activity in the euro zone and u.k. falling sharply. there was almost inevitable a double-dip recession. and we are on -- ominously told that change is coming for the city of london, this as new york emerges as a big brexit winner. let's talk about where we are seeing the data in europe today. we are down when it comes to stocks, we are singapore is a week for the dax and everything else, everything else is negative. the pound in particular is down quite sharply, down by half of 1%. and crude is under pressure. with the data out of europe making headlines, really weak economic data again. alix: no doubt. good stuff. as you mentioned, there is that double-dip recession, with possible slumping in contraction or territory. paul gordon joins us with the coverage of the western european central banks. paul, how bad was it, is there anything we could pin our hat on? paul: there are a couple of bright spots, particularly the optimism among manufacturers. the general mood seems to be its bad start of the year. the indexes are down for the most

after christine lagarde pointed to a double-dip downturn for the euro zone.nd the hang seng falls as report say lock -- hong kong will lock down residence for the first time. i am matt miller. this is bloomberg daybreak. we are in a locked down continue until february 15 if it is not extended. let's take a look at some of the market indicators. the hong kong hang seng index. down 1.4%. it is down from an all-time high after news of a lockdown. i feel like my friends in hong kong have been locked down for months but maybe it was not official. the euro stock futures down 0.4% as well. the dollar gaining in a risk off sign this morning. bitcoin rising at 31,788. looking weak compared to the 42,000 we hit a couple of weeks ago. it has only been another week or two more than that that we were shocked it was going up through 20,000 again. this volatile currency continues to move. back in the usa, in his first full day in office, joe biden ramped up the u.s. response to the covid pandemic, warning 100,000 more americans are likely to die from covid in the next month

gene: well, does it spur disinflation in the euro zone? it amazes me in a way that the ecb is, you know, focused on the exchange rate given that the dollar is depreciating against everything, number one. at number two, if the exchange rate is not going up, it will probably be a function of relative eurozone weakness, and that is what is emerging right now and the euro zone, basically the fact that they are not handling the virus as well, they are slow off the mark with vaccinations. the stimulus is not at the same magnitude as in the u.s. so yes, i think the ecb has the tools. i think it has to be careful with what it -- it is not obvious to me that there is a great willingness to cut deposit rates further. so if you make the threat, you had better be ready to carry it out. francine: thank you so much. gene frieda with some of the things we watch out for. if you look at the emerging markets, i don't think we have one more -- question -- time for one more question with gene frieda, but what do you see with emerging markets? gene: i think em

for 18 months after that all your a financial transactions will have to be settled within the euro zone. now for decades it has been one of the staples of cuba's communist system the nation has been giving many items of daily life to its people nearly for free of cost regardless of how much they worked or not but this year the government is implementing a deep financial reform that among other things reduces subsidies to help alleviate and economic crisis to many this is come as a shock. just $0.75 that's how much cubans would pay for a monthly basket filled with $19.00 basic products like meat coffee eggs or soap that was until the. last year now the price has increased almost tenfold and it doesn't and they're like well oh but riding the city bus now costs to pesos electricity and many other things have also become more expensive and shocking than lomotil a policy of. the government is increasing prices in the hope of boosting productivity and the economy 7000000 cubans are of working age and about 40 percent of them are not looking for employment getting by on what the state has prov

the european central bank has decided not to tweak its ultra loose pandemic stimulus for the euro zone but in its regular policy meeting the e.c.b. said they said concerns about a new virus variance and slow vaccination drives are darkening the economic outlook . google and a group of french publishers have finally agreed on copyright fees after months of negotiations u.s. tech company would help pay publishers for content it uses online the deal comes in the wake of revised copyright laws which entitle publishers to demand a fee from online platforms showing extracts of their news. tesla has received the green light to build an electric battery factory just outside of berlin it will be built in close proximity to it soon to be completed electric car plant where production is set to begin in july as the c.e.o. a long mosque says the german battery plant will be the biggest of its kind in the world. south africa will pay $5.25 per shot for one and a half 1000000 doses of astra zeneca corona virus vaccine made in india for the health department says that is based on south africa's status

