manus: good morning, i am manus cranny in singapore along with any burger in london -- dani burger in london. a climate deal in glasgow after two weeks of tense talks. but it leaves the paris agreement on life support. china's economy stabilizes with october data beating expectations. president xi looks to ease

tensions with the virtual summit later today. and airbus with a big win at the dubai air show with a mega order for 255 jets. we bring you the packed lineup above interviews from the event. well well -- warm welcome from singapore. it is good to be on the road, and i would say the markets convulsed last week. when i looked at what happened in the five-year paper, use of use the chart yesterday and we talked about this morning. we are setting up a messy bar shock. good morning, dani. dani: good morning, these opposing forces, not just expectations of volatility in the mob index, but also the liquidity index. this has been a rethink on the global bond market, as we see over and over again continually

we have managers caught wrongfooted by the surprising moves and shocking inflationary numbers. manus: absolutely, and i think we are going to set up the agenda this week, part of the reason why i am on the road is for the new economy form. where are we with supply chains? we talk about larry summers, and of course you have neel kashkari. we have this trifecta this week. dani: one view we have to keep in mind is that of the consumer. we had a survey on friday showing consumer confidence at a 10 year low. it was fueled by concerns over inflation. the consumer is going to be in focus, and it was pointed out in an opinion piece. whether you think it is transitory, this is the risk we get a self-fulfilling prophecy

of concerns about inflation leading to changes in consumer and corporate habits. manus: yeah. let's look at the markets, looking at the flow show from egg of america, and the money -- from bank of america. and in europe, the biggest outflow in weeks. dani: so far this morning, we saw a pretty strong rally last week when it came to the equity markets. they did not seem to care about the gyrations of the bond market. perhaps you could say this is an attitude of not caring again this morning. a mostly flat s&p 500 futures session this morning. 10 year yield a little softer, down 1.5 basis points, but still at one point, it was shocking to see some of these moves. but holding the pattern means a weaker dollar. with the strengthen the dollar, i wanted to point out the lira. on friday, above 10, and moving

higher on that level. because we have inflationary fears pervading, inflation rise in turkey with them setting out on policy easing. this is a level that has been breached. manus: looks like that central bank might go for another 100 basis points cut, which could just fuel concerns, from hero to zero on the turkish lira. let's turn our attention to china, the economy performing better than expected in october. this as we sell retail sales climbing, energy shortages, and that hardly offset a property slump. let's get to our china economy editor. he is in beijing. james, just how much stability do you see in this data suite? james: there was a little bit of

a comeback, especially retail sales, and also industrial output stronger than people were expecting. as you said in your introduction , the property market has not recovered at all. we are seeing week property investment, it has fallen for the fourth month. even though the industrial sector and the retail sales sector on the surface did better than people were expecting and looking to be recovering a little, the other part of the economy are not firing at all. retail, although it looks to be good, that is just inflation. three percentage points of the 3.9% growth we saw suggests inflation. when you strip out the effects of higher prices, it's only 1.9% compared to the same month last year. not a great performance in that either. it is looking better but not great. dani: of course another

potential risk on the horizon with xi and widen in a virtual summit today. james, thank you. over to cop 26. after two weeks of talks, negotiations from nearly 200 countries clinched a deal over the weekend that aims to reduce the use of coal and boost climate targets sooner. it also broke the impasse around carbon markets setting the framework for a globally recognized system. for more, we go to maria tadeo, who has been following the conference. how significant is disagreement between the countries? maria: it is two weeks, negotiations coming to an end and we have a deal. a number of things to point out from the deal, it keeps the 1.5 degrees temperature check in place. this was a top priority for the u.k. government. you also see you have a compromise, a watered down compromise but nonetheless a

breakthrough around coal. for the first time in an official document, we have coal and other fossil fuels. for years, scientists have said you want to reduce carbon emissions, you have to be able to measure them in a way that is efficient. the question is, is this enough, will it be enough? you speak to the politicians, many of them serving as a host for this edition. you speak to the activists on the street, they say this is more blah blah blah and more action needs to happen and time is of the essence. manus: ok, let's see whether john kerry is at the start of a 10 year sprint. let's turn to this year's biggest climate conference

coming to a close. in abu dhabi, at the petroleum exhibition conference, took place this week. >> when the price is too high -- manus: my cohost of the middle east show has had a busy 24 hours. give us your take. good morning. yousef: good morning. not the same without you, as always, i will give you that caviar off the bat. -- caveat off the bat. this is the largest industry gathering for the oil industry, and it will be pretty much dominated by the energy crisis. it is a political issue.

