Friday session. Down by one point 5 today, we had the Catalan Parliament voting to implement an independent state. Spain senate giving spain the power to take control over catalonia. The plot thickens, the imf down by 1. 5 . The stoxx 600 is up for the six week in seven. The euro down for a second consecutive day, over two days since the ecb announced the whole roster news yesterday. The euro down almost 2 . The biggest today declines in september. We have the 10 year rising today. , weerday, with the reverse saw european bond yields declined on the back of the ecb news. I just want to get to ubs today, chief executive Sergio Ermotti reposting expectations for a share buyback. He talked to down the prospect of dividends increasing proportion of the profit. We saw shares lower by 1 and also subdued client activity in the fourth quarter. Revenues increasing across International Wealth management, net margins and measure of profitability. Little changed from the second quarter. A busy couple of days for european banks. Iag, the Parent Company of iberia and British Airways falling as much as 7 today. The biggest decline since the day after the brexit vote last year. Struggling to raise ticket prices at the same prices at the same pace as rivals as the Airline Group boosts longhaul Budget Options to counter tougher competition encore u. S. Through. Shares getting hammered to down by almost 7 . On the flip side, we have linda today, thirdquarter profit beating estimates providing a solid footing as the german triesrial Gases Company to get its merger in place with partner praxair. They are trying to appease regulators to divest billions of dollars worth of companies, there are about to start this 12 month countdown during which they have to announce significant disposals and order to win antitrust approval for the 41 billion tied up. They are attempted to create the worlds biggest supplier of Industrial Gases and overtake their french rival. Linde up. Ay in julie earnings and technologies are up. The dow is somewhat lackluster today, the big winners are in tech. The nasdaq up 1. 5 , a sharp contrast with the dow and the nasdaq 100 in which the largest cap tech shares are concentrated, its performance is more notable come up by 2 . Really quite a divergence in todays session. As you know, many of the biggest cap tech stocks are up with earnings in many of them are trading at records. A record for amazon, intel, at a 17 year high. Not quite a record. Highlights from various earnings reports from amazon coming out with net income the by a wide margin. Sales up 34 and analysts are pleased with performance of whole foods postacquisition as well as the companys cloud services. Speaking of clouds, microsoft performing well in that business as well. Revenues surging by double digits and microsoft topped estimates for the sixth straight quarter. In alphabet. Thirdquarter sales beat earnings estimates as well. Youtube and google momentum doing well. Intel pushing into new products that is helping boost sales and earnings, although there is an outlook for perhaps that momentum to slow to some degree. This looks at the performance of various groups in the s p 500 year to date. No surprise from the top performers tech. This white line your the s p 500 tech index, its performance this year now about 34 . The s p at 15 , so there you see a divergence and outperformance. Speaking of divergence as well, as weve seen largecap tech surge on earnings, its been a different story for other areas of the nasdaq, and thats biotech. The julie performance of the nasdaq biotech index down nearly 7 , and some of the Largest Biotech Companies have been underperforming over that time. Disappointing zoning report yesterday, it went out with earnings late yesterday with gilead, numbers beat. The companys guidance for the hepatitis medication is leading some to be somewhat more cautious going into next year. In barcelona, cattle lawmakers have voted for an independent republic. In madrid, Spanish Senate voted to revoke catalonias autonomy. The Spanish Government bonds have dropped, pushing up the yield spread to the widest in almost a week. Both sides play their highest card. And thedeo in barcelona european government reporter in madrid as well. Maria, talk us through the last hour of what the reaction is being where you are standing. I can tell you the regional president has blessed the catalog parliament. There are no flags has blasted the catalog parliament Catalan Parliament. There are no flags flying your. Here. If you go out of the parliament, thousands of people are expected to surge on the n Catalan Parliament. People said now the republic is here, is our duty to defend it. People in barcelona say is our time to defend the republic. Lets listen to catalonias president. Today, the parliament, a legitimate parliament, which is the result of elections, has taken a longawaited and long fought step. Have filled a mandate which is validated by elections. That was the catalonian president speaking after the vote. N, the senatebe voted, giving him the power to seize control. Will it be a peaceful takeover . En thats probably the 6 million question. Cabinet had a next ordinary meeting this evening, theyre going to work out what to do. Government for the is that they want to make it a gradual takeover in catalonia. That the byword throughout this process has been a proportional response. They want to avoid the violent scenes they saw october 1 when i try to shut down the illegal referendum. They do need to restore their authority in catalonia and do it quickly. A few months ago from the u. S. State Department Statement which says the u. S. Supports spains