it is happening in parts of the euro zone, too.hink it is a reflection of the fact that austerity in 2010 was premature. we know that bond gets will tolerate higher levels of government debt. what level over a 10 year yield do you signal a true breakout towards some form of new reflationary global economy? the numbers all over the map. 1.5%. a 1.3%, a what is your number where the higher yield signals something different? neil: that is a great question. one i could spend all afternoon debating. you can pick a number, they are all over the map. i think the interesting thing is not what number signifies a breakout in terms of deflation of the global economy, but what the fed would do. with a move towards more -- systemic structure? we have been here where the fed has capped yields. whereby if a world not by regulation than other policies they will keep yields at 1.5 because that is what we need to sustain demand. is ine visionary pressure the short-term -- thank you, thrilled you could trust this morning. upities sustained, futures a

the european central bank has decided not to tweak its ultra loose pandemic stimulus for the euro zone but in its regular policy meeting the e.c.b. said the said concerns about new virus variants and slow vaccination drives are darkening the economic outlook. google and a group of french publishers have finally agreed on copyright fees after months of negotiations u.s. tech company would help pay publishers for content it uses online the deal comes in the wake of revised copyright laws which entitle publishers to demand a fee from online platforms showing extracts of their news. tesla has received the green light to build an electric battery factory just outside of berlin it will be built in close proximity to it soon to be completed electric car plant where production is set to begin in july tesla c.e.o. elon musk says the german battery plant will be the biggest of its kind in the world. south africa will pay $5.25 per shot for one and a half 1000000 doses of astra zeneca corona virus vaccine made in india the health department says that is based on south africa's status as an upper

a double-dip recession in the euro zone, we're going to have a contraction in q4, as well as q1. sk for euros on economic activity is if this contraction spills over into q2. because this would now be real the ecb's economic forecast -- derail the ecb's economic forecast. at this stage, it doesn't look like we're moving towards a significant drive in q2. they project it to recover, starting in q2, and maintain momentum in the second half of this year. that's one of the reasons you're underpinning it for the year. annmarie: on the vaccine progress, some say this has become an fx trade thing. the u.k. is so much more ahead when it comes to vaccine district vision. do you agree with this type of premise when you look at the fx market? elias: the way i look at the fx market, i'm relative monetary policy, the relative payment structure, and valuation. these are the three major cyclical and structural drivers of currency. the relative trend in vaccine inoculation rates is more interesting, and i think it's not a significant and material driver for currencies. annmarie: ok, so probably m

and that translates into somewhat lower growth projections for the euro zone. and for europe as a whole. but let's be clear, it is still above 4% what we are projecting for growth in 2021 and we are still to see how the new generation eu is going to help to energize the european economy. i am optimistic that if -- if we are determined to deal with the health crisis and european authorities do not withdraw support prematurely, 2021 can be the year when we finally see more sunshine. but again, i mean, we do -- i want to be the first to state it -- we do have heavy clouds of uncertainty still on the horizon. and we just cannot afford to let go from the -- we have used. the central bank ecb, that is job, the propping up via fiscal support. by the way it is amazing what has been done this time as opposed to the global financial crisis by now, $14 trillion of fiscal measures when we were talking in october it was 11, $11 trillion. so they are every way, including in europe, they are doing the right thing making sure we can get on the other side this crisis. >> which

think about for example things like can the euro zone, financials having outperform so much even though the bund yield has not even done anything, even though the curve has not moved, spreads have not moved. there's froth and some parts of the market, not necessarily valuation wise but just simply having output too much and that froth in some parts of the cyclical and value part of the market, that really has to be taken off now. valuations overall still are fairly supported. if you look at the fed's guidance, yesterday, that very much speaks in favor for steadier real yields and this increase in real yields we have seen at the beginning of january, completely being overdone and the fed being very determined to sort of curve any rise in real yields, any kind of tapering speculation. that supports valuations and even current valuation metrics, particularly in the quality part of the equity market. manus: on any other normal day, it is 6:08 in london, 10:08 in dubai. on any other day after the federal reserve, we would be obsessed by the nuances that powell gave us. the whole focus on exi

closing like this the bottom of the euro zone. the grid cut over the hope but. also not quite over there very effectively. even over the bills which are going. to have to listen. to the minnesota let it go to meeting kind of a photo id a little bit of stuff but the one thing i don't buy the how does not. change. with. what is solid or what is all over. the world concrete or 'd a mountainous region situated in the far north east of afghanistan. it's bordered by the hindu kush mountains and peaks some reaching close to 5000 meters. battling extreme conditions these 2 men will have to cross the only road that cuts through there were concrete or a 350 kilometer path carved into the mountains and covered by snow. if it were not for those few willing to risk taking this route people in the villages here would have to go without basic necessities such as flour salt. without these goods the inhabitants of the one concord would struggle to survive the harsh winter with temperatures often dropping below minus 30 degrees they did a very good guess about what the title is s

