Was purposely weakening the euro today. And we continue to see euro strength relative to dollar weakness. Draghiat is not what wants, he defined as not want a stronger euro at this point. And he was pushing back against the president. European equities going nowhere in a hurry today. The volume is actually reasonably ok. Some of the defensive names being sold off today, and you are also seeing something of a selloff when it comes to the bond markets. A little bit former come up by three basis points on the german tenyear. Today, just firming up a little happenswe wait what with the fed a little later on. ,he turkish lira, there were real weaknesses within earlier as there was talk of increasing sanctions on ankara as a result of the potential decision by the country to buy the s400 Missile System from russia. That really got the. Markets. Of the the dollar weakness has crept into the story and now, that is feeding on the turkish lira. Let us talk about the fed. As you say, taylor, it is the main story. It will announce a Rate Decision at 2 00 p. M. Eastern, a little later on, 7 00 p. M. Here in london. The press conference happens at p. M. Eastern. The market basically trying to figure out what communication we are going to get. Taylor mentioning the issue of patients. Will that were to be removed . If not this month, maybe next month. Lighting presence next. The market has come an awfully long way. It has priced in 65 basis points. Are we going to get the fed to give that . Stephen i am afraid the market here. Story the Federal Reserve believes its decision Going Forward is conditioned on things out of its control. For example, do we have a worsening environment for global trade that will somehow way down the United States, or do we have a round of recovery and optimism ahead, and with that, the Federal Reserves outlook changes. I find it hard to believe that the Federal Reserve once conditions to tighten. They are not going to torse up market interest rates. I dont think this is on place where they can say that is what they want to do. If the Federal Reserve continues to tighten Monetary Policy, will it says it is not doing so through its funding and Balance Sheet, essentially, the fund it meant to the u. S. Lendsry the funds it to the u. S. Treasury in the market. That has to be. Replaced by private credit markets. The idea that they would go from here, continuing to shed assets on its Balance Sheet to an immediate easing in july would be quite a big step. Guy you are saying the market is maybe the one that is offside here. Nevertheless, i cant remember a time when we had such a big gap between where the fed is and where the market is. Something has to give. Unless we want to see a significant period of volatility as we will be price the financial markets, the fed has to have at least a possibility that it could open the door. Steven i think they have done that already. The feds reaction has changed significantly. That is something i will be looking for in the statements. The fact that inflation is continuing to barely hit their target. That they might be open to a different Monetary Policy than we have conduct did over all those decades of trying to force down the inflation rate. At the same time, assuming that the Federal Reserve is going to ease Monetary Policy, if there is no adverse shocks to the american economy, i think that is a stretch to far. It markets are at some risk. You cannot have a Bright Outlook with less shock fading, and also easing policy. Taylor are we correct in assuming that they were going to cut our way into higher inflation . It seems we have been on hold for a long time and we are still low in inflation. Can we cut our way into it . Steven i think it is very relevant for the ecb and other central ranks. An important question. , imagine you can create a boom financial conditions ease further. That we really get excited again. That we can push inflation and edge it a bit higher but not create the vulnerabilities to a boom, bust cycle in which you have inflationary pressures. If you wanted to avoid the boom, bust cycle, you would have to disappoint markets. Taylor and your be the biggest question is question about asset bubbles. We the s p within 1 of a record. Where do you go, when every asset looks inflated . Steven i want to be clear first, that we have india record high this year in corporate record we have a new high this year in corporate profits. A bit higher than it was in 2017. Earnings have grown 24 over that time. Last year we had a sharp contraction in valuations that set us up for a strong euro getting some of that back. The question is can it be sustained . For it to be sustained and could today to grow, we have to avoid shocks. That will not be created by the Federal Reserve. Last year, the Federal Reserve was providing a Monetary Policy outlook also a Monetary Policy outlook of great answer into that would have been inconsistent with inspection