manus: good morning from bloomberg's middle east headquarters in dubai. i am manus cranny. it is "daybreak europe." incremental gains. mitch mcconnell says lawmakers are getting closer to a deal on stimulus. guidance.weigh says prepare mayor for a shutdown after christmas.

france imposes a curfew in london tightens the measures. approach, theate ecb lifts its ban on strict dividends. we hear from the chair of the supervisory board. , 10:00 a.m. london in the doc. joined again for one day. reunited on the day that the dividends -- you missed me, didn't you? pay out some dividends but it's nowhere near as much as the bank of england but it will be good news for the banks on the open. good morning. >> i have missed you. the same this morning when it comes to the bank. could this be something that's going to happen at 8:00 a.m.? of the show, ind was thinking today, we should have her back on. do you think she is willing now to finally buy banks or do we

need to pay her to pick up financials? manus: that's the classic line from her. there not at -- believer. it's about bonuses. equityholders might get a dividend. they are urging restraint on the bonuses. i know you will get the humor of this. with the movie, a long time ago, the life of brian, you need to go and google that and then have a look at it because there is one of those wonderful moments where he turns around and everyone things he is the messiah and he goes but you are all different. it's about grid thing. think.on the -- are we on the cost of groupthink of how dangerous -- cusp groupthink? predictingo one was

2020 to be ravaged by a global pandemic. you can't get anyone to think outside the box for 2021. he talks about benjamin franklin in this piece. i'm going to leave you with monty python and go to benjamin franklin because i'm an american. if everyone is thinking alike, that no one is thinking. we should check in on where you trade wednesday morning -- exactly. we are bringing some of our loves from home into the market. this morning, we have asian equities moving higher, up more than .6% yesterday. this comes after a higher close on wall street yesterday. s&p 500 yesterday. this comes off the back of four days of losses. the 10 year yield at 90 basis points. we have not even discussed it yet. today is the final fed meeting of 2020 and what the market is expecting his fresh guidance on its asset purchase program and all of this, we are still waiting on stimulus in d.c. and

the pound, 134, no major moves, but yesterday was outperforming all of its peers. one of the bbc journalists tweeted about a feeling among british lawmakers that a deal is closed. what's interesting is they take it to the boe tomorrow. we begin with the u.s. stimulus talks which have been moving to disease assets. sidesoptimistic the two should be able to complete an understanding sometime soon. speaking after a late night go skating session with nancy pelosi and other democrats. the aim is to agree on coronavirus aid in time to attach to a package of spending bills before a funding for federal agencies run out at midnight on friday, potentially to keep the government -- let's get more with bruce. f thanks so much for joining us this morning. inf these on-again off-again talks, where are we now? inid cepelova see saying --

these on-again off-again talks, where are we now? i did cepelova c. bruce -- see pelosi. >> we have nancy pelosi and chuck schumer from the democrats, mitch mcconnell, and kevin mccarthy from the republicans, talking in the same room together and steve mnuchin from treasury on the talks as well. they said they are going to pick up on wednesday and so they are indeed working towards that deadline. they do need to get something passed to keep the government open and they are hoping they can attach this. you think the biggest obstacles to the deals are? we understand the potential that's on the floor could be a split proposition. where are the biggest blockages? lookinghey are indeed

to split off the contentious parts which have to deal with aid to state and local governments, liability shields for companies and others looking for protection against covid lawsuits. there's is also still disagreement about whether there should be direct stimulus payments, checks sent to americans, and that is something that their advocates across the aisle -- bernie sanders: for this, josh hawley from the republicans calling for this. the white house said in the past that they want to have this. it's been very unclear where that is all going to land. manus: indeed. the late-night oil has been snuffed out. let's see what they do tomorrow. thank you, bruce einhorn, our reporter on the fiscal talks. joining us now is edward smith, head of asset allocation. you know, i have been talking

about it over the past two hours. antrles schwab said ramp u.s. stocks speculation is what they are seeing. when you look at the maneuver in markets, do you get a sense that stock at a rampant speculation moment in markets? edward: good morning. it's nice to be here again. going tohink we are rampant speculation. there might be some bubbly aspects of certain parts of the tech market. electric vehicles perhaps. overall, we are in a bubble. bubbles tend to burst at the first sign of a recession and we saw a huge recession at the beginning of this year. what are the stocks that have come out most on top? the stocks people thought were