that performances had not met expectations this season despite the club's spending nearly 250000000 euro zone you play is german coach thomas took who who was sacked by paris sunshine last month is tipped to take over from. and the german bundesliga league leaders by munich have improved their title hopes with a 4 nil when i can chalk up the 2 tames at opposite ends of the table faced off on sunday. it's lonely at the bottom of the table where shall kids sit stuck around the top where by and have the chance to make stand then lead after their 2 closest rivals both lost on saturday. shocker held the 4th for 33 minutes when byron broke the deadlock. the hosts 1st left us were kimmage and then tomas mother completely on marked. after the break the defending did not improve by and got their 2nd robert lewandowski bumbling in his 23rd goal of the season already one small commish was the provider this time with a long range pass to find the league's leading scorer. commish then made it a hat trick of assists teeing up thomas mother for his 2nd and byron's 3rd. the reigning champions now have a comf

anna: can i ask you about dividends payable by banks in the euro zone?derstand two small finnish banks have declined guidance. >> of course i am not happy for that, but there are no sanctions in this context. in my view, it is important that we have -- by the ecb governing council we have -- european banks have enough resilience during the pandemic so they can finance the real economy, households, enterprises, businesses. at the same time, i have an understanding concerning the valuations of banks and their potential to collect equity and reinforce their own finances in the medium-term. that is why i think in a certain period of time, we consider this is enforced until september. it depends very much on the pandemic. to the banks who complain about this, remember the tltros are favorable to those banks who are favorable -- that is one factor in the european banking sector. matt: thank you for your time and your service to the european central bank. olli rehn, governor of the bank of finland talking to us about how to affect inflation after the pandemic.

if you look at the euro zone and european union, many countries are falling behind, not as strong asyou look at asia, new lockdowns. there seems to be a lack of a vaccination strategy. the u.k. alone is about to push things forward, given the global economy is linked to the rest of the world. there is a strong vaccination plan, so more misses than hits so far. that is why markets are choppy. anna: i will say on the u.k. story, it seems the government did not want to enter into a conversation about summer when asked about that yesterday, and refused to rule out lockdowns until summer rather than deliberately warning about that, and wanting to focus on the here and now. it is interesting to see hong kong taking tougher measures, part of china locking down with the resurgence of the virus. is any of this enough to change the market narrative of asia exposure and chinese exposure, given the chinese did such a good job eradicating the virus in the early days? geoffrey: i think medium to longer term, i do not think it will. there is a risk given the timelines. holidays are coming up in asi

it put us where we are the aliens belong to the trick euro zone and that's really clear if we spread treaties that's clear what is what should be discussed what could be used these fluted use a continental shelf in the exclusive economic zone and there is international fora but you know this isn't an international law ok when there are certain differences in different interpretations it thinks can be discussed now in the case of cyprus since you brought it up again you know we cannot take positions like that that would turkey given the credits in turkey what is asking for the purpose of goods and services. separate is a country less than 10000 square kilometers and trucking would like to have her exclusive or you know set up closely drislane so it wants to so caught us both who lives where on that why doesn't that practice practice in turkey and once you know what comes out with a great perspective but you know that's a nicosia is a uncle i would like that is unusual to turn cyprus into a protectorate and also to change the demographic structure all right and then to claim locals who

interest rates are actually quite a bit higher than you see certain in the euro zone in the u.k. the swiss franc interest rates or yen interest rates are actually considerably lower than the u.s. so the argument might be made that there is still room for the u.s. at such low interest rates further we've now got janet yellen coming in to take of the treasury under the pile of ministration she is not of course in charge among the policy but she was previously and she was very much a darvon seem to be of the thought the end economic problem can be solved with lower interest rates or any other personal problem you might have could be solved with interest rates as well so i don't think we're going to see interest rates slip up that high and i think in atlanta is sort of a minority view amongst the board of governors of the fed that doesn't really talk for the majority because some are worried about inflation. and rates are going to go up higher and sooner and hopefully that won't be the case some $33.00 more inflation what chrystia talked about the economy here and in terms of of job

