your own terms, doing it the way you want to do it. >> if it take me ten hours or if it takes me two days, i paint it until i like it. >> that is the essence of cool. >> it keeps you alive to take your life into your own hands occasionally. >> well, i'm sliding. [tires screeching] >> [laughs] good morning welcome to "street signs." i'm joumanna bercetche >> and i'm julianna tatelbaum. these are your headlines european stocks follow asia into the green after china and 14 other nations sign the world's largest trade deal and a slew also supports market sentiment >> shares of bbva soar on its

$11.6 billion deal on the top of the spanish 600. >> part of the solution. saying europe's banks have come a long way since the last crisis and the sector is key to the recovery >> translator: it is only with strong banks and strong capital market, europe can afford the means to fight the consequences of the europe pandemic >> for the first time president trump publicly admits joe biden won the election but refuses to concede. meeting with top vaccine makers as coronavirus cases across the u.s. top 11 million. good morning, everybody. welcome to the start of a new trading week

let's get you right into the market action. the hand over from asia was pretty positive. the nikkei and the highest level ever positive data coming out of china. industrial production beating expectations retail sales a miss but the strongest level it has been. we've had news of the latest trade agreement signed in the asia pacific alongside china abolishing tariffs for 92% of the region another positive boost for stocks overnight stoxx 600 about half a percentage point higher in the day so far let's switch to point out some of what we are seeing. coming off a strong week last week the uk index was the out performer last week. obviously given a boost by some

of the energy prices we saw in oil and stocks needing there cac is up about .10. and also up nicely .4% all of the attention in europe is on the spanish index. ibex up. big bounce there namely on the back of bbva we'll get to that. a big deal has been announced of the selling off business to pnca that 16 is up about 16% and pulling up the whole sector. let's get to those and break it down we saw a big bounce in oil and autos and other cyclical stocks. we have banks up at the stop led

by that bbva performance up 2.6%. basic resources. up 1.6 travel and leisure as well at the outlook for that particular sector improves. autos seeing a rebound pretty much in line with the action cyclicals and value stocks continue to do well in this early hour of trading. bbva right at the top 50% jump after they talk that they have sold part of their business. b bankia up 2.5% and french banks up north of 2% as well pretty positive action as a whole in response helping to

boost all european stocks and not just the banking sector. >> thank you for the market update we have watching christian so far for the last half hour the ceo for deutsche bank. he has been delivering some remarks. we are part of the solution. we are not part of the problem in covid, we are in germany are in the midst of a second wave and at the start of a tough winter we have to bid goodbye to an intensive economy. approaching the golden era of global trade coming to an end. not just christian speaking this morning. the ecb also delivering some remarks and a glimpse of what we'll hear this morning saying

the risks are to the down side the hopes of a vaccine foster faster return to growth levels highly skewed at the sector level. he's said a premature withdrawal may introduce banks to tighten credit standards they may be willing to make use without the leveraging let's get out to annette recap the key messages from deutsche bank and what you are looking out for? >> christian's speech was more or less like a macro layout

speech like the structural changes of the industry and that this time around, the banks are part of the solution and not necessarily part of the action europe has to keep it together to keep its role in the economy. now more or less laying the same horn saying the banks are willing to make use and clearly turned towards the down side he's also saying that profitability of european banks will most likely actually going to be lower than previously that is quite a message

that poses a big problem that's also a problem for the industry as such not only from a regulator but the likes of deutsche bank have been clearly suffering ever since the big financial crisis from a diminishing role the sop that was addressing the u.s. banks. >> translator: if the companies are to produce more, it is about the banking industry the situation does not really match this enormous performance. so it is pardoxical. in the united states, banks are less important to the economy. still banks are much bigger and stronger than over here.

