Treasury market. European stocks are down by 1 . U. S. Stocks are up i. 2 . I also want to bear in mind what is happening with the chinese currency. This is important. 6. 6 four, below key levels. The dollar continues to weekend. The dollar is important, the euro is important, but the chinese currency is potentially very important. Jump inaly reporting a new daily virus cases to over 15,000. The other part of the story, we are talking about trade talks, the u. K. And the eu are ready to sit down immediately with the goal of finding a deal by midnovember after positive contacts between the two sides. Our bloomberg is european politics reporter. Ian, a great way to talk about itting the deal, getting done, was that Boris Johnson was getting his way and getting it done. Ian in the past five minutes, the chief negotiators have gotten off the phone after about an hour long discussion. We have not heard officially what they have agreed to do, but as you were saying, we have reported in the last couple of hours that it looks like the trade talks are back on. It was on friday that Boris Johnson, the prime minister, said he wanted to defend the talks just and the talks because it looked like they were going nowhere. It looked like the eu was not going to make any compromises at all, but it now looks like negotiations might resume as early as tomorrow. Guy we look forward to hearing the details of that call in a moment. Ian, thank you for the update. Got vincent juvyns, jp morgan Global Market strategist, joining us now. Do i buy u. K. Assets or sell gilt . We also might see arising pound and no tariffs in a serious way kicking in. It might be too quick. The upside of the bonds are more limited than the downsides in the case of a no deal. We have to look at the breakdown of u. K. Assets. We have seen it is heavily exposed to the energy, to the banking sector, a deal which would still struggle in the environment we are in. That would be from an inflation negative to brexit, which would by far be the most we are live in bloomberg World Headquarters in new york over the next hour. Here are the top stories we are covering on the bloomberg and around the world. Most [inaudible] understand what the story could be. Boe, begoing to have inflationary, are we going to reverse that now . Vincent it is too early. We have had so many false starts in this negotiation, and this rumor about resuming talks, but we would rather expect the end of these negotiations to be. We still hope for the best, but are prepared for the worst, meaning we are still short on u. K. Assets at the moment as we speak. European assets more broadly . European equities have been trapped in a range. Could brexit help them out of that range and the earnings season help them out of that range . Of thehat gets them out tight range they have been in since the summer . Wouldt a brexit deal help, some clarity on the rollout of the recovery plan, which has been agreed at the end but what is slowing european markets at the moment is more the health situation. Mention several times the Health Situations in European Countries were starting to see new restrictions put in place, luxembourg, where i am talking from at the moment, and france, so these limitations do not bode well for the Fourth Quarter of the year. From an economic perspective, we headwind for european markets and could see a headwind for Global Markets as we see risk spreading another region as well. Alix lets flip it. You had barclays out, saying that because of uncertainty, stronger ties to the u. S. , if biden wins the presidency that will be a boost for european assets. Then you have the virus issue and the u. S. Politics issue. Vincent a democratic sweep would probably be, if i looked from a european perspective, could benefit europe, as it could be followed by a green wave and we could see europe positioning itself in terms of green business, generally speaking, and that would be even more the case on the recovery front. That is something that could play well for europe. In the context of a more stricter story, we need europe to integrate itself much more than it has at the moment. Need to be able to challenge u. S. Companies in different sectors. But brexit, the clarity about the u. S. Election it is more about clarity than one or the other candidate winning the election would be positive for europe. Future, we need to continue in europe on the path that it started in mid nationallding the champions. Lets be honest we are leaders in the field of renewables, and that could be an area of expertise in europe that we could further develop in the future and would make obviously european markets more attractive in the future. Tenyear hase u. S. Seen yields rise quite sharply over the past couple of days. We have not seen the same thing, or at least the same magnitude here in europe. Do you think we will see yields pushing higher in europe . Do you think the ecb would allow that . Vincent i dont think so, because it will be a dangerous game. We have high debt countries in some need really for the support for the covid crisis. , so