tv Bloomberg Markets European Open Bloomberg November 29, 2021 3:00am-4:00am EST
for the markets. we will be speaking to a professor of public health at the university of edinburgh, and advisor to the scottish government. let's take a look at the futures. i keep hearing there is some buying opportunity out there. a lot of focus not only on omicron, but what it means for travel and leisure stocks. we still don't have the tools to understand what we are seeing. we are gaining after we saw a huge selloff on friday. what is on your mind? dani: you're totally right. we have a delusion of analysts saying it is a buying opportunity on friday. perhaps that was the big black friday deal up for markets. we are starting to see that as we get markets to open up. the first number, up to 0.7%. considering that those markets have fallen more than 3%, now we are up by 1%, that is not undoing what we have seen. we are also seeing the cac 40 up by 1.4%.
france was saying they detected a possible eight new cases of the omicron variant. still, as a whole, the euro stoxx 600 fell the most since april 2020 on friday. despite the fact that spain is gaining up 1.2%, it will take a lot to keep us on track. there is a sense of calm, a perhaps not a lot of conviction. let's take the view across market as well. when it comes to u.s. futures, we are seeing a session that is starting to give back some of the losses, up nearly 1%. the same goes for the bond market. 10-year gilts up 5.5% --10 year yields up 5.5%. we are also seeing a euro starting to weaken versus the dollar, down by half a percent. it was dollar weakness on friday that is starting to shift. i was talking to a guest this
morning who said because of the differentiation between european and u.s. central banks that this is the mode he has the most conviction on. one of the biggest moving assets so far this morning is nymex crude up 5% after the turmoil in the oil market on friday. francine: there is quite a lot going on with oil, so we look at the groups that are moving the most in today's trading session. oil is right up there. when we look at the things we should be watching out for, today is not only about omicron. when you talk about what the markets have been doing, you think, i don't know why a got out of bed. that was friday. because we are seeing a buying of the dip, that gives us an indication of where we are seeing the gains or not. we have other key events this week. the fed chair jay powell, governor kuroda, china, opec and its allies reevaluating.
this is what we are seeing for some of the groups moving the most. keeping a close eye on potential fallout from the omicron variant. here is how some key players have been reacting on bloomberg tv. >> we are entering a bit of a risky day. >> this unwelcome news. >> but i can quite understand why financial markets are worried. >> could not come at a worse time. >> it is on the back of thanksgiving. >> it makes sense for some investors to take risk off the table. >> it could take us a while to recover from this. >> leaders of every major nation start dealing with this as if it is an issue that is -- stop dealing with this as if it is an issue just for their nation. it is a world issue. >> we still see some underlying strength.
>> this new strain wave we are seeing. >> we should not imagine that all is lost. it is not. >> let's -- francine: let's get more from eddie van der walt. first of all, good morning. it seems like the markets are recalibrating. are there cooler heads today because we don't know what we are dealing with, or is there a belief in the markets that we can look through this because infections could be pretty mild? eddie: absolutely. friday is starting to feel a little bit like a panic or a bad dream caused by too much turkey and then liquidity. -- and thin liquidity. traders are looking at this saying, we have had variance before. this one is different. maybe the appropriate reaction lies somewhere in between what we saw on friday and today's overall calm. there is a lot that traders don't know and that they would
like to know about this, but i think some of the more extreme moves we saw on friday, i think that was mostly due to thin liquidity. dani: i know you are also writing on the blog this morning about oil. perhaps oil does not have the same status as stocks, treasuries, everything going back to normal. how vulnerable is that market? eddie: for me, it will be the real market for how serious the market is taking us. if we see oil continue to sell off -- if we are talking about lockdowns, the policy response to this, and i think oil is really tim. but it is also important because it feeds into the inflation debate, which feeds back into the central bank actions. oil is the key in all of those. -- in all of this. francine: what i was surprised about the market function on friday is forcing more lockdowns
because of omicron. wouldn't that be supportive of fixed income because that means central banks delay some of the moves? eddie: i think you nailed it. that for me is the one that said to me that markets were looking for a bit of a reason to reprice. i think some of those bond moves we have seen, i think they are going to be more sticky than the stock moves. there was a lot of optimism about tapering in the market and in europe and other places. the central bank is the same.it is just not substantiated . the bond moves will probably stay with us a little bit longer, and the stocks will probably raise a little quicker. dani: we did see the volatility in the bond market. considering this is a market where you have the fed putting its thumb on the scales. eddie: i think the question at the moment is how heavy are they willing to put their thumb on the scale? for now, particularly over the
