it says "brooklyn burger cheeseburger." >> both: "barclays signature prime beef." >> that's not barclaysture beef. >> it's ours. >> did you see that before? >> no. >> but see, these are the details that matter. we're spending $180,000 a year. as i walk around the stadium, i don't even see $18,000 worth of value. i see the batchagaloop burger. >> it's made with a brooklyn burger-- >> so they have a burger in here that's not called the brooklyn burger? that's a problem, right? the sports contracts that we have don't justify any sort of investment. i've made the decision to terminate all of the sports contracts, and save over $400,000 a year. we're gonna focus on selling these burgers in grocery stores around the country. look, i'm as enamored as you are by the glitz and the glam and the logos and all the fun stuff that goes with it. but at the end of the day, it's a business decision, right? >> correct. >> so it just doesn't-- although nice, the economics just don't work. >> and who gave you the p.o.? okay, let me check with frank and i'll get back to you. okay, bye. frank? >> yeah? >> you

we are also talking about barclays. learned it is holding virtual discussions on boosting its bonus pool. >> people are telling bloomberg barclays has begun talking about likely boosting the bonus pool for traders by 10%. barclays at of those financial institutions that have this record performance, but we are told at the same time no final decision as been made, and there could also be a change to this proposed plan depending upon what fourth-quarter numbers turned out to be. we also know people have declined to comment specifically. what we are hearing is the 10%, andrace would be it would still lag behind the at surge in trading revenue the bank in those past nine months. at the chief executive has said the bank wants to compensated fairly but they were mindful of the uncertain economic outlook. that is the big story across all banks. lenders must await rewards against the strain of the pandemic against all other units and all of these banks looking to each other for the benchmark. barclays decision will be closely f

let's bring in barclay's ceo jeff staley. thank you for joining us >> it is great to be with you. >> i have to start on this extraordinary ferocious ipo market before we get onto some barclay specifics k. the pace of ipos coming to market continue like this? >> we are an active manager in airbnb but let me make a couple comments one, the overall backdrop is the market is extremely liquid following the monetary policy that's being pursued by sflar banks, uk, u.s., in face of the pandemic we have the fact that software companies are trading at extraordinary valuations you have got a number of them trading at 30 times revenues, which is quite something if you look at these ipos, one, they relative to the market caps of the companies, while they look big in terms of absolute size, relative to the market caps many of them are not that big. secondly, the allocations are pretty tightly managed and then two other comments i wouldas a add is, i always thino should look at the value of an ipo 90 days after it is originally priced as op

emmanuel cau from barclays stays with us.ing up here on the european market open, france adds fuel to the brexit fire, warning it could veto a deal is too many concessions are made by e.u. negotiators. more on that, next. this is bloomberg. ♪ >> going into next year, including the 50 million from this year. we anticipate $1.3 billion in total. i don't think we disclosed what we will be providing in the first half but what i can say is, of course, we are ramping up production extremely quickly. so we can get the vaccine to everyone as quickly as possible. the biontechs chief commercial officer. you can see more from the interview shortly after 7:30 a.m. and we will bring you more of that. that's check the futures. they have been fairly mixed, reflecting a mixed session yesterday. ftse futures to the downside. let's talk brexit. france warns it could veto a trade deal between the u.k. and the e.u. the french ambassador told brexit negotiator michel barnier not to give too much away in trade talks after nine months of work. the

can i ask this to professor barclay please? >> as you said, there are several different platforms that have been used in manufacturing vaccines. the new platform are the mrna pfizer-biontech, moderna. beauties of this theory,chnology is, in it's adaptability, agility to respond. there is work to be done, but some optimism that that kind of vaccine platform able to -- for a variant spike. that's not to say that the other vaccine platforms couldn't also do that. the other vaccine platforms, the astrazeneca, -- the virus. this is a bit more complicated with adapting the mrna. some of the others are using protein expression vehicles as well. there are other symptoms -- systems that could receive sequences of information and adapt. probably there is an agility that probably puts the mrna --cine a little bit more than others. >> thank you. my last question is, information is so vast. people are understanding how to stay safe, how to keep families safe. reduceour priority be to crowds as much as possible and whatever the scenario is,

barclay's also up 4%.also, ping-pong continues, but worth bearing in mind that a lot of these stocks have a deep value versus stocks in europe and the u.s. perhaps investors are looking for some form of a resolution just to get back involved in this market again and pick up the value, especially in the banking sector. switching to uk home builders, i mentioned we are seeing a good performance. you can see across the board, persimmon up almost 5%. barrett's up 4.5%. another bellwether up 5.3%. it is a positive start to the week for uk assets. across the board, sterling, stocks are also coming off a couple of basis points. but let's get out to steve so we can flesh out some of the details of what we heard over the weekend, steve. and as we've been discussing for the last couple of weeks, there were three issues that were outstanding. it was level playing field, it was governance and the fish, as well. but we're hearing over the weekend that we are getting closer to some form of a resolution, at least when it

