tv Bloomberg Daybreak Europe Bloomberg January 24, 2022 1:00am-2:00am EST
the fomc will be more aggressive than expected. yields climb and u.s. futures advance. plus, the crypto crunch continues. bitcoin drops 50%. a very good morning. we are waiting for phillips to give us their numbers, and they are in across the screen. fourth quarter at 13.1%. this is a squeeze, they warned the market a couple of weeks ago in terms of sales, revisions, chips. the estimate was 15.5%. what else have we got on phillips? dani: we have a dividend per share at 85 euros. fourth quarter net income 157 million euros. it is also a recall over sleep
apnea machines as well. as you said, they warned against, and it means higher provisions as well. missing estimates. they tried to adjust the estimates. we will get more in a little bit. we have the phillips ceo to join us to talk about the results. manus: we will see how the crisis comes to bear. we have to talk about -- it is different this time. you have a flattening of the curve, and you have the stats on that, i won't plagiarize. this time last week to where we are now, it is quite interesting when you look at the risk profile. why do i care? because it is credit suisse. i love it because it is so graphic. it is more about scraping the paint off the wall. the fresco painted in the first two years of the pandemic is out of date.
inflation is a problem and so are financial excesses. here is the kicker -- he says it is not just letting bonds rolloff, but they could sell the bonds. that is cutie with an aggressive martini twist. dani: fives, 30's, that is the flattest since 2019. i told manus before the program and he kindly allowed me to take credit for that stat. it's also different this time because of wages. this is something we've heard from deutsche bank, that real wages when you take into account inflation, are deeply negative. if we don't get a fed hike to combat inflation, we could see more of an economic slowdown. the choir is growing about the fed needing to be more hawkish. goldman over the weekend one of them as well. manus: i think the four hikes is the consensus narrative now, the question is what kind of
rhetoric comes out on wednesday and doesn't lay the groundwork for 50 as opposed to narrative consensus building, incremental heights with flexibility. that's how you've got to read wednesday. dani: and what does that mean for markets? let's get into what is happening this morning. a little bit of a bounceback in u.s. equities, but how much is of the dead cat variety? up at 6/10 of 1%, s&p futures. declines in european futures. 10 year yields higher by less than a basis points. brent crude also higher this morning as well, $88 a barrel. finally bitcoin, we will dig into this in a bit, but the lowest level in six months. manus: it is fairly brutal. the tail is wagging the dog, i am asking myself. we have russia, ukraine, the
u.s. has ordered family members at its embassy in key have to leave due to what it calls the continued threat of russian military action. meanwhile, eu foreign ministers are set to meet in brussels to discuss their response to the conflict. maria tadeo ties it to deyo -- ties it together. exit key have -- kiev. where are we at in terms of risk assessment? maria: this confirms the story we put out on friday, the relatives of diplomats working in ukraine will be asked to leave the country. a lot of this is due to the perceived perception, but also concerns coming from the united states. even though russia continues to deny it intends to invade
ukraine, the u.s. says intel points at a different matter. you also have to look at the bigger contest. there was a debacle in afghanistan over the summer. the u.s. very focused in avoiding a similar situation. the question is will this trigger a domino effect? we saw over the weekend reports that the germans are planning to evacuate staff members, also concernet the risk of what is happening in the country. dani: it is a very complicated situation, given germany's position, and their closeness to russia in terms of energy. given all of that, how united is europe in its approach to russia? maria: that is the big question for european prime ministers when they meet here in brussels today. in december, all of the european ministers agreed that there would be massive sanctions on
russia if it invaded ukraine. a month later, we still don't know what massive would mean. the 48 hours we have seen play out before this meeting today in brussels, it had been a complete embarrassment for the german diplomatic mission. we heard on saturday at german official caught on tape saying vladimir putin demands respect and it has to be handed to him. also saying crimea was gone forever and that is reality. very embarrassing, and his resignation has happened, nonetheless, it is bringing to the forefront ambiguities around germany and its relationship, diplomatic and commercial, with russia. dani: maria, thank you for keeping us updated. asian stocks are falling this morning as a speculation mounds that the fed will be more hawkish than expected. we are on a countdown to the first fed meeting of the year. let's get to juliette saly.
