Most countries who believe its a great promise, a great opportunity and some of the u. S. Media, some of the u. S. People who are wagging Information Warfare on russian vaccine we were not expecting anything else we are not trying to convince the u. S. White House Republicans and democrats blame each other for the impasse over a multitrillion dollar rescue plan as early futures point higher. President ial candidate joe biden chooses Kamala Harris. President trump is quickly on the offensive. One of the reasons it surprised me, she was very she was probably nastier than even pocahontas to joe biden she was very disrespectful to joe biden. Good morning let me take you through some of the Market Action were witnessing on the boards today it has been a bit stopped on the board. Investors here just picked up on some of the caution that we were witnessing on wall street as that market wrapped up sharp effectively a lot of the design is the impasse on washington negotiations republicans and democrats at loggerheads over various line items and also the extent of the stimulus, just how great the numbers should be. Many on the weekend were eyeing the executive orders from President Trump to effectively push through Unemployment Benefits of 400 a week but also to tackle the payroll tax they had hoped would lead to some sort of trans ak the sentiment fade has the profit taking on markets particularly in the tech space weve witnessed that in recent sessions here in europe today, it was a much weaker start. That has translated into some gains as weve managed to work through some of the noise at the start of the session corporate earnings crossing through here today thats had some bearing on the market activity. Were up 1 3 of a percent. European indices, you can see how that falls across the boards the xetra dax trading weaker technology in front but the dax is taking charge. That has put a bit into the u. K. Stock market elsewhere as you can see, frank stocks are trading by a quarter of a percent but the market at this point trying to shake off some of the weakness you can see the sector level, too. As we switch over the boards, we are fairly evenly split. The bulk of sectors in negative territory. At the top, telecom, theres been a lot about the stocks in the basket this morning. In fact, they were up more than 2 a fairly solid 1. 6 plus percent. In the other realm, banks has been a decent trade. Thats helping out the sector. Autos trading higher along with Financial Services now that retainer in the online space, decent performance upgrading the outlook. Weakness in real estate, travel today. U. S. Futures as we look forward to that session on wall street you can see tilted more in the green at this stage despite some red ink. Apple one of the stocks that impacted some of the market activity having some bearing on the s p and dow yesterday. Investors having concern over backlash Chinese Tech Companies are operating in states over fears of retaliation that just caused a setting in the stock. Pushing onto the politics, Senate Majority leader Mitch Mcconnell has played down hopes for renewed talks over massive relief package saying white house officials and Congressional Democrats have not spoken to each other since negotiations broke down on friday they accused democrats of not acting quickly to provide support to americans. Families are suffering. Americans are dying. This is not a washington game. Its a National Crisis it would serve the nation better if the Democratic Leaders would act like its a crisis. Meanwhile, Senate Minority leader Chuck Schumer claims republicans have refused to compromise over the size of the stimulus plan. Democrats offered to come down by a trillion we asked our counterparts, secretary mnuchin, mr. Meadows to come up by a trillion meet us in the middle. They said no one of the big market meeting stories. That came out of russia yesterday. Were going to have a key interview as carol dmitry off has told cnbc nations that are skeptical of the vaccine will not be provided with the drug. This after the countrys Health Minister said allegations sputnik v is unsafe. Speaking to squawk box, dmitryov said this was not unexpected. Its a great promise. Its a great opportunity and some of the u. S. Media, some of the u. S. People are wagging Information Warfare on russian vaccine. It was very interesting for us to see all of this we keep on saying very clear things that this vaccine has been six years in development. This platform has been proven. All of the information will be published. We specifically created sputnik vaccine website and we are attacked by comments that, frankly, do not go into the science of the vaccine, do not go into the facts about the vaccine. We were not expecting anything else we are not trying to convince the u. S. I think our point is to the world, we have this technology it can be available in your country in november, december. People who want to take it and study it more we will provide that information people who are very skeptical will not have this vaccine and well wish them good luck in developing theirs. Demetriev said they have not shared information on development of the vaccine we will bring you that back shortly. Very interesting conversation about the technicals a couple of vectors being involved in the delivery of this vaccine as well. Questions have already been raised about the viability of the vaccine. White house covid advisor said he had quite serious doubts russia has proven the drug is safe and effective lets move on to the Senior Research fellow in Global Health in South Hampton michael, youre one of the critics showing skepticism about this vaccine talk us through why rchltsz g. D good morning. This appears to have been tested on about 70 or so people which is typically what we would call a phase 2 trial. At that stage we might have some evidence as to whether its