manus: good morning from our middle east headquarters in dubai, i am manus cranor with dani burger alongside me in london hq. back in the air, the u.s. lifting travel restrictions for more than 30 countries, including much of europe, china and india. we are live from heat through with the ceo of virgin atlantic.

china giving policymakers room to delay stimulus. beijing kicks off its biggest policy meeting of the year. and twitter says cell, sell, sell. all eyes on tesla stock. elon musk with a 10% stake in tesla. let's start with earnings from softbank, second-quarter net loss just under ¥400 billion. division funds lost is actually 825 alien yen. the last quarter -- 825 alien yen -- billion yen. dani: also the full year dividend at ¥44. you mentioned the ¥825 billion,

that considering they've swung to this loss and they are saying the investment loss is mostly due to ¥1.2 trillion in co-pay. they also saw derivatives gain on alibaba contracts. there is the push and pull of their gains and losses. manus: indeed. let's set the stage for the markets. we will get to guy johnson in a moment at heathrow. for me, it is about volatility. we can look at bond or equity vol, but this chart caught my eye. this is all the volume in all the world, it takes you back to 2008, the combined volume. let's look at the charts and put it in perspective for viewers. 55.1 2 million is the volume on friday. this is one of those things where you go oh yes, it was

spiking when lehman went bust. we are at the second highest on record. is this press and or something to be fair for all of -- fearful of? you have fomo and yolo driving the narrative. dani: i think it is fascinating because usually when you have these spikes, there is some event and it is hard to put your finger on an event on friday beside the fact that markets keep turning to all-time highs. some are saying the market is not complacent. we could get a melt up. he says we could get 5k on the s&p 500, about an 8.5% rally. manus: i've seen other people come through with the melt up market mania and there is a melt -- is a mania to the markets as well.

volume driven by tesla as well. my last guest said get ready for more volatility and volume on the back of that. these markets are not exactly on fire on the back of the pfizer pill or the fiscal stimulus and i'm scratching my head. dani: look, part of the reason for the softness, health will be softer. profit for vaccine makers, some of those delayed. let me show you the market this morning, because the tesla story doesn't feature in what futures index is doing at least with the nasdaq. when you see nasdaq futures moving down about 3/10 of 1%, this is the twitter poll, should elon sell or stay? they say stealth. meanwhile, we are looking at a teen year yield moving up i a basis point, but it was lower yields on friday that fell below 1.5%, and we are hanging below that measure and we also have

some strength the dollar. finally, a story you've been watching closely, of uti crude up more than 1% as we contemplate the u.s. releasing perhaps some strategic reserves. manus: there is a real split in where the two-year paper goes from here. let's circle back to the airline story. the u.s. lifting entry restrictions for vaccinated travelers into the country. with the world's most lucrative transatlantic route set to resume, the london to new york route generated revenue. guy, great to have you with us. memories of early starts. they are all taking back to new york and what does it mean for the airlines? good morning. guy: good morning. it is a pivotal day in the words of the i-80 ceo, he spoke about

on friday. it is a huge moment. i-80 and virgin atlantic, this is, as you say, their most important route. financially it will make a huge difference to reopen the north atlantic. for american travelers, they could come to europe for a while, this is the rest of the world, 33 countries to the united states. you have to be fully vaccinated and take an antigen test. you have to fill out some forms. other than that, it seems straightforward. just after 8:00 today, we will see a british airways jet on one runway, a virgin jet on another runway and there will be a simultaneous takeoff. i was talking to the ceo of a virgin a moment ago, that has never happened in his company's history. they are making something of this and it will be hugely important. the airline sector has struggled. these two airlines in

particular, british airways and virgin, rely on the north atlantic for profitability, but so does lufthansa and air france and the u.s. carriers, delta, united. initially it is likely it will be largely visiting friends and family, the pent up demand, you haven't been able to see your family in the u.s. a lot of people will make that trip. it will be interesting to see when business travel comes back because that is where the real profitability comes in on these routes. the north atlantic, jfk to london and london to kennedy. hugely important. it will be interesting to see what happens. but a real change in profitability. a long time coming and effectively the route has been closed about 18 months. they have had to significantly diminished capacity. it will not come back in anything like it did before. in the interim, we've seen

