let's get more from the mainland, maria tadeo is in brussels. how disruptive can this get at this stage? maria: well, it can get very disruptive. we have some of the biggest countries in europe including italy -- germany, france, deciding to restrict access to u.k. travelers to continental europe, citing the new variant of the virus. this is the time that is very busy for ports, airports. there are a lot of people trying to make it home for christmas, and that list could get bigger, longer. we notice a meeting happening in brussels in an hour's time. politically, the action from the european government is they are reacting to the press conference on saturday where the prime minister says we have identified a new mutation. the virus is spreading quicker, and that has led to the quick reaction in 24 hours. the only big exception is spain. they have a lot of traffic with people., especially of and they argue unilateral measures are not going to help the situation, it will lead to big disruptions in air traffic and it is better to see a european coor

bloomberg's maria tadeo in brussels for us. as the market awaits the outcome of this meeting, bloomberg has been speaking to business leaders about the potential impact of a no deal brexit. that anly hope agreement can be found because even with agreement, it is going to be very painful and difficult. that with a hard brexit, it is going to be really painful, especially for people losing their jobs. it is the last thing we need last night -- less than we need right now. >> those tariffs can be quite substantial on some food items. so those all most inevitably are going to lead to higher prices. is themost important market participants, banks, asset managers, all participants are well prepared for this event , and hence, i do not it is bait huge volatility around it. bait -- do not anticipate huge volatility around. guy: joining us now is arend kapteyn, ubs chief economist. the base case, is that the way to go? arend: we think so. i think we are all just waiting. if you are not in a room -- in the room, you don't really know wha

maria tadeo, it is real simple. with this new strain of this virus, is there a risk that u.k. shut down forces europe into a recession? is that part of the calculus? maria: it is part of the calculus and for the europeans, stressing they have always said we negotiate from a position of strength, we are much more coordinated than the u.k. would be and that is not been reflected in the situation to the extent that you have one country, the united kingdom, shut down from everyone else. i just want to release stress because this is very symbolic, the idea the french have shut down the euro tunnel. i know that may not seem like a big deal, but it really is. it is that symbol of connecting london and paris. what i would say very quickly, some of the virologists have been saying the united kingdom does much more testing and sequencing and this may not be that this is unique to the u.k., but we could see this in europe in a few short days if that sequence has proven right, the virus may already be here. tom: maybe the most important point of the last seven minutes. the inaccuracies and

let's bring in maria tadeo from brussels. it seems that the e.u. is playing it cool. under the surface, are they panicking that there is a no deal, or are they just fed up? maria: they are playing this very cool. --opean leaders have been in have been locked in for 20 hours. it has been an all-nighter. they just spent 10 minutes talking about brexit, and this is an intervention from ursula von der leyen, the head of the european commission, briefed to say i believe at this point no deal is more likely than a deal. so european leaders have not talked about brexit at all, and that is a big contrast from what the prime minister said yesterday, saying we are ready for a no deal, but i'm willing to go to paris, berlin if that is what it takes. he is willing to get the political leadership here in brussels involved. but that just didn't happen. they have been talking about everything but brexit. tom: there seem to be three stumbling blocks. fishingwant to go to because you saved me yesterday turbo as well. are they miles apart? key fores, and that is the europeans. it really

does towhat maria tadeo world leaders in particular.ut it is a realization, not the united states and europe, it is 27 nations, depending on who is counting. how united is europe in 2021? isabelle: i think it is very united, actually, certainly in its ability to provide policy support to its economy and to put money where its mouth is on implementing a climate transition that delivers carbon neutrality by 2050. there is going to be a lot of investment, a lot of spending and policy support. you do not get there in a straight line, but frankly neither do you in the u.s. or other countries. frankly, there is a part of the world where we are not worried about policy fatigue or policy disunion in 2021. it is europe. frankly, that is another thing. as everybody agree about everything? absolutely not. inre are big differences views on lots of topics. europe has made a lot of progress this year and hopefully will continue to step by step filled up the -- build up the institution of architecture that is needed. and of course tonight we will have

maria tadeo caught up with michel barnier earlier.er: we are in a crucial moment and giving at the final push. in 10 days the u.k. will leave the single market and we continue to work with the member states. kailey: joining us is bloomberg politics reporter ian with heart -- ian withard. is there any indication we will get a deal between -- before 11:59 on december 31? -- it has been an absolute roller coaster for the negotiators sitting in the room hanging on the every word of the leaders of the eu who are talking to each other. they are very close and they could get a deal within 24 hours or they could get a deal on new year's eve or it could all fall apart. nobody knows yet. sidesre close, but both need to take a final leap and they are not doing it yet. ian, is it down to fish or are we still arguing about other issues as well? not the other issues are completed. things like the level playing fair making short competition is the same on both sides. it is mainly down to fish. the thought once they get fish everything else is in pla