the united states, there are calls for the u.s. president to release some supplies from the strategic trillium -- strategic petroleum reserve. two things we are watching through the day as we come off cop 26 and roll into today, one will be delivering more energy with less emissions. the second point will revolve around supply chain issues, and we talked about this at dubai airshow quite a bit with ceos there. the initial chat i've had also pointed that direction as well. they are trying to figure out how they can smooth out some of those dislocations and understand what it will mean for the longer term. we will continue to have some of these conversations through the day and give you a preview. i'm going to sit down for a fireside chat with a ceo later

in the afternoon. also we will be speaking to the ceo of nasser gas to get an idea of what is happening with nord stream 2. dani: looking forward to those. i love this daybreak: middle east on the road with both of you on the road. let's get the first word news. annabelle: president biden and presidentxi set to hold a summit later, with issues such as taiwan and trade. they have both been on the phone twice this year but this is the first time the conversation is being billed as a summit. austria has ordered unvaccinated people not to leave their houses from today. this is the most drastic move by a western european country in the latest wave of the coronavirus. speaking at a press conference in vienna, the chancellor said

he did not impose the lockdown lightly. he said austria needs to raise its vaccination rate, which he called shamefully low. and three men have been arrested under the terrorism act in liverpool in northwest england after a car explosion injured one person killed another. police say they are keeping an open mind as to what caused the blast. 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? manus: thank you very much. coming up on the show, oil prices and supplies and the impact of the climate deal. we are live to abu dhabi. dani: plus, a re-think from the largest international carrier could mean boeing pain and airbus gain. we will bring you our

conversations from the dubai airshow later. this is bloomberg. ♪

dani: welcome back to "bloomberg daybreak: europe." let's head over to adam pack now, where yousef is standing by with one of his first guests of the day. yousef: natural gas is much in focus as we prepare for the winter, so why don't we get into a discussion with the ceo of nasser gas, who has had a strong comments about whether we should put on additional layer's this winter. what is your view? >> currently our northern neighbor are blocking supplies

to europe, generating an artificial shortage in europe. there will be no problem for europeans this winter. yousef: do you sense that prices will continue to rise? they come up quite a bit -- came up quite a bit the last week. yurly: as soon as it was announced there would be more gas to europe, prices went down, so that proves the case. i would just mention we have enough capacities to bring more gas to europe overnight and it really depends on supply. yousef: you said you would be willing to push more natural gas three to europe if russia were to give you that kind of supply. where does that discussion stand? yurly: finally after some

pressures, putin announced there would be sending more gas. they can and should send more gas. they insist on basically turning back the clock on a long-term contract. they are trying to thwart market develop them. they have been successful in this respect. but i do hope again, european regulators and european governments, will prove their points that nobody can be above the law, and russia will have to play by the rules. yousef: we will get to nord stream 2 in a moment, i just want to flesh out what you said in terms of talks with your neighbor. with gas problems specifically or more supplies, is that an ongoing conversation? yurly: yes, i would not say it is very active, but we are. we have a contract basically. we are talking on a regular

basis, so on a technical level, every minute or every day. it does not mean we are very optimistic. yousef: on the nord stream 2 matter, you have been very vocal, and from your point of view, arguably so. what can you do to push your point across to the eu and united states, who at the moment clearly are not listening? yurly: first of all, this week we are expecting an important decision from the german regulator and we expect we will be allowed to participate in the negation of nord stream 2, because we are a major player in the european market and we have a lot to say about the certification. we believe we would be accepted into the process. also we are very active in the united states with congress and the senate, and we are optimistic.

we believe the executive ranch is probably a little hesitant in terms of sanctions, but the legislative branch is very vocal and agreeing and their position on nord stream 2. yousef: you don't expect a u-turn on nord stream 2 but you expect the language to be a lot more cautious and clear? yurly: i would even expect that after a decision from the congress, the administration may have a u-turn, because they may finally recognize that it should be stopped and they should be sanctioned. at least until it is fully compliant with european law. yousef: there is a new government coming in in in germany with new political colors after over a decade of very clear german views. i'm wondering if that moves the needle for you.

