Europe, as you can see, down by 0. 2 . Not getting back ground within the markets. The oil sector has done very well of late. The Banking Sector has done very well of late. Just beginning to fade down today. The s p is down by 0. 3 percent, but it is a similar story. This value cyclical story, the rotation that has pushed money into those spaces, just fading a little bit. We are going into the ,hanksgiving Holiday Weekend basically four days youve got to hold these positions for, and i think a lot of people have decided they just dont want to do that. Eurodollar going a little lower in the last 10 minutes or so, basically back to flat. As the push higher has started to gain attention, there has been some concern that this is going to become an issue. Ive yet to hear it, but watch out for that story. Brent crude, 48. 16. Brent is still higher despite some profittaking elsewhere. I would have thought the best way of describing it, muted markets not getting back much ground, and certainly i think just a pause as we go into thanksgiving. Kailey volume definitely like today. The pandemic in europe, french president Emmanuel Macron saying he will gradually lifted the nationwide lockdown beginning on saturday. Ursula von der leyen warned of the danger of eating too quickly. Relaxing too fast of easing to quickly. Relaxing too fast and too much risks a third wave after christmas. Come saturday morning, several changes will become reality. The weighthat extent has been long and how much this contributes to our daily lives. While shops can reopen and home service can restart, but within a Strict Health protocol. Kailey joining us from brussels is bloombergs maria tadeo. Leadersy those two saying very different things. How much consensus is there on the past for europe when it comes to the pandemic . Maria theres been a lot of mixed messages. The European Commission blames the summer break for the second wave. They have said repeatedly that we opened up too much, too quickly. When you look at what has happened with the french, it is a different story. What they want to do is gradually remove some of the restrictions by december 15, and the country would look somewhat normal by the end of january. What i would say here is that it clearly responds to two different strategies. When you look at a country like germany that has been obsessed with keeping the infection rate flat, and they have been good at that. When you look at a country like france, they clearly lost that battle in the second wave, and are going to try to keep a balance between the Health Situation and the economy. Emmanuel macron is under huge pressure from the hospitality industry, bars and restaurants, which are so key to the french economy, and the way that french people like to live, frankly. To open up and lift some restrictions. Theres whiplash, but it does respond very much to the domestic situation. Weve got you, can i ask you a brexit related question . Ursula von der leyen sounding a little positive earlier on, but now are questions being asked about what Michel Barnier is going to do when he comes out of quarantine . Will he traveled to london . Some suggestions that talks are not going well. Maria theres been many reports that the commission has not denied, and they certainly could have done this had they wanted to, and that is whether or not he is going back to london. As i mentioned, there has been a lot of speculation that he doesnt see the point if there isnt a real breakthrough. On bandar lyon, you could save leyen, you could say she was optimistic, but time is running out. Mps in the European Parliament are dead serious about the fact that they need time to go through the bill. They are not just going to vote anything. Results too present the European Public as having ty in detail. E du the level Playing Field is very crucial, and there is no due on the fish. That is what the french are saying now. So if anything, the new slow coming out of brussels today is pessimistic on this. Guy is it really going to come down to fish . We will see. Thank you indeed. Bloombergs maria tadeo joining us from brussels. ,ets bring in ian harnett absolute Strategy Research chief strategist. Nice to speak with you. I read your notice that you sent over with great interest. Basically, you are value overgrowth, europe over the u. S. That trade has been ripping over the past few days. Do you think it has gone too far . Ian it is pretty unusual you get this kind of performance, as you know. European equities up 16 as a whole for the euro zone since the start of november. Some markets like the cac were up 21 , the ibex up 26 before today. It has been a tremendous rotation, and a very violent rotation for people. Taking a pause here wouldnt be surprised, but i think the underlying stories are still very much there. We were just talking about covid. The momentum now for eurozone covid infections look as though it is slowing. Those are still unfortunately getting worse in the United States. There is a hiatus there that will probably create a problem. But europe is cheap, and if there is a hope of a vaccine and if we get a hope of economic recovery coming through that can be sustained into 2021, that is where you get this leverage kicking in to the value plays and particularly into the euro zone. Kailey i have to give you credit, you were way ahead on this trade. You called for rotating out of big tech, going into europe some time ago. I think we definitely feel that. One of the charts we had in our note highlighted that we have been overweight u. S. , overweight tech for four and a half years. Theres a long way to rotate if this can be sustained. One of the big challenges here is that longrun earnings expectations for the u. S. Are running at 17 point 5 , close to record levels. European earnings exhibitions were running at 6. 