Will have to move . Joining us now is the National Security market strategist, art hogan. There it doesnt have legs, it is sustainable, what are we doing . We got business rotations out of growth and into value like we saw in june. It was not durable. We saw it in august. In this latest move, it is probably one we will see presiding over markets probably for the next three to four quarters. I say that because of Economic Sentiment has underperformed for the entirety of this year. If you are to backup the lens further and say how long is the s p outperforming the russell 2000, you would have to go back five to 10 years to see. So you have a lot of reversion to make up and at does not happen over the course of several days area i think the important thing to think about is, what the drivers are. The drivers are an assumption economic will increase activity in 2021 and Market Pricing will start getting that right early. I think that is where we see that, the beginning. Guy that is going to be bomb some assuming. We were joking before we came on air, chatting, talking about the fact that it has not gotten cold yet in new york at the numbers are beginning to climb. Hospitalization is starting to rise and the numbers in texas look scary. At some point, do you think the market reverts back to the here and now . The here and now looks bad, art. Art i would say looks better in terms of this wave of covid case discovery and looks to get worse before it gets better. If we look at the seven day average, it is as high as we have ever seen in the entire cycle including the springtime. Springtime. We are clearly talking about covid caseloads. In march and april, i would say we are Getting Better at it in terms of hospital settings, therapeutics, knowing what to do. While hospitalizations are going up, death rates are not. Which is good news. It will likely be more targeted in the things we shut down. I dont know if we will have a mass shutdown. I think there will be Economic Impact on this increased caseload but i dont think there will be what we saw in the spring. I think we ride from this wave, get to the other side, look towards one or two of the feedbacks in production in the first half of next year, and play into that better Economic Activity to follow the week. Alix we break can you break on what you mean by value . If you were to play the rotational little bit, keeping in mind yields are stuck around 1 , really yields negative, what kind of value stocks makes sense . Art we talk about this all of the time, and it is easy to take value in the trade where growth has outperformed value for the better part of this decade. To suggest we would have some sort of rotation into value from growth, when growth will continue to have explosive earnings and revenue growth, and our use of technology will increasing next year, so increase next year. When you step back and say what do we think about in this rotation, i would like to think of it economically sensitive. Energy, financials, industrials fall into that category that will likely do better as we pick up Economic Activity in the year ahead. Versus saying, what is cheap here . Often times, value is cheap for a reason. Rather than classify this as growth versus economically sensitive cyclicals, that has been the heart of the rotation. What needs better Economic Activity to succeed . I think that rotation will continue for a bit. Guy you sound pretty positive. Do you think the highs are at the end of the year . Art i dont. I think this market has been a forward pricing mechanism and we are not pricing and what we think will happen in the Fourth Quarter. Which will likely be bad. Bumps in the road will likely follow the path of the virus. I think a Market Pricing is better than what we have right now. We saw the election largely gridlock and not seeing major changes in tax policy. I believe there will be a lot of Economic Energy that gets released in 2021 in the form of consumers and pent up demand for goods and services they have not been able to satiate over the last year, and cash on the Balance Sheets sheets of corporate america, which tends to manifest in shareholder friendly activity like capex, new hires, mergers and acquisitions, dividends, buybacks. Alix Goldman Sachs out with s p, theres a 700 and its a big call for the next couple years. It makes sense doesnt make sense to sell volatility despite the fact that we will see shortterm, volatile headlines, or do you buy it here . Art i think its getting awfully cheap and the one day moving on monday for the vix was eyepopping. I think volatility is getting cheaper. I think there will be plenty of bumps in the road as we work our way through the First QuarterFourth Quarter and as we ascertain what the first 100 days of the new administration will look like. Thats wrapped up in an environment where we have a worsening path of the environment and dont know when that peaks out. It will likely be a wild. Also be a wild before we have a broadly available vaccine. I think bought will be a wild before we have a broadly available vaccine. I would not walk