♪ manus: good morning from bloomberg's middle east headquarters in dubai. i'm manus cranny. daybreak europe. your top stories this morning. momentum stalls. the rotation from tech to cyclicals slips amid downbeat data in the united states. markets are shut for thanksgiving. u.s. stock futures trade higher.

tightening curbs. chancellor merkel extends germany's partial lockdown at least three weeks. u.k. chancellor warns of the worst economic slump in more than 300 years. drop the debt. an italian government official tells bloomberg the ecb should consider canceling bonds bought during the crisis. he also says green spending should be excepted from the eu deficit rules. warm welcome to the show. it's just gone 10:00 here in dubai. we are somewhere between the world of fear of the next and greed. have a look at this. my favorite indicator. it sparked my thinking on this. markets move. not of their own foolish and, because of the fear of being left behind. that is where we are. touching the highest level since march. good morning. annmarie: good morning.

beaddoes unlimited green -- greed mean? seeing with this rotation that the world believes -- a pause. we had that barrage of eco-data in the united states. it was the jobless claims that stood out. incomes dropped. all of this as joe biden warning of a long, dark winter ahead. uneven economic recovery. on the board, nasdaq 100 futures. u.s. markets are shut. treasuries are shut for thanksgiving. happy thanksgiving for any americans abroad. the s&p 500e had retreating from their all-time highs. euro-dollar pushing north of 119. at one point, it worried the likes of christine lagarde. that's our mliv question. , $48.85.de

a draw down in u.s. stockpiles helping to push the price higher. some drama is happening amongst the opec world. monday, a critical decision coming out in terms of output. all eyes on wti and brent. the rally that propelled global equities to all-time highs this morning is showing signs of stalling. that's after disappointing economic data out of the united states including the first back-to-back rise in weekly jobless claims since july. the fed discussed providing more soon.ce on bond buying's the virus continues to rage in the united states with california and texas breaking daily infection records. joining us now is edward park, cio of brooks mcdonald asset management. good morning to you. i want to get your thoughts on the positive -- pause in the rotation we are seeing. is it here to stay?

our market starting to recalibrate the pain you are seeing on the economic level? our markets looking forward to the good news, the vaccine coming in 2021? edward: it's a clear tug-of-war between these two factors. we have positive vaccine moves. -- news. we've seen that gradually fade as the week carries on, the realities of the high case numbers in the u.s. the u.s. data continues to get worse. we are seeing that hit economic data. restrictions increase. consumer behavior reacts to those higher case numbers. at the moment, the market is trying to work out what the fair level is. beenu have been, i've looking at the 2021 outlook. macro economically, banks and investment managers are all feeling very bullish. at the moment, markets aren't getting that. that's because of the short-term concerns and restrictions.

manus: we will deal with quite a bumpy, choppy right. that is the consensus. good morning to you. i started the show with fear and grief. are you fearful or greedy? markets stretch. greed is the dominant feature on the indicator. where do you stand in the emotional mix? edward: mildly on the greed side. the main reason for that is that you can get value out of anything which isn't equities. that is your classic greed market. if you put your money into treasuries, investment grade securities, you will probably lose money. it's difficult not to be a bit greedy in this cycle, generally. in terms of specifics, where we are looking at that, between the cyclical names. your pure economic exposure and the pure greed with the more

defensive, high-quality sectors such as technology and health care which has done a truly well this year. it struggled a little bit in the new paradigm over the last few weeks. i think greedy but with a note of caution. play that through equity defensiveness rather than buying things like sovereign debt, which we are concerned will offer very little value. annmarie: you are mildly greedy. i know you have this conviction on asia. asia was first into the pandemic, first out. they dealt with that very well. asia excluding japan. you are underweight on the u.k. and europe. what would it take for you to make that shift, edward? edward: this is a really key question. when you are looking at cyclical exposure, what is your preferred market? at least one that looks the least ugly. for us, that is asia. there's high-growth there.

we see shifts in terms of the biden administration being less hawkish on china. at the same time, a lot of cyclical stories there. europe and the u.k. have got to -- political issues. brexit, which we can talk about. in europe more broadly, we have this issue over fiscal court nation. we are seeing arguments with hungary and poland, using their veto over what markets thought was a done deal in terms of the eu recovery fund. that seems to be open. as people limp back into the cyclical trade, it has not been a gang buster rally as we are seeing in the last 24 hours, there are moments of called or questioning this narrative. limp people are trying to back in, asia is a more attractive market than the u.k. or europe. manus: what's my risk as i go into 2021?

