francine: ending with a win, stocks slip at the end of a record month as investors ponder progress toward a vaccine. dr. fauci says light at the end of the tunnel. china's economic rebound gathers pace with manufacturing pmi at a two-year high. the u.k. foreign secretary says there is a brexit deal to be done potentially within days, but both sides must continue working in good faith on a

fishing license. welcome to "bloomberg: surveillance." i'm francine lacqua in london. it is the last trading day in november. certainly a lot of traders will be feeling the same, but stocks are dropping after this record-breaking rally. a bit of a pullback on the last day of the month, capping this record-breaking rally. oil sliding after ministers failed to reach an agreement on supply. small caps, energy and companies, banks, that group has been leading the rally in november. today, a bit of profit taking. a couple of other things i'm watching for is the price of oil. we talked about that, encouraging news on brexit, which is why we see sterling at 1.3333. the portuguese 10 year yield come i like that because we are on zero watch, or negative watch for that yield.

word newsyour first with leigh-ann gerrans. >> opec-plus has failed to agree on an allay to january's height. many members support keeping production at current levels but the united arab emirates and kazakhstan oppose the move unless a new agreement is reached. the cartel could add 2 million barrels a day into the market. iran says it won't fall into the trap of scuttling future talks with the u.s. over the assassination of a top nuclear scientist killed on friday. he had played a major role in iran's nuclear research. iran blames israel for the attack. it hasn't commented on the allegation, the previously accused the scientist of masterminding a secret project. a senior has communications team composed entirely of women.

jim press hockey -- the white house press secretary was director of medications under president told -- obama. global news 24 hours a day, on-air and quicktake by bloomberg, powered by more than 2700 journalists and analysts in .ore than 120 countries i'm the end darren's -- leigh-ann gerrans. the first vaccines are just weeks from distribution. the white house task force is promising a rapid rollout to millions by the end of the year. there was light at the end of the tunnel because we will really be seeing vaccines soon. we are likely almost certainly going to be vaccinating a portion of individuals in the first priority before the end of december. is hoping to u.k.

begin its own vaccination program before christmas. joining us, jim cormack, global head of desk strategy. when you look at what the market has done, the rally we saw in european stocks this month, the next thing we will be looking for for a leg up, is a vaccine news or is that priced in? >> i doubt it is priced in. the economic story on the vaccine is the wedge you've seen befitting -- between consumer confidence and indicators elsewhere. and the consumer gets momentum, you will see a rally. the big question for me is when this becomes more of a fixed income event. fixed-income yields look a little low to me. francine: that would be on progress for a lot of these

companies going forward in terms of revenue? danger of that as the growth gets better, we will see inflation and a change in monetary policy. i don't think we will see a change in monetary policy but to me, the big story next year is you should get deeper curves, steeper curves because economic growth will pick up, fiscal policy will be a support. there will be supplied and central banks won't do anything. be the biggest risk to the equity rally, but that is a story for 2021. francine: you are not worried about inflation? if you look at the details on inflation, we are in the negative demand shock portion of the crisis. toward the middle of next year, we will see medium run inflation risk start a cold.

-- to take hold. francine: robust inflationfrancine:? does it change our growth patterns? jim: i think the growth patterns will probably help to drive it. inflation is something we haven't seen in a very long period, but it is something i would worry about second half of next year. francine: if you are worrying about it in the second half of next year, do you not need to take stock of that into the first six months of 2021 if it rapidly changes? jim: i mean, i think you do. again, i feel like the equity markets properly reflect that. to me, the complacency is in fixed-income. yields at -60 basis points, 10 below the policy rate. that is where you need to see the market reflect inflation risk and that hasn't happened yet. francine: what do you see