well the 19 countries that make up the euro zone they've tightened up social restrictions and national lockdown so germany for example they extended the national lockdown until february 14th and the netherlands also announced that there will be curfews starting next week and france also is tests of their existing curfew hours this month so european leaders are hoping to accelerate vaccinations in the coming months in order to contain the spread of the virus and its economic impact so that you know it's asking its member states to target at least 70 percent of their adult population by the summer and president christine legarde signaled thursday that the eurozone economy is headed for a double dip recession while also insisting that the current levels of monetary stimulus is enough for now so i'll put likely shrank at the end of 2020 and that decline will now carry over into the 1st quarter so economists are increasingly predicting a contraction in the 1st 3 months of this year as lock downs i have now been extended so the e.c.b. announce that has kept its huge stimulus program unchange

there are now forecasts of double-dip recessions in japan, the euro zone, the u.k.e u.s. there is spending there. only china is enjoying a v-shaped recovery, but retail sending -- spending is not where it was because -- before the virus because we are still nervous. the overall theme is that the economy is still expected to recover this year, but at the same time, there needs to be a material rollout of the vaccine for the coming months to keep that pace case on track. i think it's more than most optimists expected. shery: the problem is that even if we get a recovery, it's not an equal recovery. >> not at all. to be clear, what we will get in the first place will be a large jump everywhere because of the base effect. the world economy will appear to be booming because you are comparing data. that gets into the debate around rebound versus recovery. either way, expectations of richer and more advanced countries will make more progress early on. that is one of the concerns, that will leave a divergence with the american economy and having a bifurcated recovery. the b

the bank is buying bonds to limit the difference between yields for the strongest and weakest euro zone economies, with one source telling us policy have specific ideas. an official ecb spokesperson declined to comment. meanwhile, global coronavirus cases are now approaching 100 million, deaths already above 2 million. the u.s. accounts for 400,000 of those fatalities, the worst single nation tally in the world. germany agreed to tigten -- tighten its covid measures. hong kong is to extend social distancing and expand mandatory virus testing. china is ramping up defenses against the coronavirus amid new infections, ramping up the construction of a new quarantine center in hubei province. it is expected to admit its first occupant wednesday. construction began only a week after a jump in covid cases in hebei. global news 24 hours a day on air and on quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i'm karina mitchell. this is bloomberg. haslinda: still ahead on "bloomberg markets: asia," district capital's michael allen on a hong kong family offic

consider it further extraordinary measures depending on the economic development we will see within the euro zoneminister spoke with francine lacqua and maria tadeo. >> to try to avoid a second wave in the pandemic brings a second recession. of course, this is connected to the pandemic, not to our political decisions because we decided not to withdraw prematurely supporting measures we decided to keep the support measures in 2021. we are trying to avoid this with our political decisions, but as everybody knows in europe are still there and this is a challenge in what we will discuss this afternoon and we will also talk about the u.s. having a conversation with former secretary larry summers. >> commissioner, the economy is now acting normal and big restrictions and delays with the pfizer vaccine. i know he said in the spring there would be a conversation on whether or not to extend the fiscal rules that have been extended. do you believe this is not going to go back to normal until 2022 and they will be extended longer? paolo: we are not seeing until now a scenario, we are still with uncertainty

for the euro zone, it will be the end of 2022. there will be varying degrees, and eventually i think that is ultimately what the markets will focus on. this gets back to your point about zombie companies. the long-term damage to the economy will gradually become apparent if they don't get back to where they were or where they thought they were getting for several years to come. that is when you start to see the lasting impact on the labor market, on investment and productivity, and at the moment china is reviving more quickly, but even in china we have seen the biggest acceleration in china, that the sequential improvement will be slowing from here. tom: janet henry, hsbc global chief economist. much more coming up. there is a global sense, an incredibly busy u.s. week. the fed meeting coming up. david malpass, the world bank president, a good conversation with david rubenstein. look for that. this is bloomberg. ♪ so you're a small business, or a big one. you were thriving, but then... oh. ah. okay. plan, pivot. how do you bounce

