy in trouble with more mobility restricted. at least for the moment, people are looking out from work he at wi at this -- more ki point so not a huge reaction. annmarie: you make a good point about mobility. the cdc is telling americans not to travel for thanksgiving. we know how big of a statement that is. dani burger digging into what the fed and treasury spat may

mean for the treasury markets. some of the news we got over that has five minutes, this is coming from reuters. the european union could pay more than $10 billion for the vaccine. pers agreeing to pay $18.34 vaccine candidate according to reuters. they are setting officials as saying that we will get a lot of the vaccine news coming out from around the world. that's take a quick look at what is going on in markets this morning. we have futures moving to the downside. a lot of this happened after we saw the spat between the fed and the treasury. s&p 500 futures down .6% this morning. treasuries are not moving much. we are 83 basis points steady on the 10 year yield. coming up, no-deal looming. the e.u. makes no progress on brexit trade talks or stimulus. really, a twin tobacco for the e.u. we will discuss that next from -- twin tobacco for the e.u.

we will discuss that next from brussels. this is bloomberg. ♪ businesses today are looking to tomorrow.

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good morning. 6:30 a.m. in london. i am annmarie hordern. this is "bloomberg daybreak: europe," and here is what you need to know today. division at the top. u.s. futures slide amid a rare clash between the presidency and the federal reserve. steve mnuchin calls for the return of emergency funds but the fed pushes back. restrictions ramp-up. california imposes a late night curfew amid the spread of coronavirus. the cdc says do not travel for

thanksgiving. hong kong's health chief says it has entered a new wave of cases. europe's twin battles. e.u. leaders make no progress. chance of a merkel says find -- chancellor merkel says find a compromise will be difficult as france and belgium are said to have urged e.u. leaders to step up plans for a no-deal brexit. 6:30 a.m. in london, seven: 30 a.m. on the european continent. sobering news this friday morning. this comes as cases are rising around the world. california ordering a curfew for most of the state. hong kong is saying they have seen a second fresh ways. and all of this, especially in the united states, as we see this public spat between steven mnuchin and the fed. steve mnuchin says they should be returning those funds and giving back to congress before the end of the year. the fed says not so fast.

that, we saw an immediate push on the markets, dragging the s&p 500 futures lower. they are down a little bit more than .5%. nasdaq futures were a little bit higher in the green. they are relatively flat now. we do have the euro-dollar ticking higher, inching towards that 119 level, even though there is a lot of disagreement going on in brussels today and i want to get to that really twin debate happening in brussels as to whether or not it is regarding brexit or the stimulus package. to help us break all of that down is maria tadeo. where should we begin? let's start with the stimulus. we still see no breakthrough coming out of brussels. yes, and i think you framed it very well. there's almost two issues that are pending. that is why there is so much uncertainty happening out of brussels. you have a stimulus package that was not agreed to and brexit.

brexit, it has a lot of positive momentum behind it. behind the scenes, you hear that the mood has changed. both sides want to get a deal. delayed. if you thought they would be a deal imminently, that's probably not going to be the case. yesterday, a warning from emmanuel macron to everyone else , suggesting that every european leader needs to be ready for a no-deal brexit. you should not assume, under any scenario that we are going to get a deal. that is almost guaranteed. that was the message from macron. the same message that we heard from the belgian prime minister also insisting, make no mistake, prepare for a no-deal. this is very much a possibility. we know that the talks continued privately. the mood had improved and increased going into perhaps the potential breakthrough, but that has been made complicated by the

calendar and the technical delay due to coronavirus on this -- the talks that were already scheduled to take place. annmarie: what about the stimulus? do we have anything with poland and hungary coming on board, any deal? maria: no, and that is problematic. the european union will tell you that. officials saying the situation is serious because there is no obvious solution. they like to get things done in unanimity. hungary has vetoed key aspects and that has huge repercussions for their recovery fund for spain and italy. this is not so much about the fiscal rules, the economics. it's really about politics and ideology. this as liberal democracies in europe are insisting hungary and poland need to have that independence and the rule of law really is the bare minimum to access european funding for viktor orban. it's a very different story.