weekend, we heard from a lot of central bankers to say we have to wait and see. it does not change the equation yet. for the market, the market perhaps overreacted, perhaps coming back a little bit. somewhere in the middle. francine: what does it all mean for dollar? eddie: the dollar is a wildcard. the dollar did not act like safe haven on friday, which is a difficult one because if the dollar acts like a safe haven, we know how other markets are going to react. we know gold prices will go down as the dollar rises. we saw this strong euro reaction on the unwinding of a carry trade between europe and the u.s. i don't know that that is going to be the long-term outcome. i think if we do see a real panic on the back of a variant that spreads quickly and is very doubly and therefore needs a robust response, i think the
dollar is a haven. on the contrary, if we see a fairly mild virus outbreak, which spreads very quickly, i think the dollar perhaps will give back some of its gains. dani: eddie, thank you so much for joining us and giving us that thorough view on the markets. that is anti-vendor vault. -- that is eddie van der walt. some of these macro concerns, the reversal of those on friday, dominating. ryanair up 3%. travel and leisure is up 3%. that was the worst performing sector on friday. it had fallen 8.8%. also reversing some of friday's moves is hello fresh. it really was the classic pandemic playbook at hand on friday, because we saw these stay-at-home stocks outperform. hello fresh was up 5% . finally, bt group, finally one
that is not moving on the bigger macro picture. an indian newspaper reporting that reliant industries might be interested in a takeover of bt. bt not responding to that report, saying it does not respond to speculation. even so, that speculation has sent the shares higher by 7.6%. francine: we will have plenty more on that. we will also talk inflation and outlook from jp oregon asset management. we will talk inflation, omicron. we have a good conversation on the markets. later today, we will speak to the pfizer chief executive. don't miss that interview. it is on on the crime and further vaccines. this is bloomberg. ♪
dani: welcome back. we are 12 minutes into your cash trading session. we are looking at a day of rebound. perhaps not a lot of conviction, but we are coming back to more than 4% declines, its worst day since june 2020. the broader index up more than 1%. not as big and outperformer to the dac and the ftse 100, but it
is still a much more positive day than we saw on friday. the friday action driven by the emergence of the omicron variant that kept asset managers on their toes. it has added another risk factor to an already murky outlook, threats of inflation, and uncertainty over central bank monetary policy that still have yet to go away. joining us is myles bradshaw, head of global aggregate fixed income strategy at jp morgan. thank you for running us this morning. part of the action we saw friday was this repricing in terms of fed rights, especially at the front end of the curve, seeing some of those rates pushback. do those moves make sense to you? guest: i think so. trying to think about it and there is lots of information, lots more information that we don't understand. it is a public health issue. to me, i am relatively optimistic. the worst-case scenario is a
repeat of last winter where we had lockdowns and we came out of those lockdowns. we know a clear policy response for that, which is fiscal support, coupled with monetary accommodations, and the economy has adjusted. we expect the economic shock to be less severe. i think it is right the market response to this by saying if there is going to be a repeat of the winter lockdowns, then it would be a surprise if central banks continued on course. instead, more likely they will delay the pace or the start of their tightening process. i think that makes sense. francine: given where we are now, and we actually don't know that much about omicron, whether it is more deadly, more spreadable. it seems like infections are mild, but some of the data points are so small. do markets readjust to what central banks do, or will they wait a little bit? guest: i think for risk assets
it is slightly more straightforward because more accommodation from central banks, or let's say the lack of tightening because we are not talking about easing, we are talking but the lack of tightening, is supportive and suggesting the economy can run longer. the second question is, assuming there is no policy mistake and assuming policymakers are accommodative, the question is, is another covid wave inflationary or deflationary? i think in the near term, as we saw with delta in the u.s., the near term is the next quarter, gdp growth is slightly softer than it would otherwise be. but i also think the evidence is if we look further ahead to three quarters or so, it is more likely with that monetary support you have additional inflationary pressure. it is about the timing of the hikes and the timing of the tightening. my conclusion is the here and now you would expect some trope banks to remain accommodative --
expect central banks to remain accommodative. but once the economy gets over this wave and once we are clear about the health implications, and once we get out of winter, then probably the pace of tightening will be more rapid because the economy will have been running hotter longer. dani: to your point about inflation and the impact from here on out, as we have seen this playbook happen before, what happens is consumers want durable goods instead of traveling, things like that, and that is part of what has contributed to inflation. if we get a repeat of that, do we see more aggressive inflationary pressures coming to the fore because of this variant? guest: it could be that, but i think the demand shock is largely taken place. i think the bigger issue is supply chains. you have lack of mobility, whether it is shipping things like trucks, and that reduces