in a bubble going into the coronavirus. it should be more highly rated all, theause, first of discount rate is very low. interest rates are structurally low. they are going nowhere. that lifts the valuation of companies that people think people are speculating over because more of tomorrow's earnings are being discounted. growth is getting scarcer. we are living in a scarce world. growth is going to trade at a higher premium. that's a central tenet of economics. there may become speculation in certain areas overall. we don't characterize markets today as being prone to rampant speculation. everyone is talking about the bank of america survey where they are saying given the cash level, that is a warning sign to sell. every year, if you take money

off the table, you think this rally continues into 2021, they start to get defensive. ofe to sell going into q1 2021. everyone is looking forward to a economy of things getting back to some semblance of normality. perhaps some people have taken their eye off the fact that there are some short-term cyclical risks to navigate first and we have seen some of the high-frequency indicators of economic activity fall off. pmi surveys in europe falling markets haveis -- correlated pretty strongly with is theis year so there possibility that negative macroeconomic data surprises could lead to a bill that -- a bit of a selloff. bullishame time, sentiment has surged in the american association of individual investors.

that is nearing an all-time high. to ratio has fallen multi-year lows. these tend to be contrarian indicators, especially that aa poll. there are signs we might be having another pullback. will markets just look through that vaccinated economy? we are not sure. there is a risk they will not. annmarie: i have been told -- manus: i have been told to be quick with this. theirof people have lost jobs. companies will be slow to employ people quickly out the other side. do we move from secular stagnation to a more aggressive growth story than any of us really understand? are we finally going to exit secular stagnation?

it's goingon't think to be rapid but there is the to buildty to use this back better and to reignite a global productivity which has fallen sharply over the last few decades. if we use this as an opportunity ,o accelerate digitalization accelerate a green energy revolution, those are that the sorts of things that could unleash a new wave of technologically driven productivity growth, but it's somewhat speculative to say that that is definitely going to happen. edward smith stays with us. we have the fed meeting. do not miss our complete coverage of the fed decision from 7:00 p.m. u.k. time this evening right here on bloomberg television. a quick recap on the first word news, here is laura wright.

laura: joe biden is assembling the team to drive forward his ambitious climate agenda. bloomberg sources say he has picked jennifer granholm as energy secretary and we are also told he has chosen obama's environmental protection agency chief, gina mccarthy, as his climates are. germany is entering a hard lock down today, closing nonessential stores and urging offices to shout. angela merkel is warning the country faces a new peak of covid-19 infection next month. it's raising doubts the country's lockdown will lend in early january -- end in early january as planned. australia plans to challenge china over the decision to impose tariffs on over 80% of its exports. it a further sign of the deteriorating relations between the trading partners. the process could take years to be resolved. 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.

i am laura wright. this is bloomberg. manus, amory. -- annmarie. annmarie: london is on high alert. the u.k. capital has entered tier three restrictions amid surging virus cases. the government is standing firm on covid christmas rules. that story, next. this is bloomberg. ♪ (announcer) do you want to reduce stress? shed pounds? do you want to flatten your stomach? do all that and more in just 10 minutes a day with aerotrainer, the total body fitness solution that uses its revolutionary ergonomic design to help you to maintain comfortable, correct form. that means better results in less time. you can do an uncomfortable, old-fashioned crunch or an aerotrainer super crunch.

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annmarie: good morning. 6:15 in the city of london. this is "daybreak europe." the united states is grappling with surging cases of coronavirus even as a mass vaccination program gets underway. new york recorded the highest death toll since may from the virus, manus. manus: indeed. across the atlantic, they have

officially entered the highest year of coronavirus restrictions. the government is going ahead with plans to ease restrictions over christmas despite the mounting pressure to stop people mixing indoors. our guest joins us now. why has the government decided to go ahead with the easing of the covid rules over christmas this the mounting health pressure? >> the reasons are political, obviously. is in a delicate stage of brexit negotiations. it has been a lousy year for him. one year in power. he is really clinging to this idea of saving christmas. it is incredibly important to him. we also have to remember his roots. he is a libertarian at heart. he does not want to put rules on people. this is the same guy who not so long ago said people should have

the right to go to the pub. he buckles against the idea that you have to put restrictions so this is -- he does not want to give this one up in spite of clearly all the evidence and members pointing against this. annmarie: what is the reaction from the health experts? know, theyean, you are not impressed. it's pretty rare for -- the british medical journal and the health service one came out and said this is rash and not a good idea. were pretty blunt about it. union, the opposition is having a field day, london is in tier three in germany. you have angela merkel who wrestle herged to regional state leaders into what she needed into doing the right

