francine: the outlook darkens. the world bank downgrades its growth forecast as new cobit variance chase optimism away. deutsche bank says it is conducting an internal blowback to a report that it -- after an internal report. xi jinping makes its first public reports in a -- xi jinping makes its -- his first public remarks. welcome to bloomberg surveillance. i am francine lacqua in london, tom keene in new york. there is a lot going on. we would listen to christine lagarde, we will listen to the chinese and the french presidents and piece things together. it is also a snow day here in london, so we spend a lot of time with snowball fights. it feels like we are in a snowball fight situation with countries saying we are doing the vaccine better than you guys are at the border, and we will have to see exactly -- cut

through the noise to see what that means to the recovery. tom: the markets are very quiet. there is a bid all in all to equities. it is a huge earnings week as well, but you're missing the point. i know we have the leader of china speaking "two davos" today. you and i right now are supposed to be worried about what tori is going to get us for lunch in davos. the fine cuisine of davos. victoria is in charge of lunch. francine: i love on the iphone, you have memories, so i saw memories yesterday from davos 202019. it was amazing how close we were to one another. the space, the newsroom in davos is as big as a shoebox, and we get 40 or 50 people in there. i look at it and i say those were the times pre-pandemic. it also, how close were we? tom: we were very close.

i will be at the piano bar tonight at my dreams -- in my dreams. francine: we are getting breaking news from joe biden. this is the third or fourth day in a row that a 5:00 a.m. washington time, joe biden is signing orders. this is executive orders, now signing an order to boost federal spending on u.s. products, and to cover spending, about 600 billion dollars in contracts. if you look at the markets, they are waiting for these negotiations on the stimulus to see if it goes through. tom: it is interesting to see day after day, the white house getting messaging through the morning of an attempt back to normalcy. i noticed mr. clean over the weekend, i believe on "meet the press concha they are moving in a bipartisan way. but all in all -- "meet the press," they are moving in a bipartisan way. but all in all, there is real detail, and we say in the media

it is an executive order on immigration. but these are not just a mess by a president, there is some real meat to these orders. francine: we will have plenty more on that. tom, i do miss the snow. i miss walking in davos with you. here is karina mitchell. karina: resident biden is hearing it from republican and democrats, lawmakers saying he needs to justify the $1.9 trillion price tag for his coronavirus relief plan. 16 senate democrats and republicans put in a call with the white house economic advisor, moderate republican senator susan collins says she will press the bipartisan group to come up with a narrower plan. another milestone in the u.s. in the fight against coronavirus. total infections have exceeded 25 million, the world's highest total. that is roughly 8% of the population. the death toll has exceeded

417,000. in mexico, the president has tested positive for the coronavirus. symptoms are mild. he has generally held a lax approach to the virus. he has refused to impose mandatory lockdowns and usually does not wear a mask. try to's president, xi jinping, will -- china's president, xi jinping will speak today at the davos agenda event. the online event is being hosted by the world economic forum. the annual davos conference has been put off until may and will be held in singapore. global news 24 hours a day, on air and at bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries, i am karina mitchell. this is bloomberg. tom, back to you. tom: equities, bonds, currencies, commodities. green on the screen, nest egg on

the screen. huge earnings week, and it is not just amazon, apple, tesla, and the rest of them. it is 100 of the s&p 500 showing the flag. your monday through friday, boeing is in the mix as well. vix churning, 22.41. the same thing. yield in a little bit, a gdp report this week that it could be a mystery as well. where is bitcoin? 33,000. bitcoin. francine: always on bitcoin watch. finally we remembered -- if only we remembered our passwords like matt miller, tom. focusing on the u.s.' $1.9 trillion covid relief plan. the other thing i am looking at is the u.k. i'm looking at crude as well, crude oil climbing toward for $50 a barrel. equity benchmarks in france, spain and the u.k., turning modestly lower. i think it is about the lock on,

but we have not figured out exacting but that means. dollar and the euro pretty much steady. now to talk about the economy as if we were in davos, is janet henry, hsbc global chief economist. thank you for joining us. always a good thing on a monday morning to talk about what kind of recovery we will see. at the moment, janet, the market is closely following stimulus, expecting more from central banks, ignoring the lockdowns, ignoring the fact that vaccination rollouts could be slow. what kind of general world recovery are you expecting? janet: i think the financial markets are obviously focused on the idea that we are going to get more stimulus and a bigger reopening, and that things are bad in the short term. if anything, that means we will get even more stimulus. the recovery we are looking at is that we have started the year on a softer footing, particularly in europe because for much of europe things are going back into recession. but pretty much everywhere we