away from this rotational trait. Guy how much do you think you should have in your bow folios . Art we prefer you to have portfolio . Art we prefer you to have fun one end of a barbell, exposure to healthcare names on the other side economical cyclicals. To balance every two months, selling winners and buying losers. If you had the folio coming in mmday, you would outperfo the s p outperformed the s p 500. There is both sides on the barbell for growth and cyclicals. Guy we will wrap it up there. We have one more. Alix no no, you go. Guy i was going to thank him, but i think you should ask him another question. Alix i will do that then. [laughter] we are usually good at this, guy and i. What does this mean for the dollar, by the way . Art thats a great question. A lot of this is predicated on what we get for fiscal policy over the course of the next 12 months. My guess is we will see a weakening dollar. I do not think we will see the kind of fiscal policy we want. In september, you will see this 400 billion to 600 billion level and all of that assumes we have better fiscal policy and we go for the dollar into 2021. Guy i will wrap this thing up now. It was great to speak with you. We appreciate your time. Art hogan, of National Security, thank you very much. We will look at the state of the foreign u. S. Policy under a Biden Administration next and , theto a retired admiral allies nato supreme allied commander. He joins us next. I just think it is an embarrassment, quite frankly. Can ily thing that how say this tactfully . I think it will not help the president s legacy. There will be a smooth transition to a second Trump Administration. We are ready. The world is watching whats taking place, and we will count all the votes. When the process is complete, there will be an elector selected. The constitution lays the process out clearly. Guy still trying to read the mike pompeo and he said that. How ironic he was trying to be, hard to read. Nevertheless, you heard from president elect joe biden, talking about legacies and how important they are. Lets get a sense of how much progress is being made here and how and where we are. Kevin cirilli is monitoring everything in here to tell us what we need to know. Give us the lay the land in washington. Kevin moments ago, headlines crossing the bloomberg terminal that november 17, a pennsylvania judge will hear the motion to dismiss President Trumps lawsuit in that state on the election front. This following developments this morning that the president won the state of alexa. Alaska. I talk to sources that told me in the Republican Party that they are incredibly confused as to why there has not been a cohesive litigation that has been filed in an organized manner. As a result of that, they view the president s calculations and lack of concession as political posturing. We should take a look at the upcoming dates which are the backdrops to all of this noise coming out of washington dc. Washington, d. C. December 11, lawmakers have to get to some type of a budget deal to keep the government open. Then, january 5, the Georgia Special runoff election. Senate Majority Leader Mitch Mcconnell is trying to keep his majority in the senate. That is really why im hearing leader mcconnell and secretary pompeo have taken a much more measured tone with regards to the President Trump trying to keep the base of their party. January 20, that is when the president ial inauguration is for president elect joe biden. Frankly, when you are outside of washington trying to figure out when more fiscal stimulus will come, there might be a skinny version ahead of that as cases of covid continue to rise, but another massive fiscal stimulus deal could happen, post inauguration with the new administration. Alix thanks so much. Kevin cirilli. Joining us for more is admiral james stavridis. Admiral, it did they get nervous . When you have a National Security team that cannot get their briefings from the General Service administration, what is the problem there . What do you think about that . Admiral stavridis im very concerned about it. If you step outside the boundaries of the United States and you look globally, think how this is being received. We have decapitated our department of defense. We fired the secretary of defense, the under secretary of , thats thepolicy coo to put it in business terms. We fired the head of intelligence in the pentagon and chief of staff of the secretary of defense. Thats in the last 24 hours. So youve got a very Inexperienced Group of people stepping into these roles for the next 70 days until president elect bidens team comes in. It impacts us tactically. These people arent familiar with what is happening globally tower deployed troops. It affects us operationally, they are illequipped to step in and make decisions about the battle group going to the arabian gulf or south china sea. Strategically, for example, they are being handed the nuclear codes, which they have never touched, worked with, practiced. So we are pretty concerned right now. Guy looking through the other end of the