5 , close to the record lows. The scale of the moves we could see if we see the combination of loose money and loose fiscal be in continued, we think that is pretty high. Guy im just inking about what comes next, and figuring out whether or not this does have legs. One of the key drivers that you point out, and i think it is certainly worth focusing on, is what is happening in the bond market. While the equity market has ripped on this trade, bond markets have been much more cautious. Youve got a u. S. 10 year still at 86 basis points. Youve got 57 on the german. Those yields presumably have to go higher if the value trade is going to be sustained. Ian absolutely, and more importantly, to undermine the tech plays and a lot of these duration trades that have been stalwarts of the growth rotation over the last few years, you have to see those bond yields go higher, those discount rates start to challenge even optimistic earnings expectations. So unless we start to see those bond yields in the u. S. Treasuries break above 1 , then it is going to be tricky to see the rotation into value get more legs. But if we dont, that is telling you that policy is failing, that Economic Growth is waning again, and then the only question is will policymakers step in with more policy stimulus. I think that is the bet we are making at the current time. Youve got to see that bond yield start to move higher, and greater confidence coming that Economic Growth can be sustained and the fed can hit their inpatient targets. Kailey you said you are hit their stimulus targets. Kailey you said that you are expecting more stimulus to come through. What is the upside catalyst from here . Ian i think the reality of actually seeing that coming through because expectations are still modest in terms of both Inflation Expectations and Economic Activity for the coming years, so i dont think we have really got an expectation from the Economics Community particularly that we are going to reach escape velocity. A lot of people we are still talking about or talking about a recovery, and a relatively slow growth beyond that. I think you are seeing that from the policy makers as well. We actually see some positive surprises, and we find out perhaps we have missed calibrated some of the policy stimulus, and that the lack of effects of monetary easing in the very expansionary money growth we have seen come through on top of the fiscal easing that potential he we get when the new Administration Takes power. Guy i am reading a lot of notes at the moment talking about tactically, one of the best ways to play this rotation is via the ftse 100. I am wondering what your views on that are, and i am also curious to get your take on where you think the brexit narrative is going, and how that affects peoples Investment Decisions around the u. K. Ian one of our persistent underweights is being in the u. K. For international investors. We are surprised at the strength of sterling, but i think we do see that if we get some kind of the u. K. Lution, than is one of the cheaper markets. Its underperformed consistently for 20 years on an international basis. If value getsal, greater traction, it will be well. As a hedge, the ftse 100 can be quite a good play because its got a lot of international earnings. So if we dont get a deal and we get a hard brexit, sterling comes under pressure, we would still see sterling euro coming down significantly from here. Then potentially it provides some upside protection for international investors. Of absoluteharnett Strategy Research, thank you so much for joining us today. Coming up, we will talk about the u. K. Some more in the worst contraction in 300 years. We will discuss rishi sunaks dire warning with john glen, u. K. Treasury economic circuitry. This is bloomberg. The economy will contract largestr by 11. 3 , the fall in output for more than 300 years. Our Health Emergency is not yet over, and our economic emergency has only just begun. Priority is toe protect peoples lives and livelihoods. The u. K. Is forecast to borrow a total of 394 billion pounds this year, equivalent to 19 of gdp. The highest recorded level of borrowing and our peacetime history. It is my belief that with this Spending Review and the fresh hope given by medical advances, we can finally begin our recovery. U. K. Chancellor of the exchequer rishi sunak speaking earlier empowerment. Joining us to give us his , ukx andt, john glen at surgery of the treasury ukx on a mac secretary of the treasury. How would you characterize u. K. Economic secretary of the treasury. How would you characterize this spending package . Is the worst contraction we have seen in 300 years, and they present significant challenges to our economy. He also set out a package of spending for the coming year, and will come back to parliament with a budget in march to indicate the way forward when we are clear on the effect of the vaccine and how we can actually look with confidence about the economy and onsite had. Economy in the months ahead. Guy the Prime Minister has promised there will be no return to austerity yet today there was a freeze to Public Sector wages outside of the health sector. For those that are going to feel the effect of that, that is going to feel awfully like austerity. There are clearly very challenging decisions that the chancellor has had to make, and that is one of them. But over the six months to september this year, we see that publicsector pay has increased by 4 , whilst in the private sector, it has reduced by 1 . Madee intervention we have , we have protected the pay of those in the nhs and those that were earning 24,000 pounds, that will see a 250 pounds a year increase. The majority will not see the freeze, but this was a tough decision, and it is in the context of the dire economic figures, the ones you started this piece on, and it was a tough decision. And obviously in the context of the work that collaborative we have had to do as a society to see through these last seven months, and we will continue to do so, it is a tough decision. Kailey when it comes to overseas aid, that one out to speed 0. 