anna: thank you very much, maria tadeo.lk about planet change and other things other than brexit. kallum pickering, senior economist, berenberg is still with us. are you surprised the contribution it makes to the u.k. economy how much emphasis is put on fish? everybody knows the link to the scottish independence movement as well, but are you surprised the extent this is a sticking point? kallum: i do think it is what fish represent an economic terms, which will be small decimal places. from a political point of view, you have a couple of issues. take the u.k. side, first you mentioned scotland. townser, the coastal along the north have been hollowed out and shifted toward a services-based economy. they have a commitment to renew these areas. if they back down too much on fishing, that would undermine their commitment. unless we forget, it was those regions which helped boris johnson won a landslide against jeremy corbyn last year. those are mostly brexit regions, so this is a key political issue. in the end, if the size can

let's get the latest on the situation in europe with maria tadeo in brussels. nuously europe wants to speed up vaccine rollout but i have to be skeptical of the speed of that sort of operation. maria: yes, and who can blame you because the reality is europe was late to the pfizer vaccine. they like to say this is independent regulars doing its work, but europe has a close to three week delay when you look at the united kingdom and two weeks when you look at the night's states. -- united states. -- the are trying to italians did not receive the amount of doses they were hoping to get, so less on that front. they want to get the economy back up and running, but no question investors would have concerns about how quickly europe is going to do this operation. it is huge and happening in 27 countries at the same time and it has never been done this way, a mass vaccination effort like this. the other focus is turning to the regulation. there is the astrazeneca vaccine that could be approved as early as today in the united kingdom, and the other one he for the european

joining us from brussels, maria tadeo. maria, what should we actually expect from the next meeting?rancine, that briefing will be key. every official that i have spoken to this morning agrees on that, the perception coming from the head of the european commission, ursula von der leyen will be critical to where they go next. i will say the moon here is not that pessimistic. there was no deal over dinner, but no one was expecting one to emerge. the key here is that both sides agree they want to stay at the table, and they want to explore every possible way to get a tension,that that political emphasis is still very much there. where we could get a deal, however, francine, is a deal, compromise between hungary and poland and the russian and european leaders could happen before the end of the summit. as you know, that is the european recovery fund that is key, and they are hoping that will happen in the next 48 hours. francine: maria, if, you know, is sunday a real deadline, or could that be postponed? what is the real, real deadline for negotiating this? maria: right, francine. we are

joining us to discuss is maria tadeo in brussels. up to speed on the latest travel restrictions and where we are at with the freight holdups. maria: it continues. you have seen those pictures playing all morning of trucks waiting in line just to enter friends and -- france and try to get a hold of normal operations. the french have restricted travel from people, but also goods. the prime minister says he has spoken to emmanuel macron to try to open up to get operations back up and running. the french and principal said they agreed, but there needs to be a health protocol put in place before and people will have to be tested before they can enter in a truck. disruptions very much continue. the numbers do not appear as big as yesterday, but nevertheless, the disruptions are very obvious and apparent. the list of countries now banning travelers from the u.k. into continental europe biplane, many of them trying to get home for christmas, has increased. spain and portugal have said initially they did not want to do this, now saying that t

for more, we are joined by maria tadeo in brussels. ook at the talks on going, does it get us closer to the deal, or could it always unravel? maria: francine, to some extent it does just purely based on the fact that the two sides are very much at the negotiating table. if the prime minister had wanted to walk away yesterday, sunday, which was framed as a make or break deadline, that was a perfect opportunity to do that, instead we heard from both the prime minister and the head of the european commission that they want to go the extra mile to get a deal going. the language around the playing -- on friday, the head of the commission was clear that the e.u. does not expect the u.k. to do a copy and paste of regulation. if you move away, that is ok, you are a sovereign country. we will have to tweak market access, but we don't want you to copy. that is something that could give the prime minister a helping hand. we understand that shall bonnier is telling european investors that he does see that that michelle bonnier -- that michelle bonn

now let's get the latest from our maria tadeo in brussels. good morning to you. are we actually heading for a no deal? maria: it is a hard question to answer, but ursula von der leyen did give a briefing a few minutes ago to european leaders. she spoke for less than 10 minutes and told them that she believes, at this stage, the probability of a no deal brexit is higher than that of a deal, and by sunday, there should be a picture as to where things are going. she also said, frankly, there is none of thee, and leaders responded to her intervention. it was less than 10 minutes. a no deals ready for that can take the australia option, which means no deal, also, but he says he is ready to go to paris, he is happy to go to brussels to get a deal. get anhe was hoping to intervention from emmanuel macron. clearly, judging by the briefing, no european leader saying that that moment just did not happen. francine: maria, we keep hearing rumors that can be postponed to 2021. what would be the advantages of that? is it really palatable for the u.k., when this has been draggin