efforts to give the country united and up United States enjoys the great friendship and Enduring Partnership with our nato allies, spain. Well cut loan you ever get outside recognition will catalonia ever get outside recognition . Or will they turn into one of these invisible countries . Ben i think it will remain part of spain. Thisost likely scenario is will come to seem like a strange elipses in the countrys history. They dont have proper control over the administration and they havent established that their Authority Takes precedence over the spanish state. The most likely thing is that over months, madrid takes people onmposes its the Catalan Departments and we are more elections to return catalonia to some kind of normality. To ben vonnie thanks sills and maria tadeo. Hes enjoyed great relationships with various parliaments and governments, and a banker to the world. This get did they let so difficult to get to a faceoff point . I was with him in new york five years ago and at that point in time, he knew that his biggest problem in his mind was not the economy. Change thehad to economy. He knowledged his biggest problem is going to be catalonia. People have been surprised hes let the thing get this far. In 1935, 1934, the president of catalonias Regional Government tried to declare independence. And thatrown in jail was one of the preludes of the spanish civil war, which was terrible and led to francos invading from north africa. Did, hehe reasons he said he invaded to fight communism and to keep spain whole. This is something that needs to be taken i think quite seriously. That he will have to be careful how he influences this. Tosays he will go parliament and stay there and they want to drag him out. This has to be handled very carefully because they end up having to send troops in or nationalize the police, this could cause real problems, even though its not clear that you have a great overwhelming majority of voters. Vonnie 2 million of the 7 million in catalonia voted yes. And not even all the catalonians registered or took part. What concessions could he give to the catalonians . Handout the olive branch . At some point, this has become friendly again. Bill he has to offer more autonomy than he already had. I was not in barcelona, but theres a strong feeling the rest of spain absent the situation in the basque region, where they are following a very carefully. Spainncern of the rest of is that if too much is given to catalonia and they are allowed to much in the way of independence, then the Basque Country will also insist on it, and you can see some unraveling in spain. I think what hes got to do is sit down and try to see if they can extend more autonomy and then have a vote. I think you should call elections immediately and find out exactly what the people of catalonia want. Because that referendum as you point out was just 2 5 of the population, basically. The calling elections i think is the key here. In both parties have to agree to do it. Spain has been one of the stars, if not these star of the eurozone economically in recent years, growing by 3 . How much damage is this saga going to do to the economy . Bill if this goes on much longer, it could have a damaging effect, because two of the largest banks, and the thirdlargest bank is domiciled in catalonia. If thisave problems thing isnt resolved in a timely fashion. You dont underestimate that. Vonnie, as an irish woman, you howmber your own history of britain denied home rule for ireland and ended up in the 1960 eastern rebellion easter rebellion and led to independence. These are things that have to be taken very seriously in the only way around them, including the arrangement between Northern Ireland and the republic most recently is to sit down and have a realistic negotiation. , they are talking past each other and not sitting down at a table to get a deal done. Mark do you expect a different response from the European Union . The European Council president said just after 3 00, around the time of the vote in catalonia, i hope the Spanish Government favors force of argument not argument of force. But clearly the eu stands behind spain. Do you expect that to change . What would cause a shift in the eu support of spain . Come back fromng france, where i had a chance to talk to several people in government, they fully support spain because you have the situation of flanders and belgium and the recent vote in northern italy. Thats a great concern this not be allowed to get out of hand. On the other hand, theres a limited power tolerance for violence. In europe. People want to see violence. Its very difficult. Right now, the Popular Support all over europe and the u. K. Is favoring the Spanish Government. But if you have asked of significant violence here, you could have a change of opinion. Ceo of wl rhodes, william r wrote scrollable William Rhodes global advisors. This is bloomberg. Vonnie live from bloomberg and quarters in new york, im vonnie quinn. Mark im mark barton, county down to the european close. Ubs raising expectations on a possible buyback, the swiss lender reported a thirdquarter profit rose and Capital Markets rebounded and chief executive Sergio Ermotti spoke with bloomberg television. Sergio ermotti we are looking to continue to implement progressive policy on our cash dividend. And eventually, complement that with capital returns through share buyback. But its too early to talk about it. Mark ubs continuing its focus on Wealth Management them adding 2. 