deutsche bank out with some headlines. we will have more on deutsche bank through the morning.t is their investor day, and they look for a better tone. what gets my attention in terms of data in deutsche bank is their advantage by the alpha we are seeing now, october trading revenue up 10%. november trading revenue up a solid 23%. you see it in this great bull market. upures up 10, dow futures 1.09. the vix did not come in yesterday. it should be a 19 vix. it is not. it will be fascinating to see what the vix does today. 20.57. stronger, newso strength, 19.72. an honor to have augustine carson's with us. a couple of things on the banks. we expect that interview from deutsche bank chief executive coming out shortly. it will be interesting to know what he wants to do with the i.b. if there is any mention of some of the bonuses for traders in the investment bank. the other news story is that the chief executive officer literally just started, also faces an investigation related to money laundering at ing where he was formerly chief executive of the dutch bank. global stocks climbi

fromis christian nolting deutsche bank.n this program, a desperate attempt to reopen trade routes at a christmas. france is closing its border to the u.k. over the mutant virus. it has caused an enormous amount of disruption. we will be speaking to the ceo of alcaline. that's next. this is bloomberg. ♪ ♪ economics, finance, politics. this is "bloomberg surveillance." i am yousef gamal el-din in dubai. targetedussian hackers senior treasury officials in the recent cyberattack, according to the top democrat on the senate finance committee. the information taken is not yet known. the hack reached the offices of the highest ranking official, but it does not seem to have hit the irs or taxpayer data. the u.k. is battling to reopen down overrance, shut fears of a faster spreading variant of covid-19. boris johnson says he is working as quickly as possible to end the chaos in dover, the u.k.'s busiest port. dozens of countries are now restricting flights from britain. in order to secure a brexit deal, the u.k. may be looking to co

we lose deutsch the teriyaki and brush it. -- deutsch the teriyaki and brush it. —— blowtorch.. another miscible in style chef —— another missive and starred chef also uses video calls to reach out to his customers. jeff kirk is teaching me and some of his customers how to cook this dinner. let's see if ican do cook this dinner. let's see if i can do it! —— chef. i think i did it? chef, has this changed the way you are reaching out to your customers? it has. chefs in singapore and around the world a re in singapore and around the world are working extremely ha rd world are working extremely hard in their kitchens stop we're getting attention from around the world. and it's not just that found ways to innovate, you can now enjoy the famous cocktails of this recently ranked top bar in asia in the comfort of your own home. it owners were among the first to invest in specially conditioned bottles with distinctive labels and brand names. it's one way to make ends meet while pandemic restrictions remain. at the end of the lockdown we were up to 30% of our normal revenues. but right n

deutsche bank is a powerhouse in financing. we clearly outperformed. what i meant -- they will show you in detail what kind of revenue stream is sustainable. in this regard, do believe a good part of the outperformance which was seen in 2020 is sustainable, and hence, we are confident for the investment bank in the year 21 and 22. though acknowledging that some of the outperformance was driven by the markets. >> if we look at the corporate bank, there is an impact by the pandemic and the continuously low interest rates. how much more pessimistic are you about those two areas, compared to two years ago, when you started thinking about the strategy of deutsche bank? >> well, first of a come i think both have shown how resilient and strong they are in the markets. they have done everything to mitigate the additional headwind in particular from interest rate environment. the corporate bank has now charged and passed on negative interest rates more than 70 billion deposits. far more than we anticipated lasher. a-- last year. the underlying growth that we ha

but for deutsche bank.he $10 million questions sitting around donald trump, why did this one bank continue to do business with him. even after in the mid 2000s when one of his chicago projects ask a under stress, trump sued deutsche bank to avoid paying them back for a massive loan on that plot aroperty and yet they doing business with him. and they transferred everything into the private bank and run by rosemary blalec. and deutsche bank has had a lot of problems themselves with regulatory issues. it has always been a target in the last several years from regulators. and law enforcement officials. the bank has worked hard to get past those problem, but all of those occurred when donald trump was their client. and everything that happened inside that bank creates a money trail that can be followed to connect donald trump to some of the questions i think that the people have wondered about throughout his whole administration, why does he seem to be so beholden to vladimir putin, why do he and his minions lik

vrablic was sprucintroduced to president and she took over at a time when other divisions in deutsche do business with trump organization, that had to do with delinquencies. the president guaranteed those loan. those loans will begin coming no longer at deutsche bank, there are questions about who will step into that void once the president is no longer at the white house. >> and the state and local investigations are beyond the president's reach. is there any indications of what this could mean? >> both investigations, the criminal one and the civil one, have been ongoing for quite some time. they're looking into allegations made by michael cohen, who said that the president and his executives have inflated the value of certain of his assets when they were looking to receive loans. the prosecutors in the manhattan district attorney's office interviewed two deutsche bank employees, getting more general information. but a person familiar with the investigation said it's expected the d.a. will want to interview people directly involved with the loans like rosemary. people who know a lot