thing and today, the country is going into a hard lockdown. all around, countries are essentially locking down so the u.k. is isolated on this. listening to the health secretary yesterday across the various channels i watched in the afternoon, and again, this is about a stronger guidance coming through from christmas and very much a conservative message. we are not going to rule legally what you can do but we will suggest quite triply what you should do. tovia: we sort of go back that idea of, you know, do the right thing. and sort of throughout these terrible months of the experience the pandemic has been for the u.k., there has always been a bit of a sort of not wanting to impose oneself and sort of giving guidance and leaving its people to do the right thing and that has been extremely problematic. it has sent mixed signals of,

you know, for people doing the wrong thing and not really getting punished for it. the very good example is even the travel guidance. in theory, you are told not to travel, but actually, you can still go overseas. that kind of thing makes it very confusing. --iously has some sort of infections keep going up despite the vaccine coming so it creates a very confused environment where people probably don't know what to do anymore. annmarie: flavia krause-jackson, thank you so much for that update. bloomberg news reporter. edward smith is still with us this morning. her.eard what is the risk of a stopgap recovery going into 2021 for the united kingdom? edward: i think it is quite high. lockdown in november.

11% would shave off about from the u.k. economy. we penciled in a 9% rise in december to unwind a lot of that negative affect, but now, it's looking more like perhaps seven percent growth because of these extra restrictions. that will leave the u.k. economy still 12% below the pre-covid high watermark at the end of the year and not getting back above water until the end of 2022. that makes the u.k. -- that means the u.k. is going to have one of the worst economic outcomes. 42 developed and emerging economies we keep tabs on as well as one of the worst health outcomes. it is not a great place to be invested in domestic names looking for a recovery story right now. does the prospect of a

anemic word about a brexit deal, whatever shapes and complexion -- will that change the flow? will that demonstrably change the flow into one of the most under owned markets globally? potentially. we know from a bank of america merrill lynch survey that investors have been underweight in the u.k. substantially for a long time and a deal could entice them back into the market. some of that uncertainty lifted. of course, not all of the economic uncertainty will be lifted. that's because that brexit deal does not do anything for trade in services, which the u.k. is heavily dependent on. negotiationsrtant on financial services access, on

portability of accountancy and legal accreditations as well as data transfer rates. those negotiations want to take place until 2021. if they go badly, then that is more bad news for the u.k. economy. there are plenty of other non-brexit reasons why people aboutwant to be cautious stocks that are oriented towards now..k. economy right because of that particularly bad covid outcome that it has had on the economy, on the health front, and of course, u.k. stock great shapet in post-covid. it has a lot of exposure to banks, a lot of exposure to oil, which is -- which are constrained structurally and have not returned much for the last 10 years and have higher exposure to companies more

adversely affected by covid and not a great sector outlook. i would not exactly call that a series of calls that fills me with cheer. thank you very much. very frank and cogent description of u.k. and the investment landscape. smith. coming up on the show, fund managers have been slashing their cash position, embracing risk assets. we discussed. this is bloomberg. ♪ wanna lose weight and be healthier? it's time for aerotrainer. a more effective total body fitness solution. (announcer) aerotrainer's ergodynamic design and four patented air chambers create maximum muscle activation for better results in less time. it allows for over 20 exercises. do the aerotrainer super crunch, push ups, aero squat.

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manus: this is "daybreak europe ." i am manus cranny in dubai. annmarie hordern alongside me. the survey is a beast in the

hold. juliette saly has the details. good morning. this was -- juliette: . survey from bank of america certainly believes in this vaccine story but it is signaling red flags. it says we are seeing cash positions underweight, the most since may 2013. levels down around four percent and investors going long on risk assets like stock and commodities, the most since february 2011, all of this with the sell signal for equities. strategists saying investors are uy the reopenhe b trade and sell the vaccine news into the first quarter of 2021. people have gone onto value. u.k. stocks also banking and consumer discretionary stocks but reducing exposure to u.s. and health care equities.

