good morning johnson battered by scandals a new kind of lockdown in europe and airbus does well in dubai here’s what’s moving markets uk prime minister boris johnson is battling to get his premiership back on track as mounting allegations of impropriety against him and his conservative colleagues spin out of control johnson and other cabinet members faced a fresh barrage of questions over their conduct on sunday the 11th straight day of negative headlines against the tories since the premier’s decision to block the suspension of prominent brexitbacking mp owen paterson for paid lobbying austria is putting unvaccinated people under lockdown from today the most drastic move by a western european country to slow the latest wave of the coronavirus european cases reached almost 2 million last week the most in a single week in the region since the pandemic started the netherlands and latvia have both imposed new measures while germany is considering new restrictions after cases rose to record levels austria may not be alone in its latest step the influential leader of bavaria favors similar measures for germany according to media reports day one of the dubai airshow has wrapped up and airbus is firmly in the lead over rival boeing with a mammoth order for 255 narrowbody jets worth over 30 billion more good news for airbus came as emirates openly mulled a fleet revamp that could see boeing’s delayed 777x replaced by airbus’s a350 jet sales of widebody aircraft have become scarcer in the pandemic after longhaul travel all but dried up that’s made holding onto sales or even expanding the order book ever more important for airbus and boeing  and has given emirates a powerful bargaining chip us president joe biden and china’s xi jinping meet in their first virtual summit tonight amid tensions between the superpowers over issues including the origin of covid19 human rights in hong kong and xinjiang and the future of taiwan while those issues aren’t going to be resolved in the meeting the us says it wants to put “guardrails” on the relationship so it doesn’t get worse a recent joint announcement on climate change shows the two sides can still cooperate on some issues european stocks look set for a flat open with performance mixed in asia where chinese data was better than expected but japan’s contraction larger raising hopes for expanded stimulus it’s a quieter day for earnings in europe though in the us tyson foods reports along with electric vehicle startup lucid group amid ev fever after the listing of revenuefree peer rivian automotive us hedge funds will disclose their thirdquarter investments in 13f filings and uk prime minister johnson delivers the annual lord mayor’s banquet speech as he battles mounting allegations of impropriety this is what’s caught our eye over the weekend and finally heres what cormac is interested in this morning us equity investors enjoying the fruit of record profit margins may soon be facing a lessbountiful harvest despite inflation running at the fastest pace since 1990 the profit margins  and stock prices  of america’s biggest companies have hit alltime highs as costs are passed on to consumers but in their key supplier china corporates have held back from price rises thanks to the “common prosperity” campaign and a slowing economy that may now be changing with producer price growth at a 26year high the gap between ppi and chinese cpi  a good gauge of the intense margin pressure on chinese companies  has just hit a record successful price rises from chinese firms  the world’s factory  would show up as increased costs for their us corporate customers putting their margins and equity prices under threat so far investors seem unperturbed twelvemonth forward earnings estimates for the sp 500 continue to rise according to data compiled by bloomberg conversely those for china’s csi 300 index have slipped from a recent october peak china accounts for about a fifth of us imports making america still heavily reliant on chinese production us corporates may soon be importing margin weakness and that wont be good news for stocks cormac mullen is a crossasset reporter and editor for bloomberg news in tokyo like bloombergs five things subscribe for unlimited access to trusted databased journalism in 120 countries around the world and gain expert analysis from exclusive daily newsletters the bloomberg open and the bloomberg close with assistance by gearoid reidy and cormac mullen