ae rotrainer is tested to support over 500 pounds. lose weight, look great, and be healthy. go to aerotrainer.com. that's a-e-r-o trainer.com. annmarie: good morning from bloomberg's european headquarters. it is 6:00 in the city of london. this is daybreak europe. this is what you need to know. no deal but a new deadline. brexit talks will continue until sunday. big differences remain. the focus shifts to the ecb. the great unwinding. facebook is at risk of losing instagram and whatsapp as the ftc and a coalition of states file antitrust lawsuits. a devastating first.

covid-19 deaths surpass 3000 americans in a single day. stimulus talks drag on in d.c.. you, 6:00morning to here in the city of london. 7:00 in brussels. we don't have a brexit deal yet. there's a new deadline on sunday. we don't have a stimulus deal yet in the united states. two of these be a deals lingering in the air. we see a selloff in the financial markets. s&p 500 futures are lower after yesterday. they have fallen from a record, bleeding into asia this morning. msci asia-pacific down 5/10 of a percent this morning. nasdaq futures down more than 4/10 of a percent. this comes as they suffer the biggest loss in a month after 10 days of a consecutive game. all things need to come to an end. big tech once again in the crossfire of regulators. an update on that in a moment.

euro stoxx 50 down to tenths of 1%. i want to share what's going on with the 10 year yield. stimulus,alks in unwinding of the steepening of the curve. we had an option yesterday. the yield was lower than market a spec tatian's. this morning, we trade 91 basis points. i have the euro pound in there. the euro is strengthening. up 4/10 of a percent. the euro side, christine lagarde will have to talk about that today. as pound a little bit weaker we don't have a brexit negotiation yet. iron ore on another tear this morning. 152. these are the highest levels we have seen since the contact started trading. we are seeing this continuous demand in china. brent crude, $48.96. what's going on and brent is that it is shucking off the

stockpile. ignoring one of the biggest stockpile fails we have seen on record. brent is looking that vaccines well open up the economy and that will boost demand. our top story is brexit. the u.k. prime minister boris johnson and ursula von der leyen dined on scallops last night. when it came to brexit, they were unable to reach an agreement. negotiations have until sunday to come up with the deal. both leaders agreed that talks should continue in the next few days despite major differences remaining. the pound slid on the news. we are joined by our executive editor for international government. what does the failure to bridge the divide tell us about this level of the dispute? >> it tells us how intractable these issues have become, the disagreement over fishing rights , the so-called level playing field for business on either side in governance rules.

we aren't seeing movement. the hope has been that johnson could get a bit of a repeat of his trick of last year, getting a leader on their own dan getting them over the line. things didn't totally fall apart last night. equally, neither side is willing to give ground. each is expecting the other to blink first. it's clear that ursula von der leyen has been told by european leaders to hold the line. she went into the meeting with a strong message of european unity. that's a very high level of relationship so close to the deadline. annmarie: what are johnson's options from here? >> we have until sunday. key negotiators back in the room to try again. flair for the dramatic. he likes to send things down to the wire to try to force the best outcome. that has worked for him before.

his options here are limited. he promised to deliver brexit. for many people, that is not just exiting, but exiting with a clear system for the rules. people are worried about the british economy and the uncertainty of a no deal outcome. at the same time, you can't be seen to be giving too much away. people in his party want him to hold the line. it is deal or no deal at this stage. the third way is an extension, get another extension. nobody really wants to see that at this point. annmarie: there has one thing i have learned living here. everything when it comes to negotiations comes down to the wire. in terms of a no deal outcome, our business is getting ready in the meantime? >> yes they are. we are seeing a bit of preemptive stockpiling. delays on ports and highways on both sides of the english channel. halted production at its plant on wednesday because

of delays in parts. they are experiencing the highest level of traffic so far this year. the eu is looking to cover its contingency measures to keep flights in the air and trucks on the road, to allow those continued fishing rights. we are seeing that the pandemic exemptions for travelers into europe may no longer apply to britain. people may no longer be able to go to certain eu countries coming january. we are looking at a significant impact already and a lot of confusion if we end the year without a deal. we are seeing some brexit preparations now to try to mitigate that possibility, which seems to be rising. annmarie: our executive editor for international government, thank you so much for joining us and explaining what we actually for the remaining days. our guest joins us. my question is, sunday is being

