, but overall stocks are indeed mixed. A little change after closing at record highs yesterday. A bit of a cause. Not unusual in this current market environment that we have record after record after record and little bits of causes in the in the middle. S we are not seeing those in the various industrial stocks. A lot of different news flow in this industry. Lets start with john deere, the tractor maker. Farm incomes are still languishing, but the cycle has now gone on so long that peoples equipment is wearing out, so they have to replace it anyway. That is driving sales there. Axalta coding, after a bit cell apart, those shares are rising about or percent. Rockwell automation on the flipside, spurning a third takeover proposal from emerson electric, saying it is still undervaluing the company, 29 billion is the current bid. Emerson electric shares up by about 2. 5 . Pricesg it out with oil this morning, a significant upward move in oil trading close to 58 a barrel for wti. That is after we got the Industry Report on we the inventories in the u. S. Last night that showed a larger than estimated drop of more than 6 Million Barrels. Coming up in about 30 minutes, we will get the u. S. Official data to see if it does confirm what the api reported last night , but it to has been an impressive week for this run in oil prices. Mark . Mark julie, what a day we are having. The third day of gains, the best run since september. It is budget day here in the u k. Ftsetle chart for ftse, 250, all rising and holding on to gains in the wake of philippiness budget. The budget. They fell, rebounded, gaining for seven consecutive days. The highlights of the budget, we are seeing 2018 Economic Growth of 1. 4 , against the 1. 6 predicted as a product of the revised productivity data. Growth is expected to be lower than forecasted every year through 2021. On brexit, the unexpected set aside 3 billion pounds to prepare for all brexit outcomes. Sterling rising for the seventh consecutive day. We did see a move down in the yield of the u. K. 10year, a little changed to 1. 28 is where we are today. The budget deficit will be 39 point 5 billion pounds 39. 5 billion pounds. What was interesting was hammond did not give a detailed number for borrowing over the next five years. He did highlight areas where borrowing has been revised lower, but glossed over the that willn increase see u. K. Borrowing an expert 27 billion an extra 27 billion of it by 2017. They said this would the gill issuance would increase marginally from its previous target, but the figure for 20172018 would be the lowest between issuance 2007 at 2008. A lot to get through, and a couple of big interviews next couple of hours. Vonnie everybody, state tuned for those. Fed chair Janet Yellens focus on the delicacy of the rates, raising the cycle. She said yesterday at the New York University event. Moving policy accommodation to quickly risk losing inflation below our target, with all those dangers. On the other hand, we are moving policy accommodation to slowly , which also has risks. The labor market could tighten very quickly and move to levels that are way below those judged to be sustainable over the longerterm. Is obviouslyhe extremely focused on Inflation Expectation as well. The stance might become clearer at 2 00 p. M. Eastern, when the latest fed minutes are published. Joining us now is ira jersey. The obvious month for the next rate increase, but how telegraphed is the rate path after that . Ira it is not. You have the dots in september that says the fed wants to hike three times next year as well as december, so that would be watch row hikes. The market is not pricing for that at all, it is pricing for less than two hikes in 2018. I think when janet yellen said is about right. It is a porridge to hot, porridge to cold kind of thing. ,hat the fed really needs to do and their big challenges we do not want to crush this economy. We think there is fragility in the economic data, but at the same time we are worried that unemployment is so low and prices might be poised to spring higher. There are some policy flexibility they need to build back into expectations here, and they have not quite done it yet. Vonnie what data will they look at, because they are obviously unemploymentout easing, and lets look at the rest of the day, that a lot of it is fragility and underwhelming these days . Things likek at durable goods coming in not very strong, but the survey is backing, because you into that the top of the show that Consumer Confidence is at levels that were very similar to what they were in the mid2000, when economy was growing at a decent clip. In that same report, you have Inflation Expectations by consumers going down a little bit. That is what janet yellen was worried about. I think they are worried about what the consumer is going to do and what the market is saying, but