We are seeing once again some interesting divergence within the market. The dow climbed to another record and rise for the six of the past seven sessions gaining more than 1 , the s p is on his heels, almost a quarter of a percent. The lag once again is the nasdaq. Only up one third of 1 . A strategist of bloomberg estimates talk about paying attention to that nasdaq underperformance might mean that some of the rumbles we got last week in the rotation out of Technology Going into year end, that movement might not be over. Something to continue to watch their. Also, we are talking about the big deals this morning that we have been talking about scioscia for several weeks. Now it is official. Cvs agreed to buy aetna. That isading well below analyst are asking questions about antitrust approval. Particularly after the Justice Department sued to block at ts purchase of time warner. Orther instant implication more of what this is a reflection of is working broadly and health care. Take a look of the bloomberg, this is something that has been a topic of discussion on the live blog this morning. What will be the effect of not just this deal, but what we are seeing more broadly and health care on inflation. Mean some of the effect on inflation are not in the transitory as the fed has been talking about . This is medical spending as a pretend percentage of personal consumption expenditures. As you can see, it has been going more sideways over the past seven years or so and even has started to trend a little bit lower over the past couple of months. If indeed amazon is entering the industry, that could be a trend that is here to stay. Finally, in the leadership position, pretty clearly once again the financials. And is a group that is seen benefiting particularly from tax cuts. Also potentially from deregulation. Bank of america and wells fargo some the big cap get banks leading the morning. Vonnie breaking news now, the richmond fed has named Thomas Barkin as his desk as the new leader. Jeffrey lacher resigned in april. Thomas barkin is coming in owing of thelso a Member Executive Committee of the usga. Once again, Thomas Barkin will be the next president of the richmond fed. One of the important retail fed reserves. Mark check out my new favorite function. It tells you everything you need to know about european stock markets on a percentage basis. We are rising today. Biggest increase since july 12 where we are seeing the tax package in the United States. Suchews out of brussels is today that they are expecting some sort of breakthrough in talks between the u. K. And the eu. Prime minister may having lunch with Jeanclaude Juncker. A News Conference afterwards. We are seeing stocks rise today after falling last week. Sterling in the wake of some sort of breakthrough within those brexit discussions getting a boost. 135 24 is where we are. It may not able to rebound further even has brexit talks move forward. Markets are a position for a breakthrough as well as the possibility of the fed raising rates in december. We are keeping our eyes peeled on whatever is coming out of brussels. , shares 22 . Ne the biggest decline since 2004. They told investors its biggest customers, apple, it could design Power Management shifts in the next few years. Dial the Stock Plunged by 18 on november the 30th after the nikkei reported apple is designing its own powerful chips for use in iphones, reducing its dependence on dialogue shares. The Spanish Oil Company shares are up by 1. 5 today. It is considering an option including a potential sale at 4. 4 billion stake in the spanish gas distributor. This is going to people familiar with the move. It could help the countrys biggest oil from raise cash, invest in areas such as renewables. A sale would follow a similar soldlast year that repsol 10 say stakes in the guest attribute for 19 euros a share. Repsol up by 1. 4 today. Vonnie President Trump reveling in the prospect of his first major legislative victory while brushing off a federal probe closing in on a key member of his inner circle. Tolds what the president reporters today as he departed the white house and headed to utah. The stock market is going to have a very big day based on the massive taxcut that we are very much in the process of getting approved. Based on the votes we had last week, the stock market has been reacting unbelievably well. The only thing that hurts it is the fake news and theres plenty of that. Vonnie joining us now is gary shilling. Gary, you wrote in the review recently saying he is right. It is all down to present trump and his policies. Are using the market is trading on actual fundamentals, results we are seeing out of the presidency or just hope and sentiment . Gary the markets to anticipate them. Ive been impressed of the deregulation. It is not a rose garden signing type of ceremony, but it is very pervasive and they really are changing the whole character of this. The federal government is 22 of gdp, that is up from 16 10 years ago. So when it data gives the present him and we add onto that