to house the car just kept getting bigger and bigger and bigger and bigger and bigger and bigger and bigger and it's just all on fake valuations. yeah at that point the home did absolutely become a vehicle for excess home prices rising from the case shiller index i look at it on there and i say yes this looks good it's much better than expected you look at the number and say. nobody knows where home prices are going to do. people are increasingly speculative when they buy a house a major concern is how much can i sell this to someone else at the other end it can be called the greater fool theory maybe i'm a fool the buys that's a big house but i'm going to. to an even greater fool. there were people who thought 50 or 100 years ago that home prices should decline with. the reason is they wear out. don't expect to gain the expected to lose value that was a common view in the past. we have come as a society to place a tremendous amount of value on the home itself. and the bigger the home the better . it's interesting because living in the houses were meant to evolve and change as famili

you say cyber monday was bigger than black friday.ht the trends be different this year compared to last? matthew: the general thought was cyber monday was when people went back to work and sat down during their lunch break and bought things on e-commerce sites where black friday was where we all went out to stand in line and go to walmart or target and buy whatever the latest deals are. we anticipated that would not change that much this year, but it was surprising. this year, we actually saw less e-commerce shopping on black friday and more on cyber monday, where as black friday has previously dominated cyber monday. so we are seeing shopping shift toward e-commerce and is being spread out over a longer time. last week was a record-breaking week for e-commerce traffic from everything we could see. emily: is this year going to be an odd year or are these trends here to stay? will next year looks similar given new habits being formed? matthew: it's hard to say what's going to happen when we go back. i'm looking forward to shopping in p

than ever, markets are bigger than ever and there are more disruptive platforms and ever.t could cause a bit of a frenzy were companies do want to join forces and be able to go after these markets in a bigger way. emily: but i wonder if given that we are seeing record -- potentially record multiples, the market keeps going up -- if that slows the consolidation down. aaron: certainly, you have to be in a position like marc benioff where he is able to make long-term bets on market trends and pay the premiums that are necessary out there. c is uniquely able to do that. he has called these trends correctly if -- and almost every single stage if not every stage of the cloud. not everyone can do that. it might be one point of friction for these types of consolidation for the future. overall come with this is a bigger signal of is how big these markets are, even when we think about today, either in the u.s. or other key markets for enterprise software -- we're probably only about 10% of the way penetrated when you think about modern software like slack. you still have a significa

and bigger bigger so yes the dollar will fall apart people lose confidence the currency is a governmental promise to repay their debt when people realize that the promise to repay is a lie like the central banks have been telling you they're going to do this this this in this these are temporary emergency measures and they've been going on for 12 years now people realize wait a 2nd something doesn't make sense well this is economic slender an unprecedented scale by the point 001 percent so people will lose faith in the currency lose faith in the bomber that's the way it happens they won't be able to refinance anymore and that's how i quit inflation will i mean the the sour use the valuations of stocks equities on's and property a ridiculous rate you know this is telling you that there's danger at the red lights are flashing no one is heating the warning we're just putting their pedal up to the floor and buying sure. of tesla ridiculously priced assets think that the fed can bill them out of the state can't bail him out and i think the problem is going to occur 2021 i want to follow up wit

just our west, we got a rather bigger area of cloud.is going to be bringing some fairly strong winds and clouds and rain as well. 0vernight, showers were northern ireland and scotland. it will turn quite blustery here for a time. the winds pick up later further south. the rain associated with increasingly mild air, some of the end of the night plymouth is seeing a damage of about 11 degrees, and nine in cardiff. tomorrow, ranges that for england and wales. it pushes eastwards with time. could bring some localised flooding. turning brighter later on. showers could give some lengthy outbreaks of rain further north, particularly in western scotland. very mild april parts of england and wales. temperatures reaching as high as 15 degrees to south—east england, but 00:28:15,799 --> 4294966103:13:29,430 turning colder across the north. this is bbc news the headlines at four... millions of people in england and wales are told to stay at home — on the first day of tough, new coronavirus restrictions. the new variant is out of control and we need

and bigger they emerge and c. is growing and growing and growing and there is there are fewer options to put out the fire but when you mention the bond market that is the widowmaker of all widowmaker over the past 3040 years now so what do you see for the bond market and you know i mean everybody has been predicting that it's all going to go to hack but like it is will we see a confrontation there will we see something actually happen and what does it look like to do we see a repeat of 1904 or worse you're going to see the same thing with bank of japan's do you're going to hear next year you hear about huge curve control well it didn't work in japan it won't work in the u.s. it just won't work period i mean you can there monetizing debt or printing money to buy their own bonds that's garbage it's what the united kingdom is doing it's what the u.s. is doing and it's what didn't work for 30 years in japan so you know one of these knuckleheads going to realize that you know insanity definition of insanity is doing th