deutsche bank had been cutting the number of staff and the more expensive city.o goldman sachs, which we were talking about last week potentially creating a hub in florida also has been looking outside of new york. how much of these new plans versus pre-existing ones have gotten accelerated? sonali: a lot of these are new plans. you are seeing private equity firms create a much bigger presence outside of new york where taxes are lower. more sunshine and business friendly regulations. to make this work, you also have to make a lifestyle that works for them in those locations that are school systems, investment in those communities. this is a lot of new plans. there are certainly a lot of new plans. there's a culture of changing insane not everyone wants to work from the same hub in manhattan and also changes starting to come around and those other cities. lisa: is a question of how much people get paid? you can move to omaha but you will get paid 30% last? sonali: that is a huge factor for everybody. remember, there is a dirty little secret on wall street. it is t

in deutsche bank case we understand that bankers were seeing the numbers that was presenting to them%. so there is -- it is an open investigation. we don't know whether there will be a find of criminality or criminal charges. but it certainly is something -- it is a very serious investigation. and it is seems to be intensifying. >> so let me read another section of this on this topic specifically. you write employees at deutscha bank and aon could be important witnesses as two of mr. trump's oldest alleys and only the mainstream company ready to do regular business with him, they may offer information about the trump organization. because they too face legal and criminal exposure if they don't cooperate at this point because it has intensified? >> well, yeah. in aon's case, and deutsche bank has been subpoenaed and they have both are that are sitting on what investigates believes are reams and reams of evidence related to donald trump's finances which as we all know he has spent the past several years and succeeding in keeping very secret. so since the election the d.a. office has be

deutsche bank is a powerhouse in financing.have done everything to mitigate the additional headwinds from the interest rate environment. the corporate bank has charged negative interest rates to more than 70 billion of deposits. that is far more than we anticipated last year. that makes us confident the underlying growth, which we have seen in 2020, if we continue to do that in 2021 and 2022, we will achieve our revenue targets for both units. further on, the headwinds from the interest rate will soften in 2021 and 2022 and the following year. ceo talkinge bank's to bloomberg earlier on. for more on the outlook for european equities, sharon bell, goldman sachs equity strategist joining us now. we have a cyclical bias in the markets. the car stocks are rallying. there does seem to be a positive view on what is happening. the recovery will be on track. the vaccine is being rolled out. goingstion is, is europe to be sustainably able to deliver this? are we going to see the bounceback story next year allowing the stocks people are

so, two long-term bankers for the president at deutsche bank resigned.ing from the bank next week. but you can't understate how important these two have been to the trump organization. she was introduced to the president by his son-in-law jared kushner. she had been his private banker. she took over this relationship at a time and advocated for the trump organization at a time when other divisions within deutsche bank no longer wanted to do business with the trump organization. she advocated for this relationship and ultimately deutsche bank has lent the president more than $300 million. the president has personally guaranteed those loans and those loans will be coming due in the next four to five years after the president is out of the white house. it certainly raised a lot of questions of who will step in that void. >> the investigations going on in new york are beyond the president's power of reach. they're state and local investigations. is there any sense of what this could mean for those investigations? >> we do know that both those investigations

with us is george saravelos of deutsche bank.e has called for weak dollar, strong euro. 1.50 on pound-sterling, we are thrilled to have the outrageous one with us this morning. george, there's a point where this becomes stochastic -- that is french, folks, for pointy. it becomes pointy. where there has to be a response. the ecb is an original invention. if we get there, what are the tools that lagarde will have available to force the dollar to reverse strength? unfortunately, tom, i think they have run out of tools. the one big tool they had is negative rates. if you think back to the decline from 1.40 down to 1.10, that is when the ecb went negative while the rest of the world still had positive rates. now everyone has joined them. the ecb is very close to the lower bound, and what they could try to do is cut rates a bit further. if they are -50, maybe they could take them to -50 or -60. if they do that, the euro could end up rallying. the market will realize -- it will not be very productive. tom: this is so important what we a

alan ruskin of deutsche bank sticking with us. we will get his thoughts on euro-dollar, as well as brexit and what is next for the cable rate. this is bloomberg. ♪ alix: this is the european close ." "bloomberg markets ecb officials intervened verbally to help weaken the currency once they hit $1.20 just a few weeks ago. will they do the same now? chiefuskin, deutsche bank international strategist, you have been out front and center about you will see a weaker dollar, see that stronger euro. i mentioned before the break you pulled forward at $1.30 call to the end of 2021. what leaves you so convinced? alan: i think a lot of things. the u.s. balance of payments since covid has really pointed strongly in favor of a weaker dollar. hasexport sector outperformed all its peers. we find the u.s. is at the bottom of that table. that is one part of the story. the other element is just the financing of the external accounts, which has shifted sharply from bond and fixed income flows toward equity flows, which typically are much more flighty

