this is boom bust the one business show you can't afford to miss friendship or in washington coming up economic data out of the united states and united kingdom is showing signs of recovery but how with the latest wave the copen $1000.00 pandemic effect growth moving into the end of the year will break down the numbers plus many countries have instituted new lock downs to slow the infection rate of the coronavirus heading into the holidays we'll take a look at the trends and spread of the virus and later tensions between the united states and china continue to mount after the commerce department released a list of companies with alleged military ties break down what this means for the relationship between the world's 2 largest economies in fact show today so let's dive right in. and we lead the program with the latest on the economic recovery out of the united states and united kingdom a star in the united states the american economy grew by a record pace of 33.4 percent for the 3rd quarter of 2020 the commerce department

reported tuesday now the number was revised up from initial estimates of 33 point one percent reported last month pushed up by more than 3 trillion dollars in pandemic relief now the record expansion followed the record contraction of 31.4 percent in the 2nd quarter of this year g.d.p. in the us is still 3.4 percent below where it was at the end of 29000 prepared dammit now meanwhile in the u.k. g.d.p. grew by a record 16 percent for the quarter mark in july through september revised up from 15.5 percent now the growth in great britain however was not able to make up for the 18.8 percent decline in the 2nd quarter of this year the british economy is still 8.6 percent down from where it was pretty pandemic at the end of 2019 while this data is trending upward and looks good the latest surge in cases of coping 1000 in the u.s. a new lock downs imposed in england to slow the spread of a new strain of the coronavirus have all lookers concerned about the rough road ahead so.

so for more on all this and what's moving markets today let's go ahead and bring in co-host christine and michelle knight director of the market gauge group and author of the bestselling book play your money tree a guide to growing your wealth thank you both for being here much appreciated as always there chrystia will start with you what does this latest economic data out of the u.s. me. i mean this number is great and we can highlight it's aimed at this is a record pace for gross motor willie that growth was entirely fell by more than the 3 trillion dollars of pandemic relief and this rebounds all of a 31.4 percent rate of contraction in the april and june quarter so by comparison the economy is still about 3.5 percent below its level at the end of $29000.00 so that number isn't actually all that great so consumer spending which accounts for more than 2 thirds of the u.s.

economy economic activity led the broader country last quarter but now consumption has cooled off quite a bit with retail sales declining in the october and november as unemployment some states face expiration so 1st time applications for weekly unemployment benefits are 3 months high so there's still a lot of stress in the labor market many household incomes have completely depleted and most economists now expect modest growth or even a contraction in the 1st 3 months of 2021 so consumer confidence has also dropped for a 2nd straight month in the summer offsetting the optimism over the roll out of this cold axing so consumer confidence fell to reading 88.6 this month the lowest level since august so this deterioration of confidence is yet just another sign that the economic recovery is losing a lot of steam and the downturn next year is very possible especially as it's just taken congress and this long to ask another bill so it might just be too little too late at this point and we're going to today here in just a moment michel with the u.k. crashing out of the without a trade deal in. no expectations that the new crowbar is very it could worsen the

economic outlook in europe how is britain's recovery fairing in your estimation. well as you mentioned earlier there was a recovery although it's still underwater from the initial swoon of 18.8 percent and now they're talking about there being even more of a contraction going into the 4th quarter because of the trade deal and also because of the very end i feel really sorry actually for england right now they have 40 countries have just banned travel with them because of this and what's really happening there which is something that we've seen around the world but now this brings it to a new level is the supply chain disruption as food is flying off the shelves for people are nervous and trucks aren't being able to get in the ports are blocked off excess etc so essentially what we have to look at though is there's always been sort of a hopeful lining around the fact that there has been help from the government they are expecting the deficit to boone to about 400000000 euro going into one euro but

pounds going into the 2021 for the 4th quarter 1st quarter and that's going to be a factor but on the other hand the consumer spending was up 20 percent and people are still relatively optimistic about a vaccine and about the fact that this variant which has not been proven to be ineffective against the vaccine won't necessarily be is just so catastrophic as one would think so as we've learned here in the united states there is the economy and there is the market and so when you look at the british stock at this particular if you want to look at it through the american eyes of the e.t.f. . actually has been rallying since november and did fall on monday with the news of the variant but it is actually sort of digesting within there and it's still holding some major support as though it's possible looking forward that this is a temporary blip in the trade deal is not completely dead yet if you like monty python when i say. that and so we we have to say if we can get through this next