in 2040 there not only would scotland have a bigger say over the running of the u.k. you know there was a famous vow which is made just before the referendum in 2014 on scottish independence which suggested that that be some kind of constitutional v. terry and obviously that never took place so the scottish people have alexis the s.n.p. as the majority party in the last 4 elections 2015 in the general election 2016 in scottish hands lection $27.00 c. in the elections 2019 again in the action and the s.n.p. is that the likely to win a majority again next year so how can he take government possibly do not the scottish people what they clearly say they want because they to lead to the party which has an independence referendum as its overarching concern and on the other point it's absolutely just the s.n.p. to say the brics it is a change of circumstance yes it was agreed in 2014 the independence referendum would be for a generation but that was barring any major constitutional changes now bracks it is a major constitutional change and leaving the single market in custom

deal, so it is a bigger stimulus for the economy. so that is why i think the market is not reacting too badly to this news. in any case, the sooner the better, but in any case, you know, after this runoff election in georgia, let's see what the situation is. but even if a deal is not made before the turn of the year, i think it is likely that we will get something once we get a new president. so i do not think the market will be too worried about this. i do not think it is a game changer actually into the turn of the year. yousef: so does that mean you will stick with some of the calls for companies that will benefit from rising expectation inflation? the virus gets frontloaded. that means the scenarios for the first half of 2021 will be much more accelerated, right? vincent: i think so. i mean, the view that we have remains positive for risk assets. my biggest concern is percent men and positioning, which is getting crowded. there is alieve strong rationale for that. 2021 is seeing a more sustained recovery, and the cyclical stocks,

bigger. now we are trying to see the small caps rally and catch up. at what point is this divergence too much to handle? can the big keep doing well and allow the small ones to catch up , or is this a fundamental divergence from the economy as it is right now? daniel: you are right to focus on the dominance of the big players driving that difference in the relative return to small caps, which is been quite disappointing in the u.s. for a couple years. small caps done quite well, continues to do well, and the way that you assume small caps should. if you analyze why that was, it really does come down to the big mega cap tech. there dominance made it most impossible for the small-cap stocks to outperform. at this point, given expectation for continued rotation into value, it should give a bit of a breather to small caps, and we also think this is where you need to be looking at stockpicking as opposed to index asset allocation because otherwise you are likely to be swamped in the future, again

d-up -- bigger decline in job posting.at stuff. i encourage everyone to check out your look at the labor economy. for --enback working weakening for a third day. we will talk about what's fueling the decline in the u.s. dollar. this is bloomberg. ♪ caroline: "what'd you miss? so,? -- so, "what'd you miss?? " dollar, where the euro is in a 2018, i have kept your eye on this. >> i love it, it's very exciting. the u.s. dollar weakening a lot. look, the dollar is down but that's a good thing because we have a vaccine and optimism and an improving economy with the dollar spiking in march when things were bad. although down, it's not necessarily out. joining us with more insight is the bloomberg markets editor, mike reagan. are scared wen we want to hold dollars in things are good? market, i the stock -- things look terrible when we are in isys mode. like we saw in march, that left side of the smile. but then as we come out of it, and granted we are not out of the crisis yet, but i feel we can see the light at the end of the tun

i think the bigger issue is the conflicts.apple now fighting over apple's requirement that people give permission to be tracked across apps. these are issues as these companies get bigger, it will be squabbles that swing them, not just from the government. constantly you are looking at trends, trying to figure out what is here to stay and what is just a flash in the pain. based on -- a flash in the pan. 2020 will certainly lead to a change and behaviors. what do you think is here to stay the is a new trend that we have seen in 2020? michael: if you look at shelter-in-place during this time, usage of real gaming has gone way up -- usage of video gaming has gone way up. people have wanted to be in a cyber world, have gameplay, and be social. i think that will continue to increase. all the major tech platforms but what to be in the game business even more. i think we should expect to see mergers between the biggest companies and gaming companies. thing, the second virtual reality has now hit the mainstream. first look at with the

quick quickly ending on bigger and bigger problems you see it outside the us the bubble we've had a chain year basically last and most will currencies whether it's from argentina to turkey u.b.c. us the e.u. japan and i repeat it but now they even that starting to fray i don't know if a new britain was conceived system so we'll we'll see what happens to be clear the as you point out there is a common currency in the a you but the member states are always fighting great britain is leaving. not a coherent policy at all now let's talk about pearl harbor farsight then we had the anniversary the annual anniversary of pearl harbor of course brought america into world war 2 and at the other end a while to our job market was the only major economy standing and it gave us the american century and all that kind of stuff but now as kind of life and they have given a wildcard sailin as a. one big economy standing post covered in that would be china so tell us about the recovery in china one of the most remarkable stats coming out of china right now i've actually been looking recently looking over thi