hooper running research at deutsche bank. have you amended and changed your american labor and economic outlook off of the horrific claims report we saw yesterday? we have been below consensus on our forecast. we were expecting to see some slowdowns going into the end of runoffs given both the in the fiscal support but more importantly, the acceleration of covid. that weakness did not come as a surprise. our forecast has been a consensus that the positive news and on business of capitalpments business to cause us to mark things up a little bit. things looking really weak both for the labor market and for consumer spending near term. the retail sales numbers we got in october and the drop november and the disappointment overall. down the line, what we were expecting. tom: tell me about the inflation call. it is one thing about an epidemic to participate about it -- pontificate about it. you guys are estimating price change. how are you shifting the call? peter: we have been expecting to see inflation rise at a lopez. there is

let's talk about deutsche bank.e of its staff in new york and elsewhere though there are no concrete plans yet. it is discussing how to let more employees work from home. said deutsche's may cut its headcount by half in the next five years but added manhattan would remain to a degree the bank's u.s. hub. reports from india say workers had an apple planned near bangalore vandalized equipment in a dispute over unpaid wages and longer working hours. the economic times says video images of damage exists and police were needed to disperse the crowd. based in is operated taiwan and the incident is said to be cost by non-workers entering the premises. markets ashinese they head to lunch break, it is up about .5%. we have the pboc vowing to improve its supervision of the credit rating industry. more to come this is bloomberg. -- more to come. ♪ haslinda: live pictures of mubarak and futures pointing higher, -- mumbai and futures pointing higher. burger king india makes its debut today. whopping appetite in the lead up to it

sullivan is now interviewing people from deutsche bank. second district has no love for trump. host: you have to hurry up because we are running out of time. caller: after he gets out of office, will there be litigation in the second district? thank you. guest: that is the hope of a lot of democrats, that there will be, they would like to see some kind of reckoning for trump. they look at his business dealings as the most promising avenue for that. things these types of are more rumored about than reality. even if there is just litigation, even if there is some just legal wrangling that happens, it could influence how involved he wants to stay in politics past 2021, or if he will otherwise be occupied for a bit. host: we would like to thank james antle for being on with us and talking about donald trump's legacy >> stay with c-span for our continuing coverage of the transition of power as president elect joe moves closer to the presidency. voteshe electoral college cast, join us on january 6 live at 1:00 p.m. eastern where the joint session of congress will declare the winter f

there's also a torture so very -- deutsche's survey recently.of people saying it could hit over $40,000. so, there's certainly, there's more room to run here. but as you'll recall, back in 2017, we had that massive rally, and just the southern collapse, as well. and people who have been watching crypto are used to those bull runs an almost expect them. i talked to someone earlier today who says those drops might not be as dramatic. we my only see a pullback of 10-15% rather than the big drop we saw when the bubble burst. does bitcoin compare with other assets? and i don't just mean other crypto's. gold, for example, i think is an interesting comparison over 2020. eric: that's interesting. bitcoin does often get compared to gold. bitcoin is up almost 300% this year. which is a great year for gold. it's nowhere near what bitcoin is doing. the s&p 500 is up about 15% this year. not comparable to bitcoin. it does go into the conversation about whether bitcoin is a storage of value or a speculative asset. at times, it's either one or the other or bot

deutsche bank is the powerhouse in financing.ey will show you in detail what kind of revenue stream is sustainable. i do believe that a good part of the outperformance which we have seen in 2020 is sustainable and we are confident also for the investment bank in 2021 and 2022, no acknowledging that some of the outperformance was driven by the markets in 2020. >> if we look at the corporate bank and private bank, there is an impact by the pandemic and there continues, though interest rates. how much more pessimistic argue about those two areas compared to two years ago when you think about the strategy of deutsche bank? shown how both have resilient and strong they are in the markets. they have done everything to mitigate the additional headwind from the interest rate environment. the corporate bank has passed on negative interest rates to 17 billion deposits, far more than we anticipated. that makes us confident that the underlying growth which we have seen in 2020, if we continue to do that interdict 21 and 2022, we will achieve

said deutsche may cut its new york headcount by half in the next five years., she added that men would remain to a degree the bank's -- workers at an apple plant vandalized iphone assembly equipment in a dispute over unpaid wages and longer working hours. the economic times says video images exist, and police were needed to disperse the angry crowd. the plant is operated by a taiwan-based company. the incident is said to be have been caused by other workers entering the premises. elon musk told tesla workers demand is so high that production needs to increase as much as possible the rest of the summer. he did not give specific numbers, but the company needs to deliver more than 181,000 cars in the last three months of the year to hits their annual target of half a million. s&p dow jones says it will remove apartment investment from its benchmark index to make way for tesla. super carmaker mclaren is planning to sell one third of its formula one unit to a consortium of u.s. investors. the group tries to fix its finances and fund future top-level auto sports. ms

