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tv   Bloomberg Markets Americas  Bloomberg  November 29, 2021 10:00am-11:00am EST

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♪ >> the financial world, this is what bloomberg markets -- this is "bloomberg markets," with alix steel when guy johnson. alix: markets calm down, but restrictions do not. equities klein back some losses from friday. travel stocks still lag behind as curbs fall into place. $150 oil is coming. we are going to talk to the analyst behind that call in oil for 2023 as the spare capacity shrinks. christyan malek of jp morgan will be joining us. welcome to "bloomberg markets." i was out for two days. i see the headlines friday. my first instinct is who was trading that day. then liquidity, let's wait for
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the expected bounce monday morning. guy: volumes were ok friday, so i think a lot of people being able to work from home did step in. i admit it was a shortened week, a shortened session, and as a result of which, we may have seen some people got there. it was a high-volume session. is it a bounce back, a dead cat bounce? i don't know yet. i think until we know the details around what this new variant is going to do to us, that answer is pending. alix: it just takes some froth out of the market, which we were expecting at the end of the year anyway. guy: i think that is a perfectly legitimate way of looking at it. . maybe that was going to happen at some point. so i think it was inevitable that we were going to have some bumps along the way. we were already starting to see
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significant pickups in delta. it is certainly happening where i am. that was going to be a cause for concern. there was likely to be a bump that was going to upset these equity markets. i don't know what it was going to be. turns out it was a new variant. alix: we were already seeing markets rollover a touch. oil is also rolling over just a little bit. there are some cracks within all of this which is worth pointing out as well, which begs the question, how much can we actually come back from friday? guy: just listening to some of the commentators, they are still pointing the fact that we will have a run into christmas. housing data just darting to hit the tape. looks a little better than expected on a month on month basis. this is pending home sales data. the month on month number coming in at 7.5. the survey number, just 1%. the prior number was -2.3%.
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that has been revised a little further lower. the year on year nonseasonally adjusted number, -4.7, the prior number, -7.2%. so some signs of stability. alix: let's get back to omicron. people infected are showing milder symptoms than those who had delta. those around the world are still stepping up this restrictions. pres. biden: we are going to be cautious, make sure there is no travel to or from south africa. >> there is no scientific justification whatsoever for keeping these restrictions in place >> -- in place. >> we must be as cautious as possible about the unknown risks. >> it does appear that omicron
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spreads very rapidly and can be spread between people who are double vaccinated. >> is a variant of concern in this past 24 hours. >> we can't afford these countries that have a boar -- that have imposed travel bans in our country and our other sister countries to immediately reverse their decisions. alix: the u.k. is no -- is now urging boosters for all adults. so it no longer pays for god to be old. joining us now, sam fazeli a bloomberg intelligence. the market reaction friday was swift. should have been? sam: yes, i think so.
