>> good morning from bloomberg's european headquarters. i'm annmarie hordern. this is "daybreak: europe." one step forward, one step back. compromise. near a sanctions hit sentiment. the stock rally hits a pause as the u.s. plans to add more chinese officials to a blacklist. and, stimulus hopes, virus

fears. republicans are sounding more optimistic about fresh fiscal support while u.s. virus cases spiral. good monday morning. 6:00 a.m. in london, 7:00 a.m. in brussels, where brexit negotiations are taking place over the weekend. let's see where we trade this monday morning. we did not get a brexit deal. what we do see after the friday rally, the s&p 500, the doubt, the russell -- the dow, the russell, all hitting new highs. the u.s. plans to add sanctions on about a dozen chinese officials. the msci down about 0.2% this morning. many futures are down 0.3%. 10-year yield on friday inching closer to 1%, a level we haven't seen since march, steepening on the t-- the largest steepening

since 2017. this is on fresh stimulus talks. the pound, we saw some softness. the pound is the barometer for brexit, and brexit negotiations resumed in brussels yesterday. signs one of the biggest obstacles to a trade deal is close to being resolved. u.k. and eu are hoping to finalize the deal, but another key sticking point remains. maria tadeo, good morning to you. you had a lot of early mornings and late nights. it looks like there's been some progress on fishing rights. now what becomes the big issue? maria: we are close to a breakthrough on the fish. this is all about softening the blow after brexit to the fishermen who are not going to be able to go deep into the u.k. waters. we are moving close to a

political landing zone for this that would see a transition period in the range of five years to seven years. u.k. wanted 10. now we are moving close to a breakthrough. the big sticking point continues to be the level playing field. this is about the u.k. moving away from the eu standards, from the regulations that set out the playbook in the european union. this is a question the prime minister will have to ask himself. does this pass the sovereignty test? this was all about taking back control, setting up your own regulation. how much could you politically move away from the eu regulations and make that ok to your own political audience? the big sticking point is the level playing field, not so much the fish anymore. annmarie: what happens in the next 24 hours? many were hopeful we would see a deal by this morning. maria: right.

we did speak to some european officials yesterday who say they don't believe there will be a deal approved in the next 24 hours. this is still technical talks. we do have a briefing. 27 ambassadors. it will be interesting to see the reaction we get from some european capitals. the very important phone call between boris johnson, the prime minister, and ursula von der leyen, happening today. that could signal whether or not there is a momentum for a deal. thursday and friday, they will meet in person in brussels. that is still seen as a real deadline for any deal to come through. again, stressing that this is ultimately a political decision. you can have a deal on the technical side, but if european leaders and the prime minister don't give the green light, then it's not going to happen. that will probably be at the end of the week. annmarie: bloomberg's maria

tadeo in brussels. she will be across this story throughout the entire week. maria will be speaking to a member of the european parliament and brexit steering committee. that exclusive conversation coming up at 8:30 a.m. london time. later, we will speak to the mayor of london, sadiq khan. that interview is just after 10:30 a.m. london time. now, joining us this morning to digest all of the latest news, tatiana. good morning to you. i want to get your sense of the situation. we are hearing so much out of brussels and london. it seems like the effective deadline is going to be thursday at this eu summit. do you think we reach a compromise by then? >> good morning. they keep us guessing, don't they? you know, i'm torn. it seems they,

market is not. the market thinks a deal is on the table because it makes economic sense. i'm maybe a little less optimistic about that because it's not just about economics. it is about ideology and politics. this morning, as maria just said, it is clearly a positive that there is some movement on fishing. one would've thought it was possible to find an agreement there. there's a number of ways to cut it. one is the timing of the transition. you have something to play with. i would think that there is something similar on the playing field that you just have to find the right wording, where you can say, i'm independent, but, at the same time, i do acknowledge that i work in a great system. it's just about the packaging, you would think. at the same time, why has it

taken so long if it is only about the packaging? when you convert it back to the markets, there are so many more steps. if we assume that the negotiations -- that there is an agreement, then it has to be rectified -- ratified. there is a long way to go. note, howon that promising is it to you that chancellor merkel, the times is reporting, is softening the stance on the so-called level playing field? >> i think she is currently playing the [indiscernible] she sounds very reasonable. let's just move forward, be rational. try to find a compromise.