4 billion of new money. ,ets cross over the details elisa martone he is here. The market hasnt had a particularly strong day today. Mark there was a bit enthusiasm about dividend possibilities and then the enthusiasm for buybacks and dividends, more of a reality check . The strong red across the board, which is a testament of how they have been able to diversify. The outlook isnt all that much the type ofrms of trading that would benefit them on the Wealth Management side. Mark did a wonderful piece a few weeks ago, its bearing fruit. They had one of the strongest performances. Compared to barclays endorsement and deutsche bank, they are underwriting their derivatives. Mark on the derivative side, Investment Banking down by 24 . Note for a dividend, its a bit further away from the ability to pay a dividend. It was a capital story today on the common equity. That key measure of financial strength of people look to, the bank needs to bolster before can be giving money back. Martone on finance and investing. Vonnie shares of barclays after as the bank renews allegations it sold toxic margin mortgages. More on that, next. Live from vonnie bloomberg headquarters in new york, im vonnie quinn. Mark im mark barton. The european close a minutes away. Barclays in the u. S. Just to promote the sale of allegedly toxic Mortgage Securities a decade ago. People with knowledge of the situation say the two sides have revived discussions about reaching outofcourt settlement great Stephen Morris broke the story and he joins us now. Why is barclays seeking a deal with the Justice Department now, stephen . Barclays has been in talks with them until september when the talks broke down in the markets as you are asking for too much. We wont pay at a we are prepared to go to court. It appears now about 10 months on that theyve had a bit of a rethink and they are going to come back to the table and discuss settlement rather than face a protracted trial, which wouldnt start for number of years and may take even longer to find a conclusion. This looks like a natural thing for both sides. Already the shares were battered, and then it came in with trading revenue that was so far below estimates that shares are getting another battering. Is barclays losing clients over this . Clients aree looking at these headlines in thinking do i want this bank to continue being one of my major counterparties . Barclays is held steady at the seventh Biggest Investment Bank in the world. It says it wants to get up to six, which is still outside of the top five u. S. Banks. We will see. They hired a lot of people underspending a lot of money. Getting 50 billion next leverage to play within the division. Within the next six to nine months, the ceo has to show an improvement of performance, otherwise things are looking only good for him. Mark he was sued under the Obama Administration. People think the trump and administration wont be pursuing these are the same way the Obama Administration was. But these talks are preliminary and no figures have been discussed. No guarantee they will reach a deal. It does play a big part of the rationale. Mark how desperate is barclays to clear this up and move on . Stephen investors, the board, and employees are fed up about reading always scandals. They decided to pay 7 billion to settle this and get it out of the way and move on. Barclays went the other way and so they would fight and now it looks like thats mark they will read through brother banks who are ready to settle. Stephen the biggest one to come is the royal bank of scotland, owned by the taxpayers. They are behind barclays in the queue. Their ceo said today they are hopeful of getting it done before the end of february. Thats not that long. Mark daily is under investigation as well. The deadline was pushed back until september. Theyre waiting actually to find out the results of that. Mark Stephen Morris, thank you for joining us. 4 25 in london, take a look over european equities are headed. What a week its been. , for the six is up week and seven. Its been quite a week and a run over the last month. The ftse, the dax all rising today. I will leave you with a currency for a big week next week. The fed, bank of england, one of those two is forecast to raise Interest Rates i think you know which one. The closes next. Retail. Under pressure like never before. And its connected technology thats moving companies forward fast. Ecommerce. Real time inventory. Virtual changing rooms. Thats why retailers rely on comcast business to deliver consistent Network Speed across multiple locations. Every corporate office, warehouse and store near or far covered. Leaving every competitor, threat and challenge outmaneuvered. Comcast business outmaneuver. Mark live from london and new york, this is the european close. Im mark barton with vonnie quinn. Stocks higher for the sixth weekend seven led by oil and gas , also, technology with strong results today from the likes of statoil and to tell. The earnings season really gets into full beer in full gear. Lots of earnings in the oil better position to handle its remaining legacy issues after posting strongerthanexpected capital quarter, the third four years into its tenure. Rusnak yuan is making headway in turning run recipient of the biggest banking bailout during the financial crisis. The firm is still hampered by legacy misconduct issues, just operating profits fell 6 , shares up by 1. 9 . Today, clarion in the news, calling of their planned merger to create this transatlantic Industrial Chemical company, ending a victory to an activist investor that rallied other shareholders to oppose the deal. Shares are off their lows of the day down by almost 1 today. An Investor Group called whitetail holdings by mistake of more than 20 in clarion and other shareholders come to oppose the deal, making it unclear whether the company would get two thirds support necessary for the tie up to go ahead. The deal would have created a giant with the value of roughly 20 billion, including with annual sales of 13. 