executive orders and a lot of what he has been doing or undoing the last minute obama executive orders and Environmental Protection and Oil Pipelines and so on. I think this is very pervasive and you see it in the sec, you see the fed even talking about less regulation and they are truly an independent agency. I think the whole atmosphere in washington is saying less regulation, more emphasis on free markets. One of the interesting aspects was the Justice Department is challenging the at t time warner merger. What they are really saying is we dont want combinations. That is vertical whether its bert good or bad. What they are saying is of the same time, they are really saying we are going to do away with net neutrality. So it saying we are going to allow more competition and let more chips fall where they may. Different thany the Obama Administration which is to put in a rule and if it doesnt work, put on another rule. Vonnie i can see how that might be true for Certain Industries with regards to financials. You can see the difference between technology and financials when it comes to the dominance is to mission destination. This is an entire market moving higher, grinding higher. Is that really all thanks to deregulation . Gary now the tax bills close to being passed. In the last it is about a lot to do with it. It fromif you look at right after the election, there was a lot of promises of replacement of Obamacare Tax reform, fiscal stimuli and that is still down the road. Went into this realization that these things werent going to happen immediately, but the only thing that has happened until recently and the market seven moving up, is deregulation. I think it is probably had a lot to do with whats going on because it was only with the last couple of weeks that it looked like the tax bill was going to happen this year. Mark friday was an interesting day with the developing news on Michael Flynn and the mueller investigation. The market shrugged it off. We saw the lows, we nearly came off the lows for the day. A small decline to the end of the day. And today we are back up and running. Knock this bull run off its course . Gary it is one thing if youre meddling with Foreign Policy before the election. After the election, i do that means anything for the chatter in the media and the democrats will use what they can. I dont see the greater scope of things that makes a great deal of difference. A must that was a real challenge to the president himself and i dont think we got anything close to watergate the took down nixon. One of the great trends we have seen. I can preview it because it will spoil the surprise later. Momentum stocks outperforming this year in the u. S. And europe outperform their major benchmark. Is that going to change given events like a potential tax cut. Does that change the dynamic . Will. It probably there will be real careful surge by all the analysts and wall street into what the what this means. You look at private equity for example, they dont have a carried interest problem they had earlier. There is a lot of details in here and of course there will be unintended consequences that are not even sure congress recognizes. I will suspect the next month or two that they will be there will be a lot of mining of this tax bill, whatever ultimately his past to see what the consequences are directly, indirectly and unintended. Vonnie are chairman wrote a wonderful oped saying this isnt a trump bomb, it is thank you janet yellin we are seeing these highs. I wanted to bring that point up because we just had a new member of the fed board, Thomas Barkin. Mckinsey. T why is he important to the overall matrix . Jim gary the richmond fed president does vote. There are five the District Bank president s vote, the new york one votes and then the other is in rotation. It does give him some influence. Im not aware he is in a dramatic different views than the rest of the board. Theyve been fairly uniform. The idea they want to raise rates, they want to do it slowly , they want to reduce their portfolio slowly. They dont want a tantrum like in 2014 when bernanke hinted at the idea of tapering, not actually selling off. Just reducing the additions in the portfolio. They are always a very careful and i think they realize that in the past when the fed gets on a rate racing binge, buy my account, 11 out of 12 times they have overdone it and gotten a recession. They are aware of this and now not only raising rates, but they are trying to get rid of a huge portfolio and they have never had that issue before. I think they are proceeding with tremendous care. Vonnie gary shilling, thank you. Lets check in with the first word news. Emma a breakthrough in brexit talks appears to be imminent. Theresa may is in brussels for an important lunch with European Union officials. The eus chief brexit negotiator told lawmakers the possible outcome a positive outcome is likely. If they can get through these issues, they can work on a trade deal. The u. S. And south korea are defined north korea with wargames