day. the u.s. reports more than 2700 covid fatalities in a single day. l.a. issues a stay-at-home order. macron turns up the heat. france threatens to veto a brexit deal if he doesn't like the terms, piling pressure on the e.u. not to make more concessions. and, stimulus in time for the holidays while democratic leaders back $908 billion stimulus proposal. the concession puts the ball in the white house's court to reach a deal by year end. good morning, everyone, and welcome to "bloomberg surveillance." i'm francine lacqua in london. tom keene is in new york. tom, a lot of the focus is on the stimulus deal, smaller than expected. we will see if there is some kind of agreement on this, but a lot of the focus is on the renewed threat coming from france. veto, at the a same time the french saying they are negotiating to 2021, means a lot more uncertainty for brexit. more uncertainty for brexit, and the markets are

indicating it. we are a few days in december, and clearly we get no respite for the holidays. there is no question about that. an extraordinary 46 minute video from the president last night, hugely commented on in washington. attorney general barr, you wonder how he gets through the weekend with the president. i agree with you, this french issue is not a small matter. memory of if in the -- that macron decided to rip a page out of the textbook from 30 years ago. francine: we will have a lot more on the dynamics of europe and france, but let's get straight to bloomberg first written with with rickets -- with or take a group -- with ritika gupta. nancy pelosi and chuck schumer are backing a bipartisan stimulus plan. they see the proposal from house and senate lawmakers with a new

round of negotiations. the plan calls for 908 billion dollars in spending, less than what democrats want, increased from the number being floated by senate majority leader mitch mcconnell. the u.s. has had its deadliest day yet in the pandemic, according to john hopkins university. the number of fatalities went over 2700 for the first time. hospitalizations also set a new market, going over 100,000. california posted a 38% surge in the last week of november. the u.s. has restricted travel visas for millions of members of china's communist party. the rules will allow party members and their families too -- for one month. oneo get visas for month. opec and its allies are making progress in talks on oil output cuts, increasing the chances that today's meeting can salvage

a deal after furman negotiations earlier this week. one delegate says bloomberg discussions are focusing on a proposal for gradual out -- easing of output cuts over several months. global news 24 hours a day, on air and at bloomberg quicktake, powered by more than 2700 journalists and analysts in more i'm ritikauntries, gupta. this is bloomberg. tom: thanks so much. we are going to get to the data check quickly to get to george saravelos. i'm going to leave foreign-exchange alone for the moment. nasdaq futures -- the nasdaq 100 shows tech resiliency with these record highs. the yield of higher earlier. i will leave it to that so we can get to george. francine: we will get to george in a second. there is some movement when it comes to euro-dollar, euro-sterling. i'm not sure that is the right way around where i wanted it, but these are some of the things we are looking at, and it is

really what expectations say failed talksnt of between the u.k. and the e.u., what that means for euro-sterling with the year to possibly above 0.95, soon to follow. i look at european assets come off the month highs because they are wondering what comes next and what will support them. joining us to talk about all of this is george saravelos, deutsche bank's head of fx research. and one of the smartest but .ometimes most controversial thank you for joining us. out of the blue, the french briefing people in brussels saying they are ready to use a veto if michel barnier concedes too much for the u.k.. what does that mean for euro-sterling? george: good morning morning, francine and tom. i think it ultimately depends on whether we can get a deal over the next few days, and it is worth remembering the french have been the most hawkish on brexit over the last couple of

years. remember the days when the lead to extensions, and the french were always threatening not to do so, when ultimately it happened. i think we need to take the visa threats -- i think we need to take these threats with a grain of salt. we do get there over the next few days. if we do, we can finally take that risk off the table as well. you are absolutely right, that is the critical thing in the markets over the next few days. francine: how much will euro-pound, euro-sterling appreciate in the event of a no deal? is the no deal a 30% probability or 50%? george: i would say it is even lower than 30%. we think it is closer to 10%, 20%.

