maria tadeo joins us on the phone from brussels. lockdowns, new restrictions. ey come down for us. -- break them down for us. maria? maria: [inaudible] me.s: maria, don't abandon maria: [inaudible] manus: no? we can say maria has officially hung up the phone. right. to put it in context for you. let me give you some context about what's going on here. bars, restaurants. a brutal breaks needed for covid-19. the speed that even the most pessimistic forecast didn't see. bloomberg has run the numbers. this clause i'll lockdown will knock -- because i lockdown will knock 2% off of the gdp. you are looking at 210,000 people dying. let me take the risk that we are assessing to seema shah. great to have you with me. the volatility spike that we saw yesterday, 3% drop in the s&p 500. were you spooked, unsettled? where you caught unaware by this move? seema: good morning. yeah. i think everyone was a little bit spooked. the reason that we have been spooked is because what we have seen in the last few days has tested the narrative that most people have been sticking to for

let's get the latest with maria tadeo. that these talks are any different than the brexit fatigue we've had for the past 4.5 years? maria: [laughter] it's a good question. we've seen a lot of optics over the past few weeks on this. this time around, you have the going from today until leftover 25th. it's different. they are now willing to look into the legal text. that could potentially provide the basis for legal accord, deal that you could on paper and would eventually become the final trade deal that we are waiting to hear from. manus: let's see whether it really does have think dry on the slate. this is bloomberg. ♪ so you're a small business, or a big one. you were thriving, but then... oh. ah. okay. plan, pivot. how do you bounce back? you don't, you bounce forward, with serious and reliable internet. powered by the largest gig speed network in america. but is it secure? sure it's secure. and even if the power goes down, your connection doesn't. so how do i do this? you don't do this. we do this, together. bounce for

joining us now is maria tadeo in brussels. this is accelerating quickly. us through what is being proposed, considered, and decided? maria: it is moving very fast and you could argue it is a reaction to the number yesterday in terms of cases and deaths, which were high in france. when you look at emmanuel macron speaking at 8:00 p.m., there has been speculation as to what measures we could see tonight. these are measures that are being speculated. i want to stress it is not official and we will have to idea,or tonight, but the the french government would be inclined to go for a four-we clocked down that would start friday to detain spread. to go for thated option, a complete shift, a real u-turn on what we heard. it was all about tracing, but that is changing. according to reports, not official yet, a manual macron would be inclined to take a draconian measure carried chancellor merkel favors shutting down hospitality for four weeks, but i want to stress this has not been agreed with the german regions. merkel has become concerned about the rate of infectio

maria tadeo is the lady from brussels who knows all the ins and outs. is this a good sign? g to pay the expenses? maria: that's a good question, because the talks have been extended in london and i think on a serious note, you could read this as a sign of optimism, the two sides are still talking, they still want to negotiate and get this deal done. we've had a hint to the goal is to get something on paper that could potentially be ratified before the end of the year by mid-november. that is being presented as the new deadline, a moving target but deadlines with brexit are difficult to factor. on "thebe speaking brussels edition" with a member of european parliament who sits on the brexit group and we will be talking about deadlines. when will this be agreed? we will be talking about fish. how much of a sticking point is this and do we get a deal or not? manus: indeed. maria, we look forward to it. there is a great piece on my twitter about northern irish fish and south of ireland fish, and apparently, it is all about the accents. on a serious note, let's hope we can get a d

i want to cross over to the austrian governor, who is standing by alongside maria tadeo. that's right. i want to go straight to the interview. we are joined by austrian central bank governor robert holzmann, also a member of the european central bank government council. i have to ask about christine lagarde yesterday. she sent a very clear message. she repeated many times the risks to the european economy are very much tilted to the downside. the economy is quickly losing, but we don't know the timing of the pandemic is. i think they said there is calibration coming. there is more money coming in december, no question. is that the right way to read it? guest: i think this is a correct interpretation, with some caveats. she also said it is very clear that the december protections will make our decisions. makewe have decided is to preparations to go through our whole portfolio and see where we need to recalibrate to be ready for december, but the decisions will be based on december data. maria: it is very tied to the data. there is more stimulus coming, but you also believe