clearlynageable the ecb has mentioned a couple of times and its communication that rates are going to stay low for the foreseeable future, probably for much longer than expected at the start of the crisis. Each year, we publish a longterm Capital Markets assumption, where we give some rate expectation or expectation for the next 10 or 15 years for Interest Rates to normalize at some point, but not between time. Nd five years the ecb is probably going to maintain these Interest Rates low for the foreseeable future. In europe, Interest Rates have been pretty low. Remain so in the foreseeable future, in my opinion. The debate in the u. S. Is between short and speculators and longterm barriers, as i heard you say in your introduction. I am a bit more favorable for u. S. To ration that i am for european duration your am for duration then i european duration, but in china, it is also probably more attractive. If i was a longterm speculator, i would look more to this side of the world to look at quality duration and a good hedged portfolio. Of jpvincent juvyns morgan asset management, thank you very much. Coming up on the program, we will talk about earnings, antitrust. The ceo of verizon will be joining us next. This is bloomberg. Alix the rising topping Third Quarter estimates, shares have on up from early gains. Lets break it down with scarlet fu. Verizon is the largest u. S. For wireless character, so it is close to the new technology of 5g, and verizon posted a beat and raise when it comes to profits. In narrowed its fullyear profit forecast announcing flat to 2 growth. Over the longterm, verizon is targeting gdp plus, saying it will grow its earnings at a rate that is just above economic growth. Bloomberg intelligence calls the Third Quarter solid results in the environment, because Wireless Service is a utility, a must have rather than nice to have. You can see the lingering effects of the pandemic on different businesses. On the downside, verizon sold fewer phones, because story openings were a gradual process and people might be also waiting store three openings were a gradual process and people might also be waiting for the new iphone. That it isessage is focusing on the future, and that is 5g. It launched its national 5g network last week, and we will have the available will have it available and will have it in multiple countries soon. When you look at the performance of verizon so far this year, it is comfortably ahead of at t, which has moved in its own direction of combining content and distribution. Both players are trailing tmobile, which completed at sprint takeover in april and is now the number two player in the industry. Guy thank you very much indeed. Lets pick up where scarlett left off and talk to hans vestberg, the ceo of verizon. Lets talk about 5g. As scarlett was saying, you have rolled out nationally. Weve got the new iphone. Are we at a Tipping Point . Hans we have talked about this second half of 2020 to be very important for our execution of 5g. We built the first fiber reached network, and now on top of that, we are both nationwide, covering more than 2000 Million People 200 Million People, and we are 55, 60, so we will seek that by the yearend. We are running the Network Experience and as i said before, the launch of the iphone was important because this market, the u. S. Market, has such a high penetration of users. This is an important moment and we were extremely happy with the launch of the iphone 12, because all of them have ultra wideband inside the models, which shows how we are continuing together to work with our partners in this system. Alix the visibility now that it has been on sale for a few days, but you are giving it away for free, right . How long can you a, want, and b, afford to do that . Hans when it comes to preorders, there are preorders of two different models right now, more coming on the sixth of november. We are very early in the preorders, just a couple of days, but we have seen a lot of engagement in our Customer Base and the traffic in our stores, so we are very happy with what we have seen so far. Have any early to conclusions. That is where we are on it. Wen it comes to offerings, feel really good, what we have. We have the best network and a device that is working on things we have built over so many years, but we have also worked with our customer, our mix and match, where we have different types of offerings for our frommers, all the way premium unlimited to unlimited basic, where our customers can choose. We feel good about it, and at typical offering that we would have would become a new iphone. We got it to 5g, and this is the second most important launch iphone has done since the start of the iphone. The first one was of course the most important. Fast speed, reduced latency that the new iphone should provide am i going to get it . Are you going to be able to deliver that . If not, will there be disappointment . In citiesave built and stadiums and venues, that is where we have built right now, and we have it in 55 cities. E are building five more in the last two months, we