have seen softening of gdp across much of the world, particularly in a section where things might have revived. through the course of the year we are looking at something that is increasingly uneven, and to some degree being influenced by the pace of vaccination rollout, and by domestic stimulus packages, and even within economies, the pace of reopening will depend on what is happening globally. we know that international travel, for instance, is not going to -- economies more depended on that will be held back further. we are looking for some degree of bounceback, but perhaps not quite as optimistic on the recovery because even short-term damage will have lasting implications. francine: once enough people are vaccinated, are we back to normal, or do you have questions about that? janet: in the short-term, we know that there are some disruptions, even across europe.

we can see that it is not just israel where there is more than 40% of the -- 40% of the population that is vaccinated. in the u.s. it is over 6%. but in europe it is less than 2%. in some countries it is going to be very late in 2021, and in some of the poorest countries come it could be even 2022. the later the vaccinations come through, then the greater those economies will be at risk to more new strains that might materialize, and of course not everyone will necessarily take the vaccination. so it matters. it is vitally important. as death rates come down, or restrictions can be eased, but it will mean it is not going to suddenly be one day everything returns to normal. it is going to be more spread out and staggered. tom: i am fascinated and will go

philosophical with you on a snowy monday in the united kingdom. there is accommodative -- and i guess central banks now are ultra economy -- accommodative -- and there is a stimulus that everybody is talking about. but at the same time there is an overlay in the conversation particularly in the u.s. about austerity. how does austerity and the belief of austerity impinge on the stimulus to come? janet: we are not hearing as much about austerity now, as we did for instance at the early stages of the recovery from the financial crisis. but there is an acknowledgment that we enter this pandemic with a high level of debt -- again, to varying degrees across different economies -- and that debt burdens are much higher. the debt to gdp ratios. we know that extremely low debt service costs are making that debt very cheap, but when you look at futures and liabilities,

they go up a lot. do not worry yet. people will keep borrowing. tom: not to get all world economic forum on you, but let's pretend we are in davos. basically the stimulus is to help people that have been clobbered, and the austerity are the haves who have pretty much the same or er even benefiting from this crisis. -- or are even benefiting from this crisis. the social partition and the demand for austerity is striking, is it not? janet: yes, it is, and you make a very good point. even some of the figures we see about the vast amount of savings that could be unleashed, there are really optimistic forecasts out there for certainly hundreds of millions of dollars that is certainly going to be spent. i don't subscribe to that view at all, because a lot of those savings have been accumulated

amongst the higher earners that are not suddenly going to spend it. a lot of people have accumulated more debts. we know in this world that, as you say, the savings have been accumulated and the prophets have been accumulated by the corporate sector and the tech sector in particular, and they have been accumulated by the higher earners and that is why we know that eventually the higher taxation will be coming through. we are already hearing noises about it in the u.k., a bit less so elsewhere, with the direction of travel -- but the direction of travel in the coming years is clear with the distribution underway. it should be more positive for long-term growth. francine: should we worry more about -- companies? -- about zombie companies?

janet: we always worry about zombie companies, but we need to go back to april. some companies are already looking vulnerable. a lot of the small and medium-size companies rather than big companies that are listed -- most people are employed in small companies, and they have been very vulnerable, made vulnerable by the government restrictions, from a public health point of view, and as we emerge from the pandemic hopefully in the course of 2021, to some degree, governments will have to make decisions on the timing with which this support is pulled back. and the longer they leave it, then obviously that increases the risk that we get more zombie companies, which can again be quite damaging to future investment growth and future productivity growth. francine: janet, thank you so much. we will have plenty more from janet henry of hsbc, to stay at

who stays with us. coming up, we will speak to a host of guests. network chief executive alison rose. it all starts tomorrow at 7:00 a.m. in new york and 12:00 p.m. in london, and this is bloomberg. bloomb- [announcer] imagine having fuller, thicker, more voluminous hair instantly. all it takes is just one session at hairclub. introducing xtrands.