a is always possible. those -- a compromise is always possible. those wordings are very soothing. they are the right way to approach these negotiations. because one can make it a win-win. there's talk the european union didn't want to be seen to allow the u.k. too many positives, given that they want to leave. at the same time, as we said earlier, you can package it in a way, and it's just about the communication, that you say, look, they want to go their way. there will be consequences for us. at the same time, we want to find a new working relationship going forward. annmarie: a brexit deal, tatjana, coupled with very hopeful vaccine news in the united kingdom. tomorrow, u.k. hospitals will get the vaccines and start the inoculation process. those two things coupled together potentially in one week -- what kind of movement do you see in u.k. markets, especially

since many are saying the value trade, the rotation is here to stay? tatjana: the value trade is here to stay. this is a nice next positive step along the way. in that regard, it is a positive. see,hen we'll have to because clearly it is a public good. the vaccines are not being sold privately to start with. how a blackee market is developing there. clearly, the most vulnerable would be vaccinated first. that's a good -- the right way forward, because we know who is most affected by it. we will have to see how the economy can reopen. the u.k. has been one of the most affected. gdp has been the most affected. -- this actually

impending brexit impact has put pressure on gdp, in addition to covid. clearly, those are the right steps forward. then we will have to see how it has been accepted. i would assume that, very quickly, there is a change in attitude. if you see your freedom of movement is being increased, there is skepticism around getting the vaccine. manus: t -- annmarie: tatjana, thank you for your time this morning. we will talk about u.s. stimulus next. let's get a recap of the first word news. >> president trump says his attorney, rudy giuliani, has tested positive for coronavirus. the new york times" as 76-year-old was admitted to hospital yesterday. the president wished him well, saying, "we will carry on." said hisiani's son

father is getting great care. the california attorney general will lead efforts to curb the coronavirus pandemic and strengthen the affordable care act. the president-elect's priorities include expanding testing, access to ppe, and distributing a vaccine. he could be the first latino to head the u.s. health agency. said to bechs is scouting office locations in the south of florida, with a view to relocating asset management farm -- its asset management farm. the move could be a blow to new york as the home of the u.s. financial services industry. 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. this is bloomberg. annmarie: all right. thank you so much.

coming up on the program, backing a stimulus bill. senator bill cassidy says it is likely trump and mcconnell will be on board. more on that next, from london. good morning. this is bloomberg. ♪

>> we are going to focus on those most vulnerable and those most on the front lines of treating covid with the initial doses and then we are going to progressively keep adding more and more people. be thinking in the february and march timeframe that you are going to see more general vaccination. by the second quarter of next year, we will have enough vaccine for every american that wants it. >> that was alex azar.

it is looking like a landmark week for vaccines with the u.k. set to launch pfizer's shot tomorrow. the u.s. could approve its emergency use as early as thursday. this comes as covid-19 deaths globally.llion on the stimulus front, president trump and senator mitch mcconnell are likely to back the $908 billion package, according to senator bill cassidy, a member of a bipartisan group sponsoring the bill. >> neither have said we will sign your bill. that's fair. we will have final language that will come out earlier this week. then people can look at it we can modify it -- look at it and we can modify it as needed. the pain of the american people is driving this, and i'm optimistic both of those leaders will come on board. annmarie: we are joined by our senior editor. let's break down this

indication. is this a commitment or a gut feeling? a little bite, is more of an intuition. this is not cassidy saying that trump and mcconnell have signed hat on anything, t they have signed on the dotted line or given winks and nods. what he's referencing is that trump has called for a much larger stimulus that's under discussion, and he thinks that mitch mcconnell is going to come on board with it at some point. it's a little bit more muck -- more money than mcconnell wanted to spend, but the thought is, in cassidy's view, this is going to be a way to get forward. where we are coming to right now is, if you want to do a package,us sort of aid before the end of the year, there really are not that many vehicles to do it. this might be the most advanced