2 billion. It will leave both focus both companies the focus of takeover. Ant. Is clario the twoday decline in the wake of the ecb move yesterdays 1. 9 . The biggest twoday decline since the back end of last year. On track for its biggest weekly force since november. The lowest since july as well. So you get a quote on that. Hows it looking over their . Vonnie weve reached 95 on the dollar index. Its been a whopping week for the dollar is a domestic fares International Affairs up another. 5 today. The 10 year yield, the most rated yield this week was 2. 45 we are back off that high now down to 2. 42 . We went to 2. 475 we did manage to breach of this week. Its been seven weeks now moving from 2. 01 to this level here. We will see what happens next week. Thats if we get a fed nominee. The yield curve 82 basis points and a big rally in oil. Crude oil love 60 as well. The global macro movers, and the g20, we are seeing some countries like japan and russia rally, a couple of European Countries as well after better earnings and reports that the ecb meeting the different story when it comes to sovereign bonds. You can to the china bond is selling off and so is russia. South africa as well as an interesting one to watch. You can see where the rent is trading 14. 14. South africa was deteriorating fundamentals is still the possibility of a downgrade. Weve been watching it. Banks in focus today, mario draghi warning the ecb will remain cautious as they put their signature stimulus on hold. Amid a backdrop of uncertainty over the next fed chair. President trump is now leaning towards jerome powell, now the bank of england is excited to raise the benchmark interest 125 on thursday. Paul dobson is here to make sense of it all and see if we can squeeze it all in. Its interesting that it seems according to people familiar, they wanted to then date. Not everyone was happy yesterday within the ecb. More hawkish side thought it was determining where we were going. And the Market Reaction where it took it to be a pretty devastation, even though it was largely expected to be along those lines told you that leaving an openended is one way that mario draghi was able to help you that impression that policy is going to stay lower. Place where policy might not be staying lower for longer is right here in the u k, paul, i looked at work a few minutes ago and its hearing on 90. The Interest Rate probability that the bank will raise rates next week. Hes promised a lot before, mark carney, the governor. Hes threatened to raise rates over the years. It would now be a big surprise, wouldnt it, if the bank didnt go next week . Paul it would be a big surprise and its unlikely they would disappoint the market having set up for this. But he likes to use the term cutting the monk. Say, with so mispriced income it would be more of a jolt to the market, more of a disappointment in some ways were he not to go ahead with the rest of the governing council and reason just rates. Vonnie what about the euro . We saw a couple of big figures. N the euro this week how significant is that, particularly when it all looks like the dollar may continue to strengthen from here . Paul how far further the euro goes is something the market is going to be keenly focused on in the fourth quarter. Clearly, there was a pretty large move down yesterday, market position have been long going into the meeting and we knew that was part of the reason for the reaction, people giving up on those long bets. I think that perhaps the market oflooking for a period consolidation through yearend, more Dollar Strength depending on the fed decisions and that kind of thing. Next year, if the european economy is still looking good, probably people are going to be starting to look for another increase in the euro towards the end of the ecb qe, and then they can say is the first rate hike in europe. Vonnie how focus are Central Banks on emerging markets . Weve seen several different central meetings where we havent had any kind of tantrum, tabor otherwise. Does that continue or they managing that . Ecb Market Reaction to the , you probably was see a big surprise, rather than yields meeting higher up and strengthening, the market was so wellprepared and so cautious of the ecb taking that step, they managed to get the opposite reaction to a slowing down of the easing. The Central Banks of venues to prepare an market expectation for any news. Keephats helping to volatility lower, to avoid the kind of taper tantrum that we had before. Traders are prepared for now. It gives policymakers a window to act. Of marketeat piece like him a winner on the apprentice fed version. It looks like we have a clear front runner for winner of the apprentice fed version, mike mckee was saying that doubles like a game show. The lead up to the announcement. Its one of the rare occasions where the fed meeting is being overshadowed by something else, something related to the fed. They could happen in the same day. Maybe a day apart. If trump says its going to happen by november 2 or third. Paul that is going to overshadow the fed meeting. The market is pretty wellprepared for what the fed is planning to do to the end of the year, looking for another hike. Before we get to the in december, and probably looking for a continuation. If we get how the market thinks he tends to vote with yellen, you tend to agree with yellen, solution be too much of a shakeup, even if he is the choice to succeed her. From mliv. Dobson lets check in on bloomberg first