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south africa and some of the other african nations who have travel bans, it is very difficult, but also hearing that people should not travel between provinces, so i don't know why travel within the country is not a good idea, but travel outside the country is ok. i think you just want to slow it down until you know more about it. two it is something we have to wait and see. guy: the financial markets are flying blind. we had a knee-jerk reaction friday. can you walk me through the timeline of what we are going to expect? what are the key milestones? sam: what we need to see is in the next couple of weeks, hopefully news coming out of the variant as to whether the third
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shot of the current vaccines induces an immune response that can neutralize omicron. they already showed that for delta and beta. that is number one. if that is not the case, they've got vaccines against beta. does that help? because omicron is a bit closer to beta then it is to other variants. that is the sort of information i am looking for, which i think is the first we get in the next few weeks. then of course, how much -- with it alix: we've heard about mild symptoms to show that this maybe isn't a delta-type scenario. do mild symptoms automatically mean less hospitalizations and less deaths? sam: to be honest, i don't put any stock in that comment at all at the minute. this is one country with a relatively low number of cases with a much younger population than other countries, different comorbidities and
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background infection. you just can't make a decision on how bad this virus is until you have seen it more broadly infecting people, song afraid i don't buy that yet, but i wish it to be true. guy: that would be nice. i think there are some upside scenarios here come about the moment, obviously the muscle memory teaches us to be a little bit cautious. sam fazeli of bloomberg intelligence, thank you. you have been looking at a briefing of where we are in terms of the u.k. response. the u.k. does seem at this point to be accelerating the vaccine program, trying to reach as many people as possible, urging boosters for all adults, second shots for 12 to 15-year-olds. there's a gap between 12 and 15 at the moment where you get one shot, you don't get nhs access to prove you have that shot, and two shots may end up changing the reporting standards around that second shot. we will have an ongoing response
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here at bloomberg to what is happening. we've got a special coming up later on this afternoon on the omicron variant and the impact these variants are having. let's talk about the market reaction. christian lawrence, rabobank senior cross asset strategist, joining us now. fairly straightforward first question. we saw obviously a massive rout friday. we are seeing a committee bounce back today. what do you make of the price action? christian: i think the price action makes sense given the circumstances, but unfortunately, sam was quite right. we just don't know how the omicron variant is going to evolve, and we really don't know the impact this is going to have on the markets going forward and on economies going forward. so it is adding uncertainty to what was already a blurry outlook. that being said, we have a buy the dip and tell her already.
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december is usually a very strong month for u.s. equities. we know corporate buybacks are accelerating into the year end, so outside of omicron, there were reasons to be bullish equities, but this does provide that layer of uncertainty for sure. alix: does that mean buy the depth, but with a lot of extra hedges? christian: i think so. in terms of high conviction, it is difficult to have them across markets. i certainly think u.s. vol is going to edge higher. i think we will see higher volatility and interest rate markets. the mega tech companies have done a very good job of holding up those headlines. the action has continued to be below the surface. i think that at this stage, until we get more information, a slightly cautious approach is warranted big -- is warranted. i like financials, selective
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energy, but i would probably be careful of travel stocks at the moment. guy: i think you are probably not alone in that. talking of the cautious response, do you think we get a cautious response from central banks as a result of this? what i am trying to work out at the moment is what impact this will have on fed policy, bank of england policy, ecb policy. there's a danger that if it turns out to be a difficult variants to deal with, that we end up seeing an impact on the labor market as we see lockdowns or lockdown light being imposed. if that is the case, we are also likely to see higher inflation. which way do you think the fed and other central banks, how will they deal with that? christian: i think central banks in most developed countries are stuck between a rock and a hard place. we have seen massive repricing at the front end. i think we continue to see that as we get to grips with the strength of this recovery, and
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the labor market is a key part of that. is focus on the unemployment rate, but of course, the participation rate has faltered a lot as well, and that has not surged back higher. we don't know how any people have left the workforce for good and how many will be forced to return to the workforce next year. the wage growth we have seen this year has been more about distortion and it is less likely to continue as we move into next year, particularly as we see some more americans forced back into the labor force. but when it comes to the fed, i'd into think they are going to be pretty cautious. don't buy the idea that they will necessarily raise rates twice next year. i think we may only get one rate hike next year. and as for the tapering process, i think they will stick with the pace they have already outlined rather than stepping it up. alix: when, before omicron came out, increased their forecast for rate hikes to three starting in june for 2022. so what was really interesting
