>> asian stocks fall the most in the month after china's late his plan underwhelm's investors.

bitcoin tops $80,000 for the first time on optimism about a crypto friendly white house. and germany's chancellor opens the door to a confidence vote before christmas potentially bringing forward an early election to february. in the washington post says donald trump has warned russia's vladimir putin against escalating the war in ukraine. and we will bring you the latest. and happy monday. we are looking at the futures session for european stocks after ending last week in negative territory. will the prospect be brighter for european stocks? we have earnings and inflation data coming out of the euro zone. in ftse 100 futures looking to add .3% despite the fact that

iron ore is under pressure and that could put pressure on the minors. s&p looking to build .2% and nasdaq futures pointing higher. let's flip the board and lacrosse asset. no treasuries trading. it is veterans day in the u.s. though you will have the session in full. we continue to monitor and parse the politics of germany. iron ore again linked to the lack of additional stimulus coming through from china. disappointment from some as to the physical -- the fiscal support. iron ore closing in at $100 per time. bitcoin got to that 81,000 level amid enthusiasm about the upcoming president. currently up. let's cross over to singapore. avril hong standing by with an

eye on japan. avril? avril: yeah, china and japan. we are seeing asia's stock gauge off by the most in about a month initially but they are peering those declines, and that's something -- they are paring those declines. you get a sense traders are looking past the initial disappointment from china's mpc readout, may be looking ahead to earnings later in the week from the tech names including tencent, alibaba. they are expected to show growth coming through for the quarterly revenues. they're supposed to show that's being sustained. the hung saying, which lost her. let's take a closer look at the fx space because, as we see, the nikkei is not faring as badly as the rest of the region. we take a closer look at the currencies of the yen is weaker.

this is a lot to do with the japanese political backdrop prompting people to speculate that the boj is going to be hesitating on rate hikes.

to reduce the interest rates they have to pay, so they can sell back all the bonds sold by these because i government organizations, you have to --

these quasi-government organizations, and the local governments can borrow at a cheaper rate, so they are reducing their interest rate payments, and there is going to be substantial -- in the aggregate, there will be substantial gains over the next three to five years, but, you know, for the very poor, the very fiscally challenged parts of the country, this is not going to be an immediate boost to their finances. they will not suddenly have hundreds of million extra to pay salaries they have not paid or for services that have been behind on for months or longer now. this will help some of the more indebted places around the country but it will not lead to an immediate boost in spending by local governments across china, so the disappointment you're seeing is because i think people were expecting more from this and people were hoping for

more. i think they made it clear they would not do it people wanted, would not come out with massive increases in fiscal spending immediately, transfers to households, these kinds of things. people were hoping it was wrong. they are coming out and saying we are doing what we said, a debt swap so local governments have more money. next year you will see more fiscal transfers. the central government in beijing, which gets most of the tax revenue, will be transferring more of that money to the provinces or local governments. this will be helping them to pay for the things already meant to be paid for and will not lead to a massive increase in spending across china. these are the fiscal policy measures that will have an effect at the margins and eventually help over time but you're talking about three or five year time horizons for these things having a massive effect. tom: ok. james, thank you very much

indeed for the details on the national people's congress and china keeping some response in his back pocket. ubs cutting its forecast on china's growth to about around 4% next year as a result of those trump risks, talking of which, donald trump's upcoming return to the white house has upended the outlook for u.s. interest rates. we are drawing for a look at what's happening. treasuries closed for the veterans day holiday today so no trading. what are the potential market catalysts this week then? >> there are a fair few. let me take you through them. the first is the amount of fed speakers this week, not just her own powell but we hear from christopher waller and new york fed president john williams. jerome powell speaking thursday after a wall street journal report this weekend saying he's ready in for a legal fight and is even ready to pay it out of his own expenses if it comes to that to defend his job legally. we also have a raft of u.s. data

out this week. let's flip the board and talk about that. we have cpi on wednesday, ppi on thursday. interesting to note that powell is speaking after we get these two big data prints, so he could be asked questions on if this changes the outlook of the fed. rounded out on friday with retail sales, which is a key driver into the fourth quarter gdp. the market is also going to be on tenterhooks for any new trump administration picks, one of which, the u.s. treasury secretary, has been talked about. the leader in the market's mind is scott percent, the t-square capital cio, known as a market friendly pick for the trump administration, but he was out a few weeks ago saying any notion that trump's policies are inflationary is absurd. he sees them as deflationary instead. one thing that is not waiting for more clarity is bitcoin, though, tom, known as one of the