maria tadeo wraps it up. she joins us from brussels. good to see you this morning. what does this investment deal offer the european companies? good morning. maria: good morning. it has been seven years in the making and it is coming at the end of the german presidency of the european union. what it does is offer european capital, european investment more access into the chinese market, manus. this is something europeans have been repeating for the past years that this relationship needs to be recalibrated and made a two way street to both benefit. if you look at the numbers, there's a trade deficit that is very clear, about 160 billion euros. it works in favor of china, and detriment of the european union and this is what they are trying to tweak. we understand there will be a pledge to open up the chinese market the european companies. there will be a pledge from the chinese to be more transparent when it comes to state subsidies. the europeans were very worried about dumping and what they believe is predatory behavior from the chinese when it comes to european com

annmarie: bloomberg's maria tadeo in brussels. she will be across this story throughout the entire week. maria will be speaking to a member of the european parliament and brexit steering committee. that exclusive conversation coming up at 8:30 a.m. london time. later, we will speak to the mayor of london, sadiq khan. that interview is just after 10:30 a.m. london time. now, joining us this morning to digest all of the latest news, tatiana. good morning to you. i want to get your sense of the situation. we are hearing so much out of brussels and london. it seems like the effective deadline is going to be thursday at this eu summit. do you think we reach a compromise by then? >> good morning. they keep us guessing, don't they? you know, i'm torn. it seems they, market is not. the market thinks a deal is on the table because it makes economic sense. i'm maybe a little less optimistic about that because it's not just about economics. it is about ideology and politics. this morning, as maria just said, it is clearly a positive that ther

for more on this, we are joined by maria tadeo., is orbanf doubling down, or that could this be a bluff? he has definitely doubling down, the wording around, but you can also see that orban is really feeling the pressure from the rest of the eu 25 countries that are clearly now sending a signal that they could dig poland and hungary if that's what it takes to go to a 25 member solution. orban, feelingy the pressure on that front, get a very subtle wording to the polish that they have agreed on a position and he is expecting es will stick to their word on that front. i would say there is a lot of pressure on him going into that summit, which will be done here in brussels for two days, potentially even entering into a strategy session, something a lot of diplomats will have to get over next week. francine: thank you so much, maria tadeo in brussels. inpoke with someone an blackrock who used to be in politics. we are back with holger schmieding. holger, a never ending summit in person in brussels. when you look at the other side, the

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maria tadeo knows the calendar. she is in brussels and knows that december 31 beckons. maria?u so much, tom. we are joined by the european union executive vice president valdis dombrovskis, who focuses on trade. i want to ask you about china. there's a lot of speculation that you at the european union and china are going to sign a new trade arrangement before the end of the year. is that the case? workingwell, we are with china on comprehensive agreement on investment, and indeed what is in very advanced stages. we have a very productive last round of negotiations. i will say we are not quite there yet, but it is definitely feasible as these things move forward as they are moving now. maria: so if you can get it done in the next two weeks, after you sign it, is that going to guarantee that you have more market access in china? valdis: well, yes. we are concentrating on level playing field issues. force technology transfers, transparency of subsidies, and also about market access, so how european companies can better access china's market. of course, also some market access off

joining us is maria tadeo. up early again, going to bed very late this evening. they get a deal done? what is on the menu? maria: what's on the menu, we still don't know. we know it will be a three course meal and it is a dinner that really matters that will be held here between the prime minister and the head of the european commission at the building that serves as a personal office in brussels. ultimately, this will come down to can the iron out some of the differences that have been very well documented over the past few days? this is about fishing, the governance of the package, the deals. by the end of this, if it goes well, you could see a choreography towards a deal that could shape up. she would speak to the european leaders. they would come to brussels. the talks would ultimately restart by the weekend. again, what i would say is we are not really expecting a breakthrough. that is something we are being told that brussels is very much briefing. this is not about a deal today. it's about putting some political momentum to talks that have been stuck. i wou

joining us for more is maria tadeo. good news on the vaccine front but in the meantime this travel restrictions continue to get tighter. maria: and in terms of a vaccine, this is something widely expected to happen today. you also have to factor it is coming after the vaccine was approved for public use in the u.k. and united states. there has been pressure building around the european regulator to get it going quickly so the europeans could start to vaccinate people and get it going before the end of the year. it has not triggered a major reaction because we knew it was going to happen today. when it comes to the restrictions and this virus mutation, you've seen something that looks like a diplomatic earthquake with every major european country now seeing the restricting access to u.k. travelers. europe worries about the mutation of the virus. what i would say is when i have spoken to the virologist, this may not be that bad. the u.k. is a country that does a lot of sequencing, more than other european countries, and th