and continuing. But they are not doing that. That would have been inconsistent with expansion continuing. Let the Federal Reserve cannot solve every nonmonetary problem. I think that is something that be erring on the side of caution to say that the us would not be the way to fix everything. Guy dont tell europe that, they are relying on the ecb to do exactly that. Stephen waiting, thank you so much for joining us. Stay with us, we have a great deal of coverage coming up. At 2 00 p. M. In new york, 7 00 p. M. Here in london. Lets get their bloomberg first word news update with kailey leinz. Guy, it was a preview of what to expect in the president ial campaign, when President Trump launched his president ial bid last night. He wants the audience wont happen if democrats won control of agreement. They would strip americans of their Constitutional Rights while flying the country with Illegal Immigrants in the hopes it would expand their political base, and they would get votes someplace down the future. That is what it is about. The president also discussed his upcoming meeting on trade with chinas president xi jinping. He said there would either be a fair deal, or no deal at all. Of the first time, at International Team investigating the downing of the international issuedover ukraine has suspects. Of president Vladimir Putin has denied allegations that a Russian Military unit was involved. Opec and its partners will decide in the coming weeks whether to continue with cutbacks. The shaky demand outlook has led to weaker prices. Global news, 24 hours a day, on air and at tictoc on twitter, powered by more than 2700 journalists and analysts in over 120 countries. I am kailey leinz. This is bloomberg. Taylor thanks. Coming up, we head over to cannes, test fixture the chairman of one of the Worlds Largest media conglomerates. This is bloomberg. Guy from london, i am guy johnson. Taylor and from new york, i am taylor riggs. This is bloomberg markets. Lets get a check on the markets. Not a lot happening today, we do have investors on hold. To the look at the s p 500 and nasdaq. Fractionally lower and that higher. The dax in germany down about 2 10 of 1 . Investors are waiting on what the fed could say about a possible rate cut. Emerging markets are rallying. That could suggest a dovish tone. Is markets tend to be a bit more sensitive. Interesting, as you look at the 10 year yield, rate of three 2. 09 . Oints at that is interesting because the expectation is that the fed will be relatively dovish. The question is, how dovish credit fed chair jay powell be in his press conference . Could it be enough, or is it possible move first it . Let us look at the oneyear chart of the 10 year. There is a reason to think that it could be priced in. Last year, investors were seeking bonds and yields traded lower. The month of april and may, bringing the 10 year yield down close to 2 . But we see it backing off and this channel. There are signs it is moving up, suggesting we could see some relief as bonds perhaps are news some sell the action. Guy thank you, abigail. Pricing in sell the news ing that seems to be pricing in sell the news come , that seems to be the way they are today. Caroline hyde joins us. Caroline, it looks a little windy where you are. Caroline a bit windy, it is a tough life being here in sunny canne surroundeds by such influences as Yanick Bollore are, the ceo of hawas. You have said that the frenchbased conglomerate that you work for, you say that it is a very international business. Presence in asia, europe, the United States, where is it growing fastest for your the moment . Yanick would have it in percent of our revenue outside france. U s is more than a third. We are growing in asia, china and india. But we still have a lot of growth in the u. S. Come the you carry, and smaller economies. Ike france as well caroline considering the amount of concern about the economy and political instability, are the consumers still wanting advertisements . It is interesting. When i woke up the next day, years ago,three everybody was shocked. The industry, i can imagine. Let three years later, the investments have not slowed down. Even as we have moved our European Headquarters from paris to london, growth is pretty solid in the u. K. Caroline what about the consumer in general, particularly as you have geopolitical instability to metta radio to a certain extent no matter where you go. Is it still a Strong Economy . Yannick we can see now more and more, Consumers Want to consume a brand that is perceived as being meaningful. More and more clients are trying to do campaigns. All the generations, not only the younger generation, want to purchase from meaningful brands. Gen z. E the rise of there are concerns about the u. S. Chinese relationship. Have used it any change in the desire of Chinese Companies to be advertising in the u. S. . Yannick that is an important question. The u. S. Is the