it seems that barclays is trying to thread the needle.here is a second headline that sayingth this up 10% that this is a conversation happening now with the trading floor, basically trying to temper pay expectations. thatis an expectation everybody is going through right now. as you say, the numbers look good, but there are all kinds of other factors that need to go into play, and certainly want the bank of england is saying is probably being taken on board. we will talk more about that a little bit later on. the cost of vaccinating americans is another factor we will talk about. continuing to iron out details of another covid release -- relief package. the cost of mass vaccinations is growing. ♪ alix: live from new york, i am alix steel. this is bloomberg markets. this is a live shot from the senate floor. mitch mcconnell saying that he is making headway on a relief package. issues --ntentions contentious issues are sidelined for now, and virus cases are surging and the cost of vaccinating is joining us -- is growing. ,oining us is clair

and turning to those hot home builders, barclays upgrade ultegroup and downgrading lennar from equalto overweight. it continues to fire on all cylinders but says it also sees less opportunity for upside in 2021 and barclays raising its price target on moderna. analysts saying that moderna's covid vaccine could be best in class and orders have already exceeded 500 million doses the stock, by the way, also up more than 600% this year >> appreciate it, rahel, thank you. >> all right, pete they don't like your lennar. now the street is repudiating it today because as you saw, lennar is up. what do you do with housing, though, more broadly >> you just have to understand what your issues are, right? i'm still long d.r. horton in terms of stocks. but, yes, i am in lengnar as well they are in a really sweet spot. the one overhang will be the cost of lumber i think these names are still very inexpensive, i still think there's up side and i understand why they decided to shift around and downgrade where lennar is. all of these names still have up side and i think other than unless we see more

barclays is likely to boost its bonus pool for traders by 10%.ording to balance performance with an uncertain long-term effect of the coronavirus. barclays plans could change depending on how the fourth quarter goes. that is your bloomberg business flash. guy: we are taking a look where markets are. equity markets bouncing off the lows. we are up in what is interesting is the ftse 100 is up despite by fact that the pound is up 65 or 66 where we are trading. some of the health care stocks doing very well in that market. the european closes next. ♪ up the are wrapping session for european equities. up by around .8%. some optimism certainly around the data coming out of europe. it was a similar story coming out of asia. the pmi providing a nice little uplift. we now wait for the fed to see what potentially that is when to have. potentially, a stronger euro. let's talk a little bit about what is happening in terms of the individual markets around europe. spout --climbing to despite the fact we have a stronger pound. some of the health care names are

home builders also coming under a great deal of pressure barclay group down more than 6%. 5% worth of losses for persimmon, bell way, also coming under pressure as i promised, we've got coverage around the continent for you. we've got steve joining us with more from westminster. sylvia is covering the brussels perspective. and we've got charlotte reporting on french president emanuel macron >>> to set the scene, let's start with steve who joins us from westminster the u.k. government has been striking a more optimistic tone this morning with foreign office minister james cleverly telling sky news there is still a possibility of getting a deal. steve, there have been conflicting reports, a lot of noise at fisheries the last 24 hours or so. how important is fisheries at this point given the other two main sticking points remain unresolved set the scene for us >> i think it's fisheries plus the other two. it's extraordinary if all our viewers take a step back and think fisheries, what stocks do we trade for fisheries? the answer is probably none. financial services or some form of indust

christian keller from barclays is still with us. put out last week your q1 outlook, which i thought was full of fascinating stuff. use shows charts you u.s. real gdp getting back to its pre-covid trend by 2024. is that optimistic? we keep hitting new highs on u.s. stocks. it is pretty amazing even as infection rates climb to new records also. clearly -- what we forecasted, a very weak first quarter in the u.s.. something could even be negative. economy held up much better than expected. the momentum with which we went sets it fourth quarter apart from europe if you look at seasonally adjusted and annualized numbers. moment is the the virus will influence the first quarter. patch,ket has this soft but the market is focusing on a world of normalcy, if you will. the vaccine will bring us to protected populations and therefore an economy that can go back to levels it has seen before. a lot of stimulus is still there. that will propel growth in the next one or two years. anna: we have had new data out of china overnight. export data. asi

lloyds and barclays have seen enough to respond positively.n those businesses at least. lloyds up by 5.5%. barclays up by than 3%. the house bill also doing well. more than 2%. we do see some movement coming through in some of those u.k. consumer-focused stocks that we have been keeping an eye on as we have been going through the last 4 1/2 years of brexit conversations. now the united states, house republicans are set to block nancy pelosi's bid to pass a bill for relief checks for $2,000. there was a battle between house minority leader mccarthy and g.o.p. members. pelosi is planning to seek pproval in congress today. samuel, i was reading the latest developments around stimulus. how does any of that stick to the dollar? i'm not sure if it does. do you think this debate around the stimulus checks matterses a great deal to the people on the ground waiting for them but in terms of where the dollar trades, how relevant is this news flow? >> so we had a stimulus package not too dissimilar to the one that was unveiled and what we thought had been