the survey finding the longest, most crowded trade here is long in tech shares and bitcoin followed by a short in the u.s. dollar. meanwhile, the region which is the most underweight is exposure to u.k. equities so this is a region they are seeing. not a lot of people are getting into it but when we have been talking about. could see a little bit more upside heading into 2021. certainly, a lot of these cash positions are looking incredibly underweight for the most in seven, nearly eight years. manus. annmarie: juliette saly in singapore. coming up, it's manus and myself. the ecb lifting its ban. that story this is bloomberg. ,. ♪

annmarie: good morning. from bloomberg's european headquarters in the city of london, i am annmarie hordern with manus cranny dubai. this is "daybreak europe." these are today's top stories. optimistici sounds as she leads late night meetings in d.c. jay powell holds the final meeting of the year. london enters tier three. harsher restrictions hit the capital as the government faces growing demands to rethink

christmas guidelines. the ecb allows, some banks to resume dividends and buybacks next year but imposes strict limits on payout levels. morning to you. 6:30 a.m. in the city of london this morning, 7:30 a.m. in frankfurt. you and i have been kicking around this piece about this consensus and deutsche bank, their note was this is the biggest consensus trade in history. he said the degree of implied groupthink is alarming and what you have to parallel this and explain to it is it's monty python like brian movie. you know a lot more about it than i do. manus: i want to say from the start i wanted to play part of the movie but we are not allowed to. the producer of the show thought it was not appropriate. it's where everybody thinks that brian is the messiah and brian says, look, you are all mistaken . you are all completely different. and they cry back at him, yes,

we are all different, except for one who says, no, i'm not. john authers said consensus -- what is consensus? it is when it becomes overwhelming. contrarian is him is impossible. let's take a look at the quote board. while it is generally good to have animal spirits return, positivity can become dangerous when it degenerates into groupthink and you know, it is almost, you know, you cannot fight this consensus trade, can you? that is the risk. if you try and fight back against the consensus trade, you are fighting the oncoming steamroller. we have not got the quote. ok, listen, let's have a look at the markets, because we can pursue this thought through the morning time. asia stocks are rising. is there a deal? a fiscal deal to be done? keepingconnell is

everybody in capitol hill until a deal is done. what will the fed give its guidance on? how long they will remain at $120 billion? will they do immaturity change? -- a maturity change? is there a brexit deal? let's talk about the ecb because they have lifted their ban on bank dividends. one imposing strict limits on the payout level. they are saying they should keep buybacks below 15%. the ecb supervisory board chairman told bloomberg it's an important opening. day. has been an important there is an opening to payments for dividends actually so we are enabling banks to pay within a thesen threshold and change with respect to where we have been up to today.

it is an important opening which has been supported in the supervisory board and which recognizes that we are moving slowly back to normal. although we are not at normality at. whichadly supported suggests not everyone supported it. so the conditions that you're putting in place, there is areted payout amounts which a bit stricter than we are seeing recently announced in the u.k., stricter than we are seeing in the u.s. will that be a problem for the banking sector? andrea: i do not think so. the important signal is the opening to dividend payments. forward guidance. we intend to repeal these recommendations in september when it has come to an end so we are going back to the ordinary situation in which supervisors

will invest the dividend payments and decisions by banks in the normal supervisory process. argue thatd also bank shareholders should not really be anything yet as long as the banks themselves are getting the benefits of regulatory relief, the benefits from the ecb. there is that argument out there. why have you decided to go ahead? andrea: there has been an intense discussion in the last on my board.ly we recognize that there has been a reduction in the uncertainty so now, the path is clearer. our economies have been more resilient and it seems that by 2022, we would be back to precrisis level. us tos what is pushing the open dividend payment. on the other hand, there's not a lot of visibility on the asset

quality trajectory going forward. great risk and as you say, there is a lot of support coming from the central bank. the supervisors and fiscal policies, which is supporting also bank profits, and this is behind the recommendation to remain prudent industry patient for some time. >> what about bonuses? what is your stance there? andrea: we are prolonging our general recommendation to remain semi-moderate in the payment of bonuses. and also, here, we are giving forward guidance that by september, we plan to go back to the old normal. >> the banks would say they need to pay their staff. they had a good year in trading for various reasons. and if they cannot pay the bonuses, they risk losing their best staff to non-euro area banks. does that concern you? andrea: we never asked banks not

to pay their bonuses. consider paying bonds more. to have may be more postponement of these payments. the moderate given the conditions we are working in. , ecbrie: andrea enria supervisory board chairman speaking to bloomberg about lifting the defect or bann -- de facto ban. banks have been down more than 20% year-to-date but citi saying a lot of it was expected and it is more punitive than what the bank of england is doing to their banks so potentially, depending on which financials they are talking about, whether it was france or germany, we could even see may be some downside. it might not be equal across the board. manus: the bank of england will let people payout 25%. .2% of 15% or