joining us now is maria tadeo in brussels. maria, it is difficult to see whether he will walk out or not. maria: francine, there has been a lot of back-and-forth, and the indication we get from the u.k. dilatation is he will give -- delegation is a clear signal whether he will walk out or not. the assumption is he will not walk out, purely because we won a deal, we just can give you one today, and we. -- and we need more time. the problem is he came up with a deadline, october 15. it is clear the europeans did not expect that deadline. he really wanted a clear signal that one way or another, a deal is coming. statement, at that the european union is still playing this very coy, so it is a difficult situation for him to sell something as a win, because he did not get that. will continue.ks he says he is willing to go on london on monday should he decide to stay in the negotiations. francine: thank you so much, maria tadeo, in london. ahmed, us is salman global head of macro and strategic asset allocation at fidelity. salman, gre

maria tadeo joins us from brussels. will the u.k. walk out? maria: good morning.is the question, the only question that matters. it was a very self-imposed deadline going into the european summit. the brits had come to terms with the idea they were going to miss the deadline, that there is going to be no trade deal come today, but they were hoping to stay at the table and get a reaction from the e.u. to signal a deal was coming. the e.u. put out a statement. they said you don't see room to intensify talks. they still feel it's problematic and we're not there yet. if you listen to president macron, he was very taken. angela merkel was saying they need to move. the compromise needs to come from them. that language rattled the u.k. delegation. they weren't respecting that type of language and you had david frost say i'm shocked by that. we're not happy with it. we have to make a decision. our reporting suggested he wasn't going to walk away, but the u.k. delegation not happy about that language. annmarie: certainly not. maria tadeo, thank you so much. coming up, a th

maria tadeo is in brussels. is this lockdown lite or circuit breaker? e headline narrative is that paris wants to give to the world? maria: i would say it is a light, light locked down. this is because the french government has been repeating notweeks that they do envision or picture a national lockdown at any circumstance. this is something emmanuel macron himself has said. he believes you can't stop the nation the way you did in march and they have to tackle this in andy that is targeted tailored to regions and in a way that is very gradual. what we see tonight is bars will be asked to shut, the measures and they cite the prime minister's orders will go into place tomorrow and last for 15 days and they will take it from there. it is interesting to see that bars will shut, but restaurants will stay open. we've talked about the impact on the economy and jobs, so that would stay. the idea of this is to curb and limit social interactions, because right now when you look at the profile of someone who has coronavirus versus seven months ago, it is much young

i think the next question is for maria tadeo, speaking to mark. in english. let's listen in. >> [inaudible] do you think that makes a potential deal more difficult? >> i think were making a little bit too much out of it. i believe it's an administrative next step, given the fact that this particular law passed so many stages in the u.k. parliament. i believe it is moving to the house of lords, so my understanding is that this is an administrative and legal step the commission is taking, also within its power, at this stage of the bill being pushed forward in the u.k. parliament. i don't think it will influence to a large extent the negotiations. >> [inaudible] it made the community very nervous this morning. >> sure. i completely understand why the commission is doing this. it is their power to do. it makes sense that this administrative staff -- on this administrative step taken. i wouldn't read too much into it. it's a signal in its own right. i believe it had to be done and will not influence too much the negotiations with the u.k.. >> when do you think th

let's get the latest from bloomberg's maria tadeo in brussels. tart the day off with crunch time or deadline yet again. i feel like this comes and goes all the time when we're talking brexit. [laughs] maria: it comes and goes all the time. i would say in principle, this is presented as october 15, a make-or-break moment for the u.k. delegation. they kept repeating, we need to know by the end of the summit happening today and tomorrow in brussels literally have a deal. to answer your question, is it a deadline? our reporting suggests it will no-deadline. is a over the past 24 hours, we have seen both delegations, the u.k. and the e.u., really try to dial down expectations going into the summit. we had u.k. officials saying they want to get to something tomorrow that it doesn't have to be good on paper, just something the prime minister can go out and say, look, we are making headway, we will not walk away from the deal, but we are moving closer to it. european leaders said this was a deadline would never put forward. we anticipate a lot of major ac