portuguese bond yields in the next couple of days? will they ever touch zero? do they go into negative territory? jim: the outlook for the european periphery bond market is still pretty positive. the bulk of the rally has already happened. the combination of low supply across periphery including portugal along with a strong economic recovery and a lot of support from the ecb would argue portuguese yields will probably keep going lower end of the periphery will do pretty well next year. francine: why do you do with emerging markets? i think emerging markets are set for a better year next year. the global backdrop is more constructive. policy in the g10 is very constructive and there is a foundation of growth in a lot of these economies that should continue. asia has been driving the growth

story the past six months, the places like brazil, poland, places like south korea, you've got a lot of growth momentum heading into 2021. what is the haven you would be looking at right now? i don't know whether you look at gold or bitcoin or go to yen and swissie. havensere's not a lot of that are particularly cheap right now. i would suppose gold still looks like a fairly good asset to holding a world where real yields will remain very low, but i'm not sure how much further upside you will get from here. francine: so what else would you be buying? there are a i think lot of currency you could be buying. the euro looks reasonably good value. the japanese yen and the world of asia economic outperformance looks like a good story.

there aren't many safe havens left out there right now and if you buy them, you probably have to buy them at fairly expensive levels. francine: thank you so much. jim mccormick, natwest market stays with us. with one month until the end of transition, u.k. officials say a last-minute deal can be done if an agreement could be reached on access to fishing waters. we will also talk about possible negative rates from the bank of england. this is bloomberg. ♪

francine: economics, finance, and politics. this is "bloomberg: surveillance ." with one month until the end of the brexit transition period,

they say a trade agreement could be reached within days if both sides continue working in good faith to resolve sticking points rights.ng if negotiations fail, millions of businesses and consumers will face higher costs with tariffs on goods and disruptions on supply chains. we speak with rosalyn mathieson. what kind of deal are we talking about? is it the bare-bones deal that would be positive news could -- but could put companies in difficulty or would it be a comprehensive deal? rosalyn: that is one of the remaining questions and with just a few weeks to go to get anything done and ratified before we hit the end of the year, but we are hearing signs of optimism that they will get some progress on key sticking points, which are pretty fundamental and comprehensive deals around competition rules and state aid and it seems the u.k. might be moving on that and

in response, we will get some action on the third major sticking point, fishing waters and access to bridge -- british waters for others to keep fishing in but what we will probably get is a sense we get a deal agreed to and ratified through both places by the end of the year, but some of these things still punted into next year. a framework deal is the likely outcome, but there will be sticking points still to be all right out and that does mean -- ironed out. that does mean for businesses there could be, confusion about what the regulations will be, how they get their goods from a to b and what kind of regulations they need to do so. there will be uncertainty for businesses into next year either way. what exactly are the sticking points that are left? it seems every day, it is good

news and then bad news, and good news. a lot of focus now is on fishing rights. is it 50-50 we get a deal or less? rosalind: we are in what they call the tunnel, a sign they are at the pointy end of the negotiations. there was a lot of messaging. in essence, it is part of the game sometimes to sound as if things are on the edge of the cliff when they are not really. what we are paying attention to is what the secretary -- foreign secretary is saying and he is a doing a positive picture of the negotiations. he says the deal on fish off to be achievable in what could be the final week of talks, basically if the eu shows pragmatism and good faith, we will get there. fishing really is the main obstacle on the u.k. side and it seems they are getting close on the competition rules and stated. i do love the fact

that we talk about a tunnel, intense negotiations. i feel my life is a tunnel but we should know something by the end of the week at the very latest? rosalind: we are getting those indications. the irish foreign minister saying a deal looks finalized and it -- possible and says it should be finalized this week. he says we are running out of time for ratification. in theory if they need to, they can probably get it through parliament on either side in a day or so. it is the final signoff, but they don't want to be leaving it until christmas day to still be negotiating. the sense is we may get something in the latter part of this week. francine: is there any chance whatever boris johnson home with gets voted down, or if we have something concrete by the end of the week, does it go through and we have a deal? rosalind: you would think so,