how are the asian markets shaping up? juliette: some em pain. the kospi getting toward bear market territory. among the laggards today, especially as you see bearish calls, citi lowering its call for the kospi for 2022. and the hang seng tech index among the laggards today. we are talking about the topics getting close to correction territory last week. a little bit of a rebound and afternoon trade today, fairly flat on kind is market. let's look at what is happening with the yuan. the highest since may 2018 and a little more signs coming through that authorities are happy with where the currency is at the moment. this is showing you how it is a divergence between what the market is looking for and what the pboc delivers.
it is fairly unchanged today. someone sang perhaps the next line in the sand would be after we have broken through 6.35. manus: we will keep an eye on those important numbers. rising global crypto's east someone after a risk off move field a selloff. bitcoin has lost more than 50% from its all-time high in november. joanna loss injured -- ossinger joins us. let's deal with the emotional carnage of the weekend. i'm going to give you a contrary indicator, i want you to think about this, if i don't have any crypto, it might be the opportunity. there could be another 20% to go. good morning. joanna: manus, it is possible, and all of the crypto space
people are saying if you liked that coin at 60,000, you 1130 5000. it is something where when we have seen the lows before, we are seeing the institutional players getting in. it can be a two-way street. if you have stocks falling, other risk assets falling could be affecting the crypto prices. it is pretty correlated with other stocks and risk assets at this moment. dani: can i just say a wholehearted thank you for not getting into the fibonacci level. manus: tomorrow. dani: everyone make sure you have your cup of coffee before tomorrow's show. let's get over to the first word news with juliette saly. juliette: the uae says two ballistic missiles were launched by human -- by yemen.
the country's defense ministry says shrapnel fell on abu dhabi without causing loss of life. last week, yemeni fighters launched strikes that caused deadly fires outside abu dhabi. president biden's medical officer says the latest covid wave may soon peak. however, anthony warns the turnaround will not be uniform, with some states still seeing rising cases. >> in the northeast new england and upper midwest states, they have peaked and are starting to come down sharply. there are still some states, the southern states and western states, that continue to go up. but if the pattern follows the trend we are seeing in other places, things are looking good. we don't want to get overconfident but they look like they are going in the right direction. juliette: an italian mita -- media mogul has abandoned his bid for the presidency.
this strengthens the prospect that mario draghi could be elected head of state. the decision was announced in a statement saying italy needs unity to battle covid and he wants to avoid his name and triggering division. 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. this is bloomberg. manus? manus: thank you very much. coming up, phillips's fourth quarter earnings miss estimates. we speak with the ceo, next. dani: plus, shares in key iphone manufacturer climb in taipei. more chips and ships through the show. we will take on the challenges facing big tech. this is bloomberg. ♪
manus: it is "daybreak: europe." phillips's fourth quarter results are in, and as expected, supply bottlenecks have impacted earnings. earlier this month, they flagged the struggle supply chains marking the biggest share plunge in 23 years. the ceo joins us now. good to have you with us. very much as you guided the markets, sales at 17.2 billion. i am joined to -- drawn to the order intake. double digits in diagnostic treatment. the question on everybody's mind is we know the headwinds. is the worst behind you now? franz: i wish i could say that. in tech, there are all of the
events. we are continuing to see very strong order growth at phillips. the order book at the end of 2021 is 18% higher than the prior year. so we have a lot of customers waiting for installations for hospital care and patient care. which i think is also understandable given what the world is facing with the backlog of treatments and of course covid demand. we are very keen to supply more innovations to help those customers. at the same time, all of the supply chain headwinds continue. partly it is a shortage of components i chipmakers and partly it is the shipping that continues to have delay. i will give you an example of one of those shipping delay issues. we had a vote with -- boat with
batteries coming out of asia to the united states and it took a whole month longer than anticipated, causing our ultrasound sheens unable to be delivered to hospitals. that is how the shipping industry affects health care. that is not a good thing. in the semiconductor world -- in the semiconductor world, we see very little visibility even though we give out orders at least a year in advance. you could have commitments -- de-commitments during the quarter. we had a lot more supply chain headwinds than originally guided for and that is not great. in 2022, we expected gradual improvements for the year but certainly in the first two quarters we still have shortages. dani: if i could jump in, i know