the effectiveness of the supply chain. it becomes supply chain shock rather than the demand side shock, which we saw last year, where there was a switch from services to goods. i think that demand shock has -- i walk around central london these days and there are more closed shop than there was back in june of 2020 because the economy is adjusting to that switch. francine: two questions. the first one is, monetary policy action normalizes, then how many zombie companies will we be lost with -- left with? has the supply chain moved enough, or will it move further now? will the pressures these over the next two to three years? guest: i think the zombie companies, i am quite optimistic there. i think when we look at the fundamentals of the sector as a whole, whether you're looking at the banking sector, the
nonfinancial sector, the consumer sector, balance sheets are very strong. the zombie companies are more about the small businesses, the people that run shops in locations that are no longer visited as much by consumers, rather than it being deal estate or the public markets we invest in -- delisted or the public markets we invest in. i am less worried about the zombie companies aspect. your second question i have forgotten now. what was your second question? francine: the second question was about supply chains, whether they can move further from what we have now given the adjustment we had under the trump administration? guest: i think there is going to be an adjustment, but right now, we do not have enough inventory. it is people trying to rebuild inventory and at that keeps pressure on supply chains. i think it will take a longer time for supply chains to adjust.
in the near term, what we are left with is continued pressure on supply chain management and therefore continued strong pricing power for distributors, manufacturers of consumer goods. i think that means this transitory inflation we are talking about is more persistent. the central banks have been clear they are comfortable with that. the bigger issue is the underlying inflation from rents, from wages. and again, in the quarter data, i don't think that will be pushing that up. but i think in three or two quarters time, the lack of mobility means it is harder to source workers to meet the demand that is inevitably going to be stronger if the policy response is correct. dani: el-erian over the weekend saying central banks need to wake up to the fact that it is not transitory. that is myles bradshaw at j.p. morgan asset management. let's get over to the bloomberg business flash.
third quarter net income has surged to an all-time high. gas prices reaching records in europe's energy crisis. the world's largest gas producer rose 7.8 billion dollars compared to a net loss a year ago. the company says it will pay 50% of adjusted net income in dividends. a chinese food delivery service fell in hong kong after a bruising antitrust case. there net loss has fallen $1.6 billion the latest quarter. the company is overhauling its business with investment in autonomous vehicles. blackstone is among the key holdouts yet to find a cop 26 pledge to limit planetary overheating. 450 of the biggest names in global finance agreed to the declaration at glasgow earlier this month. apollo global management and ck
open. 22 minutes into the european trading day. it seems like things are looking up words compared to the selloff we saw -- looking upwards compared to the selloff we saw on friday. if we see lockdowns, it would mean central banks are more supportive, so we are seeing a nice lift to these markets. oil rebounding from friday as traders assess the risk to global demand from the new variant, while speculation is mounting that opec-plus will palm outputs. joining us is helen robertson. we have a new variant and there is an opec meeting. talk us through what you are expecting this week. helen: this opec meeting will probably be the most interesting one we have had the last couple months, and that is due to the fact that there is a new variant that has been identified, and also there his geopolitical
wrestling that has been going on alongside this. the u.s. coordinator in a strategic relief of crude stockpiles. what has been happening is president joe biden will pressure opec to open the taps at a faster pace than they have provisionally agreed. they had a provisional agreement in place to increase output by about 400,000 barrels a day for january, but obviously that was to be confirmed at the meeting. whether they will do that now, we don't know. last week, we heard that they delayed technical meetings, which are precursors to the main opec meeting. that is now happening on thursday. the technical meeting has been pushed back to the day before. the reason that happened is because the group wanted more time to assess the state of the
market. you mentioned what happened on friday with the rout. crude tumbled by the most in a year. brent is currently up by about 4.5%. wti up about 5%. it will be really interesting to just see what happens over the coming days. dani: helen, thank you for keeping us up-to-date. that is helen robertson. thank you for joining us. as helen was mentioning, we are seeing oil up 5% when it comes to wti and brent, so that is rebounding again after the biggest selloff for oil in quite some time, since. that has reflected what we are seeing across markets, this rebound for much of the action on friday. francine: if you look at the strategic petroleum reserves that were released last week, you wonder if omicron is going to take hold and if that made sense. coming up, we have more on our