telescope, admiral, which threats do we need to take seriously in terms of where they are likely to come from . Is it iran, russia . Who do you think will take advantage of the situation . Admiral stavridis heres the good news. The good news is that our professional, uniformed military are on the job. They are not paying attention to what is in the rearview mirror. They will continue to be a formidable deterrent, globally, as they operate today, which is veterans day in the United States. Having said that, i think the uranians may be tempted to do iranians may be tempted to do something. I think kim jongun could miscalculate and decide this is a perfect time to test intercontinental ballistic missile. You can see china putting more pressure on taiwan, cracking down on hong kong. There are many out there, and the top of the list would include russia, which we would and they would do something in the world of cyber. There is plenty of threat out there. The pentagon is in disarray on the civilian side, good news on veterans day. Military is on the job. We will get through this. It is a turbulent time. Alix admiral, we would like to thank you for your service on this veterans day. Point, hong kong opposition quit on masks, the new china powers and hong kong. For example, admiral stavridis i think he can. The larger point here is, unlike four years ago, where we had any inexperienced president come into office, inexperienced to say the least, here you have arguably the most experienced american stepping into the office. He has spent eight years as Vice President , and before that, decades as chairman of the Senate Foreign relations committee. Hes well prepared. The team he is bringing in around him serve as cabinet level or some sort of cabinet level. Its a very experienced team, and i think president elect biden is doing exactly the right thing, picking up the phone and calling our allies. Who have felt abused over the years with the Trump Administration and their policies. If we are going to influence chinas behavior or russia, or pyongyang, it will not be u. S. Versus one of them, it will be all of us, our allies, both on the atlantic side, pacific side, working together. President elect biden is positioned wellpositioned to reach out to world leaders. Guy guy admiral, one of the defining aspects of the Trump Administration was its activity for germany. Germany in particular and is lack of defense spending. Do you think that has disappeared under a Biden Administration . Admiral stavridis certainly the ,eflexive concerns about allies generally speaking, disappears. This is an incoming administration, i know all of them extremely well, they were all in office with the supreme allied commander when i was supreme allied commander and they are reaching out to allies. Having said that, i think a Biden Administration, just like the trump or obama administration, will put pressure appropriately on our european nato allies to hit the 2 defense spending. Here is the good news, the allies are on track to do that by the middle of this decade. I think you will see a Biden Administration continue to push them. The tone, the amick ability, to link arms together and deal with big problems, that will change. Alix i know this is more of a trade question, but trade and financial aspect has also sort of melded with the National Security aspect to some extent under President Trump. The tariffs the eu and u. S. Are opposing on each other, did they get rolled back or wrapped into this National Security conversation under a Biden Administration or no . Admiral stavridis i think they will not immediately, suddenly tariffs beingse imposed from both sides, frankly, as you correctly point out. I think because this administration has credibility in conversation and can bring more to the table, i think you will see a lessening of this, particularly on the european side of things. Over on the china side, you will see a Biden Administration that creates a real strategy, doesnt attempt to use tariffs as a has a, blunt instrument, nuanced basket of sticks and carrots, so i think there will be possibilities on that side as well. Possibilities to find ourselves in a better place. What weve got to avoid is what happened 100 years ago when the world came out of its last pandemic. What happened . Trade barriers all around the , tariffs in the United States. How did that work out . We cracked the Global Economy with the Great Depression and staggered into the second world war. We can avoid that. I think a Biden Administration is wellpositioned to do that. Lets start having the conversation. Both with allies and with our opponents. Assume war is a mercantile process, so maybe rolling these things into the same bucket actually, in some ways, is an effective strategy. Talking up spending money, lets talk about where you think a Biden Administration should spend money. You mentioned cyber earlier on. When do you think the efforts should be where you thing that for should be for the dod to have . It looks like budgets would be flat. Would you place the emphasis more on cyber, looking at where