one running. involved who have been with the creation of it, as it is being created, are sitting there saying, there's only one train in town, if you want to go somewhere, best get on board. this is the only one running. annmarie: briefly, only a few weeks left to 2020. what's the window to get something actually done? >> you have to have something this week, i think. you can have a couple of eyes -- i's left to dot and t's left to have abut you better good idea where you are going. there's also a defense bill out there that trump says he is going to veto, that congress may have to try to override a veto. it would be the first time in trump's presidency that would happen. theoretically, there's a way to

patch it. there's a lot of things you have to do that congress is staring at and the clock is ticking. everyone is going to go home from christmas. are they going to come back at all before it goes over to the new congress on january 3? annmarie: good point. i think december 11, in terms of having to extend the government to keep it open, is one to watch. back with us is tatjana greil castro. tatjana, i want to get your sense on where the stimulus talks play in the united states. it's almost like the bad news in terms of the jobs report on friday meant good news, because that put the impetus on d.c. to act. do you see a deal before the end of 2020? tatjana: that would be very positive. i did not think there would be a deal coming that late into the old administration. it would be positive to see it being lent to a potential

government -- linked to a potential government shutdown. yet there is some agreement to be found. that would be positive for the equity markets. clearly, something we are watching very closely, what it means for the treasury markets. the treasury is in a near-term high, just under 1% in the 10-year. that could steepen further if you get a stimulus package. annmarie: do you think the 10-year could pierce through that 1%? some economists are saying is just not possible because of where the fed is. tatjana: the short end is clearly anchored. saying --ed has been we will take it slow in terms of raising interest rates. committed nowhere as as the ecb to keep the long end as anchored. qe than there is less

in europe. i wouldn't be surprised if we see -- expectedgrowth to be next year. see if it's inflationary or not. but still there would be strong positive impetus. with a strong stimulus package attached to it, i wouldn't be surprised if it would pierce through. point about that stimulus in 2020, do you think that diminishes the chance for a bigger package of stimulus in 2021? know,a: well, again, you that's why i'm surprised that they are pushing for it. i would've thought you would want to keep maximum flexibility for the new administration.

it is only weeks now. yes, you have a very good point. they may actually -- you are boxed in more because you are agreeing not only on the size of the stimulus package, but also on what the package is being used for. it can definitely be seen a compromise. this is now talk. we will have to see if anything will be agreed. annmarie: thank you so much for joining us. castro, thank you so much for your time. coming up, the united states could sanction more chinese officials. that's weighing on markets this morning. details coming next. this is bloomberg. ♪

>> good morning. this is "daybreak: europe." i'm annmarie hordern.

the united states is set to sanction more chinese officials. this comes as president trump continues to put pressure on china in his final weeks in office. asiaore on this, our chief correspondent joins us from hong kong. what do these sanctions signal for u.s.-china relations going forward? >> it signals for now that president trump isn't finished when it comes to dealing with china before he leaves office. it's going to make it more difficult for president biden to unwind some of these measures when he takes over. these sanctions are for the recent disqualification of legislators from the hong kong [indiscernible] i think the bigger focus for markets and indeed the economy will be whether they signal even bigger sanctions are underway and whether the u.s. targets banks, for example. annmarie: it might not just be chinese officials. it could move to banks and

others. we also had chinese trade data out this morning, which beat expectations. huge, what we saw. what's behind this massive jump in exports? >> it's a bumper number. the explanation was there might be some tapering off heading into the end of the year, but we are seeing the opposite. early take seems to be there is still strong demand. china is good at making personal protection equipment for the health sector, given that the virus continues to search in europe and the u.s., and all of the work from home technology everyone still needs. that seems to be feeding the demand. there is an argument among economists that perhaps as the global economic recovery is slow because of what's happening with the virus, that will eventually feed through to china's own exports. it's a bumper figure. it sets up china to end the year on a strong note.

the question is how long that can last heading into the new year. annmarie: that's the question i ask a lot of guest on the program. s -- guests on the program. how much can the chinese exceptionalism last if the rest of the world is falling behind? china was first in an first out when it came to the pandemic -- first in and first out when it came to the pandemic. doubt the no manufacturing and export story has been an important leg of china's own recovery. a lot of investment is a state led. that's would be in -- that's been one of the key legs. domestic consumption is doing quite well. it took a while to get going, despite the fact the virus has been under control for some months. you have investment. you have this export story. it's likely to hold up in the near term.