retirements of some of the aircraft. but on this route, they will be flying slightly smaller aircraft. there will not be the seat capacity there was before. that will help out with profitability. but there are still huge headwinds, what with fuel prices going up. and they are now carrying huge amounts of debt, you were mentoring -- mentioning interest rates. dani: so many factors to deal with. now it is not just me and a bunch of americans on the flights to the u.s. thank you for braving the cold for us, guy johnson at heathrow. he was mentioning virgin galactic. later he will speak to the version atlantic ceo -- version atlantic ceo. let's get to the top stories out

of china, china posted a record 85.0 you and -- 85 billion surplus, cushioning the economy from weakening domestic demand. and after a year-long regulatory crackdown that wiped out trillions of dollars in chinese stocks, investors on high alert for more policy changes as the communist party kicks off a major meeting this week. let's bring in enda. what does the trade surplus tell us? enda: it tells you manufacturers continue to defy expectations, exports continue to boom, and that is despite problems they've faced with the energy crunch and supply chain problems and with producer prices going through the roof. the question becomes how long will demand continue, are we seeing the peak of the merchandise story? obviously it is an important cushion for the rest of the slowing economy. you mentioned the plan in beijing today, more of a

political focus this time around, especially when we are hearing noise around cementing the current leadership of xi jinping. at the same time, we were looking at whether there will be a new language or policy on the theme of the day, common prosperity. will there be measures linked to the housing market or the ongoing crackdown in the tech sector, for example. there will certainly be plenty of avenues that could come out. the main message will be political stability and the direction of the party. there could be news on the sidelines on the economic side of things too. manus: thank you so much, our chief asia economics correspondent with the expectations. twitter has spoken, elon musk should sell 10% of his stake in tesla. is that really what the tweet says? a majority of users said they support such a move.

muscat launched the poll over the weekend. the results are in from twitter. good evening in sydney. what does this mean? peter: if we take the result of the poll at face value, it means elon musk will look at selling 10% of each of stake in tesla, about $21 billion worth of stock. it seemed to be an odd weekend experiment. there's not much more data on that, where he would sell it, how he would sell it, who he would sell at to or why he would. this is part of the discussion we've seen in the u.s., a billionaires tax levied on the ultra-wealthy, and he posted saying to twitter followers, i'm looking at selling, would you support if i put up 10% of my twitter stake into the results

came back in a clear majority said yes. it will be fascinating to see what happens next, whether he actually does follow through with selling the stake. dani: i guess making market moves based on twitter poles is a sign of the time or something like that. peter, thank you. coming up, the inflation debate rumbles on and we will discuss the u.s. economic recovery. this is ahead of the cpi data do hit on wednesday. we will discuss it all next. this is bloomberg. ♪

dani: welcome back to "bloomberg daybreak: europe." the u.s. inflation debate

continues to be the overshadowing theme of the market. traders have taken some comfort from a strong earnings season despite higher inflation and supply chain snarls. joining us is a chief investment officer at union bank. norman, thank you for joining us. at the end of last week we had a total shift you have the boe on hold and the fed previously talking about patience. has the bond market settled into its old range where we will not see the spike up in yields anymore? norman: i think what we've seen in the last few months is the fed and policymakers around the world trying to guide bond yields higher from here. we think that will continue to be the case going forward. as you point out, trying to avoid the kind of spike we saw in 2013 that was disruptive. manus: the great debate has been whether you can afford to sit

out of these markets. some of the data is quite manic, on the nasdaq, 16 of the last 18 sessions a frenzy on fire. yolo, fomo. what will drive the last two months of 2021 and will it prevail into 2022? norman: we think underlying what is driving rockets for most of 2021 has been earnings. the first half is clearly a good earnings story. there is uncertainty going into october, but what we have seen in october is in spite of what we are seeing on the inflation front, companies were able to pass along these costs and earnings continued unabated. we think the earnings story will be the story going into 2022, and what we are seeing now, as we saw on friday, we are seeing

economic data will pivot incrementally to be supportive into the new year. we think tailwinds are coming in for investors as we enter the final month of the year. dani: given support of earnings and economic data, where exactly in the equity market do you want to be sitting? is this something we start to tilt away from a large cap bias? norman: we think there is some opportunity in a small cap portfolio but we want to be selective. really where we are focusing now as we move to the next stage of the economic cycle is quality earnings. places where we have visibility on earnings streams going forward, pricing power where we have cost pressures come through, or amanda certainty over the next 12-18 months. manus: what exposure -- we have something coming up in china this week.