the market is saying there is not going to be a lot of inflation. Under 2 inflation on average for the next 10 years is not something the fed needs to be worried about. What on the question on the markets are saying, what about this yield curve, the narrowing of the 210 spread, to the least in the decade . Many are saying it portends future recessions. How do you read it . Ira it is a natural reaction to the federal hiking rates. The pace of it accelerating is a testament to the idea that the fed might be in the throes of making a policy mistake by hiking too much. I would have to say that i take a little bit of a pause when people say oh, when the curve ,ets to be flat and zero recession follows. Historically speaking, that has been true, but the lags are very very long very, very long. The current was flat from the middle of the 2002 the middle of the 2008 recession. It took five years to lead to recession. In that time, you would probably lose a lot of opportunity if you were just to get out of the market or very cyclically sensitive commodities and risky assets. Do you believe the elevated asset prices going to be . A few fomc participants worried that equity prices were high, given that u. S. Equity boards and indices are going from strength to strength. Is that another reason that we should keep hiking . Ira i think they are worried there might be a bubble building somewhere, but it is always so hard to try and determine where the bubble is and if valuations are correct. It is hard enough for professionals who look at some markets every day to determine whether or not things are over run undervalued, the fed is an even a worse place. I think things like the dollar worry the fed a lot, because things like import prices can weigh on inflation or not. A stronger dollar, for example, might be bad for inflation as good and prices from overseas fall in dollar terms. Those are things they might worry about, particularly if they keep hiking and create this disparity in interestrate differentials. On every tightening cycle, the interest curve has flattened. Accomplish thed rates getting higher . Is that something they would like to accomplish . Ira one thing they could potentially do is say we will only hike once a year for the next few years. Doing Something Like that would help to stephen the curve thehen booker steepen curve of it, because they are willing to let inflation be higher than 2 . They can also do it with language. Powell comes in and says look, 2 is the target, but that is our target over a decade, not for the next three years, which we are willing to have 3 inflation, that might help a little bit as well, saying the fed is willing to let inflation be a little bit higher than the market is expecting them to be able to handle. Vonnie lets listen to what janet yellen had to tell mervyn king about Inflation Expectations. One reason it is dangerous is because Inflation Expectations are likely to also drift down, and indeed there is some evidence i do not really think they have drifted down very much, but there is some suggestion, some hint that after many years now of full inflation, they may be drifting down. Undesirable. Very vonnie you know the fed chair. Does she sound concerned or is this a passing concern . Will powell be concerned . It is easier for Central Banks to deal with high inflation than it is for deflation or disinflation. At the moment, that is more of a concern for Central Banks. The Federal Reserve has to be cautiousstless year, because if you wind up with Inflation Expectations going down significantly, how do you stop that . It is either through exceptionally easy policy, and it easier policy from here would mean cutting Interest Rates 75, 100 basis point and doing more qe, which is politically better, in myis opinion, for the fed to go even more slowly than they are saying in order to avoid having to do any significant unusual Monetary Policy because of slowing expectations. Nie the conversation confirmation hearings are next week, so we will get more on that. Im her jersey, thank you. Lets check in ira jersey, thank you. Theresa mayster government admits the budget outlook is looking worse. They are expecting 1. 