when you look at the amount of monetary, fiscal policy, objected across the bond and equity market, do you expect to have that similar proportion of gdp stimulus in 2021? which perpetuates the greed factor. edward: this is the key question. monetary policy will be here to stay. particularly if there's any sign of fiscal policy stepping away. the phrase that was used yesterday for the spending in the u.k. was fiscal consolidation rather than fiscal tightening. i think that's the timing. you can't tighten when we are rolling lockdowns in the united kingdom. that chancellors and treasuries generally are more concerned about debt gdp levels. there's a risk that if we see vaccines being deployed, we see an economic recovery, the fiscal policy isn't this full on as we

saw earlier in the year. it will start to fade slightly. the u.s. being the case in point in terms of what happens next year with a slightly skinnier deal if republicans keep the senate. what happens to fiscal policy is central. starterre of an h2 problem. that doesn't mean markers won't -- markets won't worry about it before then. the main focus in the first half of next year will be how to deal with fiscal consolidation whilst you've got restrictions. you, the policy 20% of gdp. was there's the number to wrap your head around. happy thanksgiving. edward stays there. edward park, brooks mcdowell it asset management. are you cooking a turkey, emory

-- anne-marie? we will get back to that. the president of the united states has pardoned his first national security advisor michael flynn. he pleaded guilty for lying to the fbi about conversations he had with the russian ambassador. the president will trade the prosecution as evidence as a broader conspiracy against the white house. democrats have hit out at the move. france is accusing the u.k. of dragging its feet over brexit. the nation's foreign minister said the outcome of talks or means highly uncertain and the two sides are so it's really far apart. president sayson the coming days will be decisive. facing. chancellor is backlash for his decision to cut the u.k. foreign aid budget. it's a signal that the government plans to prioritize the domestic economy. many are criticizing the decision including the former prime minister who says the

money is about who we are as a country. italy is calling on the ecb to cancel government debt incurred during the pandemic. the top aide to the prime minister wants to wipe out bonds or hold onto them forever. the demand reflects the fiscal whole italy finds itself in. it is suffering from high levels of debt for the pandemic. global news 24 hours a day on air and at bloomberg quicktake, powered by 2700 journalists and analysts in 120 countries. this is bloomberg. coming up, christmas. the cheer has been canceled. the german chancellor warns virus curbs could be extended into january. atop a valiant official calls on the ecb to cancel pandemic related that. this is bloomberg. ♪

annmarie: good morning. this is bloomberg daybreak europe. germany has extended its partial lockdown for at least three weeks until right before christmas. europe's largest economy struggles to control the spread of the virus. >> the measures that were put in place on october 28 will be continued. until december 20. we are expecting, this is something that the state and federal government are in agreement on, that because of the very high infection numbers, the restrictions will have to be in place until the start of january. annmarie: the u.k.'s chancellor

set out spending plans amid a backdrop of a government deficit forecast to hit 400 billion pounds this year, equivalent to 19% of gdp. billions of pounds for infrastructure, public-sector pay, and cut overseas develop in a. atop italian government official has called on the ecb to consider wiping out government debt to help nations recover. let's get more on all of this with maria tadeo. a marathon session yesterday from merkel, talking to regional leaders. what has been agreed in germany? maria: yes. it lasted for seven hours. we saw from a cautious angela merkel, repeating the message that christmas doesn't mean restrictions have been lifted or can be lifted. if anything, we have an extension of the restrictions that are already in place.

restaurants bars, shut until december 20. she made it clear the restrictions could be extended into january. it's a different approach to what we are seeing in the united kingdom. the french government is gearing up to open up when it comes to christmas. it's in line to what we heard from the european commission yesterday. there's a very real risk of a third wave if we open up too quickly. i would say also, overall, there is light in the tunnel. that's the message we hear from european leaders. thehe end of december, first group of europeans could start to get that vaccine to protect against covid. that was the line coming out of the european union. there's a clear timeline as to how to do with the virus with an effective treatment. manus: we've had the breaking news in the past hour and a half fort italy's request

consideration in regards to bonds and debt. to phrase it all up, it's a request for monetization of debt. will that kite remotely fly in europe? maria: manus, it's a hard question. no. it's not in the european treaty. week, theard last debate was kicking off, this cannot happen. the european central bank doesn't have the rights to do this. what's interesting is that this is a message that's coming from a top aide to prime minister giuseppe konta. this is not just a professor. this is someone in government that is floating the idea, thinking that the european central bank could look into this. this is a way to soften some of the tension and debt load and countries like italy. you can see why this is happening right now. the italian government is concerned about debt after coronavirus. they worry that there is market tension.