it might give an idea of what is next for common prosperity. given the volatility and high-yield and equities in china, how are you pricing for the volatility and how are you taking exposure to china given the uneven landscape presented in front of you, or is the worst behind us? norman: we don't think the worst is yet behind us, the market is starting to price this pretty well. i think you will see a few more measures on the policy front as we go into the new year. what we are really looking for as we enter the february-march period owing into the national people's congress is some policy easing that will allow us to see a cyclical recovery in some chinese data. we think we are still a little early to dip a toe into china and are standing aside. dani: in terms of policy easing, it is fascinating to see another time where we expect other

global central banks to start on a tightening course if not this year, at least next year. i wonder as the flavor of holding back in terms of monetary policy, or in the case of china, perhaps starting to ease, if we could get to a place next year where you get synchronized tightening all of a sudden for central banks, and that perhaps derailing the rally. norman: we do think synchronized tightening in the second half of 2022 is something we are keeping an eye on. if we look at china, example coming out of 2008, one of the mistakes they made was being easy while the federal reserve, a period where commodities boomed and it was too much for the global economy to take. in that sense, if the global economy is moving nicely from here, what would be ideal is if the u.s. and europe step back on the policy front to a

re-accelerating chinese economy in 2022. manus: we started the talking about volatility. sometimes history is a good thing to look at. we looked at the volume of trade done in options, second highest on record. are you worried about anything? what is the biggest concern you have as you look backwards at lehman's, that was tricky, the devaluation from the chinese was unsettling, and we had the meme stocks, that was confusing. what are you most worried about? norman: one of the things we are watching closely is mobile property prices. both here in europe but also the united states. they are understandably rising very rapidly. we think central banks are trying to step back in terms of their easing policies to take

some wind out of their sales. to give you a sense, u.s. property prices, even if you look at a two-year compound growth basis, they are growing at a we haven't seen since 2006, 2007. i think that is on the fed radar right now. if it continues, you will see policymakers move more aggressively to avoid a systemic problem further down the road. dani: how do you position for that? how do you position for the fear of the housing market on fire? norman: one of the things we are increasingly doing in portfolios, really in contrast to where we were over the course of the summer, is rebuilding protection portfolios. part of that is as we get yields moving higher. we think as we get near to percent yield, we will want to reintroduce a duration into portfolios from here. as you point out, we have a

volatility down near lows again, that is an opportunity to put attention back in portfolios again in 2022. manus: norman, thank you very much. our guest host this morning on markets. we could soon be taking a pill to treat covid. the therapeutic is on its way and pfizer says the new treatment cuts hospitalization and death in high-risk patients. by 89%. we look at the data. this is bloomberg. ♪

manus: it is "bloomberg daybreak: europe." some comments coming from the

uae oil minister, talking about opec loss will ensure while prices -- opec-plus will ensure oil prices will not ruin the economy. you are looking at prices this morning on the board. the market does not believe the joe biden that he has an arsenal to supply quickly to the market. this is the minister i think leaning against the lash back against prince abdullah been some on -- prince abdullah been some on. opec-plus needs to be careful and the oil market needs to be -- dani: there's also the question of the u.s., even if widen is able to release strategic reserves, how much of a lasting impact could it have? perhaps it will have a short-term impact, but how much

