After a 1000point drop . Higher, it seems. Heres abigail doolittle. Abigail were looking at a rebound rally for the major averages. Dow,e open, we have the s p, and the nasdaq higher by more than 1 . It is similar to what we saw on tuesday. Not quite as frenzied as what we saw on tuesday, but nonetheless, sharp snap back after yesterday. The dow down more than 1000 points. Lots of uncertainty and volatility. As he happened to the bloomberg and look at the s p 500, futures overnight into today, the trading action, we are going to see this story. Teachers had been higher, higher, futures had been higher, higher, higher command and lower. We have seen these whipsaws around the week. What is next for stocks on this correction officially yesterday, not so much right now but on this correction that seems to have come out of nowhere. Is the factf pain that the major averages have been overbought. Perhaps stocks went too far, too fast. His is g btv 3006 this is in relation to the. 00day moving average a rising signals that the buyers are in control. A big move up, especially at the end of last year. The idea that too far, too fast. 100day movinge average. The last time we saw that in 2011, very interesting, because in 2011 that was the last sort of their market we had. Ow briefly dipping into bear market territory. It was similar in the fact that it seemed to come out of nowhere and it was not a specific trigger. The idea of too far, too fast. 14 r that, the s p 500 went below the 200day moving average. If that happens now, that would suggest the s p 500 has more work to the downside, perhaps 2200 or lower. All of this has put the s p 500 on pace for two big makes of declines. We see those weeks of declines similar to the correction in 2016. It will be interesting to see how today plays out. Dip,tors are buying the highquality names that were sold yesterday and bought on tuesday. These include microsoft, facebook, jpmorgan. Investors are not liking the names yesterday, liking them today. The fundamentals, nothing has changed. This is volatility. The corrective action we have seen, the rebound rally that has to do with sentiment. Big race int up a the quarter. There isnt a haven bid. This board is somewhat riskon. The yen is selling off. And the fear index, the vix mark trading lower. That the day is young. Is coming to an end. What a week it has been. This is highlighting all the big market moves across europe. In jan. Own nine days i will show you in just a. Econd, but portugal, norway nine days of declines. The lowest level since august. It is more work since last year. This week of the kind of 5 is the biggest in two years. The januaryof the genera 23 high the dax has corrected 10 from the january record. Interesting comments from the eu brexit negotiator. The norwegian krone, the swiss franc. It is not a haven trade. Euro is gaining for the first day and you see it at the bottom in gray. Rising for the first day in three. Biggest weekly slump since october. Ending a weekly run of seven. The longest since 2004. Periphery bond yields are rising. Natural gas is the only. Ommodity that is rising today the Commodity Index is set for the worst week in march 2017. This is the stoxx 600. Technology shares are rising today. All 19 others are following. Lower. Id, we were 1. 7 this is our fear gauge. It has been a while week for the gauge from which is marginally. Ower we rose by 11. 3 points on tuesday. Roughly rights to 60 roughly equates to 60 . We rose 50 yesterday. For the week as a whole we are on for the biggest week in a decade. And the highest since june 2016. There is individual corporate news. Lets talk about loreal. That was a beat. Luxury products leading the way for the sixth consecutive quarter. The Company Posted a record operating margin of 18 . Willing toompany is buy nestle roughly 22 billion euros. Some investors are pressuring the Swiss Company to upload loreal and its holdings in french fry maker french Drugmaker Sanofi to finance the deal. Mark, thank you for that. Lets check in on first word news. Here is taylor riggs. Taylor President Trump has signed a budget deal, ending one of the shortest government shutdowns on record. Hours after the partial shutdown began at midnight, the house approved a bill that raises federal spending by 300 billion and puts the debt ceiling on hold for a year. Earlier, republican senator rand paul had blocked to the senate vote for hours. He was unhappy over the extra Government Spending in the measure. Koreaser of north leader, kim jongun, has shaken hands with south koreas president , movon jaein. She is the first member of the dynasty get rules north korea to visit this out. She will have lunch with a south korean president tomorrow. Chiefropean unions brexit negotiator has raised the prospect that a transition deal could fail. He says there are substantial disagreements with the u. K. Over the terms of the twoyear price p grace period. Future trade deal between the sites will almost certainly not be complete if the u. K. Place in march. The Producer Price index rose 3. 