chief executive officer at sabic .uch more to come. ♪ manus: when it comes to fixed income and commodities deutsche bank leads the pack and has supreme positioning in the united states. this is the integral point. are we at the beginning of a new narrative of deutsche bank? the same scene comes through on the provisioning for bad debt as we have hsbc yesterday. bad debt provisions at 276 million, down from 761. that is to do with provisioning. the top lines are that they are raising the fic revenue view. significantly higher. they now see the full year significantly higher on that side of the business. they are confirming cost cuts for 2022. .e have the cfo this is bloomberg. ♪ . ♪ manus: welcome to the middle east headquarters in dubai. it is "daybreak europe." on ahite house gives up pre-election stimulus deal. with six days to run. europe's covid resurgence accelerates. the u.k. and france report the highest number of deaths in months. emmanuel macron readies new measures as he faces protests over restrictions. boom

discussed sabic have shielding the deal. acquisitionecial ipo's are ever present this year.ace. conversatione among top executives at the global -- conference. scarlet fu moderated a panel that included people from goldman sachs and others. >> my hope is that we will see the path to take these companies public continue to involve -- continue to evolve. each of them have great strengths and weaknesses. the direct listing is interesting for some companies, but so far you have not been able to raise capital alongside it. another -- aks for number of companies. what has been fascinating as we are on pace to have a record year for ipo's in 2020. specs -- spacs go public. that has been half of the volume in ipo's. it is a real alternative and the structures have evolved to make it credible. the market feels like it is starting to choke on it from a supply and demand standpoint. it's almost saying sit tight and let us digest what we have. among everything it will be the performance differentiator. those that do well and add value, will they be able to continue to do well and raise