that is about what the market is currently pricing. i think if we do get precisely for that reason, because the risks are priced low, if we do get a failure of negotiations, u.s.-sterling could head toward parity. that would be a big move. the hardnot jump brexit, it would be the risk of unraveling the agreement. the u.k. has the internal market bill that would be a break of international law. they would be sanctioning -- there would be sanctioning involved. reaffirmed, you today an extraordinary set of calls. 1.30 euro, 1.50 sterling. these are extraordinary moves. i want to introduce a chart now, folks, a trade-weighted euro. we have broken out of the one standard deviation on euro. we don't have the chart up right

now. we will get it up at some point. george, we are breaking out. when do merkel and lagarde scream? george: it is an interesting question because in some sense i think that has already happened. if you remember back in september, the ecb very much because on fx, that is you had a big appreciation in the euro trade-weighted in june and july. the big difference this time is that the trade-weighted is not going up as sharply. this is a broad based dollar weakening move, and that has been our call over the last six months, that it is a lot more about broad based dollar weakness. as long as that is the case, the ecb will find it more difficult -- tom: i don't mean to interrupt. i take your point on lagarde and i understand lagarde's politics here. but your call has been extraordinary. you have been absolutely dead on on this. it is going to come down to nations, as it always does.

withdo you anticipate germany and france, at 1.22, 1.24, 1.26? george: not much, to be honest. if you take a step back and look is,here purchasing parity it is at 1.25. historically europe has been in a range of 1.20 1.30 at the time. i think all that will happen over the next couple of years, an unwind of the excess dollar strength, the driver behind this dollar strength has been an unprecedented demand of uncertainty. if you think back to the left few years, we have had trade wars, pandemics, monetary tightening. and next year will be a very unusual year because it will be a very quiet year. worldically when the tightens down, the dollar tends

to weaken. francine: i understand this is a dollar story, but the trajectory with the euro must change depending on whether we get a recovery fund or not. after all, it changes everything for europe. will a power ahead without hungary and -- will they power ahead without hungary and poland? are they bluffing? how do you view that? george: you are absolutely right, the recovery fund was an important development. reallyentives are not aligned for hungary and poland to collapse. there is the extreme scenario thee -- there is possibility of setting up an intergovernmental agreement whereby poland and hungary are excluded, but because they would lose out huge amounts of funding, there is a 10% of gdp, it is unlikely that we end up with that scenario and that they ultimately backed down. if you think about next year, this recovery fund money can be very positive for europe,

especially for eastern europe. the order of magnitude is two to three times as big as the marshall plan in terms of the money that can go there. we are very positive on the eastern region as well. francine: what does that mean for currencies in eastern europe? is there a pair that looks attractive at the moment? , like: i think currencies czechoslovakia, poland, hungary, there is a very good mix. the revenue protection policies that were in place will make it very easy for germany to switch back on, so to speak, after the crisis wants the vaccine rolled out. -- once the vaccine is rolled out. if germany can do well, european currencies can do well, the unique recovery funds money, too, i think you will have substantial negotiation. francine: george, thank you so

much. george saravelos of deutsche bank stays with us. we will talk more about emerging-market currencies as well. up later, charles kantor sceneryrger berman, portfolio manager. that is coming up, and this is bloomberg. ♪

tom: "bloomberg surveillance." good morning, everyone. a really interesting news flow today and we will get through that -- to that throughout the morning. a really interesting correlation up against record highs in equities, the nasdaq 100 now, green on the screen with s&p futures at negative five in the early new york hours.

the vix, 21.12. with us is george saravelos of deutsche bank. he has called for weak dollar, strong euro. 1.50 on pound-sterling, we are thrilled to have the outrageous one with us this morning. george, there's a point where this becomes stochastic -- that is french, folks, for pointy. it becomes pointy. where there has to be a response. the ecb is an original invention. if we get there, what are the tools that lagarde will have available to force the dollar to reverse strength? unfortunately, tom, i think they have run out of tools. the one big tool they had is negative rates. if you think back to the decline from 1.40 down to 1.10, that is when the ecb went negative while the rest of the world still had

positive rates. now everyone has joined them. the ecb is very close to the lower bound, and what they could try to do is cut rates a bit further. if they are -50, maybe they could take them to -50 or -60. if they do that, the euro could end up rallying. the market will realize -- it will not be very productive. tom: this is so important what we are listening to with mr. george saravelos, because he is clearly drinking the folkerts-landau kool-aid. a good friend talked about ken rogoff, courageous on this as well. how do you affect the magnitude you are speaking to have a greater negative interest rate and keep commercial banking in europe alive? think might is 50, you had been able to do it. but if you do try and go deeper, the issues will become more and