2 in january from a year ago. That is the Third Straight month of slowing down. That suggest the biggest trading nation will not be passing on more inflation to the rest of the world in the near term. Global news 24 hours a day powered by more than 2700 journalists and analysts in over 120 countries. I am taylor riggs. This is bloomberg. Vonnie taylor, thank you for that. In the middle of this weeks market mayhem, wells fargo raised its s p 500 target. The firm sees the benchmark reaching 2950 by years end. Joining us to make the case and talk about this weeks move, chris hart become head of equity strategy at wells fargo. That by we will storage the end of the year . No doubt. We will reach that in the next three to six months. There is massive demand for liquidity at this point in time and healthy repricing of risk. Vonnie what is going on this week . Our markets lost . Asia is struggling, the u. S. Is up, but we had a correction. Christopher that is it, we had correction. We had a lowvolatility period for a long time, and you have people chasing funds and strategies in that kind of environment. Is what the u. S. Is down, asia is down, europe is down, it becomes a vicious cycle, and it takes a while to work itself out. We are towards the end of it now. Vonnie it only took a few days. Damental about quan stocks. Christopher i didnt make it up. It is a mixer of quantum and fundamental vonnie and momentum. Christopher we think it makes for a very strong or healthy portfolio. Mark chris can you choose to use the 121month price moment of factor. Why is that . Christopher we think it is still a moment of market and it has been for a long period of time. Momentum, people worry about it because it has done well, but at the end of the day, it is not expensive. Monthason why we use 121 is we are looking for things that have sold or traded down in the last month. We see that as an opportunity in the longer term trend. Mark you also say that this year will be a year of two halves. Explain how the two halves of 2018 are going to play out. Christopher what we think is the first half be very positive. You will have a sentiment improved, m a activity, and walkies from year start to up relatively aggressively. In the second half, when you have to do with is a fed that is tightening Monetary Policy. Generally when they are late in peek ofe, we see a growth and flattening of the yield curve. That is a less positive environment for equities. Mark are you still where you were when it comes to defend before the recent market turbulence . Does this derail the fed at all in their quest to hike rates by three times this year . Christopher cap Economics Team believes it is three rate hikes. We think the fed has to become more hawkish. If you look at the last statement, they were becoming more hawkish. Newly are the aggressive fiscal policy on top of the aggressive Monetary Policy, it works. We are starting to see eps improve. We are starting to see inflation improve. We think the fed will be forced at the margin to be more hawkish. Vonnie we are getting started. He is head of equity strategy at wells fargo. More straight ahead. Highs by a long way. The s p 500 does shaved off. 2 Percentage Points since we started broadcasting. The dow is up. 8 . Maggie, best performer in the s p 500 nike, best performer in the s p 500. This is bloomberg. Mark live from london, i am mark artan. Vonnie from new york, i am vonnie quinn. This is bloomberg markets. Harvey,th us is chris head of equity strategy at wells fargo. That now the s p 500 is 2600. Up three quarters of a percent. The you do you see all of this volatility back . Christopher what we said before the spike in volatility is accepted this we expected not an elevated level, but higher, and spikes similar to what we are seeing right now. When you are seeing is Monetary Policy off the table and stocks need to stand by themselves. In addition to that, we were in such a low regime for a while that we had to stop. Vonnie why are we not seeing treasury yields rising faster . 2. 85 on the 10year. There is not been as much move in treasuries. Christopher a couple things with treasuries and treasury yields. Their moving higher because Inflation Expectations are going higher. But usually when you have risk aversion and when you have the equity market selloff you see a run to risk aversion and the Interest Rates, back. An auction yesterday and more supply in the Court Vacates matters. Im surprised they have not gone down in the equity selloff. Mark what about the possibility from my backs more vivax with a reasonable back . Does with the recent pullback . Get through as we the earnings season, you see more discretionary activity come through, and with the market pullback, what we have seen in the past is that the depth and you areby backs mark clearly bullish on the s p. Can i ask for your thoughts outside the u. S. , where im standing in europe . Our u. S. Bullish on european stocks . Christopher we dont look at europe too much. We think equities across the globe should do better. If we are right and the equity markets rally, you should see something comparable across the globe. Are varioushere opportunities, we think it is a good time for equity markets across the globe. Vonnie with your approach you are looking at price momentum and various different factors. Are you seeing industries where you are finding a lot more attractive companies that not . Christopher growth has been very, very strong. In technology, and consumer, in financials, you are seeing good earnings reports, good guidance. When you look at the energy space, that is not quite the same story. ,t has been rather difficult tough