5 of national income, down from the promised 1 from the conservative party. Toak said it will only go up 0. 7 when the fiscal situation allows it. When will it . John that will be a decision for the chancellor. That is difficult to be definitive on today because we dont yet know how the economy will recover. We see the projections of the economy growing by 5. 5 next year, around 6. 5 the following year. But it will depend upon how quickly we can deploy the vaccine and how the restrictions that we have in the country will be removed. But i would just say that we are still committed to 10 billion pounds worth of spending next year, and we will still be the second largest donor of aid to g7 developing world of the countries, and we will also be continuing to work multilaterally by giving additional sums to the world bank and two schemes to ensure that the deployment of the vaccine can be made available to the developed world. We are not pulling back from International Engagement and doing what we should be doing as one of the larger economies in effortsd to support our to help the most vulnerable, and 10 billion next year is not an insignificant sum. This was not a difficult position, particularly in the context of the manifesto we stood on, and we are going to have to make very difficult decisions in the context of the public finances as they evolve. Guy brexit seems to have found conversation, so lets talk about it. Is this economy Strong Enough to withstand a no deal brexit . Are not working towards a no deal. We are in the final stages. We hope for a successful deal in negotiation with the eu for a freetrade agreement, and those matters are proceeding at pace as i speak. We have always sought a deal. We always want to have an with ourrelationship longest trading partners in the intimatelyhave been engaged with as members until we decide to leave. That decision was made, and we will be looking forward to conclusion of those negotiations in due course. Guy lets talk a little bit about taxation. This was a Spending Review, so taxation in theory should not come into it, but the chancellor has been handing over the last few days that taxes are going to have to rise. When will you make that decision within the treasury about when taxes are going to be pushed up, and how broad do you think those tax rises are going to have to be . There will be a temptation to try and put the burden on those with broader shoulders, but nevertheless, there is fear in the u. K. That the middle class will suffer, and i am wondering when we find out what impact it will have. John the key decisions around tax, spend, and borrowing will come in the budget, as you say. On the likely assessment of growth in the economy. Theres lots of speculation, as there always is, about the nature of those decisions the chancellor will make in the budget, but it will be dependent on our assessment of where the economy is, and clearly we need to have a package of measures that maximizes the chances of a robust recovery. It is only when we return to sustained growth that we will be in a situation where tax revenues will grow from the growth in the economy, and i know that that is something the chancellor will be reflecting on very carefully, and i will be working hard to support it. Kailey i want to ask you very quickly on the amount of debt you are issuing, 585 billion pounds of bonds this fiscal year. In theory that would raise borrowing costs. How reliant is your debt plan on the boe continuing to provide that support and by those bonds . John the bank of england is obviously independent of the treasury, but there is close collaboration on how we managed the situation we are in. Undertaken you say, unprecedented levels of borrowing, and the guild Issuance Program will continue, and we will issue guidance and full course. Borrowing, and the guild Issuance Program will continue, and we will issue guidance in due course. Todays announcement focused on what we can do to get his money people back into work, particularly young people with the job support program, investing in deployment in the vaccine, and in infrastructure across the United Kingdom with a 4 billion leveling up fund so we can have equal opportunities across the United Kingdom, which i think is a key outcome of the general election result last year. Kailey many thanks to john , u. K. Economic secretary to the treasury. This is bloomberg. Kailey ritika it is time for the Bloomberg Business flash. Application for state Unemployment Benefits unexpectedly rose for a second state week, the first back to back increase since july. In who jobless claims initial jobless claims increased, and the number of americans on extended assistance kept rising. That is a sign more people have exhausted regular benefits. Ibm is planning to cut about 10,000 jobs in europe, roughly 20 of its workforce there. It is an attempt to lower cost and prepare the business for a spinoff. The ibm cuts will be centered in the u. K. And germany. Cuts are also planned in poland, slovakia, italy and belgium. That is your latest business flash. Guy thank you very much, indeed. A quick look at european