touted as this final deadline. it's like the boy that cried wolf. deadlines have come and gone a number of times. regardless of that, how would you position in terms of looking at u.k. assets, especially in the u.k. equity market? eleanor: hello, good morning. we don't have a very large exposure to the u.k. in any case. the u.k. is a stock market which is very cyclical to start off with, which has not been the most attractive type of investment during the pandemic, especially comparing that to the performance of the u.k. stock market with other stock markets this year. it's true that as we feel more hopeful about an exit from the pandemic, it becomes more interesting to think of investing in cyclical stocks. the problem is that we have a lot of uncertainty around brexit. we need to remember that the

u.k. stock market is also a very global stock market with a lot of the larger companies mainly being active outside of the u.k. rather than in the u.k.. of interest at some point. in view of the currency, in view of the uncertainty which continues, i cannot say that we are queuing up to invest in the u.k.. annmarie: not queuing up to invest in the u.k.. make aquestion is, you good point about these huge multinational companies. many of them on the ftse 100. do you think there would be more appetite if there was a brexit deal? ftse 250.ned the eleanor: i think we are in sufficiently global worlds today. we are usually less interested in where a company comes from or where it has its headquarters. i'm more interested in whether

that company actually produces value through the activity that it is carrying out. whether those activities are activities which are likely to be of interest going forward. they are likely to continue to be value creative. we have some investments in the u.k.. they don't tend to be the largest companies that we know. they are companies which are trending toward some of the industries and activities that will be creating value in the future. something like a company involved in hydrogen power come in for example. that's an area we would be interested in investing in, regardless of if it was in the u.k. or not. we tend not to think, we have to buy equities. we tend to think, does this individual company create value or not? and then we consider the risks. if those risks are heavy on the political front or heavy on the currency front, if those can never be separate, we might

avoid that in the short term. our guest stays with us. we will get her thoughts on the tech space. let's get to your first word news with laura wright. laura: u.s. lawmakers are working on a compromise pandemic relief plan but they've yet to resolve the deadlock over business liability and aid to state and local government. nancy pelosi and steven mnuchin are still optimistic a deal can be reached. the european central bank is poised to deliver another blast of monetary stimulus later today . policymakers are expected to add 500 billion euros to the emergency bond buying program and extended until the end of 2021. it comes alongside a 1.8 trillion euros spending package. eu leaders hope to finalize that today. pfizer says some faxing documents have been accessed in a cyber attack. it's a latest attempt to steal

research on coronavirus. the european medicines agency is launching an investigation alongside law enforcement. the hack isn't expected to have any affect on the timing of the vaccine release. global news 24 hours a day on air and at bloomberg quicktake, powered by 2700 journalists and analysts in 120 countries. this is bloomberg. annmarie: thank you. coming up, in the social media spotlight for all the wrong reasons. facebook sued by antitrust officials. we find out why, next. this is bloomberg. ♪

annmarie: good morning. this is bloomberg daybreak: europe in the city of london. facebook has been sued by u.s. antitrust officials and a coalition of states. they are accusing the company of trying to illegally crush

competition through the acquisition of instagram and whatsapp. it's the biggest regulatory attack in its history. senior global business reporter joins us from hong kong. what are the regulators actually after? is this about unwinding interest -- instagram and whatsapp from zuckerberg? >> that's right. in suing facebook, the federal trade commission is seeking court orders to actually unwind facebook's acquisitions of whichpp and instagram, millions of americans and consumers globally rely on. officials are alleging that facebook used vast amounts of money to acquire companies that potential threat in their dominance in the social media space. consumers thee benefit of competition but also pushes innovation. facebook is calling the complaint revisionist history. they say it was their investment and instagram and whatsapp that made those companies successful.