there's the ongoing virus surge in europe and the u.s., twitch will drive demand -- which will drive demand for ppe. it's a question of how long we can last -- it can last once we turn the corner into the new year. annmarie: thank you so much for that recap. let's take a look at that move. we saw him move lower decisively in asia -- saw a move lower decisively in asia, down 00.2%. the stoxx 50 down more than 0.2%. friday, we had fresh records with this news about fresh sanctions potentially on about a dozen chinese officials. officials, ort does it go to the banking sector ? that could start to make the markets jittery. the other story we are watching -- brexit positioning.

your morning call is next. this is bloomberg. ♪

>> morning from bloomberg's european headquarters. these are today's top stories. one step forward, one step back. brexit talks near a compromise on fishing which means a level playing field is the biggest obstacle. stock rally hits a pause. the u.s. plans to add more chinese officials to a blacklist. and stimulus hopes, virus fears.

republicans are sounding more optimistic about fiscal support. u.s. virus cases spiral. it is monday morning. 6:30 a.m. in the city of london. michel barnier said to be briefing eu ambassadors. we are waiting for any headlines out of the frexit negotiation. still no deal. pressure on asian equities. we just caught up with our chief economics reporter out of asia. the u.s. is planning potentially sanctions for chinese officials, which is weighing on risk sentiment. you see that across the asian benchmark, down nearly 2/10 of a percent. s&p 500 futures are now down 0.3%. the 10 year yield sitting at 95 basis points. friday was a stunning day.

we are seeing a steepening of the 2-10. it all comes down to fresh fiscal support. plan,partisan stimulus does it have legs? it will the gop back it? we are back at 134. we dipped below that of the start of asia trading. we saw a drop. the fact we did not get a deal, things potentially are moving the right direction. we have both groups negotiating. we are waiting for anymore updates. michel barnier is going to be starting to brief eu ambassadors. politicians protecting -- predicting a post-brexit trade agreement could be reached. investors said to be working on a buying spree of u.k. assets. good morning. >> this note coming through from goldman sachs strategists saying all those reasons you mentioned, but also the fact we have a

vaccine distribution starting to get underway this week, and the economic revival, all reasons to pile into these under-loved u.k. assets. a the event of a fee trade -- free-trade deal, european stocks will outperform the european benchmarks because they are trading at a discount to the region. we are seeing the ftse 100 rising 13% over the next months. catch will catalyze the of u.k. stocks. also seeing the pound playing catch-up, rising by about 8% to $1.44. it is a long four years we have been talking about her brexit deal. u.k. stocks have lagged major markets. survey isf america showing u.k. stocks are having the world's biggest underway. -- underweight.

they are undervalued, under loved, and have room to go. the ftse index is the most sensitive to the pound and could benefit from the pickup in growth. we are getting a line on the fact we have potentially more meetings happening today when it comes to brexit. we will have eu parliament u.k. coordination group meeting today with michel barnier. this comes after the fact we know michel barnier will be briefing eu ambassadors starting now. that should go on from 6:30 a.m. london time to 7:30 am in brussels. we have the vice chair of the environment, food, and public health committee of the european parliament. we are so excited to have you on

the show. optimistic were very at potentially this weekend could be the breakthrough point for a deal. do you think we are in the final stretch now, or given the fact this has gone on for years, is that to bullish? bullish? >> impossible to always have a confident prediction when it comes to brexit, but there is a status of this sack of -- saga. there are some reports that may not be as optimistic as it looked last night when it comes to a breakthrough on fishing. that remains to be seen. the decision points are here in london. it is whether or not boris johnson believes he can get a deal past his back benches. that is the only real test he faces. the bulk of the deal is agreed. we know what the 15 points are

on the playing field. on the government and of course on fishing. it is a question of whether or not politically it is sellable to members of his own parliament. annmarie: how notable is it that the times is reporting chancellor merkel is willing to soften her stance on the comic quote, level playing field? what will europe get in return for that? to softeningmes stances, we have to remember what the u.k. asks. terms of professional services, recognition thereof, and free movement, all of those, by the way, very unlikely in a deal that would concentrate primarily on goods and services. a deal, the level playing field is the european union saying, look, your market