word news, heres courtney donohoe. Courtney catalonia declared independence, but spain hits back. The Catalan Department voted to establish its own country. Spanish authority gave the president the authority to oust the rebel government. Its unthinkable that the european citizens living in the u. K. Might be sent away or lose their rights after brexit. Johnson was asked by reporters in portugal about eu citizens rights, that the key issue in the brexit talks. He says he cannot imagine circumstances in which citizens would be asked to leave after the u. K. Leaves the block. Consumer sentiment in the u. S. Rose this month to the highest level since the start of 2004, according to university of michigan survey. Households have grown more upbeat about the prospects for the economy. It is the most expensive wristwatch ever sold at auction. A rolex there was once owned by the late actor paul newman went for 17 40 million last night in new york. The stainless steel watch was a gift from his wife, actress joined woodward. They auction houses the buyer wants to remain anonymous. Global news, 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. Im courtney donohoe, this is bloomberg. Vonnie coming up, shares of intel at their highest ands 2000 after the Company Reported betterthanexpected thirdquarter earnings. We hear from the chipmakers cfo, bob swan. This is bloomberg. Mark live from london and new york, im mark barton. Vonnie im vonnie quinn. This is the european close on bloomberg markets. Seeing the biggest move into years after thirdquarter earnings beat estimates. Cory johnson is in San Francisco and he has with him intel cfo. Cory bob swan joins us to help us dissect this very interesting earning report. Glad to have you join us from nearby santa clara. Lovely santa clara. Bob. Nk we have after this earnings report, it was an interesting quarter. I want to have you explain what happened. It was confusing in my model where i saw your marketing cross go from 12 plus the year ago down to 10 . What was the change . It looks like the marker disappeared. Mr. Swan first, thanks for having me and good morning. , thats a keys component of our overall cost structure and we continue to invest in driving demand for oems. The couple of things are in the of the quarter and a continuation of whats been going on for the course of the year is increasing our intensity and focus as the end markets continue to evolve. Thats been one of the key drivers. Secondly, growth. The company is growing rather effectively, and that growths getting is good leverage our sales and marketing dollars. In the third, we made a tweak to how we are spending our money. In effect, we are trying to protect with historically has been a very effective way to spend money on the intel inside programs. Basically until writing checks to pc makers and saying say its intel inside and do the marketing, but you are essentially writing a check to the oem. Mr. Swan were trying to protect that brand, while also tailoring our programs to work more effectively with oems to give them the flexibility to drive growth, which is in turn good for intel. Stand withthat still the marketing budget, or does that just a conjure revenue item that lowers revenues . Mr. Swan its a contra revenue item. You had revenue lower by a couple hundred million dollars, but spending lower by a couple hundred million dollars. The change really have no effect on the operating income of the company. Cory it made me stare at my model twice. After you make these changes, i wonder about the end market and how the end market for intel, which is one so dominated by pcs is really been effectively moving to the data center. Withs this bubbling up internet of things, and i guess those two things are more interest in to me right now than pcs. Lets see where you are seeing strengthen the business. Mr. Swan weve been through a fairly significant transformation from a company that was a relatively short time ago, 70 of our revenues and cash flows came from the pc business. But through a series of investments, both organically and inquisitively, we dramatically expanded our market where we had this collective set of capabilities that we think are well positioned to capitalize on what we believe is increasingly a data centric world. That business now as we said yesterday is 45 of the revenues of the company. And growing at 15 year on year. Its been important part of the transformation of the company, important part of our growth, and an important part of our profitability. Cory what part of it is white box . Like apple,panies facebook, google, amazon creating white box devices. I wonder how much of your do this in a desert is selling chips to enduser companies who are making their own devices . Mr. Swan as a company that spends row fairly dramatic transformation from pc centric to data centric, our Data Center Business has also been through a fairly dramatic transformation. Companytorically the that really served enterprises, but its been through a massive transformation in of it self, where today, over 60 of the revenues of the Data Center Business come from clouds, from the cloud and from the columns network providers. Its been through a fairly dramatic transformation and the players you mentioned are key, important customers and partners for us in the growth of the company. One last question, can you convince me in 60 seconds they didnt pay too much for mobile up . Mr. Swan i hope so. We looked at the economist driving market and believe that much like intel has been a significant player in the pcs, a significant player in data centers, we think intel coupled with mobileye will be a significant player in autonomous