seema shah from principal global investors stays with us. here is what is in the pipeline, the subscriber party netflix slumped, fewer subscribers than expected. we will break that down next. the higher tensions between the u.s. and china as well. this is bloomberg. ♪ yousef: economics, finance, politics. this is "bloomberg surveillance." i am yousef gamal el-din in dubai. trying to contain the coronavirus in the united kingdom, going to enter the highest virus level, so there will be a key development to factor in the coming hours as we try to get a bigger sure -- better picture of how the government goes about this broader mention. let's get to the bloomberg business flash with leigh-ann gerrans. leigh-ann: hi, yousef. netflix is the outlook for consumer growth has improved. the world's largest food and beverage companies forecasting organic sales growth of about 3% this year. an increase in pet ownership is also driving sales of nestlÉ's pet care products. increasing at its london home, after two employees tested positive for covid-19. th

we're joined now by seema shah, principal global investors. first question to you, i asked it at the top of the hour, how much hinges on the next two weeks as you put together your 2021 calls? seema: not that much. we seen it time and time again. if you look at all of the ,lection years through time volatility tends to ebb away. at the end of all of this, markets passed through the noise. the markets just go back to what really drives them, which is going to be the pandemic and central banks. and a little bit of fiscal stimulus, if we see that. those are the key drivers. it is not really what happens in the next three or four weeks. tom: we've been doing a lot on equity. tell me what is tradable in fixed income. where is the opportunity in yield? seema: it is a tough question at the moment. we still like investment grade, but of course, we are reducing some of our allocation. we actually like preferred securities. you get a bit of a pickup. it is still a relatively safe area. of course, was in high yield, you have to be in the better part of th

joining us now is seema shah, chief strategist at printable global investors.to be different? seema: i think it will be quite similar. things, as all of us are looking at our 2021 outlook, one of the things that becomes very visible to us is not much of a change from a market perspective. we've had this deadly pandemic. we've had central bankers step in and huge size. we had the economy shut down. and yet the market is pretty much back to where it was at the beginning of earnings. we still have mega cap tech dominating. we still have banks worrying about losing effectiveness. so it does give us a playbook about how to respond as the coming months unfold. the key thing to watch is what do central banks do. are they able to give us the support that it is increasingly likely we will need? guy: how much more liquidity do you think they are capable of providing? quarterlyt the ecb bank lending survey today, and the indications were the bank lending status is tightening. the actual liquidity they are trying to washing to the system is getting locked in the financial

let me take the risk that we are assessing to seema shah. great to have you with me. e volatility spike that we saw yesterday, 3% drop in the s&p 500. were you spooked, unsettled? where you caught unaware by this move? seema: good morning. yeah. i think everyone was a little bit spooked. the reason that we have been spooked is because what we have seen in the last few days has tested the narrative that most people have been sticking to for the last couple of months. which is that governments with national lockdown's, even if things get bad. when we talk about the till risks ahead, one has always been if the virus gets out of control again. it has been starting to get to the bottom of the pile. now it is right to the front again. that is why you are seeing volatility markets react as they have with everything down. manus: yeah. it was a sell everything moment, wasn't it? what was more shocking for me was the drawdown on tech. there's the markets this morning. there's a small reprieve. we will see if that endures. what was shocking was the drawdown on tech. this goes bac

seema shah of global principal investors ways -- investors weighs in.ht.s [laughter] of td bank joins us. market expectations seem to lean on vaccine approval late this year that would start the normalization process. i believe we have more mccormick thus now. tom: what is so important here is to remember currencies trade in pairs. this is really foundational. klein, a giant, william emeritus of the peterson institute, who wrote a paper on this. people who suggest bold moves in a foreign-exchange piece like the dollar often are wrong. can you call many big figures of ?eak dollar into the next year depends onnk it which currency you are picking, and what is the outcome of the next two weeks. it is going to have a major impact on whether the next major movie is a couple of percentage points, or whether we are still stuck in these ranges and get actual reversal of the weakness we saw in the dollar over the last couple of months. i think a lot of people are taking their chips off the table. we see vol coming off a little bit, given the scope that there coul