do you expect to change because of a fresh look on things out of germany? yurly: currently the leader of the expected position is more or less a member of the same government. people say it is like merkel. we would expect that to continue, unfortunately in terms of foreign policy. at the same time, it is a very important party, the green party, and they are supportive of the position that nord stream 2 should be stopped. yousef: a closing question on inflation and supply chain questions, it's one of the big topics here. what are you seeing at naftogaz and struggling with? yurly: we do believe that oil and gas companies like ours should make this world much more sustainable, including

environmentally sustainable. we are very optimistic on such things such as hydrogen, especially green hydrogen, but not only. we believe that gas companies can contribute to energy transitions, not just with more natural gas, but leveraging opportunities in green hydrogen via gas, to make sure we can reverse the trends with climate change. yousef: thank you very much for taking the time and best of luck with your meetings through the day. ceo of naftogaz. we have plenty more to come in a jampacked 24 hours from abu dhabi. manus: thank you. great work, have a good day on the ground. a little later on today, we will speak to the ceo, or yousef will be speaking to russell hardi

ng at 11:30 u.k. time. this is bloomberg. ♪

>> there is still a long way to go before we can say we have dealt with climate change. the great news is together, the world has made some important breakthroughs. dani: let's stick with the cop 26 theme. after two weeks of talks, negotiators from 200 countries clinched a deal over the weekend that aims to reduce the use of coal. it also set the framework for a globally recognized climate system. we go to our reporter on the

ground, maria tadeo. there you go in a cold, dark glasgow. what is the significance of the deal over the weekend? dani: there are a number of things here. first of all, we have a deal that was not guaranteed at one point on saturday. when you look at the content, there are three things that come to mind. one is the fact that it does keep the 1.5 degrees celsius temperature check in place could this was the top priority for the u.k. government. you also have, as you noted, the establishment for creation of an internationally recognized carbon markets. this was something scientists have said is needed. if you want to eliminate carbon, you need to be able to trade it, especially credits and offsets, in a way recognized across the world, but also in a way you can measure it efficiently. then you also have what is for many the breakthrough of the conference, wording around coal.

for the first time in an official document, there is a very explicit call for all countries to accelerate the phasing out of coal, and other fossil fuel subsidies. it is nonetheless a watered down breakthrough. the previous version called for a phase out of coal. but you had india, china and the u.s. allowing for the wording to be watered down. nonetheless, it is a breakthrough. coal gets mentioned explicitly in the documents. manus: where are we on the criticism of that? i have read quite a bit of allowing india the final draft move from phasing out to phasing down. that it is quite a dilution. is there merit in the criticisms? what is your sense on the ground? maria: yes, that is always the question after cop, was it ambitious enough? the wording going from phaseout

to phase down, it is interesting that a number of people i spoke to after told me to be honest, the wording is not that important, it is the signal you get from here, and it is sending a clear signal that if you are in the business of coal, it is a very short-term industry. there is no future in coal. the direction is very clear. having said that, when you speak to activists, and we did for two weeks, and there were many people representing many issues, they do say it is a lot of blah blah blah, and it needs to be turned into reality from paper. this will be done from people and consumers, not just the countries in government. a lot of factors playing into this. it is always a difficult question whether to say it was a successful cop. there would be many different opinions.

but that document, i was told repeatedly it is worth highlighting. manus: as you said, the blah blah blah and actual reality in reduction with finance industry and politicians getting on board. maria, well done in glasgow in the depth of winter. from lascaux to singapore. we are on the road, i'm in singapore. it is the economy form and i came into the office this morning and i thought kissinger was here a few years ago and this is what he had to say, we are in the foothills. i looked at the news sheet we printed up two years to the day, and china and the u.s. at the foothills of a cold war. the summit tonight could be the shift. dani: it is a fascinating time to be having these conversations, not least because we just got the resolution from china last week, the first time

since mao zedong. how do you put these proposals into action? manus: we will put those questions to some of the powerbrokers. including henry kissinger 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, stops sugar cravings, and releases stubborn fat all while controlling stress and emotional eating. at last, a diet pill that actually works. go to golo.com to get yours.

dani: good morning from bloomberg's european headquarters, it has just gone 6:30 in london. i am dani burger with manus cranny live on the road from singapore. world leaders seal a breakthrough climate dealing glasgow after two weeks of talks. can the watered down packed -- the water down pact leaves the paris clement accord on life-support.

