The start of equity trading. Here in europe, but as ever, our coverage is global. Lets check in with what we need to be watching for. We are live in hong kong and paris to give a rundown of the stories you need to focus in on. We have Global Coverage coming in from the team as we focus in on the weekend events in hong kong. A budget to talk about in saudi arabia. An protest activity in france that matt was just referencing. Lets go first to stephen engle, who joins us with the latest protest activity. Give us a rundown of what has been happening. Question is how long will these protests continue . Ongoingeen six months with violence over the weekend and late yesterday we had the first major march again from the ch rf, the organizers of those large million plus person marches back in june. They have had their applications for marches denied by the police up until this weekend. It has basically been carried off without incident. There was some vandalism at the high court and some graffiti at the bank of china tower behind me, disparaging the communist party of china and the local police. There was also vandalism further down queens road and kings road here on the island in causeway bay. Other than that, hundreds of thousands of people turned out of all generations, the kids, the parents, and the grandparents. They are saying they understand their pursuit of greater Civil Liberties or the preservation of their Civil Liberties in hong kong. They dont necessarily condone the violence, but that is where we turn the page, perhaps. While there have been radical elements, vandalizing yesterday, the most part anywhere between hundred 83,000, that is the police estimate, and 800,000, the organizers estimate, turned out for mostly peaceful demonstrations. The question is, will this end . Prodemocracy lawmakers that we showspoken to say this that the pressure is on carrie lam to concede on some of their demands. Matt thanks very much for that. Youssef, lets get over to you in saudi arabia, releasing their budget today. Can we expect . What can we expect . Yousef it is a massive week for the saudis. The expectation is we will see a reduction in fiscal outcome, so less fiscal spending rather than higher fiscal spending over the next three years with a balanced budget still targeted for 2023. Gdp growth is expected to come in at 2. 3 in 2020. That has implications for the region, but tuesday we get to the gcp summit. The key question will be as to whether or not we will see the gulf bring qatar back into the fold. The diplomatic standoff has been underway since the summer of 2017, and with big events like dubai020 and by and in and of the world cup, they are making clear the region needs to get its act together to gain confidence across the board. Wednesday, it is a big day for saudi aramco. At the moment, the proceeds billion. At about 30 the final price is 32 reals a share. Hat is a small offering. It is unlikely to make a big dent in terms of the wider transformation, but the government is leaving no stone unturned to make sure the launch results in an upside. Anna i heard some voices suggesting they are confident they will get to the 2 trillion valuation. You. Ina, lets go to another week of protests. Have protesters managed to make any grounds . Reporter we expect the new demonstrations tomorrow, and chaos throughout the week in france. As far as i can remember, this has never happened before. Metro lines were closed over the weekend, with five highspeed trains running. The situation is better for international travelers. We have planes running almost as normal. But this new mass demonstration could be a problem tomorrow. At the moment, the french government is Standing Firm on its reform. On wednesday, we will hear about the details of this pension reform. The question is how long they will be on board. French support it, but this will depend on whether it lasts until christmas and impacts christmas holidays. Much. Thanks very Boris Johnson goes into this weeks election on the front foot. On course his party to win a majority, which means parliament will vote to leave the eu, probably. Joining us now, the ceo of its soft to talk about the last week of pulling and what we can expect for thursday and friday. I am trying to write a list of things that could stand between Boris Johnson and a victory on thursday. Quitely, i imagine it was confusing, but the polling suggests he could be victorious. And tacticalency voting could come into play also. Ben we have 17 of people who say they might vote tactically, which is high. I think it is priced in. The polls are asking people, who will you vote for . We are getting quite close to thursday. I think surprises are likely. A small chance of a hung parliament, but nevertheless a chance. If we do see some late swing. Is what we have not seen what we saw in 2017, the making of grounds and ending up 2 or 3 behind. That has not happened this time. Matt i wonder what the chances are we have seen some indicators that Jeremy Corbyn is narrowing the gap. Is there a possibility he gets close enough on election day . Ben hes got no chance, i think, of getting a majority government, given where we are. There is a chance of a hung parliament. It would need more movement in the polls then we have seen in the campaign so far, given the unpredictability of politics, we cannot rule anything out. But Jeremy Corbyn started with a satisfaction rating of 60. He started the last one at 40. He is currently at 44. He has made of ground, but not like last time. Anna let me ask you about the last few days of campaigning. In the north, we have seen strength from labour over decades. I have been looking at pulling from north wales suggesting that some places could go tory. What kind of expectation should we have in the brexit voting northern english and welsh state . Ben i thing there will be a swing to the conservatives, whether that mean labours