largest advertising economy, china is number two. We are monitoring the situation closely. Live right now, i do see any slowdown in terms of investments. But the attention is bad for business. Or hope we can find a way to end this. Maybe i am being wishful, but i like to be an optimistic guy. I think by the end of the year, i think we will find an agreement. I think it is better for everyone. Caroline we will see if trump and she bama will make any and president xi jinping will make any headway in the g20. Are you looking to make a deals, how do you find the industry involving . Evolving . Yannick we are doing between 510 acquisitions are year for the past two years. So it is growing. The advertising agencies are very attractive. We see a lot of new companies from people want to invest in advertising. I believe advertising agencies have a Bright Future ahead of it. Caroline what about the relationship of yourself, the advertising community, the brand, with the big social media platforms . There is a lot of regulatory scrutiny on them at the moment. Concern about the power they have in the system. Is that something that resonates with you . Yannick of course. We have worked with them handinhand since the beginning. Looking at the issues on different platforms. We have tools to make sure that brands that advertise on social platforms can do it in a safe and positive environment. It would be unthinkable not to advertise on social that forms in the world of today. This is where consumers spend most of their time. But we need to guarantee our supply is a positive environment. I think it is good for us that the world and the ecosystem is getting more complex. Caroline i want to focus on your chairmanship. The potential deals. Universal music group is one you are looking potentially at buying. Any appetite there . When did you think a deal would be made . Yannick we did not favor would spin off of the universal music group. We want to accelerate the growth of umg. As you know, the Music Industry is going through a huge period of growth. The business is thriving and we want to make sure we can accelerate growth in the coming years. So for now, we have communicated that we want to open before the end of 2018. Management is confident the process is still on the right track. Caroline so a deal done by 2019, or just the process . Yannick just the process . Yannick . But we are not in a hurry. The question is how to find the right partner to get 50 . But was again, everything is fine. Trust me . Yannick Yanick Bollore, come back and speak to us again. Great having you here. Chairman ofhavas. Guy Caroline Hyde in the south of france, thank you very much indeed. More still to come. This is bloomberg. From london, i am guy johnson. Taylor and from new york, i am taylor riggs. This is bloomberg markets. Invesco fixed income senior melissa pope strategist is here now. Stephanie, we need to start with the big bond rally we have been seeing that is continuing to fall within the muni world. Where are you seeing opportunities given the massive bond rally . Stephanie yesterday was really interesting. We had a pretty turbulent morning. Municipals have been in pace with what we saw in the treasury. Arket for us, we are seeing opportunity in some of the more creditsensitive names. The bb names, as well as the point. Es at this guy if the fed does not deliver what the market wants, how muni market . Your stephanie the pricing of munis has really come as a result of the cap productions. That has been such an impact. We had 42 billion worth of inflows into municipal neutral funds, that has been dramatic. The fed is a backdrop to that. But i still believe that, particularly in the hightech stakes, we will see a lot of demand. Fed me delay that a bit the fed me delay that a bit, but not to a large extent. Taylor i wonder, if we are looking at a fed rate cut, that means they might think the economy is starting to turn. Case, some of the highyield credits might get caught off guard if revenue goes down. How do you position against but . Stephanie we make sure we are in the water source, the toll roads, services. Things that have more of an elastic demand and will not be affected. When looking at highyield, we are looking at the more liquid names. Names that we dont think would run into any issues with a potential slow down into the market. Guy as we approach 2020 how do we i think about what is going to go on in the muni market . As you look at the election that will take place, the possibility the president might change, the possibility that we could see as a result of which, fiscal changes as well, how does the election . T a federal stephanie i think what has been on the radar when it comes to munis and the administration is really infrastructure. It has been such a hot topic. That was a hot topic in the 2016 elections and will be Going Forward. We believe that most of the infrastructure issuance and funding will