countries like italy with a high debt to gdp ratio will be targeted. they will become a target for markets. there's a logic to this. there's a reason as to why the italians are asking for this. will this fly? very unlikely. it is not in the treatise. it's hard for the european central bank to do this. politically, this is a debate that brussels and berlin don't want to go into. the line is to focus on fiscal responsibility. manus: the professors better watch out. not just some professors idea. thank you very much. ed parks is the guest host. from the asset management side at brooks mcdonald. what do you make of the splendid kite just the monetization of emergency debt? could that kite fly? edward: i think it is very unlikely to. after a major crisis such as this, there is some debt which ultimately needs to be repaid.

if you monetize that debt, you make it difficult to fight the next crisis, whatever that form is, by issuing more debt to deal with it. appetizing as a short-term fix. the medium and long-term consequences of monetizing debt is more aggressive. i think that there will be questions being asked. about what that will look like. there's a certain question of credibility, which the ecb will be worried about. ecb might also be worried about what we are seeing in the euro-dollar. flirting close to that 120 level. at what point does this start to worry christine lagarde? edward: this has been one of those perennial issues for the euro. it can be a factor of

tightening. it will become a magic level. it will cause issues for the ecb or stocks in the ues zone. i think it's an incremental move. we've seen the theme of dollar weakness over the course of 2020. that is putting tightening on a central bank which is looking for ways to provide further accommodation rather than do that. europe has had a pretty amazing run in terms of economic surprises. europe and asia trending higher on nasdaq. i look at the stoxx 600. the best month. they go. index, up for the 14%. you are looking at the best month since the index was formed. ,eople have come on this show

ground zero for cyclicality. you want to be brave to buy. how much of the cyclicality and how discerning do i have to be to take it on? edward: you need to be reasonably discerning. there are a lot of different sectors in their. it is a basket predominantly of value and fiscal receptors. there are some sectors which have had their decline exacerbated by 2020, something like retailers. some areas which were already starting to see some difficulties might have more structural issues such as the airlines, the banks are still going to be a major part of the index and have concerns there over the interest rate horizon. net interest margins will under -- will be under pressure for a while. autos, there might be a bit of auto, given the demand for cars after the pandemic.

i think it is supposed to be pretty selective. when you look at those broad-based rallies, that shows washow unloved europe coming into november. october was a tough time for the value and cyclical sectors as people were concerned. if you look at some of the most beaten up equities, they rallied very hard in november. sometime, only back to levels we saw in september or june. we are not getting anywhere near hitting levels that we were seeing earlier in the year. a very different market to the u.s., for example, for technologies and things like that. you are seeing gains year on year. annmarie: thank you so much for joining us this morning, getting up early for us. edward parks there. think you for your time. coming up, the rotation from tech to cyclicals flips.

we take a closer look at asia equities. that's coming up next. remembering an icon. argentina pecans three days of national mourning after the death of football icon diego maradona at the age of 60 after suffering a heart attack. he was considered by many as the greatest footballer of all time. this is bloomberg. ♪

manus: it's daybreak europe. i'm manus cranny in dubai. global equities heading for fresh all-time highs over in asia. some climb in the afternoon session. they are believers. hong kong. annabelle, the cheerleaders are out. they are still robust. good morning. good evening. good afternoon.

annabelle: thanks. asia holding onto its gains this afternoon, trading volumes are fairly subdued ahead of the thanksgiving holiday in the u.s.. we are seeing all benchmarks off their 20 day moving averages. japan is moving for us today. the nikkei building into a third straight day of gains, trading 9/10 of a percent to the upside. tokyo grapples with an outbreak in covid cases. we have seen new restrictions on bars, restaurants, and stores. to capital government is set have a debt sale tomorrow. 575 million u.s. dollars. funds will be used to help covid effective businesses -- affected businesses. switching now. currencies. the korean won has been a standout for us. we saw it rally after the bok decision earlier today. keeping rates on hold as

expected. it updated its growth forecast for next year. the economy expanding by 3% into 2021. we saw other currencies broadly gain against the greenback. the yen rising against all the g10 peers. briefly, credit suisse adding to calls and rotation to value? annabelle: that's right. the latest essay that valuable errmed groh in asia. credit suisse looking at a six-month time horizon for this, particularly travel and leisure. they could recover their virus losses even over taking them by next year. they are particularly preferring hong kong because of cheap stocks. back to you. thank you so much for that. coming up, pressure is building over a black friday like no other.

what is manus sending me in the post? this is bloomberg. ♪ businesses today are looking to tomorrow.