that tory lawmakers having waited so long for what they want to have, the full transition out of the eu, would prefer to have a deal rather than no deal, which would be inherently dangerous to business given the state of the british economy like many others after the pandemic this year and giving greater certainty to business. they would expect it would get through parliament. even so, there is a lot of uncertainty and you can hear the shift even today from the stock exchange side of business going from london to amsterdam and elsewhere, and that is probably going to continue even with a brexit deal. ,rancine: rosalind mathieson our executive editor for politics. let's get back to markets with jim mccormick of natwest markets . is it time to turn positive on u.k. assets? jim: i think we are going to have a good start to next year. i put deal probability at 75%. i think it is almost certain it

is going to be a very skinny deal, but either way, the market wants to see something. they want to know no deal brexit risks are no longer an issue so certainly a little bit above side heading into next year, but the u.k. economy has a lot of hurdles through the course of 2021. francine: do we underestimate the disruptive force of a skinny deal? jim: yeah, i think we do. you have a u.k. economy that will probably end this year 12% below where it was at the end of last year, which is almost depression like growth and the transition brexit is probably going to shave another 1% off of gdp in the first quarter of next year, so there are a lot of economic hurdles for the u.k. to clear next year. certainly an early year rally. i'm not sure how long it is going to last. francine: what do you make of what the bank of england can do? we have a great story on the talking aboutinal

the pros and cons of negative rates and the fact that boe is split on it. are we going to see negative rates in this country? jim: we don't think you will. you would need an economic situation worse than baseline. the bank of england has clearly been having this debate puzzled -- publicly for the past six months and it feels they are not getting closer to wanting to do it. quantitative easing is going to be the main vehicle of monetary policy year. negative rates, we don't think you are getting. francine: are we going to be seeing more of the double whammy that is easier on the u.k. compared to most other regions, which is fiscal and monetary policy together? jim: i think fiscal and monetary together is effectively the global policy paradigm. more needed in the u.k. than most other places, but you'll see the same in the u.s., the euro area next year. francine: jim mccormick of natwest markets stays with us. a battle looms after opec-plus

members failed to agree on january's output hikes. a full roundup of what happens to the price of oil before the roundup of opec-plus. this is bloomberg. ♪

francine: this is "bloomberg: surveillance." i'm francine lacqua in london. oil retreating as opec-plus members fail to find consensus.

the uae and kazakhstan oppose curbs, raising tensions ahead of the key meeting today. bloomberg's executive editor for energy and commodity joins us. well, thank you for being on surveillance. what can we expect from today's meeting? will: i think we go into this meeting with less idea of what would happen than we thought a couple of weeks ago. the assumption had been opec-plus would agree to delay their planned output hike because the oil market, while it has been recovering, is still fragile but what we've seen is the real run-up of the oil price, $48 a barrel last week, a lot of producers are hurting revenue wise so there are some members that say why delay? put the oil into the market, get the extra revenue. the saudi's appear not so sure,

and the russians want to be cautious, see how a second way will develop. it is uncertain. there were arguments on both sides. it is not clear what the outcome will be. francine: what is causing this friction between saudi arabia and the uae? will: that is an interesting one because traditionally, the uae and saudi arabia have been close allies in every respect, but on opec oil policy, they tend to work hand-in-hand. we have seen friction, the uae being much less willing to go along. francine: when you look at some of the concerns out there, how much will demand be hit in 2021. does it come back in 2020 21 when we get vaccines -- 2021 when we get vaccines? will: you can see there is a lot of optimism from traders about a rebound.

we see next year rally even harder compared to the near term. once hopefully the pandemic passes. francine: i think we are having difficulty with will kennedy sometimes. this is a very 2020 problem, we lose connection on satellite and the phone. let me go to the markets. the markets are pretty incredible, especially on a monthly basis. global stocks are pulling back on the last day of the month, capping a record-breaking rally, especially in europe. oil sliding after opec-plus ministers failed to reach agreement before a full meeting. will kennedy was talking about that. small-cap stocks, energy companies, banks had led the rally in november and seeing steeper losses. technology shares are a bit more resilient.