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is that before all of this, the idea that we were going to get a rotation into value cyclicals and small caps was permeating in the market. whether or not that is coming true is a different story. does that push this out altogether, and then you have to go by the safety and the growth of tech? for can you start to play with that rotation? christian: i certainly like the mega cap companies at the moment. when we talk about value, i think it is more about being selective. businesses that can be agile in this environment, they are going to be outperforming. it is back to that old-fashioned environment of stockpicking as well. but of course, fed actions will remain key. if they do step up the pace of tapering, i think that will take the wind out of a lot of the growth stocks. that is not really my base take. i think one thing the "central's are going to want to avoid is a policy mistake. look at the ecb back in 2011. they have never been able to raise rates since. the last thing the fed wants to
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do is raise rates and be forced to unwind that. so i think the middle of next year, even that is too early to really start to put the pressure on rates and for the in particular. alix: thank you so much for joining us. coming up, we are going to stay with this story. how the latest coed variant desk latest covid variant -- latest covid variant is going to wreak havoc on the travel stocks. the outlook not so great. this is bloomberg. ♪
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alix: omicron variant weighing on travel stocks. bloomberg's ed ludlow has more. let's talk about the reopening and the travel stocks. ed: 40 minutes into the u.s. session, it is actually a mixed picture. softness in american airlines, strength in cruise ships. carnival up 0.5%. expedia, one of the hardest hit friday, compare that with the european session. we did see a sustained rebound so far. the question being, where do we really go from here? morgan stanley saying this is a sector that is so vulnerable to the volatility of the new cycle. what do we actually know about this variant more than we knew on friday? that is the point morgan stanley makes, that is news comes out,
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expect these type of stocks to move. even though we see the rebound monday, particularly in europe, we are still in high single-digit declines. there's no idea of whether this is priced in or not. citigroup talking about the u.k. in particular, who has reintroduced pcr testing and mentor he isolation until you return a negative test. they look at the industry and say continental europe is going to follow suit. that is a headwind to demand going into christmas, demand that was waning already. we got a rebound in europe, but if you look at airline stocks in europe, we fell for a second consecutive day. if you look at some of the measures being enacted in japan, singapore, and the philippines, the move very quick and severely. it asian airlines have outperformed relative to the white and blue lines, so we don't know much about the variant, but there are different
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reactions with different pace in different regions. hard to keep up. and alix: alix: and hard -- alix: and hard to make booking plans. guy: that is the new normal. the airlines generally are getting better at it, but if you want to book ski lessons, transfers, all this kind of stuff, that is money you are basically putting at risk, so people are become a much more cautious. think we did learn something over the last 72 hours, and that is that garments are on a hairtrigger, ready to pull -- that governments are on a hairtrigger, ready to pull new sanctions, new travel restrictions, forward very quickly. i think that is what the travel sector is responding to here. it is less about the stuff we don't know. what we do know is that governments are responding really quickly to it. that is the issue here, isn't it?
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the fact that we don't know things. it is that governments have responded straightaway. reporter: absolutely. the governments have been acting quickly, and that is a problem for the airline industry because it dampens confidence of thing, and especially as we are getting into the busy winter season where people are getting ready to travel, that is the busiest season, so they were hoping for some sort of turnaround this winter, and that looks slick it might be hard won. that means consumer sentiment is pretty weak. alix: i have to imagine that this is going to push back any business travel as we know it. siddarth: absolutely. as countries put up quarantine measures, pcr testing, and other barriers to entry, countries might actually be less inclined to sin people on business trips,
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and that could see business trips falling, especially as you get into the busy conference season in winter, that might see a big fall. guy: ironically, there's a big travel conference happening in london this week that we would be spending some time at. siddarth: organizers are scrambling to arrange for testing, as well as isolation because the u.k. has now mandated pcr tests rather than antigen test's, so it is much harder and regarding -- in regard to vaccination status. when the u.k. does something, the risk is that other countries might follow that example. alix: which is the worst airline off right now? siddarth: at the moment, it looks like pretty bad news across the board, so i think the long haul carriers will be harder hit because they tend to be affected by government rules and restrictions, so the short haul carriers are the ones that
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are easier than the long haul once. alix: thanks a lot. guy, i told you you should have come earlier. coming up, twitter ceo jack dorsey will be stepping down. trading in the stock is halted right now. we will break that down even more. this is bloomberg. ♪
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♪ guy: anglin reporting -- england reporting two further cases of omicron within the last couple of minutes. this is "bloomberg markets." one of the other big pieces of news today, twitter ceo jack dorsey stepping down. this according to a bloomberg source.