of the 20 biggest banks in the world, none is located in the european union >> so he was also saying he's premature to talk of any withdrawal that would hinder them through the real economy again, he's blowing the same horn as the other central bank as last week before wir getting a withdrawal, we'll get more of it by december back to you. >> a crucial crunch. speaking of that, top story today, bbva, the spanish bank is selling its american arm to u.s. banking group pnc. creating the fifth largest bank in the u.s. adding $66 billion

in loans to pnc's portfolio. we are seeing a big bounce at bbva this is the second largest deal since 2008. for me, picking up what he was saying at the could be frennfere out of the 20 largest banks in the world, none of them are in europe it makes you wonder whether or not we'll ever see european banks back in that top 20. >> i would add on the u.s. angel here the u.s. banking market has been right for consolidation for quite some time now as the national players expand more and more and bulk up

that's where pnc comes in to play like in texas, huge markets there. more deals under way from that big tie up you remember that bbnt and suntrust that was seen as the first catalyst >> i wonder if this may be politically driven as we've seen the rise with president trump and obviously corporate tax and they thought maybe we'd like to wrap things up before we head to a different type of administration >> also, valuation and timing could play a role here this deal in terms of pricing,

paying and seeing the banks take off here is this the opportunity. have we potentially seen the bottom when it comes to bank trading. that could be part of the opportunity they've seen we'll leave that conversation. coming up on the show, china's recovery continues driving markets higher along with news of a massive regional trade deal after the break. stressballs gummies have ashwagandha, an herbal stress reliever that helps you turn the stressed life... into your best life. stress less and live more. with stressballs.

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welcome back to the show a slew of data from china is pointing to accelerating recovery rose 6.9% firmly above expectations as the rebound helped support exports fixed between january and october growing 1.8% almost a full 1% higher than last year. retail came in slightly less but grew 4.3% as consumer demand

continues to rise. >> in addition, we've got news on the trade front 15 asia pacific economies have agreed to form the largest free trade block. china, and new zealand are among those who agreed accounts for 30% of the global economy and covering $26 billion of output. the u.s. was a notable exclusion. >> translator: the added value for the origin of the product can be accumulated in our region this is more conduct tiff to giving play to the advantages of the countries. >> australia and china have been able to continue as partners in the asean agreement. it is important to continue to work in regional cooperation and

partnership. there are difficulties present i am concerned in a number of areas, chinese regulatory actions have disrupted trade i have asked the asean agreement to engage in not only the letter of it but also the spirit. >> earlier, cautious about the deal >> early looking at the deal, in terms of the economic impact that may be less than what is reflected in this megatrade deal we are seeing the data out of china and while it is continuing to increase, we need to take an aggravated look and retail sales and industrial production. we look at the policy that have been put in place in china

comparing those is not trade forward. >> that key is whether we will point to the west as you pointed out, this is the asian deal. we need to see how this plays out in the global economy. >> analysts are skeptical. markets have been positive overnight. this is the picture for foreign exchange you can see some of the safe havens are doing quite well. you can see the yen and the swiss frank. the pound is in focus this week. big week for brexit. will this be the breakthrough week we'll find out in coming days. in europe owe in focus with some of the movements we've had 1.1850 is where we are at. bringing in head of research to talk more about some of the

foreign exchange moves we've had over a couple of weeks that dollar has resumed the down trade, how much price do you think has traded in to that at this point >> that risk has abated and given why they would have this week of reprieve the longer term out look likely to remain fairly negative. we are at the beginning of a secular down trend for the dollar and u.s. politics will have a role to play. in particular, the fact that biden administration is expected to focus more on the economy, on

dealing with the covid-19 pandemic and reevaluating the trade relationships with the rest of the world. from that point of view, concerns about protectionism likely to abate. that should continue to produce global trade and growth. that could emerge from the pick up in global trade especially against those currencies and also the euro of exporters of the expert back into their home currencies seeing those reserves growing. to start buying other currency that is diversification that could be the main reason for the down trends. especially in that power of next year >> i want to shift the focus to the pound. a big week for brexit

negotiations they will continue in brussels we are really coming down to crunch time. the pound has had a strong month versus the green back. what are the outer bounds when p it comes to trading in the months ahead >> in those discussions. our own view is that there will be a deal before the end of the transition period. the week ahead, certainly key for the pound given that time is slowly running out to reach that deal following the trade talks in brussels until wednesday. we'll get into wednesday and have an extra ordinary conference and a planning session for the parliament these are key dates that could push the needle toward a deal.