annmarie: our thanks to maria tadeo in brussels. hugh gimber from j.p.organ asset management is still with us. i want your reaction to what we've seen from the united kingdom. do you think the u.k. is on the verge of a second recession? what damage -- with this damage, how are you starting to recalibrate? hugh: that's right, the story around the new restrictions coupled with the stresses we've seen at the borders yesterday is not good news for the short-term economic outlook, and i think it highlights the importance for the u.k. of getting these negotiations over the line in the final few days. when you look at the obr's outlook and u.k., they are talking about an additional 2% hit to u.k. gdp from a no trade deal exit at the start of next year. that is something i think the u.k. economy can ill afford in the context of the disruption we've been seeing. clearly those negotiations have proven difficult to get over the line over the past few weeks, and there is a lot of talk about time running out, but for me, i think reaching the final hour has always bee

maria tadeo on the ground, covering everything as usual in brussels. she doesn't stop. , 365 days a year newshound, so great to talk to maria about that. let's get to kit juckes of socgen, chief fx strategist. let me put a question to you that we have been discussing today. how confident are you that the eu is going to be able to efficiently and quickly handout the stimulus money from its rescue package as needed? i am confident that they will get it done. i am absolutely confident there will be glitches along the way, because that is how europe works. but i am still confident that we have passed a turn in the road were fiscal policy, after being hardly active for the last in ae, is finally coming meaningful fashion. we are not going to do this quickly where there will be glitches along the way, but it is happening. , the ecbast 20 years has been the only game in town. this money is getting spent, and that is going to be important. carol: i keep thinking of the financial crisis and that protracted recovery, which was ultimately good for many asset classes, but is it once

joining us now is our maria tadeo. potentially a tense dinner conversation coming up. rancine, and the timing now confirmed for 8:00 p.m. the dinner is happening at the valley monde building behind me come on the 13th floor, ursula von der leyen's personal office. today, european officials briefing that they do not really see a hard deadline, and it is not really make or break them up but it is an important dinner, that bond orcial land leaves that dinner to brief leaders when it comes -- that leyenr lien -- von der leaves that dinner to brief leaders. it is more about injecting momentum and making sure that talks get tal started. it will very much depend on that briefing after the dinner. francine: there is nothing like food diplomacy. i do not know whether we have a dinner or we know, maria, what is on the menu, but usually sends very clear messages about what they want to negotiate. maria: yes, francine, and we do not know if they want to get up on the menu, but as soon as i find out, i will make sure to report back. what we do know, however, is this will be a pre-co

maria tadeo in brussels. it's been great to have you on this show for 2020.rward to having a bit of fun in 2021. happy new year. annmarie: happy new year. i should know before i depart the show that ftse is closed today. the u.k. market is closed but matt miller will be taking you to the rest of europe that is open this morning. that is just in one hours time. the open is up next. this is bloomberg. ♪ matt: good morning. welcome to "bloomberg markets: european open." which looking at a day on may be animal spirits are coming signsfter president trump a rescue package as well as a budget, keeping the government open and possibly with some

joining us for the latest is maria tadeo. negotiations have gone quiet over the past few days. 's going on behind the scenes? is it looking more positive? maria: it's true that they have gone quiet but that's actually not a bad thing. when you have a negotiation where the stakes are so high, that's actually a good thing where stocks are around-the-clock and we know this is happening but not a lot is leaking. they are interested in getting into a landing zone. you don't want to shoot it down before it can fly. the head of the european commission said yesterday the idea of governance, to some extent, has been resolved, or they are working on that, and this is fundamentally about the big issue. is key for the european union, and the other is very symbolic. when it comes to the fish, we know the e.u. said they want to negotiate a quota in which they can fish in u.k. waters. the u.k. said we want to go for one year negotiations which means we will renew that quota every year. there's thecourse fundamental question in terms of what kind of access do you want for the single market and

. -- maria tadeo. a landmark agreement over the rule of law, give us those details. has been an agreement on the budget for the coming years for the european union, but more crucially for the european recovery fund. it will be operational by the start of 2021. there is the payment done in april, then the flow of money will start in the second half of the year, that is a huge leaf for italy and spain, and a big victory for angela merkel. she was hands-on and able to broker a compromise that does not change the language around the rule of law. it is a big victory for the germans. they wanted to end on a high note, and you could argue they have done that. video orban threatened a -- threatened a veto. if you look at the wording and the document, not much changes from now to the document agreed to in july. he has a few assurances from angela merkel. matt: they dealt with the hungary and poland issue, and withhey have dealt the climate issue, agreeing to increase the reduction of carbon from 1990 levels to 55%. maria: exactly, they bring that target they wanted, and now t