continue to come through the muni markets. They will be interesting to see how the 2020 elections play out and what ship that best what what shape that takes. A lowk we have been in issuance environment, and that makes things a bit tough. Thank you, that was invesco fixed income senior when you simple strategist stephanie larrosiliere. Facebook is not rushing into its new cryptocurrency issuance. The ceo spoke to bloomberg at the cannes festival in france. We know we have a lot of people to work with. We know this is a heavily regulated space. We need to talk to people and that is what we are doing, then we are going to launch. Serviceshe financial chairman of this company is urging facebook to halt work on liberal. She says conference and regulators need to take a closer look. Another big sale for airbus. This is for you at the paris auto show. American airlines has ordered 50 of the new longest range versions of the 321s, to replace 757s. Ing fleet of boeing bloomberg has learned tesla is overhauling its organization in asia, so you can focus more on china. The company is about to start manufacturing in the worlds market. Electric car the ceo is betting on china to boost sales and restore Investor Confidence that has slumped along with teslas stock. That is your Bloomberg Business flash. Guy. Guy coming up, we will be talking about oil, inventories. This is bloomberg. Guy from london, i am guy johnson. Taylor and from new york, i am taylor riggs. This is bloomberg markets. We are awaiting news on Oil Inventories. Heading into this report, we know the oil and brent a bit weaker. Oil hovering around 53 a barrel, around the key 50 a barrel level. Gasoline is lower, Heating Oil Futures are also lower. Than it looks like we might get crude inventories. Here we go. They fell three million barrels. We know that cushing crude inventories rose about 642,000 barrels. The headline here for me is that Oil Inventories are indeed rising here. We can get a check on the market here. Seeing a little bit of an increase given that inventory barrels. Bout 3 million seeing a bit of an increase, trying to climb back up to touch 54, 55 a barrel. Not quite happening just yet, guy. Guy yes, a bit of a spike. As you say, gasoline is also under a bit of pressure. We now have a date for opec meeting, we have the situation iran. Uing with i think the number the over all of this is the fed decision coming up. We have bloombergs executive editor of combined energy and commodities joining us. He has all the answers to the questions we need to answer. First of all, thoughts on the inventory number . I think the problem they are facing, that is a good number. We are a bit higher. But if you pull up the oneyear chart, they have been rising steadily since march. So there is a lot of catchup to get those back down to an acceptable level. Taylor stewart, where do we stand with the opec production cuts. It seems like we are on pace to continue to get the cuts that opec once. Stuart we broke the story last night that they would finally settle on a date for their meeting, something that has been going on for weeks. There was a lack of confidence in the market about the ability of opec to continue to act in a unified way. By setting the date, it means they are unified which means that they will roll over the cuts. A think the market can factor in the sense that inventories will start to come down. Guy and we are beginning to get an understanding of why it happens, and what it tells us about where the iranians are in terms of their mental process as to how they would you would sanctions and how it will impact oil markets. Stuart unless you talk to the state department, they will say they have from evidence it was iran. I think the rest of us dont have that firm evidence. It certainly points in the direction. But it think it is interesting that those attacks were clearly designed not to sink the ships. To provide something of a warning but not create calamity which enabled the opposition to come at them with a military assault. What i think that tells us is that they are continuing tensions but no obvious exit, no obvious way of resolving them. It will simmer on and hopefully not get much worse. But i think traders will be pricing in some degree of risk premium. If you look at the physical market, it costs tankers more money to get through the gulf then it got months ago. Taylor we talk about the supply side. I am curious, what are you hearing in your conversations givingnds on the concerns about Global Growth . Stuart i think that they concern is a trade war, what the potential ramifications could be. The market right now is pricing in a gloomy outlook. Oil prices have come down in the last couple of weeks. Let it really is a reflection more on the demand side than on the supplyside. I am not sure there is a lot out markets. Reassure for instance, when President Trump said he would talk to the chinese president in depth about