fixed income traders at deutsche bank may get rewarded for a bumpy year.erman lender may raise their bonuses roughly 10%. the debt traders have kept the turnaround plan on track. meanwhile deutsche bank retail and corporate bankers are likely to get more. global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. i am ritika gupta. bloomberg. ♪ tom: we have seen a ton of growth. nobody would wish the global pandemic on anybody. wee growth numbers -- >> have seen a ton of growth. nobody would wish the global growth pandemic on anybody. huge growth numbers. we have been investing for years and growing the supply chain. this is one element of that strategy. peloton, i think this was put there because i need one. william lynch of peloton. lisa: you roasting yourself? seriously. are you going to get one? tom: i may get a brace. preparation for the balaton. tom: a brace of peloton. the pandemic has to be the best thing that happened for pelaton. what you have at the open? lisa:

deutsche bank pulling forward investment year.ink the cost story will be one of more efficiency but also more investment. guy: thanks for the update. alison williams of bloomberg intelligence. just wrap things up in europe, these are the final numbers. a negative session for the ftse 100. a giveback in the auction process. a little bit of a takedown. singh of get underperformance versus the dax, volkswagen -- significant underperformance versus the dax. volkswagen having a strong day. jonathan ferro and i will be taking you through the cable show on dab digital radio. this is bloomberg. ♪ emma: this is "bloomberg markets -- the european close." coming up, an exclusive interview with marc jenkins, carlyle group head of local credit. that is at 1:30 in new york. this is bloomberg. the you is still holding a news conference on the new -- the eu is still holding a news conference on the tech rules. joining us is columbia law school professional -- professor aarti bradford. she is the author of the book how the european union rules the

bank may eventually allowed new york city deutsche bank -- deutsche bank may allow new york city distributorsgo elsewhere. it's discussing to allow more to work from home. the head of deutsche's americas division told they can cut america headcount and have over the next five years. the ceo elon musk is urging tesla workers to produce output through the end of the year. he says demand for its electric cars is so high, production needs to increase as much as possible. the company has a part -- target of delivery of five cars this year. the firm is being added to the s&p 500 next week. that your bloomberg business flash. matt, anna? matt: laura, thanks very much. laura wright with your business flash out of london. now, u.s. lawmakers are planning to unveil a $908 billion coronavirus plan. death remain over whether congress will pass it. west virginia senator joe mansion guaranteed that hard-fought negotiations would produce results. >> we were on the call all day and it -- day yesterday. we will have a bill produced for the american people tomorrow. $908 billion. matt: joining us now is bruce

katherine, deutsche followed a correlation from the stimulus fights with an argument for or against more republican senators in the georgia runoff? >> one thing is very clear here. the very, very end of donald trump's term is republicans have pretty much completely abandoned what was once their banner is the party of fiscal discipline. this is the final nail in an already nail ridden coffin. and i would like to think there are still some voters in georgia who do care about fiscal discipline even the face of company would like to see taxpayer dollars used responsibly. and a targeted and efficient way. this fight isn't going to help republicans with those voters. i hope they exist i believe they still exist. we will see. kennedy: i think they will come back to life when there is a democrat president and a democratic house. and then it becomes really fun to be the cost-cutting party just so you can say no, no, no to everything. then you're going to have susan collins and mitch romney and lisa murkowski saying i don't know i kind of like spending money. they're going to swing over to the dar

i would say absolutely yes but the problem -- >> the line out of deutsche is they go to hold, 335, veryange in the fundamental story. but shares for the quarter up -- since the 3q results, shares up 28%. >> i thought it was a great piece. i happen to love frank slootman. he used to come on -- he built service now, by the way, then went to donahue, now bill mcdermott. frank is a visionary, tough guy, wrote a good book about these things i will say this about frank. he will not come out and say that my stock has gotten ahead of me. he will say that there is a retail component to own his stock that may not know all that much about what snowflake does i think that one of the things that we learned in 1999 was there were a lot of companies that were bought and people didn't know when they did. >> oh, no doubt. no doubt and there were a lot of companies that didn't know what they did actual companies, really, didn't -- >> yeah, yeah. >> it was unique it was unique. >> i remember talking about one, there was -- another one that was like mfst and it was -- and i mentioned it on air, right, i ha