he is fighting a liberal view of the world that he does not agree with. to bridge those differences over the politics become very complicated. angela merkel conceded that. it's taking over to a summit that's due to take place in december and they hope that a resolution can come into play but there's serious questions about the recovery fund and whether that could be operational. they need it operational immediately. it is complicated in brussels again but it's always like that. so. annmarie: maria, took the words right out of my mouth. it would not be a european deal if it did not go off until the last moment. our thanks to maria tadeo covering everything from brussels and there's so much piling on. i want to bring back wouter sturkenboom. at the end of the day, do you think it will be there, the money on the line will go through at the end of the day and we will have poland and hungary come on board? wouter: absolutely.

when it comes to europe, as you already described, this is sort of the way it goes. we know why poland and hungary are set. we know they will find some sort of compromise. we should remember that poland and hungary also have a lot to gain from a deal because they will be big beneficiaries of both the budget as well as the recovery fund that is attached to the budget so absolutely, we expect a deal to be done. it's just that we also recognize that this uncertainty around negotiations, this is not helpful. and it's, you know, it's a bit disappointing to see it happen again. at the same time, europe works like this, and by the end of the day, they will come to an agreement. likerie: europe does work this, and maybe it is par for the course. if you look at what is going on in the market, yields are trading near record lows, something that is on the national -- unimaginable if you lived through the debt crisis. do you think at any point the

market is mispricing for this to become messy? wouter: no. not really, to be honest. if you look at it from a sovereign debt perspective, it's clear that the ecb is a very big supporter of those markets, and therefore, it is likely that those spreads will come in even further. at least, that is our expectation. on the euro-dollar perspective, we know that this is a relative gain, and yes, europe has a challenges with covid-19, but so does the u.s., and therefore, the notion that euro should be weakening here in the face of this, i think it is overdone. it is still a matter of seeing negotiations play out and i think the markets appreciate, again, that europe does have a tendency to do this. it has a tendency to put things off until the last moment and then come to an agreement so i think that is still the main expectation for markets at this point. too,rie: does that remain,

that expectation for brexit as well? we did have emmanuel macron yesterday, sources telling bloomberg that he told his partners that they should plan for contingency planning. do you think the market as well just expects it could be a little bit messy in the run-up, but there will be a brexit agreement? wouter: yes, again, yes. brexit has been a long-running saga. negotiations have been tough. and the outstanding issues are not little. they are important issues. but at the same time, the covid-19 crisis is a great motivator to get a deal done to make sure that you don't pile on economic pressure on top of economic pressure. we do think a deal will be done. it has already gone to the wire. it will happen because if it does not, both sides will have to contend with another economic that they really cannot use right now. annmarie: down to the wire literally. those talks are going fully

virtual. the pound has held up study during all of this. base case scenario for a trade agreement on how high the pound can trade? wouter: the pound is already pretty close to pricing in the agreement so we always think of it in terms of ranges. we had a fairly wide range on the pound versus the dollar. if a deal was announced, we will hit the upper end and go slightly above that range. i would not expect to go much further than that, because clearly, the markets have been pretty sanguine on the brexit side of things of late, and therefore, i think a large part of that likely deal is already priced in. annmarie: thank you so much for joining us this morning. chief investment strategist at northern trust asset management and happy friday. thank you. let's get a recap of the first word news with juliette saly. the u.s. hey,

government moving to end several emergency lending programs at the federal reserve. steve mnuchin has written to jerome powell, asking for unused money to be returned when the programs expire, but in a rare public rift, the central bank is pushing back. it wants to continue using the money to support the economy. president-elect joe biden is promising no national lockdown when he takes over in january but regional restrictions are spreading across the united states. california is imposing a curfew but stopping short of a full shutdown. the month-long measures will hit 37 million people. about 94% of the state population. full travelirst bubble is opening this weekend between hong kong and singapore. it's a key test for international aviation during the pandemic. visitors will no longer have to quarantine as long as they

