Bill gates says the nations testing has mind blowing problems. A mediag Police Arrest tycoon and prodemocracy activist reportedly on allegations of foreign collusion. Nexts in his Media Group Digital slumped. Gone 6 00has just a. M. In london. Good to see you this morning. Names a ceo and president from november. He had previously served as the chief operating officer. He will take over on november 2 he did his first interview, fiveandahalf years, go to your bloomberg 6 returnelivered relative to peers of 6. 4 so a change at the stop on equinor. We will keep an eye on any more detail on that. Rump, turkey, tiktok i am on tiktok. I have sent something out on. Tiktok trump, turkey, tiktok, and trade. Im determined to boost my tiktok numbers. Nejra good morning. Ill add tech because tech lead a decline last week on friday with the confrontation with china being ramped up with the white house. I cant wait to see your tiktok account. Manus it is awful, dreadful. I havent worked it out yet. I need to outsource tiktok. Anyone who wants to bid for the outsourcing of tiktok, please go right ahead but you are right. Tech is a key thing and when we look at the tech dimension, how important is tiktok . I. T. Services were the fastestgrowing part of the chinese economy last year, 19 . Tiktok that is why that is why tiktok and wechat matter. Nejra lets get to the market and japans closed for a holiday today. The msci asiapacifics unchanged. Underperformance in hong kong. Out a small gain for the s p 500. Caps outperform friday following the jobs data. Futures slightly positive, european futures in the green. For theks of decline dollar and we are holding onto to that weakness fairly steady on the bloomberg dollar index. Gold pulls back a little bit. Streakps a today losing with saudi aramco predicting improvement for the rest of the year. Manus there is little supporting that sovereign. Certainly not the rhetoric of a strong dollar policy. The president signs four executive orders related to the Coronavirus Relief. Extendednu, unemployment benefits, temporary payroll tax deferral, eviction protection, and student loan relief. The plan provides 400 a week in extra jobless benefits, down from 600 but it does require states to cover 100 of the cost. As for the stimulus negotiations, democrats and republicans are trillions of dollars apart on overall spending. The two parties are still disagreeing on aid, state and local government, and the added jobless benefit. Steven mnuchin said he would listen to any proposal offered by democrats but did not give a first date for talks to restart. Any time they have a new proposal, im willing to listen but let me say, you are right. We agreed with the democrats, saying lets pass legislation on the things we agree about and knocked these off one at a time and theyve refused until they get their trillion dollars for the states. Nejra joining us for the hour, the funds manager of investco Asset Management. Thank you for joining. I would like to get your thoughts on small caps versus large caps in the u. S. Given the outperformance on friday for the russell 2000 as we inch toward the stimulus from the u. S. And reflect on the jobs report. Smalluld you be trading caps versus large caps in the u. S. . Good morning, nice to see you. It is difficult because i think any suggestion that theres Domestic Support in the u. S. , any kind of cyclical recovery underway, it is economies have done around the world to keep that helpful smallcap companies. The difficult this time around is small caps in the u. S. Are more expensive going into this crisis and they remain expensive and i think a lot of the stimulus measures which have been put in place have been helpful domestically but i think as we go and the longevity of this process continues, i think it gets much more difficult for these already expensive to perform well. We would caution against it. Well see why they did friday, but as a longterm investment opportunity, we would be quite cautious and probably look elsewhere rather than small cap segment of the market. Manus apple, i think there is a fantastic chart. Apple is no more valuable than the entire russell 2000, so we can delve into that theme in a moment. I like your notes, they are very short. I love that. I am an Income Investor. Stimulus round to as an Income Investor, is it bigger per stocks or is it more procredit allocation . We need to see the details on the stimulus . As an Income Investor come around to, are we skewed to a more top off than a credit top off . Georgina i am skewed toward a credit allocation. More domestically in the market, but given the policy support in a number of countries directly supportive of ongoing buying of credit, i think we would definitely focus there as we remain more neutral, more cautious on equities and the reason for that is Interest Rates are likely to stay lower for longer. Fixedsupport for the income market from that perspective, but the Growth Outlook is uncertain and that is critical for equities and given the valuations and where they are, we would see credit over the equity market. Nejra what about your ideas on the dollar, georgina . I know youve been buying the dollar against certain em currencies. Are you looking to shift that stands given the weakness we have seen over the past five weeks . Georgina weve been prodollar for a long time. That view did start to change last year and coming into this year and i think a number of the supports for the