another couple of things i'm watching for is goldman sachs in their note saying they expect a large proportion of the public across major developed economies to receive a vaccine by the middle of next year and they say this will drive a sharp pickup growth.l that we are trying to figure out is if that means we will also see a change in regime from monetary policy because it will have implications for inflation. i'm also looking at pound, a bit of optimism on a possible brexit deal. sterling, 1.3312. coming up, china's stronger economic data pushes its factory gauge to a three-year high. the details next. this is bloomberg. ♪

francine: economics, finance, politics. this is "bloomberg surveillance." i'm francine lacqua, here in london. let's get to the bloomberg first word news with leigh-ann

gerrans. leigh-ann: hi, francine. a post exit trade deal could be done in days if there is a compromise on fisheries, according to dominic raab. it is an upbeat assessment. if negotiations fail, millions of businesses and consumers could face higher costs and disruption to supply chains. u.k. is set to become the first country to improve -- to approve pfizer and biotech coronavirus vaccines. bloomberg sources say clearance is possible as early as this week. british doctors are on standby for a possible rollout for christmas. swiss voters have rejected two proposals that could have altered the corporate landscape in the country. almost 60% of proposed an initiative to ban the swiss national bank from investing and defense companies. the second measure to hold multinationals responsible for human rights and environmental

lapses also failed. global news 24 hours a day, on air and at bloomberg quicktake, powered by more than 2700 journalists and analysts in more i'm 120 countries, leigh-ann gerrans. this is bloomberg. francine? francine: the latest reading on china separate economy shows its recovery is gaining momentum. pmi data from manufacturing and nonmanufacturing both top forecasts with the factory gauge getting a three year high. for more on this, we are joined by our chief asia economics correspondent, enda curran. happy monday to you. what is driving this recovery? enda: thank you, francine. isa points that china recovery now is pretty stable. accelerating well away from -- we know the manufacturing side of things is a hard enough story. exports hit a record share from

china early this year, and a lot of this is being driven by global demand, robust domestic consumption. it is a big global story from chinese goods, be it health care or be it work from home equipment that we all need an electronic space and technology. manufacturing and export is real, and that is the broader pmi story. feeding into the idea that china is going to be the world's only major world economy that will likely grow this year, and that is giving space to the policymakers. they are talking about not necessarily exiting their stimulus or suppose -- or support programs, but certainly tapering off support. when it comes to the scene of being china first in to the covid crisis, they are proving to be first out as we head to the end of the year now. what is the significance -- francine: what is the significance of the pboc injection of $30 billion?

enda: this certainly caught us by surprise. the backstory of course is that the economy is stable and policymakers are moving away from the stimulus side of things. but this injection is really more about end of year liquidity, making sure that they have all the banks that they need at the head into kind of a traditional annual squeeze for liquidity at this time of year. it doesn't change the broader narrative and the signals from the pboc that they are not in a hurry to add any extra or additional support through the economy, and if anything, they are looking to try to hold steady or taper the kind of measures that they have in place at the moment. very few economists are talking about further interest rate cuts in the near term. it should also be said that neither at the pboc are tightening policy or reducing -- or raising measures. assesstread water and

the economy paring out. a question remains about the momentum of the economy. given what is happening with the economies withan the coronavirus continuing to spread. francine: we've also heard that the u.s. administration is stead chipmakeraid to add cnooc to a blacklist. what does that mean for u.s.-china relations? francine: it is -- is -- this kind of blacklisted threat is been around for a while now. president trump certainly has unfinished business. when it comes to china, they seem to be rolling out various measures on a weekly basis against chinese companies or entities. there is a feeling that more is to come, and all of this is built into the idea that it