passed several coronavirus tests. cathay pacific and singapore airlines will be operating the flights, which start sunday. global news, 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. annmarie. you soe: juliette, thank much, but very quickly, you will be on this first flight from singapore to hong kong. it is something i think our viewers are very interested in. what has it been like in preparation for this? i know it's not like any normal flight. you have to do a lot of paperwork, correct? >> so much paperwork. i had my first test yesterday which cost 150 u.s. dollars. i will have another one on arrival in hong kong and could wait up to four hours for that result. that sounds like a long time, but remember, quarantine travelers are waiting something like 10 hours to 12 hours. i am not staying very long but if you did stay longer than 72 hours, you will have another test which would set you back around 100 u.s. dollars before

coming back. a lot of paperwork come a lot of testing, so it's going to be interesting to see. a lot of governments and businesses around the world will be watching to see if this works. hong kong is starting to have an increase in coronavirus cases. it's going ahead and both cities wanting to see that they will not be a spike in unlinked coronavirus cases. annmarie. flight,: juliette, safe and we certainly cannot wait to hear your report on the return. coming up on this program, canadian prime minister justin trudeau talks about working with resident elekta joe biden. that interview, next. -- president-elect joe biden. that interview, next. this is bloomberg. ♪

annmarie: this is "bloomberg daybreak: europe." i am annmarie hordern in london. canadian prime minister justin trudeau is not expecting a rapid shift under a new biden

administration. i spoke to haslinda amin from the asia-pacific economic corporation form. take a listen. trudeau: weer know the world is changing. it is shifting towards the asia-pacific and towards asia more specifically, and that is mere it is so interesting to to be deepening and continuing to deepen our ties and our conversations with partners in south asia as we look for new iterations of multilateral structure and cooperation on big issues from climate change to gender equality to inclusive growth to the kind of things that actually really make a difference as people are looking at a transforming world. haslinda: can we talk about building and being committed to a multilateral order? .he u.s. has been pulling back

under president-elect biden, what would you like to see for the u.s. to show it is committed to multilateralism? prime minister trudeau: obviously, president-elect biden has said the right things and has indicated that his values are towards more multilateralism, more fighting of climate change and addressing of global crises with a very present united states, and leadership obviously matters. there are lots of domestic pressures that he's going to be facing along with domestic pressures internally. countries around the world, people are anxious about globalization, about the future, and anyone expecting these side and, you know, massive, rapid shifts in the way things were in some idealized past, i don't think anyone can meet those expectations. i think the understanding is there's going to be a lot of work for all of us to do to try and move the world forward in

the right direction, and yes, i'm sure that president-elect biden is going to be a powerful ally in that. canadian prime ministers justin trudeau speaking to bloomberg's haslinda amin. democrats are demanding the chief of the general services administration give a briefing on the continued refusal of president trump administration to allow biden's team to assess government resources. i want to get more with senior international editor jodi schneider. what actions are democrats in the u.s. congress starting to take in reference to president trump not allowing resident liked biden to start with his transition? even just us talking about the gsa is a pretty big deal. this is the plumbing behind the u.s. democracy that americans don't normally see. jodi: that's right, and mary. basically -- annmarie.

they are saying they want and in person briefing about the gsa, about this continuing refusal of president trump and his administration to allow president-elect biden's transition team access to government services and facilities. in a letter, they said those actions are blocking transition activities required on the the law and they are having -- under the law and they are having grave effects. they want to hear what is happening with that, and obviously, they want some access, particularly as it relates to the coronavirus and their ability to move forward to try to have a transition, especially during the pandemic. i also wanted to ask you, we have not seen a lot of the president since the election. d.c.w you have been a insider for years. president trump may address the asia summit. i don't think he has been to that summit or addressed it