involving 230 aircrafts. The fiveday exercise began earlier today. North korea is warning it could take merciless revenge. Republicans will try to hash out the differences between the house and Senate Versions of the tax overall bill. Each calls for the Corporate Tax rate to be slashed from 35 to 20 . President trump says the rate could be bumped back up to 22 in the final bill. Meanwhile, President Trump has endorsed Republican Senate candidate roy moore. He is been accused of Sexual Misconduct by natural multiple women. Democrats refusing to cast one vote for tax cuts is a reason moore needs to be elected. Global news 24 hours a day powered by more than 2700 journalists and analysts in more than 120 countries. Im emma chandra, this is bloomberg. Vonnie still ahead, more of that breaking news. The richmond fed naming Thomas Barkin as its new president. More on his policy views next. This is bloomberg. Vonnie breaking of the richmond Federal Reserve bank. Thomas barkin, a Senior Executive of the Global Consulting company mckinsey. He will succeed jeffrey lacher. Lacher was forced to quit after meeting his role in leaking sensitive information. Mike mckee has more on this important pick. He will be a voting member. The richmond fed votes onto the voting cycle and he will start january 1. We dont have a good feel for his Monetary Policy views. We know about his background. He got it acronyms economics from harvard and the majority Business School and law. Bostonsome time at first and was the chief Financial Officer for a while at mckinsey. And is now chief risk officer out of the atlanta office. He has in the past been a contributor to democrats, so perhaps you can read something into that, but we dont know exactly where he will come from her the fed has a tradition of being a very hawkish Federal Reserve bank. So the board of directors looking for someone like that, we may expect that. Vonnie interestingly and whatever but his political views, he has been the chief risk officer of mckinsey for some time. Might that indicate more about where he would take Monetary Policy if you are riskaverse, what would you do . Mike you might be more pragmatic and more inclined to be preemptive. We dont know that transfers over. It is interesting in terms of the Bank Supervision piece. The richmond fed has bank of america based in charlotte. He will have summoned to say about that working with the board as the new folks there. They change a little bit of the regulatory practices. Mckee, thank you for that perspective on the new richmond fed president , thomas barton. Mark lets talk about futures in focus. Brian battle joins us today from the cme. Lets chat about whats going on with the oil markets. Thank you for joining us today. You talked about the opec cuts and you said dont believe it. Do you trust the russians and libyans and the nigerians not to cheat . You dont buy into it . Brian we all are victims of our past. Member how important opec was and they set the market and oil prices create their own supply. This year we have had oil go from 57 to 43 and it back to 57 with the higher oil prices, that will bring more u. S. Fracking interest. First of all, i think theres going to be supplied that means need higher prices. I think this rally might have a little more legs because it is predicated on something that theyve been looking for, global demand. The u. S. Seems to be doing a tax cut through and seems to be progressive for the economy. It seems britain and ireland and the eu could figure out how to break apart and then move forward. Maybe global macro will increase, but we have to see. The only governor to that will be the wild card, u. S. Supply, which is a must as big as opec, which can fill in any gaps. Mark what is the mood like as we approach this possibility of tax cuts becoming real in the United States . What is the spillover across the assets . Market could not be happier, trees grow to the sky in the bond market doesnt believe it. Witty tenure treasury. The 30 year treasuries at 280. 240 for a 10 year treasury note, there is no believe there will be this growth and wage pressure. The bond markets do not believe it. And it is overed 450 pages long. It is not simple, it is not clean. This could be the biggest tax cut in history according to the president , we will see when the details come out. The house and Senate Version are that far apart and there is an old saying. We will see the stock market can keep going whether they actually pass the thing and then we will know what is in it. Mark great to see you. Still ahead, we are watching for a potential brexit breakthrough today. A massive meeting taking place in brussels. This is bloomberg. A breakthrough in brexit talks may be today. Does the size prepared joining statements on the divorce. Theresa may have that lunch meeting with the European Commission president. For the very latest, lets turn to nejra cehic who is in brussels. Is this launch still ongoing . What is going on . Is. T it actually began around three hours ago, so it is a fairly long lunch