States biden prepares executive orders to undue a slew of orders and as President Trump challenges the vote. And Boris Johnson amongst the first to congratulate mr. Biden, while other leaders prepare to advance relations and biden prepares to name a covid19 task force as infections hit record daily levels while mark meadows tests positive joe biden has called for unity the win means that donald trump becomes the first one term president since george bush sr. In 1993. After four days of intense counting, biden was named the projected win winner in pennsylvania and nevada. He has so far claimed over 75 million votes, that is the most by any president ial candidate in history. Biden outlined the key issues his administration will face in the short term what is our mandate i believe it is this america has called upon us to marshal the forces of decency, of fairness and science and hope and the great battles of our time the battle to control the virus, the battle to build prosperity, the battle to secure your familys health care, the battle to achieve Racial Justice and root out systemic racist in this country. And Kamala Harris is the first woman to hold the office of Vice President. Harris says voters have welcomed in a new dawn. Congressman john lewis before his passing wrote democracy is not a state, it is an act. And what he meant was that americas democracy is not guaranteed it is only as strong as our willingness to fight for it. When our very democracy was on the ballot in this election, with the very soul of america at stake, and the world watching, you ushered in a new day for america. But President Trump has so far refused to con seed the race, repeatedly claiming that illegal votes stole the election Trumps Campaign has filed lawsuits in a number of closely fought states in a bid to overturn the results in a statement saturday the u. S. Leader claimed that the election is, quote, far from over so even though the incumbent president is claiming that the election is far from over, all signs are pointing to president elect biden about taking on as soon as january so how are markets reacting . A lot of green on the board for the stoxx 600, after a lackluster performance on friday we did have a strong week for ball street at a hole with the s p and dow up 7 , nasdaq ending up 9 for the week alone last week so some of that optimism has transpired in the asian and european session but lets get into the individual markets and flush out more detail. The uchlts k foftse 100, up abo points and a lot of the housing stocks in this index are doing quite well beating some of the profit forecasts there. So giving a bit of life. And dax up 1. 6 , 200 points higher we had strong german export data that is helping some of the trade or yechbtsed sectors within the german basket im referring to the auto stocks and tech stocks as well. And cac also a strong open for the italian index. But lets break it down in more detail you can see every sector in europe is trading in the green today. So a lot of positivity on the board. Travel and leisure at the top, perhaps pricing in the possibility of a vaccination as soon as q1 of next year. Basic resourcesle up lup 2. 2 p . And tech also up the german chip maker giving life to that sector now, lets take a look at how u. S. Futures are fairing as we head into todays session now that it is confirmed that joe biden is the president elect, here you can see that the s p, dow and nasdaq all pointed to open up in positive territory the dow up more than 300, nasdaq also tech heavy stocks seen opening up in positive territory yet again. So continuing with that momentum that we had from last week as we get to the u. S. Session in a couple hours time. Now, Chinese State media has welcomed joe bidens victory expressing optimism about reconciliation between the two world powers the global times urged the biden team to work as 240r rowthorougt can. You get a sense that while china is expecting Jared Kushner joe biden to maintain a stuff stan tough stance, but this is a chance to get u. S. china relations back on track and it offers breathing room for the tense relationship and with biden expected to take a more scientific approach to the pandemic, it will be harder to continue the blame game with china, also hope with biden looking to rejoin the Paris Agreement on Climate Change that it may create an area that the u. S. And china will no longer compete on while he is wildly expected to be less confrontational, but state media does acknowledge that the u. S. Is unlikely to ease pressure on china when it co comes to the sort of broader trade issues and the existing tariffs. But still businesses have welcomed the outcome and also cheering strong day it out of china which showed that exports continue to grow in oblgctober their fastest pace in 19 months. Suggesting that exports have been a little bit more resilient in the face of the slowing Global Demand. And so this saw the trade surplus jump to 58. 