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tom: bloomberg surveillance. good morning, everyone. francine lacqua, and snowbound janet henry with us. things went wild this weekend. five pence, a shilling, to shovel the lacqua sidewalk.

francine: we had about this much snow. of course the whole street acted like it was some kind of scene with soviet russia, with kids throwing snowballs at each other. the level of excitement is unreal, but it lasted two hours and then the snow was gone just like that. tom: does london have snowplows? seriously, they don't have snowplows, right? francine: they don't, and it was three or four years ago when boris johnson was still the mayor of london. we must've had 40 centimeters of london, and of course heathrow shut down, and all the airports in london shut down. the buses had to stop because we could not deal with it. we don't have defrosting machines. we have very constant weather here in london. tom: that is your weather report to the day. janet henry about ready to walk off the set with hsbc, their global chief economist.

what will you listen for from the president of china today? he is going to do a davos equivalent speech. francine and i were there when he left spoke in davos. honestly, folks, the valley stopped from the attendance of the men from china. what will you listen for today? janet: i am certainly not expecting any surprises. we will see what his outlook is. he will be talking about some of the pressing global issues. i'm sure there will be things like climate mentioned. there will be issues to do with long-term growth, and i think nothing controversial. tom: what is so interesting, janet, is there is a projection, or maybe almost a mystery of offsets by china, whether it is the naval china sea. is this a more assertive china?

janet: i think broadly it seems to be, but i think china's main focus is the long-term prosperity of its country. and we have seen that just in terms of its approach to policymaking. domestically over the course of the last year. and indeed, the amount of stimulus that china has delivered in its economy relative to what it has delivered in the past, and a lot of it delivered in the wake of a global financial crisis was really about supporting the global economy. and indeed, back in 2015, 2016, getting much stronger growth, where this time around it has been more cautious. they are one of the countries that already has an eye on financial stability. important domestic spending rather than temporally boosting -- important domestic spending, temporarily boosting consumer

spending. the economy continues to grow but not too strongly because they are worried that over the course -- they're worried about not just 2020 and 2021, but over the course of the next decade and beyond. francine: if you look at the pandemic and where china is now compared to the u.s., can the rest of the world catch up? janet: it is interesting, and especially in the context when people are focusing on the fact that we have short-term damage and then we will get some degree of banks back and we will see gdp forecast in the u.s., whether it is 3% or 6%. it depends on where we have come from. china is already back above pandemic levels, and on our projections, the u.s. will be by the end of 20 to anyone. for the eurozone, it will be -- by the end of 2021. for the euro zone, it will be the end of 2022.

there will be varying degrees, and eventually i think that is ultimately what the markets will focus on. this gets back to your point about zombie companies. the long-term damage to the economy will gradually become apparent if they don't get back to where they were or where they thought they were getting for several years to come. that is when you start to see the lasting impact on the labor market, on investment and productivity, and at the moment china is reviving more quickly, but even in china we have seen the biggest acceleration in china, that the sequential improvement will be slowing from here. tom: janet henry, hsbc global chief economist. much more coming up. there is a global sense, an incredibly busy u.s. week. the fed meeting coming up. david malpass, the world bank

president, a good conversation with david rubenstein. look for that. this is bloomberg. ♪ so you're a small business, or a big one. you were thriving, but then... oh. ah. okay. plan, pivot. how do you bounce back? you don't, you bounce forward, with serious and reliable internet. powered by the largest gig speed network in america. but is it secure? sure it's secure. and even if the power goes down, your connection doesn't. so how do i do this? you don't do this. we do this, together. bounce forward, with comcast business.

karina: this is bloomberg surveillance. i'm karina mitchell with the bloomberg business flash. another potential scandal at deutsche bank. an investor is complaining that the bank sold risky investments.

the newspaper says it appears only spain and portugal made clients -- only spain and portugal clients were affected. tiger global management generated $10.4 billion for clients after fees full-time millennium measurement was second. renaissance tech line judges fell. some of the companies lost 30% last year. cryptocurrency enthusiasts are counting on it point -- on bitcoin to bounceback. j.p.morgan says the pace of flows of bitcoin trust appears to peak. the fund hit 22%, ending friday. bitcoin fell 17% in the same period. that is the bloomberg business flash. francine? francine: let's have a look at the markets.