more important, in terms of negative implications. it is something the ecb has been increasingly recognized. that is precisely why they are not going to cut rates in the meeting over the next few weeks. so what is more likely is credit union measures, more aggressive all of these things, if they help european growth, they will help european equity inflow and they will help the euro. i think the ecb could in some sense be ok with that as long as the european economy is doing well. i think next year, germany especially can boom. there may be more tolerant -- there -- there may be more tolerance of a high euro. francine: if they don't get the recovery fund money, -- is there a danger even if they get the recovery fund money, will they squander it? george: i think that is

important. it is an important question, and a part of why negotiations are very difficult this year in terms of the recovery funds was because the northern countries have asked for terms and conditions in terms of how they it may takess is -- longer to get the money, but i they are higher than under different circumstances. the other point i would like to make is, over the summer period, as the economy is reopened, as the staff is very dependent on tourism, the potential demand, a is veryund in tourism strong. my point here is that the cyclical recovery next year will be very, very strong, and i will do quite well with that as well. francine: when will investors start worrying about that?

do they start worrying about debt in europe, or does it hurt the u.s. first? george: i think one simple word, inflation. we only worry about debt when inflation comes back. i have always liked to use the example of japan. everyone has been worried about japanese debt for the last 30 years. you look at the debt to gdp ratio -- because of no inflation, what matters is the cost of servicing the debt and interest rates. i remain in the disinflationary camp. even though growth will be strong here, the outlook for the whole is very deep. if you take a look at the u.s. employment to population ratio, the broadest measure of the labor market, it is still worse than what it was at the peak of the 2008 financial crisis. so good growth but no inflation at no worries around debt. output gaprstand the dynamic there, but your

disinflation ideas fascinating given what i see her and five-year, five-year breakevens. it is too much for television and too much complexity this early in the morning. i am looking at an inflationary vector in the united states, and i am not there in europe yet, but even europe is giving me an elbow up to a higher guesstimate in inflation. when do you capitulate to an inflationary trend? george: well, for me, what is most important is the actual underlying inflation data. the market drives inflation expectations higher because global growth is good. that is also helping our weaker dollar view, but in terms of sustained return of inflation to 2%, i would need to see it in the data. i would need to see the labor market, wages going up, and i do not see that next year. tom:'s has been hugely valuable. toward sarah bellows, my regards to your team.

has been hugely valuable. george saravelos, my regards to your team. in the next hour, jacob lew, the former treasury secretary of the united states, arguably the most important conversation that we have had with him. jack lew, on stimulus and is urgency. this will be fascinating. stay with us. green and red on the screen. this is bloomberg. good morning. ♪

ritika: this is bloomberg surveillance. i'm ritika gupta with your bloomberg business flash. united parcel service is trying to keep from being overwhelmed i the holiday rush. ups is temporarily restricting some packages it takes from big retailers such as nike, gap, and l.l. bean. company fears that large customers will ship on days when volume is that large numbers of customers will ship on days when volume is not heavy. macquarrie has agreed to buy read financial for $1.7 billion. the deal will propel macquarrie into the top 25 actively managed long-term open-ended mutual fund managers. one by one, the u.s. dollar is dropping against its peers. this year the euro, canadian, and australian dollar, and the ,e-in -- and the korean won have hit the lowest they have in

two years. with the rollout of vaccines hitting the world reserve currency. that is the latest bloomberg business flash. tom: thanks so much. on the data, the pandemic data is what matters today. the deaths in america back to april 29's record deaths in america. in the financial markets, red and green on the screen. the vix, 21.11. it is all fractional. on dollar -- and thank you so much, george saravelos, dxy indicated a weaker dollar fractionally. the euro 1.20 one level. francine will talk about the sterling and its different permutations, and on the pacific rim, stronger pacific rim currency. .his is an under told story the j.p.morgan adxy index moves out to new strength today. francine? francine: there are two or three stories that i'm watching out

for. investors are focused on a democratic call for in most talks come if they will support talks today. something that actually took the market by surprise, which is why we are seeing not only sterling change, but actual euro-sterling, and cable as well. the other thing i'm watching out for is oil, oil pretty significant simply because of opec-plus. we are expecting some things to be a bit more positive than two or three days ago. but still, something that concerns market. up next, thomas gift. this is bloomberg. ♪

tom: "bloomberg surveillance." claims coming up at 8:30.