i see this as being another step along the route to sclerosis in the euro zone.e: thank you so much. james athey of aberdeen standard . we will talk more about this sclerosis. let's get straight to bloomberg first word news. ritika: for the first time since trump supporters storms the capital, the president and vice president have met and the president is signaling he will reject demands to out the president. last week the president publicly criticized mike pence for not rejecting ballots during the county at the electoral college votes. the democrats are planning an impeachment vote. kevin mccarthy is still imposed -- opposed to impeachment. republicans that the president has acknowledged having some responsibility for the riot at the capital. downbelichick has turned an offer from president trump to receive the presidential medal of freedom. the six-time super bowl winner from the new england patriot had agreed to receive the honor, but that was before last week's riot. it was a record day for coronavirus vaccinations. it rose by 1.20 5 million according to dat

you are talking about the euro zone, the u.k., japan especially.utput is going to remain below pre-covid levels in real terms for at least another year and a half, two years. it is a shock to the system to hear that as someone who wants to get school back open and wants to get back to a level of normality, but at the same time, expectations are still pretty modest for a recovery. manus: i know you have some homeschooling challenges. good luck today. good luck today. transition into how you manage money and risk this year. u.k. we are told, if things are not going to get much better before march, my question is back on negative rates, i look the market isper, still setting itself up for negative rates. doubt wethat lingering won't go there. do you think they will have to go there? tim: we discussed this yesterday. i would have thought -- a new deal scenario on brexit was a certainty. given there will be some vaccination rollout and output should start to return at some point later this year, it is much more of a 50-50 call. i would probably have pus

hard to imagine a scenario where you see is significant enough rebound in economic activity in the euro zoneart to push inflation up to a level that the ecb would need to change its mandate -- or excuse me, change its policies. francine: what do you think the biggest prescription is for europe? we have the recovery fund. how can we make sure that countries don't squander that money, and is that what you are looking at to decide where you want to be invested in? daniel: i think for europe, you could argue that the one advantage has been the delay in the distribution of the next generation e.u. funds. that $750 billion was approved last year and is now being dispersed, but that money will be coming into the economy now. the key distention to keep in mind, when you compare the u.s. to europe, europe already has much bigger automatic stabilizers for the economy. in terms of either the furlough programs or unappointed benefits, in a way that the u.s. traditionally has not. that is compensated to some degree by the big fiscal stimulus package that you have already had in the u.s., for some reason

just for euro zone or 405060 drams a day. because of the guns. but. i did spend half my life on the street. i don't know how things are going to turn out. which included may end well. for it may end badly. it seems i might even die. on a. i had no idea that when i got here i called my mom to tell her that i was ok. she knew that i'd make it because i'm already a young man. that she'd love to see me again. and that she's waiting for me to come back and when i do she'll say my son acted like a real. mom . humble. mom. and i being a lot of my relatives have called me to find out how far i've gotten. and they'll start calling again soon and i'll tell them that i'm headed for madrid god willing . when i got off the bus yesterday i had no idea where i should go i found some moroccans and they helped me i got something to eat and then i went to the juvenile center to see some friends and they gave me a few clothes and then we walked around the city. today i went to a police station to register and sign up for a place at the juvenile center. i have relatives

we are also seeing what is happening within the euro zone. keep an eye on the btp market as well. there are concerns that the coalition in rome may fall apart. it could happen over the next few days. being built into the btp market as a result. we are also seeing u.k. gas prices, and fact gas prices across europe, surging higher. 16% for the u.k. the dutch contract is also up on a two-year year high. in asia, absolutely rocketing as well. winds,lso got light apparently, which means the normal wind generators capacity in europe is not operating. but that is not really the narrative. the narrative big picture is that actually, the lockdown story looks far worse than we originally anticipated. alix: i know you are making a nice transition for me to germany, but there's been a lot of notes saying forget about bitcoin, let's talk about lng prices in asia. guy: i knew that would get you excited. [laughter] we hadou did it because our last hour. we are joined now by our government reporter arnie dell. what is the biggest problem right now in germany? is it vaccine distribution slowing do

when you look at the euro zone, do you think the ecb has got its foot squarely on full financial conditions favorable? martin: yes, i think so, and there is a lot more that they can do if there's any risks. i think if we look at the budget situation in europe, it's around 6% of gdp this year compared to 10% last year so it's actually a four-point step down. you look at what is going on in america, fiscal policy in 2021 could be 10% so significantly higher than europe and this is why you have ecb members like christine lagarde asking for governments to do more on fiscal so instead of the ecb, i think the focus in europe, particularly with this sort of roadblock on vaccines and variance and lockdowns, we are going to have to see more fiscal of two points to three points in europe over the course of the year. manus: well that bear out on the you send some narratives for me to take a look at. one of those is the diversions and the curves. you have the steepeners in the united it's of america and i have a flattening in europe. there's no additional fiscal pulse, does this divergence continue? ma