it is monday. there is quite a week coming up for you. we will have a number of important speeches from the virtual world economic forum. tech shares climbing, investors in europe, and we are focusing on the relief plan in the u.s., to see whether it goes through. as is, it is at $1.9 trillion. i'm also looking at bitcoin rebounding at 33,000. tom, you have a data check. oil at $53 a barrel. tom: earnings this week as well. you will see the major tech report starting tomorrow. coming up, the state of biden's washington. this is bloomberg. ♪

tom: good morning, everyone. francine lacqua in london, tom

keene in new york. earnings out front in the u.s.. a lot of global action as well. a davos agenda. interesting conversations. new washington, maybe the same as the old washington. thomas gift joins us. i have to start with the impeachment. i believe we will see the ceremony today of the impeachment team selected by speaker pelosi and they make that famous walk. i guess there is a british equivalent across the rotunda. the lords do not going to the house of commons, whatever they do in london, but they will transfer the documents to the senate. what will that signal to the former president? thomas: it could signal the beginning of the end of his career in politics if he were convicted. i think that is very unlikely. mitch mcconnell has reportedly said privately that he wants trump gone, but i think the odds

of that happening are low. gop senators, many of them will be up for reelection in 2022. a vote against trump will not help them with a sizable block of the gop voting base. for a while we have heard reports, whispers in the hallways of capitol hill that republicans would turn on trump or privately they do not like him, but saying that privately and doing it publicly are different things. we have to look at the track record. the track record is republicans, when the stakes are high, back trump. tom: this is a mystery. i have yet to see a good treatment. thomas gift, what does 50-50 mean in the senate? do they argue about who makes coffee? thomas: 50-50, do factor, means democrat -- de facto, means

democrats have a majority. tom: what does it really mean? thomas: democrats will still have control of the legislative agenda, but by all accounts you need 60 votes because there is always the threat of a filibuster. if you do not have 60 votes you're basically required to get bipartisan consensus on all sorts of legislation. 50 votes does help them with cabinet confirmations, which is something that is high on the agenda for joe biden right now. if you want to get anything done in washington you still have to be bipartisan. francine: what will the stimulus look like? thomas: i think the stimulus depends how hard joe biden wants to push this. he has a choice. does he want to try to ram through a large stimulus or does he want to start the term on a bipartisan basis? i do not think he can do both. on the one hand, joe biden has said for a while that the last

stimulus was only a down payment and there is only a risk of doing too little and too much. on the other hand the message has been about unity and reaching across the aisle and critics will blame him if he tries to push through a hyper-partisan bill. reports are republicans are balking at the $1.9 trillion figure. it is tough for a democratic president on the spending bill. when a republican is in the white house president gets a pass on the deficit, but when it is a democrat the republicans remember they are supposed to be fiscal hawks. it is depends on how hard biden wants to push this figure. francine: as soon as the 1.9 trillion dollar figure was out there you have republicans saying they were against it. then you speak to people in the joe biden administration who said they had crafted it because it would get bipartisan support. thomas: the message from biden

is not surprising. the reality is 1.9 trillion dollars is too much. we saw in stimulus 1.0 and stimulus 2.0 that there was considerable republican opposition for numbers that were less than that and they ultimately met in the middle. this is part of the spin democrats or tried to put on this bill. i do not think there's anyway you can get a $1.9 trillion stimulus through with republican support. it will have to be watered down. tom: one final question. you are a great student of third parties in the united states. could president trump launch a third-party? thomas: i do not think so. he wants to keep this threat open because it gives him leverage in the impeachment trial, but if you look at our history, just the way u.s. politics is set up, single-member districts, political science guarantees

that converges on two parties. you get threats here and there and you may have politicians make headway, but you cannot win without the party machine behind you. if you are donald trump, if you or someone else, it is an uphill battle. you have to stay within the confines of these major parties. tom: thomas gift, ucl, a briefing on washington. i love what kit jukes said. clearly the zeitgeist, it is a bubble. lisa abramowicz is just mental about this. unsustainable access at goldman sachs. it is a bubble. kit jukes says no that it is semantic spirit francine: whether it is a bubble or not does not matter. it is whether the bubble works. you can argue we've been in a bubble for the last two to three years. the problem is the inflection point at which it is no longer a bubble. tom: i'm looking for an entry

point. i've not found it yet. futures up 10. with our first word news in new york, karina mitchell. karina: there are signals president biden faces challenges in enacting his proposed one point $9 trillion coronavirus relief packages. republicans and democrats on a call with white house economic advisor asked for justification for the size of the proposal. one republican senator susan collins says she will see if the bipartisan group on the call can come up with their own plan. meanwhile boris johnson and joe biden struck different tones on their view of a trade deal. the british prime mr. was the first european leader to receive a phone call. the u.k. statement on the call says the two discussed the benefits of a free-trade deal but the u.s. statement did not mention trade. a new trade deal with the u.s. as a top priority with boris johnson. china has now overtaken the u.s.