impact a bigger difference and cause much more damage because that is it you know we'll see what the details are i'm not sure it will make as big a dent into the polls as we've seen carol i mean even with the trade deal this ist prevailing sentiment that the scots find themselves in an uncharted territory do you think this is why 0 one of the main reasons why people feel like they have been somehow hijacked by the braggs it's architects. yes to some degree but the scots are only a minority or it minority u.k. there are about $5000000.00 so if there ever were to be another referendum it would be a referendum on the whole of the u.k. and they said they would have to agree the whole of the u.k. would have to agree but eventually the scottish league. i do not see it or not read but i think the table have to see 1st how this new would be worse and how the overall economy how people react to this in the coming weeks and months and then we can see the same other variable being your call if your friend runs in scotland but i am sure it will not go away because if you look at basically the de

i think to a small we can stand it is i think a bigger factors that are playing a role but certainly the perfect. formula to restore being done some other agricultural products and some of my. serial and the words were the drivers of the improvement in employment in china are not some attempts to cultivate and trying their own so poor and very characteristic of the chinese each time trying to hit them with an arrow they came back but with less of an arrow and the memory measured . arsenal response they don't want to ruffle the water and let mr trump do his little see it as long as the underlying economic from rapid growth in china stagnation or a lot of growth in the united states as long as that continues the succession of china over the last 30 years will continue e.s.p.n. or a little theater or not indeed quotes now generally when we look at an election here in the united states it's always seen as the conservative leadership or republican leadership would be more beneficial to business wallowed democratic leadership maybe not so much but obviously in this situation where we have

than the hunt for the cali cartel and bigger than the hunt for pablo escobar of which and there's one simple reason for that attack on the gulf cartel is a serious threat to the country but i would buy. good. under general manager of august commandos from behind law and cop as units fight side by side with the aim of capturing the contents ringleaders. visited every time you feel tired after a hard day of service look at that photo board countless hours have gone into it. the wall of photographs reminds the commandos of the ghosts they've achieved but also of a contact leaders who still need to be brought to justice among the latter is the biggest target of colombia's most wanted man. dido antonio. also known as or tom yet the leader of the cantarell. in the hunt for autonomy and his underlings operation i commend has already taken down 86 of the continent's leading figures. now in the middle of the night the commandos are preparing for a new offensive it will also mock the beginning of a new strategy. for starting a new phase in the fight against the gulf cartel the police the army t

i'm into the material space bigger and bigger. i continue to add in the financial space as well and you can look at some of these names. take a look at like a goldman sac sachs and the move it's made over the last couple of weeks or so, jpmorgan, a lot of these various names somewhat left for dead, financials were stuck in mud and now they've this this explosive move to the up side, along with energy and materials. >> that's part of my point, pete a lot of those groups and names have already moved a lot because they've already anticipated what's ahead it raises the question of how much is really left. >> well, i think that all comes down to the valuation of some of these names and what they look like in terms of their financials i tell you, scott, i think the most important thing is we bought time and why did we buy time with all the stimulus constantly that we've been going trillions and trillions of dollars. we bought time so we could get to this point in time where we are now and those with great balance sheets will continue to

maybe i want a bigger tv maybe i want a buildout. but a really nice experience if the window's broke snn. >> we-- broke snn. >> i bought a projector can you stick on the floor right up against the wall and can you take everything off the wall you don't even need a screen then you have a home theater and it doesn't cost that much money and there is no installation for a couple hundred bucks can you have a projector that streams anything that is the size of a coke can the opportunities for consumer electronics to benefit from this home theater experience is absolutely we've already seen with covid-19 that people investing heavily in that -- in improving that experience 40% of households have upgraded their broadband connectivity and we already have 100 million households that have connected tvs. so this is a consumer base that is ready to stream movies and home and they're going to continue to invest in making that experience better and better. and that has gotten cheaper anyway for all of us to do the so, you know, this is the time to

this year governments have gotten a lot bigger.o fill the gap left by the private sector with government spending. alsois what has created this capacity. governments are simply a lot bigger and they have to keep spending money. i think there is something going on there. carol: why not do it in a greenway? it has been a rough year but i could wish you a happy new year. global commodities and derivatives research at bank of america. we want to talk more about the market environment. marvin lois with us joining us here on the phone. good to have you here, good morning. consensus risk is emerging as the biggest market risk. what specifically are you concerned about? itvin: the challenge is that is hard to argue ultimately with the return to mobility that we all expect within a few quarters. the trades that have worked this year continue to be in a lot of ways the trades that everyone is excited about going into next year. it is very one-sided. we know we are in for a challenging winter. we are willing to look through it because of the

