jp morgan thumbs up and bnp paribas thumbs down.e 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. ♪ tom: good morning, everyone. lumbar surveillance with francine in london and tom keene -- bloomberg surveillance with francine in london and tom keene in new york. the vix at 2.31. i looked fo

paribas.hu from bnp let's look across markets.rg. ♪ this is bloomberg. ♪ juliette: a quick check of the latest business flash headlines. tesla pushes higher after winning support from the market. jp morgan upgrading, raising to $780, the highest and wall street. short on tesla for five years, but has reduced and said elon musk has done a good job. things are looking up for boeing after a crucial deal from its carrier to irish ryanair, and a deal worth $9 billion. there was a 737 max publicity flight from dallas. commercial flights resume on december 29. delta airlines is warning cash losses could be deeper than expected as the coronavirus resurgence continues to undermine air travel. tickets have gone up to $14 million a day. they expect revenue to be less than last year, in line with earlier estimates. newa's bank ordered to halt launches of internet operations and payments over glitches the past two years. the are b.i. as the bank to stop new activity while it investigates and. were told the order may be lifted after the rbis se

that's according to the bnp paribas model.rrent levels, you are already trading five percent rich to that long-term equilibrium. you are trading against the backdrop of a euro which is also structurally challenged by a lot of factors. on a skinny deal being agreed, we think eurosterling will go down. it may not go down all the way to fair value. around 87 or 88 is certainly a reasonable, quite a conservative target for the repricing that would need to take place. therefore, to justify a move in cable through 140 at the first half of next year, that's not very difficult. if you have 3% coming from eurosterling and you have 3% coming from euro-dollar, you are there quite quickly. that really underlies are bullish target in cable. annmarie: the best days of the currency are in front of us, not behind us? is that correct? sam: certainly, the last five years have not been the best days for sterling. i would very much say yes. over the next five years, we expect the pound to perform better than it has in the aftermath of the brexit

herein lies the point which is institutions like bnp paribas are setting aside 50% for their payout ratio have a payout ratio of 50% so it's interesting that it uses the language of an important opening. the language used around bonuses, which is moderated. if you are already on a structure payout over three years equity, options, delayed equity, and set payments in your bonuses, now, this language, talking about a moderate approach to bonuses so a slight delay there. it will certainly be interesting. also interesting, does this partial restoration of dividends, does this begin to fix the fact that investors have not loved the banks or are there other deep-seated issues? we will see how the financials trade in london. here is laura wright. good morning. laura: president-elect joe biden is assembling the team to drive forward his ambitious climate agenda. bloomberg sources say he picked jennifer granholm as energy secretary. we are told he has chosen obama's environmental protection agency chief, gina mccarthy, as his climates are. -- climate czar. hopesmcconnell said he the two sides can

bloomberg services says bnp, credit suisse, and lazar have been on the shortlist list for potential rolesnclude the sale an ipo, but there is no official comment as of yet. and that is your bloomberg business flash. francine? leigh-ann, -- francine: leigh-ann, thank you so much. bloomberg surveillance continues in the next hour. tom keene joins me from new york. we will focus on brexit. again, we are seeing a bit of euro-dollar, but actually, no, , buturo-dollar euro-pound. we have a great discussion with thatrd jones, saying despite pmi uphill battle for european expectations, there could be movement on the euro on the back of a possible brexit deal or not. so keep an eye on that. this is bloomberg. ♪ - [announcer] imagine having fuller, thicker, more voluminous hair instantly. all it takes is just one session at hairclub. introducing xtrands. xtrands adds hundreds or even thousands of hair strands to your existing hair at the root. they're personalized to match your own natural hair color and texture, so they'll blend right in for a natural, effortless look. call in the next five minute

. >>> i'm morgan brennan here's your cnbc update at this hour in california, the bnp tennis tournamentas been postponed. it's called the sport's fifth major was scheduled to be played in march >>> for the first time in months, one michigan hospital is allowing visitors for covid-19 patients protective gear is required. visits are expected to continue throughout the week. >>> in croatia, rescuers pulled a man from a collapsed building that was destroyed by a magnitude 6.3 earthquake nor authorities say two people have died and 20 people hospitalized. >>> and fashion designer and licensing pioneer pierre cardin has died he put his name on hundreds of products he was 98. and that is our cnbc news update at this hour i'll send it back to my "squawk on the street" partner in crime david faber. david? >> thank you, morgan good to see you again. it's been so long. >> so long >> continued pressure on big tech the federal trade commission issuing orders denying social media on data for how they collect personal information of their users. joining us for more is director of consumer protection a

jonathan: coming up on the markets, daniel morris, bnp paribas chief investment strategist, as we countto an ecb decision a week today, with the euro-dollar at the highs for 2020. some real dollar weakness starting to come through this market in the last couple of weeks. there's the board. equity futures up around two points. in the bond market, there's your move. there are a .941% is your yield. for our audience worldwide, heard on bloomberg radio, seen on bloomberg tv, this is "bloomberg surveillance." ♪ it's moving day. and while her friends are doing the heavy lifting, jess is busy moving her xfinity internet and tv services. it only takes about a minute. wait, a minute? but what have you been doing for the last two hours? delegating? oh, good one. move your xfinity services without breaking a sweat. now that's simple, easy, awesome. xfinity makes moving easy. go online to transfer your services in about a minute. get started today. >> the world is desperate for yield. the world is desperate for income. >> with a vaccine inside, there is much hope. >> entrepreneurial america will co

morris has been at bnp paribas, and they have constructed an interesting outlook on the market. daniel morris, you look for growth into 2021. frame the equity market at these record levels. daniel: i think it is as much looking but what is happening beneath the index level and what we are seeing between growth and value. equity markets are at record levels. nonetheless, we are coming out of a recession. the economy should be bigger in nominal terms at the end of next year and it is now, so that really suggests the stock market should continue to rise and continue to reach new highs. that isn't particularly surprising or worrisome. we are paying more attention to where we want to be allocated within that market because we think there are certainly going to be bigger diversions -- bigger divergences between different sectors, different styles than we have had in previous years. jonathan: we are pricing in 2021. when do we start pricing in 2022? daniel: perhaps we will impinge on the market at that point. with think about any potential for more significant legislative change. right

conversation started on radio, on television, to help you prepare for if you weren't in boutle,ty market, greg bnparibas u.s. head of equity strategy. what does it say about developing confidence towards 2021? greg: i think it is an interesting story in the volatility market. we have seen the vix come down considerably, and 20 has been a bit of a low for the last six months. it is likely to go lower into the new year. haven't seen the same type of returns to sort volatility strategy that we saw pre-covid. we think that could be a big story for q1 next year. jonathan: we get some notes whenever a guest comes on the program and kindly sends over their thoughts. i am looking at these notes right now. laughed at me last time i was on for my quote, more buyers than sellers. " i just thought the line was a bit trichet. are you excepting more inflows? greg: we think the pace of inflows will slow considerably now. we don't think we will see outflows from the u.s. equity markets, but we do think we have seen a huge amount of money being put to work. we have seen big inflows in the data for the future. we h