trump trades. it crossed 81,000 earlier this morning, now trading just below that 81,000 mark. it's surged 15% since the beginning of november. tom: valerie tytel, thank you very much indeed, with what to watch for this week and a check on crypto and bitcoin getting further upside this morning on the back of expectations around trump's policies. to germany. olaf scholz says he's open to holding a parliamentary confidence vote before christmas, potentially bringing the february election into play or at least an early election. let's get more and bring in oliver crook, who stands by for us with the details. where things stand this monday morning, ollie? >> we are obsessed with the mechanics of german politics, which will learn about over the next couple weeks. what needs to happen for a federal election to take place is olaf scholz needs to call the no-confidence vote himself, which he will invariably lose, and then trigger the federal election.

he was trying to do that in january and have election in march. that has not gone over well politically but also with the german population, which says you need to do this quicker. he has opened the path to doing it before christmas. we could get the election before january and that would clear up under the logistical challenges. the following question is what government will be formed out of this? if you look at the polls as they stand, the cdu is doing the best out of any of the parties, but no two parties combined currently with the current polling can actually form a 50% plus government. the closest you can get is cdu and the afd, the far-right, which every mainstream political party has refused to work with. these polls could change as the days come because there's a question of polling when there's not an actual election but it's hard to see a path for a coherent german government coming out of the selection. that could potentially progress over the next couple weeks but it's not clear where that government gets formed.

>> arguably what you need is that coherent german government, particularly as we prepare for the trump presidency for germany and europe. talk about the timing of all this and the challenge on that front. valerie: absolutely -- oliver: absolutely. we talk about a political problem in germany but at the heart of this is an economic problem, a disagreement about how to solve germany's economic problems brought down this government. olaf scholz was trying to do away with the debt break and put into focus all the intense spending that needs to happen in germany for it to deal with the broader slowdown and also getting this sort of economy moving into the next stage, into the 21st century, and the fdp's refusal to do that is what brought down the government. now you have a trump election in the u.s. where you have now, by the way, the u.s. is the biggest trading partner for germany, they very export-dependent society. according to research, if you get those 10% tariffs from the

u.s., that could mean german exports would fall by 15% to the u.s.. it would mean for the auto industry that exports could fall by more than 30%. if you have any idea of what the relationship might be with the german government and trump administration, olaf scholz has asked donald trump for a call as early as wednesday and still has not gotten the call. trump has talked to a lot of people and if we are reading any tea leaves out of the administration, if you look on twitter, as we may be doing more, and see a e -- see elon musk writing olaf is a fool, so maybe not a favorable omen coming into his presidency. tom: not the best signals there for the leadership of germany. still waiting for that phone call. thank you very much on the latest when it comes to german politics and how that's unfolding it coming up, we weird -- we're talking about donald trump. this is bloomberg. ♪

friendlier than they might've been under a biden demonstration. there are signs of positivity but we are not there yet. that's where this phone call is important, coming on the heels of another phone call with zelenskyy. ukrainian officials are aware this is happening at least according to the washington post. it's also crucial for member that elon musk is part of these negotiations, reported to be on that call with latimer zelenskyy but not with vladimir putin, that happening in the mar-a-lago estate of president trump, so not even through official government channels or with the support of the state department, just directly to donald trump.

i think was crucial here and the big takeaway would comes to musk -- take away when it comes to musk especially is starlink, used for communication, at least. that's where you start to see musk being important in terms of the businesses he has. he has tesla, the platform x, starlink and spacex. tom: the linkages between musk's business empire and his new role. the opening play potentially and how trump is thinking about dealing with the war in ukraine. meanwhile, we are having some details coming through in terms of what the senate leadership looks like and some appointments coming through from trump. kriti: the timing could not be more crucial because you need a senate vote and a congressional majority to pass any sort of debt ceiling, any government shutdowns. we are getting another threat of a shutdown in december. there will be the debt ceiling store in january, so to have the

unity, which the republican party has not shown in the last year or so when it comes to the speaker of the house, for example, getting a lot of attention. this is the senate, however. rick scott seems to be the major player or the major front runner and elon musk has endorsed him. none of that seems to be coming from the trunk campaign. i don't want to get into the nitty-gritty because anything could happen between now and the senate appointments. what's crucial is that this is all happening trying to put in place certain leaders in the administration without getting senate approval and it seems to be the theme in terms of the trunk campaign approach simile because he has not taken office yet and is already doing what feels like a lot of diplomatic business and even domestically trying to push through some of these leaders. someone arguments for efficiency and time at a crucial time in geopolitics and domestic politics. others would say is bypassing the process. tom: thank you very much indeed