is really in the u.s. arsenal to bring down some of these prices? at least opec is not budging, making it clear last week that they are doing what they say is best for the oil market and not just kowtowing to anyone, especially the white house. manus: absolutely. when i grew up, there was a wonderful phrase from political parties that said no surrender, and that seems to be coming through from his royal highness. this is another line, it goes to the very core of his royal highness in saudi arabia's argument or deflection. he said opec-plus must be careful. this goes to the heart of the debate. shale is not producing very aggressively as the president would like. how much more quickly can they get shale up and running in the u.s.? the key line for me is the minister said opec could convene

and days and that is pushing back against the narrative julian lee wrote this morning, which is that his royal highness is gas lighting. dani: was that a gas pun? manus: i didn't even realize. dani: it was perfect. we see estimates of triple digit oil moving higher, but one of the questions as we have oil moving and opec-plus, how volatile will it be if we get triple digit oil? manus: bank of america, you said yesterday, we had a guest yesterday and one of the core narratives from bank of america is $120 oil, but a lot of it is on the tightness of shale. dani: travel demand coming back. we have guy johnson at heathrow.

transatlantic travel coming back. is a european travel showing signs of a rebound? we are live at heathrow to speak to the ceo of virgin atlantic. this is bloomberg. ♪ moving is a handful. no kidding! fortunately, xfinity makes moving easy. easy? -easy? switch your xfinity services to your new address online in about a minute. that was easy. i know, right? and even save with special offers just for movers. really? yep! so while you handle that, you can keep your internet and all those shows you love, and save money while you're at it with special offers just for movers at xfinity.com/moving. so many people are overweight now, and asking themselves, "why can't i lose weight?" for most, the reason is insulin resistance, and they don't even know they have it. conventional starvation diets don't address insulin resistance. that's why they don't work. now there's release from golo. it naturally helps reverse insulin resistance,

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dani: good morning from bloomberg's european headquarters. it has just gone 6:30 in london. i am dani burger alongside manus cranny in dubai. back in the air, the u.s. lifting travel restrictions for more than 30 countries, including much of europe, china and india. we are live from heathrow with the ceo of virgin atlantic. china post a record trade

surplus, giving policymakers room to delay stimulus. beijing kicks off its biggest policy meeting of the year. and twitter says sell. eyes on tesla stock after elon musk crowd sources what he should do with 10% of his stake. manus, good morning. perhaps in the adage of ray dalio, is cash crash? if you are -- cash trash? if you are elon musk you don't think so. i think the most remarkable thing is $20 billion, that's how much it grew by a record amount. perhaps you want to hold cash for protection but the market is so expensive right now that it is hard to find way to put it to work, perhaps safer buying vacuum shares. -- buying back your own shares. manus: your member when people lambasted warren buffett for buying the railroads in a year -- in america. he was way ahead.

they spend more on buybacks and apple shares since 2018, $20 billion repurchasing their own stock in the middle of 2018. there is the performance of berkshire hathaway. first of all, you need a 41,002 by one a-share. go on? dani: that is a lot of numbers. i don't know. manus: it's a lot of numbers. then you have concentration risk, what if you bought one share? you have that money all in. i could think of worse people to be fully loaded on. on a slightly more serious note, it is a cash pile, that brings in the bigger question, how richly value our -- valued our u.s. equity markets? bank of america, dark side of the moon.

u.s. equities outperformed every other part of the world, the best year since 1997. it is a victorious lap for u.s. equities. dani: it is, and if you just say equities will go up and i will keep buying, you have done extremely well. you are in a place where it is difficult to bet against equities, even as we has gyrations in the bond market. this is the fomo trade, i am stealing the acronyms, because it is unrelenting buying. manus: absolutely. let's have a quick snapshot through the markets this morning. equities lighter. will the tesla 10% stake sale make a difference? that's a question we need to ask ourselves. we don't even know if elon musk will sell 10% of his holding and tesla. nasdaq futures down by 31%. down -- down by .31%.

