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economies of fare better in the the pandemic. saudi one not get a major boost from a resolution. we look at the reasons why. it is 8 a.m. this is bloomberg daybreak the lawsuits against facebook andrattling nerves investment sentiment across the board. on the nasdaq futures here, 0.2%. the facebook jitters led to a selloff. and weighed heavily on equity markets. the treasury story is one that --despite the drop in equities. for the u.s. it will be selling $24 billion in 30 year bonds. the pound may rise to 137 next

week on a potential brexit deal. it's crunch time and brent crude getting a lift of half of 1%. opec under delivers with production agreement. flip the board. also talk about two other important assets. euro-dollar. rate decision day. are we going to be commentary around euro strength? 120.95. the commodities space, iron ore prices have surged 30% in the past month, pushing futures to their highest levels since trading started on optimism around chinese demand. let's get to the asia market action specifically. good morning. ironose two themes, the ore price above 140 in singapore and the tech wreck. yesterday we hit records.

today we are retreating. %.e nikkei down about 1/3 of 1 the caspi is now tracking -- the kospi tracking higher. we have seen it upside in the csi 300 with gains coming through in the shanghai composite. in terms of data we are watching prices out of japan today. in november they fell 2.2% year in year. i am watching aussie leading the g-10 gains. that is lifting the aussie. we had australia enter negative territory, selling treasuries at those levels. demand for the three months so aggressive that they did sell at some at -0.1%. joining europe and japan and the negative rate parity on the three month. those details.

let's take on the first word headlines. good morning. iran says the weapon that killed its top nuclear scientist last month originated in the nato nation, although it is yet to deliver any evidence. iran blamed israel and claims incriminating material has been recovered. israel is not a nato member, but it is an ally. at the same time president rouhani says the u.s. can return to the 2015 nuclear deal at any time "with one signature, no negotiation." passengers aboard singapore so-called cruise to know where have left the ship after a false covid-19 test. royal caribbean's quantum of shortas was forced to cut his trip after a passenger was diagnosed positive but it found to be false. the passengers had to go -- to

undergo testing before being allowed to leave the terminal. he isden sign hunter says under investigation by tax authorities in delaware. he became a target during the presidential campaign when his foreign business dealings were repeatedly highlighted by the trump campaign. biden jr. says he is confident the inquiry will show he handled his affairs illegally. biden's transition office has issued a statement of support. --iland's drive to rein in has proven no match for investors. the currency is approaching its strongest level this year. was theth's 3% gain best performance after the rupiah as the bake of tilings dollar -- helped push foreign reserves to a near record. $254 billion in the week ending november 27. global news 24 hours a day on air and on bloomberg quicktake powered by more than 2700

journalists and analysts in more than 120 countries. this is bloomberg. >> thanks. our top story. facebook has been hit by two lawsuits by antitrust officials. they k-6 to unwind his expositions of instagram - its acquisitions of instagram and whatsup. together they represent the biggest regulatory tech on the social networking is history. joining us is our tech reporter. looking at the scale of this thertaking, this is biggest regulatory attack and facebook's history, but it is a coalition of 48 attorneys general. a remarkable, remarkable effort really. suing facebook specifically? >> good morning. lleging. actually -- a

its purchase of instagram and whatsapp illegally crushed competitors. which would mean the breakup of facebook. [indiscernible] facebook has played a larger role for americans especially in the past few months. the department of justice -- is like google accusing the search of using its monopoly. this goes much further. the response been from facebook, given the scale, the normandy of some of the -- the enormity of some of the accusations? withe company has hit back

a strongly worded statement, calling it revisionist history, accusing the government of having -- the acquisitions. the company has stern warnings of other american companies that no deal is ever final. and facebook is long indicated that whatsapp is key to its future. it sees private messaging as a foundation for its next business. so, facebook is expected to push back further. and we'll have deep pockets to fight. back to you. >> thank you for that quick update. our asia tech reported. we will get into the market indications right ahead. this is bloomberg. ♪

are retreating after wall street benchmarks were dragged down by the u.s. tech giants and facebook's lawsuits. no progress is made on talks