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aerotrainer is tested to support over 500 pounds. lose weight, look great, and be healthy. go to aerotrainer.com. that's a-e-r-o trainer.com. annmarie: good morning. 6:00 a.m. in london. manus live from dubai. this is bluebird daybreak europe. these are today's top stories. momentum stalls. the rotation from tech to cyclicals hits a pause. president-elect joe biden warns of a long, hard winter in his thanksgiving address. tightening curves. chancellor merkel extends germany's partial lockdown for at least three weeks. the u.k. warns of the worst

economic slump in 300 years. debt.he italian government officials told bloomberg the ecb should consider canceling bonds bought during the crisis. green spending should be exempt from eu deficit rules. good morning. 6:30 a.m. in london. we have u.s. equities and treasuries closed for thanksgiving. futures are open. light volume today. was, are wehe story seeing a pause in the great rotation everyone has been talking about? for me, it was the jobless claims in the day lose of data we got, jobless claims, back to back rise since july, that stood out. manus: for me, i love it when people send that note. rally on steroids. the land of nirvana. you begin to see, this is the best start to any presidency on record under joe biden.

he's not in the white house yet. so far this -- month. what does it take to get another 10% higher? how quickly could we do that? is that pause a little bit more substantiated? annmarie: it's a really good question. right now, a lot of people are grappling with, had it been the entire year, the divergence you see from the stock market to the real economy. you brought to my attention the evictions we could see in america. different picture when you look at the dow, topping 30 k. annmarie: absolute -- manus: absolutely. the a look at some of twitter feeds this morning. we can come back to what you are cooking and having. more portly, what you will give me for thanksgiving. here's the markets, trending higher. greed over fear?

o basket?sket -- fom a word of warning. investors withdrew from mutual funds for the 33rd straight week this year. the mutual funds money is going out. let's put glasses on. we can't see the boards from here. there we go. green looks better with glasses on. i like zi yan. i look at it every morning. where is it? up, down, where has she gone? she is repricing. gold hovering around $1800. are you nervous? the iraqis are saying it like it is. we have reached the limit of our ability and willingness to accept one-size-fits-all. nobody can leave and opec meeting like the russians did in march with a dramatic exit. maybe they flick off the virtual screen when it comes to the december meeting. let's move it along. black friday. good morning.

annmarie: yeah. it's almost here. shoppers around the world -- take away. manus: [laughter] shoppers around the world are celebrating black friday. are they getting ready to make of -- a splash on mega deals? will it be different and more judicious? the pandemic has put pressure on retailers to adapt if they want the cash on the spending bonanza. not everyone is gearing up for a big day. in the u.k., signs that black friday popularity is waning compared to the rest of europe. sales are expected to fall by 20% from last year. bloomberg intelligence has been looking ahead. charles allen is with us now. good to have you with us. how can we explain the drop in interest in the u.k. compare to europe? see if: we still have to

there's really the drop in spending that is signaled there. people often don't do as they say they will. there are a couple things. one, you have to remember, a lot of traditional black friday categories like electronics, a lot of people have bought new computers during the pandemic. a lot of people have bought new stuff for their homes. it isn't top of your shopping list when you are looking at that. also, retailers that are in lockdown. france has postponed black friday to next week. maybe there are people who feel that the shop they want to go to isn't open. my mom and sister are big black friday fans. they wake me at 5:00 in the morning and asked me if i want to attend. never did. how will this black friday be different? does everything move online? will stun -- some people go to

the shops? charles: some people will go to the shops. even now, not every stories online. -- store is online. you have to recognize that there are, most retailers, almost everywhere in the world, are doing some sort of social distancing. the rush into the store at 4:00 in the morning that you were talking about just isn't, people don't want to. people are going to be measured in rather than a giant rush. friday used to be, when i was living in america, it was a full place -- price shopping day. it has become a highly promotional day. their promotions are planned. there aren't genuine discounts.