let's get to maria tadeo with the details. good to see you.s jumping on the call and what is the purpose? we have more than 1000 companies jumping on this call with the internal markets commissioner and all the big tech from amazon, facebook and google are represented on this call. the timing, as you said, is key because this is coming a week before the european union purchased what could be two major pieces of major legislation. the general services act and digital markets act. this is the final act that big tech will have to make their case before the regulator, before they get announced. it will not be easy to change their minds here because the european union has already singled clearly, the direction of travel is to rein in some of that big tech. i would also point to the words of the commissioner who has been charged who says it is not up to europe to adapt itself to big tech. it is big tech adapting to the european playbook. that means perhaps more fines and more severe cases to break some of the businesses if necessary. i would say it

maria tadeo joins us from brussels. how serious is this u.k. backlash over the last minute demands? rough the comings and goings over brexit. maria: so this is what's happening. yesterday, the u.k. government said they were unhappy they believed the european union is putting new elements on the table for the discussion for this potential breakthrough on a deal between the two teams was moving, slipping further away because of those new demands. they didn't specify what they look like, but what is interesting is we do have the french european minister who is speaking, saying the french are not going to sign on anything that is not satisfactory for the country, and that he still believes, or does believe that the risk of a no deal brexit is still on the table. those new elements from the french. the french are playing bad copier. -- cop here. this is what you would expect from emmanuel macron, repeated in those negotiations, the eu should negotiate from a position of strength and shouldn't give too much away. reported.k., we've many times not signing on something that could be perceive

maria tadeo in brussels. mccraw.cinated by mr. took a look at -- the by mr. macron.k a look, and it is almost like brexit is a billable -- is invisible in paris. what does he want from the prime minister across the channel? maria: he has a lot on his mind, and when you read newspapers across europe, brags it is not a big issue because there is so much happening here. you have covid, the vaccine, the also forbudget, and emmanuel macron in particular, he is already in election mode. he wants to be seen as being tough. he wants to be seen as addicting fishermen in france. about his own projections, but he will say it is not just about me. it is about protecting the european union as a trading block. he does believe the eu negotiates from a position of strength, and that this is a real moneymaker. you have to protect it. asa: are they very close to deal, but all sides have to show their constituents that they are making the hardest fight possible? isn't that what is going on here? maria: yes, and it is a very difficult question to answer because you have the technicaliti

here is maria tadeo. maria? maria: good morning. of the european parliament. he's also the former italian minister for european affairs. when you look at the deals, would you think is the biggest winner? lose-losewas a process and we both lose. of course,t, overall, u.k. is losing much more than that you. i repeat -- then the eu. the big repeat, we have more damages from decisions to leave the eu. we still have to rectify this deal. when is it putting it to a vote? sandro: as you know, it's a very long document. 1,500 documents. we take our time, of course, to look into that. i do believe that it could be february. we are talking about the eighth of february. but it's just being discussed now. it is clear we will have a look, specifically into the deal, which i repeat, looks like a positive deal. we see it in a negative context. maria: right, so just to pick up what you said, because this does matter on applications you have. what you say is that it needs to be ratified, but it probably will not be in january, more like february now

let's get to maria tadeo. maria: good morning.y, another deadline that has come and passed. michel barnier, still briefing. saying it is difficult but still possible. to discuss this, i am joined by a professor at ucl of u.k. law and constitutional law. i have a question when it comes to the deadlines. this is becoming almost a never-ending story. would the actual deadline be december 31, or do you see a way for talks to continue beyond and going into the new year? >> talks can always continue. december 31 is the point at which the e.u. stops applying to the united kingdom. this could, if a deal is reached, just like a couple of days before the deadline, and could be a provisional application of that deal. but the continued application of european law throughout the transition that will start on the 31st of december and that means a lot of change in all aspect of economic relationship? want to pick up on that because the timeline is crucial. you are saying that there could be a deal by december 31 that is not ratified but will sti

during us now to discuss is maria tadeo. fish compromise look like in a percentage term? the u.k. is prepared to move substantially here. maria: as you know well, over the past two weeks, there has been a difficult dynamic where the u.k. is waiting for the european union move on the level playing field, and the european union wants a compromise on the fish first. this is a complicated dynamic they are stuck in. the latest proposals, there is speculation that the u.k. is set to say, we will take a reduction in u.k. waters of 35% from the eu. the u.k. wanted 60%, and the europeans said they would settle for 25%. way forld pave the compromise. there is speculation that the u.k. would be happy for a transition period for five years. the europeans wanted 10. the u.k. was pushing for three. this is a point between the two sides. anna: we are getting down to discussing whether the eu will reduce its catch in u.k. waters by 25% or 33%. we are at that nuts and bolts level. disrupting relations between -- across the channel, we spoke t