bloomberg's maria tadeo joins us with more. what do we know? maria: we know the government of spain has put the city of madrid in a more restrictive lockdown for the next 15 days, and that it's in an effort to try to contain the coronavirus. what i would say is that the situation in particular in madrid is very different to what we are seeing in other places in europe. this is really a national story, very much about the politics and about the management that has been going on in the city of madrid for two weeks. it has been a political football in the national government, the regional government. i would stress it is a mistake to try to do a read across and madrid to the rest of europe. this is a very particular city. what we have seen across europe is a number of infection spikes, and warnings from european governments that this is a second wave, and we are going to see inevitably more restrictions. there's no sign of a national lockdown happening anytime soon anywhere. guy: maria tadeo, thank you very much, indeed. let's talk about the market

we welcome maria tadeo, our correspondent in brussels. give us an update. understand the delegation is going to negotiate in england. was the deadline real or not? maria: it was not real because it came and passed. the prime minister made it clear that he wanted to see by today a deal, or to get a clear signal that a deal was imminent. he did not get that. he went out and said, i'm unhappy with the way that talks are going. at this point, we want to consider a no deal. when you look at the europeans, and they are saying, we are stating the obvious. we have not made progress, we could not just give him a deal at any cost. we told him repeatedly. doesn't mean that we are moving closer to a no deal? the timing is unclear. the prime minister does not want to seem weak. he said that this is do or die and it wasn't. he is under pressure given the way that he has been dealing with coronavirus. it's a complicated position, but the understanding is talks will continue. a deadline legally is the end of the year. we know that the europeans like to take things to the la

johannes hahn speaking to maria tadeo earlier today. fascinating conversation.ve day yesterday. joining us on the phone is bloomberg's bonds reporter. john, talk me through the significance of what we just saw. we are seeing treasury selling often the states on the same day yesterday we saw this massive issuance that was so hugely oversubscribed in europe. john: yes. it is funny you should say that. this was a huge deal. nearly 14 times as many orders for the amount of bonds on offer. it is the biggest there ever has been. it is largely a function of how scarce assets have become in europe. in germany, thanks to the budget frugality they are not that many german bunds going around. clearly investors were starved. they dived into this. there were 200 investors. even the eu were surprised with how well this went. huge successwas a and that sums it up. alix: does the ecb need to buy any of it or does that mean we will see issuance so there is something for the ecb needs to buy? john: we expect the ecb will start buying at the tail end of this week or early next wee

now is bloomberg's maria tadeo. saw the numbers this morning and it is quite concerning what you are seeing around europe. what is the latest that we need to know? would point to the measures we are taking --that were taken yesterday by the french government. they are at the top alert level that they have. restrictions really have an impact on the service industry, on restaurants. now, you are looking at paris. that has been the case for two weeks now but they are also adding granada. now, you have more coming into play. we have set for a while the approach is not to go for a national lockdown. your -- underl of major restrictions, ultimately, does that have the same kind of impact. what i would point to is the spanish government, yesterday, late in the night, called a special cabinet meeting that's happening today. the speculation is they are going to declare a state of emergency in the city of madrid. we know it has been badly hit by coronavirus. there has been a huge back and forth between the regional and nation

joining us is maria tadeo.e are hearing restrictions this time around and the pushback these governments are receiving. a: i would say this is probably the elephant in the room, the biggest question is what kind of social pushback can we get? what kind of anger do we see this time around? people don't have patience for this. a lockdown has huge repercussions on your personal life. huge repercussions on mental health, your personal finances. a lot of the pain is also self-inflicted by politicians. just a few weeks ago, we heard this repeated time after time that there would be no lockdown. that europe was ready. that hospitals were in a better shape and this second round of coronavirus would not be as bad as it was in march. clearly, the situation is looking a lot like march. people can see that. that threshold and tolerance for crisis management, for very hard restrictions on your life clearly have gone down because we have been told many times this was going to be ok, that we were ready for it and now politici

let's get over to maria tadeo in brussels. a lot of conversation around the wto, and we are speaking to the trade commissioner about this. valdis dombrovskis is joining us from brussels. you are approved by the european parliament yesterday. i want to ask you for an update on where the trade talks with the u.s. are potentially headed. the idea was you would go to your team the washington, d.c., and i take it that is off the table after the election. it kind of communication are you having with the administration? valdis: good morning. thank you for the congratulations. i am looking forward to the trade portfolio. negotiationsur with the u.s., there are no plans we would physically go to washington, d.c., but at the withtime we are in contact the u.s. administration. i have had several phone calls with ambassador lighthizer, and there are a number of issues to discuss regarding eu-u.s. relations. on the phone with lighthizer, you are having can indications? -- you are having communications? valdis: exactly. maria: a lot of this