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dani: welcome to our special coverage. i'm dani burger with francine lacqua in london. here are your top stories. not taking any chances. more country's restricted and impose tighter curbs as omicron cases spring up around the world. relative calm. oil rebounds, treasury yields rise, and european stocks open higher after friday's selloff. welcome to our special coverage of the omicron variant and what we know and what it means for markets. we will be speaking shortly to
linda bolt, a professor of public health at the university of edinboro and advisor to the scottish government -- edinborough and advisor to the scottish government. there is some talk that the reaction to the variant is overdone. francine: when you look at what that could mean for lockdowns and a pushes back on policy normalization we have talked about, it is clear there is a bid buying the dip. when you look at omicron, we have very little data on whether it is more lethal, more spreadable. for the moment, it seems they are mild infections in south africa. data points are low so i would not read much into it, but we are seeing a bit of support on the european stocks, the stoxx 600. dani: it is significant to see that we are rebounding. we heard over and over again on
friday that perhaps this is a buying opportunity. this is a black friday deal you should be looking at considering that we might get that santa claus rally. we are still just 2.2% from the all-time highs, at least in u.s. stocks. there is a sense of how good a buying opportunity this could be when sectors and indexes are priced pretty richly. francine: and i have to say, friday was an absolute bloodbath. you wondered why people got up after thanksgiving celebrations just because they were down 3.4%, 4% in some cases, and today we are seeing more stability. we look at the sectors moving. some are recouping the gains. airlines we are looking at. overall, there is a lot of green out there. travel and leisure leading after the massive selloff we saw on friday.
autos the only sector in the red. let's turn to the omicron variant to better understand but we are looking at. the world health organization urging caution after officials and south africa say symptoms have been mild so far. some countries have enacted travel restrictions on south africa. here is what world leaders are saying. >> i have decided that we are going to be cautious, make sure there is no travel to and from south africa and six other countries. >> there is no scientific justification whatsoever for keeping these restrictions in place. >> i am aware that the restrictions are stricter compared to other countries, but we must be as cautious as possible about an unknown risk. >> it does appear that omicron spirits very rapidly and -- spreads very rapidly and can be spread against people who are double vaccinated. there is also it a very
extensive mutation. >> the variant moved from being a variant of investigation to a variant of concerned in 24 hours. >> we are in a strong position, but the objective is to keep that position strong. >> we call upon these countries that have imposed travel bans on our country and our other south africans sister countries to immediately and urgently reverse their decisions. francine: joining us now is linda bold, professor of public health at the university of edinburgh . professor bolt, let me start off with you. what do you not know that you really want to find out? do we need to find out if it is more transmissible, or is the most important thing that it is more deadly? >> they are classified because
they are more transmissible, they could cause more disease, and there could be immune escapes. at the moment, we do not know definitively and he answers to those three issues. we have epidemiological evidence showing big rises in cases, including in wastewater, which is an early warning system that may suggest transmissibility. but it is far too early to claim this is mild. if these are new cases, it will take a couple weeks before we know whether larger numbers are going into hospital. we may no immunities earlier because those are studied earlier with blood from people who have had a vaccine. still big questions. i don't think people should panic, but we need time for science to do its work. dani: great to have you on this morning. sam, i would like to bring you into the conversation. linda describing a lot of what we don't know, but what we know so far on how widespread the
variant is? guest: good morning. you see the list of countries growing in terms of finding the cases of this variant. scotland has just announced some more. i am afraid that will be the case when you look at the information that has come out of south africa. it is possible that the infection has actually been relatively widespread during this time. so that is what i expect to see continue. francine: professor bauld, does closing the airways actually work? is it just to buy time? >> yes. it is interesting. we have just announced six cases in scotland, in the central belt of the country, and more information will be coming out in the coming hours. clearly we are very concerned. what you see internationally is
it is appropriate to apply travel restrictions when you think there is community spread in one area but not another. but i would say is if you observe community spread in a number of different countries, those travel restrictions are far less well justified. at the moment, countries are doing what you described to allow the scientist to -- to allow the science to be conducted. the final point i make on that, early in the pandemic many countries were slow to protect their borders. you are seeing governments around the world being much more cautious and quicker than they have been earlier. dani: does it also make sense to be more cautious in terms of not just external restrictions, but internal as well? things like gathering as we head into the holiday season? >> yes, that is correct. in many countries, we are still burning quite hot at the moment in terms of cases. at one point, there were 50,000 cases a day.