getting policy action to happen quickly within the euro zone is turning out to be much more difficult, once again, then we thought it would be. is this reason to apply a bigger discount to eu assets? bhanu: i think that the euro has given back gains. if you look at inflation breaking even, and you compare to the u.s., there's a gap. the u.s. is ahead of europe. i have no doubt that this slow deployment of vaccines will mean that first quarter growth will suffer and the pmi data in the weeks ahead will show soft and hard data, and it will show weakness. the question is if we will behave that way in the markets. unlike in asia, unlike in the u.s., mobility is compromised in europe and you do see the discount in the markets. i would argue as a europe gets its act together, november the u.k. right now has vaccinated about 7% or 8% of its population, that one point it was nowhere close to where others have been, like israel for instance. in february, if we do not get vaccinations to south africa, brazil, i would argue we should be thinking about reflation rather than disinflation. so disag

on the flipside it underestimated the potential for damage to the euro zone economy where they are an exporter. it is taking out some of the longer-term discounts on sterling and at this stage adding backend some of the necessary longer-term structural discounts -- adding back in some of the necessary longer-term structural discounts on the euro. the economy struggles to generate demand and currency depreciation is not welcome. alix: that dovetail something we have been talking about a lot if it wasn't for everything else, china stealthily tightening and draining money out of the system, i wonder what is the feedback loop for europe? james: it is interesting. it is complicated. chinese monetary policy is very complicated. they have multiple goals, if not some straightforward inflation mandate. there is very much ebon and tweaks in both directions to try to tread a narrow path. i think maybe the tightening liquidity we saw on the previous couple of days was an over tightening relative to what they have tried to achieve. we have seen them injecting liquidity. medium-term, the rhetoric o

my second question is on the economy and the renewed lockdowns in major economies in the euro zone, whetheris affecting your outlook at all, because it does not seem to in your text? and how concerned are you about the creation of companies in that context? ms. lagarde: thank you so much. you have given me a chance to reverse the order of your questions. i would like to talk about the second part of the question, which has to do with the economic outlook, because that determines, in a way, what was decided today at our monetary policy governing council. and when we look at the current economic situation, we are clearly seeing mixed developments. those mixed developments apply to member states that have been affected in different ways and to different degrees by the pandemic. so, if i was to sort of put int o categories the developments coming have the positive developments and of the not so positive developments. as far as the positive, i would certainly say that number one, the fact that the vaccination campaign has now started, albeit with some difficulty to begin with, but it has now sta

activity in the euro zone and u.k. falling sharply.evitable a double-dip recession. and we are on -- ominously told that change is coming for the city of london, this as new york emerges as a big brexit winner. let's talk about where we are seeing the data in europe today. we are down when it comes to stocks, we are singapore is a week for the dax and everything else, everything else is negative. the pound

would have cost $30.00 euros the hard drive at least $45.00 in a store i would have paid around one euro zoneand here i'm paying just 30 so it's a big difference. in them. apart from a few private initiatives and there is no formal system for disposing a waste in the ivory coast. the collectors have a hazardous job dismantling devices that often have toxic components such as this key element in a microwave oven. as it was a cavity magnetrons to generate magnetic waves that can be extremely harmful. about where we don't have a choice we know that it's dangerous but since it's the only way to earn a living we have to do it although we didn't fit the primary aim of the young korean lamb community project is to cut the volume of the waste in the city but they like the authorities to go further a proper recycling system would also benefit people beyond the immediate neighborhood. since all 3 of them i believe. it could also benefit the environment with a functional recycling and recovery system we wouldn't have trash piled up here waiting for a potential buyer to come and remove one single compone

movement in euro currency as well many are saying, they continue to buy up government bunds in the euro zone, no reason to be short at least while we know there's not going to be a snap election that's the latest from europe. thank. >>> now to the latest, companies that are set to make their trading debut here in the u.s. in what's shaping up to be a major week for ipos. bertha coombs has more on that and the morning's other top stories. >> good morning, frank it's like they say in "sesame street," you know, today it's brought by the letter p, poshmark, and petco are joining the ipo boom as the two prepare to begin trading poshmark at $42 a share, above the target range of 35 to 39 and that will give the online marketplace for secondhand goods an initial valuation of $3 billion the company will be listed on the nasdaq under the symbol posh meantime, petco also exceeding expectations with the pricing of the ipo, price shares at 18 bucks apiece, raising $864 million with the offering will also trade under the nasdaq under the ticker woof. appropriately enough cats don't get any representation