and branding and marketing expert donny deutsch. kara, what's going on? i spent a lot of time after the 2016 election on the road, interviewing trump supporters. and even more than fox news, more than breitbart, nobody mentioned breitbart, they all got their news from facebook. why are they so bad addt readin out lies? >> because it's not their job. you're talking about ineffective gatekeepers, because the old word for media was gatekeepers. it's also taste and editing and things like that. they're bad at doing what they're not doing, i know it sounds confusing. they never expected to be in this role and the way they built their systems forces them into it. even though mark zuckerberg says he doesn't want to be an arbiter of the truth, he's built a system that requires one and they're just ineffective and bad at it. that's what you're seeing here and why you're seeing such herky-jerky motions from them. >> i think about that documentary where the guy who ate at mcdonald's for weeks and weeks, to see all the body systems that shut down when he gorged on ju

it's gone too much, too far, too fast you can have airlines, deutsche bank weighing in saying they moved too far, downgraded the sector to a whole. they go all the way to alaska, you speak to that. where you going to go? people say the growth tech is overvalued now they're saying the reopen, the cyclical stocks like airlines, for example, they're overvalued what's an investor to do, jim? >> well, investors have to realize that after periods of large gains like you've seen in the market overall or value stocks specifically in the last month or three months that you get a consolidation. it's what happens, okay? large gains need to be digested by the market before the next wave of buyers come in and i think that's what you're seeing both in the market overall or in sectors like the faang sectors, which have been consolidated since september or the value stocks, which are consolidating right now. what that means, though, it doesn't mean you just throw up your hand and go down in your bunker it means it's a time for stock selection. you mentioned airlines i don't think this is a time nor do i

cyrus vance recently "the new york times" is reporting has interviewed employees of deutsche bank, thesident's banker, aon, his insurance brokerage, as part of a criminal kregs investigation of the trump organization. we don't know a lot of detail about this, but we've gotten outlines of what it may be about from michael cohen in his public testimony in which he has said before congress that president trump had a pattern of lying about the value of his assets, inflating them, in order to either get good publicity or impress lenders, but lying on the down side, deflating them, for the purpose of avoiding taxes and this appears to be what cy vance is investigating. cy vance, remember, a state and local prosecution is beyond the reach of a presidential pardon. so even if the president decides that he is going to pardon himself before leaving office, which is a legally dubious step, never been tried, he could not pardon himself from a state charge. this is in addition to the civil investigation that's under way by the new york attorney general letitia james. all of this, again, we do know

donny deutsche, i am going to ask you the same question.ut winning, but one needs to win to help people. what is the prescription foreign policy the democrats to keep these seats? >> step away from socialism. 75 million people voted for trump. a lot of those people are i am afraid we are going too hard left, 80% taxes, defunding the police, all that. step away from socialism. this country lives right of center, so you better be moving towards that center. >> all right. up next, health care workers are expected to be the first in the u.s. to receive the coronavirus vaccine as early as today. more on the medical marvel ahead on "morning joe." plus, the constitutional formality that's getting extra attention as the electoral college meets today to make joe biden's win official. for many, it is deja vu all over again. >> we have an announcement to make. joe biden is president-elect. of the united states. >> in the state of georgia where there is currently a hand recount being done, joe biden is the apparent winner. >> nbc news is projecting tha

>> the fact that it relates to the deutsche bank interviews with staff members working for the company that lent him money suggested it is either related to his taxes or related to some sort of business activity. but i don't want to suggest that i can see more into that than we can. we know simply that it relates to the trump organization. >> so the president has signed on to this lawsuit that most people think is legally vacuous and the court won't even take up to overturn the results of the election. we know how he feels. he's been doing this in public, has been talking about this for a long time. what's new, 106 members of the house of representatives have signed on to this same suit. is the president pressuring them? how important is this list of names to the president? is he demanding loyalty now from republican members or what? >> whether it is overt or through some sort of covert pressure campaign of, you know this is what the president wants, conducted by other people, there are now more house republicans signed on to this lawsuit supporting it, if not actually signed on to it,

jake deutsch runs two urgent care centers in new york. >> we're getting phone calls. we're getting people messaging us through our portals. yesterday we had a patient walk in and say she was there for the vaccine. >> reporter: a nation now hoping two vaccines will speed a return to normalcy >> tom, i know some states are complaining they're not going to get the amount o pfizer vaccine next week they had been promised. what do we know? >> reporter: including iowa which says it expects now 30% less than it ha anticipated but the government says that's not true that, in fact, all the shipments spread out over the week. lester >> so, tom, america right now living through a split screen on one the vaccines and hope, on the other a soul-crushing horror as southern california's icu reach their tipping point, o% capacity. as nationwide more records for infections and deaths here's miguel almaguer. >> reporter: tonight southern california is on the brink of disaster, a region home to 23 million people and the country's second largest city, now reporting no open icu beds. >> so