what is happening in asia and stick with a more conventional approach . Where do you think it lies . Admiral stavridis i think you have it about right. Defense budgets i predict will remain flats, maybe slightly down. Haveyou will want to do is a portion within that top line as we call it in the department of invents department of defense. I think the winners will be Cyber Security special forces, unmanned vehicles, and not only drones in the air but also oceangoing drones, landbased drones, the unblinking eye in the sky, and maritime. The big challenge as the century unfolds, and certainly this decade, will be with china. We will not find fight a land war in asia. Creatinging to be deterrence in the south china sea, whether a Maritime Forces with our Maritime Forces and Everything Else i mentioned. It is unlikely to see nature land conflict of ticular Nuclear Forces conflict. Nuclear forces might not need the upgrades like the Trump Administration. Thats what i would predict from the pentagon under president biden. Thank you very much indeed. I would like to add my thanks as well to the thanks that alex gave earlier on for your service and for anybody that is wearing a uniform or has worn a uniform. Thank you. This is bloomberg. Alix coming up, a biden presidency is bad news for u. S. Equities. Thats according to mark mobius of mobius capital partners. We talk to him next. S p hanging onto gains, and the nasdaq outperforming, up 1. 5 , holding onto those gains. The virus count mounts the rotation the last we the rotation we saw over the last couple days is reversing a little bit. This is bloomberg. Guy live from london, im guy johnson and alix steel is in new york. This is Bloomberg Markets. Not much is getting in the way of the november rally and stocks. Details about what is happening in this rotation. Lets go around the world in 60 seconds. Scarlet europe is up 13 this month, the only region with doubledigit gains. Christine lagardes helping to extend this months advance by saying the ecb will rely on emergency qe and longterm loans to banks for its next stimulus as the region battles covid spikes. In the e. M. Universe, im watching china which has gone from handsoff to handson when it comes to regulating its internet industry. Giants like alibaba and tencent lost about 290 billion dollars in collective market cap in the last two days. Also looking at turkey, which may remain return to market policies. Theres a new finance minister in town. State perhaps setting a for a rate hike thursday. Here in the u. S. , as u. S. Stocks rally, the vix has fallen dramatically. Two weeks ago, above 40. Now, low 20s. The debate is whether the vix has gone too far, too fast, given the current spike in hospitalizations in the u. S. Or with the election risk over and a vaccine on the horizon is it perhaps time to be a little more complacent and bullish even . Alix perfect set up. Thank you so much. Joe bidens president ial win could be bad for u. S. Equities but good for other markets. Thats as mark mobius told us last week. They will restrain investing. He joins us from dubai. Mark, good to talk to you. The thing different come saturday as we would have a divided government. Do your changer call . Mark no. Change your call . Mark no. I think the democrats will try taxes for to raise the wealthy and people in the stock market. However, the change taking place the last few days was the discovery of a vaccine that works, and then thats complicating this picture. On the one side, we may be bearish with this president , in terms of his tax policy, but on the others, we are getting , so thison the vaccine is a very happy scenario for a lot of people, if they are able to solve this covid19 crisis. Nevertheless, i believe the emerging markets will probably do better, simply because the u. S. Dollar index is not doing so well. A lot of these currencies, particularly in asia, in korea, taiwan, china, are doing better against the u. S. Dollar. That will move people over into these markets and other emerging markets. As you mentioned, turkey is another one that might have better performance. Guy i was thinking about this before we started this conversation, and one thing occurred to me, i dont know whether this is necessarily going to turn out to be true, but i wonder if there is a sequence effect in terms of those likely to get the vaccine first. Im assuming those are likely to be the develop markets that have the money to buy the vaccine and key to supplies. As a result, the Economic Outlook will come there first. Is there an argument against emerging markets which will not get the vaccine as early as others, and as a result, the economic consequences are likely to remain negative for longer. Mark generally, those markets higher populations. I think theres a balancing act, on the one side, emerging markets may not get all of the vaccines they need, but on the other, they have much more resistance, because of the younger population. Nevertheless, i do not think the real picture is related to whether there is a vaccine that gets into peoples arms, so to