and gcc spread rallies improved to 70 basis points.eld didt outperform as expected, and we do think valuations are less attractive. but if you compare e.m.'s to high yields, there is improvement. given that will is expected to stabilize higher in 2021 and the vaccine rollout comes more effective. plus, the technical support has given money in the economy. we turn more into the stories where we like the fundamentals. for example, we like egypt versus 30 given that valuation levels are attractive. yousef: i was going to follow up on that because i was speaking with the finance minister a couple days ago and he basically laid out the country's plan to get the bond to become clear to make it more attractive to investors to keep coming into the government, that it is the second-best performing currency in the world. at the same time, it's had a significant rally. you see it maintain exposure to egypt? >> egypt was hit significantly by covid. but at the same time, the government was securing additional funding from the imf, citing multilater

in a statement, it said the development -- the strength of the gcc and its ability to overcome all obstaclese new developments, new days after the u.s. president's syrian advisor, jared kushner, made a visit to the region. he held talks. the visit was widely seen as a last ditch effort by the trump administration to end the land, sea, an air blockade that was imposed on qatar in june, 2017. the blockading countries severed diplomatic ties and issued a list of 13 demands for qatar to implement. they include downgrading ties with iran, closing a turkish military base, and shutting down al jazeera. qatar dismissed the demands as a violation of its sovereignty. the u.s. has been trying to end the blockade, worried it might undermine its effortsto contain iran's influence -- efforts to contain iran's influence in the region. american officials have been hoping saudi arabia would open its airspace to qatari flights. a move the trump administration believes would deny iran an estimated $100 million in annual fees qatar pays to fly over its airspace. the coming days and weeks will show if the rival

are there other members of the gcc that you think are likely to sign up to the abraham accords in the near future? people speculated about, let's say saudi arabia, there's been speculation with oman, and outside the gcc there's been speculation about morocco. anything you can see about the likelihood of any of those countries joining? >> here is the thing, david, i can't speak for other countries, but what i can say is that in the process leading up to bahrain's decision, we did consult with some of our allies in the region and beyond the region. the foreign minister was on trip to europe immediately before coming here, we have spoken obviously to our neighbors as well. and we've seen support throughout. so i think that at this stage the critical issue is whether or not it's going to be successful. will we have a successful model here that other countries can emulate? and i think we are on the right track. we've accepted a trade delegation from israel and the united states last month. secretary mnuchin was present. mayor ben chabot from the israeli side, and it ended up with a joint c

to here in t he gcc, everybody is at a different moment and different trajectory.ntonucci is chief economist and macro strategist. to what extent will that differentiation play in macro strategy in 2021? good morning. daniele: good morning. first of all, i think one theme is that the economies that are pen sooner rather than later will bounce back much more quickly. this means the developed world, initially, the u.s. and u.k. have already started the vaccination product. they expect a bounceback for next spring. degreeo a delay to some we should see a similar pattern and a bounceback also around spring. then when it comes to emerging markets, the situation is much more nuanced, will be much more differentiated. some will also start to recover before the summer, or some other markets will have to wait later in the year. but we're also, from a longer-term point of view, positive on emerging markets both on the equity side and on the debt side of things. even though we do differentiate between very large complex. you took me right to the ground zero i wanted to go to.

this is within gcc. i think the market is underestimating a little bit how serious this is. of saudi arabia's biggest allies that is turning around and say no, all of the laggards have to adhere to their cuts. realnk there are some tensions. as for the deal, saudi arabia is saying look, this is easy. all we need to do is delay this output hike by three months. it is a clean deal. let's get on with it. hopefully, the vaccine will be there in time in april and then we can raise output. russia, we understand, is on board. there has been talks about may be raised by half a million barrels per day or a million barrels per day, so a tapered increase. when you have 20 plus countries, how do you distribute half a million barrels per day of an increase? of asudan increase by 3/4 barrel? that's the problem. it is very small numbers we are talking about. saudi arabia wants a very clean deal, which is just shift it by three months, don't mess with the numbers. they just want something simple for the markets. annmarie: i am very shocked by the fact that we are going into opec meeting and