would be harder for the new administration under president-elect biden to unwind a lot of these measures against china. so even if we don't necessarily have a hot trade tariffs war that we had under president, there would certainly be antagonism between both countries and both economies, and a lot of these measures put in place targeting investment flows to china targeting chinese companies. none of that can be unwound easily, in a hurry. it speaks about the chinese relations -- the chinese tense relations that have been existing for some time. francine: we are back with jim mccormick. what do you make of china right now? how much of a global powerhouse will china become? think we all recognize that 2020 has been a good year thechina as it has managed

covid crisis extremely well relative to the west, and that makes a difference. so we are going into next year with a great deal of momentum on the economy, very strong momentum on the asset markets, and we think that certainly continues. thebig question on china, second half of next year, is what happens as the credit cycle starts to slow? the credit impulse, we will probably see china started to slow credit growth into next year. francine: if you look at some of the injection that pboc put, i know there were questions about default and possibly bond default and china. is that a story that is underplayed or overplayed right now? jim: i think it is probably .verplayed pul there certainly stresses in china's economy, but on balance things look pretty good adding into next year. there is plenty of policy

support out there. the credit impulse is still very strong. i think the story are in china is a positive one. francine: jim, what are you expecting from a biden administration? going into the election, there were three things that he could have changed. one is energy security, two is trade, and the narrative with china, and three is the regulation for tech companies. what will he focus on first, apart from climate change? jim: the first focus is going to be the domestic economy, and as a result of that you will probably see a much more multilateral list administration. i think on china, at the margin, things are not going to change but it is going to be much more constructive engagement. i think that is one of the reason why the stories on equities -- remember in december, the story was on the rally. the outcome of the election has certainly helped.

wencine: is there a danger are expecting too much of the biden administration? we talk a lot about being back to multilateralism. has the world changed forever in the last four years? jim: i think the world has changed in a way that it will be hard to battle back, but constructive engagement does not necessarily need to be friendly engagement, but constructive engagement i think is something that we will be looking for. i would expect, given what we have seen on cabinet choices, from biden himself, that gains with overseas partners is something that the administration will certainly be doing. what is yourrall, biggest concern for 2021? you seem to be pretty optimistic about valuations. what is the one thing that could actually hurt that? jim: fixed income is my biggest concern, that right now fixed income market looks pretty benign, pretty complacent. if we end up with a world of

very strong consumer-led growth, rising inflation, i think fixed income could be in the works for another year of strong equity performance. overall, i have to even ask you about dollar dynamics. minutes ofinto 30 the show. will the dollar go down? jim: i think the dollar could go down. i think the nature of the dollar decline will change. -- itit started with transitioned to asian currencies . the asian market currency story is probably the big dollar down next year. francine: what happens to euro? if we don't have a recovery fund at that hinges on negotiations, does europe become what looks like one of the strongest regions in september to one of the worst-performing regency in 2021?

jim: we are actually pretty positive in europe. we think the recovery fund will be passed. we think the covid second wave is well past its peak, so europe heads into next year with a good deal of growth momentum. it is just on euro-dollar. if euro-dollar is going to have upside, my guess is early next year because europe is coming out of its covid wave. the u.s. still very much in the middle of it. euro-dollar upside next year. so much. thank you jim mccormick of natwest markets , talking about markets, inflation, and even pboc. if any appropriately which was heard from any of our viewers -- i think that was what we call an open mic. coming up, a first vaccine approval is reportedly days away in the u.k., but with full coverage of the population months away, his private testing the path to normality? we speak to the chief executive

of the company hoping to fill the gap. it is coming up shortly, and this is bloomberg. ♪

francine: this is bloomberg surveillance. a bmr is cutting about 200 -- 2800 jobs as it retrieves from parts of his investment bank. the company is targeting for .7 billion euros of cost cuts as it scales back its international presence. amro spoke to us. roleat fits our plan of reduction through 2024. it is an amount can tribbett into the 700 million of cost