built more of the wideband stations then there would be in the entirety of 2019. Will have 60 of them, double and triple of them and some of the cities, the coverage of them. This is what we have built in the cities and we have the best 5gon top of that, and nationwide. You are going to get the experience, but it is built in these cities right now. Alix lets talk about another headline here, this one coming from the dojs antitrust case against google. That they distributed the money to promote their Search Engine were not named. Was verizon one of them . Hans we are working with all of the big brands in this market. Amazon, disney, google, and we have an agreement with all of them. We have 20 Million Consumers on and theyess network, are no more specific in their relationship with google than anybody else. Guy if i get one of your new iphones, is Google Search going to be the default . Hans yes. This is the new iphone, by the way, which i have in my pocket. That is what we have right now on the phone, but we give optionality on everything we are doing. We are working with all of the top brands our customers want to have. We have the best distribution, the best network, and namebrand. That is why we have this partnership and our partnership ath apple last week, we have partnership with amazon. We are working with microsoft on the 5g mobile edge compute, and that is our strategy. We work with all these prime brands to give our customers more and monetize it. Alix i would like to get your perspective on what you think of the antitrust case against google and the animosity in washington among big tech, and how that may affect you in the longer term . Your relationship with google or the money you end up getting from google to put their search on your phones. Can you tell us how you are thinking about it . Same no, i have seen the news reporting as everybody else. Theve no insight as to what doj is claiming, etc. Relationships with Many Companies and google is one of them, so i have no comment. Guy we are not going to let this go just yet, hans. Do you have a revenue sharing agreement with google to install Google Search as the default option on the new phones that you send out . Have a long relationship with google when it comes to different types of applications. Of course, android is used on the phones, it is not iphones, so we have a commercial relationship with them. Alix we know you are not going to get a hard number. If we get some pushback from google and how they distribute their Search Engine, it is going to affect your phones and how can numerous react how consumers react to it. There has to be a contingency plan or something. Hans whatever decision comes out, we will cope with that. We have worked with many different decisions in our industry over time, so there is nothing unusual about hey, we are only seeing this in one day, so lets see what is going to happen. Guy another quick question as to the numbers. Hans, what would be a high improvement and guidance that you delivered to the markets today . What are the factors driving it right now and how sustainable are they . We talked about 5g. Is there anything else . Hans no. I think we are in a good saw that ourd you Service Revenue actually was coming to grow in the Third Quarter, even though it was 7. 7 , it was not very important. We improve from july to august and august to september, so we are improving. Clearly, what you see on the consumer side, we are now improving on the business side as well. We are improving that and ios, was doing f the best in six years. We are very happy with our wireless and wired infrastructure. We also saw our media is actually doing good in this to 20 inoming down the second quarter, and now down 7 and improving. It was manufacturers and we continue to have good can good cost control and the companies. We are also adding that with the iphone launch that is coming in the Fourth Quarter this year. Last year it was in the Third Quarter. That is why we see a good directory and a good base for going into 2021 as well. Alix we thank you for playing with us on this. Hans vestberg, Verizon Communications ceo. This is bloomberg. Its time for the Bloomberg Business flash, a look at some of the biggest business stories in the room right now. Has agreed to an 8 billion settlement into u. S. Stigations and how the Justice Department is announcing the deal this morning. They have already proposed a separate 10 billion settlement and local state claims. And a strongerthanexpected product in the Third Quarter as this sweetest company from huawei. Sweden said the company will be blocked from 5g networks if they plan to use chinese equipment. Huaweill the trauma over n,good news for ericcso guy. They are getting more market share because companies cant use huawei. Guy they are getting more market share in china, which is worth bearing in mind. They are taking market share away from nonchinese competitors, i. E. , other nonchinese companies. Nokia is probably doing fairly well at the moment, samsung is in the space as well, but it is interesting we have been talking about what is happening in this space right now. Hans vestberg was talking about ive spending taking place. Sweden, its home market is even banning huawei. Lets take a little look at where european markets are wrapping up. The pound is a bit of the story on our side of the atlantic, seeing some performance coming through from the ftse 100. 