we are talking about. It is a working lunch between Prime Minister theresa may and the European Commission president. We are expecting at some point soon for there to be some kind of joint statement between theresa may and Jeanclaude Juncker. We see the pound shooting higher mput three hours ago was an saying the cheaper exit negotiator had briefed before this there was likely to be a breakthrough today. Positive comments come through for example from the Irish Foreign minister giving some sort of positive outlook we might see progress today. That is where we stand. We are waiting to hear what happened and we are hearing behind the scenes there are things to be worked out, particularly with the u. K. Reporting Prime Minister theresa may held a phone call with the dup. That brings into relief one of the key issues of flocks, which is the idea of the irish border. Mark how is that resolved . How have we resolve the irish border dispute . Yet have the details on how it has been resolved, if at all. One thing that was meant to happen is the irish was meant to make a statement to 2 30 p. M. In dublin, that was a most an hour ago now. We are told that is not happening. We dont know when. Tore are still some things be worked out. Ultimately, the republic of ofland doesnt want any sort hard border with the u. K. , but the dup is more teen that norther island is fully integrated into the u. K. And lets will worry about a hard border. Theresa may that is one of the difficulties. Mark this is bloomberg. Live from bloomberg World Headquarters in new york and im vonnie quinn. Mark live from European Headquarters in the city of london, im mark barton. This is bloomberg markets. Lets check in him first word news. Emma chandra has more from new york. Aired onsent trump is bridge ability on the tax cuts. Both of agreed to cut tax rates from 35 to 20 , but now the president says the rate could be 22 . When the final bill emerges from conference committee. The kremlin is downplaying the importance of talks between President Trumps former National Security adviser and the Russian Ambassador to the u. S. Russian Officials Say michael did not influence president putins response to sanctions imposed by the Obama Administration. Flynn pled guilty to lying to the fbi about this discussion. Calling singapore a haven for piracy. Singapore by settop boxes that allow on authorize streaming of movies, tv shows and live sports events. The group wants singapores government to block the Piracy Software inside the boxes. Director of the richmond Federal Reserve bank have chosen a new president. Thomas barton, a Senior Executive at the Global Consultancy Firm mckinsey. Afterr was forced to quit his role in leaking sensitive information. Global news 24 hours a day powered by more than 2700 journalists and analysts in more than 120 countries. Im emma chandra, this is bloomberg. Mark china is likely to overtake the u. S. Is the Worlds Largest importer within five years. That is according to a forecast from China International capital corporation. It is our the biggest exporter on the planet. Lets bring in alexander wolfe, a senior merging market economist emergingmarket economist. Thank you for joining us. Obviously, our intention has been on the moves. We have seen the chinese bond market and the chinese stock capitalcan china leverage while maintaining some sort of decent growth rate . I think so. I think it is important how we characterize. The debt dgveraging gdp ratio, but in chinas case is not broader deleveraging. It is very targeted of the financial sector. They are trying to his leverage of the financial sector, trying to reduce interbank lending and trying to increase input credit for the economy. Deleveraging is some and china has not approached yet. Changesch time china policy, often that is led to slower growth, why is this time any different . Alexander one of the biggest questions facing 2018 here you are right, in the past where they have implemented wellmeaning reforms whether its local government finances or even try to tighten credit, generally growth responded on the downside and have often reversed these policies. I think fiscal reform and tightening local government finances are the examples were they try that the past and dealt with edwin growth response in the downside, they seem to back off a bit. I think going into next year, growth will slow. But how they respond when that happens, if growth is below their Comfort Level in the rollback reforms or they hold steady and allow for slower growth. Thats one of the questions where theres a lot of debate. Vonnie what about did market elopment, a lot of particularly in the sovereign bond market. Is the government in any way depending on that . Alexander i dont know if dependent is the right word. I think there are some risks with them rising to hide. Especially given the percentage of ownership among the banks. I think of trying to reduce that because it is raising up to near 70 . I think is not necessarily a bad thing. The risks are whether or not rates will move