extremely important statistic before tomorrow's jobs report. a lot of focus on the pandemic, on the markets. but also the politics. yours gift, director said of u.s. politics. the royal family completely stopped, not from watching "the crown," but the federal government of the united states of america, which everybody -- i listen to it. it was very good as you were explaining away this craziness. yesterday, professor gift, we had a 46 minute video from a lame-duck president. it is why the reported general bar may not make it to the white house christmas party. i guess it is an original lame-duck, no question about it. what do you make of this lame-duck of america? i'm not sure how to tackle it. situationmp is in a right now where seems like all the walls are closing in on him.

even attorney general bill barr who has been seen as such a staunch and loyal supporter of the president a couple of days ago said there is no evidence of widespread fraud or irregularities in the election. i think that was a big story. i think it has additional force coming from him. tom: tells your thoughts of the treatment of a pardon. i don't know the legal area going back to 1915, the nixon pardon and all, but how does the pardon debate spin this clumsy lame-duck period? thomas: some sources say they expect a flurry of pardons, word used often. names have been floated ranging from rudy giuliani to trump's children to even trump himself. one of the interesting aspects of this is the notion of the preemptive pardon, which has been discussed quite a bit. it is unusual.

if it did happen, the question is how narrowly or broadly the language would be written. there are questions of it is too broad, prosecutors in the future might be able to claim it does not cover particular charges. but if it is too narrow, it might read like an acknowledgment of guilt. either way, i think trump will try to frame some of these as saying he is avoiding a politically motivated witchhunt against him and those closest to him in the waning days of his administration. francine: professor, just the gop by that? if he does do some of these pardons commitment to consider questionable, just make the gop less likely to endorse him if he wants to run again? thomas: that is the big question. ultimately, donald trump will have total purview on whether he wants to pardon -- although, there are some constitutional questions on whether he can pardon himself. article two of the constitution grants abroad access in this

area. but how many republican support him. based on indications up to this point, it does not seem like a lot of republicans are willing to push back against the president simply because donald trump remain so popular within the gop. at best, i would expect some muted reactions from republicans. you might see some stand up like romney another moderates, but if the best predictor of future behavior is past behavior, i don't think we will see a lot of negative reactions from republicans. francine: how much more will president trump hammer china weeks before joe biden takes over? does it mean actually he will be -- joe biden will be boxed in per what he can do for the first couple of months in trade? thomas: it is certainly the case donald trump has not ratcheted the his tensions with china

last few months of his administration. we saw the executive order he pushed through the bars investors in the united states from putting money into chinese tech firms with military links. i think in large part some of the challenges joe biden is going to inherit from the trump administration, including high tariffs, he will not deviate from substantially -- even if biden himself would not necessarily have imposed some of these policies, i think it will be difficult for him to deviate too much from the status quo. at the same time, i think he will try to reach out to other partners in europe, japan, etc., to try to offer -- to make an effort to not introduce so much unpredictably and in market, which has been a huge problem with the tariffs. tom: professor, this goes back to controversial attorney generals. we understand any president can

resend or turn around, reverse executive orders done by the predecessor. ok, fine. how does an attorney general and doj action of the previous administration? are thosele or changes embedded in the system? thomas: i think some are embedded in the system but i think will be a lot of cleaning house, at least at the political appointee level. some of the challenges that are there now are going to continue to persist. i think joe biden's nomination for the next attorney general will face some big challenges. i think a lot is unknown on that question at the moment. tom: professor, thank you. thomas gift come interesting politics really about all of the atlantic and worldwide. without first word news in new york city, here is ritika gupta. ritika glowed president trump is

expected to sign a bill that can lead to chinese companies getting kicked off american stock exchanges. approved by congress, calls for u.s. regulators to review the company's financial results. the chinese firms will have at least three years to comply. baby president trump's last chance to shape the fed. the senate is expected to confirm the nomination of christopher wallace's serve on the board. germany, angela merkel says a partial locked in will be extended by three weeks. bars, gyms, movie theaters will remain closed until january 10 and the government leaders will meet to reassess. it has not slowed the coronavirus spread in germany. france putting pressure on european union negotiators not to make any more trade concessions to the u.k. the french are one and that --ld be taught directed deal

a brexit deal if they do not like the terms. global news, 24 hours a day, on air and at quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. i had ritika gupta. this is bloomberg. francine: we will continue tracking the number of infected and the horrific number of deaths we are sitting in the u.s.. coming up, we speak to jason farley. that interview 6:30 a.m. in new york, 11:30 london. this is "bloomberg." ♪