annmarie: right. alone here also not when it comes to this regulatory fire. there have been others accused of anti-competitive practices under the trumpet ministration. how significant is it that it is not just facebook? eleanor: that's right -- >> that's right. the justice department filed a lawsuit against google in october. what's interesting is facebook and its peers are facing bipartisan attacks over the control of digital commerce and their ability to influence what users watch and read. seen the u.s. president attacked facebook on many occasions for flagging misleading and false posts about the pandemic and election. there was also white house -- house report released in october that found that facebook, google, amazon, and apple are abusing their market power in the digital economy. a lot of attention and scrutiny

right now on tech companies. incoming we also have different administration, president-elect biden. what does this transmission -- transition mean for these cases? will we see a hard line on tech? >> i think this will be interesting. it will be up to joe biden and his justice department to carry the case forward. it will fall to whomever biden picks as ftc chairman. as joe simons leaves the agency. simons is a republican who voted with the agencies to approve the facebook complaint. the other republicans voted against it. in terms of the scrutiny on tech, it will be interesting to see what happens under president-elect joe biden. annmarie: thank you so much for that update. still with us to continue the conversation is eleanor taylor

jolidon. tech has been the boom this year , continuing the stock rally. it has been all about tech. when you look at facebook and google, these regulatory models and backlash, is this going to affect other risk assets? is this video syncretic to facebook, google and the tech space? eleanor: certainly, i would argue that these are not new situations in regards to technology companies being attacked in the legally greener -- legal arena. it is expected that there would be cases going on worldwide. they are particular to these very large tech companies. perhaps, they grew at a time when people were not prepared with the legal framework to prevent them becoming quite as large as people feel comfortable with.

i would say it is in the price of tech that there's a risk of attack on their side, the number -- their monopoly status. indeed to seeng the reaction on facebook at the moment. it is relatively muted compared to previous reactions on legal cases. thedon't necessarily have same level of potential accusation for monopoly and other sectors of the economy at the moment. the reason those companies have donned so well during the pandemic is because they've been able to function pretty much in an enhanced way. other activities had to close down. i don't think there's as much necessity to question whether there's a political situation in other industries.

i don't see similar cases attacking other industries. the performance of technology is very much linked to the fact that they came through the pandemic and a less damaged way than some other industries of done. annmarie: i was talking to dani burger about this. some portfolio managers have a threshold they can put in terms of tech in their portfolio. there's been some chatter that potentially, you sawtek selloff yesterday. not because of facebook. what folio managers wanting to make room for doordash and airbnb. do you think that is the case? eleanor: i would not be so sure about how important the legal constraints are. certainly, when a new company comes to the market, these people want to invest in that company. they may consider, what companies should perform strongly?

if they have price targets, or whether they want to increase their exposure to similar activities or similar sector depending on what drives their investment decisions. so you could certainly have people thinking, i only wish to invest in technology up to a certain to mount. -- amount. that can be different. as such, they may have made room by selling technology stocks. similarly, the nature of the activity in something like airbnb is very much what one refers to as a reopening trade. there may also be some investors who are thinking, maybe i don't need to be quite as defensive going forward. maybe i can start to put a toe into the water, companies that benefit from a more open economy, free movement than what we have had over the last year. airbnb fits the bill for that.

that may have tempted investors to sell companies which are more dependent on the work from home scenario, the furlough scenario where some people are less interested in activities then looking at facebook or instagram. annmarie: that's right. airbnb is a tech stock, kind of. it is really like a hotel. it's a very good point. this is a reopening of the economy. people are buying into that value cyclical trade. thank you for joining us this morning. eleanor taylor jolidon. coming up, devastating first. deaths in the united states from covid-19 surpassed 3000 and one single day. on update from the united states, next. this is bloomberg. ♪

♪ >> we've got to be doing a lot

of community engagement and community outreach to get people to understand the two things that bother people, they say, maybe we did this too quickly. they need to understand, 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 normally would have taken several years. that was not compromising safety nor wasn't compromising scientific integrity. the process that went into deciding the safety and efficacy was both independent and transparent. we need to make sure that people understand that. dr. anthony fauci at the third annual bloomberg health summit, trying to convince the importance of the vaccine being safe. this comes as deaths in the u.s. from covid-19 surpassed 3000 per day for the first time.