as the largest recipient of foreign direct investment. united nations trait agencies is global investment plunged 42% because of the coronavirus pandemic. the u.s. and europe lost ground while china again. in russia the kremlin downplayed nationwide protest demanding the release of jailed opposition leader alexey navalny. tens of thousands of protesters battled right police in freezing temperatures. they could face charges of mass disorder for taking part. global news 24 hours a day, powered by over 2700 journalists and analysts -- i am karina mitchell. this is bloomberg. tom: the white house just releasing the president schedule. 11:30 this morning the president will consider the defense of bashan with his new secretary of defense -- the defense of the nation with his new secretary of

defense and the chairman of the joint chiefs of staff. coming up, in defense of the republicans, brian steele will join us of wisconsin. red and green on the screen. a nice pop to the nasdaq. we watch that carefully. this is bloomberg. ♪

tom: bloomberg surveillance on a monday morning. a busy week. francine lacqua in london. i am tom keene you new york. sometimes on a sunday you see stories drop of regulation, malfeasance, things of that nature. there was a story in the financial times, again on deutsche bank. elisa martinuzzi joins us from

bloomberg opinion. it has to be a question for all of global wall street today. what is in the oxygen, the air of deutsche bank where they are constantly running into problems like moving sophisticated derivative instruments to unapproved customers? elisa: we have to be careful before we draw substantial conclusions. these are allegations. what is striking is it does seem a reiteration of something we saw many times in previous cycles. banks selling products to an unsophisticated clientele that is convinced it is sophisticated and able to take on more risk. you saw this in the 2000s with municipalities across southern

europe and what seems to be a repetition of the same practices. what you have is the pressure is on. investors looking for yield, and on the other hand, you have deutsche bank, which is still under a lot of pressure to get back on solid footing. this is a complex financial product which does very well. you have the two interests meeting. tom: i look at this. i want to go back. i get it is allegations and is unfounded until it is proven, but is it a question of pressure to make revenue or is it a question of we are number five in the pecking order, we have to get to number two? what is the psychology of the bank that has led to this scandal after scandal after scandal? elisa: this is what the

questions would be for management for the advisory board. have the drivers changed? is the institution now more focused on doing the right thing that it may have done in the past? there are also going to be questions for the regulators. also the ecb. do they have the comfort that management is pushing through the kind of change it needs to make to put years of reckless and unbridled risk-taking to rest? francine: what does it mean for management? if this is found to be wrongdoing, who will pay? elisa: it depends on the breadth and the scale. is this a widespread issue

across deutsche bank in more than one market? does it involve how many people? how senior were those individuals within the organization. until we know that, it is difficult to tell what the potential repercussions for management would be. the more widespread, the more senior, the harder it is going to be for deutsche bank management to distance themselves from this. francine: is it more likely? it is very early days. there will be another investigation on this. how does that play into the narrative of these are companies that have to merge to readapt? elisa: clearly it does beg the question of what has been driving deutsche bank's strong performance in the investment bank. is it that they are growing market share with the top world clients, or is it that they are

finding ways to make revenue with a short-term approach. don't forget, deutsche bank was trying, with the latest reorganization, to pivot away from the reliance on the massive bank, but as 2020 showed us they are relying on fiscal income business to drive the top line. francine: elisa martinuzzi of bloomberg opinion who focuses on banking. coming up later today, the french economy minister. i am sure he will be fielding a question about banking. that is at 10:30 in new york and 3:00: dash cam 3:30 in london. this is -- and 3:30 in london. this is bloomberg. ♪

karina: i am karina mitchell with the bloomberg business flash. the dutch company has been bolstered by acquisitions and a record hall of contracts to upgrade hospital equipment.