dollar suddenly got eroded in the sense that the Interest Rate advantage of the world, thisd the political uncertainty, policy uncertainty, all of these factors that have impacted elsewhere are impacting the dollar now. For us, we cant rely on the dollar to be your defensive asset of choice, to bail you out if there is another setback in growth iskets, but certain in emerging markets where we see a number of risks, we are happy to hold the dollar but we dont want to haul it versus the euro and catch the drivers of the currency pair have shifted a lot versus the last few years. Manus we will touch on that. You prefer again. Prefer yen. Gold is a positive correlation to stocks, i get the sense from you you say is that yen, might lean into that as your defensive protection versus gold . Is that a correct interpretation . Georgina we definitely prefer the yen versus the u. S. Dollar in the currency sphere. More of a valuation perspective. We think there is value in the yen, but if things turn down again, we think assets will go back home. Gold is complicated. I think gold definitely has some support from a store of wealth perspective. Ple are several nervous still nervous, the real yield argument is supportive of gold. The issue is there is a demand factor for gold, as well and if this crisis continues, you could see demand start the ball. Fall. The outlook for gold is less certain. It gives away the run it has had. I would prefer yen over gold allocation and dollar from an incentive perspective. Inspect thell shocks from the real yield spiking on friday. Guest hostylor, our this morning from Invesco Asset management. Lets get your first word news with laura wright in the london hq. Laura billionaire bill gates says it is mind blowing the u. S. Government has not improved coronavirus testing. He described the process as slow and lacking fair access. Speaking on cnn, he cited long lines at commercial labs. He says wealthy people have quick access but others have to wait. Because no other country has such insanity. A is the most senior visit by u. S. Official in four decades, health and Human Services secretary alex azar is in taiwan, a move likely to fuel tensions with china. Island democracy and praise the governments response to the pandemic. Beijing last week said it would firmly opposed the trip. After last weeks deadly blast, World Leaders are pledging almost 300 million to help after a Virtual Conference cohosted by Emmanuel Macron and the united nations. It comes amid protests in lebanon. Demonstrators are calling for the resignation of the government over its role. Violence in belarus after a contentious election result. Policing riot gear dispense thousands who challenged the ballot. Victoryident claimed but the challenger is challenging the results. Global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. Nejra laura wright, thank you so much. Prominent Democracy Advocate arrested in hong kong under its controversial security law. We bring you the details next. This is bloomberg. Nejra this is bloomberg daybreak europe. Im nejra cehic in london with manus cranny in dubai. Manus Hong Kong Police have arrested media tycoon and democracy activist, rating the office of his flagship newspaper, the latest action under the new security law passed in late june. Our chief north asia correspondent joins us now. Good to have you with us. What do we know . What are the details . Stephen this is the most prominent figure and most proDemocracy Advocate to be arrested under the new law. Police in hong kong are saying between e aged 39 between 39 and 72 have been arrested on allegations of breaches of the law. Police did not name him by name, but we have gotten confirmation from officials at his next Digital Media company, mark simon, who sent in the milk confirming jimmy was arrested. We saw the video of him being led out of his house in hong a socialell as on media live feed of police, inering jimmy lai handcuffs in what is being described as a police raid for evidence. It is a significant move just a little more than a month after the implementation of the controversial Nelson Ayotte security Law National Security law. Weve had other activists like joshua wong condemning the arrests. He says i strongly condemn the latest arrest of jimmy lai. Nejra if we bring everything together under a theme of u. S. China tensions, adding more trouble for the u. S. China relationship, a visit to taiwan by health and Human Services secretary. What can you tell us about that . Stephen when beijing got word of this late last week, the Foreign Ministry spokesperson said beijing was firmly opposed to official interactions between taiwan andd this isnt including the meeting of the president of taiwan with alex azar come a definitely going to wrangle beijing even more. It is the highestranking u. S. Official to visit taiwan in decades and will certainly worsen the strained u. S. China ties and he is there supposedly to discuss the coronavirus and limiting ofcessful the pandemic. However, it is widely believed other issues, more sensitive issues, would be discussed, as well . Manus our chiefmanus north asia correspondent on the developing story of the rest in hong kong. Thank you very much. China consumer inflation accelerated and factory price deflation eased in july as the nations economy continues to recover from the coronavirus crisis. Inde prices posted higher the month, partly due to damage and transportation disruptions caused by the