on the details when it comes to the leadership of the senate and some of those key appointments. anchor on the opening trade. u.s. and ukrainian officials reportedly expect russia to launch an offensive in the kursk region soon. the new york times says moscow has assembled a force of 50,000 soldiers, including north korean troops, to try to reclaim territory seized by ukraine. a u.s. assessment shows russia has massed the force without having to pull soldiers out of the east, allowing a press on multiple fronts simultaneously. qatar says it is stepping back from efforts to mediate a cease-fire between israel and hamas in gaza. the foreign affairs ministry says talks will resume on the sides show willingness and seriousness to end the conflict. a source tells us qatar decided to can no longer constructively contribute to the process without a genuine interest in a

resolution. coming up, world leaders gather in baku for cop29 but could trump select and victory threatening new climate finance deal. we will be on the ground. this is bloomberg. ♪

welcome back and happy monday. the crucial debate at the cop29 summit is climate finance and as world leaders gather in baku just days after the reelection of donald trump there is the question of u.s. commitment to the paris 2015 agreement. let's bring in joumanna bercetche in baku. what is on the agenda for this

and to what extent does trump loom large? >> let me start with the first question. this is not as big as cop 28 or the cop 30 that will take place in brazil. it is dubbed the finance cop and essentially what they are trying to do is put focus on climate financing with one objective. in 2015, a target called the new collective quantified goal was set. they like their acronyms here. they set a target of $100 billion of aid to be provided from rich countries to developing countries to help with climate change effects and adaption. the number will be revised higher but the question is by how much. agencies estimate as much as $1 trillion of aid is needed to be redirected.

and so far we have only met that target once and that was in 2022 so where that financing will come from is a question in the society states that help of multilateral institutions alongside the support of the sector so you will hear a lot about blended finance. and in addition we are looking for further details on this loss and damage fund, where some of the biggest polluters compensate the country's most hit by climate change effects. it is still a work in progress but was one of the big achievements of the prior conferences. looking for more information on mechanisms like carbon pricing and other mechanism schemes and further details are expected to be supplied but the thing is geopolitics are looming large. we still have wars raging in europe conflicts in the middle east and tension between the u.s. in china and throw into the

mix that donald trump is returning to the white house which could up in the direction of travel for many of these climate talks. >> indeed. we are missing targets left, right and center and are well off course and trying to meet those targets that were set. and it's being held in a petro state so there is that question as well. that trillion dollar number that you talk about is huge and it sounds like the u.s. will have little play in funding this transition. talk about how this is an overhang. >> the backdrop is just the last four years under the biden administration the u.s. has gained credibility with the passage of the inflation reduction act which has been pivotal in leading some of these climate decisions in front of and behind the scenes so the return of trump does loom large with conversations here. there's a lot of concern about

what it could mean with u.s. leadership and you will recall one of the first actions president trump did in 2015 was withdraw the u.s. from the paris agreement. and there is concern he could fully withdraw from the yuan framework and if he does it's almost impossible for the u.s. to get back in again because they would need two thirds approval from the senate to get back. and he has talked about boosting fossil fuel production, removing subsidies for clean energy, electric vehicles, and renewable energy so that could lead to a reversal of some of the -- the emissions reductions that this whole conference has been vying for since its inception and you mentioned many of these targets have been missed. the u.n. is warning it is climate crunch time. in the european energy agency was reporting this week is on track to be the warmest on record and indeed we are seeing the effects of climate change from the floods and hurricanes

this year. this is a time for more and not less leadership and countries around the world to show a pathway to net zero and 2050 with the potential absence of u.s. leadership, a lot of questions will be thrown into doubt. >> great reporting and contacts. joumanna bercetche our anchor on the ground at cop29. we will take a closer look at trump's tariff plans and their impact on the u.s. economy and global trade this is bloomberg.

tom: this is bloomberg daybreak: europe. these are the stories that say your agenda. asian stocks slide after china's latest fiscal plan underwhelmed investors. bitcoin topping $80,000 for the first time on optimism about a crypto friendly white house. germany's chancellor opens the vote to a confidence vote before christmas, potentially bringing forward an early election to february. the washington post says donald trump has warned vladimir putin against escalating the war in ukraine. we have earnings season unfolding in europe and a red hair crossing the line when comes to continental lowering its sales outlook to 39.5 billion euros, that is well below the estimate of 42 billion, so a significant downgrade in the outlook for continental, down year to date.