markets trading into thanksgiving. The catalan Prime Minister is reporting that Diego Merritt, has died. This is bloomberg. Guy welcome back. Wrapping up the european session. Lets talk about where stocks have started and finished. Faded throughout the session. The move we have seen throughout the last few days, which has been very proeurope, very procyclical. Taking a little bit of money back from that. With thanksgiving thursday and friday into the weekend, bait you basically have four days in which the u. S. Markets will not be fully operating. Europe decided may be time to take a few profits. Absolutely flat coming through the close. A little bit of a gap higher first thing but then we drifted sideways. In terms of the main market, wanted to show you what has been going on. The ftse, the dax, the ibex and the ftse mip, both which have been big outperform her spirit the periphery continues to do well. The dax absolutely flat. The ftse is being pushed and pulled by what is happening by the pound of late. It is interesting the periphery continues to outperform. Confirmedminister Diego Merritt donna Diego Maradona has died. Sad news. 1986, we all remember it. Eurodollar retaking the 119 level. Up. 4 . The key take away that the payroll number is likely to be tricky. The claims number higher, something to Pay Attention to. We have seen the dollar being pushed and pulled. 1. 3384 on the pound. Mixed messages on the brexit narrative. Ursula von der leyen sounding positive earlier on, more positive than people had anticipated. The messages coming from paris this afternoon, little bit more mixed, a bit negative. Crude has continued to be positive. We saw a draw in the data earlier on. Gold futures higher as well. Huge etf outflows out of some of the big holding funds. In terms of the Banking Sector, this is where i wanted to finish. We have seen a great run for the european banks, up 4. 5 . A little bit of a fate on that today. That basically surrounds what is happening with provisioning in this sector. Lets keep the conversation on the european banks. The ecb Vice President says a decision still needs to be made on whether banks resume paying dividends. The ecb ordered banks to stop all dividends and buybacks shortly after the pandemic hit europe. He spoke with bloomberg news. Payout suspension is temporary and extraordinary. As is the emergency Monetary Policy which is the crisis phase of this pandemic. Would it not make sense to link Bank Dividends to the crisis phase explicitly as well . Indicated in our clear it isis quite an Emergency Program that is order to deal with other problems of the pandemic. Parallelism in that respect. Pandemic be a temporary effect. It has a very profound impact on Economic Activity and we have faced the consequences of financial stability. We will have to deal with the situation from current points of view. , supervisorycy policy, this is what we are doing. Focused on trying to overcome the impact of the pandemic because we know eventually the pandemic will fade away. Dividends might be allowed to be paid again in 2021 . Luis i would not say that. What i would say is this is extraordinary. This is temporary. We will see what happens. The main point i would like to stress is you have to look in the context. The context is the main purpose is to keep the flow of credit alive because otherwise, if you put on top of a crisis a credit crunch, then the situation could become much worse. Part this is a key of your december monetary decision . It is pretty clear the ecb wants to keep financing conditions loose for as long as necessary. You will have to take a decision as to how long you think that will be december. How long do you think . Luis we will have to analyze the projections. We have good news coming from the availability of vaccines and that vaccines will be rolled out. Well see how vaccination takes place. Vaccine and the having the european population vaccinated. Will behese elements taken into consideration. We will look at the projections. We will look at different scenarios because the level of uncertainty continues to be high. I think there is something that is quite relevant. The news about the availability of the vaccine have had a positive impact on an experience. I think that is our rate of hope our ray of hope and this is something we have to take into consideration. The level of uncertainty continues to be very important. President speaking earlier on. For more on european banks and the European Rotation trade, lgi am chief Investment Officer joining us right now. Nice to see you. Lets talk about europe and the Investment Case around europe. He was just talking that european banks will have to provision for bigger loan losses next year. That does not fill me with enthusiasm to the idea that europe is going to be in great shape economically next year, and that is a place i want to put money to work. Moneyew days, a lot of has rotated in europes direction. You think it is the right trade . You mentioned the main ingredient already, the kind of tradeoff between understanding what the hangover of the pandemic will be. Realistically, a lot of what we have been talking about is the fact the realization of loan losses linked to what is happening in 2020, and it is clear we see immediate shortterm members governments have put into place in the liquidity support they have provided. The way thisnged is playing out to the next year, and when we look at how european banks against the u. S. Counterparts, we have not seen much higher provisioning levels. This is something the market is aware of. I do not think there is necessarily away to define the european Investment Case. To my mind is having a better