sledding, if you will, in that environment. It is about technology, industrials, financial, and consumer. Vonnie what about it infrastructure plan . If we get one, do you think it will be more opportunity in the stock market . Christopher it may be difficult to get an infrastructure plan in place at this point in time. There are a lot of roadblocks. I know they are going to try, but i wouldnt put that in the first half. That is something you would see in a 2019 or relate in 2018. Mark what are the risks to the 10 forecast for the s p through the end of the year . Christopher the risk to the forecast is does liquidity, under the marketplace . , out of the marketplace, is there a shock to the system . At liquidity, it still seems healthy. When we look at bank Balance Sheets, Balance Sheet are in good place. We see a lot of liquidity in the marketplace. But yes, there is always the possibility that something unknown or a shock coming to the system. Mark so there is an incentive for liquidity providers who went to the marketplace right now. Christopher thats right. There is a reward to come back into the marketplace. With equities what were looking at is 17 times earnings based on our estimation. What we were looking at two weeks ago at the high, close to 220 times earnings. That is quite a change. People to putnt money in the marketplace. Vonnie you are looking at correlations. What other Asset Classes are you looking at for signals as to what equities might do . Christopher we are always looking at credit from always looking across the globe. One of the things that concerns us is you have this excessive Monetary Policy for so long, and the traditional signals have been muted. We are looking at nontraditional places. Were trying to figure out how orderly or unorderly selling has been. We are looking across the globe. Vonnie what are they saying . On monday afternoon there were so busy that they just waved me off. Have been exceptionally busy the last few days. They said there was a lot of panic late in the day on monday. Now what they are saying is that things are more orderly and you are seeing a repositioning of risk at this time. Vonnie fascinating. Thank you. Chris harvey, head of equity strategy at wells fargo. Mark still ahead, we are following markets. Here is a look at the stoxx 600 financial services, energy among the big decliners. Food and beverage one of the bright spots. Negative. 10 . This is bloomberg. Mark this is bloomberg markets. I am mark barton from london. Vonnie and i am vonnie quinn. It has been a big week for etfs. The big story, the announced closure of xyz. A similar closure occurred in the past with a similar inverse product. Following the 2011 spike in volatility, it was down while xiv was open. Here to tell us more is the analyst at bloomberg intelligence. Tell us the story. Interesting enough when you look back historically, it is learning time for etfs. When you backtrack to 2011, we have seen this happen before. 2011, we had the s p downgrade of u. S. Debt. We saw a big spike in the vix the products doing what they are with to do and got hit assets and barclays it says we will close this product. So they close the product. If you look at the lifespan of ivo, was only open for eight months. It closed in september. Interestingly enough, xiv was open at the time. We note the trade remained popular. We saw this well in assets at the time. Vonnie isnt that insane . What is the reason . Athanasios i think they just saw the trade is still continued to be popular. Trade wanted that lowvol so they left the product open. Even though xiv will close in a week and half, others are open. Vonnie we have a chart of that, in fact. The average falling over the last three days athanasios exactly. These were products that were just sleepers. They were not doing anything. Veople are moving away from xi and going to smaller products. Vonnie give us a couple other tickers we should keep our eye on. Vmin is another product getting attention. In. Ie vm thanks for that. Etf analyst and bloomberg intelligence. Keep an eye on vmin, mark. Mark i will. We will take you to the close one hour away in europe. Here is the stoxx 600 this week. Down almost 5 . The biggest weekly drop in two years. We need to follow about 1. 6 to enter a correction from january 23 high. Germany benchmark has corrected 10 from the january benchmark. This is bloomberg. Vonnie live from bloomberg World Headquarters in new york, im vonnie quinn. Mark live from Bloomberg European headquarters in london, i am mark barton. This is bloomberg markets. Lets check in with first word is. Taylor riggs has more from new york. Taylor President Trump has signed a twoyear budget deal that ended a partial government shutdown, but he is not completely happy about it. The president says the Government Spending will make the military stronger than before, but hes is democrats increased spending on things he doesnt want. Pressure is mounting on white house chief of staff john kelly over his defense of former staff secretary rob porter. Kelly fought to keep porter on the job despite accusations of the spousal abuse fromtwo exwives. A number of lawmakers have criticized kelly and the National Organization for women has called on him to resign. Chief Trumps Health care plans to target expensive drugs and outofpocket costs. Servicesh and human secretary has laid out several proposals that will appear in the president s Budget Proposal on monday. One would make sure that the elderly covered by medicare benefit from discounts as managers negotiate with drug makers. April, one day will be linked to amsterdam by the euro star trek. Star train. It is the biggest expansion of the channels since it started operation in 1994. Global news 24 hours a day powered by more than 2700 journalists and analysts in over 120 countries. I am taylor riggs. This is bloomberg. Vonnie taylor, thank you. As taylor just mentioned, President Trump signed the budget deal approved by congress this morning,30 ending a brief partial government shutdown. Is set to release is 1. 