floods in central and southern china. Georgina taylor from twos, tens Asset Management from Invesco Asset management is with us. The escalation in china relations around the world. As an asset manager, when do you become actually genuinely concerned this could affect the flow of money and investment for you . Think it is a real concern already in the sense that we have enjoyed for the many, many years this globalization team, fame, china being at the epicenter of the world opening up and all assets on the back of that. The broader theme that comes out of these u. S. China tensions is the breakdown in the globalization factor, if you like, and we all need to think more carefully about how we value assets. If you get some decoupling between countries, between regions. Number is an interesting part of that. The opening up of supply chains, a choking off of that. For whatever reason and for obvious reasons in terms of u. S. China debate, means we have to think about margins differently, costs differently. All of these Different Things we have gotten used to not being a problem, if you like, for equity markets and broader Asset Classes around the world. What is yourna, rationale behind the idea in your portfolio of stronger dollar, weaker yuan . Georgina i think for us, currencies need to sometimes be thousand in economic tension or political tension, arising. For us, we think theyuan might see the bit of the equation that perhaps has to give. For us, allowing the currency not necessarily a dramatic the evaluation quickly, but along the currency in the background to slowly devalue, so it cant be accused of anything in the currency. That for us is a genuine game that needs to be theme that needs to be part of the economic solution longterm that they allow their currency to move a little bit. That maintains their competitiveness but shows they do not maintain full control over the currency and that to some degree is positive for investors. It allows Market Forces to drive the level of the currency. Can i just pursue one theme . An hour and ashow half ago saying where is the voice of strong dollar policy . We havent heard it for a long time and this is an incredibly important narrative when it comes to assessing the state of play in currency and u. S. Equities. Is the era of strong dollar policy now an irrelevance . Georgina i think it is becoming less relevant because it is how much it can really work. I think the strong dollar policy worked when there were other factors at play as well, which it was obvious why investors would want to support a stronger dollar longerterm. From and a coats perspective, it is less relevant equities perspective, it is less relevant anyway because they are less dependent on weaker currency, stronger currency. They are less sensitive to euro, where it is a driver. It is less relevant because dollar aren for the starting to play out and they cant ignore their deficit issues, the need and political risks arising. Risks finally, maybe real demand. Georgina taylor from invesco stays with us. The u. K. , how badly is the economy going to be hit in the coronavirus lockdown . We look ahead to this weeks gdp data and the big trade on sterling. This is bloomberg. Nejra this is bloomberg daybreak europe. Im nejra cehic in london with manus cranny in dubai. In the Second Quarter come u. K. Gdp plunged to levels not seen since 2003. The median forecast is for a 20 fall come a sharper slump than european peers and the recovery is made harder by local spikes in cases. That gdp number is due on wednesday at 7 00 a. M. U. K. Time. Georgina taylor from Invesco Asset management is with us. An idea that is fairly esoteric. The norwegian krone versus the pound. Georgina i think the pound has been something we put on the sidelines for a period of time but with the risks around growth , i think the drivers of growth are so uncertain, lockdowns where construction has been turned back on, we might get better data but the Services Structure sector will be under pressure. Maybe it isu. K. , the currency which has to provide that release fouled to the economy release valve for the economy. We think from here, the pound would weaken. Asxit talk comes back in much as we talk about coronavirus risk and the norwegian side, you have to be careful what you perish with. Is actually buying the norwegian krone domestically so are individual drivers of norway that we quite like but we think a weaker sterling will be a big part of it. It is amazing how we spend 26 minutes together and keep going back to the fx narrative for the equity allocation. I just wonder, differentials, trading the pears, trading the spreads. How do you look at the u. K. With relative political and covid and Interest Rate risk relative to negative rates with the stimulus plan, i. E. Europe . The drivers of the euro feel to me they have changed this huge amount. It was simple in some ways, simple to say it is a weaker euro environment until this year. The flow dynamic around the world in terms of assets, some of that money has come back potentially to europe and that has supported the euro and i think for currencies, we have to be careful about when it is about Interest Rates and growth momentum. In europe, there is a narrative of growth momentum. Got to hop on for a moment. Georgina taylor from Invesco Asset management stays with us. This is bloomberg. Manus good morning from bloombergs middle east headquarters in dubai. Im maness cranny. Nejra cehic is in