barclays high-yield index surging, but having come down quite a bit, narrow spreads, not a lot of premiume. joining us with more insight family management corporation chief investment officer. david, thank you for joining us. everything looks pretty expensive by conventional measures. stocks look expensive. credit spreads are kind of narrow. how are you thinking about identifying opportunities in 2021? on.hanks for having me i think the first thing is stay away from making the big mistakes. the big mistake next year is chasing highflying assets, chasing the hottest momentum plays. in a winter take most market the chances that the average investor is going to be taking those correctly is going to be very small. just avoiding large mistakes is the first thing. the second thing is getting on board with the cyclical recovery. we are in a market that is probably going to -- the u.s. is going to grow north of 5%. globally it is north of 6%. we are really in a market that is priced in a recovery, and i think that the playbook from 2020 is not going to be the way to go for next year. romaine: whe

barclays, british bank, paid $298 million "for conducting transactions with cuba, iran, lya, myanmarited [states] trade sanctions. barclays was discovered to have systematically disguis the movement of hundreds of millions of dollars through wire transfers thatere stripped of the critical formation required by law. [...] "last may, when abn amro bank (now largely part of the yal bank of scotland) was caught funneling money for the benefit of iran, lia and sudan, it was fined $500 million, and no one went to jail. last december, cred suisse group agreed to pay a $536 million fine for doing the same. in recent years, union bank of california, american express bank international, bantlantic and wachovia have all been caught moving huge sums of drug money, but no one went to jail. the banks just aitted to criminaconduct anpaid the government a cut of their profits." the thing is, it is very undemocratic, because if you or i go to one of these banks along here somewhere with a few thousand dollars in a briefcase, if i'm a brit and dot, i have to give a really thorough explanation. bank ma

steve barclay also advised people to do "the minimum that is possible". current restrictions, this would mean people in many parts of england not mixing households at all. but over christmas, as things stand, those rules would be loosened. the uk opposition wants the policy reviewed. i think doing nothing is not really viable. i think a responsible government is going to have to do something. there are a number of things they could do to toughen them up, and we'll look at what they say. but, you know, in a sense, i don't want to make this party political. we know people want to see each other, families want to see each other. this won't come as a pleasant surprise to families, so i'm saying to the government, do responsible thing, review, toughen up and we will support you support you if you do that. our reporter paul hawkins is here. all this discussion for what is going to be happening injust over a week now as tier 3 is imposed on london and the southeast? picking up on what the labour leader was say, they are calling for a review of the rules but i th

stephen barclay, thank you.ndon will not be able to admit those fans. in the premier league, currently only four clubs will be able to admit fans into stadiums. one of the sports immediately affected is the world darts championship which gets under way tonight. it'll be a slightly different occasion. usually one of the more raucous events, with 3000 fans going wild at alexandra palace. and although there will be 1000 socially distanced fans there later, after that, with london going into tier 3, the event will be played behind closed doors. those restrictions also mean football fans in the capital won't be able to attend games from tomorrow. the chelsea manager frank lampard is urging the government to rethink that move. 2000 fans were at their last two matches at stamford bridge and he believes football's proved it can keep that number of fans safe. we are making it up as we go along and that is not to sound critical but we have not been in this position before. if clubs can control it, the think they have show

there was a barclays upgrade this morning collaborative future between fedex transportation networks could signal the beginning of a multiyear upside -- >> multiyear 2023 this stock, carl, when the pandemic hit, people thought that they're going to be the loser. i don't know why people felt that way because the way that e-commerce worked, it is like airbnb, i remember when brian chesky said he was worried about whether they would be a loser. they were a winner because hotels don't have the cachet of buying somebody else's house i watch the fedex go up, i remember when they hit bottom, even they were despairing on the conference calls like, oh, man. >> talking about how long he's been ceo and, yeah sorry, carl. >> think about ayear ago when the number one topic on our mind was international trade. and limits on it because of tariffs and trade wars that's when -- not to mention the difficulties in some of the operating models, that's what barclays talks about today, jim, that you got to change the culture before you can get the model changed to where margins improve. that's what they s

devon barclay... david foster...liamentary majority. a year later, she was still trying to manoeuvre towards a deal. the eu was sometimes in step. but often not. there is no room whatsoever for renegotiation. eventually the two sides settled the uk‘s final bill, citizen‘s rights and a solution for avoiding a hard border on the island of ireland. the british parliament rejected the deal three times, much to the fury of brussels. i‘ve been wondering what this special place in hell looks like for all those who promoted brexit without even a sketch of a plan how to carry it safely. in the summer of 2019, theresa may‘s time was up. ..with enormous and enduring gratitude to have had the opportunity to serve the country i love. new pm borisjohnson finally rammed home a brexit deal, after winning a snap election. british meps said goodbye to the european parliament and, in january this year, the uk officially left the eu, although it would abide by its rules in a transition period the rest of 2020. now is the moment to come