57. 22 is that number. We will talk about the close in detail in just a moment. [ sigh ] not gonna happen. Thats it. Im calling kohler about their walkin bath. My name is ken. How may i help you . Hi, im calling about kohlers walkin bath. Excellent happy to help. Huh . Hold one moment please. [ finger snaps ] hmm. The kohler walkin bath features an extrawide opening and a low stepin at three inches, which is 25 to 60 lower than some leading competitors. The bath fills and drains quickly, while the heated seat soothes your back, neck and shoulders. Kohler is an expert in bathing, so you can count on a deep soaking experience. Are you seeing this . The kohler walkin bath comes with fully adjustable hydrotherapy jets and our exclusive bubblemassage. Everything is installed in as little as a day by a kohlercertified installer. And its made by kohler americas leading plumbing brand. We need this bath. Yes. Yes you do. A kohler walkin bath provides independence with peace of mind. Ask about saving up to 1,500 on your installation. Virtual appointments now available. Guy welcome back. Wrapping things up in europe. We are at session lows in europe or very close to them, down 1. 31 as we approach the close. Another difficult day, another range bound, probably less so the last few days. Really where the price action is, and then getting locked into the sideways range. We are pushing lower. We will potentially breakthrough 60. Lets talk about individual markets around europe and give you an idea of what is going on. Other factors contribute into the story. The ftse now with a 57 handle. The dax and the cac 40 down 1. 5 . The ftse 100 contending with a stronger pound this afternoon. The ftse goes down, the pound goes up. It is a mechanical process as you translate earning streams. A lot of international largecap stocks within the ftse that require that. Within the pound, we have broken through 1. 31 on the headlines. A more positive picture in terms of the possibility of a deal, the pound has priced that in. 1. 3134. We have seen euro strength. Broad dollar strength. Take a look at the chinese currency. The dollar weakness on the Inventory Data alex broken the last hour contribute into a story being pushed through into crude. Crude down 3 as you can see. Lets talk about some of the individual stories weve been focusing on. Erickson one of those, up nearly 10 today. Absolutely blowout session for erickson. Nestle, the outlook has been viewed cautiously at nestle, the worlds biggest food company, and a pretty solid quarter. Production misses in the gold sector adding Downside Pressure to that space. Alix you may not have a bid for bonds but there is a bid for a certain type of bond. Im talking about the eu smashing Global Records in its first on sale come it happened yesterday. It is not wasting time to offer more. Maria tadeo spoke exclusively with european commissioner earlier today. The fact it is denominated in europe is another issue. Socialt we have launched bonds is another element which is quite interesting for some investors. To communicatege the success story. Maria can you tell us about who bought these bonds and terms of was it international investors, european investors, u. S. , a combination of all of them . Theround two thirds of investors, Institutional Investors from the european union, many of the others are from asia. A few from americans, south and north, in particular canada. I think it is quite a good mixture. We are quite happy. Maria it was definitely a hit because it is a monster option, it was big, the amount of numbers you will bring in. On that note, given the appetite we are seeing, what is the next of the issuance going to look like. How much are we going to see over the next few weeks . What is the structure you have in mind . Probably morere reluctant about the generating,s we are so i suppose we will try to raise at least, by the end of billion, but if it is more it is fine. In principle we are trying to split this year and next year. Maria it could be 30 billion euros, the structure would be the same. Syndication through banks. Johannes yes. Maria correct me if i am wrong, but my understanding is the eu could start to buy these in the Central Market by the end of the week . Johannes indeed. Maria i am curious about your opinion on this. There has been top in the market that this has been so successful you could compete with the bund, the riskfree asset for the eu many have been pushing for. Do think youre a competitor to the bund . Johannes we are well coordinated with the member states, in particular the big ones, but all of the other ones, in order to avoid any kind of unhealthy competition. This is not my invention. We have to work together. There should not be any concern by