even without this variant, we should be advising people, face coverings, ventilation, regular asymptomatic testing. in many countries you can get access to that. vaccines, including boosters. this recent news gives -- i supposed to be positive -- an opportunity for public health, professionals to communicate that now is the time to be extra cautious not just because of winter in some countries but because of what we don't know about this new variant. francine: sam, what is the incentive for helping nations sequence and find new variants to help the world? >> that is a really good question, but i think scientific integrity and humanity will hopefully override that as this situation arises. the same thing happened with, the beta variant,, yet south
african scientists were even more exemplary this time with the omicron outbreak and variant than they were with the beta variant. the problem, of course, is the sequencing in south africa is at high levels and exemplary. what happens in countries around is a different story. and we still don't really know where the source of these particular variants -- of this particular variant was. dani: professor, you mentioned cases were high even without this variant being a concern. does all of this come together and mean that we should look potentially at another holiday season that gets disrupted akin to that of 2020? >> i would really hope that is not going to be the case. we built up so much knowledge. we have highly effective vaccines. even if this variant is implicated in some, it is unlikely the vaccines will not continue to protect us against severe disease and death.
that is a really important message to convey. we have not had a variant to date that has done that. what governments around the world are trying to do is be proportionate and emphasize the public health messaging, try to do what we can. but i think it is only when health systems are overwhelmed that governments are forced to pursue another lockdown or restrictions, as we are seeing in austria or the netherlands. my hope is that will not be needed, that christmas will be fundamentally different to what we faced in 2020 and into the new year of 2021. francine: that is the hope for many people around the world. linda bauld, professor of public health, and sam fazeli from bloomberg intelligence. france becomes the latest country to detect possible cases of the omicron variant, sparking concerns that the new mutation has been on the continent. we focus on that next. this is bloomberg. ♪
story, the new variant that has spread. france is one of the latest countries to report eight possible cases within its borders of the new strain. some countries have banned travel from south africa, where the variant was first detected. we will hear from ed ludlow on the impact on global travel stocks. first, let's check in with maria tadeo, who is in brussels. how is europe reacting to this new mutation so far? maria: when you look at the cases we have already, there have been multiple cases identified and suspected, germany, france, italy, belgium, and the netherlands, where 13 cases were identified yesterday. all of this were people on a flight back from south africa into the netherlands. the message from the european governments over the weekend is the same we have heard for weeks and days. you have to get the vaccine. this is the only thing that will prevent escalation with this new variant. we know it is here in europe.
you have to prevent it from spreading. get the vaccine, whether this is your first dose of the booster shot, you have to get it before the winter. the other thing i would highlight, and this has become a growing debate, is what to do with the ip of some of these vaccines? for weeks or months, we have heard a lot of this has to do with everything we have seen. we are seeing huge disparities between the richer countries and the poorer countries. that makes this much more fertile ground for mutations to come into place. that will have to get done through the wto. the meeting that was supposed to happen this week has been canceled because of flight restrictions from the swiss government. if you are expecting rates, it will not happen this year. francine: what is the latest on the ip, the new variant reigniting this debate on whether the ip should be removed? europe has rejected this in the past. will it have to change its tune?
maria: but the europeans have said is this is not about the ip. when you look at it company like beyond tech -- biontech, they say that technology has to be respected. they see that removing the ip could lead to chaos in production. the focus for europe has been to improve and increase the industrial capacity. europe is the biggest exporter of vaccines. when you compare the number of vaccines promised through covax versus delivery, there is a big shortage. that is where part of the problem is coming from. dani: from the ip debate to the travel debate, let's take a look at omicron's impact on global travel stocks. ed ludlow joins us. what is the latest we have seen with travel stocks? ed: we are 45 minutes into the european session. some airlines rebounding. the parent company of british airways up 2.6%.