steve barclay.s from friday, with all pubs banned from selling alcohol and forced to shut at 6:00pm. at the senedd, the welsh conservative leader warned of the possible economic consequences. here in wales, a pub will be open but won't to be allowed to sell any alcohol whether it's in cardiff or conway, and do you expect these businesses to survive on pop and pork scratchings? the first minister said welsh businesses would receive more generous help than those elsewhere in the uk. but mark drakeford was baracked by a former tory leader after quoting michael gove on the dangers of the nhs being overwhelmed. unless you are... uh, uh, uh this is the question from your party's leader, you don't need to be pointing fingers. i don't want fingers pointed, please come in this chamber. first minister to continue, please. the balance we strike is always between saving people's lives and attending to their livelihoods. and that's the balance that we have struck in the package that we have announced over the we

joining me now is emily field, head of european pharmaceutical research at barclays. emily, thank you for getting up so early for us. your thoughts on the logistical challenge ahead if we concentrate on the uk for now. yes, thank you for having me. i think obviously with this initial approval of the pfizer biotech vaccine, especially given the need for the cold storage it is quite logistical challenge. although listening to the downing street press conference yesterday i think that certainly gave us a great level of confidence that the government has very, very strong plans ensuring that no doses are missed, that these are given to the hubs that have the ability to store the vaccine appropriately and ensuring that patients do get that second dose in the appropriate timeframe and that second dose is not wasted. so i think that, you know, it seems that the initial rollout is going to be encouraging. however i think that as we get more vaccines approved hopefully we will see more that have less rigourous needs for storage that should make the roll out easier for broader

decimated the expectations of the retailers now i see want to estimate from the credit card company barclay card this morning and they expect boxing day people to spend around $3600000000.00 online but that's small consolation to the people with bricks and mortar buildings in places such as this and the restrictions on expanding today for the 1st time an extra $6000000.00 people under these tier 4 highest level restrictions meaning households cannot mix all essential shops have to close that brings to a total some $24000000.00 people in britain about 43 percent of the population who are now under these restrictions on the biggest difficulty over this christmas period has been how circumstance on the government have a sense of balance people around. donna cain joins me now live from berlin tell me what is the timeline for the rollout of the vaccine in your. well the interesting thing here is the european union has made pretty clear that it wanted the 27th of december good to be the date at which the vaccine became available for immediate distribution right across the 27 member states but it'

criticism for approving the pfizer job so quickly let's get more on this from out there across money barclays administrator so this bit of a roué over the quick approval from the u.k. tell us about that yeah well the race to develop a vaccine is essentially entering a new phase the face through to approve it to regulate it and the united kingdom on wednesday became the 1st country to give the seal of approval to the bio and tech pfizer vaccine and a rollout will soon happen as early as next week but the speed in which the british regulator has done that has raised some eyebrows in the e.u. and the united states a difference of opinion appears to be emerging and there are some concerns already that this could undermine confidence in the vaccine before the vaccine i process internationally has even begun years more and that. hope is housed in a belgian factory where millions of doses of the vaccine developed by german scientists from bahrain take and the u.s. pharmaceutical giant pfizer are being made. the u.k.'s leading the race to roll out the drug after its independent regulator gave the vac

has decimated the expectations of the retailers now i see one estimate from the credit card company barclay card this morning and they expect boxing day people to spend around $3600000000.00 online but that's small consolation to the people with bricks and mortar buildings in places such as this and the restrictions on expanding to. say for the 1st time an extra $6000000.00 people are under these tier 4 highest level restrictions meaning households cannot mix all essential shops have to close that brings to a total some $24000000.00 people in britain about 43 percent of the population who are now under these restrictions and the biggest difficulty over this christmas period has been how circumstances on the government have a sense of balance people around well the more contagious variant of the coronavirus is now also being confirmed in japan 5 people who arrived from the u.k. were found to be infected and put into quarantine they traveled before japan and joined more than 50 countries in banning flights from britain. australia is 3 imposing coronavirus restrictions in parts of sydney off t

but guidance is being kept "under constant review" and the chief secretary to the treasury steve barclayed people to "do the minimum possible" when covid regulations are relaxed. in the last few minutes, labour leader sir keir starmer has added his voice to those questioning the festive relaxation. 0ur political correspondent jessica parker reports. will you stand under the tree? getting into the spirit and under the tree, senior ministerjacob rees—mogg en route to cabinet but a small diversion first. will we still get christmas? happy christmas. london, most of essex, parts of hertfordshire head for tighter rules tonight, the government revealed yesterday as well, there was a new strain of the virus and faced questions whether a temporary relaxation of the rules next week was wise? i think it's important that all of us are cautious ahead of christmas. of course it is a period of risk and that is the reason we wa nt of risk and that is the reason we want people to take it very seriously and go no further. last month, all four nations agreed that from the 23rd to the 27th of december, peo