5 trillion infrastructure plan on monday and his blueprint for the 2019 budget. Lets discuss it with the chief content officer for bloomberg. The shutdown risk is over at least for a year. What was given up, for who would have won this fight . What was given up his complete and other discipline on fiscal spending from the gop. The fiscal hawks have basically disappeared. With the exception of rand paul. Essentially what congress did is give the government a free check without any limits whatsoever on spending for the next year. 300 billion for military and domestic programs is going to add to the deficit. Vonnie all told, will it goose gdp growth . Is it better for the economy to have a blank check . Or will this cause problems down the road . Marty it is my view that eventually it could cause great problems down the road if you have the federal government borrowing 1 trillion next year and inflation rising, and the costs were going to escalate. At some point, it is this theory that growth will take care of this, but if growth is not there, it could create real problems, crowding out other issuers of debt. F gop members are suddenly ok with lots more Government Spending, what happens to their voters . Marty they have made the political talk to us that this is not going to be an issue in the midterms. We will wait and see. I do think that the Tea Party Movement of years ago was essentially dead, and they are playing to the Disaster Relief and increase in defense spending that will carry the day in the 2018 midterms. They probably are right. Mark marty, lets talk about monday. Trumps Budget Proposal, infrastructure plan. What can we expect . Marty you will see the broad outlines of an infrastructure plan. There is reporting that donald trump is hung up on the amount is the expense of the infrastructure plan. It will be brought details of how he sees the Publicprivate Partnership involving also there is a lot of resistance within the gop and the democratic part about how this is going to work. Mark i mean, how do you think it is going to work . What sort of compromise will be created, marty . Marty well, that is the key issue. On the democratic side, they want to see the government take the lead on spending for infrastructure, whereas republicans are already concerned about burgeoning spending and want to see the private sector get involved. There are lots of analysts out there who dont see how the private sector can find fund a 1. 5 trillion and the Structure Program for infraStructure Program. Mark yeah, and the Budget Proposal . Marty the Budget Proposal is a list of relevant after their past their Spending Plans for the next two years. It is set out there. How he is good to show fiscal discipline, which he says will be in this budget come when they have agreed to spend 300 billion over the next two years. Vonnie we have a great report out on the 10 Senate Democrats racehave faced reelection some new 1 million, four times more 71 million, four times more than their republican opponents. It is early days. Marty and they are going to need it. I do think right now the conventional wisdom is that there is potential for a wave election of democrat actually taking the house, and an outside chance they could regain the senate. But as you say, it is early days. There is lots of water under the bridge before november. As we have learned from the president ial election, throw out conventional wisdom. It will be election day we find out what has happened. Vonnie is the gop coalescing a bit . The deal happen and it was may be easier than the last time. There was the situation from the Freedom Caucus members. You said the Tea Party Movement is essentially dying or dead. What does that mean for the future of the gop . Marty the senate has gone home, the house is going home. They are going to come back monday, and is huge, divisive issue is coming up, and that is daca. They will debated in open debate in the senate. I view is they will get a piece of legislation out of the senate, and that the issue is what does the house do. Paul ryan holds the key to that feelingl of this good and unanimity within the gop and bipartisan is essentially going to go out the window with the immigration debate. Mark what paul ryan is going to do you say he holds the key. Marty well, that is the question. Elosiemocrats led by p what a Firm Commitment that he will do exactly what mcconnell is doing, allowing the democrats to fully participate in a daca debate on how to solve the problem. He has not said he is willing to do that. He actually hold the key because he can determine other it is only a republican bill that comes up or no bill at all. He has said he is