this debatable. It is vital for trade and business my and here we are. For most ordinary voters, brexit is number seven on their list of priorities. Veryoters, it will be important, but the tribal thing matters, too. Control doesh Boris Johnson have over this majority . Angered a lot of people by throwing them out of the party, and they have come back. Ben he got rid of the one nation tories who were for a soft brexit. How he governs as opposed to how he wins on thursday may be completely different. I was at university with the guy. We have no idea exactly what is going to happen. He is mostly out for Boris Johnson. I wasit is a brexit election. He has all of his candidates saying they support his deal. He says he will have a vote before christmas. He is miles ahead of the labour party in terms of who is most competent to handle brexit, and ahead of Jeremy Corbyn. So, we will see. It should be a conservative majority, but it should have been a lot of things in past elections. Anna he could reshape the scene around him, which might have a bearing on where he heads. There is a long time until thursday. Morii. E, ceo of posis a 1 trillion war chest could boost their ability to fund Climate Friendly projects. We will speak to the president of the organization next. This is bloomberg. Matt welcome back to the european open. We are 17 minutes away from the start of cash trading across europe. Indo see some red arrows terms of futures, but remember that we had this big rally on friday rolling across from the u. S. After the jobs numbers eat estimates Beat Estimates through asia. Lets get the first word news with Annabelle Droulers. French drug giant has agreed to buy their competitor for 2 billion. It doubles the companys last market price. The agreement underscores their efforts to build a portfolio in innovative therapies. Considering seizing operations in china. Tesco is the largest market chain and the company, with only 2000 stores. The operations are reportedly 9 billion. Internationa flavors and 9 billion. Internationa flavors and fragrances emerged as a contender to buy a nutrition business. According to sources, iff is challenging for the 25 billion division. That is your Bloomberg Business flash. Matt thanks very much. Annabelle droulers with your business flash. With5 continues in madrid, envoys from nearly 200 countries looking to build on the fouryearold Paris Agreement on Climate Change. This as the new head of the eu plans to unveil the most radical overhaul of its economy in years. The Green New Deal will see the zero Greenhouse Gas emissions. Joining us is the president of the European Investment bank. , one of theand it biggest investors in Renewable Energy businesses in the world. Good morning, first off, then talk to us about your investments in nonfossil fuel energy. Investmenteuropean bank has been active for decades, and we are the largest lender in this field. However, we have seen this year it has brought about a fundamental change. Detecting Climate Change as a real threat, and therefore action is needed. Decided we are going to move away from fossil fuel financing and moved to alternatives, and to make sure the job is lost when we depart from fossil fuel energy will be replaced with other jobs. We have set up an Ambitious Program and want to drive that because this is an issue we can only do together. Anna good morning to you. In terms of your investment strategy, as you say, put out a couple weeks ago, it did sound radical. Do you think you will be setting a precedent for the bulk of the Investment Community . Will they follow . Dramatic sounds more than it was, but psychologically there is a fundamental change. Last year, it was relatively low. But it is quite a step to say that over is over. We hope it will trigger development that will have consequences. It must have consequences because we only have 10, 15 years to go before the trend for the worsening of our planets situation will not be reversible anymore. We need it now, and we believe the time has come. Matt one thing that is not radical is the German Climate bill. They only want to put a tax of 10 euros per metric ton on carbon in missions. The std wants to triple that at least. Theseo you think about relatively low taxes the germans are trying to use to steer behavior . Doesnt it have to be much larger . Hesitate to comment on domestic issues. On the other hand, i see this is a big first step in germany. I dont think it will be the last one. Professionals over the weekend were going in this direction with more an ambitious climate goals. I sit here in london, a few days until we see an election here in the u. K. In terms of the European Investment bank and questions unanswered through the brexit process, is there anything you are still seeking clarity on . Guest this is a terrible situation that the british people are living in. Obviously, there is a probability that it will take place. It will take place and do harm to all of us, but particularly the people of the united kingdom. There will be a future after will figure it very soon across europe. Matt pleasure having you on this morning. Thanks for your time. Hoyer is the president of European Investment bank. We have breaking news coming through on china auto sales. Their preliminary passenger retail vehicle sales dropped 4. 