this is your weekly brussels edition guide to politics and regulation. ,oining us is our reporter maria tadeothe european capital. maria: it is monday morning and we will talk about brexit. we are joined by guntram wolff. this will make our monday morning better. easier. onlook at where it was left friday where the prime minister said it is clear that the eu has given up on us. and emmanuel macron says -- it is you that is leaving. who will move first? guntram: thank you for your kind words. it is a great morning. great to be on the show. i have to say that i am worried actually at this stage. i still think that the logic on both sides is to come to the ande with michel barnier david frost to sort their differences and find a way out of the impasse. really talkson has to himself into the corner over the fishery issue. i think he is going a bit too far. andu.k. is leaving the eu it needs to have a way of saying -- brexit has consequences also for you guys. very --el that he is a he has strongly boxed himself into the corner. i also feel that many people thess europe, let's say netherlands and

maria tadeo in brussels, a pleasure to have you on the program as well., stocks to watch and samsungml, supplier delivers on analyst expectations for the fourth quarter. they will resume buybacks. this is bloomberg. ♪ anna: welcome back to "bloomberg markets: european open." futures modestly positive. israel entered a second locked down after a spike in covid cases. the government forced the closure of schools and non-essential businesses alongside a ban on social gatherings. israel is starting to ease restrictions. the impact on the economy has been severe. gdp is expected to slump, and millions of workers have been laid off forcing the government to boost spending. yousef: local assets have been under pressure, let's get perspective on what the road ahead could look like. we are joined by amir yaron, governor, bank of israel. we are just getting through this second locked down on the basis of what you have been seeing in terms of data and your conversations with your peers, what has changed for expectations for economic growth? , the secondof all seeing

bloomberg's maria tadeo is here to help us with that. maria: you make a very good point.y are meeting on the phone, and there's a lot of diplomacy happening on twitter, as a matter of fact. we had a tweet from mr. barnier saying the eu is willing to get back to talking to each other, but the problem is officially, they are not, because the u.k. administration was less happy about the summit. they have set unless there is fundamental change, there is no point meeting or holding anymore talks. what is interesting here is that the eu said we are willing now to look into the legal text. we are willing to put something on paper, and we are going to intensify negotiations. so it is really those two elements of the u.k. had asked for. you can argue it really is the optics of a deal right now that are kicking in for the u.k. after friday, and the lack of enthusiasm feels like they just need to extend this for a little bit longer. this idea that we are not talking just to make a case has been tough on the eu, now they are ready to go back to the table which is kind of the idea her

jonathan: let's go to brussels and catch up with maria tadeo. lockdown is a word used loosely. what is difference between what france and germany have done? maria: for the french, they have to hit the nuclear option and grind the economy to a halt. they will go to work from home again. they have to shut the hospitality sectors, hotels, tourism, this is all coming to an end. in many macron was clear on that front that it is painful for the economy, but numbers are looking bleak. in two weeks, the french hospital capacity has hit its full capacity. this is about reducing social 'sntact, making sure people infection rate comes down. this is the second and biggest economy in europe. wondering whody is next. we have heard from france and germany, what are you looking for from spain and italy? maria: for the italian premier, he is under huge pressure because the economy was already under pressure before the coronavirus. thing, and heoing said he will not lockdown the country. we are looking at a situation from we could see a u-turn italy. when you look at spain, it has been so badly h

maria tadeo in brussels. let us take a quick look at the markets. this angsts, we have in regards to covid. a stimulus package before next week's election fade. the tech rallied in the u.s. session on positive earnings and m&a. investor david einhorn believes stocks are in a bubble. he says the tech bubble is defined by lack of regard for and the top may have already occurred. great to have you with me as always. let's just stand back for a moment. everyday i try and ask a new question about politics, covid, and physicals. -- fiscals. do you get the sense markets are at the foothills of a reappraisal of risk? what are we reassessing? is it politics? fiscal? covid? what is the most important narrative? let me start with what has been least important. the fiscal. fiscal stimulus is coming after the election. it is more of a timing issue than not getting any at all. the far more important is the covid situation and of course the election next week. covid you have gone through the news we are getting across europe. it is the pickup in death rates we are