4 billion from 37 billion in september. And so it tells a lot about the resilience of the chinese economy. Domestic demand is holding up well and also consumption is starting to pick back up. Back to you. And speaking much chiof chis announce the restrictions as their number one concern this was conducted before the election and so now weve spent a good part of the last four years talking about the u. S. china trade war. What does a Biden Administration mean for u. S. china relations . Well, as you mentioned, the Biden Administration may stay tough on china on a number of issues including hong kong and i think that there is bipartisan part for being tough on china in the u. S. And so things Like Technology rivalry between u. S. And china will remain, so we dont really expect any major changes on tech restrictions i think biden will continue to try to attract more jobs back to the u. S. As well but that said, the Biden Administration will likely be more of a rules based multilateral kind of approach so there could be more channels for discussion as you mentioned. Maybe also they would focus less on numeric import structures and more on structural issues such as leveling playing fields in china. And probably incorporation and communication on issues such as Climate Change and pandemic controls as well so it will be a comprehensive approach in the longer term, i think challenges will remain, but in the short term, i do agree with the market that the uncertainty, the risk of trade war escalation will decline next year and you mentioned that youre expecting that the Biden Administration to stay tough on china, but is there any possibility that some of the tariffs get repealed by the Biden Administration or are the tariffs here to stay i think for the time being the tariffs probably are here to stay i dont really expect the Biden Administration to spend the initial few months focusing on u. S. china relations, more probably about pandemic control and reviving the u. S. Economy. Both sides may want to really negotiate a trade deal, but that will take some time. So for the time being, we dont expect any repeal of the tariffs in 2021. Switching to china economics, we had trade data showing very strong resilience in china export, growing at the fastest pace in 19 months, smashing Market Expectations of where it would come in. Is it fair to say that china is now benefiting from having dealt with covid earlier on in the year and that in a relatively positioned to the rest of the world, china is actually in a better position . Yes, absolutely i think that china was hit hard. After the situation was more or less under control, then the production chain became, you know, coming back online so there is resilience and of course there is also a lot of production in china. So it has the complete in some of the area, it is resilient, facial masks and other areas are driving the exports. But i think that Global Demand has recovered somewhat as activities normalize so chinas exports in traditional areas has also started to recover of course now the risk as europe is entering a new period of lockdowns, so there is a bit of a down side risk to exports in the next few months. And speaking of outside fiscal stimulus, you mentioned the possible european slowdown to come with the even you suing lockdowns. But what about come january, there is a runoff for the senate in the u. S still possibility that the senate could turn blue what impact could that have on the rest of the world and specifically china in the fiscal stimulus out of the u. S. Is larger yeah, that is a great question i think that the fiscal stimulus in the u. S. Really depends on whether the congress is controlled bring one party with the president. If a blue wave actually materialized, we expect 1. 5 trillion of stimulus and that is huge and chinas growth in that case would be above 8 in our expectation. If biden is faced with a split congress, there is still going to be a stimulus, but smaller. Maybe half a trillion of u. S. Dollars. And u. S. Growth and Global Growth still would recover next year in that case, chinas growth will be mainly led by domestic consumption, but also robust exports. So in that case we expect 7. 5 growth so either way i think chinas growth recovery will continue next year. China only recently unveiled their 2035 growth plan and their target is to double the economy by that time frame that equates to an average i believe economists are averaging about 4 pp. 7 growth. Is that achievable the been officially set president xi mentioned that some people proposed it and they will leave to the executive branch to set the target so it is a little unclear whether that is the total size right now 100 trillion rmb so to achieve 200 drill i dont think by 2025, that only means a nominal growth and that achievable but real times i think would be challenging. But i think the government is focusing more on sustainability, as well as, you know, quality and structure of growth. So i think that they will set a target that, you know, much more modest than previously thank you for your thoughts tao, well leave it there. Thank you and also coming up on cnbc this week, well bring you more interviews from the ubs European Conference including nile ferguson, and as well as the boston fed chair so stay tuned for those interviews also head to our website to find out why the china trade tensions wont go away under a Biden Administration and coming up on the show, after four tumultuous years of President Trump, european leaders congratulate joe biden on his leelection victory Trump Administration bud Biden Adminisatration. Trump Administration Welcome back to the show president elect joe biden is preparing a draft of executive orders to begin undoing some of the Trump Administrations key policies during the campaign, biden promised to rejoin the paris climate agreement and he hopes to scrap the plan against muslim consumes and also support d. R. E. A. M. Ers. He looked to rebuild trust across party lines. All those of you who voted for Trump Administration, i understand the disappointment