2 point yearoveryear. Slumpingee chinas passengers sales have been going on for well over a year now, and that just continues here to the detriment of global automakers that have targeted that market as their biggest Growth Market for years now. China auto sales falling one more time. Coming up, canned europe find a way out can europe find a way out of the japanification . We will bring you the outlook of someone with a rather unfashionable take on the argument. This is bloomberg. Anna welcome back to the european open. Eight minutes until the start of the cash equity trading day and trading week. Lets get a first word news update. Heres Annabelle Droulers in hong kong. Annabelle hundreds of thousands of people joined hong kongs biggest demonstration in months and a sign that popular unrest will continue into the new year. Organizers said 800,000 people marched the city on sunday, but police but the number around 180,000. The rally was first permitted by the promoted by the civil rights fund. The mayhem in the u. S. Retail ket the bias warns structural problems reduces their ability to supply funding at short notice. Of thek to the Head Department at 9 30 and time. Matt thanks very much. Annabelle droulers in hong kong with your first word news. Can europe save itself from being stuck in a protracted japanification . Many investors think it is unlikely to find the escape route anytime soon, but there is someone out there with a very different call. Here is dani burger. From davidall comes owen, who says the euro area, despite being a very fashionable call, will it escape the path laid out by germany. He said, look at European Companies moving back to a deficit, which means there will be more spending. The second thing he points out is the strength in the labor markets specifically, with quality jobs as well as a rising wage growth. Both of those things means there is more disposable income, which means 2020 europe is looking brighter, despite concerns in the area. Largely onll depend the result of this weeks election. Anna dani burger with that interesting call. Lets take a look at the stocks we are watching. Five minutes to go until the start of equity trading. Bid as the food livery war intensifies. Now listed in the never lends in the netherlands. They are trying to get their hands on just eat. Pence pers is 40 share, valuing it at about 5. 1 billion pounds. I know you have been keeping and i on the renewed guidance been keeping an ey one the renewed guidance. Matt that is a nice way to put it. To load says production will be below expectations. They also have suspended their dividend and the ceo and director of exploration have resigned at tolo oil. Production will be significantly below views, and they have suspended their dividends. Hopefully that is not one in your portfolio today. Anna lets talk about a couple of others. Tesco considering the sale of its asian supermarkets. Synthorx. I buying we will get you started with the european trading day. A little bit of weakness in futures at the start of the session. This is bloomberg. [ electrical buzzing ] [ dramatic music ] ahhhh ahhhh elliott. You came back are one minute from the opening of cash equities trading. Who is hurting the most as the price drops in chinese exports shows the trade war is still biting. Despite the bullish read across from u. S. Jobs data in asia, europe points lower. The final stretch. Three days away from the u. K. Election and the conservative party is ahead in all the polls. But one influential Analysis ShowsJeremy Corbyns labour party narrowing the gap. Biotech tieups have agreed to purchase another company at a premium of 170 the total value of the deal. 2. 5 billion. At futurese looking that are mixed across europe. Butdax barely above water, european futures otherwise down 2 . H ftse futures off 0. Anna lets take you to the market open. Futures suggesting a little downside for some of these markets. The pound is on the move, up by gainingce again momentum, heading up to the 132 level. Debating taking place between Boris Johnson and Jeremy Corbyn. We see the conservative party sustaining the lead in the polls. We spoke with ben page, and he suspects it is too late for labour to stage a resurgence. How is that playing out for markets . The ftse 100 is retreating on the back of the stress in the pound. But we also see weakness coming through in europes in the euro stoxx. The bloomberg dollar index relatively flat, as is the euro. Lets take a look at the sector picture. We have a mixed picture coming through on equity markets. Financials look to be mainly in the red. Health also in the red. Telecom is in the red. I. D. Systems in the green. Utilities looking pretty mixed. Not a good deal of information in terms of the sector perspective coming through as to where we are. A big question hangs over these markets. Come next sunday, will we see the tariffs being imposed by the u. S. On china . That remains the preoccupation of many investors. Matt i am looking at the stocks that are moving. Just for fun, i decided to do it your way. I am looking at the actual percentage change rather than the point contribution to the stoxx 600, because there are so many interesting individual stock stories today. You can see right there at the top, tesco is the biggest gainer on the stoxx 600 in percentage terms, up more than 4 after selling off its asian unit and moving back to more of a u. K. Focus. Rexall, 2. 5 . It got an upgrade to 13 euros. Morgan stanley is trading at 12 euros. It still has some way to go. You have been talking about the increase offer for just eat. Just eat now gaining more than 1 . On the downside, take a look at the losers. You can see that there are not a lot of big losers. Its an falling the most in years as it has cut equal weight at barclays price target. 81. 70. Ow trading at it is off to. 8 this morning. You see wright move. On theot of huge losers stoxx 600. Lets talk about where we are in the broader picture for European Equity markets. We are opening a little weaker this morning as u. S. Tariffs are hurting china at a time when the Global Market is already week. The markets dropped from a year ago, and shipments to to to the u. S. Plunged. It is the 12th straight monthly decline. Lets bring in our guest, senior multiasset strategist. Good morning to you. Great to catch up with u. S. To your latest thoughts on trade tension and the data we have seen. This is chinese exports to the u. S. , in the big drops we have seen coming through that. This goe