joining us now with more from brussels is bloomberg's maria tadeo with an update. maria: yes.eeing is the number of cases has been jumping this week. we have also seen lockdowns come into effect. there's a lot of speculation in europe as to whether similar measures could go into effect next week, and of course, that warning from angela merkel yesterday in front of european .eaders this feeds into the european central bank. we heard from christine lagarde yesterday, who said there will be a recalibration going into the december meeting. today when we spoke to the ecb councilmember here in vienna, he repeated that message. what was interesting, he said a lot of the elements of the package will depend on the forecast going into that meeting. he said that rate cuts don't seem to be working for the real economy. market'sng that the right to price in some action. he said the markets should be much more nuanced about lockdowns. there's partial lockdowns, big lockdowns. he doesn't see a double-dip recession as something that is certain. something thats would've been priced in at this

bloomberg's maria tadeo reporting. response to the virus, joining us from london, carsten nickel, managing director over at teneo. the european economy bounced back over the summer, but now we are seeing case counts rising, hospitalizations rising, and now starting to see deaths rising as well. is europe heading for the lockdowns in the same way that we saw earlier this year? carsten: i don't think in the same way, at least not for now. but it is clear that the whole stick to snow capacity conversation is changing back definitely in the political realm, going back to moore where we were in march and april. what i mean by that is that back then, obviously we were talking about icu beds, hospital capacity and all that. over the summer we moved towards contact tracing, local health authorities, all of these attempts to make lockdowns as local as possible, but i think coming out of the summer, we have to see that there are still differences in terms of where we are in the pandemic across europe. even if you look at those c

maria tadeo tracks every nuance from brussels. good to see you this morning. e we in terms of this recovery fund? i thought we were there. this is very europe. maria: [laughter] exactly. in market had already priced that we would be there by early 2021. that was the idea. the idea that the recovery fund would be operational by the start of the year. the commission would give you an upfront payment. by mid-2021, the money would flow to countries that need that funding like italy. it's europe. we hear from officials that they feel the implementation would take longer than that because there are still issues that need to be resolved. a crucial issue here has to do with with rule of law. youthinking here is that are the european union, you will give money out to a country like hungary, you have to have guarantees that they will respect fundamental democratic rights. that's the concern here. they don't have the guarantees they need. i spoke with the commissioner who handles this issue. she told me the pressure on the money has to be there. we have to get guarantees.

maria tadeo joins us from brussels. there's a lot of ideas floating around. none of this will be official until both emmanuel macron and angela merkel speak. the idea is we are moving into something that looks like a full-time lockdown in the case of the french government, that we understand is seriously considering a one-month lockdown that would start thursday night, going into friday morning. it would last for four weeks. the idea is it would allow the government to take control of the infection rate and provide relief to hospitals, which have come under pressure in the last five days. in the case of germany, this is more nuanced. we saw that angela merkel was pitching what looked like a around the idea of shutting down hospitality to really cut short social gatherings. what is leaking out of this meeting that is happening as we speak, a lot of this is speculation, that perhaps a bigger lockdown could be on the table. is as a mention, it speculation. none of this official at this stage. alix: thank you. now we want to get a look at the rise in virus cases

alix: joining us with more from brussels is bloomberg's maria tadeo. what does all of this actually mean? maria: i would point to the words of the finance minister of the netherlands. he said this sounds like it is very serious, like perhaps it could be a dealbreaker, but in reality, it is not. this is part of a procedure we all knew was going to happen. the europeans are dead sure this is a breach of international law, and if this were ever to go to court, they would win the case. but at this point, they see it as something that was obviously going to happen. yesterday, the u.k. had to pull this bill. that didn't happen. the eu is now threatening to take legal action, and has given the u.k. a month to come back with a reply to their concerns. negotiationty, the is very much is still ongoing. it doesn't mean that there is going to be no deal on this, and it doesn't mean that talks are stopping. it just means that this is very predicable. the eu is a rules-based organization and they will take action. the talks are very much ongoing. guy: let's talk abou