london. Your top stories this morning, a mixed day for equities amid uncertainty on u. S. Stimulus. Governor andrew cuomo pushes back on President Trumps executive action of unemployment aid. Calling the plan laughable. Australia has had its deadliest day in the coronavirus pandemic as infections in the United States top 5 million. Bill gates says the nations testing has mind blowing problems. Hong kong Police Arrest a media tycoon and prodemocracy activist jimmy lai, reportedly on allegations of foreign collusion. Shares in his media group next digital slumped. Nejra welcome to bloomberg daybreak europe. Another a week after week of gains for Global Equities and u. S. Equities. And i sit here wondering what is going to drive the trade this week . It feels to me like the u. S. Real yield collapsing equities trade is firmly in place. Manus nobody bothered to notice real yields spiked the most in a month on friday. The question i think is, we spent 30 minutes with georgina, and weve come back to currency, currency, currency. Dislocation in market currencies is the next domino to potentially fall. Cording to goldman sachs, the lira, and the dollar. I put it to you, there is no political voice calling for a strong dollar policy as we go to an election. Nejra absolutely not. Five weeks of declines and georgina said to us currencies are acting in many cases like in the u k and in china as the release valve, an interesting way of framing the discussion. She says with relation to the dollar, theyve had a strong dollar call for a while, but youve got to be selective now which currencies you by the dollar against and it is mainly sub currencies in emerging markets. Ts, trump executive orders, turkey and the lira under pressure. Tiktok, if you look at i. T. In china, 19 growth rate. You got equities trying to sparkle in the green, euro stoxx 50 up 1 . Versus the s p 500. The dollar, the lira, gold. It is a moody monday for the dollar. We are down five weeks in a row. No one bothered to notice the real yields spike on friday. Youll cash kari warns of a covid19 catastrophe and bill gates warns of one of the worst Testing Systems in the world in the United States of america. Gold drops. 2 because you had a bit of a rally and some would say overdone and overrun. Duy gold the call from hewar mining. Despite authorities pushing institutions to borrow a 150 basis point hike on friday. Signs President Trump four executive orders relating to the Coronavirus Relief. On the menu, extended unemployment benefits, temporary payroll tax deferral, eviction protection, and student loan relief. The plan provides 400 a week in extra jobless benefits, down from 600 but it does require states to cover 100 of the cost. As for the stimulus negotiations, democrats and republicans are trillions of dollars apart on overall spending. The two parties are still disagreeing on issued including aid, state and local government, and the amount of extra jobless benefit. Secretary Steven Mnuchin said he would listen to any proposal offered by democrats but did not give a firm date for talks to restart. Any time they have a new proposal, im willing to listen but let me say, you are right. We agreed with the democrats, we have said lets pass legislation on the things we agree about and knock these off one at a time and theyve refused until they get their trillion dollars for the states. Nejra Bridgewater Associates co. Cio says while government says while corporate debt have been a place to hold that, the lowinterest world brought on by the covid19 pandemic has appended the role. Prince spoke with bloombergs jonathan farro. While everybody focuses on the change in payroll and people tend to focus on the growth the, the big issue is depressed level of spending and income in the economy reflected in the level of the Unemployment Rate of around 10 . We are in that situation of a depressed level of income and spending, the more vulnerable individuals and companies are to that set of circumstances and the most likely timeframe for the virus impact on incumbent spending is 18 to 24 months or Something Like that. It is uncertain, but you can imagine, we just had a fourmonth Fiscal Program or one quarter. Imagine having to do that a Second Quarter, fourth, fifth, seven, eight quarters. Imagine having to do that for eight quarters in a row to make up for the low level of income and spending in the economy. Imagine the potential on the dollar, the potential on inflation, the potential and effect on other assets. Iso, as that lingers on, think you have a combination of economic destruction with liquidity expansion. Jonathan the added vulnerability, zero rates. World whereow in a they cant get away from zero for maybe the foreseeable future means the economy and how we need to think rethink portfolios. Bob it is a mind blowing thing that we have a zero Interest Rate on the treasury bond. That means there is no Interest Rate. If there is no Interest Rate, there is no discount rate on cash flows so how long is the duration of cash flows and what is the current value of cash flows . There are implications for bonds in a traditional 6040 portfolio. On the bond perspective, you ane zero return and asymmetric return because there is no limit to how much the bond yield can go up. Even if it goes to flat zero, he will only make 5 , 7 over the next seven years but you could lose 20 to 30 if you have a normalization of real yields rise in inflation. You have a symmetry in the bond market