holding up the u.s. stimulus deal. nancy pelosi and steven mnuchin remain optimistic. with themeeting later central bank expected to increase its bond buying program. the chief economist of the bank of singapore joins us. these latest filaments are on facebook, for context, bloomberg editorial in the last itple hours joined us, boils down to the following two sentences. notu.s. government has contemplated breaking up a company since the justice department sued microsoft in 1998. i have long believed there is no other way to curb facebook's monopoly power. it is one of the few issues republicans and democrats agree on. what is your reaction? >> it's clear the financial markets are very concerned about -- as you said, the reaction was

very strong. because we have not had such action for two decades now, as you mentioned. at that time you had a significant -- microsoft. uncertainty has increased again at a time where we don't have any more progress between the .u.k. and e.u. and we don't have progress on fiscal stimulus. financial markets have reacted pretty sharply to these three developments. >> so, what does this mean in terms of investment strategy? the markets live team is asking the question, does this antitrust suit signal intern, getting negative on risk assets, isconfined to tech stocks, it assigned to turn bullish on value shares? what do you take away from this?

>> sure. i think the key concern now is not so much the news about facebook but much more the news about what happens between e.u. and the u.k., because the facebook news will take time to be resolved. the e.u. and the u.k. have set a deadline for sunday to come up with an agreement. don'tate don -- if they that increases the risk of a no deal exit by the end of the year. while markets are focus on what is happening in the u.s. on the technology side, i'm more concerned that actually what is happening in europe between the e.u. in the u.k. will become more problematic for investors in the next few days. >> we'll get to the u.k. shortly of detail.bit what about the stimulus package? if it doesn't get passed before year end, is there going to be a

reassessment necessary on behalf of investors? >> yes, i think -- the expectation is we will get a deal passed in the next few weeks. so, if nothing is passed at a time where coronavirus is still clearly -- worsening in the u.s., it will cause investors to become more cautious. but i think the prospects of a deal do seem likely between republicans and the senate and democrats in congress. it's the least of the three risks we are facing at the moment by investors to be concerned about. >> in terms of the longer-term view, your research argues that investors might be under mr. -- underestimating how long fed is willing to stay low for. we will see the fed stay the course for a considerable amount of time. dollar weakness is going to see a bit more.

me through that thinking. >> the fed having shifted towards a splash or inflation target, it's a momentous change by the fed. it signals they will not raise interest rates until they feel inflation is averaging around their 2% goal. it hasn't for the past decade. the fed will want to make sure inflation is up 2% and remains above 2% the next few years. now, if that is the case it means the fed will likely not raise interest rates until 2024 or 2025. that provides a good environment for risk assets in the longer-term, despite the short-term risks we have been discussing. that. thanks for we will continue our conversation stay on the line. with more details. this is bloomberg.

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brexit negotiators have until sunday after talks over dinner between boris johnson and the european commission president ended without a breakthrough. leaders agreed that park should continue. major differences remain. chief economist at the bank of singapore is our guest. the two sides appears to be quite far apart. it is hard to envision them coming closer together in such a short amount of time. what is your best case scenario? >> yes. the two sides are surprisingly fall apart -- far apart still. they should come to an agreement

by sunday it is in both sides interest. can't come to an agreement in the next few days. you begin to see financial markets react to that. so, what can we see if we can kind of drill down to what gets reflected in u.k. assets? cable. nab talks about a scenario where there is a deal and it could go up to 137. are you saying it is likely not going to happen. so, how does that get priced? >> sure, yeah. so, our best case is we do get a deal. i would expect them to -- c urrent levels of 135 on a deal. but a deal is largely expected by market. if the rising risks of a no deal materialized by sunday, then they will weaken sharply.

i would spec the dollar go to i lower 120 to 130 range -- would expect the pound to go to the lower 120 and 130 range. yousef: how is the brexit conversation going to figure out the ecb deliberations at the press conference? arguably, it is a big uncertainty and it will weigh on sentiment. do you expect that to be one of the things to come up? >> yes. the ecb will have to take a look at it. unfortunately division that the e.u. and the u.k. will make will be on sunday. we still expect the e.u. to expand their quantitative easing when they meet later today. we're expecting the ecb's pandemic emergency purchase program will be expanded by 500 billion euros. that is priced by the market. the ecb, they will probably