tonight. Ive lost a couple times myself. But now lets give each other a chance it is time to put away the harsh rhetoric, lower the temperature, see each other again, listen to each other again european leaders have largely acknowledged joe bidens victory in the elections Boris Johnson was amongst the first heads of state to congratulate the president elect. Ecb president Christine Lagarde wished all the best to the u. S. President ial team to tackle the challenges ahead and also europe will continue to engage the u. S. On international trade. And speaking to cnbc earlier this morning, the former italian Prime Minister says that this opens the door to a new stronger tran Atlantic Partnership never had such a crisis like the one we are experiencing without a transatlantic dialogue so we lack that kind of a sponsor solutions that we had in previous crises. So i think now that there is room to work and i hope biden President Biden and u. N. Leaders will meet as soon as possible. And weve heard from multiple leaders. Boris johnson was one of the first to congratulate the president elect. But is the feeling now one of relief and lets not forget that President Trump was hanging tariffs over the continent for the last couple of years are they happy to see the back of him at this point absolutely. That is very much the feeling across the European Union. And we saw that in the reactions that we got from the different leaders over the weekend normally welcoming this result in the United States and in fact in different conversations that ive had with different european officials over the last four weeks about this u. S. Election, they all mentioned to me that Biden Victory would be more beneficial for the European Union and they all mentioned the question of style and the way that President Trump tweets about critical subject areas and how european officials have struggled to deal with that. So it is a question about style of politics, the way President Trump does politics, that this result is welcome across the european capitals, but also a question when content and we heard from president elect biden stating that he wants the u. S. To return to the paris climate deal, that the expectation that the u. S. Will return to the multilateral trade table and those are very much the policy r50ir i priorities of the European Union. And weve heard them talking about a renewed partnership. So lets take a look at some of the remarks over the weekend stating the policy priorities going forward. Together we will address pressing global challenges the corona pandemic and its economic consequence, Climate Change and the loss of bio diversity, the necessary rule book for the difficultal economy and society. Global security. And the reform of the rules based Multi Lateral system i look forward to driving this global agenda together with the next president of the United States joe biden so evch the reality is that dont expect things to change overnight and they also expect of course that president elect biden will keep fighting for the interests of the United States and so the expectation for instance when it comes to digital taxation is that those conversations, they wont find a solution very quickly, but for the time being, this is a very welcomed result by the european leaders. And interesting because there wasnt a lot of conversation about Foreign Policy or what potential Biden Administration could mean for Foreign Policy in any of the president ial debates. Now on the to charlotte for the view from chance mr. Macron started off on a good foot and their attempt to build some form of relationship with President Trump. And a trump impressed by the bastille day performance and over the last couple years, then things really deteriorated. Thats right. It started with president macron to charm donald trump, his first guest of honor for bastille deal trying to keep them within the paris climate agreement, the Iran Nuclear Deal agreement, and of course all the awkward handshakes and frosty joint conferences. So all these different work. And one of the very sore points in this relationship was a digital tax that france put in place on tech companies. That was a big point of discord between the two countries. So now on top of that, you have the sort of tariffs in the airbus, boeing subsidies dispute allowing the u. S. To put tariff s on some goods, in particular 25 trips on french wine and that was badly received in paris. So now there is a hope that they can reset their relation shshirp the paris mayor tweeting welcome back america and macron more neutral, just congratulating them and saying we have a lot to come to overcome the challenges and lets Work Together. And we heard from several voices in the french government saying that let us have no illusion that we will not change but there will be a less aggressive attitude from the u. S. And that is really the heart of the issue here is that the agreements still remain in particular as they want the European Union to remain more independent, but the way to discuss will be different and there will be a more constructive relationship. And some key elements for example, they see some of the elements will help in having the conversation across the issues and we know the relationship with Boris Johnson will not be warm, Angela Merkel being on her way out, president macron hoping to present himself as a key partner for the u. S. And finally, good news because a lot of the populist parties in france have lost a champion with donald trump been voting out