4 . The government is setting aside an extra 4 billion to prepare for all possible brexit outcomes. People have been rescued from the crash of a u. S. Navy plane in the pacific ocean. Plane was clear he carrying 11 passengers and crew. It was on its way to the uss ronald reagan, operating in the philippine sea. U. S. Navy and Japanese Forces are looking for the other three people on board. The kremlin is stepping up its push to resolve the civil war in area. After meeting with the president on monday, Vladimir Putin will meet with the leaders of turkey and iran today. The forces have held the upper hand in the fighting ever since russia intervened on their side in 25th. In saudi arabia in 2015. In saudi arabia, people familiar with the matter say business and businessmen are signing agreements to have their assets transferred to avoid trial. Global news, 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. Taylor riggs, this is bloomberg. Vonnie oil planning to a twoyear high ahead of key u. S. Inventory data later this hour. This is bloomberg. From london, i mark barton. Vonnie im vonnie quinn, and this is bloomberg markets. Time for futures in focus. Both oil and gold higher today, oil rising to a twoyear high as stockpiles fall before or peg opec meets. Todd, is this the idea, that nationsl be a lot more invited to talk to opec, or more Inventory Data coming in . Todd i think this is more of a fair trade. There is more of a fear fear trade. There is some fear about what is going on in the middle east. If you look at the overall formation, the oil premiums are narrow going out into the future, which means this is more of a fear trade in the front months. Anotherhis is more of farce of what opec is trying to do and push these prices higher. In the united states, we have a 200 year supply of wdi as it is. Vonnie if things come to pass as consensus critics, does the price go back down . Think so. Uld i think there is a better chance to see it in the low 40s instead of the low 60s. We are at 58 right now, approximately. I do not see any reason we will go much higher. I think the rigs will be back in the field in the shale producers will be pumping it out like crazy at these levels. It is not much longer from here before we start to see that. Not reactings gold to some of the turmoil we are seeing in other asset capitals . Todd what you are seeing is a chase for something. Whole asset base right now, everybody is chasing for some kind of price or yield. The markets are so quiet, the violins are so light it is hard to see what is going on. That is the bigger story to watch. When the Christmas Season is over and the Holiday Season is over, i think we might see some pressure on everything. Vonnie speaking of the Holiday Season, happy thanksgiving to all of you down at the cme. Thats todays futures in focus. The Bloomberg Business flash, a look at some of the biggest business stories in the news right now. A tomation has rejected Rockwell Automation has rejected a takeover bid from amazon. Bit the did is not in is not the cup in his best interest. And annual sales rose of the Worlds Largest maker of farm machinery. Theyre forecasting higher revenues were 2018 and pick up unexpected earnings. Farmers are replacing tractors and other machines, despite depressed crop prices. And a big payday for goldman sachs. According to a person familiar with the matter, goldman will get 180 million in fees for managing toshibas shares. Sellingtronics firm is 5. 4 billion of new share to avoid being delisted from tokyos exchange. That is todays Bloomberg Business flash. Vonnie we are live in washington dc to find out why the odds are improving for the Senate Tax Bill passage. This is bloomberg. Is bloomberg markets. I mark barton in london. Vonnie in new york, im vonnie quinn. Republicanassing a Senate Tax Bill next week are improving. Lisa murkowski has agreed to kill the obamacare individual mandate. She has not endorsed tax bill, but she said she preferred to not makes it with health care. This is a development, and comes in an oped in a local newspaper in alaska. Anna, murkowski was one of the tople that killed the repeal replace obamacare. Appears she is changing her position slightly, at least on the individual mandate, which could have beer repercussions to the Senate Tax Bill. Or explanation was that premiums are expensive in alaska. They have some of the highest insurance premiums in the country. Notpoint was we are changing anything about the structure of obamacare, we are removing the tax penalty for not having insurance. Analysts will tell you that is what makes people buy insurance, which helps stabilize the marketplaces. Without that tax penalty, premiums will go up even more. Her calculation is that i am going to give alaskans the ability to choose whether they want to buy insurance. She also said that she supports the Lamar AlexanderHealth Care Legislation that would try to stabilize market prices and bring down the price of premiums. She does want that to pass, but including the repeal of the individual mandate, that is not going to cause her to vote against this tax bill. Vonnie is there a step tween this and voting yes for the Senate Tax Bill, or has she already decided . Did not say 100 sure if she will vote for it, and there is something to be said for that. Nextmight go to a vote week, but things could change before then. She is giving her powder dry, but this is a good sign for people who were worried about her vote and its confidence to the spill going into next week to make other republicans looking