understanding on the trajectory. Vaccination was mentioned. Clearly there is the way stimulus is deployed that is a big ingredient in understanding the economic trajectory and how successful the rebound will be. Potential rollout of a vaccination is paramount to any normalization, a normalization we need for any successful investment. The rotation has been very interesting because that has been very violent. It shows how extreme violation measures have moved to the role versus value play. It is far more important for investors to understand vaccinations economic trajectory and the longterm treachery structural themes of what weve been witnessing throughout the pandemic. How is Consumer Behavior . Day r Virtual Worlds have impact on our Shopping Behavior and all of these things. That should not determine how you think about investment opportunities. Kailey does that mean you are buying the rotation or has the rotation gotten too far ahead of itself . Sonja i looked at a few charts earlier. You see the strong bounce across the board. Predominately in sectors most impacted by the pandemic. Airlines, travel and leisure, all of those that have seen their business dropped overnight and have seen a big bounce on the back of the vaccine news. Within these sectors, it is now about time to look into who will be the relative winner . Will we see consolidation across these will jobs come back . Have we seen necessary job losses already . From here, after the initial strong bounce, it is all about the structural themes that will emerge in making sure you are picking relative winners out of this. The easy money across the board probably has been made, but there is lots of room for companies to develop further and i do not think, if you look at the broad value versus growth dispersion, weve only seen a tiny uptick, which is the result of early november trade. Apart theo i pick recent gainers into groups that are going to survive and not survive. You just talked about that. I look at the Airline Sector and i wonder whether or not we will see big equity raising that will dilute the investors putting the most money to work in the travel space. Then i look at the Mining Sector , and kaylee and i were talking about the gains in copper on the back of expectations for the green level of. For the green revolution. That seems to be much more durable. At this point, when everything is being put in the same bucket, how do i pull them out and put them in different buckets, the winners and the losers on more mediumterm basis . Started toalready think about it in the right way. Far is have witnessed so the strong have been getting stronger, even in the worst affected sectors. Logic dictates that if you enter the pandemic with a strong balance sheet, your chances of is a good starting point to look at. Likewise, what are the longerterm themes . Electrification . Emt has been a huge topic throughout the pandemic. What does it mean for sectors and companies and how can we help identify the sustainability of a Business Model in that context . We have discussed longterm investments for a while. Technology has been a vague one. Technology technology has been a big one. Technology has been a winner already. The way we are interacting is probably here to stay. It is about the emerging themes on the back of this. Cybersecurity is one. If you have all of your people working from home, your idb partner is working roundtheclock making sure the framework is safe or the electrification, climate change. It is these topics where we are confronted with companies sharing their rates to zero. How can we judge this . There will be relative winners. It is an exciting moment to look therese changes because is lots to go for in terms of those that will emerge as relative winners. Kailey sony allowed of lgim lgim. Laud of as we have the conversation, a grim reminder of pandemic cases far from over. New york cases topping 6000 for the First Time Since april. Hospitalizations are also on the rise. Hospitalizations have reached nearly 3000 according to governor andrew cuomo. Schools are already close down because we are above the 3 positivity threshold in new york. These kind of numbers bake the question what comes next . Guy absolutely. I think we will find out in two weeks. Breaking news reported by dow jones. Salesforce has held talks to buy flax technologies. Flax rising sharply on the back of that headline. We will see what details we can deliver over the next few minutes on the back of that. Salesforce retreating in the opposite direction. In terms of the close we are seeing in europe, a little tick higher during the auction process, but a negative session. Headlines now coming through on the sales. Sales would likely value slack at 17 billion according to dow jones. More on this story at the cop at the top of the hour on dab digital radio. Jonathan ferro will be on the cable show. This is bloomberg. Ritika this is european close. I am live in the principal room. Coming up, j. P. Morgan securities analyst. This is bloomberg. Lets check it on the bloomberg first word news. In the u. K. , the chancellor of the exchequer rishi sunak warns that country will suffer its worst recession in more than 300 years because of the coronavirus. Rishi sunak says there could be as many as 2. 6 Million People unemployed and laid out Government Spending plans to protect jobs and lives. One of the greatest soccer players of all times reportedly has died. A newspaper in argentina says diego camaro donna Diego Maradona had died of a heart attack. He was 60 and had been in poor health. He was least from he was released from the hospital after surgery. Victory inteam to the 28 in the 1986 world cup. 