Loyal, so the opposition bloc in hong kong resigned altogether. Dani the present news from tom the present news from china, but it can wait until armistice day. The arc de triomphe in early 19thcentury century. Not known, the first internal flame was lit in the western centuriesenturies and in 1920. It starts an interestiay for remembrance worldwide. A course in france, there is always a tone here of the cost and the price of one were one. I would say that this dovetails with the Remembrance Day of an aging queen and the United Kingdom. In the United States overnight, francine, there will be no focus on armistice day. There is absolute chaos, no other way to put it, at the pentagon, with the resignation of the secretary of defense. It is a very different Remembrance Day this year. Also because the coronavirus is limiting public services, so a lot of people are respecting the twominute u. K. Ce, which falls in the usually an hour from now. There are so many things that people are thinking about because of the uncertainty in u. S. Politics, but again we remember the fallen on armistice day. Thats get to bloomberg first word news with ritika gupta. Ritika president elect joe biden calls President Trumps refusal to accept the results of the election an embarrassment. The president will not allow his administration to cooperate in the transition of power, and biden is not getting the intelligence briefing the president elect normally receives. Biden says the president s actions will not help his legacy. President trump is quickly remaking the pentagon leadership in the wake of the election. The day after the present fired mark esper by tweet, two senior and take on officials stepped down, so did mark espers former chief of staff. Critics say that sends a signal of turmoil in the military leadership. Is back in u. S. Cities after a couple of months essentially being a rural problem. According to the cdc, metropolitan areas are averaging a Record Number of daily cases, with rising cases in and around denver, detroit, and chicago. It is also coming back around boston, newark, and jersey. Disqualifying on patriotic lawmakers disqualifying unpatriotic lawmakers, one of the moves in beijing to put down dissent in hong kong. Global news 24 hours a day, on air and at bloomberg quicktake, powered by more than 2700 journalists and analysts in more i am ritikantries, gupta. This is bloomberg. Tom looking at the data right now, a listing of the equity markets with the bond markets close on november 11. Futures up 24, dell futures, 29,507. El, even big tex does better today with the nasdaq 100 up. The vix comes in, 24. 29. I have a final quote on 10 year,. 97 53. That is not a live quote, but it shows over the last 48 hours how we have nudged up on the 10year yield. A little bit of dollar strength. I dont want to oversell that. 1. 2789. , francine investors continue into this rotation into Cyclical Industries at the expense of technology shares. Aslook at companies such internet firms and of course in tech giants in china, because the text selloff deepened after chinas crackdown, so that is a story that we are going to follow closely. If we look at the risk on sentiment, it definitely busted sovereign bonds, which fell in europe, and treasuries are closed today because a veterans day. But treasury futures are also slipping. Tom we have a wonderful guest to get us started, but with the tumult of the last 24 hours, i believe it is tuesday, there was an election a week ago. Let us listen to the president elect. Mr. Biden i just think it is an embarrassment, quite frankly. The only thing that how can i say this tactfully . Not help thell president s legacy. Tom very good, mr. Speaking yesterday, and the news flow late into the evening in washington and overnight has been extraordinary. We will bring you uptodate on that as we look at economics, finance, investment, and this political season. There is christine lagarde, now Holding Court in frankfurt. , washington,arde d. C. , and then there is gang issue anger Wolfgang Ischinger from germany. We are thrilled that Wolfgang Ischinger could join us. He is the former german ambassador to the United Kingdom , the court of st. James, and of course to the United States as well. Ambassador, what a most interesting time to speak of a world in danger. To find that in your book. What is the new danger this world faces . Thank you for having me on your program. You know, i think this is the best moment we can ask this question. ,hen i finished editing my book world in danger, i did not know that if i had to rethink the title today, i would probably want to say world in great danger, because many of the certainties which we have europe, and you on the american side, which we have been taking for granted, seem to disappear as we speak. What about the protective umbrella that the United States of america has been that has made available to europe for the last 70 years . Is it there to stay, or has President Trump or as President Trump has suspected, is it no longer useful or necessary for the United States . What about the ever closer union of the European Union . Our principal with which i grew up as a young diplomat for the last 40 years. That themonstrates European Union is not a given. And what about china and responsiblesia as stakeholders . That was the idea that we pursued not so long ago, quite obviously china and russia are not going to want to be responsible stakeholders in the kind of systems that the united createdith our allies after world war ii. So things have been falling apart, and this is a dangerous situation because it invites conflict, it invites misunderstanding. It has