promising. We wont know if it works yet. We wont know if it generates a useful response. We wont know if its effective. Then you scale up whats called a phase 3 trial which is tested on thousands thats where you can fell it works or not certainly at this stage no one can know if its definitely going to be a vaccine candidate that we could and should roll out to millions. I think russia is jumping the gun a little bit there in terms of some of its comments on it so far. We have been speaking to the head of the Sovereign Wealth Fund he does talk about some of that criticism. Lets listen in. Ill come back to you for some reaction. We acknowledge that they are valid and we agree nothing in detail has been published yet, we are just sending information to some of our partners today on the results of first phases of clinical trials. It will all be published in august and frankly our scientists are following protocols in russia where they need to send it to ministry of health first and they cannot send it outside first. This is a relic of russian law some of the other things are not valid. People forget this vaccine is based on human adeno virus which is much safer than monkey or mrna this has been studied on tens of thousands of people and this delivery mechanism has been proven then when you talk about the actual vaccine functioning, the delivery mechanism is really key. All of the vaccines pretty much deliver the code to produce a spike of coronavirus we believe that we can Save Technology we are not surprised by many people if we wanted to bring water to the United States, people will say oh, its polluted, oh, its not working, maybe it was stolen formula or, you know, some other stuff about it so we expect this reaction from the u. S. But we want to be open and say we have the technology were open to study to provide information. Information will be provided in august. Lets just stick with the facts for a moment and stay away from the politics. You mentioned in your first answer that this has been in development for six years yet most people would say weve only known about covid19 probably since late 2019. How do we correct con siel those two bits of information. You really got me there just kidding it was six years ebola and basically the delivery mechanism of coronavirus vectors was tried. Then we have mers and we tried adeno viruses on mers. It has been started by the military sputnik has that and its safe we were fortunate that coronavirus was very close to mers we had it already ready to go vaccine, started for two years on mers. Slightly more defined to be coronavirus vaccine. That is the real actual story, not politics russia has always been at the forefront of vaccine research. We were able to test it on animals. We are the only one to have best model. All of the animals will die from the virus w. This they get protected. We measured all of the antibody levels everything will be published when people see the factual information, i think lots of questions will disappear i agree with you, the information needs to be provided more i want to try to extract some clues about the vaccine. The president is talking about the vaccine that had been administered to his daughter and suggested there was a slight spike in fever, then there was a second dose of administration. This sounds like the astrazeneca that required two shots and there were problems with fever and then a second dose was administered how similar are the vaccines this is a great point now we go into detail. We believe it has great promise but monkey adeno virus has not been used. We have human adeno virus. Whats different is astrazeneca was hoping one shot would be enough they tried on thousands of people two shots was tried only on ten people they understoodyou actually need two shots for two shots its better to have two delivery mechanisms, two vectors. After you do the first shot, sorry to be technical, you develop immunoresponse the brilliance and simplicity of our approach, we have two different vectors. Two different trains first we deliver spike, then the body starts to protect this train and then we deliver it again with another train thats why our vaccine is better thats why it will last longer this is why the science is really behind our approach. I want to go back to michael. Looking at the latest evidence that has been put forward by rdif what do you make around the comments about having two vectors to deliver it and one shot and then a followup booster shot well, many vaccine candidates are being tested at the minute, including, for example, the university of oxford led vaccine which they were part of that trial. That uses the adeno virus vectors. That is a common approach. A bit like other strains of the coronavirus. So that in itself is a perfectly valid approach we shouldnt be too optimistic about any of the vaccines at this stage we can consider them promising for example, including hiv a few years back wouldnt it be a massive game changer. Those trials did fail at the phase 3 stage. So there is plenty that can theres plenty still to be proven and it does not mean because you have something promising at phase 2 that it will inevitably work so from a scientific perspective we need to remain skeptical about any claims until the evidence is on the table to see. We are waiting for the evidence to cross in august. This month we should get more information. Also just pick up on some of the criticism around the safety of this vaccine as we are hearing in the conversation, there has been a delivery mechanism that theyre using in this vaccine that comes on the back of other vaccines that are tried with other coronavirus. Does it make a difference . If you think of some of the other vaccines at the moment, some are using new delivery mechanisms that have not been tried and tiszed is that a significant plus for the russian vaccine . Well, i think it is potentially