the senate majority leader, mitch mcconnell, blocked a vote on the bigger payments.fted a new bill that includes provisions rejected by democrats. >>> a congressman-haekt has died from covid-19 days before he was set to take office. 41-year-old luke letlow of louisiana passed away last night after battling the virus in the hospital for nearly two weeks. he's survived by his wife and two children. >>> president trump plans to head to dalton, georgia, for a rally to generate support for republican senators kelly level letter and david purdue a day before the state senate runoff elections. the race will determine who controls the senate. >>> it looked like new year's eve in times square tuesday as organizers tested the confetti that will drop on friday at midnight. the 3,000 pounds of confetti include the wishes of thousands of people. >>> today's weather, rain in the carolinas and a big storm system bringing heavy rain to texas and icy conditions to the middle of the country. rain and snow in the pacific northwest. >>> finally, a story about a michigan family's gratitu

effect in such a short space of time especially when you consider that for decades has been a much bigger more threatening more long running crisis needing urgent global action. the 1st thing i'd say is that the climate crisis. that makes the culprit 19 and i mean really. george monbiot is a british journalist and activist whose focus is on the state of the climate and is so much bigger and is so much more threatening to our survival not least because it threatens our food supply and this is something we're discussing far too little of. the science pretty clear that between 3 and 4 degrees centigrade of global heating above pre-industrial levels we go into massive net food deficit structural damage where crucial breadbaskets collapse turn into dust bones this is genuinely threatening to the survival of humanity and if we think people fighting over toilet paper in the in the supermarkets looks ugly you know i really really hope we don't live to witness people fighting over food. since the pandemic was announced and look downs began george has been pointing out the connection between the cl

top democrats pitch for bigger checks all along. now they say they're happy to negotiate more money. can the president get his own party on board? joining me now is garrett haake. also joining me is jake sherman. nancy pelosi says game on to the president, and she is putting onus on kevin mccarthy for a snams consent request to be put on the floor. americans are supposed to get their checks as early as next week. i expect this delays a whole lot now? >> i'm very jealous of garrett's backdrop. kevin mccar think needs to agree to this $2,000 check sources told us this morning. they will not agree, it is befuddling me, and i know gar let be befuddled by it, too. he could have gotten $2,000 checks in this negotiation if he wanted to if he was involved. he is coming in after it is done, after the administration signed on, after congress was finally on the same page after eight months of wrangling and now he is making demands out of the blue that would have been normal in the context of a negotiation that now seem unhinged, strange, and b

and so we need to get a bigger bill passed we need to get more lee.e main function is we we have to get the vaccine out there. and we don't see you know carloads of people administering these to these drugs out that 300 million people in the united states. that's going to take a herculean effort and when we start seeing that that we're going to see people being able to safely get back to work and and get this economy going. you know the properly without the proper way with all this without all this cash infusion with some money coming in georgia what kind of things are you hearing from clients what kind of questions do people have right now. >>well catherine, you know did a study of who's unemployment benefits and who needs relief and it's probably about 80% of that population is from the lower income. you've got about 10% from meddling come in and about 10% from higher income. so it's really been the lower-income minorities people that are hourly workers that are really been hurt the most show that money is really going to go towards food. to feed th

the bigger fact is the virus, the mutation in the u.k. not surprising. about 9/10 of up 1%. that has to do with a strong dollar. we have a rally for bonds. financials, the second-best sector has been communication services. , that isd materials the cyclical straight, not on today. off -- thethe ricks risk off tone, the vix. we could have volatility ahead. related bill? we have a true rally from the bloomberg dollar index on the idea that janet yellen, treasury secretary to be, is going to be supportive of the dollar. the next had been headed to its best a since march, up 1.3%. crude oil, pressured by the higher dollar, well off the low. it's worst day since early september. that has not just to do with the dollar, it has to do with fears around the economy. we will show the relationship to the dollar. as the dollar does go higher, it tends to push oil lower. you have to remember, another pressure on oil is this new mutation of the virus. kailey: thank you. ,et's get more detail on that sanders l.a. -- know and whate don't we know? we know it is more transmittable, is it more

although they're much bigger companies. that area is going to continue to grow and i think it's going to be an area where the bigger banks, the traditional lenders are going to have to fight to either get back or to find a way to enter because it's the wave of the future. >> david, next year, your top picks, wells fargo on the list, so 2021 is finally the year of turn around and outperformance for them >> i've got three picks. wells fargo basically is -- it's been poorly run for a number of years. they're finally getting it they're working a lot harder than i am to fix the company and that usually works in financial services you want to have them working harder than you. they're working very hard to fix this thing i think the next 12 to 18 months it's either going to get fixed or it's going to get bought. i have pay pal we mentioned pay pal that one is a met faphor for fintech. i've owned it since the ipo will and continue to own it my third pick there is capital one, which is basically a midcap bank that needs to benefit f