matt: that was european commission executive vice president speaking with bloomberg's maria tadeo.t to point out turkeys central bank governor is speaking right now, saying price stability is a prerequisite for sustainable growth, and he is determined, and the central bank is determined to curb inflation. now,ira a little stronger and much stronger sense he has taken over. -- since he has taken over. payouts are back. on ecb has listed its ban dividends, but with strict limitations, they are talking about banker bonuses as well. we will bring you the details next. this is bloomberg. ♪ anna: welcome back to "bloomberg markets: european open." 17 minutes until the start of cash equity trading. thisfutures look flat hour. let's try to get act to our conversation with giampaolo isolani, head of em investment solutions, amundi. a good time to speak to you, we just saw a headline across the bloomberg about turkey, which is moving the turkish currency. the turkish central bank saying it will tighten policy further if needed. how significant is the arrival of how he is handling policy in t

maria tadeo. still with us, judy jim -- judy dempsey.ave you see this being resolved or not resolved? new, what nothing poland and hungary have been doing. suffered and they did not take any action. neither did germany. is allegedly using the eu funds for his own football staggering, the systematic erosion of the judiciary. members. eu if they try to set some values, those values are being threatened by hungary and poland . aboutwhat does it say moving forward? cold water onhrow all of that conversation? i don't think so. if you look at the eu as it is, it's a home of many different rooms. there's the eurozone, the defendants area. many speeds of europe. we have to get this into our minds, the first thing. has allowed the corporation of leaders. the kind of a coalition of willing. .t's not damaging the eu i think actually the eu is beginning to take itself really put its money where its mouth is on this very issue. guy: judy, it europe usually together with the crisis in front of it. it takes a web to get there. the problem is, over the

maria tadeo in brussels is covering the story for us. will they be talking about? maria: good morning. we have more than a dozen companies during this call with the internal markets commissioner and all of big tech is represented, facebook, google, amazon and so on. this is not just about who is joining but also the timing of the call. this is happening just a week before the european union unveils what could be sweeping legislation for these platforms. we are looking into the digital markets act, the digital services act and they could change things about how you and whota, change data, is responsible for the content that goes on social media. this is the final call for big tech to have a one-on-one with the regulator. it does not mean they are going to change course. it is unlikely. the european union has signaled that they do feel it is time to , that it is not for the european union to adapt to technology, but for the technology to adapt to the european playbook. we could see bigger fines in the future but also some business is being

in order to get more on the situation, we go to maria tadeo in russell's. -- brussels.ective or how efficient is a vaccine rollout going to be in an attempt to tame a third wave? a good points because european governments are concerned about a third wave after the christmas holidays. we know there are people who move around to the home for christmas. in terms of vaccine, everyone in the medical community believes this is the best weapon, but the problem is not so much the vaccine, but how many people can you get vaccinated and quickly? that is where the focus is turning to next. we know the germans and italians are focused in on that to increase capabilities and be able to get more people vaccinated before the spring. the other issue very much in focus in brussels and europe is the regulation of the vaccine rollout. we know the european regulator vaccine to get on the that was running three weeks after the u.k. agreed to get the vaccine approved. the europeans are trying to catch up on that time. we are expecting a decision from moderna to happen january 6. that was bro

. >> bloomberg's maria tadeo in brussels covering brexit and the swift reaction from european countries let's get to the first word news from hong kong. u.s. officials say a lengthy effort lies ahead to identify the extent of a suspected russian hack on federal agencies and private companies. mitt romney says russia acted with impunity calling for a response. he says president trump is playing it down suggesting china is to blame. japan has approved a budget. fightuntry struggles to the coronavirus and support the economy. earlier this month, it announced a rescue plan. biggests -- the sixth backbanks are set to buy their shares in the first quarter. it follows a second round of 2020 stress tests with the central bank saying they have the capital to whether a global downturn. 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. >> coming up on the program, christmas chaos as a more contagious version of the virus emerges. we have more on what that looks like or u.k. assets. this is bloomberg. ♪

tom: the train to brussels is called maria tadeo on the oriental express. let's get to dr. roubini. here is ritika gupta. ritika: joe biden says he will ask all americans to wear a mask the first 100 days of his administration. cnn hesident-elect told will issue a standing order requiring face coverings in federal buildings and interstate transportation. he says that will leave to a significant drop in coronavirus cases. on capitol hill, the chances are on a stimuluseal package by year end. the basis of negotiation is getting more interest from the republicans. is spending $908 billion, less than what democrats are calling for, but they say it is a starting point. opec and its allies have found a compromise on output cuts. agreed to generally easy into reducing production next year. saudi arabia's energy minister called the process tiring and excruciating. global news 24 hours a day, on air and quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. i am ritika gupta. tom: we are doing one statistic in our data check today, and that is

maria tadeo. next, sarah house from wells fargo is going to join us to discuss these markets. this is bloomberg. ♪ are you frustrated with your weight and health? it's time for aerotrainer, a more effective total body fitness solution. (announcer) aerotrainer's ergodynamic design and four patented air chambers create maximum muscle activation for better results in less time, all while maintaining safe, correct form and allows for over 20 exercises. do the aerotrainer super crunch. the pre-stretch works your abs even harder, engaging the entire core. then it's the back extension, super rock, and lower back traction stretch to take the pressure off your spine and stretch muscles. planks are the ultimate total body exercise. build your upper body with pushups. work your lower body with the aerosquat. the aerotrainer is tested to support over 500 pounds. it inflates and deflates in less than 30 seconds using the electric pump. head to aerotrainer.com now. now it's your turn to lose weight, look great, and be healthy. get off the floor and get on the aerotrainer. go to aerotrainer.