risk-weighted assets. herein lies the point which is institutions like bnp paribas are setting aside 50% for their payout ratio. they have a payout ratio of 50% so it's interesting that it uses the language of an important opening. the language used around bonuses, which is moderated. if you are already on a structure payout over three years equity, options, delayed equity, and set payments in your bonuses, now, this language, talking about a moderate approach to bonuses so a slight delay there. it will certainly be interesting. also interesting, does this partial restoration of dividends, does this begin to fix the fact that investors have not loved the banks or are there other deep-seated issues? we will see how the financials

trade in london. here is laura wright. good morning. laura: president-elect joe biden is assembling the team to drive forward his ambitious climate agenda. bloomberg sources say he picked jennifer granholm as energy secretary. we are told he has chosen obama's environmental protection agency chief, gina mccarthy, as his climates are. -- climate czar. hopesmcconnell said he the two sides can come to an understanding soon. ifre is still no word on nancy pelosi is willing to pass a slimmed-down rescue package. pfizer is offering its coronavirus vaccine to health care workers given a placebo. they must be eligible under the current will to get access and they will continue to be monitored. moderna is writing its own plan to do the same when it gets authorization.

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. manus, amory. -- annmarie. annmarie: laura wright in london. we speak to our guest, founder of atwater capital, for today's many undercover segment. we will talk to her about investing in media and entertainment and the importance of equal representation. this is bloomberg. ♪

manus: it is tuesday. manus cranny in dubai and annmarie hordern beside me. content may be king but it's also a booming asset class. just this month, bob dylan sold his entire song catalog which was worth more than $200

million. stevie nicks sold the majority for $100ng writing million. private equity investors are also getting in on the action. investing in everything from music rights to films and tv. dani burger. joining me is the founder of media and entertainment pe fund atwater capital and also former cio of jay-z's rock nation. dang so much for joining a spirit i know you are up late in l.a. so we really appreciate it. it does seem lately like there's been a lot of music deals. manus mentioned bob dylan, stevie nicks, taylor swift songs, bought by a fund. why are we thinking now is the time, a popular time, to be investing in music rights as a nasdaq class more or less? >> historically, what has

happened is that investors brought a little bit of an unfair bias to the asset class. they have seen it as very hit driven. they have not i think appropriately appreciated it for how a cyclical it is, and i think with time, what investors have become more sophisticated intellectual property right is an annuity generating asset and just like any other annuity generating asset, that's affected by things like interest rates. also, there are ways of curating a portfolio that can actually get rid of some of the types of risks of what i think is an unfair criticism investors have thought about the space. for example, saying it is hit driven, one song may be hit driven but a portfolio of 20,000 songs actually diverse of phase -- diversifies a way that unique

risk. dani: it is almost like songs are a fixed income class but how do you value them? interestingly, songs and especially portfolios of songs, because the risk nature of them can be diversified away, the pattern recognition within how they perform, whether that is by shauna or vintage -- there's actually a quite mathematical and nerdy approach when it comes to valuing song rights. love nerdy approaches. if you were to put on your former rock nation hat, advising one of your former clients, would you recommend that they sell their song rights? a very personal decision. obviously, artists, their craft is very personal to them. often times a lot of personal narrative and story that goes into that.

there really is no one-size-fits-all approach. artists, it makes financial sense because a lot of artists who historically have made quite a decent income or large portion of their income from life events. with covid happening, the income stream suddenly dried up overnight. you pair that with the fact that now interest rates are very low, annuity generating rights are more valuable than ever. from a financial and personal perspective, it might make sense to sell those rights. perhaps they were younger in their career. they are still expecting that touring will come back and they are excited about that on the horizon. there rights might be deeply personal to them. i certainly would not fault someone for not wanting to separate with those. exposedu are not just to music through your company, but you are also invested in film and tv content generators as well. how do you invest in esg in the

content industry? vania: that is a great question. esg,now, when it comes to we as a fund, because we invest in content companies, really focus on the social aspect of that. getting a little bit more concrete, the types of companies inputs furtherhe what they are producing is intellectual. it's creative. by definition, they will not be the types of companies that are polluting rivers because they don't have big industrial processes, but the output of what they are creating drives culture forward. it helps create culture so we are mindful of that. we want to invest behind management teams that are mindful of the fact that they have a great responsibility as culture carriers and creators when it comes to content so we pick management teams that are that of that, that feel