airbus scores the first big win at the dubai air shore with a mega order for 255 new jets. we bring you a packed lineup of interviews from the event. manus, good morning. the grinch arrived early, that is the consensus at bloomberg intelligence. looking at the friday numbers of u.s. consumer sentiment, whether or not inflation is transitory, it is clear some of these figures are starting to seep into the psyche of the american consumer and the risk is at which point does it start to pull back on demand and become a self-fulfilling prophecy when it comes to higher inflation? manus: absolutely. i'm going to be trashy and still the headline, because i won't sing a christmas carol just yet, but the grinch arrived early. i do a christmas rendition but we are still in november. therein lies the point, tim

clark, the ceo of emirates, thinks it will rollover next year. he is a real person who runs a real company with real things, real planes that i traveled on. he thinks it will rollover, the back end of next year. that confidence number, there is a risk for that confidence number, danny. -- dani. the bond market convulsed last week, and that has the capacity, that is volatility ratcheting higher but it isn't the liquidity that shocks me more. i put it to you that is a risk of a bar shock in the making. dani: i love this chart and i love you bring volatility into it, not just the expectation, or liquidity rather. it shows how difficult it is to navigate the bond market right now. manus: yes, with a taper that is live, and if you see breakevens

ratchet higher, what is the risk for the market? we will ask jane foley in a moment. let's rip through the market, stabilization in china did little to embolden the u.s. equity trade. deleveraging in china, has it passed its peak? for the guests, not me. the peak last week was 126. you have repriced off the two-year, one and a half year peak. dollar at a one-year high but will it last? and the turkish lira above 10, you are looking at the risk again in emerging markets, one of the worst-performing currencies this year. another rate cost maybe penciled in from the central bank of turkey, what would that do to the currency? weakness is the trend. dani. dani: let's get into that.

we have inflation concerns persisting. secretary janet yellen and others all weighed in on the issue. >> the pandemic has been calling the shots for the economy and for inflation. if we want to get inflation down, i think continuing to make progress against the pandemic is the most important thing we can do. >> the challenge is the high prices families are paying, those are real and people are experiencing that pain right now. we need to pay close attention to this and take it very seriously, but my view is we also need not overreact to some of these temporary factors even though the pain is real. >> all of these things go at lowering costs for american families and this bill is fully paid for. it will not add to inflationary pressures, the opposite. we will pay for everything in the bill by raising taxes on

large corporations and the highest income americans. dani: what does this mean for markets and what risks lay ahead? joining us is jane foley. good morning to you and happy monday. last week we saw the inflationary data coming in hot and we finally had the dollar breaking out of about a month long slump. is the bias for the greenback a winter surge, in your opinion? jane: i think the dollar will remain firm. i think it has been that way since june and will remain that case. if we look at central banks, we have a lot of interesting central banks over the next few months. i think most people are of the view that the fed will be one of the first central banks to put interest rates up and that is justified. so that sort of sentiment will keep the dollar on the front. but this week it will be interesting. we've seen the consumer sentiment come in really week and it is teaching us that not

all inflation is equal. cost pushed of demand. and this week we have retail sales in the u.s. and i think that will color in some of the inflationary story. manus: jane, good to see you. that bullish dollars story, where -- let's start off with who takes the flesh wound and who takes the mortal wound? who is your biggest offer out there? take it away. jane: it does depend on the timeframe you are looking at. if we look at euro-dollar, the main liquidity pair, i think we've got a lot of pretty good news in the price in terms of interest rate differentials from the central banks. i think there will be volatility , there is some nice u.s. data this week that focuses on this and some fed speak, so there will be volatility, but i think that will carry on being sold into rallies and the dollar will

gradually ease down even if there are pullbacks on the data in between. cable is very interesting even if the bank of england could hike interest rates even in december. there's a lot of concern regarding the u.k. that even with the vaccine, they could be acting too soon. i still don't like cable even at these sorts of levels. dani: you mentioned volatility. manus had a great chart to start the show, talking about bond volatility, the mob index. we have seen fx volatility pickup slightly, at what point, or can we expect the bond volatility to spill over into currencies? jane: the way i have been looking at volatility the last few years in the global financial crisis, we had the quantitative easing and policy