at it twice more hesitant to declare their opposition to the bill. Vonnie and is this a sign it is popular in alaska . Allows for greater exploration in the arctic. That is a big economic driver for alaska. She has a goodie in the tax bill just for her state. A lot of senators criticize buto they gave her they needed her vote so they gave her a provision that was important for her state. Indicatedtors have they are not a yes, but they are not a no. What about alabama . How does that play into all of this . Comeall comes down to who will get elected . That is another wildcard. The republicans have a thin margin in the senate. If they lose that senate seat from alabama to a democrat, they can only lose one republican and still pass this bill. Was confident and says he will vote against the bill because he was concerned for the Small Business provision. But there is no guarantee that even if roy moore, the republican, wins, that he would vote with this bill. He does not like Mitch Mcconnell and he is not going to play ball with what he would describe as establishment republicans. Vonnie to be continued, but a fascinating development. U. S. Still ahead, weekly oil entries just minutes away. Gaining 1. 6 percent today. We will bring you the details next. This is bloomberg. 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. Live from bloomberg World Headquarters in london and new york, im mark barton. Vonnie im vonnie quinn. This is bloomberg markets. Weeklymoments away from oil surveys in the united states, calling for a slowdown 1. 4 Million Barrels. Oil is higher today ahead of the release, and we want to get all of the numbers. We have julie hyman here, and we are still waiting . Julie no, 1. 9 Million Barrels is the drop we are seeing in the inventory. Not as steep as the 6 million drop thaton barrel was reported last night, but it looks like most of the drawdown is happening in oklahoma, there it is about 1. 8 Million Barrels. A smaller than estimated increase in gasoline inventories of 400 44,000, and an unexpected raise rise, in distillate inventories a 69,000 barrels, a 1. 3n of one Million Barrels was estimated there. It is possible we could see a leg down in oil. For a look at the bloomberg our oil charge. You can see the take by take more precisely. We are seeing oil up on the day substantially, up by 1. 25 , but a bit of a leg down in reaction to these numbers. We will see how it shakes out as we look at some of the other vagaries of the report as we head toward 11 00 a. M. We tend to see some bouncing around here, but the headline number, a drawdown of 1. 8 x Million Barrels 1. 8 6 Million Barrels. Much smaller than the drawdown reported last night. Mark lets check in with bloomberg first word news. Taylor riggs has more. Taylor 11 on Prime Minister has put his resignation on hold. In lebanon for an Independence Day celebration. He resigned while visiting saudi arabia. Lebanese officials accuse the saudis of forcing him to resign and detaining him. He says that lebanons president has asked him to delay his resignation. Is the first full day and 37 years that them bob way is not being led by Robert Mcgahn a. There were celebrations overnight after mcgahn they resigned. E mugabe candidate isrtys the President Trump hopes for the rick hopes for a quick time to read our it rewrite nafta are slipping away. The latest round of trade talk seven it with little progress. They say mexico and canada are not seriously engaging on some key issues. They said a new deal must shift trade flow toward the u. S. s favor, and Republican Senate candidate roy Moores Campaign is being President Trumps support. The president effectively endorsed more by attacking his democratic rival, saying we do not need a liberal. Oore denied having any sexual contact with teenagers. Global news, 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. Im taylor riggs, this is bloomberg. Taylor, thanks. The u. K. Government says the Economic Outlook is getting worse. John Philip Hammond issued a warning as he delivered a speech in parliament today. A country fit for the future. We will not be built overnight, but in this budget today we will lay the foundation. I am setting aside over the next two years, another 3 billion pounds, and i stand ready to allocate further funds if and when needed. Mr. Speaker, no one should doubt our resolve. Today, they marched down the product timothy the outlook for productivity growth, investments, and gdp growth. One of the best ways to protect british jobs and prosperity is that we build is to make early process in delivering our friends visions. Hell be our expects to see gdp inwth 1. 5 in 2017, 1. 4 2018, 1 point 3 in 2019 and 2020 before picking back up to in 2022. 1. 