there's a focus around volumes. third-quarter automated review -- automotive revenue coming in in line with estimates, sales below estimates, but it's the downgrade to the sales outlook that will be consequential to investors. we will be speaking with the company's cfo at 8:45 a.m. u.k. time on the opening trade, 45 minutes after they will have started trading, so tune in for that. waiting for earnings coming from hanover ray. that has come through. they have raised their profit target for 2024 so it's a different story for the insurer versus the auto parts maker. let's get back to the markets and the macro picture is this. s&p market -- the s&p 500 closing into that 6000 level,

futures in your appointing higher after stocks ended in -- in your appointing higher after stocks ended in negative territory. s&p futures looking to build above the 6000 level after a fresh record high friday. nasdaq futures looking to add 58 points. it is veterans day in the u.s. so no trading at treasuries but the stock market will be open. euro-dollar at 1.07. brent trading at $74 a barrel, up .1%. pressure coming through from iron ore partly linked to some investor disappointment around the fiscal stimulus response out of china, so we will watch that at the open. bitcoin back above $81,000, up 1.6% in the session, onyx vacations trump and the new wood ministries will be friendlier to the -- on expectations trump and

the new a ministry shall be friendlier to cryptocurrency. someone says trump should see america's trade edge -- deficit as an advantage rather than a weakness because of the dollar. he spoke with stephen engle and shanghai -- in shanghai. >> what trump has said he would do if elected was a big step forward in the direction of a protectionist u.s. you are right, given the importance of the u.s. economy for the world, this would be a big problem for the 80% of the world economy which is not the u.s.. no doubt about that. tom: u.s. president like donald trump has vowed to impose massive tariffs of 20% on all foreign goods and 60% or more on goods coming from china.

let's bring in a partner at a law firm for analysis. there are expectations that may be part of this is down to leverage play from trump. he wants to put pressure on trading partners. there's a broader expectation tariffs will increase. what is the resilience in the euro zone to hire tariffs from the u.s. administration? >> thank you for having me. we will have to wait and see the shape those tariff measures will take. we have heard a lot about imposing tariff measures. you mentioned 20% across-the-board that will apply to all u.s. trading partners with a specific focus on china and mexico but also potentially on specific categories of products, vehicles being one of them, so in terms of the impact in the response those could have on the e.u. and u.k., i think it's worth going back to what we

saw in the context of the previous trump administration, where we saw those tariffs being imposed, threatened and also being imposed, and at the time the e.u. sort of looked at the products that could be adopted in response to those unilateral actions, so ultimately i think it will come down to sort of whether those tariffs, to your point, apply across the board, whether they are more discriminatory vis-à-vis certain products and countries, and what the eu and u.k. will do independently or in cooperation with each other. tom: that's having a broad impact in germany. is the automotive sector particularly vulnerable? what's most wonderful? aline: no one knows at this stage, but to your point, we have seen unilateral action, including taken by the you recently on electric -- on the

eu on electric vehicles. i think it is quite early to make any sort of strong statement at this stage. what we do know is that in the context of the ministry shall we will see more unilateral trade measures being imposed that could potentially lead to more transactional decisions with bilateral trading partners, but again, it will depend as to whether there is any potential negotiated outcome that could lead to that. tom: the u.k. runs a trade deficit with the u.s. does that make us less vulnerable? aline: i mean, listen, it depends. the u.k. now is a smaller market than what it was in the context of the previous administration because at that point the u.k. was still a member of the eu so whatever the eu was deciding in terms of responding to those unilateral trade measures was adopted into u.k. law. aline: do we benefit by being outside of the eu? aline: potential yes because we

could have more independent trade action and could negotiate a different agreement but it's early-stage so everything is still on the table. tom: when it comes to china, the ability for europe to navigate a china focused and facing additional tariffs from the u.s., we need those supplies, particularly when it comes to renewable energy, how does your content with a highly tariffed china? aline: that is the key question. whatever we see out of the next trump administration will be focused on also asking the eu and trading partners to be more vocal on china. over the past weeks and months under the biden demonstration, we have seen an increase on trade measures on export control sanctions adopted against china and the eu and u.k. have been measured in response. tom: does europe need to make a break and pursue stronger ties with china? aline: this is not for me to say as a trade lawyer but we would expect, to your point, i think