last year, we had an implosion of the start of covid. my guest in the last hour said long dollar. oil is up, and 82.28, they just don't believe joe biden. let's talk a little bit more about oil. two straight weeks of declines, but oil -- friday and monday. the biden administration will consider the energy data coming out tomorrow and it will weigh that as to whether it will stem the rising gasoline prices, including tapping the strategic petroleum reserve. will it make any difference? good morning. javier blas will be jealous. would a release cap the rally in

oil prices? good morning. >> it was certainly changes sentiment, the question is how long for? beyond that, that is what the sdr is therefore. coincidentally, the very first oil was spr was saudi. it is designed for this, constraint in reply, whether it be war or increase production. you have 600 million barrels sitting their own we have a shortage in the market that could last a couple of months or longer. surely that is the moment to bring it out of the ground. manus: the news gods are good, you are sitting over there, and i've got you for live news. couldn't get better. the saudi minister running they don't want to harm the global

economy, just softening the message. i am drawn to opec-plus ensuring more investment in oil supply and if they can meet quickly. i think that is an important message, they can meet in a matter of days. that to me is just turning down a notch slightly from the press conference last week. is that a fair assumption? stuart: i think so. on the other hand, they could meet in an hour or so if they wanted to, we know, and you in particular because of seen you standing outside of the headquarters in the cold, is when they meet and need to change policy, that is not a one hour meeting. that could go on for days or weeks. as you know, because you have been at this for so long, these discussions take place behind the scenes months before it happens. even when the ministers show up, there could still be problems, we have seen that again and again. he has right they can be quickly and have a consensus of sorts, it only needs one or two people

in the group to be awkward for the holding to fall apart. manus: there is one line to bring you from the minister, without opec plus, oil prices would be higher. the royal highness's line. dani burger, good morning. dani: good morning, stuart, thank you for joining us. i wanted to mention quickly, across the terminal, ever grant -- evergrande with bondholders yet to receive payments. they have until the end of the business day today to repay it. it has a 30 day grace period. still, the evergrande fear really isn't going away, is it? manus: not at all and i think the entire housing sector last week, maybe not the higher risk and under pressure, some people

are saying the worst has passed in the lower end than the mid and higher-quality names. names that annabel brought to our attention earlier in the day. dani: and of course our last guest norman saying perhaps the worst is not over yet when it comes to china. from china to the u.s., pfizer says it's covid-19 pillow reduces hospitalization and death and high-risk patients by 89%. it is looking for approval for the new way of treating coronavirus. we spoke with the firm ceo. >> we are negotiating with all governments and when we have orders, we are expected to manufacture so that everybody will get it in a fair way. dani: joining us with more details is our health care reporter, michelle cortez. how many pills can they make and how many do we need given this

is perhaps a way out of the covid-19 pandemic? michelle: we are seeing record numbers of covid cases, especially across eastern europe but really across the world. between one third and half a million people per day are infected with coronavirus. we need millions and millions of these pills. the company is a saying they can do 50 million by the end of the year, quite a large number, but if you are able to get them to everybody who is starting to show any kinds of symptoms of covid, we will need millions more than that. the question becomes will the company, pfizer and merck, be able to meet the demand? manus: given the outbreaks, i was looking at germany, in the u.k. they are considering the possibility of more restrictions -- could this covid pill, it's about taking pressure off of the

health system, isn't it? michelle: it will take pressure off the health system. i think the bigger impact actually be psychological. what this is saying is if you actually do get a coronavirus infection, perhaps if you are not vaccinated because you don't want to be or cannot be or you have a breakthrough infection, there is now something you can trust in that will help you recover from that. that is the peace we haven't had until this point. even as we are looking at cases rising, we are not seeing the same death numbers we had seen earlier in the outbreak, and when the pills start rolling out, we should see a decrease even further. that sentiment will allow people to learn to live with the virus. to be like, maybe this is another cold for me, maybe it won't take me away from my family, maybe i will not end up in the hospital, and that will allow people to live more comfortably with the risk. manus: indeed, the psychological

potential. our health care reporter, michelle cortez, on the latest from pfizer. to fiscal stimulus, $550 billion infrastructure bill will go to the president for sidon. biden calls it a my mental step. bruce joins us. there was a lot of horsetrading to get there. just give us a sense. bruce: that number is misleading because we see another number, $1.2 trillion. the 1.2 trillion dollars is everything in the bill, which includes a lot of routine highway spending. the extra money for things like new roads and bridges, broadband, clean water, power grid upgrades, pollution cleanup, all of that comes to the $550 billion. that is the plan that has just been approved by the house.