has the potential to invest stronger and perform -- perform in the euro zone. weaker nations, such as italy, once we had a stronger euro because of and optionsery fund that were convenient. that's price in -- priced in now. we're seeing germany and france, vaccine rollout, and how we're having a cord needed vaccine rollout -- how we're having a vaccine rollout. what you see the european central banks -- what do you see the european central bank's doing, if anything? it seems they're pretty powerless to affect any change. eimear: it is completely true. i think the next hurdle is yield curve control. it's something we've been hesitant to do. we've seen it in different continents, such as australia, because of the pandemic, and we will have to maintain monetary policy, the pbi. it's a real impulse about how you're going to get that monetization coming through. the growth is anemic. we've had a lot of fiscal support a year ago, and a lot more in the u.s. it's still not the very strong person that really has seen predominantly powered by germany, not getting it acro

the majority of euro dominated shares traded in the euro zone.be a taste of what is to come. there is a lot of detail to define. europe has allocation agreements with the u.s. the u.k. is not an outlier, but it is an important part of london. we see a change in regulations, will there be anything money managers can do to mitigate it? will it be a case of setting up operations in european cities? sonja: yes, this is what u.k. based asset managers had to do anyway. banksse u.k. based had to set up european headquarters to demonstrate you have the right substance in the eu to manage the business you have on the ground. from that angle, all companies by now are prepared. what would change is if we were required to have investment managers and fund managers on the ground. that would be a shift that would trigger some people to move. it would not be that you need to do the regulatory set up, we have our headquarters in dublin like other money managers. it is not unusual, this is a set up most companies have in place. what would be the difference is if

>> it just depends whether you think that's going to happen independently in the euro zone relative toense is there would use similar kind of pressures in the u.s., so we think it's more generalized slowdown. the other thing is the willingness of people to look through this. at one level, there's almost a very clear response from investors which says if we get a slow down, all that's going to happen is we are going to get more of a policy response so let's not bother about that i think it's going to be a very tricky balance as to how big a hit to economic growth that will be and how long that will last. i think as long as it is viewed as just being a one quarter process, we might see some of the pressure coming off the bond yields short-term as people think there might be some more monetary stimulus rather than fiscal stimulus. straight qa or something like that. bond yields coming off, those are overboard as well at the current time so on yields having risen very rapidly. our sense is that that would just come back a bit and then we would move back on. but if it looks as though this i

, but until we start to see sustained, regular inflation within developed nations, the u.s., the euro zonewherever you want to put it, that stimulus is going to have to be that in january 2021, we are talking about vaccines but where everyone has been vaccinated, we can get back to normality, we are still a long way from it. look at the u.k. employment numbers an hour ago. you can see the level of redundancy, job vacancies are coming through. there is a long road to travel before support from governments and central banks can be turned down because the economy needs it. anna: we are fairly flat on stocks today, but the currency markets may show a little of a reach for the havens, the dollar is bid a little this morning and you like long euro-dollar at this point. why long euro? why do you stick to the dollar negativity, which we've talked about with guests recently? jeremy: by no means is this a boutique flavor, long euro-dollar at the moment or short the usd moving through 2021. toward the end of last year, there was a bit of exuberance in u.s. positions and that was heightened as a resul

the euro zone economy likely contracted in the fourth quarter. adjust its tools if the economic situation does not improve. and we will finish a look at low the euro is reacting to the ecb news of course, we heard bob say the dollar has stopped its recent plunge really, and in some ways looking back, as we look at the euro, over the last couple of hours. we'll be right back. from the ft, comparing investors to frogs in boiling water, jim he says, with so much stimulus being deployed, trying to figure out if the economy is in recession is like trying to assess if you had a fever after you took a large dose of aspirin. >> the scorpion and the frog you get halfway there. these comments i have an interest in, but if you look back at what hedge fund managers say, it's different from what individual investors should be doing. and i'd say the vast majority of hedge fund managers have kept people out of one of the most amazing rallies i have seen. it behooves them to say investors aren't as stupid as you think. is it 1999 i don't know i will say this. i