maria tadeo joining us from brussels.arkets flat overall, but we have the ftse 100 up by 0.4%. much flatter on the dax. the pound seems to be the differing factor there. european markets making modest gains. next, we talk about tech. this is bloomberg. ♪ every year, we set out to do one thing: help the world believe in holiday magic. and this year was harder than ever. and yet, somehow, you all found a way to pull it off. it's not about the toys or the ornaments but about coming together. santa, santa, you're on mute! just wanted to say thanks. thanks for believing. matt: welcome back to the european open. we are 30 minutes into the trading day. let's take a look at what is going on in terms of stocks, the direction and the individual movers in terms of the industry groups. 600, very little change. it has been up and down between gains and losses all morning 29 --well, all smoking, drinking, and eating, three things that people will probably never quit doing, also doing well today. that is fairly defensive. technology is

maria tadeo joins us with details. how close are we?n't sound that this is a minute and could happen tomorrow. investment deal. it is happening under the watch of the german rotator presidency of the european union. the key here is that when you look at the trade relationship between the european union and china, there is a deficit of 150 billion euros. it works in favor of china. europeans, the germans, the fronts, this is a relationship that needs to be rebalanced. they worry about state subsidies, dumping, the lack of equal access for european countries and the chinese market. in theory, this is working to rebalance. it will all be about the details. ofi say, there is a lot growing speculation in brussels that this may come as early as tomorrow. -- one of ther critical factors is europe's ability to manage labor standards in china. i am wondering what progress is likely to be made here in terms of adhering to international standards on labor and what progress the eu has made. had been one of the sticking points and is very well docum

maria tadeo joins us from brussels.igh-stakes happening tomorrow between the head of the european commission and prime minister boris johnson, we are joined by phillippe lamberts. if i get this correctly, sir, you were also present yesterday at a rethink that michel barnier gave to you. ofyou look at the date december 8, how worried should we be that we don't have a deal in place yet? >> it is obvious there are key issues, and the option become the most likely. of course, the prime minister will travel to brussels, but there are some circles that you cannot square. you cannot have market access without a degree of regulatory alignment so market that you want to serve and therefore a no go for the united kingdom, it is going to be a no go for us as well. that unilateral action of the british government, the government of boris johnson itself, will sign the agreement of a year ago, and with the option of a not abiding by it it is not exactly a confidence building measure. there is zero trust in whatever promise will be ma

joining us now for a roundup of all the latest concerns for brexit is maria tadeo. nce serious about this veto? is it a negotiation tactic? maria: it could be both. can a country like france veto this still? yes they can. every european nation will have to unanimously agree to the final deal. it is important to put context of the comments. this was all happening yesterday. he was briefing european ambassadors and the french envoy made it clear that this is still a political decision, that he should not move too much from his negotiated mandate, that he should not give too much away. ultimately, this will come down to european leaders. almost a, this is technical negotiation happening between the eu and the u.k.. the final approval of this comes down to the european leaders, whether they feel this is a good deal for their countries or not. more of a threat. this is just a warning, a negotiatingthe team. the eu leaders have to agree to this. they have to be able to sell the final deal to their own national domestic audience. for the french and belgium, the dutch, it's

joining us from brussels is maria tadeo. how does it set europe up for the recovery out of this? maria: you had a meeting that went on for 22 hours nonstop, and we had a deal on climate, so that means reduction in emissions will be done quicker than expected. looking at a 55% reduction by 2030, so it is a significant change. the big highlight of the night has to be the recovery fund and the european budget. you are looking at $750 billion in joint debt, aaa rated debt by all of the member states and european institutions. it is a feeling of huge relief for countries like italy and spain to be able to know that starting 2021, that recovery fund will be operational, and by the end of the year 2021, that flow from the commission tapping markets will go directly into their pockets, so clearly there was a big sense of relief last night, and to be frank, a orbanown from viktor in hungary. there were no concessions last night. guy: brexit barely getting a look. pascal donahue is the head of the eurogroup. let's hear what he's had to say. >> there is still trust from the european union th