period it's possible. that that their market will do ok and that consumers will actually be a lot more optimistic as we give them credit for right now kristie the oil market is actually rallied almost 40 percent in the last 2 months as we look at getting out of a pandemic but now it seems like the story has come to an well what is the outlook for the energy sector in 2021 and will demand stabilize bye then. so no i think the entire energy complex is going to still remain under a lot of pressure and 2021 this entire rally was driven by this bullishness of a vaccine that this would be a miracle cure the panacea to make us sounds in a v. shaped recovery the thought was that with a cure borders would reopen travel for both business and leisure will pick up again consumption and demand will be back at full force but that is obviously not the case right now especially when the distribution of vaccine still remains a challenge so i think the rally it's got a bit ahead of itself and it's now correcting after seeing this continued surges in

chases and it's looking like we're still enough walk downstage and nowhere even close to this be opening cycle which is still in the distant future so after crude hit a 9 month high of 50 to 48 last week we started seeing it slip as the man started to wane again with a level 3 on the floor restrictions imposed so or oil majors have already reduced their expected couple spending for the coming year and several companies have already issued a gloomy outlook on the net so the current gasoline refining margin is only $9.52 which is lower than all but 2 of the last 10 years so opec and its allies agreed this month to reduce supply cuts which will add even more oil to total global markets u.s. producers are also adding supplies for the 4th week in a row so that's going to contribute to additional downward pressure on prices especially if we don't have a pickup in activity in the markets pricing in for q $1.00 so as we said the latest a millis bill is good and it's going to kick things off with growth front loaded into q one but it's only half as much as what we've seen earlier this year so it

would likely have a needed effect on the economy this time around and it will only be a matter of time before the markets realize that this is a little bit of stimulus isn't going to be doing a lot especially when spreads so thin across a variety of industries now michelle what are you seeing you know we got this long awaited cover 19 stimulus package it finally passed congress in the united states yet markets are down for the 3rd straight day is this all due to the variant and the concern over surges or what are you seeing there. well to pick up on what christie said yes to simply when you look at it it looks pretty bleak but maybe i've been a traitor for way too long but the numbers are really supporting that in the market once again and even though the dow was down slightly and the s. and p. was down slightly my 2nd actually closed up and so did the russell 2000 and that's really where we've been seeing rotation is into the small caps our retail sector also opened up to a close up today and the transportation is just sort of sitting there may be

a good canary in the coal mine for us to watch going forward and then if we look at the outliers where we're the federal reserve and has been buying high grade bonds and also junk bonds those also are so right now i don't think the market really cares very much it still sat on the fact that they're looking at the 1st quarter maybe not so great the case shaped recovery going into effect and investors are coming in and still piling in and buying up this market so we always have to separate year we're going to be talking about with patton you can you versus what the stock market is figuring right now and right now i still see a lot of optimism boom bust co-host christiane michelle schneider of the market gauge their thank you both for breaking the sound for us. thank you very much. millions of doses of coke and if you vaccines are being shipped across the united states as the number of infections and deaths continue to climb but just how soon can you expect to get this vaccine or for more on that and the latest numbers on

the virus let's go to our correspondent site after site so fran let's look at the late as number 1st and we're reaching a very dangerous level especially as we head into the holidays with almost 80000000 cases globally while deaths are over 1700000 and of course the u.s. continues to have them less cases and that's and than any other country in fact on monday the u.s. registered over 200000 new cases and nother increase from last. week while almost 2000 that were also reported a number that's sure to grow even higher in the coming weeks you know and would be christmas and new year's coming up health officials fear that more travel will ultimately push these numbers and higher you know more than 1000000 travelers a day pass through u.s. airports in the last 3 days and it's not of course airports that are they endure a sport where there's people traveling to right there most likely going to visit

