That it would be premature to speculate on that possibility. That seems to be one of the factors driving the market today. That theositive news market believes it is going to get on the vaccine. That is why we are seeing the s p up. 6 . We have the euro trading higher. The dollar continues to move lower. We will talk more about bonds as well. Is the bund overvalued . Lets get back to that subject of the coronavirus pandemic. Many European Countries continue to report a surge in cases. Is the Bloomberg Intelligence director of research. We are starting to see a pickup in a number of cases around europe. Has europe missed his opportunity to control the virus . Many people were lauding it for having been able to do so. You have seen rules loosened over the summer we have seen rules loosened over the summer and cases are climbing back. Surprised. Ot if the authorities in charge are when we loosened the restrictions, when bars and clubs opened with very likely people who cannot control their distancing and also mass grain behavior, this is what happens. It is the young who go to the bars and clubs. That is what we are seeing. We are seeing particularly a rise in the younger cohort of the population. We can lookd see if at the positivity rate. There is also that element of mort more testing going on compared to the first wave. We heard from the Trump Administration yesterday, fast tracking convalescent plasma treatment, also reports it is fast tracking a vaccine. Is europe going to have to follow suit . Sam i hope not. I hope this kind of thing is. Eft entirely up to regulators the fda getting their arm twisted for pushing through emergency use operation. Debt authorization. I hope european regulators are left alone. I do not think there is much pressure a single country can. Ring on the mea emea i hope that does not happen and they do their job properly and wait for the trials. Of the process of getting vaccines to market, sam, there does seem to be a sense of frustration in the states that the fda is dragging its feet. Is there any evidence that the science should be moving faster approachhe regulatory to the science should be moving faster here . Is i cannot see how that possible. The companies are going at rick next bead breakneck speed. They are making vaccine at the same time that they are doing the phase 3, some of them at their own cost. The regulator really is being as lenient as possible in allowing phase wants to go vaccines to go to phase 3 before even a full phase one data is published. I do not think i have ever seen a development of anything, let alone a vaccine, which is given to healthy individuals without an actual sickness, go this fast. I do not understand where that comment comes from. Could it be a week faster . Who knows . This is such a complicated process that even this argument about this company is a month ahead of another company is nonsense, let alone faster than that. If it is driven by politics and political desire, then i would understand that, but i cannot see any regulator doing any better than this. Fazeli, thank you for joining us. I want to bring you breaking news quickly. Tiktok says it is suing the u. S. Over its ban. The Trump Administration had bands transactions with banned transactions with the app. Tiktok now suing the u. S. Over that, claiming it does not pose a security threat. We will continue to keep you updated on that story. For now, lets get back to the virus. More insight on the Global Pandemic as the u. S. Food and Drug Administration expands access to plasma therapy. Joining us now is dr. Ashish jha. Thank you for your time this morning. What are your thoughts . What do we know about the efficacy of this treatment . Dr. Jha thank you for having me on. I found the announcement yesterday disappointing. Here is why. , if doctor, i want to know i give the plasma to somebody, are they more likely to survive . Who should i be giving it to . When in the disease course should i give it to people . The answer is we do not have the answers to any of those questions. What we need is Clinical Trials that will help us answer those questions so we can use this therapy effectively. Yesterday was a lot of show about how exciting this is what fundamentally there was no new science delivered yesterday. Will end upeve this being an important treatment, i want the scientist to help us figure that out as opposed to doing it through that news release that did not feel like it was particularly grounded in science. Guy you say you expect it to become a significant part of the therapeutic process. What do we know about how effective this treatment is . The chinese have done it in the past. Can we draw anything from what has happened around the world from this approach . We have used convalescent plasma for over a century for various diseases. It works in some conditions. The question is, will it work here . The chinese have run a couple trials. Their largest trial did not show a benefit. I remained optimistic. We still do not have a single highquality the way we do for remdesivir. We have to get that. There is no substitute. It is one of those things where i am optimistic, but optimism is not evidence. We do need to see the evidence. There is plenty of history where we have been optimistic about therapies that have turned out to be ineffective or harmful. We need to see the data on this. , therapy andha treatment is one thing. A vaccine is different. How far away are we from the latter . Dr. Jha we are all paying close attention to the last conversation you had with sam. This is moving at an unbelievable pace. It usually takes a decade to develop a vaccine. Some of the fastest ones have gone in five years. We are trying to do this in 10 to 12 months. We will have a vaccine with enough efficacy data to feel comfortable sometime by the end of this year. Could it be earlier . It could. Could it be a couple months later . It could. It is not right around the corner. We have to make sure the vaccine is safe. We have to make sure it actually protects people. We do not have that data yet. Companies