created enormous mistrust. Tom the chancellor of germany i believe is 59 years and holding, and she has been on for 14 years, going on 15. Im fascinated what you think at 74,t 54, trump biden in his 78th year. Are you worried about the exhausting nature of diplomacy . Wolfgang i am over 70 myself. I only experience speaking personally is that if you have a Challenging Mission in which you believe, it doesnt really 75. Er whether you are 25 or you are going to give everything you have. You are actually going to wake up earlier each morning because you want to get things done. So i dont really think, unless there is major sickness coming youi dont think that cannot carry out this kind of mission at age 75 or 78 or so. Oh course you are going to get tired of course you are going to get tired a little earlier, but having watched President Trump over the last four years, he has sufficient time to go golfing and relax and recover, and i dont see why the next president cannot do the same thing. Francine ambassador, what is the easiest thing joe biden can do to bring back trust within the International Community . Himself. Just be we know him. He has been around for 40 years. Every sitting european head of , withor Prime Minister very few exceptions, knows joe biden has met in washington, or at our conference, the security conference, where he has been a frequent guest, etc. So he is a known entity. People trust him, they have known him for a long time. He was the Vice President of the United States for so many years. If he just acts as joe biden, he is a living trustcreating, confidencecreating measure. Biden has recently sent a clear message to his we are back. Is can the u. S. Really be back during a transition period where everything seems to be contested, where the Trump Administration things possibly they have won this, and frankly by the sure number of americans who voted for trump, how difficult is it for allies to believe that the u. S. Is back to the pretrump world . Wolfgang i dont think he meant to indicate that we are going to go back to some kind of transatlantic paradise that actually never really existed. We have always had contentious issues. Return to there is no , butormer relationship what we can and what we must do we on the european side is to make an offer to the next american administration. We cannot now, knowing that this was a hardwon election, that there are 70 million americans that did not vote for joe biden, we need to we as the European Union, we as europeans we should make an offer to the United States, offering cooperative arrangements. For example, on the issue of how to deal with china. On the question of what kind of burden sharing, above and beyond gdpfamous nasty 2 of expenditure for defense, what kind of burden sharing can we enter into that would make the beden for the United States less, with more responsibility for the europeans . It is a new world, a new relationship, and we europeans need to behave and have a Good Relationship with the United States. We will continue with ambassador here. Also to the United States. It is november 11. It is Remembrance Day, different names, different nations, but something in common, which is a somber moment for all, considering back to world war i and other conflict as well. Mccroneaw at the mr. Mr. Macron at the arc de triomphe. Francine those are live pictures of french president continuing this armistice day. In france, it is normally marked by a parade in paris, and events around the country. With the nation under lockdown this year, it will be very different. They are hoping that a lot of people are joining in around france, may a special significance for frenchmen and french women that suffered because of world wars. Still with us is Wolfgang Ischinger, german ambassador to the u. S. We were looking at live pictures of the armistice, where really our collective memories come at a time when the worlds were divided and split. Given what we have seen over the last week and the fact that you have countries such as russia and china not having congratulated president elect joe biden yet, what does it tell you about the state of the world . Wouldnt well, i overestimate their hesitation. You can argue and im sure people have argued in other western capitals also, shouldnt we wait with our congratulations come with our messages, until it is really official . But then of course when you think about it, that would mean that you would want to wait until the Electoral College has met, which is like in a month, when the news media announced the winner, we will congratulate. I can understand. I dont like it, i dont appreciate it, but i can understand that some would want to wait until some kind of ,fficial result is announced and once all the votes are in. Of futureeat sign , of china and the United States come of russia and the United States . Probably not, but lets wait and see. Leaders can get together, and i would think a future President Biden will i have known him, i have seen him work. I think he will find a way to connect to Vladimir Putin and to xi jinping over time and work things out. Francine tom ambassador, i grew up in a adenauer. Reviewed there is a memory of these wars, world war i and world war ii. Is the next generation, have we just given up those memories . There is a transition going on. How will it go if we dont have a collective memory . Aregang i think you addressing a very important question. By the way, you know, when i inved as a german diplomat paris in the 1990s, in the early 1990s, up to those years, no germans had ever been invited to the official celebration at the arc de triomphe on this armistice day, because we were