families for the holidays were more and more people are going to be together inside where this virus will thrive and spread more easily so all hope right now sits on a vaccine distribution you know at least 614000 people in the u.s. have already received 1000 vaccine now there's another 6000000 doses of the newly authorized live during a vaccine that's going to be shipped to more than 3700 locations around the country this week now that adds to the nearly 3000000 doses of the pfizer vaccine that were shipped mostly to health care workers last week but it's important to know that if you're not a front line worker or over the age of 75 or don't have a preexisting condition do not expect to get a vaccine at least until march or april of last year add early as brant you know so we talked about it

a little bit at the top of the show there but you give us an update on this new cold an 18 variant found in the u.k. and what are other nations doing to protect themselves from that spreading so 1st let's take a look at the covert numbers in the u.k. you know they have just reported their highest daily increase since depend demick began now there's of course comes after the u.k. identified this new variant that scientists are saying could be 70 percent more effective at spreading you know the 1st case of this new strain it was found in southeast. england on september 20th but by november around a quarter of cases in a london involved is new very and that a few weeks later the strain was estimated to be responsible for nearly 2 thirds of the new cases that means that by the time our prime minister johnson addressed the nation on saturday night to announced a new severe lockdown measures for millions of people in around london this new variant had been spreading for months and governments are already struggling we're

seeing them struggle over the controlling this pandemic as it is but since day u.k. lock down was and now and on saturday or 40 countries so all that all those green that you're seeing in europe asia south america the caribbean the middle east they have restricted travel ban from the u.k. and in some cases also traveling from other countries that have documented cases of these new a very and in fact this new stronger strain has already been detected in italy denmark the netherlands and australia and then more bad news in south africa a different coronavirus strain has also been reported so several countries have also started to ban travelers from south africa however yes one country has not banned travel or some of the u.k. the united states has not issued any ban on travel from the u.k.

meanwhile dr anthony head of and i h said the u.k. strain probably already is he right here in the u.s. so currently bullfights there and they're texting they're testing their roxanne's to see if they work against a muted version of the virus found in the u.k. and other countries but no word yet on the results brant arche correspondent cites ever thank you for keeping us up to date. negotiators for the european union and united kingdom have yet to reach a post brecht's it trade deal on monday u.k. prime minister boris johnson and commissioner ursula vanderlei and held private talks to discuss fishing rights a major sticking point now according to bloomberg the u.k. proposed a 30 percent reduction of fishing boats down from the 60 percent it demanded last week but the e.u. refused to accept more than a 25 percent reduction in france and denmark have been the most cautious on agreeing to fishing boat reductions meanwhile e.u. chief negotiator michel barnier said both sides are giving negotiations

a final push just if you were. relieved. even if. you feel relieved if you're going to. continue to. remember 3. 100. and with only 9 days left the e.u. is also demanding to impose future tariffs on the u.k. or britain said it will only accept duties on fisheries but not in other areas. time now for a quick break but hang here because when we return tensions between the united states and china continue tomorrow after the commerce department released a list of companies with alleged military ties we'll break down what this means little 'd asian ship between the world's 2 largest economies as we go to break here the numbers of.

join me every day on the alex i'm i'm sure i'll be speaking to us from the world of politics. i'm sure. i'll see you then. she's going to those who did just that and tell me that you don't mind it just. goes to show. how long to be out of the establishment come out. of the economy that of last episode.

was. around to. look at what's. going to come i think it's. going to. be. there welcome back tech giants google and facebook may be teaming up after 10 states filed suits against the companies alleging a digital advertising monopoly according the wall street journal facebook an alphabet agreed to quote cooperate and assist one another and quote if they were sued over a deal to work together in online advertising now a google spokesperson tells the journal that agreements over antitrust action are

common and the claims of illegal ad rigging are false the lawsuits claim that with the jet blue deal facebook is given special access to google's online advertising in exchange for scaling back competition facebook also denies that claim google and facebook are facing additional a to trust lawsuits over their internet dominance. and the chopping ministration on monday published. of chinese and russian companies with alleged military ties restricting them from purchasing u.s. goods and technology the move from the u.s. commerce department was initially reported back in november the final list of companies names $103.00 total entities $58.00 from china down from the original reports of $89.00 with $45.00 russian and these up from initial reports of $28.00 now the move comes after the us administration added 60 more chinese companies including semiconductor manufacturing international corporation and drone maker d j i to an export blacklist us companies will be required to obtain licenses to