6 this government will make the pursuit of that progress a top priority in the weeks ahead. On theets get more budget, lets go over to anna edwards in westminster. I will handed over to you. By the am joined here chief secretary to the treasury. Thank you for joining us this morning. Lets start by talking about the revisions to growth that we saw from the kobe are handed to you at no point obr, in the next four years is growth set to be above 2 . Why is that . Why such skepticism in the forecast . We have a problem already identified and we are working on, and that is the whole point of the Productivity Fund. It is more investment in infrastructure, skills, helping businesses get on. It is also making sure we have the Regulatory Environment so companies can succeed. But the forecast is so low over that . Does that suggest more needs to be done . That is why this budget, we announced a Productivity Fund at the last budget, we are working on some measures, like t levels for people to get the skills they need. We are now announcing a new series of measures, a small funding for computer science, more funding for new Infrastructure Projects as well. But what we have to be aware of his productivity is a longstanding problem we have had as a country. It is affecting the Global Economy as well. That is not something we will fix overnight, and it will take a lot of effort and hard work to change the fundamentals. This adds 90 billion to the deficit over the five years . Is that going to be enough to tackle this . Is that deficit ever going to get back down . I think we have a massive amount of potential in our economy. We have some exciting software companies, we are doing well in startups, we are one of the leading companies for startups, so i think there are lots of good things happening. What we need to do is enable those enterprises to grow and succeed. That is what our policies are all about. Anna on the presentational side of things, this was a break in the recent tradition, and where the chancellor did not set out all the years were borrowing was going to be increasing. Was that a conscious decision, just trying to keep it under one hour, or . Were you trying to gloss over the fact that borrowing is going on . This did needs to be kept to a reasonable length, but what is important is we are keeping control of our public finances. We are able to invest in the new modern economy, whether it is artificial intelligence, tack, but we are doing so in such a way that we are sticking to our fiscal rules, whether it is the deficit rules or the fact we are bringing debt down. That is what is important, because if we keep control of the public finances, we will be in very serious trouble. That isnt the reality nobody knows what the brexit like, andlike look you could end up breaking the fiscal rules . Is it sensible to be bound by such rules at a time of such uncertainty . Is, because we do not want to see debt rising. Report thatuced a showed if we allow that to happen, we are at risk from economic shock. The shockhe origin of might be, and we have to expect the unexpected in that respect. I think it is important that we do maintain our current rules. We are a growing economy, we do have a Record Number of people at work. There are good things happening. What todays figures show is that we need to turbocharge that. We need to enable these systems to move to the next level. Anna and you put aside 3 billion pounds to deal with the brexit uncertainties. It is to deal with the situation of 80 deal . Is that with 3 billion pounds is for . He had said previously he did not want to set aside money for a no deal scenario. Allocated 700eady million to two departments to prepare for all attention now it is includes no deal, but we also have a transition period, possibly trade deals. That is what the money is for, the money we will need to spend to get ready to leave the european union. A lot of the things we would need to do in a no deal scenario would also need to be done in a across an period freetrade deal. I think people expect the government to be on top of that. Anna on the transition deal, when is too late for that to come forward . We have talked about this is a wasting asset and it is mindful that it needs to come soon. How soon . Flagging thees are First Quarter of 2018 . It is a wasting asset in that respect, but it is always valuable. We want to get that sorted out as soon as possible. The 3 billion pounds is about is to prepare for all eventualities, because there are other parties. We need to make sure we are prepared for whatever the outcome is. On the housing sector, that does seem high materials compared to recent history. Itit enough to move is really enough to move the dial on affordability . Especially for firsttime buyers . It is important that they are built in the right place, and as you pointed out, london in the southeast is a particular issue, particular pressure points. These houses will be in the areas where the demand is for todays homes to be built. We are