when you first warned about this a few weeks back, you talked about some of the chip shortages means you have to go in, do spot buys, meaning prices are through the roof. this is a question we've been asking executives for the past year, given the necessity of eyeing the stock market, how much of the high prices are you passing on to customers, have you been, and do you expect to in the next year? frans: much of our order book is based on prices from last year. it will take some time before the higher cost will ripple through into the market. it is inevitable that some of the higher costs will have to be passed onto the market. to the customers. i would say that will start to be visible in the course of 2022. manus: just on that, your language where you talk about this price ratcheting higher, it
is going through the roof in terms of chips. it sounds like you wish you could bring us better news but you don't have better news on the chip outlook. you expect prices to rise by 10%, 20%? what is your best case scenario given the constriction in supply? frans: the spot buying is really for the open market where you try to scramble and get more chips and then you can see and even tenfold increase sometimes. the regular supply is less exposed to that kind of price increases. when we talk about shipping, we have seen shipping prices increase by a factor of three. it is inevitable some of that will have to be priced through toward the end markets. i do hope that as more capacity becomes available, in the course
of 2022, we see the situation abate. we certainly expect better growth in the second half of the year. i mentioned earlier we have an all-time high order book, 80% higher than the end of 2020. our innovations are well-liked. we continue to be able to get a lot of long-term strategic partnerships with hospitals as they are keen to improve patient hair -- care and outcomes and they want to partner with philips for that. we are working hard to ameliorate the situation and i expect improvement. dani: what visibility do you have on your order book given it is at an all-time high? are your expectations that you are near the peak with a lot of the demand brought forward or do you expect it to grow even more significantly? frans: we expect further good
growth as you see hospitals looking at a big backlog of elective procedures in cardiac and cancer care. there is more ambulatory centers being built. we see more demand for diagnosis. our diagnosis and treatment is this through the year last year grew high single digits. we expect this kind of growth to be possible also in 2022. also in europe and asia, we see good demand. i am positive about the market outlook from a demand point of view. it is just we need a better handle on being able to deliver and i expect that to gradually improve through the year. manus: that gradual improvement in the year draws me to the zero
covid policy from china. your outlook, how inextricably linked is the outlook you are giving us linked to an easing in zero covid policy in china and asia more broadly? is that the source of unlocking the outlook for you? frans: this is a very important question. supply chains are global. interdependency is very high. i am worried about a covid resurgence in china. while the western world starts to become more accustomed to flareups, in china, this could still have a massive impact if a city with a harbor, for example, it's into lockdown. there are certainly supply chain risks linked to potential covid outbreaks in china. the question is whether a zero
covid strategy is maintainable over time. dani: before we let you go, i have to ask about your respiratory machines, the recall of the sleep apnea devices. this is something you flag previously, saying it would lead to higher provisions because of the recall. when it comes to legal action taken by phillips customers to the company, what is the timeline on clarity you will have for that and it's addition to higher provisions? when will you have an idea of those costs? frans: let's first spend a minute to talk about the progress we are making. we have had quite an effective patient reach out program. we have reached around 5 million patients. we are working hard to get them repaired, units. meantime we have triple production, one point 5 million units out there already. we are making progress on that
front. the second piece of news came in december where the gases associated with the machines actually were proven to be below the safety norm that the iso organization sets, also reassures physicians and patients in continued use of the device. then there was an independent article in the american journal for respiratory care which demonstrated that the philips devices compared to other devices or using no machine does not show any higher incident level. again, all of that builds into the question you asked, how do we look at litigation? it will take time before we can fully understand the situation out there. and probably you should come back and ask me that question at
dani: welcome back to "bloomberg daybreak: europe." it has been a really painful week in tech in general. we have seen money shed from the market perhaps nothing encapsulate it that are than this, just how painful the week has been for big tech billionaires. manus: you're looking at elon musk a losing $25 billion in value. looking at tesla, down 8.5%, and a wipeout in terms of market
cap. $88 billion coming off of that. amazon lost nearly 11 point 5%, $188 billion in value. every day in business brings something new. so get the flexibility of the new mobile service designed for your small business. introducing comcast business mobile. you get the most reliable network with nationwide 5g included. and you can get unlimited data for just $30 per line per month when you get four lines or mix and match data options. available now for comcast business internet customers with no line-activation fees or term contract required. see if you can save by switching today. comcast business. powering possibilities.