anybody . Question,t as a final you said when you look at the next generation eu bonds, that they have to have a clear component of green elements. Given the fact that some countries have not summit their budget land yet or not a lot of detail, how will you make sure there is that they truly are green . Johannes there is our commitment that the recovery and contributeshould the expenditures, 37 of the expenditures should come from the greendale, so actually more than the 30 of bonds we will issue as green bonds. There should be a guarantee. Johannes hahn speaking to maria tadeo earlier today. Fascinating conversation. Massive day yesterday. Joining us on the phone is bloombergs bonds reporter. John, talk me through the significance of what we just saw. We are seeing treasury selling often the states on the same day yesterday we saw this massive issuance that was so hugely oversubscribed in europe. John yes. It is funny you should say that. This was a huge deal. Nearly 14 times as many orders for the amount of bonds on offer. It is the biggest there ever has been. It is largely a function of how scarce assets have become in europe. In germany, thanks to the budget frugality they are not that many german bunds going around. Clearly investors were starved. They dived into this. There were 200 investors. Even the eu were surprised with how well this went. Huge successwas a and that sums it up. Alix does the ecb need to buy any of it or does that mean we will see issuance so there is something for the ecb needs to buy . John we expect the ecb will start buying at the tail end of this week or early next week. To 50 of thep securities and we know they probably will because they are less restricted by the pandemic bond buying program, but the first program, they have tight restrictions on what they can buy. They can only buy up to one third of the countries bonds. In many regions there getting close to that. Almost certainly they will dive into this one. Investors are banking on that. They know that if they buy this they will have a guaranteed big buy to offload of things go bad. Guy why is this not a euro bond . John this is the first of their issuance. It is a social bond. It is designed to be a temporary package along with the Recovery Fund we will see next year. Bond not a paneuropean because of that temporary nature. It would require a change in the treaties to do that. We know some of the more frugal nations like the netherlands, finland, they are more opposed to making this permanent, but as we have seen yesterday from the point of view of investors, they would be very keen to have this paneuropean bond, which would not only rival german bunds but also u. S. Treasuries on the global stage. Alix what is the social bond . John a social bond is being used to finance a jobs program across the region to help work during the pandemic crisis. Obviously we know unemployment is climbing higher. These are eu funds which will be used to keep people in work and Pay Companies to keep people in work, and it is most likely going to be those countries that are more indebted, which will take advantage of the financing. The likes of italy, from the hundred billion euro program, they will be taking about a quarter of that to help support their workplace. Guy why was the market so keen on this . Why was this such a great opportunity for investors . There hasave seen been a massive grab for yields, and that is largely a function of the enormous presence of Central Banks in the market. They are buying up so much that investors are keen to get hold of what other kind of save asset they can. Bunds arelar, german drying up. This provides a little bit of extra yield. It is probably priced in somewhere around france, which is considered a semicore country in europe. There is extra yield which investors can have. Before that, they are still fromng a aaa rated product two of the main Credit Ratings energies. Is it is not it is on a path from germany and that respect. What the eu will hope to do is build out the yield curve, that will be the real challenge is to create a liquid enough market so these bonds can rival some of the others in the region. Guy thank you very much for your time. Thank you for your reporting. Joining us on the bond market story out of europe. Fastening to see what is happening with the yields. Lets take a look away european equities have closed. Near session lows. A little bit higher during the option but not much during the auction but not much. The dismal session. London leading the charge lower, hardly augmented by what is happening with the pound. Expect brexit headlines as we get details on what happened on the call between the eu and u. K. Negotiating teams. Hopefully will bring that to you on the show or the cable at the top of the hour on dab digital radio. His is bloomberg ritika this is the european close. Coming up next, an exclusive interview with adobe chairman and ceo at 5 00 in new york, 10 00 in london. This is bloomberg. Lets check it on the bluebird first word news. On the bloomberg first word news. The white house once a