patrick armstrong stays with us. we will have plenty more with patrick. we will talk about bitcoin and maybe gold as well. also coming up, karen peers. we will talk about brexit and joe biden as president come january 20. that is at 6:30 a.m. in new york, 11:30 a.m. francine: this is "bloomberg surveillance." i'm francine lacqua in london. tom keene is off today. the agreement aims primarily to extend access to the chinese market for foreign investors. the president of the e.u. chamber of commerce in china spoke about the deal early on bloomberg. >> we are very happy about the fact that we have stopped talking and now we can walk. we have to look at the details. there are some areas where we see an open arena stage where we financed insurance. we see independence for european business, but this deal will be overd out by the lawyers 2021. we have to get this deal passed european parliament, another body that will look into the content of this. we are happy that this has concluded. >> you touched on some of the sectors that will be impacted there. can you g

thisg us to talk all about is patrick armstrong. patrick, thank you for joining us. a million things going on. it is brexit, stimulus in the sanctions onxtra hong kong. the markets are nearing record highs. what will they look at for impetus? patrick: the thing that the markets are looking onto is that we will almost certain he a sharp recovery in 2021, so with the success of the vaccines and the number of vaccines showing high efficacy, you can put a base case of very strong economic growth in the second half of next year. economies reopening, getting past the big headwinds of lockdowns and partial lockdowns. that is the driver of the cyclical recovery story. you've also got fiscal stimulus. although things are looking good, they are not good yet. monetarymy still needs and fiscal stimulus. we have a situation in the united states of almost $1 trillion. all these things come together -- coming together create a bullish narrative, that there are other minor things ticking away as well, creating more sure -- more short-term uncertainty. francine: how much is the vacci

patrick armstrong is with plurimi wealth, and is exceptionally thoughtful of dovetailing the big picture into what to do with capital. let me start narrow, patrick. what is the what to do with capital into 2021? patrick: i think you've got to stick to taking risk. you can't be too conservative because central bank policy is punishing you. you've got inflation swaps showing an upward trajectory. orchids trying to place in -- trying to price in inflation over 2%, and treasury yields well below 1%. so you lose purchasing power by sitting on the sidelines, and i think as long as that stays in place and jerome powell is going to ensure that stays in place, taking risk, getting carrie where you can get it, looking for growth where it is available, those are what you should be focusing on in 2021. lisa: underlying some of those comments is a negative real .ield of -0.15% you are losing money based on inflation. what would have to change with respect to growth, with respect to the economic and in the economic recovery for you to alter your view that this pushes people into risk and rather should