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trading in the shares halted, but bloomberg's dave wilson is looking at the impact this could all have. dave: we certainly saw the impact once the reports started coming out about what dorsey's future would be. trading was up 11% before that halt, which occurred about 20 minutes into the trading day here in the u.s. no announcement yet from twitter. nonetheless, you've got to remember that jack dorsey has run twitter, as well as the financial payments company square, since 2015, and over that time, square has been a much stronger performer. twitter hasn't even been able to keep up with its peers among the faang stocks or the expanded faang index. that is where you find the likes of facebook, now meta platforms, and google owner alphabet, so some direct competition there. beyond that, you talk about competition, look at
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twitterverse's square over the last couple of years. square is a much faster growing company in terms of revenue. analysts expecting it to more than double this year. twitter, they are looking for a 37% increase, which is not shabby, but nothing like you are seeing out of square at this point. twitter has certainly had its challenges in terms of user growth over time as well. last year, adding something like 40 million users. this year, not even half that. they've had the issue with having to remove former president donald trump from the platform for the january 6 riots at the capitol, so those kinds of issues aren't going away. things like mist information -- like misinformation, bullying, all of the concerns that show up with social media companies affecting twitter as well. alix: how does twitter fare during covid, especially related to its peers in social media? dave: it just hasn't been able to keep up. it is not as one-sided as
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twitterverse's square has been over -- as twitter versus square has been over time, but you look at how a bet, pinterest, those shares have more than doubled. twitter has not been able to manage that. snap has more than tripled over that time. so there you go. alix: good point. thanks a lot. really appreciate it. coming up, more on the omicron variant. new york city mayor bill de blasio is speaking right now. lawrence gostin, georgetown professor, will be joining us next. those restrictions are coming. this is bloomberg. >> encouraging people
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alix: live from new york, i'm alix steel. this is "bloomberg markets."
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bloomberg's abaco doolittle is here with some of the movers in the markets. i wonder how long it lasts here? abigail: it will be interesting to see that because there was such a big selloff on friday. is it a bounce back, or the start of something to the upside? here are some of the top movers on the day. moderna, speaking of the new variant, saying they will have a new vaccine ready in 20 pointing to, the not so far out. tesla up about 4%. no news on the tape, but folks one in on this buy the dip day on one of the bigger moving momentum stocks. twitter of course halted earlier, up as much as 11% on the news that ceo jack dorsey is stepping down. of course, he's also the ceo of square, focusing on grip occurrence he's. it would take a look at what is happening, we are going to see the s&p 500 of about 0.9%, the best day in about six weeks or
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so. the stoxx 600 up 1.1 percent. brent crude, a big bounce back here. on the risk off day on friday, crude oil down 12%, the worst day since march 2020. the fear of what the new variant could mean for the economy area bonds had a big rally, but today a reversal. we are at a critical point for crude oil. if we go into the bloomberg terminal, we are going to see that in 2020, crude oil clearly plunged right below long-term support, the 200 day moving average. flirted with at one point later in the year. this is the first move low that 200 day moving average since that time period it is going to be interesting to see whether or not these long-term buyers of crude oil and other risk assets step up, or if this is some sort of had fake. we just don't know right now, but today it does feel a little more risk on then it did last friday. guy: we will see what opec has
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to say later on this week. we will certainly cover that extensively. bringing over the last few minutes, the u.k. has two cases -- two more cases of omicron. that is peace number one. the second piece is we are getting a statement out from the g7 health minister's, basically saying that omicron requires urgent action. they are going to meet again fairly shortly. in terms of what we are seeing on your -- in your part of the world, we have a daycare vaccine mandates that is going to come in that is going to be something i think is going to be problematic. we are seeing an increased advising relating to mass wearing. surprising that people aren't wearing masks, but just and it totally, a lot of people aren't. lawrence gostin, georgetown university professor of medicine, joining us. thus far, do you think the response from governments is about right, or too much, or too