to hide and given the debt in the economy and finance across that debt also when youre finance costs rise gdp, then that becomes a risk of growth in the future. They are trying to increase inflows and they want to introduce a level of risk in the market since you went from a no risk market to a low risk market. By having it function more like an old bond market, one devoid of risk. That can help increase foreign ofership bonds and frankly higher yields, it is more attractive for investors. Vonnie what is the target for that . Is there one . Alexander it is hard to say if theres a specific target. I think they are definitely learned the lesson of the last couple of years that they dont want much, they dont want to weigh risk regarding the risk. Nt two way they dont want to allow a lot of volatility into the currency, but they definitely dont want it to be a oneway either way. Mark alexander, given the u. S. Is whats hope driving equities today. Is there an impact on emerging markets . What is the feedthrough . Alexander there is an impact and i think it will be largely through the balance. Wasdollar weakness in 2017 one of the biggest factors behind emergingmarket strength. Emergingmarket growth improved and inflows were proved approved a lot of those were from the weak dollar. If it looks like that tax policy and tax reform will improve yourh and true flows into style assets and reduce a stronger dollar, that present a risk to 2018. Mark that could be a big difference between 2017 of 2018. Just broadly, it is a broad brush, broadly paint for us what could be the big difference in economically between the em space this year and next year. The big difference, we have seen broad growth and it was initially kicked off by stimulus in china and reside boosting china that is spread out globally and you see in true growth in the u. S. And europe. You broad recovery have a very broad recovery and we expect that take hold. You less of an imposing china in the intro with china taking over. The impulse from china will fade the intermediate goods or for commodities. Housing you see a fade from the chinese impulse and initially some other indicators, it looks a key trade has peaked. Largely dont expect but not as strong as what weve seen this year. Mark alexander, great to see you. Thank you for joining us. Coming up, cvs is going to buy aetna for more than 67 billion. We will sort through the complex issues that are arising the possibility of this farm out megamerger. This is bloomberg. Mark back from new European Headquarters in the city of london, im mark barton. Vonnie in new york, im vonnie quinn. Hour. Or our stock of the trading higher at the shares of at no on the news that cvs is agreed to by the insurer. It is 207 a share. Cvs is lower by about 3 . Ofgail doolittle with shares aetna higher and cvs lower, what is going on . Abigail that typically happens with the acquirers. Administrating well below that deal price suggest that could be some skepticism on the part of investors that this deal happens. At october 20al six. Buying this, the Regulatory Environment we just had the drg doj especially with the at t and time warner deal. The question is is that provide a present for the fact this deal might be blocked as well . It is in the health care space, it will come down to whether it helps american consumers. Vonnie vertical deals may or may not. On the one hand its bringing to parts of distribution network. On the other hand, maybe there is less competition . Abigail it is probably more likely to help thats the case cvs and aetna will hate. As amazon does come in to the health care space, it will mean amazon cannot have a monopoly and possibly Cheaper Health Care , Lester SpenceHealth Care Options and also in their favor weather goes to the doj or ftc. Dojly the d. O. T. Handles handles insurance. Hop into the bloomberg and look at the supply chain function. Easy to seetirely up year, but these are the suppliers to aetna. There is cvs, 11 of the revenue. We see there are a working together. That may favor these two companies in whether the doj or ability to see these companies have been working together in the past and have benefited u. S. Consumers. It will come down to that at t time warner deal as to whether of that whether or not that is a line in the sand of vertical deals. Vonnie lots of lawyers have an sharpening their pencils. Abigail, thank you. So, while aetna is gaining, we are not seeing too much of a reaction the broader industry. Even talks of the deal have been out there for a while. Anthem, cigna, United Health, they are all trading in and around where they happen trading on friday. Walgreens down about 4 10 of 1 . How big is the deal . How much of an impact could it have on the u. S. Health Care Industry if it were to go through . Joining us is drew armstrong, will lead to Health Care Team at bloomberg news. It would be massive. Drew this is the one of the biggest deals in a long time. Certainly the biggest deal for Corporate America this year. For health care, it will reshape a lot of