uneconomic hit is continuing as well. u.s. stimulus negotiations are steve slow progress as mnuchin and nancy pelosi express optimism that a deal was in -- within reach. we will be joined by jodi schneider. the newest round of coronavirus cases is where i want to start. it is causing a fresh round of challenges, especially the surge in hospitalizations. give us a sense of the state of covid in america right now. increasing iner the final weeks of 2020. thanw on tuesday more 213,000 new cases. that trajectory is beginning to show in fatalities. we did not see so much of this in the fall. in just the week of december, deaths more than doubled the rate of the same week in november. this is putting a huge strain on

the country and hospitals. the brink ofly at not being able to take new cases. they are just full. some areas of the country, we are seeing a real crisis and being able to handle the number of cases that they are having to get infections in the south in particular, composed a third of new cases. single dayroke records in the past month. annmarie: it's december 10. we are still talking about the fact that the u.s. doesn't have another stimulus bill. what is the latest on the negotiations? could it get done before years end? >> for six months now, we've been talking about this. as we watch both sides of the aisle, republicans and democrats not be able to come up with a number that can satisfy them. right now, we have seen some progress. mnuchinlosi and steven

have expressed optimism that a deal was a thin reach. we have a few major issues, major deadlock issues. business liability shields, aid to state and local governments. they have a real deadline now. if they don't get this done in the next week or so, they won't be able to vote on it before congress essentially leaves for a holiday break. there's a new congress taking over in january. they have to start from scratch on any legislation. really, there's a real deadline here. we are still seeing acrimony. mitch mcconnell scolded nancy sayingand chuck schumer, they were obstructionist. democrats fired back and said, they are not moving things along either. annmarie: jodi schneider, thank you so much for that update. coming up, no deal when it comes to brexit. they were coming to go there over fish. johnson and ursula von der leyen

dined on scallops last night. a breakthrough not on the menu. an update, next. this is bloomberg. ♪

♪ annmarie: good morning from bloomberg's european headquarters. it is 6:30 a.m. in the city of london. this is daybreak europe and here is what you need to know. no deal but a new deadline. brexit talks will continue until sunday as big differences remain. today's focus shifts to the ecb. the great unwinding. facebook is at risk of losing instagram and whatsapp as the ftc and a coalition of states file antitrust lawsuits.

a devastating first. covid-19 deaths pass 3000 americans in a single day. trucks while, stimulus -- toxic drag on nbc. there he good morning to you. stimulus talks drag on, stimulus talks. no deal on either side of the atlantic. a tech selloff is ripping up the markets across global equities. msci asia-pacific, let's see where we trade this morning. we are lower across asia. down 5/10 of 1%. s&p 500 futures are relatively flat. yesterday, that index dropped from a record. they suffered their biggest loss in a month after 10 days of consecutive games. maybe froth coming off of the market. dani burger and i have interesting thoughts about this. euro stoxx 50 down to tense of 1%. we are risk off across global equities.

10 year yields this morning, steady. deadlock stocks on stimulus. some unwinding going on in terms of the steepening of the curve. now at 91 basis points. we had an option yesterday. investor demand was firm. expectations were lower. euro is strengthening. this is a brexit story. the ecb story. christine lagarde at the ecb meeting. some sort of verbal intervention on that strong euro. iron ore is on another tear today. up more than 5%. it's the highest level we've seen since they have been traded. this is about insatiable demand for iron ore in china. an commodities. brent crude a little bit higher this morning as well. they are shrugging off the stockpile build we saw in the united states. they are looking to the hopes of the vaccine opening up the economy once again. our top story this morning.