since 2017. if he does in fact speak, what do you think his message will be? jodi: he has not addressed this since 2017 p or he sent other people including the secretary of state, but there's talk that he may. he may decide to do that, particularly as you know because he has not really been seen much. he has been tweeting and he has been behind lawsuits over the election results, but he has not really been speaking. if he was to speak, i think he would see continued tough talk on china. that has certainly been a hallmark of his recent months, recent speeches, and obviously, his campaign speeches during the campaign. i think we might also see him trying to be conciliatory to other members in the region, saying he wants to work with them and have the u.s. work with them. it would be an unusual speech because he has not conceded and while a lot of these countries have already congratulated joe biden on his win and are

expecting to work with joe biden, if the president -- the current sitting president was to talk about what he intends to do, that would be somewhat unusual. we will have to see. there is talk he may well do this, he may well take this opportunity to speak. annmarie: right. all right, we are going to be looking forward to that. senior international editor jodi schneider, thank you so much for your insight. carmen hadeed is the vice chair of citi middle east. she says she is an anomaly in an unusually male-dominated region. an usually male-dominated region. that story, next. this is bloomberg. ♪ ♪

annmarie: 6:52 in london. very good morning to you. this is "bloomberg daybreak: europe." carmen haddad is the vice chair of citi middle east -- of citi middle east. she spoke to manus cranny about

her rise to the top, the importance of hard work, and how her company encourages quotas. [no audio] annmarie: manus, sorry. i always took the advantage that being an anomaly in the middle east as a female executive, you know, to my advantage, you know. i think in the middle east, there is a misconception, right. i think if you look after your clients property and you have, you know, you have a great business ethic, you know, i have not really witnessed a lot of that kind of rhetoric where i have been involved. i have taken advantage of the fact that i am a female in the middle east. manus: you have to work harder than the guys on the team? i'm always curious when we do these interviews.

did you have to work harder than the other guys, in your mind, whether real or perceived? end of the day, there is no substitute for hard work and skill set. enhance to ensure you your skill set at all times and if there are gaps in your career, you need to make sure you fill those if you want to progress. you need to work very, very hard. and so, you know, yes. my approach has been, you know, making sure that i can deliver on those two traits. have i had to work harder than my male colleagues? notink at citi, i have really noticed that a great deal, but maybe my previous professions, yes. you know, i have had to make sure that, you know, i work very long hours. but i'm sure the industry as a whole, you know, is like that. manus: what about asking for remuneration, carmen? there is this urban myth that

may be women me to push harder to earn more -- maybe need to push harder to earn more? do you need to speak more for remuneration and progress? carmen: absolutely. look, it's very important to make sure that you continuously ask and you know what your market worth is. have been citi, we very focused on creating clear measures of accountability around representation. we believe in the diversity slate, for example. gender goals are added to our scorecard, performance measurements. this progress is tracked and monitored. we have been radically transparent about equal pay. we are very focused on closing the gap on pay equity. manus: how have the women that you engaged with at citi --do they welcome quotas? do you encourage the quota factor? carmen: we do.

we think it is very important. as i pointed out, we measure -- we look at the quota. we see how many of our female employees are getting promoted. we look at, you know, opportunities for them to also progress on that and look at our human resource skills so we can see if there are specific programs we need to support. i'm a great advocate of the quotas. annmarie: carmen haddad, vice chair of citi middle east, speaking to bloomberg's manus cranny. real insight to what it's like to be one of the top bosses in the middle east. that nearly does it for me on "bloomberg daybreak: europe." we are heading into the european open. futures this morning, that is where the action was. we did have this very public spat between steve mnuchin and the fed become public and this has to do with stephen mnuchin saying those emergency funds, that money should go back to congress. s&p 500 futures down .5%. we will be looking at the euro

dollar as well. anna takes it away next. this is bloomberg. ♪ businesses today are looking to tomorrow.

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to bloomberg markets: the european open. an cash trade is less than hour away. top headlines. division at the top. slide amid a rare crash between the administration and the fed. europe's twin battles. no progress.