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little? lawrence: it is really almost nondescript. governments are kind of slopping all over the place. but what they really should be doing is vaccinating their own populations, including boosters, and they should be really ramping up vaccination of the world. that is really the only way we can prepare for this. if it is as infectious as we worry it might be, most people are going to get it, and when you get it, we want you to be vaccinated. if you are, i don't we are going to have a big problem. if not, we could have huge hospitalization surges. alix: you think mandates are good thing? to pivot off what guy said, new york city mandating that childcare workers vaccinated by september 20. i just see a scenario where you all of a sudden lose childcare workers. lawrence: i heard you off air
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say, what is going to happen if we end up with childcare mandates? i actually do support them because if you send your child to daycare, you want your child to be safe, and asking a daycare worker to be vaccinated is absolutely a reasonable thing to do. it will keep our kids safe. it will keep coworkers safe. it is just a smart, common sense thing that will really buttress our children against any future variants. guy: just in terms of the timeline we are working with here, and terms of understanding the clinical manifestation that the new variant brings, when do you think we are going to start getting to true understanding? because at the moment, we are flying blind. lawrence: we are flying blind. right now we are kind of lurching from complacency, because we thought we had this under control in europe and the united states, so we were seeing
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the end of the tunnel, but now we have lurched from complacency to panic. neither of those extremes are a good way to go. there isn't going to be a magic day when we say we really understand this, but i think within two or three weeks we are going to start to understand the characteristics of this variant. what we expect is that it will probably be quite transmissible, and if it is -- the delta is extraordinarily infectious, nearly as infectious as chickenpox. if this new variant is more infectious than that, then we have a lot of reason to worry because a lot more people are going to get infected. but we don't have any evidence
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it is going to cause more serious disease, more hospitalizations, and although probably coming from our experience with delta, the vaccine effectiveness is going to be a little bit less then it would otherwise be, vaccines will still be robust, and i do think that if needed, particularly with the messenger rna vaccines, we are going to get a vaccine. alix: we in the markets can talk about boosters, but in emerging markets, we are not even remotely at that stage yet. it feels like the path forward is we have to vaccinate emerging economies asap. what is the best way to do that? lawrence: i am so glad you raised that because that has been lost in the conversation. if we have learned anything from this new variant, we have learned that as long as sars-cov-2 remains unchecked in
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a largely unvaccinated population, particularly in sub-saharan africa, that they are going to get more and more variants. what is the best way? every country in the world right now should ramp up its donations in a massive and coordinated way , and we should transfer technology to south african hubs and indian hubs and others that can make their own vaccines. guy: a final quick question for me. increasingly, it looks like many of these variants with huge numbers of mutations are coming from immunocompromised patients, possibly hiv patients in africa. they don't respond well to vaccines. as a result of which, we find ourselves in a situation where they are largely unprotected, but provide the opportunity for the virus to mutate in a significant way.
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how do we stop that problem? lawrence: that is a really hard problem, and i think we've got an interconnected epidemic of hiv and covid-19, and yes, one of the prevailing theories is that omicron might have developed inside and immunocompromised patients. the best way to do that is to get anti-retro viral medications quickly and sustainably in sub-saharan africa and other places where that is present. alix: thank you very much. we really appreciate your time today. thank you very much. coming up, this no doubt dominating the conversation in d.c., but there is still also a lot more on deck. you've got the debt ceiling, money markets and geared for a key week. the budget needs to be increased by friday, and then you have the infrastructure bill. henrietta treyz of veda partners joins us. this is bloomberg. ♪
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♪ ritika: let's check in on the bloomberg for news. president biden meets today with c euros of companies from a variety of set to discuss supply chain bottlenecks in the administration's efforts to combat inflation. chief executives from best buy, mattel, kroger, and samsung are expected to attend in person. the ceos of walmart and cbs will attend virtually. in new york, final jury selection in the opening are bigots -- open organs are set today in the trial of ghislaine maxwell, accused a grooming on during -- grooming underage girls for jeffrey epstein.