there was no deal. you can pry minister and european commission president dined on scallops last night. when it came to brexit, they were unable to reach an agreement. negotiators have until sunday to come up with a deal. for more, we are joined by anna edwards, the duchess of brexit. she knows everything that's going on in brexit. i feel like it is the boy that cried wolf. we've seen these deadlines come and go. how likely does a deal look now to actually happen by sunday? anna: i have another phrase for you. it always looks darkest before the dawn. they are still talking. that is something, isn't it? they talked for three hours. they ate a lot of fish. they talked a lot about fish. they are still talking. they will keep talking until sunday. that's the new deadline, the time by which they must decide if a deal as possible.

no decision yet. when you are expectations were managed, that we would not be greeted with news of a deal or no deal. it would just be a decision to carry on talking or not. the pound reacted negatively. the pound is down but it's not out. that's how these talks are going. we've seen cautious wording coming out from both, both talking about significant awful souls -- obstacles. the u.k. side talking about sovereignty and independence. both sides do see a deal as possible still. they are going to talk until sunday. we will have to wait and see what will be achieved. annmarie: they are still talking. that is positive. if there is no deal, what is at stake? anna: it is worth remembering what changes anyway, even if we don't get a deal. sometimes, this is lost in all of our focus on whether there's going to be a deal. the red lines were set out many years ago, by the eu side and

u.k. side. the gap between deal and no deal is not as significant as some has initially seen in 2006 team. the obra in the u.k. suggests that we will see a 2% hit to gdp from no deal. gdp's on top of a 4% hit to even if we have a deal. that's the scale of the impact economically. a lot of this comes down to tariffs and taxes on goods imported and exported between the two nations. there might be an average of 3% but that varies a lot, depending on what interest do you are in. -- industry you're in. the other thing that is at stake is the tone and ability of these partners to be able to negotiate and talk to each other and even get future deals. a lot more depends on the tone that is created. there will be expectations that regardless of how much is not

achieved by the steel at the end of december, whether other deals can be done in the future. for example, on financial services. annmarie: good point. a deal or not deal, the relationship has to continue for years to come. thank you for joining us. she's back at the top of the hour for the european markets open. joining us now is andrew bridgen. thank you very much for joining us this morning. they had dinner. it didn't yield the deal. they are still talking. the fact that they are talking is positive. are we going to get a brexit trade agreement at some point, potentially before sunday? andrew: never say never. the gaps and areas that can't be agreed to the same areas that have dulled the negotiations for years. the so-called level playing field where the u.k. would be expected to take eu law now and in the future without actually having a say in it.

that's a no go on a sovereignty reason. governance of the whole treaty. if we had one, the eu wants the european court of justice to play a port. --. it's like the eu marking its own homework. of course, the fish issue. the eu wants to retain permanent access to a huge amount of our fishing grounds, which would leave us the only sovereign nation in the world that doesn't have control of its fishing waters. the fish is a bit of a red herring issue. they could concede on that in the last minute. the fact that they haven't conceded on the fish yet, asking us to concede on the living playing field means the talks aren't yet over. it feels a little bit as if the e in the negotiations is on life support. nobody wants to be the one to switch the machine off at this stage. annmarie: it is december 10. we are in the middle of december. you have to get the deal by the end of the year. at this point, given it is so

late in the game, are your colleagues will into accept whatever boris johnson is able to negotiate? >> -- andrew: certainly not. neither will the british people. for theited 4.5 years brexit that we voted for at the referendum. the appetite to see it is completely undiminished. we've had many elections since then. overwhelming majority of people want to get out of the european union. i'm coming to the conclusion that there's no deal that the european union can give us. i think we are coming at it from two different ways. the u.k. has always been associated with the market, to start with. it was always a vehicle for trade. for the european union, it's about politics. through the so-called level playing field, the european union is seeing this as a way of effectively taking back control

of the u.k. before we've really left. that won't wash with politicians over here or with the public. i think we are gearing up for a probable no deal. annmarie: gearing up for a no deal. i have a question for you. if you and your other conservative colleagues don't want this deal, but labor supports it, doesn't matter? can the deal go through? andrew: it potentially could. i don't think the prime minister would come back with a deal that he couldn't sell to the euro skeptic conservative mps. lastarty, after the general election, is more euro skeptic than it has ever been. i would take issue with the figures about the hit from no deal. i think 2% of gdp is probably the worst case scenario. that's what we think single market access is worth. all of those hits to our economy discount any benefits of pre---