francine: this is "bloomberg surveillance." i think tom has a great chart on

oil. it is always a great time to talk about oil, especially when there has been a postponement of an open deal. still no good to have a deal but the timing of the deal is very much in question -- still no guarantee of india, but the timing of agile is very much in question. , how year because he has been chasing his sources he has had about one hour of sleep. i was going to get you on "surveillance," so thank you for coming on. is that almost a done deal but we don't know the timing of when the tapering would come or are we not certain we can get a deal today? i think we will have a deal today. as you understand saudi arabia is reached, proposal that they will develop ministers at 2:00 for full opec conference. it has been delayed already. nowunderstanding is opec

working for proposal that it --l be for gradual increase the details of how much and over what period need to be agreed on. that meeting will start later today. at least the outlines of the deal are emerging. -- that hasere is been elusive for the last three days. francine: has something changed since the u.s. election? when you speak to a lot of these delegates and officials, are they worried that peak oil will come closer? does that factor into their conversations or thoughts? : the new administration, the biden administration is certainly not going to be as informed as opec politics and that may change. particularly if it is a difficult meaning. we know it is unlikely the white

house will be having a conference call with the king of saudi arabia trying to negotiate the agreement for them. what trump did earlier this year was extraordinary freddie was president to get absolutely hands-on involved and brokered an open deal. i don't think that will happen any longer. tom: on oil demand, you know it is the rate of change, dangerous word increasing oil demand. is there evidence now and with the bet on an end up a pandemic, when do the process of just will demand increases? see will think we will demand increases and go back to the pre-covid levels probably the end of 2021, the beginning of 2022. i think very importantly, the -- you're on your increases but the middle of 2021. jet fuel is going to be the one

lagger that will take a bit longer. tom: this is important. we will rip up the script here. we all know aircraft is on their back. at the margin, what is increasing jet fuel do to price? can getthe moment we jet fuel going up, they bring the whole package of oil demand together and that is when we break -- the recovery in air travel is what allows oil prices to move from the $50 range -- we are almost there. moves prices to probably $60, $65. are there any countries that are seriously thinking about leaving opec or

is it just talk? javier: i don't think anyone is thinking about leaving opec tomorrow or today, but i think the uae has indicated very for theit sees problems uae to remain in opec under the current system. can the uae stay in opec? i think they can, but it will only happen in the next probably couple of years. we see a reallocation of product within this group. that means the uae will want a higher production quarter that absolutely means so many sit take a cut. how that will fit within opec, it will be very complicated conversation. , thank you soer much, one of our opec stars. markets, on bloomberg

5:00 p.m. in new york, the transactions with salesforce. this is "bloomberg." ♪

: this is your bloomberg business flash. software maker snowflake lower --ay i cluster salesforce appeal the largest in the u.s. this year. the company stock has more than doubled since its debut. another blow to the world's second-largest money manager. and guard has lost a mandate to run at least $590 million in taiwan government pension and insurance assets. that is due to weak performance. vanguard has been overhauling its strategy, pulled out of hong kong and japan to focus on individual investors. the head of the largest party in the european parliament has a warning for poland and hungary.

and fred weber says that you can cut out the two countries from the $908 million coronavirus rescue fund. polident hungry object to try funding to upholding the rule of law. cook's now is the moment to do it. -- >> now is the moment to do it. if hungary and poland are not willing to do it, do it without them. ritika: that is your latest bloomberg business flash. tom: thank you. long ago and far away, the editor-in-chief of bloomberg news sat down with me on a cold winter day and said, "tom, you are going to enjoy detroit." francine lacqua was going to the mediterranean or some fancy caribbean island, and i was going to detroit. thank you, matthew winkler, for that. he joins us on detroit, on the failure of big auto to the new

technology of vehicles. what i love about your new site, it is about technology and engineering. explain how electric vehicles right now are not just about tesla. matthew: thank you for that, tom. it is good to be with you and francine. electric car companies right now suddenly are worth half of the total market capitalization of the world. 10 most valuable automakers. there's a reason for that. it is because many managers have sidestepped this convergence of government policies and people's purposes, and climate change, and they made an alternative energy come if you will, their biggest bet. that is what is unfolding right now. that makes a lot of sense. what is the existential threat of our time? climate change. what is the choice to consumers can make at this moment? drive zero emission vehicles. neo in chinaesla,