actually continue to buy a pound in here and if the talks fail again. some cautiousness mean the pound would have to visit that low against the euro and against the dollar hopes will continue for a deal will likely persist given that we have another eu submit. we have the final plen arie session in mid-december. not all will be lost if this is no deal this week. the blow could be pretty hard given that we are almost at the end. conducting a fairly volatile week >> so let me ask you this. looking at g 10 currencies and the pound and euro, what is remarkable, they aren't that reactive to the decisions.

we had the bank of england with the new round and pledging another big package. both of those continue to climb higher is it a case of the central bank having lost the ability to those currencies >> agreed. that is a counter working forces the fact that fed is also doing something other than expanding asset purchases and may continue to do so down the road they are very much offsetting the impact on the currency on boe or prospects and aspect purchases. what matters is how willing the boe is to go below zero. how willing they are for the negative rate. that november meet has signaled that rates are not yet on the

table and following the vaccine announcement following expectations of negative rates that would perhaps from that point, that was really the reason why the pound benefitted in the wake turning to the euro to the similar degree so the further rate cut into further territory remained off the table. the ecb will struggle to retain. your view that the ecb is down cutting rates. we are unlikely to have any sustained impact the fed is doing exactly the same and hurting the dollar really against the euro? >> right and basically, it all comes back thank you for taking the time to chat with us the head of research at credit agrico

the u.s. should engage more with huawei, according to scanlan, ceo of the group. we got a chance to talk about how the tech giant will interact with the biden administration. >> whenever there is a change in government, there is always an opportunity to reset there is always a case to do that perhaps, now the opportunity for huawei is to rethink about the strategy both ways should we have been more proactive. there should be more dialogue. we would welcome more dialogue with dialogue comes understanding and then understanding comes trust and people can do more business together >> there are a group of countries that have looked to bar huawei sweden is one of those how are you dealing with an

increasing number of countries that have looked to shut out huawei from 5g >> we are a technology company and very good and i think we've proven how successful we have been with high quality product we are a good sales company. we understand how to manage the process. i guess we are not as good as we could have been at marketing and other engagements. if you come from a technology background, you do all the technical things you can what we are trying to do to date is deal with the industry. if the government, we have the relationship wants to inspect the products we show the products and everything inside. we bring their experts to us us and them, we can sit down and demonstrate that product is trustworthy. >> we are going to cut to commercial break stay with us

boris johnson says vaccine and testing are coming to britain soon as he finds himself self-isolating again back in a couple of moments.

good morning, everybody. welcome back i'm julianna tatelbaum. >> and i'm joumanna bercetche. china and 14 other nations sign the largest trade deal also supports market sentiment. >> shares of bbva soar on the deal with pnc pulling spanish peers on top >> part of the solution. saying europe's banks have come a long way since the crisis with the sector key to the coronavirus recovery it is only with the strong bank and capital market that they can fight. >> for the first time, president

trump publicly admits joe biden won the election but refuses to concede. and covid cases across the u.s. top 11 million >> we are about an hour and a half into the trading session. you can see the sea of green ended the week flat on friday so extending that and leading the charge higher up more than 2%. bbva, the biggest mover there on the back of the weekend. german index cac 40 up more than 1% gaining 8.4%

while the german market gained a slightly more modest continuing higher. p but there is one sector that stands out the spanish banks on the back of that deal news after a strong performance last week as investors rotated out of growth those come straight to mind. let's look at oil price. the gains continue trading about 1.4% higher and brent about 1.2% higher jp morgan trades the balance stock as concerns rise over the

impact of rising cases across the world that story is available for cnbc pro subscribers. check it out to the uk now, boris johnson is self-isolating after meeting with a leader who tested positive for last week number 10 added the prime minister will make, quote, critical announcement about the virus and leveling up. johnson tweeted a video praising developments in the test and trace solution adding that a vaccine could come sooner than expected >> we have got to interrupt the spread of the disease. one of those ways now is by self-isolating for 14 days i do it with a high heart with