savings, but it is roughly what we have executed over the past four years and are doing steadily over time through attrition retraining our staff, so it won't be all that once. it will be steady and deliberate. >> good morning to you. steady, deliberate, and considered. which portions of the business are going to bear the biggest job losses? will it be the retail branch network? if so, what portion? or on the corporate and banking side? how does it split down? clifford: it will be -- our cost savings consequently, our role reductions will be across the business. we have a small branch network in the netherlands, 100 branches, so a lot of the branch reduction has happened and we expect to bring that down steadily over time. so there are no figures regarding branches. as you know, we announced that we would wind down our corporate

bank outside europe earlier this year that is part of that 15%. we are also digitizing a lot of the processes. that will have an effect on roles as well. we will be creating roles with respect to growth segments that we have seen in our business, so we will use technology to deliver convenient banking daily services and increasingly we will apply our people to helping our clients solve their financial problems. >> you guys promised to come with a capital update, but this morning have the same target dividend. why is it unchanged? clifford: we have given our capital framework, and we are announcing our payout ratio will be 50% of earnings. we have also indicated the level of capital that we are targeting. whenll consider buybacks

we are in excess of 15%. we have given clarity around our capital framework when we are able to resume dividends. as you know, the ecb has a recommendation that banks in europe don't pay dividends right now, and we are clearly complying with that. but over time as that is listed and conditions improve, we want to give clarity on dividends. the approach to that, and that is what we are doing today. ceo ine: that was abn amro -- cfo speaking with us today. the u.s. surgeon general meanwhile says rollouts are underway before the end of the month. but for millions of people, not in the highest risk groups, the coronavirus will continue to be a reality will into the spring of 2021. will they wait for a vaccine? how important will testing be as a way to give back -- to get

back to normality? joining us is alex templeton. quredy red -- the co-founder. when you look at the numbers out there, so like a million questions, does this test work, do i get false negatives, force -- false positives? the antigen? talk us through the main differences. alex: as you say, quite rightly, there are a couple of tests out there at the moment. one, which we are not seeing much demand for at the moment is antibody testing, which tells .ou if you had exposure most people are talking about the second types of test, like do i have covid-19 right now. the gold standard has been the continues to that

be delivered by the government and privately. but we are also seeing these rapid care tests coming onto the market, wishing give a result in just 15 minutes. you don't need a lab. it looks like something like pregnancy t -- like a test kit and they are increasingly reliable. when you look -- francine: when you look at the number of people being tested, are the rules changing as far as the households that you can see come and do we have enough testing in the u.k., either privately or through nhs? absolutely. there is a lot of driver in demand for the christmas season. we will see the relaxing of quarantine restrictions were more people will be traveling to see family both abroad and if we do see those relaxing, to allow tiers through christmas, people

will want to do that safely. the government has made it clear for international travel, coming in through december 15, as a private capacity being required for that. that is not something that the nhs is currently able to provide to the population. well if you're looking at people rather than people with symptoms come at the moment it is going to have to be private capacity to deliver that. our labs, the ones we work with, and other laboratories have been scaling up to capacity for this reason. we have seen a lot of companies do different kinds of testing -- genetic testing, pathology, turnover capacity to coronavirus testing to meet that demand, so we are pretty confident that we are going to be able to service that picked up and demand that we expect to see over the holiday period. francine: how difficult is it to

see how much more demand you will need over the christmas period? ares december 15 that allowing you to come back after quarantine, over four to five days, but take a test. how difficult is it to model how much extra testing you will need by then? enda: it is a great question -- alex: it is a great question and have some insight on that. we have done many tests of those tests today. what we are going to see here is, everybody inbound to the u.k. who potentially wants to reduce quarantine, which i imagine a great number of people requireswell obviously private coronavirus test as well. we see that ramping significantly. the government calculation of 35 tests aday -- 35,000