-- there are three of them, more than 50% of the market cap of the 10 largest automakers. tom: you gave me the honor of , ifiple -- multiple times clay christian 10 saw this, what is fascinating is how big auto has not adjusted. why haven't they adjusted? matthew: first of all, they're waiting for the internal combustion engine and courtly performance. those two things have deferred, delayed, and prevented big auto -- whether big auto is in detroit, your favorite city, or stood guard or tokyo, has matter. big auto is hampered by the fact it is constantly chasing quarterly profit returns and at the same time it is tied to the internal combustion engine. so it takes longer for big auto to say and deliver electric

vehicle, which is the vehicle of choice in our new century, the 21st century. francine: match, what are these electric car companies exactly? are they technology companies or are they going to be valued as battery companies? what will they end up being? matthew: great question, francine. they are technology companies that happen to be providing automobiles. but they are fundamentally technology companies. you are absolutely right. it is about battery technology. it is about a lot of things -- mobile communication, so many things that had very little to do with the automobile made in two guard or detroit -- stood guard or detroit. that is why they're different. auto analysts generally have missed this. they missed why these are such valuable properties because as you said earlier, tom, they are really changing behavior.

they are upstarts and their changing the way we live and work and everything else. that is what technology does. francine: how many of these companies will come from china? how many are in china at that moment that we don't know the name of that will become bigger and even better that tesla in 5, 10 years from now? mythew: that is way above pay grade to answer, francine, but we do know there are two that i mentioned earlier that are definitely in the running to become much bigger companies just because they have to vehicles that people want. by the way, the government of china, if you will, this made a commitment to be carbon-neutral by 2060. what that means is all kind of incentives in the largest car market of the world -- largest market in the world, really, are going the way of electric

vehicles. that will benefit -- those two companies -- it clearly is benefiting tesla because tesla has made a big on china and it is paying off. againut up the bar chart for tesla. matt, the editor-in-chief of bloomberg news once tommy don't. the lead. you buried the lead in your essay. you notice danny 3% of institutions don't have -- 93% of institutions don't have the weighted of tesla. what are they going to do about it? matthew: it is very much a function of all the conventions that go into investing these days. since the s&p 500 is the benchmark and until this month tesla was not in the s&p 500, most many managers did not go near tesla. now that tesla is in the s&p 500 and because these money managers

have to include in their portfolios the stocks in the benchmark, they're going to be big investors in tesla. what does that mean? if you think tesla represents 1% of the index, which it probably does, that is $47 billion passively managed coming right into tesla from a benchmark. tom: unbelievable. matt winkler, thank you. matthew winkler with us this morning. he has been dead on an tesla, pushing against the tesla doubters for months and words with a nice summary on the state of electric vehicles, which are not just tesla. francine, that was extraordinary. i will tell you, the highlight of my year pre-pandemic where the electric taxicabs of london. i thought they were extraordinary. my kids will only get in one of those. they are eight and six.

because at school they talk about nothing but renewables if it is a normal taxi that will be like, no, we will walk stop which is great for getting them into sports. london, it is interesting to see that charges not for taxis but private vehicles, and i think that has gone up by 70% the last three years. tom: she told me years ago, "i'm going to write a book about instagram." all of us blown away. sarah frier mckinsey ft book of the year. ♪

it's moving day. and while her friends are doing the heavy lifting, jess is busy moving her xfinity internet and tv services. it only takes about a minute. wait, a minute? but what have you been doing for the last two hours? delegating? oh, good one.

move your xfinity services without breaking a sweat. now that's simple, easy, awesome. xfinity makes moving easy. go online to transfer your services in about a minute. get started today. tom: this morning, stocks are resilient, near record highs.

the growth surges against the dollar. your threerating standard deviations. scream?they pacific rim currencies advance as well. trump advances against the attorney general. a mr. bar make it to the white house christmas party? in america, record pandemic deaths no worse than april. good morning, "bloomberg surveillance." tom and francine lacqua. if iine, we just saw -- have a "game of thrones" something, eu diplomatic headlines about crossing redlines. the whole brexit thing, is the or can thete 12/31 can migrate into 2021? francine: we used to talk about this over a glass of wine but