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canada is leaning towards forming a common front with mexico in a fight with the u.s. over the origin of auto parts. the rules are part of the overhauled north american free trade agreement. global news 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i'm ritika gupta. this is bloomberg. alix: some breaking news for you. jack dorsey, as we reported, stepping down as ceo from twitter. the new twitter is currently the chief technology officer. he has been that since 2017. he has been a twitter for more than decade. so eric agarwal -- so parag
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agrawal will be the new as well. lots of news with twitter. the stock still halted. before the news it was up about 3%, so giving up some of its gains from earlier in the session. we will bring you the price action when it starts trading again. let's go to d.c.. congress is finally back in session. they face a lot of deadlines. first among them is avoiding a federal government shutdown. we are joined by bloomberg governments emily wilkins. that is just the first thing they have to do in the next few weeks. emily: it is going to be incredibly busy must for congress. they've got that shut down deadline on december 3, then moving a couple of weeks to december 15, they have the debt limit that needs to be raised. we are still seeing a standoff between republicans and democrats over that. republicans say they will not help democrats lift the debt ceiling again, but democrats not really moving forward with that reconciliation process that would allow them to do it on their own.
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you also have the social welfare and tax plan known as the build back better from president biden. the house was able to moves that before the thanksgiving recess, but the ball is now in the senate's court. there's still lots of questions about whether various policies might be changed. there's also no guarantee that we are going to see the end of the government funding debate this friday. number news reported today that there could be another short term stopgap measure that could take us into january of next year, and that just sets up another round of debates as far as whether we are going to get a full year of funding for fiscal year 2022. guy: great stuff. thank you very much, indeed. let's carry on the conversation now. we are joined by henrietta treyz , veda partners director of economic policy. it is a long list, and there's not much time in theory to get it all done. as we were just hearing, you've got a short-term funding of the
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government that needs to get resolved. you've got the debt ceiling. you've got the defense budget, build back better. can you walk me through how you think we are going to see congress dealing with these, or not dealing with all of these issues? henrietta: thanks so much for having me. i think the debt ceiling is probably going to be a mid-january issue, so i think the debt ceiling is probably not going to be something that they addressed this cycle. i think they will probably get to that next year. i think it is pretty appropriate to read between the lines of what secretary yellen has said to congress. she has certainty through december 15, but after that, they are uncertain. it is very different than oh my gosh, there is going to be a default. i would, however, really like to see the build back better agenda pick up some steam this year because i will start to get more anxious about that even becoming law at all if they have to debate it in 2022. 20 22 is a midterm election cycle.
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we will have new data on the jobs front, which continues to be better-than-expected. we will have new data on inflation. supply chains could still be affected. i think you should be in a mixed bag if you lead into next year. to that end, i think the new delta of covid, if you want to find any silver lining, and uptick in covid headlines drives momentum government intervention in stimulus, so i would be looking for this specifically for behind-the-scenes action on the build back better agenda. i think there is a path forward for it to pass before the end of this year, and of course, government funding needs to be dealt with by friday, and the jury is out on whether it will be december 17 for next year. alix: omciron, that makes it harder or easier to think about something like build back better and to deal with the debt ceiling? henrietta: yes, absolutely. as omciron picks up, you see
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renewed government intervention. right now we are at the travel ban stage, but what is going to happen in new york? are they going to go the way of austria and shut down? are they going to reinstate lockdowns? are we going to need to have a conversation about whether restaurants and businesses need to shut down again? you have been talking about childcare. all of those issues are going to be front and center again. they spur the need for federal action and create a glide path for passing legislation that otherwise would be very difficult. we love a crisis in d.c., so ironically, as covid picks up and a new wave comes forward, even that that was widely anticipated to occur in the winter months this year, the uptick makes it easier for the bbb to become law. should it get addressed quickly. guy: let's look at this another