dani: bruce always keeping us honest when it comes to everything numbers. thank you so much. coming up, is a european travel showing signs of a rebound? we will be live at heathrow airport. guy johnson is standing by to speak to the ceo of virgin atlantic, next. this is bloomberg. ♪

manus: it is "daybreak: europe." i am manus into by and dani burger in london hq. the u.s. lifting restrictions

for vaccinated travelers for many today. this means a great deal to the airlines, it could boost growth prospects. what does it mean for virgin atlantic? guy johnson is live with the ceo. guy? guy: thank you very much. i'm just making sure shai weiss is fully hydrated, he has a glass of water with him. he has a lot of talking to do today, a hugely important day for the airline industry, particularly those focused on the north atlantic. virgin atlantic, it is in the title, this is important for this carrier. good morning. thank you. you and i have conversed as this process has unfolded and it has been really difficult to keep the airline on track. talk me through how important today is. shai: you know, it would not be version without the atlantic, we will start therapeutic the

u.s.-u.k. -- we will start their. -- there. 60% of our capacity is through the u.s., we have a joint venture with delta. our story in the pandemic has been well-documented, but today is a day of celebration. more portly for passengers, reuniting loved ones. families reuniting and businesses converging. for us, a big day and a tipping point from survival onto the next 37 years. guy: will we see a joint take off today? shai: both flying the most efficient planes out there, reduced co2 emissions by 32% compared to a 747. taking off from london heathrow to new york, and i bet we will

not be competing who will arrive first, it is who is efficient in terms of fuel consumption and arriving on time. guy: they are really fuel-efficient aircraft, the most fuel-efficient you can get hold of right now. 747, inefficient aircraft coming out of the market. what difference will that make in terms of economics as we see capacity come back in, that we are smalling -- flying smaller, more efficient aircraft? shai: it is cop 26, and this is an important element. we invested billions of pounds to ensure we have a fleet that reduces co2. from 2007 until 2019, we produced by 7% and we will go further. yes, this is an important market. there have been airlines that have not survived this capacity. but this is a day of celebration

and competition as well. as soon as we touched down in new york, game on. to the benefit of consumers, businesses in the u.k. it makes us and british airways stronger. we have seen pent-up demand, so i urge you to book now to get good prices. it is filling up very rapidly. guy: what do you think competition will look like? will there be a price war? you are suggesting tickets will not be available forever. talk about the competitive landscape. shai: we have seen departures in this market, and we have three strong joint ventures that compete head-to-head daily to win the hearts and minds of consumers in the united kingdom. i don't see a difference in the competition. i think we have all focused on heathrow, a major hub in the u.k., connecting u.s. and new york, los angeles and other locations. i see this as a continuation of

competition. we have been waiting for the day we can compete strongly in the marketplace after such a long time, when it has been one directional traffic from the u.s. to the u.k., and now it is open. guy: what about gatwick? shai: we made a tough decision in march of last year to focus our efforts at heathrow. it is a hub airport that allows us to connect more freely with other airlines and our partners. we will return to gatwick when we have filled up the capacity here at heathrow. we should be at full capacity in terms of the number of sectors and number of seats versus 2019, by april 2022. after that, when demand returns for leisure travel, we will probably move a bit into gatwick and still maintain focus on heathrow. guy: you talk about demand returning for leisure travel. i imagine, as you mentioned, we will see friends and family,

pent up demand. what about business travel? windows that starts start to come back in a meaningful way -- when does that start to come back in a meaningful way? shai: it has started to come back. first are the medium and small enterprises, the large are figuring out what they want to do. we expect things to change. we see a full return of the business traveler probably in 2023, maybe earlier. it is hard to predict how behavior will be impacted. a day trip to brussels or new york might not be on the agenda for everyone, but we see different patterns, people combining leisure and business, taking a longer trip, attaching a weekend on the back or coming in with family. overall, there is no substitute to meeting face-to-face to close a deal, to hug a person or celebrate a birthday. guy: nice to see you face-to-face, we will not hug. shai: not today. [laughter]