the enemy then. And then the french government, in the early 1990s, changed their policies and invited germans, including even germans in uniform, to participate. So that is, you know, reconciliation between two former enemies, and that is what makes our job, the diplomatic job, so fascinating, that you can actually reach out and grab your enemies hand come your adversaries hand, and make peace. Tom ambassador, thank you so much for joining us on this Remembrance Day. Wolfgang ischinger, former ambassador to the United States and the court of st. James and britain as well. Speaking of the british, we will move well across the globe. The bond market in the United States closed for veterans day, as we call it. Lord patton will join us, the former hong kong governor. There is terrific news flow out of hong kong this morning. Worldwide, it is armistice day. This is bloomberg. Ritika this is bloomberg surveillance. Here is your boom big business flash numbered business flash. Close to a 9 billion deal to buy danish based rival mets. It would be the race acquisition in a rapidly consolidation industry. It is backed by hellman and friedman. Bloomberg has learned that airbnb set up a longawaited filing for an ipo has slipped to next week. Home sharing giant is set to file thursday but decided on a delay to keep from being overshadowed by the u. S. Election. Airbnb is planning to raise as much as 3 billion in its debut on the nasdaq. Chinas is to a u. S. Appeals court over the tiktok video sharing app. HasTrump Administration cited National Security grounds. Bytedance is seeking an extension. Equities, not bonds, currencies, and commodities. It is not doing all that much. In the u. S. , futures green. 2. 18. Utures up i have a final quote on a static 10 year yield. 19753. 90 753. Is on thethe focus rotation, on some of the other things we are watching, including this hong kong opposition, actually quitting en asse to protest the new china powers. Tweeting about having an impact here in europe, you can see they are still getting 0. 5 , and this is really some of the shares including utilities. Theill have plenty more on markets, plenty more on the economy and covid. Up next, Christian Keller, head of barclays economics research. This is bloomberg. We are beginning transition. We are well underway. For theity administration anyway by failure to recognize our win does not change the dynamic at all. That is u. S. President elect joe biden vowing to go forward with the transition of power. To talk about politics and the impact this has on the markets and on our Economic Outlook is Christian Keller who is barclays head of research. So much news in the last 10 days. Partly its u. S. Politics with a new administration. Partly news with the vaccine. Will be the most significant change that weve seen the blimp after forecast . It has been quite a roller coaster. We went into this with a sense there would be a blue wave and markets preparing for 3 trillion of stimulus. Now we see this is whats happening. The markets reduce their expectations for stimulus and then the news on the successful vaccines coming sooner and even more potent in a way that was anticipated just two days ago. I would say it was packed with important news. I think the vaccine is the biggest game changer. We can talk about policy all we want. They are just trained to aid us in a situation where it the Global Economy is going through a lot downgraded the vaccine is really the game changer here to bring us back. Danger weis there a are putting too much hopes in the vaccine question make im not saying it wont arrive, but it could be delayed, it could only protect for a limited amount of time. Is there a danger policymakers arent ready for that . So Second Quarter of next year we see a big disappointment and that really moves the economy to a recession . Recession. Christian there are dangers to this entire crisis because its driven by health. Something we are only just starting to understand. Markets have been moving around sharply. Others may be on the way. End theld more or less covid episode. Where up with something suddenly there is backtracking or more negative news. , would say to some extent europe and the u. K. Will experience negative growth this quarter. And that comes after work. Wes now all about how much can see in 2021. Markets at the moment are anticipating Better Options than we had earlier. Reallypoint out, its something out of my expertise to the bad to what extent news we didnt anticipate. You have it in your barclays note and divided we trust, the idea of american gridlock. We see it in the u. K. With the brexit delay. World and awestern global gridlock . There is some hope that the new administration in with maybe a more traditional view on transatlantic and multilateral relationships, that may help to overcome some of this. At the moment its right to we areut in many ways stalling and some of those negotiations. There is a hope with a President Biden to return some normalcy. One can then start to improve some of these relationships. Between the u. S. And europe and the u. S. And china, the wto, etc. That is the hope. At the moment, the last few quarters have been characterized by some of the gridlock and little progress. Tom what is the vector on world trade . I havent had an update on the spirit of world trade, etc. What is the direction on units of export . World trade is actually doing relatively well in the sense the direction has been sharply increasing from a very low base. What weve seen is somewhat a split recovery whereby the entire universe of services have been certain to slowdown while asufacturing of goods actually been on ver