responsibility, just to give you one great example. we are invested in whip studios, and they are a content producer out of los angeles that sold the show called uninhabitable earth to hbo that was produced and released shortly and it is on the climate change. although we are focusing on the s part of esg, it leads into other aspects as well. invest in won't you that does not fit that s part of the esg? vania: we don't want to invest in things that are explicated harmful in terms of carrying negative cultural narratives. there have been historically because of a lot of the lack of diversity in hollywood, historically, some very harmful tropes. i will give you one that has been used extensively. the dumb blonde tropic and

hollywood. if you look at old movies and television shows, that is a pervasive comic narratives and at the end of the day, it's deeply misogynistic, so we want to avoid management teams and companies that rely on outdated apparatus when it comes to how we think about storytelling. we want to invest in companies. empowering stories in an authentic way. annmarie: we -- dani: will certainly look for more on that front. back to you, manus and anne-marie -- annmarie hordern. annmarie: saudi arabia plans spending cuts after the budget deficit widens to medically. we will speak with the finance minister. this is bloomberg. ♪

annmarie: good morning. i am annmarie hordern in london. manus cranny alongside me in dubai. saudi arabia will stick to its plan to cut spending by more than 7% next year after its budget deficit widened dramatically amid lower oil prices. yousef gamal el-din spoke with the finance minister. take a listen. >> we expect our vaccine that we bought should be arriving very soon, possibly within hours. the ministry of health has a very clear plan on how they are going to distribute this vaccine. it's going to be free of charge , even illegal immigrants will receive free of charge vaccines. it will need to be rolled out on a priority basis for those who are most vulnerable and for the

health care service. time like everybody everywhere around the world but we expect within the next few months that we will have almost everybody who needs a vaccine, once the vaccine to be vaccinated. vaccine, to be vaccinated. yousef: how does that translate into priorities for the new year? i know you have a long list of fields and issues that you want to address but if you could perhaps prioritize the spending for our global audience, what is the absolute top priority here? mohammed: this is a very important question. one is people's health. so we still believe that we are not out of the woods yet. we wanted to make sure we have enough financing for the health service. we want to make sure we are prepared for saudi arabia.

so far, the health care service has been very well maintained. people is of infected increasing significantly so that is the first priority. the second priority is to stimulate the economy and focus back to our going original plan and funding the efficient 2030 program to create more jobs to enable the private sector. financial technology is another area. we want to make sure we enable more investors to come and invest in technology. generally, in the industrial sector, there are significant opportunities that we are seeing even in the third and fourth quarters we are in now, we are seeing a very healthy rebound.

we want to push that even more next year and in the years to come. saudi finance minister, mohammed al-jadaan, speaking to yousef gamal el-din, my cohost. in the last 24 hours. annmarie, we have one more show before the new year, so we go into the fed meeting and i saw a n ofin of the fed -- cove the fed. 1995. annmarie: where were you? manus: financial conditions are -- 1995? market,r in the oil badly trading spreads, took delivery of a tanker of oil, but i loved it. annmarie: i know. manus: a glamorous past. annmarie: i love your walk down

memory lane. i will not offer mine. awaiting the fed. and then we have almost a deadline on friday on whether or not the d.c. lawmakers are going to be able to do something before year-end, and nancy pelosi staying up very late, leading those meetings, saying they are on schedule, so potentially, we are on schedule for a stimulus deal. it's not our last show before the new year, but it's our last show before christmas. i know you were supposed to see her. she wakes up early to watch you. i'm sure he misses you but i hope you have a very merry christmas. much sunnier than mine. manus: it is a little bit sunnier and we are fortunate here. let's see where the vaccine takes us. let's see where the fed narrative takes spr to have a great break. you are officially in charge with the producer of this show, mindy and the team, who have done a cracking job all year, and without them, we don't go to air every day. henry horton, have a great season told the end of the year.

-- annmarie hordern, have a great season until the end of the year. ♪

>> good morning. welcome to "bloomberg markets: european open." i am anna edwards alongside matt miller in berlin. matt: good morning. today, the markets say it is not much but it is something. asian stocks head for a record as congress inches towards release on a pandemic package. equity futures are also pointing higher across the board.