deal on the coronavirus package with nancy pelosi in the next 48 hours. Mark meadows told foxbusiness the last 24 hours have move the ball down the field. Even if there is an agreement, there is no guarantee Mitch Mcconnell will bring it to a vote. President donald trump has some ground to make up in the polls tomorrow night in the final Campaign Debate against joe biden. The president has been complaining the deck is stacked against him. He says the moderator of nbc not treat him fairly and the topix are not to his liking. He is also unhappy microphones will be muted when other candidates are speaking. Today lawmakers are considering the creation of a committee to examine misuse of covid19 spending. That has prompted Justin Trudeau to threaten a snap election. Fromuld face a backlash canadians suffering through a second wave of covid19 and may have little patience for political fighting. 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. Am ritika gupta this is bloomberg. Guy . Guy thank you very much. Trade talks in the u. K. And the eu on the verge of resuming according to three people familiar with the discussions. We are awaiting details of the call that is taking place or has taken place between the chief negotiators. What does it mean for Key Industries . We are joined by ian wright, food and drink federation in the u. K. Ceo. Thank you for your time. How big of a difference will it make your members whether we get a deal for we do not get a deal . Ian a deal is very important because it gets rid of the threat of tariffs and it is very important for the u. K. Shopper pricessumer who faces and availability if tariffs are imposed. It is also much better to have a much warmer relationship with our Major Trading partner, certainly our major food trading partner. For more points of view, a deal is a better option. Whatwhat kind of alix kind of taxes can the industry live with . Ian it is tariffs we would be really concerned about. Deal or no deal, we would be facing a lot more friction in the wake of trade with the e. U. And with Northern Ireland, which is an integral part of the united kingdom. U. K. eu trade will be affected by custom checks, all sorts of other new checks, as will trade to Great Britain and Northern Ireland. That is something that does worry our members because there are still large parts of those different trade flows where it is not clear what is going to be happening and what will be required. Guy one of the reports i was reading earlier suggested that even Large Companies are struggling to find customs agents that will allow them to carry on business as smoothly as they can. How big of a struggle is it and how big of a shortage of customs agents is there . Ian it is very significant. We have not needed customs agents from the u. K. To the eu or the other way around for 40 plus years. It is not surprising are not very many and it is not surprising that given the volume of trade between the eu and the u. K. , the need to find them and trade them and get them in place and train them and get them in place is something we should have addressed some time ago. The government has promised an action program, we have not seen any sign of that. In two cases the government has invoked trusted trader schemes which provide shortterm answers to the problem. In the long term we will need those customs agents and they will need to be trained. Alix in the meantime our businesses stockpiling . How are they managing this interim period lets get it all im sure and let it sit in a warehouse . Ian this is where it gets complicated. There are four different trade flows. Can eu come e. U. To u. K. Businesses which have traded in those ever in flows over the last 40 years as from the 31st of december will face four different processes. They will make adjustment on whether they need to come and they will make an adjustment on how many different information we know more about some than others, and they will have to make a judgment about whether they move stuff across borders come into the e. U. Or integrate britain, or whether they move materials or goods into Northern Ireland or back over here. Those judgments will be made on the amount of information they have got in the difficulties they have with cash flow, and whether they can place goods on the market. The big concern they will have will be whether that is a business a sensible business decision, or whether in relation to Northern Ireland it might be more sensible to let the dust settle and go back into the market after a few weeks or a few months. Guy how different will your industry look next year as a result of covid. We are going into more and more regions finding themselves in the toughest of the lockdowns we have in the u. K. How big of an impact is it having right now . What are you hearing on a daytoday basis. Ian it a massive impact, and the impact is in two areas. After the original lockdown, what we saw is because hospitality, food to go, contract catering and workplaces was largely silent, that amount of consumption, which was previously about 30 of the total, simply