china will be the focus of the next administration, and the eu and u.k. will have to look at that as well. tom: fascinating. really important context and discussion, aline, on the potential impact on some of these proposed tariffs on global trade. other stories making news. the u.k. hospitality sector is morning a planned attack site could force businesses to drastically cut jobs -- planned tax hike could force businesses to drastically cut jobs. in the latest of a string of warnings against budget plans from chancellor reeves, they say it could cause the sector more than 3.4 billion pounds a year. the daily mail says the staff at one of burberry's london stores have reportedly been told about a potential takeover by italian brand montclair. the newspaper says the trenchcoat maker has paused discussions with affiliates until it has confirmed more

details of the bid. burberry has been trying to turn around its business after years of falling sales. both companies declined to comment. the u.s. department of commerce is reported to have sent a letter to tsmc to stop shipments of some advanced ai chips to china from today. according to reuters, the instructions restrict shipments of some seven nanometer chips used in ai operations. they also reported last week that tsmc, the foundry, has told multiple chinese customers it will suspend production of their ai and high-performance chips. german remote driving startup vay is set to accelerate production. we will speak to the ceo next. this is bloomberg. ♪

>> we need to finish the job. we want to have confidence inflation will go back down to the 2% target. tom: minneapolis fed president neel kashkari talking about the outlook for inflation on cbs's face the nation. and we are expecting far more fed speak this week, which could give us they guide to

thinking around the fomc, the fed and the impact of the incoming administration. let's bring out the terminal chart of u.s. inflation and what that tells us about the direction of travel for the fed. it's a big week in terms of data as well. we will be hearing from fomc speakers and getting inflation data wednesday and thursday, cpi and ppi as well. this chart remind you services is still the driver of that remaining inflation story in the u.s. because goods prices have come down. the question of course pushing into 2025 is to what extent proposed tariffs from that incoming trump administration would prove inflationary and put a floor under some of these prices, so the outlook right now is of course murkier on the back of that as yet unresolved question, but a reminder of the role services is playing and the relative stickiness as markets

start to fade out some of those cuts that had been expected from the federal reserve. let's stay with the trump impact on these markets and flip the terminal to bitcoin, which again is at these fresh record highs. it crossed 81000 and is currently up 1% in the session. a reminder of what incoming president trump has promised around the space. pro-crypto stance, promises to support in terms of regulation and put the u.s. at the center of the digital asset industry globally, and has also talked about u.s. stockpile potentially of bitcoin, so further upside coming through from that largest cryptocurrency by market cap, very firmly linked to the trump trade. back to the china story as well because that's unfolded with more stimulus or support coming through. this is about making the debt pile of local governments more manageable, but the top line is that many investors have been disappointed that there has not been more to support the

consumer. $1.4 trillion program, 10 trillion yuan, about $1.4 trillion. that's the translation to help governments with those debt loads. and what we are expecting, the finance minister saying there will be more fiscal support next year. interestingly, ubs coming out and downgrading its outlook for growth in china next year to about 4%, saying it will be far lower in 2026 as well, again, as a result of the trump risk. let's flip the terminal and have a look at what this is doing for foreign investment into the chinese market. you have just seen that plummet. the likes of nissan, vw, ibm all cutting their investments in china. part of that of course down to the slowing economy, the challenges and the geopolitics as well in play. you can expect that situation to become ever more complicated to navigate, of course, in the months and years ahead with the

new u.s. and its ration. foreign firms have pulled more than a billion dollars from china in the third quarter, slumped in the past years from that chart, a decline of almost $13 billion in fti in the first nine months of this year. comingp, this is bloomberg. ♪ will set -- scholz is set to accelerate operations in europe. we will speak to the ceo next. this is bloomberg. ♪

tom: welcome back. remote driving startup vay has secured a loan from the european investment bank to develop its teledriving technology and expand its operations in europe. it allows drivers to remotely operate customers' cars.

join me from the german capital is the ceo. thanks for joining us. talk us through the timeframe around a commercial project and product in the european market. you have exposure to vegas. you are running cars there. what about europe? what are the regulatory hurdles? thomas: thomas: good morning -- thomas: good morning. nice to be here on the show. we had a very exciting year coming towards the funding of the european investment bank of 34 million, and being live in vegas gives us the chance to secure additional funding on one side to develop our world leading remote driving tech out of this continent as well as than using the funds to actually launch in europe. yeah, we have now some additional capital. we are and we became the first company in europe to drive without safety drivers on public streets in hamburg.