>> a bigger problem for japanese companies, it is much more application, getting the brilliant ideas into the market, this is where we are seeing the bigger ones. >> research and development in this field led to some cooler products. let's find out more. >> in company delivers food and household goods in and around the metropolitan area. in july of this year, they made a major change in the way they package food deliveries. they added a new type of cold pack allowing more precise storage. this can keep cool up to 14 hours and a temperature near 12 degrees celsius. careful control of what food are kept at are important. certain foods can be damaged when stored temperatures are too cold. this new type of cold storage pack allows them to deliver products at the precise temperatures needed to keep them fresh. >> we strive to deliver the wonderful produce at the freshest condition as possible. making this change has helped us to have a better reputation with our clients. >> the key additives that make these storage pack so special was created by sharp. after launching the world's first ca

romaine: vanguard got a lot bigger this year. it continues a streak. what is the story?ic: we just talked about ark's figure. vanguard took in 10 times what ark did. all the big money is going to vanguard and blackrock as usual. what is interesting about vanguard is they beat blackrock for the first time ever. what we are going to see going forward is a lot of consolidation. all the money going to them is stuff that charges less than 10 basis points. it is making the asset management industry difficult in the future, and you will see people term up -- team up and triy to buy advisors. total marketng -- etf's can we like this one. after the s&p come with think people might look to the total market funds more because it held tesla for 10 years. s&p 500 took the hint to their brand and they set the outflows as a group this year for the first time ever. big one of the other stockmarket phenomena we saw was the explosion of retail investors from individual stock trading, a lot of associated with robinhood. isn't market divergence of the mantra that had been slammed due to eve

and to get something which is bigger than $1 trillion next year. francine: alberto, thank you so much, alberto gallo of algebris investments, stays with us. we will talk more about background, too. coming up, no immediate moves. president-elect biden says he will discuss a full review of the deal with china before eliminating tariffs. this is bloomberg. ♪ this is bloomberg. ♪ francine: economics, finance, politics. this is "bloomberg surveillance." i am francine lacqua here in london. now let's get straight to the , bloomberg business flash, here's leigh-ann gerrans. hi, leigh-ann. leigh-ann: good morning francine. ,salesforce is buying slack for nearly $28 billion. it is the software giant's largest ever acquisition, giving a control of the popular workplace communications platform. the deal is a premium first like's stock price just a week ago. goldman sachs is lifting frictions that block essential stock on its london office, as the u.k.'s month-long lockdown ends, employees no longer have to work from home. other firms in the city of london wil

than we've seen possible with you tube that's bigger than we were instagram and by an event so that's why it's so exciting and i think that's the drop not only is it you are but on especially for those viewers who are trying to concentrate on the l. because that definitely as a as a viewer of tick-tock even if you don't create your own content it's very consumable so if you're getting a short video it's got a lot of them are music and dance so it gives you something to not only watch but listen to is very enjoyable in that regard now when it comes to this potential purchase from microsoft do you have any concerns about the control of the app changing hands to a different company or an outright ban for that matter how is that going to affect to become tech creators. so the 2 main options that are present on say right now are dan we should be a bummer because there are so many people who love the app to talk but also because there's content creators and i'm not even talking about the content creators like myself who have already kind of exceed charlie to madison and expand it beyond tha

you see the bigger vanke -- the bigger banks that are able to focus across borders as well as smallers well as provided balance sheet really rising to the top. alix: does it stay? sonali: the middle-market focus is something that bank of america told us about 25% of their deals were from the middle-market have invested in, and they are also telling us they have invested for years in their business in asia, and they expect to continue to do well. whether that is because of cross-border deals or because of people to vesting assets in different parts of the world. you are going to need a lot of things to win on the table and that means you have to be everything to everybody, apparently. alix: who is everybody to everyone when it comes to ipo's? sonali: credit suisse took the share in ipo, and a lot of that was because of the years focused on goldman sachs. inferior asset class. all of we have seen it come back. alix: they don't make as much money as they do on traditional ipo's. sonali: you still have some that are driving 50% of the ipo volume. on top of that, the stock market has the p