are enrolling people at a fast pace, but we have to watch the data. Guy how quickly will it have an impact on my life, everybody elses life, the economy . Once we start the process of rolling out a vaccine, how quickly is it going to have a meaningful impact . Dr. Jha the key thing for people to understand is this is not likely to be like a measles vaccine where you get it and you are good to go forever. I am hopeful that it will be protective and might offer 80 or 90 protection. That would be great and would substantially alter the dynamics. It would make it much easier to get back to a lot of our normal activity. I do not think we will be able to have packed concert halls anytime soon, not until we get much, much higher levels of immunity in the population. We are trying to make billions of doses for the whole world. It cannot be done overnight. Probably by sometime next summer a large part of the world will have gotten vaccinated, and we will be returning to something a kin new normal. Akin to a new normal. Kailey there is no vaccine, but kids need to go back to school in one way or another. You heard or is johnson urging parents to school Boris Johnson urging parents to send kids to school. What is your advice . Dr. Jha it depends a local conditions. I have been vocal that places like new york and massachusetts can and should send kids back to school. The level of virus in the community is low enough that is safe to do as long as you are also working on ventilation and making people making sure people are wearing masks. Places like georgia and mississippi, where virus levels remain high, there is no safe way to bring kids back to school yet. They have to work on bringing virus levels down and then they can bring kids to school. Bringing kids to school is important for kids, parents, everybody. You have to do it safely. When you do not do it safely, you will end up having to shut the school down again. In there is a story new york times. Deal oftting a great interest about the number of windows being broken on subway trains. Ventilationncrease on a subway train . Is that an issue, in terms of people wanting to ride that train . Do you think enough is being done to make people able to get back on public transport . Dr. Jha that is a great question. Not my area of expertise, about ventilation and subways. Ventilation is important. I would not want to get on a subway that was not well ventilated. A lot of major Public Transportation systems are working on it, certainly the one in massachusetts as well as new york. My hope is we will not have to break windows. You should just have a good ventilation system that moves air in and out of the subway. Thing forcritical making subways safe. Kailey dr. Jha, this talk of ventilation me to a point. It is going to get cold. People are not going to be able to spend as much time outside, plus you have the onset of flu season. What are we going to have to do to get through this season . Dr. Jha this is a good question. We have been worried about this. If everybody goes out and get the flu vaccine, which they should every year but definitely this year, and if we maintain a modest amount of social distancing, maybe we will have a milder flu season. That is what we have been seeing in the southern hemisphere. Prudence and with testing, more and more work on therapies, we could end up getting through the fall and winter without having to lock down again and without being in a lot of trouble, but we have to maintain smart policies. If we do not, it could be a double whammy and a difficult few months ahead. Picking up on the flu season, how easy is it going to be for professionals to determine if a patient has covid or flu within the first few hours of them arriving into hospital . Testing is taking an enormously long period of time. How are medical professionals going to make that determination . Dr. Jha clinically, very difficult to differentiate between the two. They look similar. There are differences, but many people do not have those. It is going to be important that we have Rapid Testing. We have Rapid Testing for the flu. We need rapid tests for covid19. If we have both of them readily available, we can get through this. As you point out, if test results take five or seven days to come back, that is pretty useless. One of the reasons i have been hammering on getting Rapid Testing out there in the Community Come into peoples homes is for this reason. It will make it easier to get through the next three to six months. We appreciate your time today. It, dr. Ly appreciate ashish jha of the Harvard Health institute. This is bloomberg. Guy i am guy johnson with kailey leinz in new york. This is the european close on bloomberg markets. Lets talk about what is happening with tiktok. We have heard news over the last few minutes that the company is launching a legal fight to prevent the president from enacting the ban he has proposed. Can it prove that it poses no Security Risk . Lets talk to shelley about this. What do you make of the news on the court case and how effective do you think it is going to be . They weresaid today in a to file a lawsuit lawsuit they put out a few minutes ago. There are two executive orders now and the one they are targeting is the first one that President Trump put out, which is under the Emergency Powers afforded to him, and the second one is a much harder barrier to break. They are trying to do is say, by the first order that trump put out, that he did not have the authority to do this under those Emergency Powers he is granted. Order is an second issue. The treasury department, almost impossible to overturn in court. What is the end goal here . Bytedance think it is going to win this . Shelly it is about the principles from the get go that is the number one thing. As well, there may be certain parts of the order that they auld walk back, particularly first order says, if you do not sell to an American Company by midseptember, you are going to be banned in the u. S. Perhaps they could get some sort of for that claim. Unprecedented. S i think