speak, as they get acclimated. It is more to the picture of a vaccine being available, and that is what makes people optimistic. Picture looks very good beginning next year. As i mentioned many times, i think we will have a vshaped recovery, based on the fact that the covid19 fear will be over. Guy thats alix something that happened over the last couple days is the government coming out and saying you guys are too big, particularly with tech stocks, doing something out of the blue that the u. S. And others have been flirting with it. Regardless of covid. What did you make of that and the selloff . Mark globally, there is a trend in the europe and in europe, the u. S. , china, other countries toward regulating these very Big Internet Companies who become very powerful and have become powerful to the fact of not being regulated in any direction compared to their competitors, people they are taking the share away from. I think this will continue. This means the public will not have lower profits or will fail in any direction. I think the valuation will begin to be present in some of these stocks. Want to pull it all together. Are you worried about a Biden Administration but you are worried about a Biden Administration but worried about a vaccine. We have to get to a vaccine is one question. You are worried about tech and worried valuations will change. A lot of markets are heavy with tech, particularly in the u. S. Do think the highs are in, would you be a buyer or seller . Im curious as to your positioning right now. To be a positioning is holder in u. S. Stocks, and selectively buying those stocks that have been really bombed out as a result of this covid19. Its a risky bet, but companies in the shipping business, the cruise business, that is an interesting place. Another one is theaters. These are companies that have completely bombed out. At the end of covid 19, they will recover dramatically. Having said that, i think exposure to those stocks in the u. S. Will be interesting, but the emerging markets will do better, particularly on the technological infrastructure. By that, i mean the stocks that are involved in producing chips, in kinds of things you need cloud operations. So all of the infrastructure stocks, Companies LikeSemiconductor Companies would be a good example. Where the demand for the stock is going up at a fastpaced. Fast pace. The u. S. You foresee and china continuing to decouple under a biden presidency . Do you see tariffs rolling off . Does none of that matter if youre playing the consumer side to some extent . Mark the interesting thing is that china does have its strength, even during the pressure trump has placed on them. They aren see, growing. With good relations that the new administration, biden, has with china, things should be good. I would say china is a winner in this election as well. Guy thats interesting. A lot of people would go the other way. Because they dont really see the Biden Administration radically shifting the policy, which is really one of the few, very few, across the aisle issues in washington, d. C. That does Jennie Willoughby bring everyone to get Jennie Willoughby bring everyone together. Why do you think china will continue to benefit under that environment . Do you think with a tax pushback happening, with a tariff pushback happening, with china taxing or pushing back against its own tech company, do you think company, why do you think china will be a place to invest . Re . T are the highs in the mark the biden rhetoric will not be like the rhetoric we have heard with trump. A biden will talk about coming together, about peace in the world, about international collaboration, etc. This is good for china. Thats what china has been talking about as well. That is a very important thing to remember. Another thing is that yes, the chinese will be cracking down on these Big Internet Companies, but they certainly will not stop developing their technology. You find that the chinese are beginning to move into some of the finer aspects of semiconductors and chip production. Thats going to make a big difference, globally. They will take a bigger market share in that area. It will be interesting to see how they develop. For example, operating systems. I think microsoft will be by theged by this chinese in the operating systems. Does not mean microsoft will decline, but i think they will get challenged around the world with chinese programs. Same thing with apple, they will stock,lenged in the they are already being challenged. We will see a lot more interesting competition, globally, in all of these areas. Guy you can see the u. S. , now europe, and we saw from the u. K. Today potentially starting to put legislation in place to make Technology Transfer more difficult. A pleasure. Ys thank you for joining us in dubai. Mark mobius, thank you much indeed. 