who needs barclays life for us in london so we just heard from the u.k. health secretary a short while ago putting a positive spin on how the government has handled this vaccine. yes but hancock said that this was 1st and foremost a triumph for science as well but he was also very keen to sing the government's praises even though it is the regulator at the end of the day that is the one that has worked very very quickly to if they survived seen the green light to nurse sooners the regulator responsible for doing that do that the government immediately pounced on it and now we know that a mass rollout will begin from the start of next week and it will be an incremental rollout starting with just a small smallish group of of around $800000.00. samples that will be available being able to treat about 400000 people because of course you need 2 doses 21 days apart the british government very very keen to show that now it's not in the european union that it's regulated cannot nimbly rapidly when it comes to interpret the data and going through all the rigorous

has decimated the expectations of the retailers now i see one estimate for the credit card company barclay card this morning and they expect boxing day people to spend around $3600000000.00 online but that's small consolation to the people with bricks and mortar buildings in places such as this and the restrictions on expanding today for the 1st time an extra $6000000.00 people are under these tier 4 highest level restrictions meaning households cannot mix all essential shops have to close that brings to a total some $24000000.00 people in britain about 43 percent of the population who are now under these restrictions and the biggest difficulty over this christmas period has been how circumstance on the government have a sense of balance people around still ahead on al-jazeera a new crown of iris trial is underway the continues in antibodies to help people oh very infected. and we meet with presidents and down to where the u.s. state that forged joe biden's political career. but. how do i place a site that way or losing the wintry weather that we've seen in recent days weeks across norther

professor barclay?here was an increase in the transmissibility of this virus. that has increased from moderate to high. 0bviously, these labels are well known to you, but, just four members of the public, members of parliament, high confidence, can you put a percentage confidence, can you put a percentage confidence on that, can you give us some way of getting a feel for it?” don't think i can put a percentage on it. that conclusion was reached by consensus opinion with the joint meeting of nervtag and spy—m, everyone at the meeting was in agreement at that point, of the evidence of increased transmissibility. it is not a very strict cut—off, but there is a framework where, between 50—75 is moderate and 75 and above is high confidence, and above 90% is highly, almost certain, which was the meeting of just yesterday almost certain, which was the meeting ofjust yesterday concluded that it was up to almost certain. as data has accumulated since the 18th, it has gone from moderate to high to almost certain.

barclay's upgrades fedex they say the increase of e-commerce will create opportunities going forward.edex reached an all time high today. are you on board, james? >> i am afraid not there is a van shortage. they are restricting the use of fedex for amazon prime deliveries i think the stock is loftier >> brian kelly >> i didn't like the way it traded today so i would wait for a pull back. and i like it for -- >> the warehouse side of things. >> guy i know you are biased -- >> yes, i worked at ups. he wore the shorts people asked me to stay for another day and i declined i am torn. but i think fedex is still cheap and my sense is that karen fineman would echo those thoughts >> would you echo those thoughts >> i would indeed. they talk about sur palaces for the holiday season a lot of the e-commerce, but i think a lot of it will stick and on the flip side if we have a reopen trade, those business deliveries, those are higher margin because they are more concentrated and would help the mix. they are finally getting over the tnt integration and i think we will see fedex ground and express

lloyd, barclays, all doing well today. the banking sector can breathe a sigh of relief, and the city of london, countenanced times that bank executives -- countless times, we have had bank executive come on the show, but potentially this deal does not lead to one, so that is why we see a little bit of a boost across financials in the u.k. finally, i want to look at what is going on with the british pound. this is the great brexit barometer. look at that, 136, the key resistant level. we have not been able to break out of that recently. pound,pass it on british but i spoke to andreas larson earlier this morning, and he was saying all of this was pretty much baked in, a base case agreement for the end of the year. what he is waiting for is any type of comments on services, because services is 80% of the u.k. economy, and he says if we get that, we will see more upside into the british pound. yousef: annmarie, thank you. that is bloomberg's annmarie hordern. is david, now bloomberg's senior editor. david, do we have any more

even the barclays, they have a lot more capital now then would have been the case a few years ago.did a three-year total return of jp morgan stock versus bnp paribas stock in u.s. dollars. it is a stunning 1400 basis points per year. jp morgan thumbs up and bnp paribas thumbs down. is there urgency to move stock price among bankers? jonathan: what we are talking about is that banks trading, whether they are trading in europe, they are looking to do buybacks anyway. why not do buybacks and use the stocks for longer term incentive? they have a chance of going out. look at ups 10 years ago trading at four times book. rather get paid now versus then. thank you so much. our senior bank analyst there. really interesting. this is absolutely fascinating. really quite something. it is news out of hong kong where china has charged 10 hong kong activists over an attempted flight to taiwan. this is breaking right now and we will have much more on this. the uproar has been extraordinary. we will continue to follow this in the coming minutes and hours as well. this is bloomberg, good morning. ♪