signal they will take away -- regarding what happens between the e.u. in the u.k., and they will react appropriately. if it does begin to affect their outlook. are you seeing some green shoots and economic momentum or even elsewhere as you going to 2021? you have looked at the data. where would you say the market is underestimating the strength of the economic recovery? >> we're seeing that clearly in china. the data is stronger particularly in the export numbers, 20% year on year. is seeing a very clear recovery from the pandemic. if we switch to europe and the u.s. as well, we forget the trade deal to the u.k. in the e.u. at the same time we get fiscal stimulus and the u.s., that would help growth rebound. we think -- been very

constructive on the outlook for 2021. it is the near-term risks that we discussed that we have to get through now. yousef: thank you for making the time. appreciate your view. s. the chief economist at the bank of singapore. now, economists have concern that a population exodus could cripple economy is heavily dependent on foreign workers. now a prominent voice is saying the situation might not be as bad as expected. we have details. massivevermore called a outflow of people from the region in april. what has evolved since? >> he made a big splash with this report couldit'. nine timesited by us and countless other times across the internet because it was one of the only projections

about how populations would change in this region because of the coronavirus. uaeredicted that the would see that 10% of the country leave -- that 10% of the country would leave. now he's saying in a brand-new report that is not likely to happen, at lease not to the extent he expected. has lost 2% of its population. ae likely to use that 10% figure, more or less. this is interesting because it suggests we are not going to see the massive hit from a decline in consumer spending particularly, because people will stick around, they will still generate economic activity perhaps because the virus has been under control. perhaps because the measures that governments have come in with in order to preserve their

population, it's going to take a few years for the population in saudi arabia, qatar and bahrain to recovery but kuwait and oman, those prediction are higher than expected particular inchoate. -- in kuwait. he says though economy -- those economy may have turned a corner against their ex-pat population. yousef: shifting to the regional headlines. is uae said that a vaccine 86% effective. how does this bode for a vaccine in the near future? >> very well. the trials tested 31,000 participants. so now this is going to go out to the broader population. and abu dhabi saying they could restore economic tourism as well as cultural activities in as little as two weeks. just two weeks u ntil things are

much more back to normal there. this bodes well for the sinopharm vaccine on a global sale. this is the first vote of confidence which could be easier to distribute than the pfizer and moderna vaccines because you can stored at normal temperatures. and, therefore distributed more widely. is based on an inactivated virus. will people take this vaccine. that 86% number less effective than the pfizer and moderna vaccines. you always have these linger ing fear that perhaps there is something up with the chinese data, if you are westerner. folksing this vaccine to still a hurdle. yousef: anybody watching political developments in israel ahead of a crucial deadline later this month.

there could be a new wildcard and play. >> that's right. atting arr -- gideon sarr, former cabinet minister in the likud party. he is starting his own party called new hope. this throws a wrench in the political situation. benjamin netanyahu and his coalition partner, they've very much been feuding over the budget. they have a december 20 through deadline to pass a budget for the 2020 years. 2021 budget as well. new party comes in is a question mark. at the same time, a new date for new parliamentary elections. couple more readings and a couple more votes. but that would be set for march 16. yousef: thank you for that.

let's get you a few more highlights as we prepare for the remainder of the day, including the ecb in focus. we have a chart. to underscore the amount of accommodation that is currently in play. it is going to come down as well to any mention of a stronger euro. that could lead to a pullback and what traders have been describing. they are, they might deliver another blast of monetary stimulus. carryally help arry th -- the euro area out of the crisis. look for a new stimulus announcement. and might be the center of the peep and the pro. 3 through the end of next year. iron ore in the commodity space is another highlight. this is the story around $150 a chineseptimism that

demand will extend into 2021. it happened just as supply risk -- the coverage continues from dubai and the rest of the world. this is bloomberg. ♪

yousef: our top stories. the nasdaq slumps on dimming prospects for fresh stimulus and facebook is sue'd by antitrust officials. london and brussels worn a final deal may prove impossible. boris johnson says no british leader can accept the terms on offer. a new report suggests ex-pats may not flee the gulf. some economies fare better than expected. qatar, saudi arabia and bonds will not get a major boost. we look at why. the market action in asia.