39 is the number of clinical vaccines covid19 vaccines and clinical testing. We will have more on the race to find one that works, next. This is bloomberg. This is Bloomberg Markets and im ritika gupta. Later in Bloomberg Markets, an exclusive interview with bruce richards. This is bloomberg. Lets check in on the bloomberg first word news. Dont expect any phone calls president to joe biden they have no plans to contact the president elect yet. Moscow was prone was put off by an experience in 2016 when the Russian Ambassador was criticized for reaching out for the to the incoming Trump Administration. Following pfizer success, a company is expected to have an interim look at how effective its shot is. Developed this week by pfizer and others, set a high bar. There vaccine showed more than 90 effectiveness. Is warning back in u. S. Cities after a couple months of the disease being essentially a world wide problem. At your pellets and areas are now averaging a daily record of nick of cases. That has mean rising cases around denver, detroit, and chicago. The virus also mounting can come back around boston. Global news, 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in over 120 countries. I am ritika gupta. This is bloomberg. Thank you very much indeed. For more, michelle cortez. Michelle cortez joins us now. I want to look at the numbers in the United States. In europe, we are dealing with lockdowns and living with that in many european capitals. We are looking across the atlantic and weathering whether the u. S. Is six weeks, four weeks behind where europe is. We still see evidence that is turning out to be the case. Are we seeing evidence that is still turning out to be the case . Michelle the u. S. Is two weeks to a month behind europe. The thing different happening across the pond is the lockdowns happening in europe are not yet in the works in the u. S. We are seeing about 150,000 new cases across the United States, hospitalizations are rising, critical levels in many areas, and that will follow. Still, americans are very individualistic, not interested in going back into the isolation period we saw about six to nine months ago. It will take significant numbers and affecting people more personally before americans will be willing to go back into it. As opposed to what we see in europe where there is this pressure coming from the government to get the virus under control there. It will be an interesting experience to see what happens in one area versus another. Alix im glad you brought that up. Theres a theory in the u. S. That we are just done and wont go back into lockdown, say whatever you want, it wont happen, we want to get a mandate from the white house who hasnt said anything since last thursday. How does not wind up playing out . Where are we in terms of popularization issues. Issues . Are we going to be back to that story in the u. S. . Michelle we absolutely will be back to that story and it will be across the United States as well. You see in some areas, take el paso for example, they are building tense across the city. They are bringing in mobile morgues for all the people dying. They literally dont have a place to put the bodies. Still, in texas, we dont have things like mask mandates and lockdowns happening. Its going to take a phenomenal number of deaths and hospitalizations. We will have to see hospitals overwhelmed and people not able to get the care they need, not just for coronavirus. It is very much one of the situations where people are not thats willing to inconvenience themselves. There are pretty devastating, isolating conditions. There are things that happen from being shut down, not just economic but emotional and physical as well. Its going to have to get to a higher level before we see the shutdowns. Guy michelle, it is always alix michelle, it is always good to get your perspective. Opec is releasing a gloomy outlook, releasing its Global Demand and forecasts still in the middle of this pandemic. Oil prices are getting a nice pop, up by about 2 . We break that down with chris wright, coming up in todays futures and focus. This is bloomberg. Alix live from new york, i am alix steel with guy london guy johnson in london. Oil futures are rising today, still getting a boost despite the fact that we have a stronger dollar and rotation within the equity markets. Despite the fact that opec just cut its forecast, saying the effects of the virus will linger for next year, cutting the call on their crude in the market. Chris right, Liberty Oilfield chairman joins us now. Liberty provides technology to enhance the efficiency of drills in the u. S. Shale space. Part of this is the rally we have seen and part is the rally investors think we will see. If you take a look at the curve december to june, we have come in. The difference is barely noticeable. Is that sustainable . Chris thanks for having me on the show. I suspect it is. Demand for oil depends on Economic Activity in the world. The economy is growing, demand for oil is growing. The last few months, we have seen a strong rebound in the economy from a deep low. I think it is likely to continue. You may see a slowdown in europe , a little slowdown in the u. S. China and a lot of the rest of the world is coming back good. Only the future will show that. Alix im glad you brought that up because we just had