it's no longer claimed deutsche land. we're seeing immigrants from eastern europe and italy. we have more evidence of how our building changed over time. you see this dark stripe across the ceiling in this apartment here. this is where the wall between the parlor and the kitchen was when we come along in 1988. but according to blueprints, this is not historically accurate. originally the kitchen wall would have been where it is now, right there. so we moved the wall back to represent what the apartment would have been -- would have looked like authentically in the 1870s when the family was living here. so here we are in the baldici family home. we leap forward in time to 1935. and you'll see that around you in all of these wonderful amenities that the family would have enjoyed, by 1935, this building has electricity, so they were able to listen to the radio. they had electric lights. and a gas cook top. which is installed here on top of the old coal burning stove. and a sink and bathtub here. the bathtub in the kitchen. typical of tenements in those days. and they immigrate h

neal katyal still here, also joined by branding and marketing expert, our friend, donny deutsche., what does this mean in terms of where the investigation is? because i read this and was thinking, once they've got people to help them make sense of it, they must have a lot of stuff, and if you think about how many people have pulled back the curtain from michael cohen's cooperation with federal and state investigators to, i think, a few people also cooperated with the campaign finance case, how much stuff do you think cy vance's office has, that they're at this step of needing forensic accountants? >> nicole, it's a very serious and ominous step and before going into why, let me say a moment about the conversation that you were having about the future of the republican party, indeed radicalization, because i think it's true if you look back at the last four years, republican party looks like that self-licking ice cream but at this point, it's an ice cream cone that has melted and donald trump is trying to hold the liquid he drops and the crumbling cone together but it falls apart o

hi brant it's always a pleasure to be on deutsche of elevate to be back let's start with the situation at hand right now today i just wrote a piece for the center for european policy analysis in washington this morning and i'm looking at this situation as gazprom reprising its december 2019 disinfo playbook in order to make nordstrom to look unstoppable with the intent of dissuading passage of these targeted congressional sanctions after all if the project can't be stopped why even bother passing them well that's not true we've seen gas prominent allies over the past few weeks state in the media that the project is moving along a pace companies are fully committed in spite of sanctions but just 24 hours after some of those headlines came out the biggest certifier for the pipeline d.m.v. g.-l. a major. technical provider that would be needed for this project to be completed left the project and this was followed by an announcement last week the project construction would start in german waters on december 5th last saturday but there's a little detail there this is only 2.6 kilometers of

this could explain why deutsche bank is increasingly looking to locales other than new york for somerlie gasparino has more. hey, charles live. >> neil, it is not just deutsche bank but every major wall street investment bank and bank is looking to relocate much of its workforce, not all of it, but a good chunk of it, out of new york state, the new york city area and it is more than just the covid causing this, pandemic, lockdowns, the fact we, we do business in a very high density area. it's leadership. it east losing confidence in the governor, governor cuomo, governor murphy. mayor, mayor de blasio to handle crime and other issues. it is what is looming in terms of costs. governor cuomo recently threatened this but governor murphy had done the same and so has mayor de blasio. higher tax increases, much higher taxes on businesses potentially and also on, on executives. that combination is causing people to say, why should we be in the city? why should we be spending so much money on new york city real estate and get stuck with this high burden when we know, based on the experience

hi brant it's always a pleasure to be on deutsche of l a great to be back let's start with the situation at hand right now today i just wrote a piece for the center for european policy analysis in washington this morning and i i'm i'm looking at this situation as gas problem reprising it's december 21000 disinfo playbook in order to make nordstrom to look unstoppable with the intent of dissuading passage of these targeted congressional sanctions after all if the project can't be stopped why even bother passing them well that's not true we've seen gas prominent allies over the past few weeks in the media that the project is moving along a pace companies are fully committed in spite of sanctions but just 24 hours after some of those headlines came out the biggest certifier for the pipeline d.m.v. g.-l. a major. technical provider that would be needed for this project to be completed left the project and this was followed by an announcement last week that project construction would start in german waters on december 5th last saturday but there's a little detail there this is only 2.6 kilome

worth $56 according to deutsche bank and dutch blue is 15, so deutsche bank says they could do bettersputed. downside they said could be rising covid cases but don't level off for most of next year and think about the lag in recovery and possible spikes in jetblue prices. stuart: would you offer an opinion? do you think air travel would not return to normal but will he picks up strongly in the spring and summer when we got the vaccine being ejected? susan: as all things go well, we know we don't get hurt immunity until the summer months of next year and i would imagine that maybe the fall and i would say the holiday next year might be the time when more people take off. stuart: got you. thank you, susan prayed new leaked audio appears to show joe biden blaming the defund the police movement for democratic losses in november. we play it for you and it's quite dramatic. >>> one of biden's advisers is comparing himself to the christmas villain. you've got to watch this, folks. roll it. >> the grand. [screaming] stuart: i thought we would play the soundbite from the guy who said don't cal