maybe people have gotten more savvy about that. they are just buying what they want rather than something that is a planned promotion. manus: you can see on the screen at the moment, this amazing descriptive of the momentum. thanksgiving and black friday over the years. it is this behemoth that has rolled up. the question is, as we transfer online, how much of it sticks? how much of this paradigm shift to black friday will endure in a post-covid world? online -- charles: shopping has become significantly more important. people have spoken correctly about five years of progress in a few weeks, a few months. about theseint peaks of shopping like this, the

spending shifts. completely new spending happening on these days. you had a lot of spending that was in the weekends in december. it has just disappeared. it is more concentrated on this. retailers have to make money. these promotions that they are pushing on these days are planned. they are bought specially for these things in most cases. yes. it's attractive. it's not everything. can't shiply, you everything in one day. online retailers like to spread it out over a longer period to improve the efficiency of their logistics operations. annmarie: thank you so much for your time this morning. i know you will have a busy weekend. the new thing, cyber monday.

the whole year has become cyber 2020. thank you so much for your time. i believe we have some tape from peter navarro coming up. let's take a look at that now. u.s. families face a financial -- coronavirus eight expires. that's a warning from one of president trump's senior economic advisors. he made the comments as he called for congress --/let's take a listen. profound structural adjustments that are primarily hitting our major metropolitan areas. buildings,, office the transportation sector. all of these things are going to change in ways which probably won't snap back to what they used to be. we are going to have to figure

that out. my own view is, this is consistent with president trump's philosophy, in order to offset the lost service sector jobs, we will have to make it up in manufacturing jobs. that means bringing more manufacturing here. one of the bad news parts is, our trade deficit went up. our trade deficit is going up because we are buying more than we are selling. part of that is because we are recovering faster than much of the rest of the world. over time, what we have to do is create jobs here. our best shot is going to be by creating manufacturing jobs in the trump image, particularly for blue-collar americans. say,e economists wednesday's data indicates that the economic rebound is becoming more tenuous amid soaring coronavirus cases, fresh lockdowns, and an extended deadlock in congress over a new stimulus. the markets are anticipating that there will be additional

stimulus. i don't want to go to the talking points of republicans versus democrats on why there hasn't been a stimulus deal. >> thank you. >> for both of us. how do you break through this? you are staring down a december 11 deadline the government open. .ou've got coronavirus cases it's impacting the heartland. how do you actually provide this assistance? not in terms of long-term restructuring. right here and right now. >> these are the questions. think the conversation that you and i are having is the way to break the impasse. we are having an intelligent conversation about what i describe as the second derivative problem. the first derivative looks like things are still getting better. right? the second derivative is getting better at a slower rate. eventually, that flips.

chasm, allahead is a of these programs expire and we struggle with structural adjustments. i take your point that the heartland is turning as well. i will say is the major melt -- metropolitan areas that disproportionately are suffering pain in service sectors. what -- let'shat have this conversation. what i'm sending out is a message to you in the american people today, we can see what's coming. if we can see what's coming and it's bad, we need to be able to avoid it. the way to avoid it is to hit those three points of the compass and a phase four deal. ppp small business loans, a stimulus check, more relief for unemployed workers. if we don't do that, there will america,of pain in

these lockdowns are a regressive tact. people -- least able to afford it the most. the lower income, service sector workers that have been kicked to the curb by the virus from china. the election is over. we as a country have to look at the chessboard and figure this out. that's peter navarro speaking to bloomberg. up, we look at some of the barriers to funding access to black entrepreneurs facing the u.k.. that's next. this is bloomberg. ♪

♪ annmarie: good morning. this is bloomberg daybreak: europe.

almost 90% of black founders self fund their startups with 22% asking friends and family for financial support. say davis and annika henry that black founders face a number of barriers to funding access. >> when you start a company and you go to get investors in, there are tax breaks that only investment schemes, individuals confess -- benefit from. if you are a black founder, the government is helpful by doing two things. reward.ng the maybe the investors are black as well. that would be helpful. you can increase the appetite. it's more affordable.

a great number of black investors. look back. a lot of them miss tax breaks because of a lack of education around it, access to it, exposure. legislative action taken to go back a few years and reward those investors with the same tax breaks. k on the next150 level tax breaks. i think that would further incentivize more people to distribute capital back into others. also invest more capital into these founders. >> do you have some thing else to say? >> i disagree a bit. right now, the government has a lot on its plate.