walked across the road to retail, whether supermarkets or shops or delivered. That changed when the lockdown eased, and some of it went back to hospitality. With the lockdowns mostly at tier three closing hospitality, there will be a return to supermarket and retail, and if it is the pace come as my colleague kate nichols from u. K. Hospitality said, that up to 70 hospitality which closes in tier three might stay closed, then clearly that will mean longterm shifts from that form of consumption into retail, and that concentration the power of the supermarkets even more than it is already in our retail market. It be better would if there was just a blanket closure for two weeks like they are doing in ireland versus the piecemeal approach . Would that be better . Ian this is a personal view. It would be far worse. Their whole regions of the country where the covid crisis is much less serious than it is in the regions that have been locked down. In some of those regions that have been locked down, the number of cases is reducing, although there is a spectrum of hospital admissions lagging two or three weeks later. Those are judgments for local officials, not for itinerant trade association chiefs. I cannot make that judgments. I am pleased to leave it to the regional leaders. A National Lockdown would be a hammer blow to the hospitality industry, and in many cases would finish it off. Alix thanks a lot. Appreciate it. Great to get your perspective. Ian wright, food and drink federation ceo. Thanks. This is bloomberg. Ritika time for the Bloomberg Business flash. A look at some of the biggest business stories in the news. The army is taking a close look at a boeing factory in arizona that builds apache attack helicopters. The Company Reported quality problems it says were caused by a derelict technician. 11 of the helicopters were temporarily grounded. The technician has been fired, but the army wants to know if the issues are more systemic. Tesla reported earnings after the bell and the electric car maker is all but guaranteed to post a profit for the fifth straight quarter. It may take more to impress those critics. Shares of tesla brought more than 400 . Market watchers will need to see profits can keep growing. The key item, the outlook for tesla sales in china. That is your latest business flash. Guy thank you very much, indeed. Lets talk about tesla. What i am interesting in is the underlying story. We know we are likely to see a profit five quarters in a row we have seen profits being posted. What you have to do is strip out the regulatory benefit they get from selling credit to other carmakers. The market will start to get more specific and trying to figure out whether or not tesla can make money standing on its own two feet. Alix exactly, and a key part of that will be china. They have about 23 of their revenue overall in china. That is keep your eight not only is it when they ramp up production, but also what their margins are. Some analysts say china is where they get their profitability. Wedbush says they could see china representing 40 plus of sales by as early as 2022. That is also a key part of that story. Guy we will see the european automaker posting numbers next week, witchel be fascinating as well. A lot of sense that maybe there is potential upside. Positive notes being posted. We will see what those numbers deliver next week. Alix that wraps it up here. Coming up, Alan Greenspan former Federal Reserve chairman will be joining david westin on balance of power on Bloomberg Television and radio. Do not miss that. This is bloomberg. So youre a small business, or a big one. You were thriving, but then. Oh. Ah. Okay. Plan, pivot. How do you bounce back . You dont, you bounce forward, with serious and reliable internet. Powered by the largest gig Speed Network in america. But is it secure . Sure its secure. And even if the power goes down, your connection doesnt. So how do i do this . You dont do this. We do this, together. Bounce forward, with comcast business. David from bloombergs World Headquarters in new york to our tv and radio audiences worldwide, i am david westin. Welcome to balance of power, where the world of politics meets the world of business. I want to start come as we do every day, with a check on the markets. Joining us is abigail doolittle. What are the markets telling us . Abigail a lot of uncertainty still. That has been the theme all year , especially as weve been getting closer to the election. Weve been flipflopping between gains and losses. We have the major averages up. 5 . Not so long ago down. 3 . Investors undecided on the macro picture, but from an earnings level perspective we are seeing some of that. Some companies beating, but also having some misses, such as netflix down sharply. Their subscriber view missed, so there seems to be some fatigue. People are talking about pandemic fatigue. On the other hand, lots of strength for the internet and social media names because snap it up a good quarter. There is one bright spot, and that is the faang
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