and you are not getting paid any returns, but what people are not registering is how that impacts the equity market. There are three impacts of zero Interest Rates on the equity market. Youve taken away the floor on and a witty decline because if you get an equity decline in an economic decline, earnings are falling but if bond yields fall, it lowers the discount rate to supports prices. If you cant lower the discount rate on those earnings, the downside is bigger. If you cant cut Interest Rates, you cant put a floor under the economy except through monetization and fiscal policy we are doing, which threatens the currency and the third impact it has on a portfolio is the equities are falling, normally you would get the bond rally to diversify that risk away, but that doesnt exist now so you are holding the equity side of it with not much Downside Protection and you are holding the bonsai that it with an asymmetric return pattern and zero yield. Scenario forematic traditional investment strategy. Nejra Bridgewater Associates cocio bob prince and Georgina Taylor of Invesco Asset management is still with us. Thoughts on the asymmetric risk in the bond markets versus equity markets where the fall has been taken away . Georgina it is so interesting. This dilemma between how we zero everything in a Interest Rate world and equities for a number of years have been a beneficiary of the low discount rate. The future path of earnings is more attractive. That whole discussion, debate, and change has changed and is a bit why the u. S. Fiscal discussion is taking so much weight because it is now relying on the fiscal stimulus because arguably, monetary stimulus has gone as far as it can. If the floor had been removed, i sympathy with that, then maybe you stay in assets relative the history that dont degrade value but relative to this new world, that is a pretty attractive starting place and as an Income Investor, it is something i think about everyday. Georgina, we could r erate going into next year with a vaccine. My question is on the bond side. I look back to the taper tantrum between may and september, we ratcheted by 140 basis points in repricing kfed narrative. On a vaccine, what do you think the potential is for explosion higher in rates . Could we do something more dramatic than the taper tantrum of 2013 or less . I think it could be less because i dont know a vaccine would be coupled with a change in the federal reserve. The taper kanter was all about a change in direction of policy. A vaccine does not equate to a shift in policy stance. Risk, we reduce exposure in our portfolio because of the level of yields. However, we would be more contained because of the policy in the background. , by theeorgina taylor way, you have continued to buy real yields but say it is want to watch given the move has been so large and fast. Georgina taylor from Invesco Asset management stays with us. Great to have you on the show. Lets get the first word news with laura wright. Laura it is the most senior visit by a u. S. Official in four decades. Services secretary secretary alex azar is in taiwan, a move likely to fuel tensions with china. He has hailed the islands democracy and praised the governments response to the pandemic. Beijing last week said it would was firmly opposed to the trip. Has been arrested, rating the offices of his flagship newspaper, the latest action of the security law passed in late june. It comes days after the u. S. Imposed sanctions on carrie lam for curtailing freedoms in the city. County aramco is pressing ahead with plans to pay 75 billion in dividends this year despite slumping profit and a surge in debt. Income for the quarter fell 73 from a year earlier but the worst may be over. The oil giants chief executive says it is already seeing a partial recovery in the energy market. Global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. This is bloomberg. , thank youa wright so much. Up, larger u. K. Firms are 10 times more profitable when they have executive boards that are at least one third women, but still, the industry is lagging far behind when it comes to gender equality at the top. We discuss. Nejra this is bloomberg daybreak europe. Im nejra cehic in london. In the ftse 300, there are more ceos called peter than there are women. Shows a disparity that contributes to a sizable loss of profits. Here to explain is dani burger. Dani it is not just a social issue, this is an economic issue. Companies in the u. K. According to consultants firms, when there are one third women on the executive board, they are 10 times more profitable than those who only have men. That means in the ftse 350, firms are missing out on 195 billion pounds of additional profits they could have if they increased gender diversity at the top. He situation is getting worse last year, there were equal amounts of women and men named peter as ceos. This year, there are only five women who head up to two 500 companies. Not only has it disproportionally impacted winning, but the government is also now allowing companies to no longer report their gender pay gap statistics because of the impact of the coronavirus. I spoke with Lauren Fitzsimmons about this, cofounder of the pipeline and former mp who said this was a mistake. We cannot let the meager advantage weve made become vulnerable because of how we behave during covid, and lots of the categoryre in that have to collect and report their data in terms of the gender pay gap and theyve