of trade deals with countries around the world who actually don't want to make our laws. annmarie: that hit did gdp -- to gdp, is that a risk worth taking? andrew: no deal is always better than a bad deal. you have to have a walkaway position. no deal would be a very short-term hit to our economy. note deal will be a ball and chain around the competitive this of the u.k. for many decades. there has to be a balance. it would also be a major hit to our democracy. annmarie: thank you for joining us this morning, following that high-stakes dinner. andrew bridgen. he will be joining my colleagues on radio if you want to continue that conversation. coming up, rescuing the euro zone. the ecb set to deliver another blast of monetary stimulus to

pull the block out of the pandemic crisis. we will look at what the options are, next. this is bloomberg. ♪

♪ annmarie: good morning. this is daybreak era. the ecb is poised to pump around of another -- another round of stimulus into the euro area today. policy makers excited to add 500 million euros to the emergency bond buying program. the euro zone economy is in a fragile state after being hit by the new virus lockdowns and continued uncertainty over brexit. a lot of challenges ahead for christine lagarde. chris hare. i want to start with what actually happens today at the ecb. this has been so widely telegraphed. now people are talking about the fact that they may come out bigger and larger in terms of

size and scope of what they can do. what is your base case? chris: that's right. her base case had been an expansion of the program by 250 billion euros. we've been struck by the extent to which market expectations have ramped up. 500 billion euros plus, as you mentioned. we are in a position where the ecb wants to do whatever it takes in order to prevent an adverse market reaction to its policy announcements, to prevent a tightening in market financial the ecb hasand then to deliver bag in terms of the numbers on q. week that it is going to announce later today. annmarie: they meet every six weeks. they will likely say, they will only use it if it is warranted. why deliver such a big number if you know you are not going to use it? and you know you can just add to it in six weeks? chris: we question the wisdom of

going so big, to be honest. we think that a 500 billion euro expansion would be more than enough to keep financial conditions. it would be more than enough to keep pressure off of fiscal authorities through this year and next. one of the issues with announcing a very big number is the ecb can say, well, we won't necessarily use all of it. the number starts to become meaningless. let's take an optimistic stance. theecb might want to end program or discontinue purchases. if you have a very big amount, that might make exit from the program a little bit more difficult. as i mentioned earlier, the market is looking for big numbers and the ecb really wants to avoid an adverse market reaction. maybe that's why the ecb would want to announce something pretty hefty. today, and potentially in future

policy meetings if need be. annmarie: if they extend beyond 2022, does that constitute pandemic? they have a tool for bond buying. this is for emergency use. very different rules attached to it for the pandemic. whatthey try to exit this, kind of situation could that be for the market? chris: well, we really hope that the pandemic will be coming to an end towards the latter end of next year. yes, the language around stimulus would have to change. if you are coming towards the end of the pandemic emergency program. having said that, beyond the pandemic per se, we are looking at a very tough inflation outlook. partly given the scope of the pandemic itself. partly because of the inflationary pressure. thexpect the ecb to publish 2023 inflation forecast well below 2%. if that's the case, there will

be scope for keeping monetary policy very loose and keeping ,unding costs for government households, businesses very low in order to stimulate the economy to stop inflation from remaining too far below that 2% name. annmarie: this week, we saw portuguese tenure debt trade into negative territory. btp, .582%.0 year many people already talking about the fact that euro is trapped in this gender fan of acacia -- japan if acacia. .- japanification chris: i have sympathy with the characterization of quasi-yield curve control. what the ecb is doing by announcing an expansion of the program, not necessarily adding more stimulus to the economy per se. already against the risk of