we did that last year and with additional funds we can also focus more and more on europe to hopefully launch our unique service on the european continent in the upcoming months. tom: let me push you on the timeframe a bit. the commercial lawn scum is that reasonable to expect in europe in 2025 -- commercial launch, is that realistic to expect in europe in 2025? thomas: there is some more dependencies in europe compared to the u.s. when it comes to regulatory approval together with the city and state officials but i feel confident that with their support and are push we can do that in 2025. tom: do you feel like you are getting the support you need? we look at the travails of german industry right now and there you are developing innovation and technology. companies like yours arguably

should be getting more support from the german government. james: yeah -- thomas: yeah. with regulatory bodies in europe and germany, everyone wants to push innovation forward and bring this very new, sustainable mobility solution into the public hands, but it takes some time to get through the system and many people have to agree and i really do think we get the support, it's just the system works a bit differently here in europe compared to the u.s., where it's more straightforward to get regulatory approvals, so i do see that support. it just takes a little bit more time and it is basically step-by-step. tom: musk has talked about the robotaxi possibly being in production before 2027. to what extent is that a threat to your business? thomas: so the technology that we have developed is remote driving technology. you saw some of that in the clip where a tele-driver mobley

drives a car. what do we do with this? we launched a completely new service in las vegas that we also want to launch here in europe. you download the vay app and click a button. an electric car comes to you remotely driven with no one inside and the customer drives him or herself. so this is where it becomes kind of car sharing or rental. when the customer is done at the airport or in front of their office, they don't have to park, because another remote driver comes in parts for you. basically this creates by far the most affordable door-to-door transport, half the price of ride-hailing, and creates a sustainable mobility service also, and when we compare that against robotaxis -- you mentioned elon musk, his approach, they are building the next generation of ride-hailing. you think about what we have today with taxis and so forth.

robotaxis is kind of the next generation. we are creating the next generation car rental, which has different properties, in particular being very affordable, half the price compared to ride-hailing, but also because you drive yourself. that has additional benefits. you are very flexible and free to go from a to b. you don't share the physical space with a driver. it's a mobility categories in competition with robotaxis. tom: you say you are not in competition with robotaxis. i wonder, do you worry that trump maybe has -- that musk has an unfair advantage now that he is so close to the incoming trump administration? thomas: i don't -- as i mentioned, i really see autonomous driving, the approach elon musk is pursuing but also other companies, and remote

driving has really big benefits. in fact, we are discussing, you know, with various autonomous driving companies how can we help them accelerate their launch even? so think about that it's not really a competition. it is actually synergy. we see that autonomous driving can be rolled out in certain areas like highways, going straight, low-speed maneuvers, and that could be done in the next five to 10 years by an autonomous machine. the other parts, the unprotected turns, you know, downtown berlin or london or san francisco, the more difficult maneuvers can still be done by remote drivers. we see a future where humans and machines work together and accelerate the rollout of autonomous driving and asked why i don't see a big threat or competition with autonomous driving companies.

tom: what is the potential market value of this new segment that you are building out? thomas: so we are going after this new mobility category that we call driverless car sharing. if you look into mobility patterns, they are very driven by price. we believe by lowering the price point to about half the price of the next best alternative, we can massively increase the demand of people wanted to get from a b at affordable -- a to b at affordable, sustainable prices. we believe this could be much bigger than ride-hailing and not because we are taking away trips from ride-hailing but much more generating demand for more price sensitive people going to work, so commuting is a big question that is not possible for many people because of affordability and high prices. we believe we can increase the demand. tom: ok.

very briefly, the impact of the german politics on your business? just very briefly. thomas: the impact of the politics i think there is a big push in remote driving lawmaking in germany and europe and we really hope to see that continue over the next weeks and months to actually make remote driving an official form of technology allowed on public streets at scale, which we see is coming over the next months and hopefully continues. tom: we appreciate your time. thank you very much indeed. the vay ceo. the opening trade is up next. this is bloomberg. ♪

let's go boys. the way that i approach work, post fatherhood, has really been trying to understand the generation that we're building devices for. here in the comcast family, we're building an integrated in-home wifi solution for millions of families, like my own. connectivity is a big part of my boys' lives. it brings people together in meaningful ways. ♪ ♪

kriti: good morning from london, i am kriti gupta alongside guy johnson and lizzy burden. sooner rather than at