the barclays bond etf up 8/10 of 1%. tones of risk-off, uncertainty around the pfizer news.retty interesting, for sure. after hours, more choppy news. docusign trading off of its highs. they put up a solid quarter. revenue forecast beat. marvell technology, that stock is down. that stock is down 4.3%. we will be digging deeper into that. let's round it out with a look at pfizer. this stock was down for most of the day. we are going to see the move lower. on the news, taking a leg lower. nonetheless, investors slightly discouraged by the fact the amount of doses of the vaccine this year less than initially anticipated. emily: all right, abigail doolittle, thank you so much for that update. we will talk a little bit more about that. i want to bring in michelle, who covers health for us. what is happening with pfizer? there was this report from the dow jones that is rattled the market. michelle: the amount of the supply for the ingredients that goes into the pfizer vaccine hit a snag early in the production process and the company had originally intended to supply 100 million d

joining us now for tech stocks, chairman of the global international banking at barclays china has beeny important part of technology overall certainly, given the growth rate of many of these companies i'd love to start there. are you concerned at all, has it cut down on investors willing to invest over there? >> first of all, thank you, david and deiedra for having me. you look at the general marks, the s&p is up 15%. the nasdaq up 40% year to date you've seen multiples expand on the pe, up 23. you see investors really for growth, e.d. to revenue to growth have ticked up slightly so you have been seeing investors chase tech globally as well as domestically on the global side of things, regulatory issues are always a consideration. we've got domestic here. we've got states like california over in europe and china as well one of the considerations investors put as they think about investing internationally, particularly within china. so that's going to always be with us. one of those risk factors that investors like to think about. one thing i'd like to talk about is this covid bucket or

was a er and october great example where equities 6.5% off, not a ton, about and barclay's was off 50 basis points. think is n general we going to be very tricky for the next year or two as global to rebound ntinue from the pandemic. jonathon: troy, your message sounds pretty clear, if you want risk, go all ate the way to the bottom, take the equity, is that the story here? i think if you're just look at pure corporate risk and no other choices, with the market volatility in at the , you look september 1 to november 30 period, you know, you didn't actually make as much as people think, you're up 3.5% even after the monster in november rally correctionstoo many along the way, so you're paying a much higher volatility price coming off the bottom, but at least you have a chance to make money. other places you can put capital, there are still inefficiency and opportunity and more complex vanilla ut in terms of veried or high yield, high yield you're not going to make much money. defaults that have to work their twa through the negatively ou connect again. this flare-up turns out to be uch

coming up on this program, the barclays chief u.k. economist will be joining us next.oes nothing, brexit deal should be coming soon? although you have a 50% possibility of it deal getting done. markets feel more optimistic and we will break all of that down. this is bloomberg. ♪ alix: live from new york, i am alix steel. we will cut you down to the european close. the covid spread, emmanuel macron tested positive while europe should roll out the vaccine on december 27. onceentral bank of england the economy will be hit hard in the first quarter. a brexit feel within days. the parliament set a deadline to repost a trade deal. possible deal on friday. let's get into the market action. brexit deal is coming, maybe. that is having an impact on the markets. utilities and technology leading the way for a cyclical feel. downstealing

we have the domestic banks, lloyds up about 3.8%, barclays up 3.4%. i want to bring in rona. 567d and i want to ask how you think about the uk banking landscape it has been a high beat up basket to own. when there is good brexit news, it rallies when it is bad, they sell off. but how are you thinking about it more broadly going into 2021 some search there is valcertaine there, but is there a value trap >> the debate between the value and value trap is the ongoing debate probably the last decade. positive uk banks, we think some of the dividend news and the vaccine news is really supportive obviously rates don't help, interest rates don't help, the environment hasn't helped in terms of balance sheets. but the outlook is beginning to improve both for growth last year and loan losses next year and importantly the blitz to return capital to shareholders >> so let's talk about the ability to return capital to shareholders, that has been a big theme for the banking sector the last doouchl weeks we had the news out of the u.s. on friday that is allowing resu

michael gapen joins us from barclays. you look at december and then you have this wonderful phrase, looking at the hope that is out there. what is the character of our hope and will our hopes be dashed? michael: i do not think our hopes will be dashed but i think the next several months will be difficult. the data is slowing, momentum is ebbing. restrictions on activity are decreasing mobility. it is showing up in higher frequency data points. the hope and optimism around the medium-term is anchored around vaccines, which are now being distributed. we have a blend of near-term pessimism with medium-term optimism. given what we know, i do not think the hopes will be dashed on the rocks. i think we will get there but it will be bumpy. lisa: when you talk about bumpy, there seems to be more weakness in the manufacturing sector. the empire manufacturing survey came in at 4.9 versus 6.3. this is the first read to get a sense of the december data. how much are you counting on manufacturing to remain robust as services are unabl