dani: good morning from bloomberg's european headquarters, it has just gone 6:30 in london. i am dani burger alongside manus cranny in dubai. this is "bloomberg daybreak: europe." fears of escalation -- of the u.s. orders family members to leave the embassy in ukraine as tensions with russia intensify. tightening risk, oldman thinks the fomc will be more aggressive
than expected. u.s. futures advance. plus, the crypto crunch continues. bitcoin renews its decline, dropping 50% from its peak. it has been kind of ugly out there. maybe you go with a vanilla correction, but what are the chances it goes from a vanilla correction into something more pernicious? we saw at least some signs that attitudes are overstretched. i'm looking at options specifically. on friday, puts in the u.s. stock market with the highest volume ever with 32 million contracts traded. typically this is a contrary and sign we could get a move higher and markets, but who knows if that's the way it will play out this time. manus: by the way, can i tell you, if things get more pernicious, let me give you a warning. i will have to work a lot longer. i don't think i've got another
major market meltdown in my career. i can only bear a few. dani: take your holiday now. manus: i'm talking about retirement. dani: oh! manus: i know, many people have spoken about my demise. look at the fix in asia. each time in the past for major occasion, payable in front. there is the kicker on the far right-hand side. the curve inverts, they are paying for spot protection relative to the backend of the vix. don't panic, mr. malory -- that was a british sitcom from many years ago. there you go, there is a whiff of panic in the air. dani: that reference 100% went over my head. i have to rush up on my british sitcom history. manus: and i am irish, i will
get lampooned. the s&p is up. have we seen the bottom? is it time to be brave? it is still so on the edge. the treasury trade flattening on the curve. dani: that is 2019. manus: we haven't been this flat since fed 2019. and bitcoin battered on 35,300. dani: let's stick with the oil story. we have the prospect for rising demand on omicron worries of boosting prices. it has been a robust start to the year as demand picks up, stockpiles fell. we had top banks issue a polish forecast for crude. how bullish is our next guest? thank you for joining us this morning. we have the fullest calls of
demand head-to-head with geopolitical tensions. opec as well. are you also in the same camp that this year we will have triple digits on barrels of oil? >> i think we start on a strong footing for a while or a lot of reasons you outlined. the demand story is recovering strongly and we certainly are going to get back to pre-pandemic levels of oil consumption at some point this year. we also have this elevated geopolitical risk environment, whether itnsion eurasia or the middle east or asia pacific. all of those conspired together to provide a strong outlook for oil markets and the potential that you could have a spike in oil crisis. the prospect of hitting $100 a barrel in this context we think is not entirely unlikely. for us what is more meaningful is is $100 a barrel sustainable? we don't think that is likely in 2022. we will have an enormous amount
of oil supply coming back this year, in the opec-plus countries and the producers like the u.s. and canada. somewhere on the orders of six barrels a day of supply growth, that is a lot for the market to chew through. manus: what is my bigger risk? good to see you. is it a new level of demand destruction in the low triple digits? or is it that the fractures -- frakkers in the u.s. begin to produce? which of those propositions should i pay more attention to? edward: i think in the current climate, it is the risk that demand starts to deteriorate at the prospect of higher prices than we are used to over the last five years. bear in mind, we are still coming out of the pandemic and there are a lot of economies, not just advanced economies, but
emerging economies that cannot bear the prospect of $100 barrel oil. also at a time when their currencies will probably be at risk from tightening monetary policy in the u.s. there is a demand reaction that could happen if you had oil prices at hundred dollars-plus for a three to six week period. the supply reaction i think we are already seeing, rigs have been added steadily last year and into early 2022. there will be a natural supply reaction from the market oriented producers in the shale patch in the u.s.. will it be the same exuberant growth from previous periods? probably not, but probably a 10% increase in supply from the u.s. this year. dani: you mentioned higher rates are a risk for em currency and bonds but i know you are also looking at geopolitical risk. walk us through that. when it comes to em, where you see the most elevated risk?