currently building 217,000. When we get up to 300,000, that will be the most houses ever built in one year since 1970. There is a real change that will make a difference. Anna and the chancellor said he thenot want to change threshold, the sales tax. Have you learned from march . When he put forward some , he had to backtrack on that. Is that the thinking that has gone around that particular decision is . Isthe thinking on this issue clearly there is a problem, and thereas been identified, is a crowding around the 85,000 pound threshold. What we want to do is make sure we are looking at this in a proper way, that we are consulting people and many small ininesses affected by this our economy. We want to take it slowly, and understand what the issues are before making any changes. Anna thank you very much, the chief secretary to the treasury joining us in westminster. Mark anna, we will see you a little later. Have do notl miss that. Vonnie and we have been talking about the Retail Sector for months. Can stores show their strengths this black friday . This is bloomberg. Mark live from london, im mark barton. Vonnie and im vonnie quinn. It is time for our stock of the hour. Shares of gamestop popping out today they stood their best day since january 2015. Joining us to break down the action is abigail doolittle. Has it got to do with a particular game . Abigail it does, but lets back up. Has to do with earnings. They beat earnings estimates by 23 percent, revenues by 1 . Revenue relative to the gains, it was call of duty that was the big game for that. I know little about gaming, but it was up 64 year. The console game downloads rose over 30 . Lots of growth there. They are accepting offsetting the fact that they are guiding the fourth quarter, due to the iphone supply issue. Investors like a gaining strength, and this was a low expectation quarter going into it, especially around digital. They put up a seller quarter against the backdrop, especially going into the Holiday Season. Vonnie how is the street weighing and . That is very mixed, and a big difference in investors get it right. Priceark cuts are target, and other analysts are saying the opposite, but on the bullish side, it was better than fear, and luke capital saying many encouraging signs. Lets take a look at the chart. Supports both sides in an interesting way. This is a longterm chart of gamestop. 2000s intoe early the 2007 peak, a big bull market, and testing support recently dropping, but right on that now. Part of that pop is a short intersqueeze. There is a 20 bear Short Interest there, but it does traded a dis trade at a huge discount to the peers. Look at the Activision Blizzard chart, it suggests something else. Abigail doolittle, thank you. Black friday has always been a boon to retail stores, but given the rise of ecommerce and amazon, the much publicized troubles. Emma chandra joins us from the Jcpenney Store at the Queens Center mall. Have people started shopping already . Yes, people are starting to shop, but most people are coming to the store will wait to tomorrow. This jcpenney will be opening at 2 00 p. M. Tomorrow and stay open for shoppersight to get those black friday deals. There is a fairmont of optimism going into black friday on this Holiday Shopping weekend. A number of analysts find a number of positive economic factors, Consumer Confidence, low unemployment ratings, they lead to a string of fairly positive Earnings Results from retailers and one analyst today saying that you are seeing stores that are promoting earlier, that have a place this year. They have streamlined inventory and have better integration with their Online Services as well. Overall, the consensus is 34 sales. While the public shop in stores or online this black friday . That is always the question. Throughout the year, as we have seen the rise of amazon, there is a tension between the traditional retailers because they have to provide services both instore and online in order to serve their customers needs. But also to compete with the likes of amazon. What we are hearing is that 20 more will see troy percent sales growth 20 sales growth in ecommerce. We are also seeing that the promotional environment for stores makes it very difficult for them, as they have to chase sales that way, and that puts pressure on margins. There should be some rest bite respite for a major brickandmortar retailer, but they have found more americans are planning to shop instore on black friday than online, so that might look the other way by the time we get to cyber monday. Vonnie it looks like they have some deals at the jcpenney, but what about some of the other Department Stores . There is a macys, and a target at that particular mall. They are having a difficult time, more so than the. Chains number of the big are focusing on promotions. They have been trying to make sure their customers