speaking earlier today, italy's minister of european affairs told bloomberg's maria tadeo what he's mostorried about on the heels of next week's eu leader summit. >> brexit, as usual, europe is very united. our delegate michel barnier has our full confidence to negotiate on behalf of the delegation. alix: maria, it has been quite the 24 hours when it comes to brexit. where are negotiations now, and what happened? been 24 hours of mixed signals and a lot of back-and-forth between the european union and the u.k.. we understand that michel barnier has decided he doesn't have enough to present, and he will stay longer in london to try to present a deal. in terms of deadlines, i would really not want to give a date on this. to be very honest, no one knows what is going to happen. that thisso caution is very much part of the choreography. it needs to be seen as being very difficult. . it needs to be perceived especially back home so that every leader can sell this as a victory, that it was very difficult to get the deal, and that vito potentially from the french, i would say you have to factor

maria tadeo is in brussels. they will continue to talk.orning,n for us this does it get us any closer to a deal? i understand the u.k. put forth a new proposal over the weekend for a level playing field. we will see if that can move things. maria: that will be the key, does it take us closer to a deal? that is always hard to say, but it avoids the no-deal scenario. a lot of things could have gone wrong sunday. another deadline passed. if the prime minister was serious about walking away from the deal, he could have done so already. we also have new language from the european commissioner, who also said, we get we are all exhausted from this, but we want possible.eal if it is going back to your point on the level playing field, the tone has changed from brussels coming out of that summit. are some of underlying was clear that everyone here gets the u.k. will become an independent, sovereign country after brexit. that is clear to everyone. when it comes to the market access, it is something that e.u. could change. so it is not about enforcin

we have just been hearing from him speaking to maria tadeo just a few minutes ago.ntly is what is now being made, but

rhea today owed joins us from brussels -- maria tadeo joins us from brussels.is the mood like in brussels? have been a lot of headlines over the past two hours, signaling there is no breakthrough on fish, but what i would highlight is that the tone and the narrative is changing to becoming much more somber and pessimistic after michel barnier briefed ambassadors today to say that the sticking points remain in there hasn't been a fish breakthrough. the europeans are pushing back on that idea. it will come down to the prime minister. what i would signal is that there will be an important phone call between boris johnson and ursula von der leyen. when it comes to the actual deal, european diplomats will tell you nothing will move until european leaders get together in brussels on thursday, friday, to signal whether a hypothetical deal that gets put on paper, a technical deal can fly politically. until then it is hard to see one diplomat saying this is a 50/50 situation. what happens in the next 24 hours? maria: we are waiting for the phone call that happens betwee

fantastic to catch up with you, maria tadeo in brussels. lisa, we are told it is a hard deadline.r 31 cannot be moved. i was told a week ago they had no appetite to extend talks be on sunday. here we are monday morning still talking. lisa: i feel like this is really subtle. i am not clear exactly what you think of this deadline? jonathan: i think i have been ?ubtle, haven't i lisa: new definition on subtlety. [laughter] jonathan: i have buried how i really feel. enough brexit. brian weinstein joins us now, global head of fixed income at morgan stanley. i am not sure brexit is at the top of the list for many people. this wednesday is the federal reserve decision. what are you looking for the fed this wednesday? brian: good morning, jonathan. good move on brexit, not talking about that. we think it is a real close call, 50-50, which i know sounds like a cop-out. at the end of the day we think they will not go for moving the extension of the buying. better to save it for later if rates rise, save it for dry powder. look at the world, republicans and stimulus, equity markets are doing

we turned to maria tadeo who is with the executive vice president of the european commission.ight, david. two pieces of legislation just announced in the european union that could have big repercussions for american tech. on that note i am happy to say we are joined by the european commissioner. today you have announced measures. we could see potentially breakup companies, we also see companies need to take responsibility. the digital market is the same as brick-and-mortar. do worry about your reaction from companies like facebook and amazon? >> what we worry about his competition and a fair marketplace. we have been consulted extensively, we have been talking with everyone, we had experts, member states, organizations. this is our worry. of course we are balancing things. this is an unfortunate proposal. maria: you said this was not targeting anyone in particular and you hope you do not have to find anyone. nevertheless you could see 10% revenue. is that something you're looking to do as a measure if needed? >> i think everyone who wants to comply with legislation passed by o

joining us is maria tadeo in brussels.eeing signs withncern in the fx market the pound falling down below 133. what are you hearing? it does respond to this change in narrative we have seen over the past two hours, in which barnier goes into a briefing in brussels, which is very early for brussels standards. he says he does not see much optimism in the three sticking points that remain. he pushes against this idea that there has been a breakthrough on the fish. european diplomats have been telling us that this has not been agreed, that there is nothing that looks like a political landing zone for the sticking point that is fish, which for the french is a huge concern. now we have another european diplomat. barnier is briefing members, saying he does believe it could go either way. this is a diplomat, and it very much depends on the united kingdom. this is what the eu has been trying to do over the past 45 minutes, to prove the narrative and say, we want to get a deal and continue to talk, but it comes down to the prime min