they want to at least try and exercise being a company in america to exercise their we want toy challenge them on that. Here, weerms of timing have a few months until the election. Is there any potential for bytedance to delay through the election . Could it fight the legal battle sort ofld emerge, any shutdown, forced sale before then . How long could the legal remedies last . Shelly there is a scenario where bytedance wait it out and they say, we are going to call the bluff. We are not going to do anything. We are going to see what happens. From our reporting, that does not seem like that is the case. It seems leadership within bytedance has decided it is time for us to leave the u. S. Market. We are going to sell this company to another company. It is only a matter of time. This is 2020 and everything could change in a heartbeat, so that could reverse itself. There is no indication that they are trying to necessarily wait it out. They just at this point wants to sell the u. S. Operations of the company. Kailey is there any chance of a reversal in sentiment on the part of the Trump Administration . Wechat over the weekend. Is there a chance the Trump Administration can work it out with bytedance . Shelly there is wiggle room within the executive orders. The first says you have 45 days. The second said 90 days but with another 30 days that you could eventually extent it. There is quite a bit of wiggle room if they wanted to. 90 days being after the election already happens. Who knows what could happen after the u. S. President ial election . So very much continuing to be a moving story that changes day by day. President is heading for the rnc. We are going to have a lot of political posturing over the next few days. Is it coincident, the timing of this news around the rnc . Is it a happy circumstance, and unhappy circumstance . An unhappy circumstance . There is a danger that tiktok becomes more of a political football over the next few days. Shelly tiktok generally knows what it is doing and are politically up to it. If you look at another example from hong kong, what they did after china put out its new National Security law, they immediately withdrew from hong kong. Moves a politically astute where they were able to simultaneously please the chinese and american government. It certainly to me does not seem like happenstance that this tosuit was launched today coincide with a lot of attention being put on donald trump and the republican party. With that being said, there is not so much time left. Outoriginal order came august 6. It is a couple weeks later, and we only have about 20 odd days to go before this first deadline. There was not that much time if they were going to sue to sue in the first place. Kailey shelly banjo, thank you for joining us. Again, tiktok is suing the u. S. Over that executive order. Are reopening in new york state. We are going to talk with Chris Rondeau. This is bloomberg. Ritika it is time for the Bloomberg Business flash, a look at some of the biggest stories and news. Tiktok says it is suing the Trump Administration. It is asking a judge to block the u. S. From enacting a ban on the social network, saying it does not pose a security threat. President trump is giving bytedance an ultimatum. Either leave the u. S. , or sell its operations in the country. Ford is gearing up for an overhaul of factories. Ford will temporarily shut its factory in michigan to redesign the f150 pippa pickup. The automaker is building a new facility adjacent to its dearborn, michigan plant. It will trim output of the f150 and by about 150 vehicles this fall. Around four minutes to go until the european lets take a look at where equity markets sit. They get higher first thing this morning. Decent gains being posted, especially as you can see. We have a stronger euro today. Oil and gas, cars, chemicals, banks driving the stock market forward. We will have the full details on the others of this short break. This is bloomberg. Guy 30 seconds until the end of regular trading for European Equity markets this monday. Turned out to be a fairly positive session. Started out with a big gap higher. This chart does not capture it, but the Asian Session was strong. Europe tapping higher, and trading in a relatively tight range. The stoxx 600 up 1. 66 . Very positive day. Delivered on relatively light volume. You have seen some outperformance on the continent. The dax and the cac 40 up over 2 . 50 , 40 toaround 50 or most of the main markets. This is something that is also being driven by what is happening in the currency market. What you had is an interesting session. The euro starting off going nowhere, then starting to gain real traction. In the last hour or an hour and a half you have seen the euro unwinding, the dollar starting to move back. Trading some 118. Equity markets remain elevated. The single currency has come down. ,il and gas stocks doing well banking stocks do as well. The travel and leisure sector has been a big underperformer. In terms of individual names, story,re is been an m a up 2. 2 . A lot of commentary ive been reading suggests the pension story of bt could make a takeover of that group quite hard. We talked about fast tracking the vaccine developed with astrazeneca. Astrazeneca pouring cold water on that in a statement delivered earlier by the british pharma giant. Anglo american, a couple of things worth noting. The commodities have been well bid. The base metal story is worth paying attention to. It is also worth noting that debeers, the massive producer of diamonds has been hit with slumping demand, as a result of which it has had to cut the prices of its largest diamond by around 10 . For what was blow a reasonably highly priced item and i suspect probably still is at that larger carrots scale. Scale. Larger carat wirecard has been removed from the dax index. This was a shooting star. Following allegations of longrunning fraud. From berlins bloomberg Senior Editor benedikt kammel. Weiland was the star that replaced commerzbank in the dax. Wirecard was the star that replaced commer