the utmost of confidence don't forget we not only have this technique for interrupting the transmission but two giant boxing gloves we wish to wallup into mass testing and rapid turn around testing in this country leading the way. we have tens of millions and of course the prospect of the vaccine i hope to start needed even before christmas. the uk and the eu have made progress for the trade deal according to the chief negotiator david frost who warn the sides may not reach an agreement before the year deadline meeting with liters this thursday both have previously stated a

deal would need to be agreed to and signed by mid-november to ratify before the end of the transition period. we find ourselves in the middle of november now. bringing in managing director of the group from europe. a lot to unpack here does the departure of cummings mean the uk government now has more room to be in a bit more of a compromising move he was a key proponent pushing the hard line of the eu and the government not signing up to level playing field commitments. his departure does increase a

little more flexibility questioning that impact. it is too early among the prime minister in his absence, those are a bit more constructive and pro deal are likely to gain more influence in the end game that is more important. >> how likely are we to get a breakthrough if not this week then by the end of the month giving the uk a little bit of a mile >> it takes two to tango i don't think it will be a deal this week. what we'll likely see instead is more progress. european council may take stock

and won't spend any meaningful time discussing it bringing boris johnson and vander lay inand then the parliament needs to ratify and look at the deal they'll finally rotify the deal. >> great to have you with us the enforcement programs both sides from respective positions. what could unlock the compromise

>> i think on state aid, the winners are already clear overseen by the authority. they don't care about the state aid so much. that's where the government needs to make real in roads. in that asset for scottish fishermen. if they do that, they'll be on a level playing field. and that's what i expect will happen over the next few weeks >> the european member states in terms of their unity in their

approach thus far. the fact that they remain united does that unity still exist within europe? >> this do they have delivered a very good and beneficial divorce deal. i think they are united. one big question they are thinking about is whether or not that can be enforced and apply an agreement without the eep rat if i indication. i think there is a lot of concern about going down that route because the union has been united they want to keep all the bits and bob's together they will provide into the process and that's why they need the agreement to come together at the end of the month. the french realize they have to

compromise vander layen has been doing a lot with boris johnson so having all the parts working well together. i suspect we'll have a deal by the end of the month >> the government has come under huge criticism a huge amount of turnover in the cabinet. many are saying that boris johnson was a great proponent for brexit has not been that good as handling the pandemic and is one to relevant gate. do you think the prime minister's decision has been precarious within the conservative party now >> i think it is a bit more fragile. even when he himself got covid-19 and there was a lot

more public and political support. >> i think that is right and those who are opposed to lockdown are opponents of brexit and will need to be managed in the end game if you look at those factors the miss management of covid and the labor option is led by a more effective and disearning opponent joe biden in the white house, dominic cummings, all of these factors point to an agreement. standing against that is a pressure to the party. >> that is a trade off and a balance boris johnson will have to strike. >> can you detail what you see in terms of the pressure on the

u.s. how is joe biden posed to affect the situation with europe >> if the government doesn't deliver a deal, the market deal has introduced into the commons and the law. >> that means the government isn't going to enforce the border in the uk that creates a risk will be standing against each other the government, i think is an insurance policy they argue they will do that that would put boris johnson at odds with the administration joe biden for personal reasons with irish roots but it is clear if the government does anything to jeopardize, not only will it

impact the u.s. free trade agreement but also the uk and if you think about the climate run in multilateralism they want to work with the americans and a no deal jep ard eyes peace on the island and fly in the face the cost of the deal to strike as a result of the biden victory. >> they get around the thorny subject there. thank you for taking the chat with us. managing director of europe from yo eurasia group. coming up, president trump refuses to concede now concern about the transition of power in washington

welcome back to "street signs. the total number of coronavirus cases in u.s. has surpassed 11 million following a record spike

of infections last weekend several states including washington and oregan have put new rules in place >> biden chief of staff ron klain talking about vaccine makers joining us from the school of public health joins us now great to have you on the program. from a public health point of view, one of the big concerns is around distribution around any successful vaccine what we've seen is high income governments moving swiftly for themselves, which has left a lot of countries behind.