accommodation, it is like a comfort blanket for the market. it takes away some of the volatility and some of the risks when you have so much cheap money. the environment we are entering into now, some of that safety blanket is going to be gradually lessened and i think naturally we will get more volatility. for foreign exchange, i think next year we will have a lot more because i think there will be different reactions to central banks, not all labor markets are created equal. i think we will see that coming through in wage inflation pressures and cpi inflation pressures. so what will central banks do in terms of coping with inflation or not? i think we will have a bit more volatility in foreign exchange in 2022. manus: they are pushing me ever further, i have left dubai and i am in singapore, so i am naturally drawn to the asian fx trade. over the past five days, the

asian currencies, the korean won and philippines peso, the indonesian rupee and thai baht, they remain strong in the face of an ascendant dollar. lay me out your view on emfx. i know the lira has its own story, but what is the risk? jane: again, we've got to look at different stories here. different central banks as well, and covid risk too. we are looking at a story about semiconductors and outputs. countries have done pretty well in terms of exports over the last year because as the u.s. and europe began to pick up, exports for many asian countries did well. you can throw japan into the mix as well. week indonesia today, but a year ago, the recovery in exports was

sooner than a lot of people thought. we've got to weigh all of these factors and look at asian em. i think on an individual country basis. manus: ok, jane, but see how it goes. jane foley on fx and king dollar. let's get your first word news. annabelle? annabelle: china's economy performed better than expected in october as retail sales climbed and energy shortages eased, partly offsetting a slump and property. industrial output rose 3.5% in october from a year earlier, while retail sales accelerated to 4.9%. it beat economist forecast. japan's economy shrank by an annualized 3% in the last quarter, much faster than forecast by most economists, ramping up expectations for more stimulus. gdp has now contracted in five of the past eight quarters.

austria has ordered unvaccinated people not to leave their houses from today. this is the most drastic move by a western european country in the latest wave of the coronavirus. speaking at a press conference in vienna, the chancellor said he did not impose the lockdown lightly. he said austria needs to expanded vaccination rate. and beijing's first ever stock exchange, rallying in the first day of training. a standout performer jumped 511% on the beijing stock exchange. this is intended for small and medium-sized enterprises who have difficulty raising capital in china. 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. dani? dani: thank you. coming up, the world

international -- coming up, boeings pain and airbus gain. this is bloomberg. ♪

>> we've got the triple seven and certification, it is here today. we did a flight display and we will do that all week. we met with tim today to talk about the status of the program. those are private discussions, but i can tell you we have confidence in what we are doing moving forward. we will deliver ahead quality -- a high quality product. that's what tim wants to see from us, and we assured him we will be on that path. we will jointly decide what is

the right delivery time for him, and those discussions will go on. yousef: in terms of the inflationary pressure, how is boeing dealing with that? where are the crunch points? >> supply chains are critical for us in the recovery. right now, our major focus is continuing to gradually ramp up, particularly on the 737 max with those orders. we see human capital as one of the constraints. we have been working deeply with our supply chain, and we will do so as we ramp up. i would say the number one issue right now is bringing the workforce back in, and getting them productive on the product so we can focus on high-quality output, and in return deliver with confidence to our customers. yousef: are you confident you will be able to hand over the costs to consumers, the

additional costs? stan: right now we work our pricing with our customers, that is fixed. we fixed that for the order years. we will continue to work productivity in our factories to offset inflationary costs. but the market determines price ultimately and that is this great, fierce competition between boeing and airbus, it is what makes this market so good because we compete hard to win every customer. yousef: there appears to be a little bit of movement when it comes to the 737 max certification in china, maybe some of the purchases can get back up to speed. is there an update? stan: last week was a positive sign out of the cac, the directive for public comment, we take that as an encouraging sign. it is up to them to say win. our job is to put forth -- to say when.