bloomberg's maria tadeo joins us now. the news is moving really fast. what is the risk? maria: we know we will probably see more restrictions come into place when it comes to france. that was something that in my nail macron -- that emmanuel macron said yesterday. this idea that somehow coronavirus has become less lethal and will be less of a problem then it was six months ago is not scientifically proven. it is not something we can operate with. so there could be more restrictions announced, starting today. the other thing i would point out, and it is really interesting because this is something we could see play out in many european cities, is the situation in madrid, where the administration took measures to court, and the court is no agreed with the administration, saying that the partial lockdown in place goes against bake -- goes against basic liberties of people, and that will be undone. we are seeing cases taken to court, and the court having to make a decision that has a real impact on the health of people. this is not just madrid. we are seeing that tension play

for more, we are joined by maria tadeo in brussels.ch republic, netherlands, what is the state of play across europe? seeing his you are daily restrictions when it comes to coronavirus. the tone has changed. last week, 700,000 cases, the most since the pandemic began. that is triggering all the government action. the prime minister is under huge pressure to declare a national lockdown for two weeks in the u.k. in the netherlands, more restrictions, a partial lockdown that sees all nightlife being stopped. no more alcohol sales after 8 p.m. this is a major u-turn for the dutch permit is there who until now has said we want to go for a smart lockdown. we don't want to put in place measures or restrictions that could hurt the economy. onay, the focus is very much interviews this afternoon, it does signal a real escalation. it had been the health minister and prime minister diab -- dealing with this another president elzie has to say something. there's big speculation that there could be a curfew, meaning you are not allowed to leave your

tom: our maria tadeo in conversation and questioning their with the gentleman from the netherlands.lcome all of you on bloomberg surveillance. francine lacqua in london, i am tom keene in new york, and anne richards is with us from fidelity international, there chief executive officer. it is stunning to see the disinflationary tendencies in europe. we see it fullface in the credit yield, in the 5.5 year breakevens. you are expert in this mathematics. how do you reverse the glide path of disinflation? anne: you are not going to reverse the glide path to disinflation until we have a meaningful change and central-bank policy come and that is not happening anytime soon. is the right that question to be asking. i think the question when you see asking is how can we take advantage of the environment that we are in in order to build toward -- to take advantage of the disruption we have been through, to take advantage of the changes we have all had to bring into our business models, to say how do we build a new and better economy on the back of this extraordinary circumstance? that is the o

maria tadeo joins us from brussels. it is the story of the morning in europe.lose bars and restaurants in germany, in france may be a one month lockdown. what are you hearing? maria: it reflects the numbers we have seen over the past two days and highlights that the situation has become serious and shows governments have lost control of the infection rate. nothing is official for the time being and it will not be until the french president decides to make it official. we understand

your essential need to know guide and for that we go as ever to maria tadeo in our brussels studio. am excited because we have an interesting interview coming up. is european commissioner tackling something that has never been done before. we are joined by the budget commissioner. johannes hahn. this is huge. to give us an idea, when will we see the commission cap markets for the first time? two. hahn: we will issue different kind of a bond's we will start with so-called sure bonds. it is aimed at supporting member measures support aiming to bring people back to work or keep them at work during these difficult times. and for this we have a maximum volume of around 100 billion. we will start issuing the first tranche in the second part of october. and the biggest chunk and the second half of next year. after that, we will start the next generation part which is finally more than 800 billion and this will start i suppose by the end of the second quarter next year. maria: there will be an issuance of short bonds that will happen at the end of the month. november. and when it comes to t

maria tadeo has more. >> we're looking at the european central bank.a a lot of speculation in the market. look at some of the downside risks as to whether we would see the ecb taking preemptive action. to talk about this, we are joined by vitor constancio joining us from lisbon. there are investors who would tell you that at this point it is difficult to read what the european central bank is doing and what christine lagarde wants to get to. is there a messaging issue going on? so.r: i don't think i think the message has been clear. naturegrams reflect the of the policy in place and working. and you can see the outcome when on look at the market yields sovereign debt. there has in a decrease. -- there has been a decrease. the nature is working and it is very clear. also coming ecb officials have discussed increasing their which is alsod be positive. language, whenhe you hear christine lagarde for example -- she says let us not get too carried away. we chief economist says believe this is problematic for inflation. is that whiplash for the markets? the