driving and we see that market over time to be as big or even bigger than pcs and data centers. And we think the combination of intel mobileye are uniquely positioned to be the leading player in autonomous driving. We just closed that transaction a couple months ago and we are very excited to have the mobileye team a part of intel. Two months in, theyve already surpassed our expectations. We are excited about the initial mobileye as a company, and there was a treatise in terms of earnings in its first two months. So early days, but we are looking forward to what we think we can do in that market. Mark cory a longterm bet. Bob swan, we appreciate your time. Back to you in new york. Vonnie thank you, cory johnson. Thank you for bringing that to us. You will see more cory johnson on bloomberg technology. Time now for the stock of the hour. Gilead is tumbling after management that it needs to reset its expectations for its key hepatitis c drug. Joining us now with taylor riggs. Lowering that profit forecast in sales for the fiscal year 2018. Now expecting the hepatitis c sales to come in at around 4. 8 billion down from estimates of 5. 5 million to 6 billion. This is whats driving the shortterm movement of the stocks. Longterm analysts have a few things in mind. Rbcs Brian Abraham so shares will fall as sales line declines, but then look to see if there is some stabilization in that drug industry. This will spark volatility, but wait and see what happens. A key thing that analysts are looking at the first half of 2018 is the integration of a newly acquired therapy drug. When that comes into play, that certainly could help and its a key diversification play for gilead. Vonnie a rough two weeks in the Biotech Sector more generally. Taylor some of the key movers we are looking at and the nasdaq biotech index, gilead is the worst performer today. Celgene the second worst performer after yesterday. It said cut longterm net Product Sales in 2020 and cut its longterm earnings per share forecast. Angela is well down after yesterdays famous top two drugs are disappointing. It a lot of things are weighing on the nasdaq biotech index. Vonnie taylor riggs, thank you. The Bloomberg Business flash, you look at the biggest business stories in the news right now. The white house says the cutting the Corporate Tax rate 20 would boost u. S. Economic growth by 3 to 5 over time. The report also reviews the assertion that tax cuts would increase average Household Income by at least 4000. Economists have disputed that. Volkswagen race the earnings forecast for this year. The german carmaker forging desire for suvs and other vehicles and rising costs of the fake emission tests scandal hurt thirdquarter profits. Arising, applex began accepting early orders for the device and shipping times lengthened into as long as five weeks in the u. S. , which is assigned supplies will remain tight when the iphone x goes on sale on november 3. As the latest Bloomberg Business flash. Coming up, battle of the charts. Can the risk in emerging markets take on the dollar fall . Find out next. This is bloomberg. Mark time for battle of the charts, we take a look at some of the most telling charts of the day and what they mean for investors. Access the charts on the bloomberg by running the function featured at the bottom of your screen. Kicking things off today, christine pitino. Christine taylor, powell, or yellen. President trump is now reportedly leaning towards nominating powell is Federal Reserve chair just days after he anded yellen terrific barely a week after he was reportedly impressed by taylor. But dollar bulls are holding firm. We saw the dollar Index Holding come again, and setting up fresh threemonth high in the top panel. Take a look at the bottom. This is the bloomberg feared rate indicator, and indicator of momentum. You can see bulls are in control, if the most positive sentiment in the past six months. Bears have dominated, you can see the sea of red bars. Will the bulls be able to hold on this time . And checkyou find out out this chart at g btv 3010. Mark will the bulls be able to hold on, vonnie . I like questions at the end. It leaves it open ended. Vonnie i will have to make sure i leave one at the end. At the beginning, this is partially as a result of what christina saying, the dollar is getting stronger and having an impact on other currencies. This is tracking local currency emergingmarket debt. Is doubled in size this year, which shows you allen how investors have been sending the money to riskier areas. They become a lot more risky in the past few days. This like argentina, turkey, russia, south africa in particular as well, making investors nervous. Yesterday, look at this. 281 million flew out of that etf, so it is something to keep an eye on. Some ripples. Because he that chart on the bloomberg g btv 2991. A pretty good one, mark. Question mark. Vonnie that was a question. Mark you to our very difficult to separate. Both absolutely brilliant chart. I find it difficult to judge, but by a very small margin, vonnie quinn is the winner. I dont know whether to say thank you or apologize. Mark well done, both of you. I was going to make it a draw, but thats boring. Jonathan ferro is next with bloomberg real yield. Jonathan from new york city, i am Jonathan Ferro with 30 minutes dedicated to fixed income. This is bloomberg real yield. Jonathan the president is set to lean towards jane powell as the new head of the Federal Reserve. The best backtoback quarterly growth since 2014. Helpss stimulus plan insulate europe from political chaos in spain. We begin with the big issue. They can be the moment of truth for the bull market. The graveyard