deutsche bank may move some of its 4600 new york city staff elsewhere in the u.s., although there ares yet. it is discussing how to let more employees work from home, or in other cities. yorkmight cut their new staff in half. but she added manhattan would remain to a degree the bank's u.s. hub. shery: here's a picture across asia. we are seeing the asx 200 adding gains,straight weeks of the longest winning streak since june. the aussie dollar also gaining ground, around its 2.5 year high, surpassing $.75 u.s. level. kiwi stocks reversing some gains. new zealand third-quarter gdp numbers later in the week, expected to see a sharp rebound. nikkei futures and u.s. futures, both in positive territory after japanese stocks lost ground for two sessions in around. and that japanese yen is holding steady at around the 104 level. a big interview later. linkedin membership in asia has surpassed that of north america. we will speak exclusively with the vp for aipac in china. next, brexit talks are extended again. but a deal looks some ways off. we will hear the latest from brussels. this is bloo

i'd point to a survey from deutsche bank.vey respondents bit -- bitcoin to behind a year, in the range of 20,000 under $50,000, so so that's a rough area of thinking. see if crossing $100,000, which sounds high in the sky, but we are talking 30,000 now and that is relatively within your shot considering where we started the year at $3000. it suddenly doesn't sound so crazy. annmarie: what about other assets compared to bitcoin? manus calls bitcoin the millennial gold. in the summer, it did pretty well, 2100. how did bitcoin compare with other assets? it doesn't seem like other assets can keep up with the momentum gold has. eric: when you look at asset classes, there is not any good comparison to bitcoin. year, which5% this pales in comparison to bitcoin's almost 300% gain. looking for games like that, you are talking about individual stocks or speculative assets at that point so it has been a monster year for bitcoin and other cryptocurrencies. with the year winding down, we've seen it drop a little bit. there are still conce

an analyst at deutsche bank is predicting a floor for the dollar, so a divergent view that herde, sayingmay be a low probability event. a successful vaccine could cause the fed to cap rates, leading them to a stronger dollar and optimistic -- and optimistic scenario which is likely to not be seen for at least three months. asia let's take a look at credit. several funds are bullish there. why is that? sophie: we've seen that area and some hefty returns maybank pointing out the credit is still cheaper, especially in a subzero environment. switching out of the board, john stover at tribeca saying the economic data in asia doesn't support the misconception that credit in the region is riskier than other regions. 1/5 of his funds is in chinese property development, so he is buying on the depth. dip.ying on the shery: we are getting mitch mcconnell saying a deal has been reached on the covid-19 package. you are watching senator mcconnell speaking right now in congress. the way.ore help is on americans have been waiting for that new round of stimulus measures in order to help them as we contin

it may be a financial issue in the past but we are trying to get the deutsche bank's record to find out the case. when he tried the build it during the campaign and lied about it at that time was the most lucrative deal of his life. he still may want money and opportunity from putin. this is a president driven by nothing more than his desire for more money. >> mr. chairman, his over effort of overturning the election, what's the danger of normalizing it and treating it as another entry on the trump's looper reel. >> it is dangerous. whether he runs again or does not, there is going to be someone running in the trump's lane, i don't care about the democracy lane. this president somehow made it normal and you can expect others to propose the same kind of cheating in elections and others trying to get foreign nations to help them cheat or electors or appeal to or partisan supreme cou court. once it is set, it takes years and years and decades to obliterate that president. he's doing real harm and as i mentioned before, part of that harm is in creating this in groups of millions of american

you and i have been kicking around this piece about this consensus and deutsche bank, their note wasis the biggest consensus trade in history. he said the degree of implied groupthink is alarming and what you have to parallel this and explain to it is it's monty python like brian movie. you know a lot more about it than i do. manus: i want to say from the start i wanted to play part of the movie but we are not allowed to. the producer of the show thought it was not appropriate. it's where everybody thinks that brian is the messiah and brian says, look, you are all mistaken . you are all completely different. and they cry back at him, yes, we are all different, except for one who says, no, i'm not. john authers said consensus -- what is consensus? it is when it becomes overwhelming. contrarian is him is impossible. let's take a look at the quote board. while it is generally good to have animal spirits return, positivity can become dangerous when it degenerates into groupthink and you know, it is almost, you know, you cannot fight this consensus trade, can you? that is the risk. if you