our reporter maria tadeo is in brussels, getting the latest on the brexit story and the trade negotiationsaring at the european parliament -- we are joined by very interesting guests. david mcallister here at the european parliament. we have a lot to talk about. i want to put a question that has to do with the recovery fund, this idea of will it be ready by the start of 2021. you know the just at the european parliament. what's your take on it? >> i hope the recovery fund will be operational as soon as possible, and the sooner the better. i think it is important to have the council and parliament sit discuss the main issues where we still have differences so that we can get it done. the sooner the better, but both sides have to move. maria: to make it clear, for investors, this is something they really care about and you do believe there' time from now until the end of november two really iron out some of those differences? >> it's difficult for me to speculate about a date, but i think the political will on both sides must be that we get it done sooner than later. maria: speaking of polit

brussels and maria tadeo, who has an interview for us. good morning. maria: good morning to you.the new target, the moving deadline. we could have something on paper they could provide the basis for a deal. to talk about this, we are joined by a member of the european parliament, and most crucially, he says on the brexit group here in brussels. mr. lambert, the idea that -- has decided to stay in london, how do we interpret this? stretche in the final of the negotiation, and i think indeed the british government ultimately wants a deal, so we are going to do our utmost to have one. i have limited hopes as to what that might entail, but at least now the perspective is that we might have a deal after all. >> you say the u.k. government wants a deal. but when do we get it? do you think mid-october is realistic? doubt ashas never been to whether the european union wanted a deal. not under any conditions, but we want one. there are doubts as to who would win out of boris johnson the hardliners, who want to cut all ties with the european union, or those who want a more cautious is the

that was the european union's budget commissioner talking to our own maria tadeo.et the bloomberg business flash. laura: exxon mobil is planning a number of layoffs. it did not specify how many. after lower oil prices are forcing the company to delay projects. he isief executor -- saying they a in global prosperity by making energy affordable. apollo global management is facing a revolt as questions remain about his ties to the convicted sex offenders. they may stop recommending apollo to their clients. including pension funds and endowments. they are also suspending new investors. the booming club of the acquisition companies has a new prominent member. the outgoing ubs chief has agreed to serve as chairman. also investing in industrial. they have filed with the sec to raise 350 million and a listing on the new york stock exchange. that's your bloomberg business flash. here inura wright london. 12 minutes until the start of the european equity session. over half of view of small and medium-sized businesses face bankruptcy within a year. that is according to a mcki

joining us for more on the phone is maria tadeo in brussels. breakdown the new restrictions. , europe oncel again grinding to a halt. in germany you have a partial locked. that means hospitality venues, anything that see people , the germansther have repeated time after time that they want to bring down the infection rate. angela merkel was speaking in the german parliament today and was very open about this, saying this is a dramatic situation. that this is an economic and social crisis happening at the same time. the french have gone for a bigger lockdown. this is more of a lockdown similar to the one we signed march, where people were told you have to go home, you have to stay there. is that schools opened. that could help parents work from home. what i would say is that the highlight here if this is not just about germany and france. i'm looking at the spanish, the italians, the belgian press, and they are saying this is not about whether we go to a lockdown, but finding out when we go into a lockdown. much,hank you very indeed. we have als

tadeo, very much. she will be joining us later. joining us is our guest, the head of global macro strategy. our markets properly pricing in more economic restrictions that maria just outlined for us? guest: good morning. i think markets are pricing in softer measures. more measures, yes, but they are betting on the fact that they will not have generalized lockdowns and that policymakers will try to keep these measures as soft as possible and not impacting growth in the way it did over the spring. that said, we know that q4 was going to be a little softer. we know that we are seeing this .ost in annmarie: you have reduced your overweight to europe. early on in the pandemic, the debate on wall street was whether or not europe would outperform and recover quicker than the united states. going --w think it is that trade is going to switch and we will see the u.s. potentially outperform europe? guest: i think it is going to depend a lot on the presidential election. there is a view that we will get bidenh stimulus from a and blue congress that that is going to be positive globally, that the dollar will be a little bit weaker, and that means that elsewhere you can