edward: i think our context is we see the fed in the u.s. hiking rates four cycles this year and potentially leaning into drawing down on the balance sheet as well as a form of tightening. in that context, i think some of the more high capital currencies in the emerging-market complex could be more at risk in that environment. piercing a lot of this tablet is asian -- destabilization, like the turkish lira last year, but getting a reprieve last week from the central bank putting a new policy in place. the market might look at that going forward. i think it's a question we have seen already last year, taking steps toward tightening policy. i think americans can withstand the monetary policy tightening better. manus: i want to cycle back to
our region, the breaking news in the last 24 hours has been the interception of missiles in abu dhabi. the response of the government is they are prepared to deal with any threats and are taking any necessary procedures to protect the country from attack. we will see how this bears out. i take everybody's mind act to attacks on aramco, taking out a significant portion of production. our ouija -- are we underpricing geopolitical risk? this is the second attack in seven days on this sovereign nation. edward: i think you always be a risk for oil production, particularly in the middle east. we have had, as you mentioned, some of the attacks across the uae. the last fortnight, we had the attacks on aramco, and the last year as well. we have additional supply available from the region that can get to the market.
national oil companies across the middle east have not been idle in terms of shoring up the ability to make sure the oil market is well supplied and they have opportunities to get crude out in different avenues, not just relying on the straight of hormuz, for instance we are looking at the gcc as a reliable and strong producer of crude, and able to increase production in line with what they have been targeting so far. dani: before we let you go, i want your take on the dollar. before the show, you talked about being more bullish on the dollar, especially in the first half. but that is not what investors have been voting with their wallet. in the latest data, we saw investors flee the greenback into the greatest extent since july 2020. what are they getting wrong? edward: i think they are looking at a short-term versus a medium-term outlook for us.
trading lower yielding currencies like the euro and the japanese yen, we see the policy divergence between the fed and other central banks will be wider this year. that will favor the dollar against those peers. well we will get some day in day out moves, broadly the dollar strong story for the first half of 2022 remains intact. the question is will we get catch up toward the attitude of inflation from the ecb, the bank of japan, in a more material way in the second half of the year? we haven't seen that in a coherent or unified way at this moment, so until that happens, we still see a stronger dollar. manus: they are all sticking to their models, which is that inflation will rollover. if you look at the two-year swaps, they really have rolled down from 4%. i like this quote so much. i want to get your view. it talks about the fed. i want to get your core view, it
is more about scraping the paint off the wall. the fresco painted in the first two years of the pandemic is out of date. inflation is a problem and so our financial excesses. this goes to the heart of what happened in 2022, isn't it? whether we see qt in the form of bond selling as opposed to passive qt, which allows bonds to rolloff. active or passive? edward: i think the environment the fed faces now is one that the markets have not had to deal with really in the last couple of decades you have inflationary pressures. the steps it needs to take, what he needs to pull out of its toolbox, are not something markets have been used to since the time of the global financial crisis. the idea of using things like the more active quantitative tightening, selling down its balance sheet and not just letting it run off, they are possibilities. whether we will get hence this week, i think it is a little early. but they have already broken the taboo about talking about
drawing of the balance sheet. we see a more aggressive policy of tightening rather than slumming down here. -- than slowing down. manus: we will check on this every day this week. our guest this morning on the markets. let's get the first word news with juliette saly in singapore. juliette: the uae says it intercepted two ballistic missiles, marking an escalation in a conflict that largely left the gulf state unscathed. the defense ministry says her shrapnel fell over scattered areas of abu dhabi without causing a loss of life. last week, iran backed yemeni fires -- fighters launched missiles that caused a fire outside abu dhabi. china says a month-long lockdown has been lifted after covid was stamped out. shops, markets and restaurants
have been opened. beijing is requiring anyone b uying medicine to get a covid test. -- says wages will be raised above government guidelines. the ceo also told us consumers are more likely to accept price hikes because of an inflationary environment. >> i am hopeful that business will come back in japan. perhaps around february, through the end of february. we expect a peak time will come around that time. then the government will shift to the integration of the consumer. that will help us. juliette: bloomberg understands and activist hedge fund has --
over the past few months. it adds to pressure on the ceo after he abandoned a bid to buy a health unit. he had a history of pushing for changes at the company. 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. this is bloomberg. dani: thank you. juliette saly in singapore. coming up, shares in a key manufacturer climb in taipei. we will focus on the challenges facing big tech, next. this is bloomberg. ♪
shares in a key iphone a similar climbed after the taiwanese electronics manufacturer said it might receive unprecedented performance in the first quarter. this as companies around the world are racing to build up inventory out of fear that omicron outbreaks could further disrupt supply chains. we are joined by juliette saly. dig into the details, what did they say? juliette: exactly, we heard the unprecedented quarter, the chairman saying they could eat what they had seen the last couple of years as they raced to build up inventory, saying a lot of workers might not get the seven-day lunar new year break they are expecting next week. they might only get two days off as they try to scramble to build up inventory here. we've also heard about the flagship unit at foxconn tech unit that runs operations in china, it is applying a lot of focus to apple but it makes
gadgets for dell, sony and nintendo. a big spike in the share price today, as much as 2.5%, apart from -- different from the trend. a potential 37% return. 16 buys, seven holds and zero cells. -- sells. manus: it was a monster week for the tech billionaires taking a wipeout. a lot of pressure for elon musk, jeff bezos. mega tech will be our focus. if it was big's last week, it will be mega tech this week. what is on the slate? juliette: exactly. we already had that fairly rosy outlook from the world's biggest chipmaker. we will be looking on the heels of that healthy others have been amidst the chip crunch.