take it away. >> the msci asia-pacific index retreated a little from the records we saw yesterday. although there has been a bit more buying in asia, then what we saw in the morning session. a couple of the markets in negative territory now starting to turn positive including thek kisospi. the nikkei pretty flat at the moment. of japan with november producer prices falling 2% year on year. we are seeing some upside in the jakarta at composite index, which is when we have been watching showing signs of strength this week. i want to have a look at us trillion assets. we are talking about -- at australian assets. iron ore jumping on optimist robust chinese

demand. i am watching the yield on the us trillion 10-year -- the australian 10-year note. australia joining japan, new zealand and most european nations and most european nations in selling short-term deals in a negative yield. 1% due told of -.0 aggressive bidding for the three months notes. excess liquidity is the cause and not rba rate cuts. yousef: in the meantime you have a bullish: asia stocks -- a bullish call on asia stocks. what exactly are they saying? fore heard them calling positivity in terms of asian markets for 2021. citi they are looking at further growth driven by earnings in asia. the gauge running to 850 by the 5% gain fromear, a

where we saw it close yesterday. their key investment themes are the value rotation play, dollar weakness and an easing of the trade war under a biden administration. they are overweight china, singapore and korea but neutral on emerging markets and australia. yousef: thanks for that. also take a look at some of the markets in this part of the world. our specialist for the region. have ands in dubai from the pledge to -- pause projects during the pandemic. a clarification came in the last 24 hours. what is the performance been like? >> good morning. that's correct. we had some important news this week. it impacted the whole market here in dubai. if we look specifically at the esm real estate and construction, this has 8 members

listed in dubai with exposure mostly to dubai. up 11% just this week. that is already the best weekly performance since february 2019. looking at specifically at the names that are boosting this performance. we have -- property one of the biggest competitors to imar development. stockss -- the grossed 21 percent%, a very high volume of trade. at the highest price since march 2019. i think it is very important to watch any kind of indication of what the construction market might be like in 2021, but all of these major players and the market as well to have an idea if there has been an over excitement regarding those statements, or if this is just a random thing

yousef: very interesting. is twoting among analysts out of five. yet the stock is up 100% year-to-date. cairo, eastern company rose 5.2% finishing at the highest level in a month. what has driven interest in the name again? >> that's right. there was a very, very popular name in cairo, yesterday, very high volume of trade. the stock trimmed the gains at the close to finish up close to 4%. still the best performing within the index on wednesday. what's behind all of this? they said before the markets opened yesterday that sales in november reached a record high. they sold about 6 billion cigarettes just in november. that is a record for a month. the company says it has returned

to the pre-pandemic levels of production. and sales. so they get this very positive message to the market. let's see again. there is another one. looking to see if there was an over excitement on the back of this announcement or if they are going to keep bringing those positive numbers for the companies. yousef: and they are, of course, one of the higher dividend payers. finally, today is the first day of subscription for shares qatari medical insurance company. what of the details about the -- are the details about the ipo? >> we have not had a lot of ipo's from the region this year, apart from saudi arabia. it has been a complete different scenario. this could be the first ipo coming from qatar. it is not a huge deal. $180 million.

at the top range of the offer, they actually sell -- what they initially expected to. the investors for this specific deal are -- entities that are incorporated in qatar. this is restricted to locals. the ipo. the company knows there has been several increase - anchor investors that agreed to subscribe for 15% of the company's shares, which is an indication. the subscription period starts today and ends on december 23. and the expected date for the stock to start trading in doha is the first week of january. yousef: thank you for those highlights. our markets and equity supporting. now, banks on both sides of the brexit saga continues to wait

for an outcome. deutsche bank is leaning on its investment bake to lead its turnaround amid those fears, and negative rates. he told bloomberg what he is focusing on moving ahead. >> i'm actually very proud we delivered. everybody knows because of covid and the headwinds from the interest rates, that was more difficult. last year, at the first investor day, we have performed very well, in line on the revenue side and on the cost side. we have really delivered and that shows the underlying growth in this business is strong, it is resilient, and gives us confidence. india investment bank, there is a clear outperformance. ha underestimatedv the potential of the investment bank when we came up withe. performed very well in those