a segment talking about the virus and we end up finding and we wind up following europe. Our sponsor of our shale producers our shale producers to respond are cheryl producers to respond. Shale producers pond. Chris weve seen almost record home demand for energy this year. Producers are going to respond to prices. If they believe prices will stay in the 30 somewhere, you will see activity curtail. You will see prices little over 40 put 40 and we will see it increase in activity. Guy chris, good morning. Im curious about the election and the impact it will have on the industry. And your perspective on this is really important. Talk to me about what you think gridlock will look like from the oil industrys perspective. We wont see much happening in washington potentially, so what does it mean . Chris i think thats right. We will have a divided government with the most moderate democratic candidate that won the election and will be president. I think we will see some changes. There will be an increased focus on industry doing things well and continuing to them roof, but that continuing to improve, but that is what our industry has been about. The most concerning thing is stopping drilling on federal lands or a band there. Im not sure we will see that. The nets result of that would be increased Greenhouse Gas emissions because Oil Production will be produced somewhere else. Less jobs and less tax money in the state of new mexico. There is a risk of that but im not sure it will happen. Alix if feels like the more immediate concern is increase cost of drilling, and particularly when it comes to flaring, and methane emissions, the carbon tax. Things like that will make it more expensive for operators to work. What do you think happens out of that . Are they able to operate . Are some areas not developed to where they should be . Does this for more m a . Chris it would move activity levels. Tight regulations on methane flaring, a good thing, the way the industry is going anyway, means activity will be compassed concentrated weather is infrastructure. Where the gas lines arent there yet, activity might move from there. It would be a little disruptive, but i dont think largely so. In terms of how the industry is changing, one thing we have certainly seen and [inaudible] consolidating. What does that mean for you . Chris as you know, we are consolidating, too. We announced the large acquisition a couple months ago that will close in a couple months to take over assets. It will make liberty much bigger. On the others of what i called the equivalent of the. Com bust and shale revolution, i think we will see fewer emp companies and fewer service companies, but techly larger, more savvy players. Its the continued trend tower industry Getting Better and more efficient. Alix how does that affect your pricing ability . Chris thats really supply and demand. There will be fewer customers, but fewer suppliers, too. Pricing is stressed right now. I think that continues for several more months, but the amount of manned fracking is low. I think they will all be used soon, and there is a little pricing pressure to be required to reactivate more fracking activity. I think pricing will be weak, but probably not as weak as today. Alix 45 seconds left, but im curious about the type of things youre producers are asking from you changing, and then do they need more energyefficient work . What are they asking is different right now . Chris customers want better Design Technologies to make wells cheaper that produce more oil. Customers are also looking to reduce their environmental footprint. The biggest driver of reducing Greenhouse Gas emissions is natural gas displacing coal and power production. We are seeing a similar move happen in frack leads that are mostly powered by diesel, but are moving toward more natural gas powered. Either reciprocating engines or electric. Producers are embracing that. I think we will continue to see the cleaning and greening of oil and Gas Production in the u. S. U. S. Guy we will leave it there, really appreciate it there. Chris wright, Liberty Oilfield chairman and ceo. We want to take you back to the virus. Italy now has one million covid cases since the start of the pandemic. Its daily numbers makes for a grim reading as well, 33,000, down from 30,000. The 5000 yesterday. Italian assets are positive today. That is more on the ecb then what is happening with covid. Details next. This is bloomberg. Bloomberg. I am guy johnson. Alix steel is in new york. We are cutting you down to the european close. What you need to know from europe this hour . Bouncingstocks and bdp as Christine Lagarde says the ecb will stick with its Bond Buying Program and support for banks. Misst talks look set to another deadline and are likely to move into next week. Specialistined by a to talk about how Ready Companies are. Surges onh lira reports by the companys new Central Bank Governor indicating a possible green light for rate hikes. Movingkish lira aggressively on the back of this. Dollar down for. 2 , the leroy gaining 4. 2 . Gaining 4. 2 . A we will