decision from the ecb in about an hour and we will also get commentary about how the economy in the euro zoneia overnight, stocks higher except for hong kong, fractional moves but in hong kong the hang seng was down a fraction. best performer was in korea, kospi index up 1 and a half percent. now this, 3 national guard members killed in helicopter in upstate new york. cheryl: such a sad story, maria. good morning to you. the military says the uh60 medical evacuation chapter was on routine mission when it went down in rochester, no word on what caused the crash. witnesses say the chopper was flying very low and new york governor cuomo asked to have flags at half staff to honor the victims. it made a post over controversial of the uighurs and to remain control the embassy has to delete the tweets but so far they refused. they call twitter's decision a double standard. well, internal revenue service missing out on big chunk of change. according to audit by the treasury inspector general for tax administration, the irs may have let thousands of people take $57 million worth of tax deductions that

. ♪ ♪ ♪ maria: european markets are also higher, euro zone looking at a firmer with the ftse 100 up anduarante up 34 and dax index higher by 87. in asia stocks were up as well except for japan which had the nikkei average down a third of a percent. as you see best performer hong kong, once again hang seng up better than 1%. joe biden is set to be sworn into office today making him the 46th president of the united states of america. security on high alert in washington for the inauguration. more than 25,000 national guard troops from all 50 states providing an extra layer of security following the capitol hill riot and ongoing threats identified by the fbi. due to coronavirus in-person of attendance has been discouraged. overnight meanwhile president trump hands down 143 pardons and commutations in his final hours as president. among them long-time campaign strategist steve bannon, former deputy finance chairman of the republican national commit yet elliot brodie, rappers lil wayne kodak black. >> now as i leave the white house, i have been reflecting on the danger that danger the pricel

isn't as old and grand more like a quirky little sister with lots of pedestrian zones shops and restaurants to use the. euro. and what better way to end an enjoyable visit to god. there are loads of taverns that serve delicious german cuisine i decided to go for a classic spezza with the british traditional folk dancing on the side. for a major break a trip to the mountain paradise of dallas pancaking terry known to be and mazing idea of all that so expensive i got to take a breather with the incredibly fresh and well at least a bit thin air and even down here in the valley there are plenty of ways to recharge your batteries the perfect. get away. now i substitute. live on clams. and here's spider web. thinking the world in a more poetic way. p.r.t. . explicit interview with. passengers here are informed by. drivers here need nerves of steel. while passengers here can get an eyeful along the way. of taxis accommodate passengers all over the world. drive an hour ceiling. read. in 16. move. to life on earth. coming to. a gigantic coincidence. the prettiest. the earth was just a messy chemistry lab and i thoug

inspire others to join and that would be a truly european approach and for that's how the shang in zone or the euro came about this was that that's how the european community came to be in 1950 it was founded by a group of countries that got together to solve a common problem. but until we reach that point it seems there's still a long way ahead of us meanwhile the catastrophe in moria continues despite fires despite pacts and that's migration policy made in europe. he says he's in jail. he was everywhere. alex where you know following the russian opposition leader is mobilizing mass protests. despite shocking police violence young people especially on protesting corruption and state despotism they are now taking to the streets everywhere across russia person consuming your. $13.00. many places not moving mine since apparently hydrogen is being sold. it's a clean all round. the energy source of the future many industries are very interested in the sealed to neutral field. but what potential does it really carry . made in germany. in 90 minutes on d w. going up today don't miss our highlights w. pro

inspire others to join and that would be a truly european approach and for that's how the shang in zone or the euro came about was that that's how the european community came to be in 1950 it was founded by a group of countries that got together to solve a common problem. but until we reach that point it seems there's still a long way ahead of us meanwhile the catastrophe in moria continues despite fires despite pacts and that's migration policy made in europe. he says in jail. he used everywhere alex they now call me the russian opposition leader is more or less a mass protest. despite shocking police violence young people especially are protesting corruption and state despotism they're now taking to the streets everywhere across russia this morning. if you need to explain to the. guy and i'm game did you know that 17 trillion land on the moon was killed worldwide sure so that we can come but it's not just the animals of all suffering it's the environment we went on a journey to find ways out of the ignition if you want in the old way click to the priest and the whole choice changed as we need to