businesses where we decided to stay in the business. we have reengaged with clients. from exiting the equities business far less than we anticipated. will showgard, it later today the sustainability of the revenues is very strong. hence, we are happy with the performance but that does not change the strategy at all. >> ok, if we are talking about the outperformance of the securities unit. in october you have increased the revenue outlook to a significantly higher. if you talk about the fixed income trading business, and the fourth quarter, has the good momentum continued and could we see double digit growth in the fourth quarter once again? >> let's see. we still have a month to go, but i would say the momentum in october and november was very satisfying for us. we have seen continuing good

momentum in the investment bank. again, a year is over 112 months are done. so we have to go through the december. i am satisfied with the performance. >> but, overall, it could be another very good quarter for the trading business. >> you know, we are always trying to get better. that means, of course, it is our goal to be the head -- ahead of last year in october and november we have seen good momentum and now we have including today 22 days to go and that is what we are doing. ofare we nearing the peak the trading boom we have seen, and what does it mean for revenues in the investment bank in 2021 and 2022? someok, it is clear that of the outperformance which we have seen has been covid-related and has been market induced. there is no doubt. but i'm really proud of the fact that in those businesses where

we made changes last year in fixed income but also in the financing business, this is the strength of deutsche bank. when you look at the financing demand, it would be a global trend there is more financing demand. deutsche bank is a powerhouse in financing. we clearly outperformed. that is what i meant -- they will show you in detail what kind of revenue stream is sustainable. in this regard, do believe a good part of the outperformance which was seen in 2020 is sustainable, and hence, we are confident for the investment bank in the year 21 and 22. though acknowledging that some of the outperformance was driven by the markets. >> if we look at the corporate bank, there is an impact by the pandemic and the continuously low interest rates. how much more pessimistic are you about those two areas, compared to two years ago, when

you started thinking about the strategy of deutsche bank? >> well, first of a come i think both have shown how resilient and strong they are in the markets. they have done everything to mitigate the additional headwind in particular from interest rate environment. the corporate bank has now charged and passed on negative interest rates more than 70 billion deposits. far more than we anticipated lasher. a-- last year. the underlying growth that we have seen in 2020, if we continue to do that in 21, and 2 2 we will achieve our revenue targets. the headwinds from the interest rate will actually soften in 21 and 22 and in the following year. yousef: that was the deutsche bank ceo speaking to our bloomberg reporter. read headlines. attempts by indonesia's

government to raise more revenue, that applies to a levy on tobacco products. they are raising their cigarette levy by 12.5%. at the moment, assets in indonesia largely range bound, but we are seeing a move up and some of the stocks in the tobacco space. about 30had headlines minutes ago around vaccine production. that has seen a beautiful bottleneck. they are expected to roll out 60 million covid-19 shots per month. they continue to be in talks with pfizer for covid-19 vaccine. the line on raising cigarette levy by 12.5% shows the reshuffling the government is trying to do to really find a fresh way to accommodate and mitigate the impacts of the coronavirus. more ahead. this is bloomberg. ♪

well, we have got to be doing a lot of community outreach to get people to understand the two things that bother people they say maybe we did this too quickly. then you tell them the speed is really a reflection of the extraordinary scientific advances that have been made that allowed us to do things in weeks to months that would've

taken several years. that was not compromising safety, nor was it compromising integrity. the process that went into deciding the safety and efficacy was both independent and transparent. we need to make sure people understand that. yousef: anthony fauci their speaking about the importance of convincing americans the covid-19 vaccines are safe. some breaking lines hitting the bloomberg from softbank. on the company being able to basically book a ther -- pay for -- softbank shares are up the most since march 24. off the back of the 92% jump we saw in doordash itself. year of what has been a record run for unicorn ipo's. --s and the trading debut

90% of trading debut on wednesday. y raised $3.37 billion in the initial ipo. softbank up. in the meantime i want to get back to the unfolding update on the suspected false-positive covid-19 cases on singapore to nowhere.irs-- cruise lrooke clipping -- roya caribbean was forced to cut afterthis four day strip a passenger was wrongly diagnosed positive. what were some of the measures taken by royal caribbean now for that ship? >> well, as soon as the passengers disembarked from the ship last night they went into deep cleaning and sanitizing the vessel to make sure that, you know, definitely taking to

