francine: tightening curves. chancellor merkel extends germany's partial lockdown for at least three weeks, as the country struggles to contain the coronavirus. brexit breakdown. france accuses the u.k. of dragging its feet on a trade deal with the eu. and drop the debt. an italian government official says they should consider tempering bonds, buffering the budget crisis. well, good morning, everyone.

to allhanksgiving americans watching near and far. we know it is a different one, but hopefully you have a joyous holiday. the market is focused on different things, partly what we are seeing, partly the concern. i want to show bitcoin in a second, but actually the global stocks rally pushes on in the u.s., and bitcoin tumbles as much as 8.7%. ian shares tumble, gains in tech and health care concerns, autos. treasury futures edging higher, a reminder, it is close with traders for the thanksgiving holiday in the u.s., but yesterday, we did have a deluge of data, and we close jobless claims for the first time since july. in global an uptick goods and a widened trade deficit. now let's get to the bloomberg first word news in london with

me is leigh-ann gerrans. hi, leigh-ann. leigh-ann: good morning, francine. president donald trump has parted his first national security advisor, michael flynn. tonn was accused of lying the fbi about conversations he had with a russian ambassador, before trying to change his plea. they call it evidence of a broader conspiracy against the white house. democrats have hit at the mov e. france is heading back over brexit. the foreign minister says talks remain "highly uncertain," and the two sides are still extremely far apart from key issues. ursula von der leyen says the two sides remain far apart. in italy, the government aid criticizing the decision, including former prime

minister david cameron, who says as money is about who we are a country. and a former football legend has died, suffering a heart attack after recovering from surgery to remove a clot from his brain. he struggled to cope with the fame and battled addiction for many years. argentina has declared three days of national mourning. global news, 24 hours a day, on air and at bloomberg @quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i am leigh-ann gerrans. this is bloomberg. francine? francine: leigh-ann, thank you so much. the internet really came together with the death of maradona. had manyeople memories. the french president actually talked about what he had given the world, and i had read so

much on monetary theory, and the fact that we had looked at his goals and tried to prepare the maradona monetary theory, a andlels between maradon the economy. when government support ends and the government tackles massive debt. banks can restart paying dividends. us for the exclusive eanversation is john let m lemierre, chairman at bnp paribas. bonuses, retaining staff, working from home, and of course a low growth environment, what concerns you the most for banks going forward? jean: well, good morning, first.

my first concern is for the economy to use as much as possible the balance sheet we have, the strength we have to support the corporate sector, and the business. of course we have the challenges you mentioned, but let's be clear, we are totally focused on supporting the economy. we have done so at springtime, a time when markets were shut down. liquidityfered ample to the corporate sector to continue to do their job and pay their suppliers and employees, and of course we need to continue to do it, so my first concern, my first priority, is not about a dividend, not about a bonus, not about working with clients and supporting them. that is absolutely crucial, and i think the banking sector has done over europe quite well during the crisis and continues to do it. which haslement

support given by the ecb and by government. of course, there are other challenges that you mentioned. among them, we need to continue to be strong, to have a strong capital, and to manage the potential difficult days we may see over 2021 and 2022. priority, to answer your question, is to serve clients, then we will see. francine: what is your second priority? i havey second priority, said this, continue to be strong, to continue to raise funding for financing the mindmy, and having this in , we had issued challenges. one of course is the operation of the challenge. the stocks and banks have done

very well over 2020, and their protection, their capacity to engage with clients is key, so that is really my second priority, is to make sure that the bank is safe. we can operate, and members of the staff are safe and can do the job. it has a lot to do with remote masks, protection, but we need to maintain a high level of capacity to engage with clients, whoever they are. this is the mission we have. of course we have questions like the one i mentioned, like dividends, which is very -- yes, please? francine: i was going to ask you about dividends. we are waiting for the industry, the ecb to make a decision on dividends. is it time that you are able to pay back the dividends? how difficult has it been in the relationship with shareholders not to be able to pay dividends? shareholders, do

wish to have a dividend. this is normal. to thelocate capital bank. we use the capital they put in the bank, and they want to be rewarded, if it is possible. it has been broadly well understood at springtime. it was a high level of uncertainty. what was going to happen, and even as it came as a big, negative surprise, it was part of the news out of the covid crisis. disastersarge extent, of course are not positive, not happy, but i think most of them have understood. you see what i mean.

i think today, we are still in difficulties. at's be clear, there is second wave of contagion everywhere in europe and the world. there are difficulties. the lockdown is still there. it is moving forward, but there are still difficulties. i think we understand better wet is going to happen, understand the risk ahead, we understand better the challenges we have, and in the dialogue, is about these questions, so i hope that this understanding will help the decision-making by the ecb about the recommendation they will give in december. they are better informed, and once more, i hope it will help

them to make the right decision. rightne: do you think the decision now is to repay dividends? know.well, we don't we will make a decision in december. of course, the current recommendation is to retain dividends, but they have announced a decision in december. they will make a decision in december on the informations i have mentioned, which are better. i hope it will help, but of course, whatever the recommendation is, we shall respect the recommendation of the ecb. we need to respect the regulations of supervisors. but once more, i hope that all of us together will have a better understanding of what may happen in 2021 and 2022, and will be moreovisos -- the supervisors will be more comfortable making the decision.