we have the likes of intel and samsung reporting over the next couple of weeks also, along with key clients like apple and microsoft. which as we know has a lot of cash on its balance sheet after announcing that $69 billion offer for activision/blizzard. they will look at omicron, we talked about that in terms of the supply chain. they are saying also the recent spike in covid could mean a lower consumption, and that could help the outlook for growth for the likes of microsoft particularly, when you look at clients in hospitality, leisure, termism and travel. -- tourism and travel. manus: juliette, thank you. coming up, cautious optimism in the u.s. that the omicron surge might soon peak. and france says it will relax
manus: it is "bloomberg daybreak: europe." the u.s. has ordered family members in the embassy in kiev to leave due to what it calls the continued threat of russian military action. meanwhile, eu foreign ministers are set in brussels to discuss their response to the conflict. maria tadeo is our europe correspondence. the order is to get families out of kiev. will others follow? maria: that is the question. to make it clear, the u.s. order issued, it says family members and relatives of the embassy
staff and personnel should leave the country because of the risk of invasion, it is very high. but the workers at the embassy continue to work in the country. over the weekend, there were reports coming out of the german press that germany is also considering a plan to evacuate its embassy should there be an invasion into ukraine. the same could happen in other european countries. a lot of this you have to see in the context of the huge battle we saw in afghanistan, were clearly no plans were put in place. the idea is to avoid this. the flipside is ukrainian authorities are saying doing this is premature but it creates a sense of instability in the country that is not needed at this point. dani: how united is in europe in its approach to russia? maria: that to me is the big question.
it's a question i've been asking myself for weeks now. it's also the question the european foreign ministers will have to provide an answer to when they meet today. we know that in december, i am sure you remember, european leaders, including olaf scholz and emmanuel macron, agreed that there would be massive sanctions on russia if they invaded ukraine, but the reality is that on the ground a month later and with a huge risk of invasion, we still don't know what that looks like for europe. germany is under a lot of pressure to provide clear signals. it has been a difficult 24 hours for the german external service. an army official caught on tape saying putin deserves respect. all of this bringing to appoint the major ambiguities we've seen with policy as it concerns russia, going back 10 years under angela merkel. dani: thank you so much for
keeping us on top of this. 'president bidens chief medical advisor expressed optimism that the omicron surge will soon peak , but the decline will be uneven across the country. we are joined by rachel chang. how optimistic can we be about the spread of omicron in the u.s.? do these lines give us any reassurance? rachel: i think it definitely does. we are seeing the peak coming from omicron is much faster than previous variants. it spread so quickly and it also piques really quickly and we are not seeing hospitalizations going up in the same way. things are looking quite good. they are already starting to come back in the northeast and midwest. in the south and west, cases are still rising. the trajectory as they will peak
in a week or so and then go down. that is consistent with what we are seeing globally. very much good news. manus: thank you very much, rachel chang with the latest. dani, you talked about -- he talked about control does not mean eradicating it, but getting it to a low level that it is essentially integrated into general respiratory infections. that is about living with covid, isn't it? dani: yeah, that's what we are seeing in the u.k., switching from it in a pandemic to being endemic. living with it and going on. restrictions in the u.k. are being lifted on wednesday. manus: plan b is no more. i may see you soon. equity futures prompting a valeant -- valiant base. is it time to jump in?
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