i would like to see continued support. a are off to a great start as result of the black lives matter resurgence. there's a lot of big tech companies investing more time and energy into supporting black founders. i hope that his continued. not just in 2020. forever. thingsone of the big that would make a difference and move the needle of the ecosystem. ecosystem builders, founders, angels. this effort going forward to really understand the challenges black founders are facing and support in any way they can. >> when you mention the ecosystem, what stage do you want to see that investment? predominantly seed money as well. throughout some of these trajectories,ness they also need forms of investment. where else would you like to see it? >> i think we focus on that

because that is the greatest challenge. from what i have seen in the ecosystem, there is an for structure that is robust enough. they will slot in a long other countries. [inaudible] students, to black helping them to be aware of the fact that entrepreneurship is a viable opportunity for them. they should be able to pursue it. it's really focusing on the early stages. we will gain momentum, make a difference. companies will grow and scale. they found their support there. >> andy? >> agreed. there are two ways to solve it. one is for the funds at the early stages to back black founders. they should be doing it. there's been great movement there.

some data. it's about them really committing and putting their money where their mouth are. invest in the best companies. manus: smart conversation there. congratulations on that. well done. let's stay on the diversity theme. finance industry is falling short when it comes to the senior roles. that's according to the investment association. black people make up less than 1% of investment managers in the u.k. despite being 13% of london's population. most of the industry is base there. let's bring in katie linfield, our bloomberg reporter. good to see you. the measures we have seen announced by firms lately, what do you make of them? katie: good morning. we've seen a huge number of

measures coming about recently. this is on the back of the black lives matter movement. what critics are saying is that we need to hold these two account and look at what kind of change they will bring about relatively soon across the industry. the answer is that it will take a while. one of these that we have seen recently is the 100 black interns program. this came about in the summer. it has seen a good response from the asset manager industry. signing up.king -- the point that many are making is that these interns, coming in at the junior level in these companies. it's not a sign that your company is going to change their mindset at senior management levels. what people are saying is that when you bring interns, that's a cheap measure. is change atto see higher levels in the business.

that?ie: how do you do are they under pressure to change? do there need to be things like quotas? katie: we see certain efforts in that space as well. there has been a program that was bought up -- brought about last month. a mentoring program. the investment association is involved in that. chieftime together top executives in the asset management industry in the u.k. with 16 black professionals, trying to mentor them through the business. that's one program we can speak about. at the same time, are these firms under pressure? it is still early days. the black lives matter movement put pressure on these companies anyway. when we speak to headhunters and recruiters, they say that they are not necessarily hearing that. firms are seeking to put black people in top roles. not the same way that they are seeking to put women, for example, in top roles. there still needs to be some

time and pressure over time for that to really happen. manus: thank you so much. coming up, the incoming and outgoing president have starkly different messages on the eve of thanksgiving. we discussed. this is bloomberg. ♪

annmarie: good morning. at wheree a quick look we traded the markets. retreating overnight. today, we have the markets closed for thanksgiving. you have been wondering what i will be making. sweet potatoes and marshmallows. it's a weird combination but it's my favorite thanksgiving meal. manus: nope comply? -- no pumpkin pie?

annmarie: there will be can pie there. gluten-free, we should add. that's my favorite thanksgiving dish. manus: [laughter] ok. that's your favorite dish. i will wake up tomorrow morning very excited. arrives fore what me. you have the address. let's have a look at bitcoin. taking alutely trouncing this morning. down 10% from the highs. has the bubble burst? will we bounce into a new rubicon? i leave the final word on thanksgiving to you. annmarie: i appreciate that. one thing that has been standing up for me in the markets was the data yesterday on the labor front. back to back jobless claims. feeding america said by year end, more than 50 million people could go hungry. that is one in six americans.

that is weighing on me this thanksgiving. the divergence between the real economy in the markets. stay with us this morning. anna edwards up next. this is bloomberg. ♪ are you frustrated with your weight and health?

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now it's your turn to lose weight, look great, and be healthy. get off the floor and get on the aerotrainer. go to aerotrainer.com, that's a-e-r-o-trainer.com. anna: good morning. welcome to bloomberg markets: european open. i'm anna edwards live in london. the cash trade is an hour away. let's get to your headlines. global stocks head for yet another record. european equity futures point to a modestly higher open. lockdown for longer. angela merkel extends germany's stricter measures for at least three weeks as new cases hit fresh highs.