a german company had seen broader declines. broadly, we are in the grain. but a rebound in name only. if you look over a two session basis, the stoxx 600 travel and leisure index, we are in high single digits of decline. there is a citigroup analyst that points out if you look at the u.k. measures, which is that arrivals have to quarantine, self-isolate until they return a negative test, will they see the headwind to air travel in europe in the holiday season but also a precursor of things to come in continental europe? they say easyjet is exposed in that travel between the u.k. and europe. they expect european nations to follow suit with that kind of restriction. morgan stanley out with a note saying volatility in airline stocks will continue because we don't know anything about this variant. we will take time and news flow to learn more. this is a chart of global
airline indexes. we know asian airlines continued to selloff monday, interesting given the rebound we saw here in europe. you can see it is a pretty profound move lower. this was supposed to be part of the recovery trade and it has not panned out that way, specifically with the outperformance you see in asian airlines. we ha are in wait and see mo. -- we are in wait and see mode. this will grind to a halt the recovery in the airline travel. francine: we also saw a return to the stay-at-home trade. ed: the other concerned with his variant is the prospect is lockdowns. it was already there before the variant was discovered. you see this reflected in the u.s. zoom was up by the most since august. but if we look to u.s. equity futures pointing higher as we head toward the u.s. session, you might expect some of that stay-at-home trade to unravel a little bit.
francine: a comeback to ours -- welcome back to our special coverage of the omicron variant. i am francine lacqua in london with dani burger. it seems we have a few market drivers. first when you look at the markets, very different start to friday. if you see the gains today on the stoxx 600, gaining 0.6%. a little slower in terms of the gains we saw minutes ago. to talk about the markets is eddie van der walt. is this buying the dip because we are waiting for news on omicron, or visit factored in that this is probably not as ugly as we thought on friday? eddie: i think the noises we heard over the weekend have been more positive. they talk about the virus being highly contagious, but perhaps
not as deadly. we will wait and see when we get more data. i think the market is saying, there is no real need to panic just yet. at the same time, the central banks that we have heard from have not changed their tune much. it seems like policy stays on course, so i don't see why markets should reprice significantly. as you say, we have not wiped out any of the losses we saw even in oil. oil is up 5%, but still down from friday. we are seeing a karma day, and i think that is what markets are looking out for. dani: what do we make of bitcoin and of the crypto space falling so hard on friday, 8%, when it comes to bitcoin, when perhaps this is an asset that has nothing to do with new variants? eddie: there is all this talk about bitcoin being a risk off asset and a haven. really, it has just proven over and over again that it is correlated with tech stocks at the moment. bitcoin did really sharply
selloff. a lot of the assets we saw that were repricing were more a case of assets that had gotten a little bit removed from their fundamentals, like crude and some of the bond markets. i think those markets are not going to come back as soon some of the others, like equities, maybe. francine: i know we will talk about oil because we have opec-plus, but is there anything right now the catchers your attention -- that captures your attention? eddie: i don't know how long you have talked about it this morning, but one thing i want to talk about more is natural gas prices because it is cold in europe. it is unsurprisingly cold for this time of the year. we are already low on natural gas storage in a lot of those. we knew this coming in. we knew we needed another mild winter to get us through. at this point in time, it does not look like we will get one.
in my household, we have had the fires burning all weekend to get the house warm. i think this is a case in the u.k. this could be a game changer because if we draw down on those stocks really quickly, that could be a bid on oil prices as well. dani: my heat was cranked to max over the weekend. i wonder to what point this brings back the question of what policymakers do? there is some relief if oil sells off.they don't have to worry about people paying higher prices. again, it will be cold. how do you evaluate the mix of the push and pull of these factors? eddie: the policymakers, it is out of their hands. they will not be able to control inflation. if it is pushing inflation, it is coming from natural gas. the wider community of policymakers, there is an easy fix to this. we need nord stream 2 approved.
this is the game that is being played. i don't want to say that russia is playing this game, but i think if we get nord stream approved, we will see more gas in and this will be solve. francine: eddie, thanks so much. eddie van der walt from our bloomberg markets live team. check out their wonderful blog on tliv . surveillance early edition is next. we have plenty more on the markets. this is where we stand for european markets. the focus should also be on natural gas with these cold prices. also, we will speak to the pfizer chief executive. that is at 5:30, u.k. time. let's have a wonderful market check because it is always a good idea to look at what is going on in the markets after the day we had on friday. first of all, u.s. and european equity futures climbing. crude oil up. treasury yields gaining. investors are trying to
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>> it does appear it spreads rapidly and can be spread between people who are double vaccinated. >> there is no scientific justification whatsoever for keeping these restrictions in place. >> it will take a few weeks for us to understand what this has -- what impact this has spread -- has. francine: good morning everyone. here's what's coming