articulate the risk involved for the reproach talk about the risk at the expense of those developing countries. >> great thank you so much for having me. i think from the public health perspective, what we want to see is those people at highest risk is those at risk of infection and of becoming severely ill we want to see a set of arrangements where we have health care workers and those who are older and those with underlying conditions are getting the vaccine first. we have the countries with the greatest resources primarily in europe, north america, japan it is those countries that have managed to get much larger vaccine secured than the rest of

the world. >> do you have a view of the w.h.o.co w.h.o.covax facility >> it is a real ray of sunshine in a dark situation in terms of global vaccine access. almost every country in the world has agreed to collaborate. and to co-leading organizations. so every single country practically agreed to cooperate and basically share the vaccine supply many countries are not only relying on covax the wealthier countries are getting more than one supply and also saying we'll support covax. that means at the end of the day, although there is a lot of

good intention and now significant amount of money in the facility, there actually isn't a very large volume of supply that is available >> right now, we don't expect that maximum 10% or 15% of developing

the final data vaccines and will come forward and agree. >> there are several competing vaccinations in the pipeline we heard from pfizer and biotech and are anticipating good news the next couple of weeks as well as a slew of others. they would sell at cost and would not be making a profit but equally could be faced with a situation whereby global demand outstrips supply they are willing to outsource the intellectual property with a

view to ramp up global manufacturers to meet the demand out there? >> yeah, i think that's a really important question and is something many public health experts have been advocating for because the pie, the total size of the pie, the total volume of vaccine available worldwide is small. of course everybody is fighting for a small piece of the pie that's what we've seen happening over the last several months and so, of course, what makes a lot of sense from a public interest perspective is to make that pie bigger and bigger and the fastest way is to be very willing to transfer technology, to share intellectual property and to try to get as many factories as possible up and running so they can manufacture the vaccines at a low price and supply of many of our countries if we keep that pie very small unfortunately, we've not seen enough willingness to do that. there's quite a wide range of

attitudes among the different companies that are involved in vaccine research and development and some have been more willing to transfer technology than others so, for example, we've seen that the astrazeneca oxford candidate has transferred technology and are head and shoulders above many other companies in terms of agreeing to try to get supply expanded as quickly as possible. we've seen other companies that have hesitated to go down that path at all and we've heard some ceos of companies saying we think it's perfectly fair to make a profit off a vaccine in the middle of a pandemic i wouldn't say the business community has been unanimous or uniform in its approaches and some companies are really far ahead and others are, i think, not necessarily doing what they need to do to contribute in getting the world out of the pandemic >> thank you very much for joining us today on the show

president trump has refused to concede defeat despite appearing to admit biden won the race in a weekend tweet. trump has repeatedly insisted without citing evidence the vote was fraudulent adding he was eventually prevail in the election for the latest let's get out to our colleague tracie potts who joins us live from washington, d.c. tracie potts, it seems he has acknowledged it but said he won the election even though all of the votes and the data thus far suggest that joe biden is the victor and he is the president elect. what happens now >> reporter: the legal challenges work themselves out the president initially saying he won and quickly continuing

disputed claims of election fraud saying i concede nothing he was tweeting again i won the election another tweet that twitter flagged. so what's happening now is the legal process works itself out those states where the trump team is challenging the election results like pennsylvania, now they drop a key part of it that hearing is set to happen tomorrow it will likely be a matter of weeks while these things work themselves out and while states certify their results. that will be a big moment once they certify results and make it official >> thank you for joining us and bringing us up to speed with the latest from washington that is it for today's show. >> have a lovely monday. "worldwide exchange" is coming up next. need better sleep?

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it's 5:00 a.m. at cnbc, and hear's your top five at 5:00 a new week, a new record maybe. stocks pointing to a higher open after hitting new highs last week also at new highs, covid cases more than 1 million in two big states alone, but treatments are getting better and a vaccine may be getting close call it a merger monday, the banking sector bracing for its second biggest deal ever since the financial crisis in d.c. president trump reportedly looking to cement his legacy and hard line stance against china over the pas