sovereign borrowing costs rising. i think the ultimate aim is to keep those borrowing costs low. in order to allow fiscal policy the wiggle room that it needs to support the economy through the crisis and the recovery. keeping those borrowing costs low, the ecb will see success. it is something that is likely to continue for quite some time to come. i do have some sympathy with that yield curve control characterization. annmarie: does christine lagarde say something today about this trend or do we expect a philip lane blog post in the near future about the european strength in some sort of verbal intervention? chris: i would not rule out a blog post. do whatthe ecb would normally needs to be done from a central bank perspective. you can talk about the ecb carefully monitoring what's

going on with the euro. ultimately, there's only so much the ecb or christine lagarde can really do to get the euro lower. when we are talking about the qe,program and q. week -- possibly not. we might be looking at cuts to interest rate. i don't think that is something we are really looking at in the near term, particularly as we are concerned about the adverse consequences. i think it will be more handwringing, concerns about the monitoring of the strength of the euro, but not much that can be actively done about it or should be actively done about it. annmarie: right. thank you so much for joining us this morning. tuned for our coverage throughout the day. the policy meeting happens and a news conference at 1:30. that is during surveillance. tom, john, and lisa will bring you through that decision. coming up, landmark budget deal

at today's summit. we get the view from berlin, next. this is bloomberg. ♪

annmarie: good morning. in our away from the start of european equity trading. let's take a look at how we trade this morning. s&p 500 falling from its record yesterday. btp futures are relatively flat. asian equities down 5/10 of a percent this morning. nasdaq futures getting hit yesterday, the biggest fall in the month after we had 10 days of consecutive gains. tech rattled the market overnight. euro stoxx 50 futures extending losses. let's take a look at what's going on in the full-screen. the 10 year yield this morning, deadlocked on stimulus talks. 92 basis points. yesterday, noxon.

yield was lower than market expectations. investor demand was firm. euro strengthening against the pound. of crossout in terms assets today has to be iron ore. $154 a ton. a level we have not seen since the start of trading. this goes to show that there's a recovery. it's in china. first-in, first out of the pandemic. what else should you be looking out for? the first one, the ecb. they will meet this morning. the central bank forecasted to add another 500 billion euros to its 1.3 trillion euro emergency asset purchase program. eu leaders will meet in brussels today and tomorrow. the next approval of the budget is likely to dominate discussions. 2:00 london time, the u.s. food and drug agency will discuss the approval of the pfizer vaccine. the treatment is both effective

and safe. they are poised to get that approval. airbnb will trade for the first time. a $47 billion valuation and its ipo. the christmas holiday may be coming up that europe is showing no signs of winding down. time forry busy european leaders. we are now joined by the european open anchor who is very busy tracking all of this in matt miller. so many things going on in europe. what is drawing your focus today ? merkel west such a part of the stimulus package. that rubberstamp is going to be really critical. matt: that's right. germany has the european presidency right now. this is really the piece to 16 yearce of merkel's tenure as chancellor of germany. she is doing her bet to help

europe recover from the coronavirus, to bring europe closer together, and a big piece of that for her has been to bring in the eastern european countries. this deal that she has brokered with hungary and poland should help salvage the $2.2 trillion budget and recovery program. it's a big win for angela merkel. that, in ae past sense, the focus today is going to be on the ecb. expectedoned, they are to boost their bond buying program by 500 billion euros. i will be watching very closely to see if they say anything about the currency. that will be one of the key issues today, as well as bank dividends. annmarie: bank dividends certainly are what all the banks want to know, as well of investors who have been ditching the banks.

about, how much they can say about verbal intervention. how many times can you verbally say, we are worried about the strength of the euro. at some point, does it stop working? matt: yeah. you could become the boy who cried wolf if you don't do anything about it. if you back it up with more forward guidance or more monetary intervention, the market believes you. it's unlikely that they will say very much about the currency. will they mention it at all? they just have to whisper wolf for the markets to listen today. annmarie: lots of wolves today. thank you so much for joining us. matt miller is up next with anna edwards. they will take you through to the european open. that does it for me. futures this morning pointing to the downside. below 121., just it's a busy day. this is bloomberg. ♪ are you frustrated with your weight and health?

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