helpful in that we do have some knowledge about the platform upon which the vaccine is being delivered that is in part why some of their vaccine candidates can be fost jertd that is potentially useful many, many products, vaccines and therapeutics, so on, do fail afterphase 3 stage of research its important we do have the phase 3 so we can properly look at the effectiveness of the vaccine, i. E. , does it work is it safe in terms of having minimal side effects. Does this come down to what happens if there is a successful vaccine . Already were hearing from some of the antivax campaigners. Some are adamant theyre not going to take any vaccine. What does it do in the effort to fight coronavirus if a significant portion of the population will not be inoculated that is a really important point. Theyre already working up what side effects a future vaccine will have. Thats what were up against the public communication side of things is hugely important here. It is not just about the science, its about being open and transparent about the likely effectiveness and the likelihood of any side effects. That is where we can get Public Confidence as high as possible to get uptake of the vaccine as high as possible if the up take is low, it doesnt end. Simple as that. The Game Changing nature of this does seem to be successful, what does it mean for the profitability across the board clearly a lot of money has been thrown at the system to support some of these western vaccines if the russians are successful, does it up end the commercial viability of some of the other projects i think we probably will end up with more than one successful candidate. We have seen that with other vaccines the hpv vaccine, theres more than one model of delivering that vaccine even if the russians do end up with a successful candidate, even if they end up with one first, there will be other vaccines on from that. In terms of delivery around the world, we will need to scale up vaccine production to millions and billions of doses. That will inevidence bring lead to a lot of bickering in terms of who gets it first clearly if there are political divides, that really wont help matters either so it is something that we need to watch and be careful of certainly in terms of valuabulnl populations in the world theyre the ones that should get it first from an equitable point of view. We should see how it plays out thats a complex matter, not just about the science. Michael, i very much appreciate you touching on these points around the vaccine. Thank you for your time. Senior Research Fellow at Global Research health at South Hampton. Well squeeze in a break recession with the contraction you say the customers make their own rules. Lets talk data. Only Xfinity Mobile lets you switch up your wireless data whenever. I accept 5g, everybodys talking about it. How do i get it . Everyone gets 5g with our new data options at no extra cost. Thats good. Next item corner offices for everyone. Just have to make more corners in this building. Chad. Your wireless. Your rules. Only with Xfinity Mobile. Now thats simple, easy, awesome. Switch and save up to 400 a year on your wireless bill. Plus, get 400 off when you preorder the new Samsung Galaxy note20 ultra 5g. U. K. Gdp has collapsed by more than onefifth in the Second Quarter that is the largest contraction posted by any so far it collapsed by 20. 4 through june they said they have confirmed that the, quote, hard times are here and that he expects many more job losses to follow. Were joined, head of economics, British Chamber of commerce. Nice to have you back on board what were your instant take aways from this gdp number that crossed a short time ago it pens a pretty grim picture in the Second Quarter of this year looking at the data, pretty much every sector took a major hit. What were seeing is those sectors, those industries are the most affected by the pandemic its hit hardest in the Second Quarter. When you start seeing improvements in june as theyre starting to reopen, restaurants, bars, pubs back in action, more people going into stores that are not just grocery shops at this point, what do you think that means in terms of what lies ahead with the economy and how concerned we should be with another quarter of weakness when we get the q3 numbers . We are positive when we have a pickup in growth from historically weak april. The key question is what is driving that improvement is it new demand new customer demand or new activity or is it nearly pentup demand or is it due to Government Support . I think its a mixture of the three which means some of the bounce back we sought was in the quarter. It was over the coming quarters. We are expecting the u. K. Economy to return back in the Third Quarter of this year given the economy is gradually reopening. Improvements are wealthy and uneven like to see sectors such as construction manufacturing where some of the restrictions such as social distancing are a bit easier to implement. Its much more difficult it will get you uneven what we may see is a net share and as they wind down through the Third Quarter and fourth quarter, that impact on the recovery as well the chancellor saying extending the furlough scheme is not sustainable which prompts the question, what comes next on the stimulus side. One of the concerns i have is we are getting support for companies that are back on their feet are you not getting support for companies, businesses, individuals that are hard hit during this stage in the economy . As we talked, the bank of england standing to do more on the qe side. Its hard to see how that helps. Its a more targeted approach. I wonder if that has to come at a fiscal level still. Yes theyre backing to an amount thats limited at the moment probably two areas as it winds down, there needs to be more support. The first big cut in the overall employment cost. It shows motivati