is right on our border. you cannot have a situation where goods can flow into the european market and do not perform to the standards of the european union on a range of things from environmental standards to animal welfare standards. dealro tariff, zero quote does not regulate the amount of -- does not eliminate paperwork at the border. a level playing field really is the bare minimum in terms of the requests the european union would have. i'm afraid i don't put much toward hope that it might be softened or that there might be tweaking. where that movement will come on the government, the structures they come up with to ensure the u.k. is complying with the level playing field. issue, doesven that it cut to the core of what brexit was meant to be for the u.k.? where do you see compromise

coming out of these negotiations? >> you are right. it is absolutely at the heart of it. but this is the conundrum. you cannot break free from the structures of the european union and still expect somehow to have the same level of access to its market. the sad fact of the united kingdom is europe remains its biggest export market. that is a fact not just that the united kingdom was a member of the european union for years. it is a reflection of geography. they may have left the european union but the geography, the physics of trade has not changed. the european union will remain the most important trading partner of the united kingdom. agreemente-trade versus european union membership is a downgrade. that is running up against the rhetoric of brexit.

it is impossible to break free from the european union structures and enjoy the same level of asperity in trade -- prosperity in trade. that clash of reality and desire is yet another feature of brexit we have seen -- we will see play out over the next few days. annmarie: you said this comes down to boris johnson. who has the power to bring this deal home? is it johnson, or does it rely on the eu? >> it relies on the decision johnson makes. he has the power if you wanted. he has an -- if he wants it . coalition, they have delivered him power the coalition is comprised of mp's skeptic.ery euro

they believe the ultimate goal for the u.k. is autonomy at all costs. at significant economic cost, of course. communities that perhaps were not expecting that economic cost when they looked to what brexit might achieve. johnson has a very simple choice. to accept the economic chaos or do you face them down? it is a difficult choice for is toe whose primary goal be admired and supported by his own side. it is going to be a tough decision to make. really you have to look at the long-term effects on the british ripping the united kingdom out of the european structures. that will cause devastation for communities up and down the country. unfortunately, a deal won't be

that much better, but it is necessary. it is the bare minimum that is necessary to avoid quite substantial instruction. yes, of course -- substantial destruction. yes of course it is a thing to stand down your mp's, but you are the prime minister. it is country before party. thank you so much for joining us this morning. up on today's brussels addition, maria will be speaking to a member of the european parliament in an exclusive conversation you don't want to miss at 8:30 a.m. london time. later we will be speaking to the mayor of london, sadiq khan. for a recap on the first word news, here is laura wright. up to u.k. is gearing deploy its first covid vaccine at more than 1000 centers across the country starting tuesday.

the u.s. could approve emergency use as early as thursday. that is as los angeles county adds more than 10,500 new cases, hitting a record for a fourth straight day. are set tod airbnb start trading in what is likely to be the biggest -- busiest year end on record for ipo's. they're aiming to raise a combined 6.2 billion u.s. dollars. inrdash ups its price range a filing on friday. to be is said increasing its pricing which could give it a valuation as much as 42 bullion dollars. the u.s. is said to be ready to sanction more chinese officials over their role in the recent disqualification of hong kong legislators. according to people familiar, the latest round of sanctions could be rolled out as soonest 40 people as many as reported to be affected.

ledart is reported to have goldman sachs to assess the u.s. share sale of its split cost unit to raise $10 billion. walmart plans to sell about a quarter of the company which is india's largest online retailer. flip card's valuation has more than doubled since walmart bought it in 2018. 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. this is bloomberg. annmarie: thank you so much. coming up, expecting 2021 to be a year of recovery. we get the outlook with the president for asia-pacific. ♪

annmarie: 6:45 in the city of london. the first time in a while, signs indicate a pickup in business. he told bloomberg 2021 will be a year of recovery. >> i have a smile on my face for the first time in a while. in may.ur low spot o things are picking up. we are doing well in china. september with higher occupancy in china than the same time last year. across the region, you talked about china, which does seem to