the folks that exist in between patient and provider. If you look at how a patient gets to a drug or to the hospital, you have a health insurer, you have a pharmaceutical distributor or pharmacy, there are a lot of pieces in here and this crams a few of those things together with the goal of streamlining some of those transactions and providing some new points of access for patients. Mark the elephant in the room as amazon. To what extent is amazon preempting this deal . Drew that is something people talk about constantly. We hear a lot about it. It is a factor, but nobody knows what they are going to do. They have not said. Everyone is running around worried. When the biggest things to consider here is these guys are making themselves look like another Big Health Care giant that already exists, United Health care. That already on the health insurer, pharmacy benefit manager and his been buying up doctors. More of a model for cvs and edna ends up. Something unknown that death everybody is worried about coming in with market power in changing those middleman relationships. Vonnie how is it better for the country as a whole if one company has a hand in everything from your pharmacy prescriptions to your corner drugstore . Drew one of the major complaints that we have had about health care in the u. S. For a long time is that it is too fragmented, there are too who middlemen or players are each getting a slice of the pie along the way of administering care and providing care. This will put some of that together. For them, how that works is all in the execution. Can they do this in a way that makes up front care better for those and makes it more efficient. That is where we find out in the years to come if this merger did work. Vonnie drew armstrong, thank you for your reporting on that. Mark lets get into some breaking news. In the next five minutes or so, it seems we will have a theresa may John Paul Juncker joint statement out of brussels. Everyone is aware, theyve been having this lunch. Has been happening around us lunch has been fascinating because theresa may is said to of walked away from becauseh, broken away she wanted to speak to the head of the Northern Irish party who is propping up the government which is threatening to bring down the government if he strikes the deal that betrays her interests. She us to satisfy the republican republic of ireland, the eu and the dup. We are tracking a joint statement in three minutes. It will be fascinating to hear what she says about the irish border and what she says about the brexit bill and about eu nationals in the u. K. Vonnie the deputy Prime Minister said they were close to a deal, but ireland has a veto to an extent. Its unclear how much the europeans will have. It would be huge if there were to be any kind of anything more than checkpoints. We will have to see what will happen there. Everyone should check it out. Lawyers are having their own brexit, more than 1000 u. K. Lawyers have registered in ireland since 2016 to make sure they can still represent clients in European Union court. 100lly is between 50 and and in 2016, it was 1317. Mark two minutes away, we will hear from both theresa may and John Paul Juncker. Mark theresa may and John Paul Juncker are to make a joint statement in a few moments. We see sterling move up today on anticipation some major placehrough is to take today in brussels. They had this lunch. It has lasted three hours. Joint press conference in a few moments. Vonnie they really want to move on to the trade talks. That is what it all comes down to it the end of the day. It is been 17 months and said referendum, it is hard to believe. Lets get to washington as investors digest the tax bill and considered implications of the guilty plea by former National Security adviser Michael Flynn. Toluse joins us in new york today. Where is the gop most focused today . If you listen to the president and top advisers, they want to be focused on the markets, the impact of this tax bill. They believe it is having on the market. The president has a new catch phrase, how is your 401 k doing . He is really happy but the tax bill. At the same time they passed through the senate, we got this news about general flynn pleading guilty to lying to the fbi and becoming a cooperating witness potentially against the president and his inner circle. They are a little worried and saw the present lash out on twitter, attacking the fbi and this investigation. Members of his inner circle and his political orbit have said this could be an exit stencil threat to the presidency. While theyre happy about taxes, theyre not happy about robert mueller. Vonnie taxes going to committee now. It will put much be controlled by paul ryan and Mitch Mcconnell , the democrats wont have much of a say. How long will it take to get the language to everyones satisfaction . Toluse they feel very happy about where things are right now. There are differences between the bills, but they believe now theyve made it through to this point, they believe there is no turning back, they