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way. there's a lot to do around it, and we need to figure out some key compromises even within the party to get this done. do you think that if we kick it into next year, it is going to become even more problematic? we are going to start to get close to the midterm. all of these issues come up resume bleeding further out we push them, the harder they are to solve. henrietta: absolutely. this is a one-two pass piece of legislation, not a must pass piece of legislation. so if i want to pass this, i need momentum. i need urgency. voter support for federal intervention. as we see inflation continued to be a problem, the calls are only going to get louder that we have had too much government intervention, too much subjugation, and maybe -- subsidization, and maybe some of these lowers should be -- these numbers should be lower. they are going to have to vote
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on really contentious issues. the salt deduction. nobody really wants to talk about that on the progressive side, but moderates do, especially in new york, new jersey, connecticut, california. there are issues about taxation on excess carbon emissions. there are issues to do with the electric vehicle tax credit, on who gets to apply for it and who doesn't. there is a labor component in the bill that is going to be a problem for the toyota plant in west virginia, which is paramount because of senator joe manchin. the longer you get the party to negotiate internally, the more fractious it becomes. we saw that for the last 11 months. so we want this to pass with a year-end deadline. the biggest driver is probably the expiration of the child tax credit. that reverts back to its 2020 levels at the end of this year, so that is probably going to be the predominant talking point in the next couple of weeks, is we heavily got to re-up that
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expanded child tax credit. alix: president biden. a little bit of a reprieve when it came to high gasoline prices and high oil prices over the last few days. opec+, the technical committee is going to be meeting later this week. i am wondering, what is your base case? do you think opec+ goes as far as to take oil off the market? i am wondering how far they are willing to push president biden here. henrietta: i think they are willing to push him pretty far. you have seen the administration is willing to go in every direction it possibly can, releasing some of the reserves from the strategic petroleum reserve recently, calling on opec to do x, y, and z. i think opec+ probably sees that and says they are going to respond to the extent that they will, so we have an opportunity here for a shift in climate
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environment to maybe make putting -- a shift in climate environment to maybe make changes on our production . guy: busy week. perfect timing. and very much, indeed, henrietta treyz. european equities are selling off but he hard right now. we are down to what's session lows. the stoxx 600 is only up by 0.6%. we will continue to keep you updated with the markets. this is bloomberg. ♪
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guy: 35 minutes to go until the end of the european session. we are watching very carefully to figure out exact they would is going on, as we are seeing something of a selloff right now. key stocks you want to focus on. bt group, that is m&a. there are still idiosyncratic stories moving individual names. bt up on the back of that. but look at iag and cineworld. iag probably one of the most exposed stocks in the world too long haul. a bounce this morning definitely now fading, only up by 0.8%, meaning we need to gain a little more traction, but nevertheless, unconvincing it seems at this point. we still don't know exactly how global governments are going to continue to react to this. our restrictions going to get tightened? pcr tests on arrival, that is a
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difficult one to deal with. to mystically, it is interesting. cineworld up by circa 3%, so the market is separating out what is happening in terms of domestic stocks and those exposed to international travel. interesting in a gang in terms of the reaction. what are we going to do next? we are going to continue to keep you updated on what is happening in the european close with the emergence of omicron. david heyman, professor at the london school of hygiene and tropical medicine, will be joining us. he spent an awfully long time at the world health organization. he has great context that he can bring us as to what is happening here, not just a domestic story, but also an international story. the close is next. this is bloomberg. ♪
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guy: monday the 29th of november. we are seeing a bounce back in european equities, but that is
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beginning to fade as we head towards the end of the day. we are near session lows. we will see exactly how the next 30 minutes goes in terms of the recovery. our countdown to the close starts now. >> the countdown is on in europe. this is "bloomberg markets: european close," with guy johnson and alix steel. ♪ guy: let me walk you through the price action we are seeing right now. we have faded an earlier move. we are near session lows. we are just bouncing off of it. the stoxx 600 trading at 467. had a touch of 466 a few moments ago. we have definitely come down. brent crude bouncing back as well. afterda

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