stand out across the world as being in front of the story. is there any other place that seems to be picking up? >> we saw a huge pickup in japan over the last few months. in certain a surge cities, but japan has done very well. most places across the world we are seeing higher occupancy numbers are ones that obviously are focused on domestic travel or large enough to provide domestic stays across the industry. it starts with millennials and leisure travel, a little bit of business travel. most markets were waiting for proof to come back. >> one of the trends you all are flagging on top of that, you asked me where i was in the studio. work from home is also creating a new segment, a new market for

you. talk about that. >> people working from home, it is interesting. some of the things in the work we are doing has been rolled out at a faster pace. baby boomers like myself have gotten more tech savvy which has enabled them to work from home. we have seen people tired of working from home, so they are checking into hotels to work from home or do a stake asian ion and workstaycat combination. i think 2021 is going to be a recovery year. it's going to continue to be people areavel, really interested in traveling right now. people are going to our websites and daydreaming. there is going to be corporate travel coming back. toward the second half and third part of the year you will start to see groups come back strong.

this is on the back of a vaccine and the feeling that people will be able to travel safely. there is a lot of confidence in the brands, choosing the right products and cleaning protocols and such. >> that is one of the saddest 2020 headlines. people are looking at the website and daydreaming. assuming we do get a vaccine available and travel restrictions are brought back down, when do you think demand would be able to return to 2019 levels? >> might answer for almost everything is that depends on the country, it depends on the region of the world. it also depends on the government's ability to roll out a vaccine and make sure the rules from border to border are the same with regards to travel. we do not think we will fully recover in 2021.

i think we will be fairly close in places like china. it is hard to predict. , ity time my boss asked me is like forecasting the middle of the storm right now. things quickly. asia, confident especially china, will be the first on the recovery shoot -- chute. it will depend country by country across the world. looking for a healthy , now coming up, merkel and macron have pledged to soften their demands. more on what it means for brexit. ♪ t. ♪

annmarie: just over an hour away from the european market open. these are the events you should be looking out for this week. the u.k.'s nhs is set to roll vaccine.fizer-biontech the ecb will meet thursday with the central bank forecast to add another 500 billion euros to its euro emergency asset program. eu leaders will meet in brussels on friday. they will likely talk about the budget, the ratification of climate goals, and brexit. negotiations resumed in brussels yesterday. fishing said to be near resolution. another key sticking point is remaining. the times has reported emmanuel macron and angela merkel have agreed to weaken their demands over the comic quote, level -- , quote, level playing

field. the weekso admit, have much changed in terms of brexit. what do you make of angela merkel softening her stance on the most important part of the deal? matt: that is the key part. there have been two sticking points since long before i went on paternity leave. the fishing rights and the level playing field. the latter of which has to be more important to sensible people in the european union. if you are going to soften on anything, soften on the fish. but the times report says merkel macronron are -- and are willing to soften their stance on the level playing

field. the same time, the time saying -- times saying emmanuel macron is ready to abandon talks. that sounds more believable. hasix weeks, not much changed. we are still looking at increased covid infections. we are looking at brexit crunch time. moved as wees being are still looking at record , a tepidu.s. stock recovery in europe. the biggest change since i have been out these last six weeks has been development in the vaccine. is the real change markets are looking forward to embracing. annmarie: since you have been back, the dax has turned positive on the year. we are now up here today on the dax. something you track very closely. erasing some of those pandemic

losses. i guess one good news since you have been back. thank you so much for joining us and congratulations. matt is back and will be with anna edwards. in just a moment the european open is up next. record highs on friday on wall street, the s&p 500 down. we are seeing softening of sentiment this morning. a lot of it comes from the latest report that the u.s. government may and up the blacklisting a dozen chinese officials. ,he market might be worrying does this come down to financials in the last week of 2020? asian equities a bit softer. open, the into the s&p 500 futures also lower by nearly 0.3%. for does it for me, daybreak europe. the european open is up next. brexit front and center. stay with us this monday

morning. ♪ ning. ♪

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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. annmarie: welcome to "the "theean open peer, -- european open." matt: crunch time for real. the pound slipped as traders brexit the latest stalemate. president trump ramps up pressure on china in his final weeks in office.