lemierre, are you expecting cross-border contamination in 2021 in europe? jean: no, you know, my position is very clear -- what is the key question of the banking industry today? it is low income, low interest to face thatulties situation. how -- what is the reaction of the banks? all of them are the same -- to ofuce costs, and one way reducing costs is to create kosmos energy. -- cost synergy. costreate kosmo synergies, this is what you do in spain, and spain has a lot of national domestic consolidation, and they continue to do it, and

they are right to do so. italys what we see now in , when i see the product, it is about growing italian domestic synergy. so this is what we are going to see more and more, because there is a push for consolidation, domestic consolidation. on the other hand, cross-border consolidations is a meaning you have come a more difficult, they don't bring the same impact. now, we may see limited operations. of course there will be -- never say never, you know. there will be some limited operations, but i do not foresee any large operations, for the reasons i have mentioned. on the other hand, what we see not in retail but mainly in corporate and market banking, we see a consolidation of market shares, cross-border. thankne: mr. lemierre,

you so much. jean lemierre -- i am sorry, are you finished? we are having a bit of a delay, so we are just going to take a quick break, and then we will get back to jean lemierre from b.n.p. paribas, and he stays with us for a wonderful conversation. thank you so much. don't go anywhere. coming up, we will talk about challenges and opportunities for the banking industry. bnp paribas has been doing extremely well, especially given market share to some of their competitors in the u.s. we will ask if banks are back paired we will talk about the outlook for 2021, given the lockdown, given the vaccines. this is bloomberg. ♪

francine: economics, finance, politics. this is "bloomberg surveillance." i am francine lacqua here in london. now, there's a lot going on in the markets. americanppy to our friends. if the market is, you know, going ahead and the rest of the world come about for example, cash treasuries are closed today. lemierre ofs, jean bnp paribas. thank you soar staying with us. -- thank you for staying with us. when you look at some of the corporate space, bnp paribas has really done extremely well during the crisis. do you now think that your rivals in the u.s. are back? can you continue gaining market share, or will it just be a bit more difficult? well, thank you first for insisting on the fact that we have done well, at least during the crisis, at the beginning of

the year, we have tried to use the balance sheet of the bank to support clients, and we have done it. the same way as american banks. american banks have done the same. withwere, like us, busy core clients, which is normal, and we need to understand this and accept this. situation inin a which we need to be highly focused on these clients. over,risis is not there are still difficulties, many sectors are in difficulty, and they will continue to suffer, and they deserve support. of course, competition will come back in a normal way, which is fair. this is the way it should be. t we areow well tha competing with excellent colleagues. and weow well their job,

have knowledge, we know the client, and i hope that what has happened during the crisis, which is the capacity to deliver and to be with the client, will be in the near future, and probably more in the near future, a key element in the competition. i think companies, corporate sector will not forget who has done what, at the time they were in massive uncertainty. so, yes, there will be competition, which is good. there must be competition, but the competition will take into account what has been done in 2020 by the banking sector, which is normal and fair. we need to have banks which are consistent, committed over time, over the cycle, and across difficulties. and that is a key element. this has always been at the core of b.n.p. paribas' view, b.n.p. paribas' strategy.

i would say unfortunately we have had to show it, but we have done it, and that will be a key element in the competition. francine: you have also done very well in fixed income trading. how will that translate into bonuses, mr. lemierre? see. oh, that, we shall this is not a decision for now. these are decisions which will be taken at the beginning of next year when we know what is don't sellou know, the skin of the bear before killing the bear. you have to be very careful in these matters. moreover, i think we need to take a fair approach with the people who have done the job in an excellent way, in difficult circumstances. but we need also to understand that a degree of moderation and wise attitude is needed. but these decisions will be taken, i think, bank by bank

later, at the beginning of next year. francine: would your caution also apply to the markets? do we have to be a bit more, you know, do markets have to be less exuberant? we are not exactly sure when, you know, a good chunk of the population will be vaccinated. jean: yes. well, you know, once more on the vaccine, i think there is light at the end of the tunnel. scientist --petent i am very confident scientists are developing vaccines which are going to help a lot, people to go through this virus crisis. there will be one. now, we know there are many questions about prevention, about distribution, about the impact, and we should not expect a quick, immediate impact.

it will take some time, but at least there is a light, and that is what is very important. i think this is well understood by the markets, and when i listen to comments made by policymakers, like central banks, i think this is what they say. they say, yes, we understand better, we know it is going to happen, we know it is going to help, now let's be cautious about the timing, which is, i think, a fair assessment. francine: thank you so much for your time today, mr. jean lemierre, the chairman of bnp paribas. coming up, we will have plenty the of banks, look at incoming and outgoing presidents, and what they offer in terms of historically different thanksgiving messages. we discuss that next. this is bloomberg. ♪

pres-elect biden: starting on day one of my presidency, we will take steps that will change the course of this disease. more testing. we will find people with cases and get them away from one another, slowing the number of infections. more protective gear for businesses and our schools to do the same come of cases. clear guidance. we will get more businesses and schools open. we all have a role to play in beating this crisis. pres. trump: every american can be united in thanksgiving to god

for the incredible gifts he has bestowed upon us, the blessings, family, community, and this exceptional, beautiful, and great country, greater than ever before. outgoing incoming and u.s. presidents offering starkly different messages on the people of thanksgiving. neediden focusing on the to quell the coronavirus and president trump: on the election to be overturned. trading products in europe have now topped one billion euros in assets. yet again, bitcoin proves volatile. we will talk of course about that and much more on the weekly show, etf iq you up. that is next -- europe. that is next. this is bloomberg. ♪ this is bloomberg. ♪ businesses today are looking to tomorrow.

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. forward-thinking enterprises, deserve forward-thinking solutions. and that's what we deliver. so bounce forward, with comcast business. francine: welcome to bloomberg etf iq europe. over the next 30 minutes we will be your guide to the region set

up a market in exchange traded funds full time everything you need to know about the funds and the flows. francine: for investors. and a crude comeback. just months after the abrupt closure, triple leverage oil are free lodging this week. we will ask if the high-risk products are here to stay. first off, let's take a look at which countries and sectors have been attracting the money. dani burge