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. I am ritika gupta. This is bloomberg. Guy . Guy thank you very much. Just new numbers for new york. The state seeing more than 6000 new virus cases, the worst since april. Nows americans get ready for thanksgiving, we are seeing Airline Passenger numbers pickup , over one million on november 22 compared with 2. 30 2 million a year earlier. Down on that but still we are seeing a significant pickup. Troisi,us is catherine Infectious Disease epidemiologist at the uc school of Public Health in houston. On travel numbers are down last year by 40 , but there are huge numbers of people moving across america at a point at which we are seeing cases climbing quite rapidly. How big and uptick are you anticipating as a result of thanksgiving . Catherine we are fearing the worst. We have so many people that are infected in the United States right now that the chances of sitting next to somebody on a plane or having them at your thanksgiving dinner is very high. It increasesrt of spread from community to community. Kailey what does this mean for the Hospital System if we see an uptick . 80 5000s already patients hospitalized with covid as of monday. We have the capacity of these numbers go higher . Catherine it depends on where you are. It is a very big concern. It is not as much hospital beds as it is Trained Health care providers. They are burned out and there are not enough of them. We see what is happening in el paso, where they have to bring in refrigerated morgues. Good, and people should not travel. Travel,y are going to and we are likely to see an uptick. How do you think we should see local authorities responding to this . Once we get through thanksgiving comic you anticipate we will see further restrictions and greater restrictions on peoples ability ofmix, go to work, do all the things they are doing now . Catherine that will depend what part of the country you are in, but because of politics. There are some states or localities that will increase restrictions. Other states are not. Reinstateicult to stayathome orders or more onerous restrictions after they have been lifted. Hat happened during the summer before we had the cases down where we wanted to get them. Now we are paying the cost. Kailey how much of a solution is Rapid Testing . Anecdotally i know many people have decided to get a rapid test and then return home and get another test. Is that the right way to think about this . Catherine no. Rapid tests are good in certain situations and they work well if you are testing a bunch of people. On an individual level, the number of people who test negative for the virus, when you are testing people who do not have any symptoms, is rather high. 23. Ould be 22 or a rapid test does not mean you do not have the virus. A pcr is much more accurate. About our think protections like swiss cheese. S will happen with whatever you do. Masks are not 100 effective. If you use masks with social distance, if you limit the number of contact and on top of that get a test, that is much more effective. Guy do you think we are now suffering from fatigue with all of these restrictions that are being applied and you think we have overhyped and changed for the vaccine news we are seeing over the last few weeks . Catherine i think we are definitely all fatigued. There is a lot of reasons for that. It has gone on for a while. We do not see an end insight. We have had promising results. The vaccine is not a panacea. We will still have to be Wearing Masks and socially distancing for a while. I think the vaccines have been overhyped. Vaccines are wonderful things, but it is not going to solve the pandemic. Kailey and the question of when we will all get them remains unanswered. Dr. Catherine troisi, Infectious Disease at ut health school. Thanks very much. This is bloomberg. Kailey i am kailey leinz with guy johnson in london. As we round up, want to recap breaking news we got a few minutes ago. Select technologies surging 27 surging technologies 27 after report salesforce is looking to buy the company. The deal was salesforce largest ever acquisition. Slackorce up 4 , but getting a big boost after those report. As for the broader market, a little bit of unwinding ahead of the thanksgiving holiday. The cyclical rotation losing steam on this wednesday. That wraps it up for diane i. Ror guy and navarrop next, peter joins for an exclusive interview on balance of power. This is bloomberg. Businesses today are looking to tomorrow. Adapting. Innovating. Setting the course. But new ways of working demand a new type of network. One thats more than just fast. You need flexibility to work from anywhere. And manage from everywhere. Advanced technology. With serious security. And reliable coverage, nationwide. Forwardthinking enterprises, deserve forwardthinking solutions. And thats what we deliver. So bounce forward, with comcast business. From washington to our tv and radio audiences worldwide, i am kevin cirilli. Taylor from new york, im taylor riggs. Welcome to balance of power where the world of politics meets sort of business. We get straight to the world of business. Joining us is emma chandra, coming off the record highs we saw yesterday. Emma we see u. S. Stocks taking a bit of a breather after the recordsetting day yesterday. We can see the s p 500 down about. 3 . The russell 2000 off. 5 . More than 1 off earlier in the session even as the russell 2000 heads to a recordsetting month of danes. Of gains. A bit of profit taking the thanksgiving holiday. Also investors cannot casting more wary i after getting some of the week Economic Data earlier today. Moving more in the here and now when a vaccine brighton future