ensure the passengers on future trips, will be secure and safe. and in the morning they conducted pcr testing for all the crewmembers. they have taken other steps to make sure that whatever happens from the in stance earlier this week would not repeat, and that m keeps, puts passengers' inds at ease to know that they will be sailing in a safe manner. yousef: to what extent does this weigh even more on the nation's effort -- these nation effort -- nascent efforts to revive travel during the pandemic. >> we have to be aware the pandemic is still going on. , we have that covid conquered or been able to stop the spread of the virus. there's always going to be a risk involved in trying to

revive travel amid a pandemic like this. i think the authorities are trying their best to try to revive travel. and i know a lot of people miss traveling. there will be a lot of testing that will replace some of the quarantines. i think everyone has to keep in mind that while we still are trying to find a vaccine, a cure the virus itself, there is always going to be a risk involved in trying to revive this industry. that, ourank you for transport reporter who was on that royal caribbean cruise in singapore. up next, it is bloomberg's size and scope. find out why next. this is bloomberg. ♪

yousef: it is time for bloomberg sizes go. we break down our coverage. today's number is 7.6. here to explain why is simon foxx. perk value of working from home. a big question for the future of the global economy after covid-19. how much, how important is it to workers they are able to work from home? theverdict according to

chicago study out this month, is 7.6%, they are willing to give up that much of their salary to have this option. that number rises to 12% for folks making over $150,000 a year. more willing to give up their salary and a higher standard of living. that is why they are able to sacrifice a little bit more. there is also a study come of course, that pulled americans -- polled american would be workers, for folks that were not employed, but the consensus here is not necessarily just that it's covid-19 concerns, about 80% of folks say they are worried about that. it's also actually just personal preference. that is what a pew research study found as well. personal preference and childcare among the highest

reasons that people want to work from home. pew also found that folks did not necessarily feel as connected to their colleagues. 1/3 said they are not as connected to their colleagues. a lot of folks saying they did not see advancement opportunities. they didn't feel like they worked as well. overall, the consensus is more than half of people see working from home after the coronavirus as a real positive and they definitely want to do that. yousef: it's a bit tricky for us, because we need the lights and the studio and cameras. i wish it were that easy. 7.6% sounds reasonable. the broader economic question around the shift has been what sort of impact will be shifts have on major population centers? do we have a sense of the impact? 've gotten creative

over the past few months but it is true. we do have to be here. we are some of the folks supporting the population centers. the chicago paper said expenditures -- could fall by 5% to 10%. simple because lots and lots of people do not want to ride the getays, they do not want to in crowded elevators, 70% of people. the question then becomes, ok, if you're going to return to the office or have to return a little bit, how much do you want to return? roughly a quarter of people they surveyed said they never want to go back. a quarter says we only want to go back we never want to work from home again. thing, they want to work between one and five days a week. the question becomes -- how much will they spend in terms of dollars or money when they are in the office? are they going out to dinner, every meal going to be a crazy

expenditure, or are they going to go back to their normal business? those are the big questions for city vendors as we move forward. yousef: thank you for that lovely, lovely insight. simon foxx in doha. the bloomberg capital markets forum, saudi arabia later in the day. i will speak to a -- ceo. and the chairman of the saudi arabian capital markets authorities. all happening at 3 p.m. in dubai. 11 a.m. in london. you can catch those conversations on your eternal -- your terminal. get back to the ecb, because we are counting down to the decision investors and traders will be watching closely. any commentary around strength of the euro and additional accommodation. look out for updates of economic forecast. peept the idea of the

purchases and how that stacks up against the ecb's balance sheet. the consensus is that the -- there is going to be an extension of some of these programs, possibly even to into 2022. want to flip the board and show you commodity on a tear. as iron ore breaks $150. nothing short of astounding what we have seen in the last month on this metal. on chinese demand, optimism but it comes at a time where there is a supply shortage. you are left with a double whammy. up 2.8%. metals, all the way down to aluminum, up 1.7%. we'll touch again on facebook. getting sued by antitrust officials and a coalition of states that want to break up the company by unwinding acquisitions of instagram and whatsapps. deal so the government says were part of a campaign to illegally crush competition. a major undertaking from the

federal trade commission and states attorneys general led by new york. they filed these complaints. we saw a major wobble in tech companies pricing and general investor sentiment around the world. the story continues on bloomberg. this is bloomberg. ♪ in a land not so far away, people are saving hundreds

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