sell equipment technologies to firms on that blacklist for more on the rising economic tensions between the world's 2 largest economies go ahead and bring in a john dean of the miami herbert business school. is a pleasure to have you on the show these military end user companies include the aviation aerospace industry there's a lot from those industries what are some of the implications of this. tightening of the commercial restrictions on the chinese companies extending from the 5 g. with the focus on one way to now a broader base so that includes companies that are. said to be dealing with chinese military or with companies that are associated with or owned by chinese military units. in the 30 days remaining between now and the transition on

january 20th i expect to see further executive orders that put more and more pressure on china. it is interesting that. one of the 2 principal companies the. commercial aircraft corporation of china co mack has been excluded from the final list whereas the. aviation industry corporation of china which has i think it's fair to say much more of a military element to its activity has been retained on the final list comac is a very close partner with g.e. and honeywell in the commercial aircraft arena and how do you close there's been a lot of speculation that maybe this move was some of this move in especially in

the aerospace industry has been to stop beijing from actually developing basically a competitor in the aerospace field to the likes of boeing and airbus in europe do you see any of that there as they are trying to get a commercial jetliner out of china. well i think my prior point the fact that co mack has been excluded from the final list whereas the. aviation corporation has been left on the list suggests the pressure from u.s. suppliers to come back may have had some influence and of taking that one off so i'm sure boeing you know would be delighted if there was no chinese commercial competitor to fleet in the coming decade but you know frankly that is not nearly as important as excluding chinese military

developments particularly because much high technology goes into chinese military aircraft and equipment design and now quotes we've talked about this quite a bit and you mentioned it in your 1st answer there that we're less than 30 days out now you would expect president trump to make some further moves before his mid administration ends now you know. president elect joe biden hit his history as is well documented we've you know he's been in politics for 50 years so do you see things changing with vice president a president elect that is biden taking office or do you see all of these staying in place. i think from president the incoming president's point of view it's actually very helpful to have the trump of ministration further tighten the screw on china in its final 30 days this gives the incoming it administration

more opportunities for negotiation and more opportunities to back off some of these measures and exchange for resetting the relationship i think. president biden is going to remain tough on china particularly in the democratic party there is a lot more appetite for criticizing china and sanctioning china or on human rights violations than in the republican party so i expect to see a strong china policy from president biden but one that is less drop it let less dramatic in the sense that they'll be behind the scenes pressure but an effort i think to repair and reset the public relationship i mean obviously is very political but it is interesting to see how many on the left had pushed the obama administration with joe biden as the vice president to take

a more hard line stance on china yet were very critical of the trip administration's positions taking a hard line stance on china of course a lot of that is how it's been done but that's just the point i wanted to bring up there now on a separate no the in quotes u.s. secretary of state mike pompei oh now it's a new visa restrictions on a few chinese officials responsible for human rights abuses china's ministry of foreign affairs responded to this move it has seriously interfered in china's internal affairs impeded normal personal exchanges between the 2 countries and damage china u.s. relations we firmly opposed and strongly condemn it. and how much more does this really affect the already strained relationship between the u.s. and china in quotes. i think this is a little bit more symbolic the restrictions were laid primarily to the length of beezus being restricted to one month for a variety of chinese officials who are thought to be implicated in human rights

violations that now of course given 2020 encompass hong kong as well as the week as in the province to a much greater extent than if we'd been talking one year ago obviously in diplomatic terms. not welcomed by chinese foreign ministry officials on the other hand relative to a tariff war these kind of measures slightly more symbolic i think rather than substantive john dean of the miami herbert business school thank you so much for lending your expertise. thank you and that's it for this time he gets boom bust on demand on the brand new portable t.v. episode on smartphones and tablets through google play in the apple app store by searching portable t.v. can also be downloaded on newer model samsung smart t.v.'s as well as broken devices or simply check out portable t.v. with the next on.

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headline stories this hour donald trump refuses to approve a covert stimulus package negotiated for. the us presidency. focused too much on foreign aid and. support for americans. congress. especially. the bare minimum to the american people. stories ahead for u.s. military contractors who were jailed for their involvement in the iraqi civilians in 2007 or given presidential pardons their own trumps the latest clemency list

which notably.