not going to debate the bill that does not have the president support. We dont know what exactly he supports. Come out has pelosi this week looking . Marty i think she comes out looking a little ineffectual. Speech in thehour house didnt really change anything. She actually did not urge democrats to vote against this budget. Her taking a backseat on this issue, that would not have passed. That not mistake the fact democrats got a lot of what they wanted out of this bill. She isr leadership going to move on. Vonnie as the democrat said this morning, daca negotiations to start now. Marty shanker, thanks. Bloombergs chief content officer. Mark coming up on bloomberg markets, we are watching the markets, as we do. It was a check on stocks today. Dow is still up. S p likewise. Nasdaq gaining. It is the european side of the equation that is spoiling the narrative. Stoxx europe 600 is down by 1 . The best i can say is it was down 1. 75 earlier. Vonnie we are you raising some of our gains in the u. S. , but we are nevertheless higher on the session so far. The Dow Jones Industrial average is up half a percent. You are looking at exxon mobil, though, which is down 10. 5 , and other decliners. Nevertheless, we are higher and we shouldnt lose sight of that. Nvidia, under armour, American International group, all higher in the s p 500. When it comes to the dow, plenty of companies hire. Microsoft leading the dow. This is bloomberg. Mark live from london, i am mark barton. Vonnie from new york, im vonnie quinn. This is bloomberg markets. Crude oil has fallen below 60 a barrel. It is only february 9. We are looking for the level to be preached at some point. We are seeing it today. Barrel of the crash 59. 92 for a barrel of the projected. Specifically, taylor riggs has more on what is going on. Taylor it is almost as if they planned it, because im focusing on the Energy Sector come with oil falling below 60 a barrel. Take a look. Were looking at a fiveday view to give you perspective on where we have been in this volatile week. The Energy Sector is down more than 8 . It is on track for its worst week going back since august 2015. That is when this energy index in the s p 500 fell more than 8 . Indexow the lowest levels now the lowest since september. There are movers inside the energy index. Just of the for the reaches down with an 17 . 18 , sorry. They are being weighed down by. He drop in oil prices as we wrap it up, talking about 03, energy index, g btv 68 the market cap of the energy world index. They have lost a combined 193 billion in value this week. It puts into perspective how far we have come. Vonnie taylor riggs with a look at the Energy Sector of the s p 500. Thank you. Mark pressure reduced Interest Rates the fourth time in a row russia reduced Interest Rates the fourth time in a row and the istral bank signal it preparing for faster and looser Monetary Policy. The economic recovery shows signs of sputtering. Is openus for more tennis. What were the big takeaways from the bank of russia . I guess the biggest take away is the character of the central bank statement. Especiallysh from for russian policymakers are used to have a very cautious approach. What happened is the bank of russia which said they would shift from wanted to moderately tight policy to a neutral one can actually today they said that the mission can be completed this year. Inflation is at the lowest level in the countrys modern history, and the slow down is due to permanent factors. The bank of russia doesnt see any significant risk of inflation to exceed the target so from the inflation side, the disappointing news where the recovery is disappointing. It is below estimates. In the Fourth Quarter brought a lot of surprises and the bank of behind a slow down. That is why the bank of russia decided to speed up. Mark did the central bank refer andhe recent market selloff the impact on the ruble, hit by declining oil prices . Olga the bank of russia actually mentioned uncertainty over Global Financial markets, and some economists think that the Global Market selloff was the reason the Global Market selloff and the ruble,p weighed on the and the russian currency depreciated more than 2 in five days, the worst performance among market peers. Yet the decision slightly supported the ruble and the currency managed to regain some of its losses. Easing wille of support repeal of the ruble because the russian ruble is still attractive. Real rates remain one of the highest globally. Vonnie you are looking at a twoday chart of the doubt. It turned negative in the past few minutes and then positive all of the session and it has just turned negative, bringing the twobased lif twoday slide. Have a look at the ruble. T is trading at 58. 34 it has been moving around a little bit. How much more complicated is that making the Central Banks job . Olga well, the central bank mentioned some major risks of inflation, and those risks include instability on oil prices, which may affect the ruble, and that may affect inflation. But those midterm risks they bank,ways on the central so russian policymakers are watching. As of now, they decided to stress the growing uncertainty on the Global Markets. Mark thanks for joining us. Olga tanas, as the s p erases its gain and heads for its worst week since 2011. Vonnie we are taking a look at a oneweek chart a moment ago of the doubt. What we want to point out is that the dow turned negative on the day, taking a precipitous drop, actually. 