guy: you are excited. as you say, a hugely important day and it has been a huge challenge to get the airlines to this point, to survive. there is a question about where financing comes from here. there was talk of an ipo. where are we? shai: you can imagine i will not announce it here on tv, but i will say our story of survival is one of the best documented stories, the resilience of people who put everything they have to ensure that virgin atlantic arrives here today and is here for the next 37 years. we survive. september last year, we did 1.5 oh young pound restructuring. subsequently, we have raised more capital. it is truly owe money and we need to raise more money to ensure our balance sheet can survive whatever comes its way. but we have never actually commented on the speculation of

an ipo and we are not about to do that today. guy: we may come back, see what happens. you talk about making sure you are ready for whatever comes toward you. there are other challenges. the debt level, interest rates may be going up. talk to me about what you're having to deal with right now in terms of the additional headwinds you are facing. shai: look, aviation has proven is extremely resilient. who would have thought we would be shut down between u.k. and u.s. for 600 days and yet here we are, excited and celebrating the ability to help businesses and consumers and families unite. the macroeconomic situation is challenging. inflation is high, fuel cost is high, pent up demand is very good and being able to have made committees and radical transformation during the pandemic sets us in good stead

for the next few years. guy: the conversation i have a day in and out is about supply chains, freight rates are superhigh, trying to get stuff around the world is difficult. it has been probably the most pivotal factor in keeping the airlines going during the down search -- surge. how does the mix change as you start to reintroduce passengers to the airlines? shai: and innovation and the ingenuity of our team. in march 2020, they started immediately with cargo only flights. using passenger planes, in the belly. sometimes we put stuff on the seats themselves, but overall in the belly, and that continues. it is true there is a dislocation right now, containers of the wrong place, demand unpredictable. there is the need for air, which we provide. they live in harmony, passengers

in the cabin and cargo in the hold. it is true that the prices people are paying for airfreight is a higher than 2019. this year will be a record cargo year. we thought it would be 2020 but it will be 2021. every month keeps showing we can do more by virtue of selling cargo to customers who need it. guy: it has been a pleasure, congratulations on getting to this point, a huge day for virgin atlantic and a huge day for the aviation industry, the two-way restarting of the north atlantic. back to you in the studio. dani: thank you so much, that is guy johnson with the ceo of virgin atlantic live at heathrow airport. heathrow at full capacity by mid-2022, and business capacity for return by 2023, but what has my eye this morning is what nasdaq futures are doing. leading the market lower, down by 4/10 of a percent, and you

have to wonder if they have some tesla jitters in the tech space. manus: there was certainly a monster flow in tesla options last week, that is for sure. there is the twitter debate over the weekend, elon musk asking followers what shall i do? shall i sell 10% of tesla to pay the taxes? this brings in a social question. it is not necessarily going to be a dump and go 10% of tesla. there are a variety of means by which elon musk can achieve this, is it piecemeal? does he put it into a vehicle? we don't know any of the answers to the question but we know that 54% of the respondents said yes, let's hope they are not bots. the question is how much does it impact stocks today? dani: tesla is so dominated by

momentum. you were looking at this before, there are these tokens made to reflect the prices of individual equities, and there was about -- one about tesla down 6.5% over the weekend, if you compare to the tesla closing price. the volumes on these tokens tend to be low so it is easy to push them around. manus: yes, up 44% in the month of october, the best month this year. one of my guests this morning, this is the second best performer in the sb 500, 2 .5% weighting in the index and contributed to 11% of october games -- gains. when i say flow matters, the flow show in tesla matters. the question, has the business model changed, full stop? dani: will you go into cash? elon musk has said he has a big

box of options expiring, so he might have to sell in that regard. manus: indeed. that wraps it up for the monday edition. we will do it all over again. the market open is next. this is bloomberg. ♪

♪ anna: good morning. welcome to "bloomberg markets: europe." i'm anna edwards live in london. twitter says eyes are on tesla's stock after elon crown sources what he should do with -- elon musk crowd sources what he should do with his 10% stake. beijing caps off its biggest policy meeting of the year. and back in the