i think the bloomberg barclays total return index is up, up.n't compare to the equity markets, but it has still been a next ordinary two-year run for bonds. when do bonds breathe and we see price down and yield up? kathy: i think we are starting to see it in the long and now. seeing the steepness of the car with the 10 year treasury pushing up against that 1%. we are looking for further steepening where the fed is anchored. short-term rates near zero, long-term rates to try to edge higher. not looking for a huge move at this stage of the game. the economy still has a pretty dark period to go through here, but as we look in the second half of next year, if we really get the vaccine distributed and the economy fully reopened, people get back to work, it is not unlikely that 10 year yields are in that 1% to 1.5% area. lisa: there's a consensus in markets that bond yields would be much higher if it weren't for the widespread belief that the fed will step in and suppress yields if they climb too high. what is that level that triggers the fed's conce

we see elon musk talking about ,exas, and here in europe barclays talking about a significantly smallerrint for its operations. it's got a big operation out of the wharf. huge building. is it going to be using all of that? not quite too sure about that. what have we got next? the european close is coming up next. we will give you the final numbers of the day end of the week. this is bloomberg. ♪ guy: it's friday and we are 7/10 of 1% ondown the stoxx 600. the reality check today is the virus is once again regaining control of the narrative. we have official lockdown in london and in germany as well, potentially, so certainly that narrative is what you see. stocks lower, yields starting to come under pressure as well. bonds are starting to rise again. the story of the week, not that , but itwn by 9/10 of 1% does come towards the back end of the week. the loser this week is not that much, given the narrative shift that we have seen is sterling. the market seems to be holding ultimateving that the deadline is still the end of the year. the cable rate, down by 1.5%. the euro-dollar, absolut

this time it's with stripe the $36 billion payments giant is teaming up with goldman sachs, citi, barclay's and evolve to offer banking service to the customers the announcement is the latest a string of the big marriages we had google and citi a few weeks ago and apple and goldman sachs with the apple card, this is a big shift for the industry as the banks move behind the scenes in the partnerships, banks are becoming service providers and rely on stripe and google for distribution as arc analyst put it, they're becoming detached from any true customer interaction he says they command less leverage and smaller share of the economics. the new catch phrase for this is banking as a service they're calling it bass. similar to sas or software as a service. they say the industry could risk losing up to 40% of its $1.4 trillion in revenue due to price competition and missing out on branding for the deals. but it could be offset by a flood of new deposits. shopify works with more than 6,000 merchants will be the first to rollout this banking service for its customers next year the co-founder descr

then it starts to ramp barclays goes to 4 thousand, jpmorgan right now is at the top of the heap, they go to 4,400. i almost think it would be disappointing north korea yeextr jim, with all of the pent-up demand, you vaccinate people and you get out and you rock 'n' roll >> yeah, i don't mind going into the year being accused of being conservative on my projections more importantly than that, though, is how am i positioned and how am i positioning my clients? make no mistake and i've been saying it for a couple of weeks, you've alluded to it i am very much risk on if i am somehow surprised to the up side, god bless it, that will be terrific. i read the tea leaves, as i just said, 8% total return. you add to that a value overweight that we have and you'll be in double digits pretty easily. >> tom lee, is it possible you're too optimistic? on paper everything looks good but a lot can happen >> yeah. a lot can go wrong, scott. 2020, even though we're exiting on a good note is a tough year, a really who are horrific icalln the sort of tension will make it a challenging year i'm still also

you would have thought on the brexit deal they would be doing better we have barclays, lloyds, some ofhe domestic focused banks down anything from 2% to 3%. and one stock in particular i want to draw your attention to is astrazeneca today or tomorrow could be a very big day for that pharmaceutical company we're expecting to hear from the uk official medical approval agency, they should be giving the green light for the astrazeneca university of oxford vaccination to go ahead. and on the back of that, we're seeing a strong performance in that stock up about 5% in anticipati anticipation it could be a very big e67vent r europe in general and the developing world so all in all, a good positive start to the trading session for us >> astrazeneca up 4.6% thanks and one company looking to go public, qualtrics files for an ipo. their valuation would be up from the $8 billion s.a.p. paid for the company two years ago. in july, s.a.p. announced its plans to spin out qualtrics while keeping most of its ownership for a while. meanwhile parts of california are expected to face extended stay-at-home

at the store but you're seeing amazon and got fedex, upgrade from barclay's. that sure doesn't seem like the end of the stay-at-home thesis another angle and talk about micron it guided up significantly and the stock surged to a 20-year high it wasn't that long ago that ceo sanjay came on this show with the stock at $41 and told us it was way too cheap so micron would buy backhands hands over fist at the time i felt you couldn't go a day without some analyst slashing numbers trashing the stock. well, today's surge of $67 a huge win, sanjay, come back. good work. more importantly micron has a heck of a lot more p.i.n. action and dram goes into hardware you need to set up a home office another sign that it remains strong and not what we call a pull-through where it's not going to be any good three months from now. i say that because last night dell technologies told us the story of a fabulous holiday season if your house is your schoolroom and your home entertainment center and office, guess what, you need more than one family pc you need a boatload. that's what

barclay's raising it to 185 staying company's growth path is likely to be unparalleled and goldman hikingight high of $200 i'm going to start with you. too much enthusiasm? >> i wouldn't say too much at least in the long term, probably not too much. this is a market where we buy our favorites. people have fans of the companies, of the company's products, and they become fans of the stock i think that this rate of acceleration was not anticipated. i think the price increase is a very important part of what they announced yesterday because the revenue per user was still badly lagging what netflix does and this puts them on a path of having firmer pricing. so it is very expensive. the company is valued largely as a netflix-like streaming business with the other stuff thrown many which of course is going to come back the company in the last few years has gone from being a victim of the trend in cord cutting to being one of the leaders in making that transformation >> yeah. it reminds me of when facebook went public. the shares crate ordered the $18. people said can they pivot to mobile and th