day rising to 225,000 tests a day i the middle of next year. --ting church travelers testing for travelers is not going away anytime soon. francine: any idea on how many a symptomatically people are out there? , how many morere infected people will we find? the difference between an antigen, which basically shows a live virus if it can be relied on come and a pcr, would be quite significant in understanding how the virus spreads and where it is. alex: absolutely. those are both really useful tools. the pcr test has a high sensitivity, it picks up more positives than the antigen test. but the antigen test is cheaper, you get a quicker result, and

it can be rolled out at scale. both of those tests have a role in helping us control the virus. so we expect to see that wrapped up into the new year, both by the government and by private providers as well. wencine: what happens when have a vaccine that is approved in the u.k.? administering vaccines, and does it mean that people will just not get tested anymore? think it is really important that vaccines reach the most at risk groups and the vos -- the most vulnerable category as quick as possible. that it's going to be the public health will efforts and quite rightly. we are exploring working with the nhs to deliver those in the near term, but there will come a point when the vaccine becomes available privately, and we see a strong use case for businesses who want to get there staff back

to work safely, and hopefully roll back some of the testing regimes that a number of businesses have put in place. but it will be some months before we see the vaccine widely available privately. francine: thank you so much, alex templeton, the cofounder of qured. the deal values the latter company at 44 billion dollars, making it the second biggest in the year. joining us for more is a reporter, joe easton. this is one of the biggest deals certainly of the year. what does this deal mean for the financial industry? >> good morning. it is really going to be a transformative deal for the sector, hopefully the second big deal that we have seen in the industry, following lsc and definitive, which were still waiting to be approved. they are most known for the index, obviously the equity

side, and the market with the pmi that we get. behind that, they have got huge data and infrastructure between them. so there is a lot more to them with the main industries that we know them for, and the staging information, with the entire sector. it looks like it is quite defensive a move given the deal that i mentioned. creating a huge powerhouse. kind of looking to regain some sort of a balance in the industry, given that lsc is going to have this huge scope across both data and execution once the deal is approved if it is approved by the european union. francine: how difficult will it be for the transaction to get antitrust approval? >> i think it is clear that the regulators won't be -- just the

--e that the markets have to look how long we have been waiting for a definitive deal. this has been going on for some time. i don't think it will be easy, and particularly given that the markets have a big connection to the u.k. as well. the uk's having to take a look at this lsc deal and now this market, which essentially was originally first in the u.k.. so there is competition concern. thepositive side is that market doesn't have the exchanges businesses that lsc has. in order to just get the approval. ihs and s&p don't have to worry about the execution side. it is mainly the data business, but nonetheless there are going to be big antitrust concerns for sure. francine: joe easton, thank you

so much. bloomberg competes with -- up, first a data check. tom is off today, but i will be joined by lisa abramowicz. we have loads of market analysis. we will look at brexit, whether we will be close to a deal. stocks are slipping after the record rally that we saw over the month, and i'm also looking at oil extending a retreat on signs of discord amongst opec-plus ministers. the other thing we are watching out for of course is optimism in brexit. at can see that, sterling 1.3329. this is bloomberg. ♪

ministersthe panel of

fails to reach an agreement at the end of opec-plus meetings. recovery on track. china second at been on mac .edound gathers pace it comes as shares of cnooc slump on reports it could be added to a u.s. blacklist. and bone of contention. the u.k. foreign secretary, dominic raab, says there's a brexit deal to be done, potentially within days. but he says both sides must continue working in good faith on all important fishing rights. good morning and welcome to "bloomberg surveillance." lisa abramowicz is stepping in for tom keene in new york. great to have you on surveillance this morning. we look at the markets. tomorrow is december 1, so we look at an increase -- a pretty incredible rally that we have seen so far. look at brexit and opec-plus back at the forefront. lisa: it is an agonizing time for people. i do hear that tom keene