know about the promotions early. Jcpenney is focusing on appliances. They are noticing a shift in what the consumer wants, it is more toward appliances, the electronics, and things like that over apparel. Macys says clothing is important for them. They want to become a fashion destination, so they are focusing on promotions there. You are bound to see a huge range of them across the retailers over the next few days. One thing to note with jcpenney, while black friday promotions start tomorrow, shopping online, you could have got them on sunday. Vonnie we do not even need to wait for cyber monday. Chandra, at the Queens Center mall in queens, new york. Mark more insight on todays u. K. Budget speech from chairperson Selma Diamond philipdent hammond, but what does it mean Going Forward . This is bloomberg. Vonnie live from new york and london, im vonnie quinn. Mark and im mark barton. This is bloomberg markets. Lets get to the budget. Chancellor Philip Hammond has a promise to do more to encourage Business Investment in britain. I am clear that one of the biggest boosts we can provide to businesses and families, one of the best ways to protect british jobs and prosperity is revealed that new future and make early progress and delivering my friends visions. With Implementation Agreement that allows businesses to implement and invest with confidence, and this government will make the pursuit of that progress a top priority in the weeks ahead. Edwards inus is anna westminster. It is always fun to look at the newspapers, seeing the headlines from todays budget. What things do you think they will pick up on . Anna some of the big headlines around the Housing Market, so we got no sense of duty on the pledge for all housing, and this is based on transactions in the Housing Market, essentially. Homes,the 300,000 pound for the first time buyers, so they are trying to address intergenerational and fairness within the u. K. Economy. They will send 44 billion pounds to this in the next five years. That is the big policy and announcer. That is where a lot of the big money is being spent. One of the other headlines is as expected, the u. K. Now predicting worse growth and more borrowing that it had previously. The office of the budget responsibility is now not expecting the u. K. Economy to grow at anything above 2 in the next four years. So we are not expecting growth above 2 . This comes down to productivity. That is what they have suggested and we have heard from the cabinet minister a few moments ago. On brexit, some headlines. Another 3 billion pounds set aside for brexit contingency plans. What is interesting as this is not just for a no deal scenario, this is money set aside in case there is no deal, but also to cover any wobbles in the u. K. Economy if there were to be some kind of deal. So lots the headlines on brexit and the Housing Market coming through. Mark some say since the last budget back earlier this year, has waned going into the budget. He was certainly under pressure some suggesting his job might be on the line. Has he solidified his position or not . At the time of the march budget, he was under pressure because he had to do a uturn on a tax increase that did not stick. It was not possible. We have an interesting report on the bloomberg that talks about how powerful or not powerful Philip Hammond is as chancellor compared to previous chancellors. That is picking up on what my colleague said, tim ross. This pressure on the Brexit Contingency Fund is something he has talked about not wanting to do previously. He is adopting somewhat of an was ontic tone here, he the remain side of the brexit debate, and those who have criticized the brexit vote say he has not been positive enough but the potential for the u. K. Economy. The low expectations were really firm for today. Despite theeally low expectations and having his hands tied, he did manage to deliver something quite substantial inhouse. Anna edwards, we will see you shortly. Vicky morgan, chair of the treasury select committee. I will leave you with that and we will see you in a second. This is bloomberg. Mark 11 00 a. M. In new york and 4 00 p. M. In london. 30 minutes left in the trading day in europe. From london, i am mark barton. Vonnie i am vonnie quinn and this is the european close on bloomberg markets. Mark here are the top stories we are covering. The u. K. Government unveiled its budget, slashing growth forecasts. We are live with a key member of the parliament, nicky morgan. Lenders are stuck with the billions and nonperforming loans , how do they clean up their books and get back on track . We will speak with a chief executive of a top italian servicing company. Turn the page after a major cyber attack that happened last year, when will the road get smoother for ubers new chief executive . Have a look at where european equities are trading. Gmm g is