the virus pandemic is driving a long-term shift towards virtual care that should boost demand for equipment that lets doctors look after patients remotely. in hong kong, equity traders cannot seem to get enough of tencent holdings. the giant is on pace for its biggest monthly gain. traders are buying thousands of options that expire thursday. they're also unloading their bearish puts. tencent rallied 11% today. about 40% of people in london would consider leaving for another european country. that is according to a survey taken last fall by a recruiter. the findings underscore that brexit and the pandemic mate make london less attractive to workers mobile enough to move. that is the bloomberg business flash. francine? francine: u.k. is considering tightening border controls to

prevent the new strain of coronavirus. we are also getting headlines from boris johnson saying they need to protect from reinfection and they're looking at covid quarantine. i do not know whether this make sense to an american audience, but it is something australia did. you come out from abroad or into the country and you have to stay at a hotel for 10 days, i think you pay for it yourself. this is very controversial because a lot of people are saying what it you just enforce the quarantine and make sure people stay in their own homes before you go that extra step. to talk about what works and what doesn't, we are delighted to be joined by sam fazeli from bloomberg intelligence. thank you for joining us as always. i am seeing a number of reports on what countries are doing at the moment, the u.k. versus italy and who is doing well and who is not. who will win this? if you are doing badly today doesn't mean you're doing badly in two months? sam: good morning.

who is winning? obviously israel is in the lead compared to any other country. if they can do it, then so should anybody else be able to do it if anybody has political reasons or logistical reasons that get in the way. two months might be too soon to see other countries do this. i think by the third quarter, and i expect you've seen in the u.s. vaccinations pickup significantly, this should be achievable, especially with a new administration. francine: if you just look at europe, why are some country so much better at vaccinating? is it access to doses? is it how they are distributing it? what is the hick up in a country like france that has vaccinated less people than the u.k.? sam: i doubt it is to do with

vaccine doses, especially when you compare italy to spain to germany and france. normally they should have all got a per capita equivalent number of doses from the european union. it cannot be the availability. the differences have to do with the way different countries are managing the rollout. the bureaucracy in the way, how may times you have to see a doctor, and some reticence on the part of the people, potentially. tom: tom keene in new york. good morning. when you look at the history of vaccines, tetanus, 1885, small parks before that. -- smallpox before that. in the history of vaccines, should we be surprised this is a struggle to roll this out? sam: it should be a surprise a

little bit given that we have a very modern health care system. at the end of the day it is not something anyone has contemplated doing two 8 billion people, at least for over 100 years. i am not entirely surprised. maybe we are expecting too much, too fast. tom: i just went through this. we made a small splash. i got the first shot. i am scheduled for the next shot in 19 days. i was amazed by the assembly-line nature of the giving of the vaccine. i guess no one should be surprised. we just need bigger assembly lines? sam: the more people we can put manufacturing line, the better. what we need to watch out for his people need to be kept in

ion for at least 10 to 15 minutes after their inoculation in case they develop allergies. i've been looking at the data. i think we are over 100 anaphylactic shock reported on 16 million doses. it is not a worrying number, but it is something that has to be done. if you can manage that, keep getting it through, which is why you need the pharmacies to step in. francine: how different is this from the flu vaccine? the protocol for the flu vaccine , can you replicate it for covid-19? sam: the only difference is the chain. other than that you have the same situation with the flu vaccine. you do need a second dose. you have to do twice as many inoculations unless somebody comes back and says here is the johnson & johnson vaccine. maybe tomorrow we hear the data. one dose, let's go with that.

given the two doses, it does make it more difficult to put that many people through. it is doable. i am sure we can do it. the different states -- look at west virginia -- are proving it can be done. tom: where do we get to the tipping point where we can say all clear? i'm using that as an amateur. i want to be careful. sam: i am literally looking at my excel file. to get to 70% of people vaccinated with one dose of vaccine in the united states at the current rate, august 28, 2021. at the current rolling average of percent increase in doses, we get to august 20, 2021, 70% of people. that includes a lot of peoples with second doses, some first doses. tom: that is really responsible.

sam fazeli, thank you so much. the prime minister of the united kingdom looking at the calendar as well. mr. johnson says on target to vaccinate vulnerable groups by mid february. that is a pretty great achievement, i would say. in our next hour, carl weinberg on china. the new china, the new relationship with president biden. gdp futures up 13. green on the screen. stay with us. this is bloomberg. ♪

tom: this morning stock futures

signal a bid on interest late -- on interest rates. lower for longer. various and sundry trillion dollar companies report this week. one booster says it is almost like a last hurrah. the republicans want unity. the democrats want a conviction. trump impeachment managers will walk the walk across the capital and into the senate chamber. and tom brady, he will not take tampa bay to the super bowl until london freezes ever. wait a minute, do not be tempted. good morning, everyone. make a snowman, instead. from new york, there is no snow inside. look at that, they are so cute. any snow still on the ground? francine: that is what i should have done. i got absolutely pummeled.