coming up shortly, alexander stubb, we will talk about the recovery plan. york, 10:30 a.m. in london, and this is bloomberg. ♪ tom: "bloomberg surveillance." good morning around the world where europe changes. there is no other way to put it. this is a historic deal by all accounts. this is a huge, huge shift over the 63-year history of the european -- the modern european experiment. francine lacqua and london, i'm tom keene in new york. we continue with geoffrey yu. i have to go with prosaic matters like a surging stock market. i am going to go there. why are stocks surging? geoff: two reasons. one, we have to acknowledge the policy element. two, there is no reason for markets right now, despite seeing the covid headlines, to suspect a broader recovery trend is going to be disrupted. the question is always, will earnings deliver expectations and the reality is that clash might still come. for thet does it mean larger multinational companies in switzerland, in sweden, and all of europe? what does it signal, this day of fiscal union, and also a day of corporations adapting t