6 , 2 move in the last hour or so. . E s p 500 is down. 25 looking at what is leading to that walmart and boeing are down more than 2 . We see some stocks higher. Nike is a raising its gain. Up almost 3 . Still ahead, more markets. Here are the majors. This is bloomberg. Vonnie lets get back to the breaking news on the markets, which has turned negative. The major averages are down, and for the dow quite substantially down. I am not going to ask you what is causing todays action, but if i were to, what would you say . Well, the natural noise of the market you get when you are in at least a temporary downturn. Market meanslity you get more of these swings that dont necessarily mean anything. People are jittery, people are more riskaverse. To pile in, and as soon as it runs out of steam, everybody piles back out. You cant interpret it the way pointdowna 20 or 30 move in the s p over the summer. Vonnie in a way it could be a good thing because it means activity, action, people selling. Certainly we have seen volumes explode over the last few days as markets have gyrated. It suggests there has been some profit taking. Fromargest ever withdrawal equity funds over the last week or so. Clearly people are in capital preservation mode. That eventually begets opportunity, whether it is today or whether it is next week or int month, we will only know time. What is interesting about the internal Market Dynamic today is the best performers were, number one, utilities, what you think of as the classic defensive sector. Number two is technology. When you think of as the classic growth you want to own that when it is going straight up sector. I think it is indicative of a decision on the market. Maybe that is the prelude to the eventual bottom. Vonnie the vix is up 32, for what it is worth. It is indicative to that it is all taking place within the equity markets when we see the 10year is still 2. 38 comes of it is not like a boy jumping out of asset people are jumping out of Asset Classes to buy equities. The underweight or short position in the fixedincome market is entrenched. The fact that the curve is steep and it is interesting. It is easy to say that rates are rising because people expect the fed to hike more. I would expect the curve to flatten. The fact that the opposite is happening is probably more supplyed of this fear of , both because of the explosion then to aicit and slightly lesser degree because the fed will be obviously owning fewer bonds moving forward. Vonnie just illustrate what you were saying before i send it over to mark, i will show you 73 basis points or so now. Mark i was looking at your last post on markets. Fraois markets and you try to figure out what is going on and it is not clear. There is an old saying that the next crisis is never like the last one, but certainly the last one, the spread between shortterm Interest Rates banks charge each other vs. Shortterm Interest Rates set by the central bank, that exploded because of the bank Balance Sheet problems and liquidity where the heart of the financial crisis of 2008. People look at this as a sign of distress. The interesting thing is that banks dont lend to each other anymore. I think it is maybe a little reasonable to question how useful it is as a sort of canary in the coal mine for the next crisis, particularly as shortterm rates and other sectors like the commercial paper market, cross currency basis market, are not the same level of distress. I suppose you could say that the fact that these spreads are widening, it suggests that there are jitters that maybe are starting to leak out beyond the equity market. Mark i enjoyed your other entitled who needs downhill skiing when you have equity charts . You are plotting the drawdown from the alltime highs in the s p from 1960. We easily forget the drawdowns, dont wait . You remember in late 2015 and early 2016 we had a couple different drawdowns of 10 or more from which it seems like distant memory given the runup that we had in 2017. If you look at it on a longterm basis, it is normal. This is in the world crumbling down. This is what markets are supposed to do. They are not supposed to go up every day. Churn. Uld get some we are now at the point where President Trumps tweets notwithstanding, if the news is too good, it does turn back, because markets have to consider higher Interest Rates. Mark thanks a lot. We have breaking news on uber. Waymoettling the driverless car lawsuit. This is bloomberg. Mark breaking news, market scripting low. Drifting low, we were rebounding for the stoxx 600, at one point was down but in the last 20 or so minutes, mirroring the united states. Markets moving towards a lower part of their trading session. Look at the far left column, euro stoxx 50 down by 1. 7 . Greece, austria, germany, in a correction for the dax which has fallen 10 since the january record. Days for decline in 10 the european benchmark and the third weekly decline, the worst corrections june of last year. This weeks drop of 5 is the biggest for two years. Of the to drop 1. 5 european benchmark, the stoxx 600 to enter a correction from january 23. Sterling is falling against the dollar. A lot is from comments from negotiator Michel Barnier a who said the brexit transition time was not a