our job is to put forth the technical information to allow them to fly the airplane, to be on the simulator and allow them to evaluate pilot training. we are checking the boxes but it is up to the cac to determine the time. manus: the head of boeing's commercial airplanes division at the dubai air show. those delays on the 737 max and the new 777 x could spell bad news for boeing. emirates conducting a fleet reset, including acceleration of airbus orders, and tim clark spoke to yousef about the fleet and recovery from the pandemic. tim: with a 45 month delay, we are seeing in optic in demand by significant percentages. we are about 50%, maybe a bit

more, growing everyday. cargo has been very strong since the pandemic started. it is a good story at the moment and we are looking forward to the next four or months of good business. yousef: what about business slides? how strongly is that rebounding and what is the differentiation with leisure? tim: when you talk about this this class, it is a misnomer, it is a premium offering. and our segmentation includes corporate business, business business, high-end leisure, visiting friends and relatives, baby boomers, whatever. that makes has returned with some degree of robustness, let's say. our business cabin is pretty full at the moment. contrary to the view that this time last year, business would be a change out and there would be diminished business class

demand, it has gone the other way. as we thought it would. yousef: u.s. consumer prices, the data keeps coming in and we are moving at the fastest rate up 1990 on an annualized basis. the inflationary pressure is building in many parts of the world. i am wondering to what extent that is a day-to-day conversation at emirates and how it will affect the airline. tim: the global economy is facing spikes in inflationary levels simply because of supply chain problems, labor market distortions. you see that in all parts of the world. this is a short-term thing for me. i would say by the summer of next year, the end of next year, you will get an equilibrium again and see the spike follow way. we have to deal with -- is not so much what the prices will be . we just need to get the network restored in the aircraft flying. we need to deal with this and we will deal with this. i think it is a short-term thing.

this has been a thunderbolt to the global economy, and when you get things like that, it takes time to sort itself out, as it will. yousef: let's talk about the 777 -9 plane, two and a half years late. will it come through? tim: it is anybody's guess. it should have been delivered june 20, maybe the 24th, we are talking three-plus years and we are not sure they are out of the woods. eventually it will come into emirates. yousef: have you received enough reassurances from boeing? is it an issue with certification or demand? tim: it's a question of the external input. the agencies involved around the certification of aircraft. boeing has to make their peace with them. it's not the airline community.

it will always be a good aircraft for the airlines that choose to use it. it's just getting it into service. there are still issues that boeing has got to resolve. dani: the emirates airlines president speaking to yousef gamal el-din. the conversations will continue later this morning. the ceo of airbus points us from that same event. don't miss that conversation, shortly after 8:00 a.m. u.k. time. this is bloomberg. ♪

dani: welcome back to "bloomberg daybreak: europe," i am any burner -- dani burger alongside manus cranny. we are watching for a virtual summit between xi and biden. what can we expect going forward?

joining us is bruce einhorn. can you set expectations for us? what could come out of this summit? bruce: the biden administration senior officials are trying to lower expectations for this summit. they are saying we should not expect any great victories. the real point they say is it is about reestablishing communication at the top levels, to create some guardrails for the relationship, the idea being with all of these topics like taiwan, they want to make sure the two sides are talking to one another. i think that is the key thing we will get out of this. keep in mind it is a virtual summit because president xi jinping has not left canada since the pandemic and is -- left china since the start of the pandemic and is not leaving now. manus: we had trade wars and various taxes imposed. how much will part of this

progress be judged around trade? bruce: this is the first summit, albeit virtual, since president trump had his meeting with president xi in 2019 when they seemed to have a breakthrough on trade. shortly after that, the pandemic started and relations deteriorated. i don't think we are likely to see any great breakthroughs on issues like the tariffs the u.s. imposed during the trade war or issues related to chinese companies getting put on black lists, those are probably more of a longer-term project for the two sides to resolve. manus: ok, let's see what they actually deliver. bruce einhorn there on the latest on what we can expect from xi and biden.

we are here in singapore gearing up for the new economy form. we will catch up with gina raimondo later in the week, and that is pivotal. there is a cracking piece on the bloomberg terminal this morning talking about the various scenario plans on the trade front, who loses and who wins? china could lose quite a lot in terms of growth, 2.5% if you go to the worst case scenario on trade. dani: there's also this question about inflation surging not for the u.s. but china as well. some of the margins in u.s. companies have enjoyed, will that sustain if all of a sudden we have producer prices picking up in china? do they pass that along to u.s. companies and margins start to deteriorate? i with say that the happenings in china,, the u.s. has been

insulated from prices, will that change? manus: well we will debate that through the week. the european market open is next. market will be here in just a second. we are in -- mark will be here in just a second. we are in singapore. ♪

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anna: good morning, welcome to "markets: europe." mark joins me this morning. here are your top headlines. good cop, bad cop. the u.n. climate eating ends with a breakthrough deal, the weaker coal pledge. >> i am deeply sorry.