got the data sitting there, so the good will cox assured and the ernment needs to listen Good Companies will accomplish it and the government needs to listen and say we should still be listened to that at the. Dani theresa may wrote the intro and echoed what fitzsimmons said. Manus are there any sectors in particular were the lack of gender equality is especially notable . Dani it is across the board, that if anywhere people should be calling the shots is retail. They make up the majority of customers and workforce, but there is only one woman who heads up a Regional Company in the ftse and in continental europe, only 3 . The financial industry is far behind as well as. Only 1 5 of the total employees put forward were women and we need women at the top because when you have women executives, they are more likely to prioritize equality throughout the entirety of the firm. Gore is still a long way to and now should be the time they are pushing for it because it is due to the pandemic, companies are struggling for profits. This is a clear way they can improve. Manus thank you very much. Dani burger on diversity. Within the banking world are back in the spotlight as a trial suing barclays is underway in london. Sexist comments employees made were referring to financier Amanda Staveley. They have emerged as part of the trial. This includes remarks about her appearance and who she might be sleeping with. A british dealmaker with ties to the persian gulf, she was one of working innent women the financial industry at the time and she is suing for 1. 6 billion pounds for cheating her out of profits from the deal she brought to the table. Lets bring our bloomberg legal reporter. Why would these phone transcripts made public . These transcripts were released as part of a trial that Amanda Staveley is bringing against barclays. The claims shes bringing are related to sexism and the judge will make a ruling of that but because the case is about her emails number of discussed her role in the deals and some contain misogynistic language. Ellen, what do these comments say about the culture at the bank and the industry at the time and more importantly, has anything changed in 12 years . Heard from just dani, the gender diversity, particularly at the top of u. K. Companies is still lagging. The Banking Industry is maledominated but what these transcripts did was present how be in theture can financial industry in a blackandwhite way. One of the biggest banks has been laid out and the significance of that, one of the bankers involved in this conversation was made to step the top banking lobby last month because of comments he made 12 years ago. Nejra ellen milligan, bloomberg legal reporter in london. Saudi aramco presses ahead with dividend plans despite sliding profits and rising debts. This is bloomberg. Manus it is monday morning. Im dennis manus cranny in dubai. Nejra cehic in london. Saudi aramco is pressing ahead with 75 billion worth of dividend this year, despite the slide in profits and a rise in debt. Bloombergs middle east director tracks the ceo. This is all about credibility. They promised it, it is important. The 75 billion was promised in the middle of last year where the world pricing environment looks different. It was a key part of trying to demonstrate to investors you would get a decent yield out of theyting in aramco and pledged at the time to stick with this despite fluctuations of the oil price. Now, the company is trying to demonstrate credibility around that issue and with oil prices ,eclining, with the coronavirus the impact this has all had on the saudi economy has been hugely impactful on the saudi economy with the expectation of a big recession this year. The government had to take a lot of measures to prop up its finances so continuing to bring iss cash out of saudi aramco obviously very important for the saudi government. Particularlytely, as most of the dividend will go to the government, which owns around 90 of aramcos stock. They were quite bullish on the recovery in oil demand. What did the ceo say . Call with had a brief the ceo yesterday. Demand he sees asian picking up and getting close top prepandemic levels. He was talking a Global Oil Demand of 90 milon barrels a day. Increasing from where we were at the peak of the pandemic related lockdowns, still short of the 100 Million Barrels a day had before the pandemic set in, and aramco seems to be getting confident we will continue nudging back up toward those levels with the obvious caveat of, it is difficult to forecast how second waves of the virus might impact and there are big lockdowns that will obviously send oil demand crashing again. Matthew martin, thank you. We are seeing oil bid after two days of declines on the comments from aramco. Lets get a look at the market action. Japan is closed and a mixed picture in asia excluding japan. U. S. And european futures in the green following a weekly gain for Global Equities. The dollar holds on to five weeks of weakness and gold pulls back slightly. That is it for bloomberg daybreak europe. The european open is up next. This is bloomberg. Matt good morning. Welcome to bloomberg market the european open. Im matt miller in berlin. The cash trade is an hour away. Lets get your top stories from the bloomberg terminal. President trump signs four executive orders to combat indecision in the house over a Coronavirus Relief package. Nancy pelosi says the measures provide little real help. Lam is sanctioned