of the votes to get something across which means they have to post both the house and senate on board. This could be done in a matter of weeks. Wrapped up before the end of the year. Over the next few days we can expect a movement in the house and senate and they will unveil the final packaging of a vote before the end of the year. A provision not happening that is already there. How many differences are there left . Toluse there are a few differences. One big difference is in the senate, the individual taxes expire after seven or eight years while the house keeps them permanent. The senate has the obamacare language that in rid of the mandate. You want expect the house to push back on that, but there are a couple of smaller differences, different provisions in the senate bill that are not in the house bill. You can probably at the house to expect a lot of what the senate has passed because at such a small margin. Likely they will swallow a lot of the senate additions. Vonnie we will be back to you later in the day as things develop. White house reporter for us today in our new york studios. Mark getting to headlines and the bbc, no deal today for brexit talks. Sterling is falling on the back of that. It was rising in anticipation of a breakthrough in talks today. Speak to thehelle brexit negotiator for the eu side speak to earlier. He said they are headed for a breakthrough. Sterling rising earlier. It is coming down on that headline from the bbc reversing news we will get those deals today from those stocks. Lets get over to brussels where nejra cehic is. What you hearing out of brussels . Nejra we are expecting there to be some sort of statement, perhaps from theresa may and John Paul Juncker any minute now. We were talking with the headline from the bbc saying there will be no deal today from the brexit talks. This is a deadline set by the eu to come to an agreement. For theresa may to put forward or best offer or improved in some way in todays in order to move on to those trade talks. Always. Before today had been pushing back on the deadline of today saying this was a staging post in the runup to december 14. For the u. K. Side whether it will be a huge disappointment that we havent at a breakthrough today, that will have that is interested interesting question to ask. What weve got here is the irish border issue. We are reporting on bloomberg the theresa may actually stepped away from that lunch meeting er to call the head of the Democratic Union party. She stepped away to make that call before resuming the meeting. A person familiar with the situation easily said the theresa may made the call to earlieroster and had made a robust statement about the red lines for the dup when it comes to brexit and the border with the republic of ireland. Mark we will be back you as soon as something comes. We are hearing from the bbc that no brexit deal has been agreed to today. Sterling falling on the news. It had risen in anticipation of a breakthrough between the two sides. We had this big lunch today. Between theresa may and Jeanclaude Juncker which took place over the last few hours. Mark joint statement taking place now with Jeanclaude Juncker. Discussion. En for for the negotiation and discussion. We stand ready to resume the negotiations in brussels later this week, but i have to say that we are narrowing our to a huge extent today thanks to the british prime ster i am confident we can reach progress, sufficient progress before the European Council on the 15th of december. This is the start of the very last im very confident weve reached an agreement. Thank you. And as ps said, we have had a constructive meeting today, both sides of been working hard in good faith. We have been negotiating hard and a lot of progress is been made on many of the issues. Theres a common understanding. We want to move Forward Together. On a couple of issues, some differences remain which require further negotiation and consultation. Continue, but we will reconvene before the end of the week and i am also confident that we will conclude this positively. Thank you. We cannot unfortunately take questions. Mark and so ends that joint statement. A very short joint statement by promised her theresa may and jeanclaude young juncker. No deal has been reached. , he said toossible make a deal. Further discussions will be necessary. There is these discussions will continue this week. Prime minister may then said we have had a constructive meeting with the eu, it is clear the eu and the u. K. Want to move Forward Together and she reiterated what the president juncker said, we will meet before the end of the week. 14th by the eu summit, she says shes positive they will conclude this positively before that summit in 10 days time. Lets cross over to nejra cehic. There is no deal today but there still seems to be hope there will be a deal in place by that big summit in 10 days time. yes. A very short News Conference from theresa may and Jeanclaude Juncker. This comes after they had this meeting. Lunch. Whatever you would like to