we have deutsche bank climbing with sovereign yields back up. it is likely the u.k.going to approve astrazeneca vaccine this week. also slightly higher. when you put that together with the vaccine, that creates an airline start going higher. thehe other hand, we have internet related company, down 3.5%. that could have to do with the fact the vaccine optimism that may be those businesses not do well. we have commerzbank unchanged. it had been lower after they boosted their restructuring provisioning. you also have stanton down. as for fx, a mixed bag. the bloomberg dollar index earlier down. now up slightly. maybe a recovery for the dollar. the turkish lira is the big winner against the dollar. up for a fourth day. they have boosted rates by more than expected. the euro against the pound is winning so that post-brexit deal last week is not carrying through for euro. the euro is up against the dollar today. really mixed moves around the euro and currencies overall. alix: thanks. let's pick up on that exit trade deal. the european parliament member talk with bloomberg

deutsche bank has been guiding they were doing really well.e to see how they duke it out. there is thing about the fourth quarter is they have a couple of hits that will factor into the revenues there. there is a write-down on a hedge fund stake they have an a provision for litigation in the u.s. francine: when you look at some of the risk and compliance at the bank, how is it going? marion: yeah, they have been doing an ongoing restructuring of the compliance units. has been a difficult year for them. a lot of things have been exposed from the pandemic. different funds that were not working. and they haveia been involved in difficult situations with softbank. it is not been a easy year. a lot what the ceo is trying to do is figure out what's going on, clean those individual businesses up and set them up for a better path next year. francine: thank you so much, marion. being moved into the u.k.'s toughest tier of virus measures, increasing restrictions. we will discuss with that means for europe's economic recovery. we are delighted to be join

similarly with deutsche bank. you are beginning to see women ascend to the ranks of executives.know, this process does take decades sometimes, and thanks have just started planning for this very late. francine: thank you for all of that. salaam --back to the it is a big day for the jobless figures in the u.s. to look for that. the other big story is opec for oil. there is news on the u.k. brexit negotiations, we are trying to figure out how they are going. we just have another headline coming in from reuters saying the u.k. trade deal is expected by the end of the weekend. from our own sources, that is what we had understood, but then something happened last night. we are checking with colleagues, ringing the phones to make sure that we have all the facts straight for you. count pretty much unchanged at the moment, or at least i am looking at euro-sterling, 0.9030. "bloomberg surveillance" continues in the next hour. tom keene joins me out of new york. we will talk to a number of market participants, and we will talk crypto currency with the former ceo of the eb i.s.. general wh

deutsche bank may eventually allow some of its 4600 employees in new york city to move elsewhere.man lender is preparing to move operations to the time warner center in manhattan. it is discussing how to allow more employees to work from home and from other locations. that is the bloomberg business flash. francine? francine: thank you so much, karina. this is what the markets are looking at. a nice briefing from sir howard on exit and the impact it could have on pound. stocks starting out in a bullish mood, investors taking comfort from stimulus bill negotiations. also the u.s., encouraging news, i would say, about the vaccine in u.s. and europe, sickles shares powering stocks higher, -- cyclical shares powering stocks higher. , and data out of asia that is encouraging, including improving business confidence, helping japanese shares rally. we will have plenty more on the markets. , robert hayes. that is at 9:00 a.m. in london, and this is bloomberg. ♪ ♪ >> this is bloomberg surveillance. off getting a tree perhaps, we will get an update tomorrow, i'm sure. we will be hearing all

deutsche bank may move some of its new york city staff elsewhere in the u.s.hough there are no concrete plans yet. it is discussing how to let more employees work from home or in other cities. its new yorky cut headcount by half in the next five years. however, manhattan will remain. -- will remain the hub. a money laundering inquiry has been triggered causing shares to plunge in october. insisting that it has robust systems in place complying with money laundering rules. reports from india say workers -- a disputelant over wages. there are images of the damage being done. the plant is operated by a taiwan-based company. of host 2: plenty of great guests on with us throughout the day including linkedin for asia-pacific. recruiting issue. and we talked exclusively to the a company from india. we get his prospects on the steel sector in india. pound is higher as brexit negotiators agreed to go the extra mile. we will discuss that with david bloom next. this is bloomberg. ♪ shery: you are watching dayb 's trillion. -- you're watching daybreak australia. what

let's bring in deutsche bank's he manual rosner and ross capital partners irwin tesla pushing above that0 mark today now at $714. what does tesla need to stay at this level or push even higher in 2021? >> so, you know, the big question i get from the buy side is what's going to pull the luster off tesla right? so where they are now, they can basically invent the milestone they're strictly in top territory. they can tell people they're going to have an event, hold the event and, you know, break out the pompoms. they have the cheerleaders on the sidelines. i do not have any negative catalysts. i upgraded the stock to neutral earlier this summer saying that we've got india and the mini car coming in 2020 now just come out in the last week that they are preparing deliveries for india in january. ind gentlem india will be just as important as china stepping back, the market cap, man, that's a big market cap for a company that is only going to produce maybe just a little over their half a million car for this year. so it's going to be interesting to see how this story evolves. i don't see the