. >>> opening night at barclays in brooklyn.ronavirus front line workers lifting a banner to the rafters in their honor. kevin durant playing his first regular season game in 560 days. the former league mvp dropping 22 on his former warriors teammates. kyrie irving leading with 26 of the nets whooping the warriors. >>> opening weekend continuing on tnt as yanis and the bucs battle the celtics in boston at 7:30 eastern. >>> keion tai johnson is heading home from the hospital ten days after collapsing on the floor. his family saying they're amazed at the pace of his recovery and look forward to spending christmas together as a family. they also ask for patience as they try to figure out why he collapsed. scary time for the family, gators community and the team postponed four games since that happened. they're going to get back on the court after the new year. good news for keyontae johnson. >> certainly glad to see he's okay. >> still not over that vanilla ice reference. coy wire, thanks so much. >>> thank you so much for joining

for currencies down 1.3% on the pound, as you can see all the major british banks, lloyd, hsbc, barclaysre all down, 1, 2, 3, even 4%. watch the financials overseas. watch the currency markets our dollar has been weakening a little bit lately, as well except against the sterling this morning. >>> why don't we stay there with europe and a developing story and a good news one to start the week the uk's national health service said it will begin vaccinating patients at least a dozen locations beginning tomorrow start of what could be the single largest immunization program in that nation's history. juliana has been covering the story since day one. she'll stay with it, as well it's a big day for the uk and many of its residents tomorrow how will the vaccination program work >> well, brian, it absolutely is going to be a huge day tomorrow here in the uk over the weekend, refrigerated containers holding the vaccine have been arriving in the uk from belgium upon arrival, it undergoes a quality assurance process taking up between 12 and 24 hours then the cases of vaccines are zriblted to hospit

next week and it has been an issue that has been put to the chief secretary to the treasury, stephen barclayrning. we are not going from tier3to this morning. we are not going from tier 3 to some kind of tears are evolved and what we are saying is in a limited sense, many families who have not been together all year, who will want to see each other, that three households can come together for that christmas period. it is not that all restrictions are being lifted. it is a recognition we don't wa nt lifted. it is a recognition we don't want to criminalise families forcing each other over the christmas period. one of the reasons the garment has looked to do the relaxation was because of concerns that people who are really desperate to see their families and might break the rules anyway, frankly, over the christmas period, say they have made this provision and allowa nce have made this provision and allowance but given what we heard yesterday, and given the plan to relax the rules next week, the government will still face charges, potentially confusing the public health message but as i say, no

kevin durant has not disappointed since he arrived in brooklyn, and i would love to be there at the barclays i know that there will be a time for that when everyone can be safe. so the foreign aid was requested by the administration. they just forgot that they did that. they also asked for a kennedy center dollars. they tie this to a government funding bill when it could have just been a separate package. they could have gone with the proposal in may. nancy pelosi had it ready to go. we would have gotten $1200 checks them. this isn't a "full-size" problem. republicans better not leave washington." >> molly: i can definitely see the both sides problem. we will see what happens. hopefully sooner rather than later for the american people. thank you so much to you both of you. appreciate it. merry christmas to you both. they are calling it a christmas miracle. one archaeologist believes that this could be that childhood home of jesus christ. more on that next. ♪ ♪ i had this hundred thousand dollar student debt. two hundred and twenty-five thousand dollars in debt. ah, sofi literally changed my

the warriors tip off at 4:00 tonight against the brooklyn nets in a largely empty barclays center. adam silver talking about what basketball learned from watching the nfl and major league baseball face their outbreaks. >> similar to what baseball did for their regular season and similar to what the nfl is doing now. players are living at home and we're playing in arenas and it raises different issues by virtue of being indoors. so far our protocols seem to be holding up. >> coming up on "gma" silver discusses what it would take to suspend the season early at 7:00 right after "abc7 mornings." >>> now to your morning money report. waymo signed one of the biggest leases in 2020. the alphabet-owned company will sublease 170,000 square feet of office space in mountain view near the sunnyvale golf course. the company recently leased 120,000 square feet of industrial space on tolin street in san francisco. waymo is a rarity as more tech companies transition to remote work and give up their bay area leases during the pandemic. >>> apple targeting 2024 to produce its own self-driving car. t