this, the oil market rallied strongly. The opec stuff helps, but really, the eyes of the moment are on the trade war. Taylor thank you. All things oil, Stewart Wallace of bloomberg news. We await the decision of the Federal Reserves open market committee. Here with a preview is cameron crise, bloombergs micro strategist. I love the headlines of your recent column if you think we can cut our way to inflation, you are wrong we. Posted that question to the citigroup market strategist, ing at the top of the hour. He did not seem to agree. We cant always cut our way into inflation, right . To causethe impact is demand to bring supply and demand into equilibrium, but the fact is that because of globalization, technology and the lingering overhang of the financial crisis and the solvent crisis and what, is going on in china, there is too much capacity to make stuff and not enough demand to buy it. When you have too much supply and not enough demand, you get more inflation. And that is what we are seeing. Guy i guess the question the market really wants to answer is , can Central Banks senate best can Central Banks generate growth . That is not what we are getting signals at the moment, cameron. We have a bunch of stocks that her trading that are trading strongly. Is there in hint that these Central Bank Cuts will deliver growth . What is the market signaling about what it thinks Central Bank Policy action will actually deliver . Presumably, not very much. At best, the status quo . Cameron i think you have to differentiate between the United States in europe. It is fair to say that even if the ecb executes marginal policy shift, whether it is qb or more for more ratee cuts, the fact that the more likely policy option, rate cuts, is detrimental to the banking system, it argues that it is a signal. There is no more visceral impact they can have on growth. In the United States, it would be a different view. Mike richards. Markets seem to be priced for the market to come in the us for the fed to come to the rescue. Not a situation you would expect. Markets seem to be priced for the fed to come to a rescue. Taylor equities are within 1 of their record highs. Bond yields have fallen. March. Ling since do you go to cash . What do you do . Cameron the returns you go get on cash have fallen by 30 or 40 basis points, because even treasury bills have rounded strongly on the expectation of imminent cuts from the fed. The irony of all of this is that the Economic Data does not justify it. Has it come up with a boil, absolutely. At the place where we were at last year. But we are roughly 2 , which is trend growth. Yes, inflation is executing a bit of a shortfall, but haveately, fed rate cuts been a function of weaker economic activity. Yes, there is a risk case posed by the fed war, but right now it is just a risk case. It feels to me that people are starting with their positions and tailoring their forecasts, around the position, and said of the opposite, which is to figure out what will happen and position accordingly. Taylor that was cameron crise, our bloomberg micro strategist. Quick headlines here, we had our unique moment a segment too soon, because this is an infrastructure issue. M track has halted all trains has halted amtrak all trains coming in it out of penn station, saying that they have stopped running. A spokesman has come out and said that this is because of a power issue. We have no more further information. Lets get a check now on the bloomberg first word news with kailey leinz. Former whiter, House Communications director hope picks is being questioned on capitol hill behind closed doors, with the House Judiciary Committee which is investigating President Trump. The white house has claimed. Executive privilege and told her not to answer questions relating to her term as a president ial adviser. Inited states says report says the crown prince of saudi arabia and other highlevel officials probably knew that a criminal mission was being planned in the death of jamal khashoggi. Calling for the start of in new chapter with south korea. President xi jinping makes his first trip to pyongyang tomorrow to meet with kim jongun, longtime allies who have been targets of the trump administration. And former white house chief of staff john kelly says you have it to be eight with the president of the United States. He spoke in an interview with the David Rubenstein show. You have got to tell the boss the truth. Think hes going down the right road, not in front of a bunch of people, truth to power, someone in the room has got to say, at the beginning of every conversation and at the end, is this good for america . Kailey you can watch the interview tonight on the David Rubenstein show, at 9 00 p. M. New york time here on bloomberg tv. Global news, 24 hours a day, on air and at tictoc on twitter,. Powered by more than 2700 journalists and analysts in over 120 countries. I am kailey leinz. This is bloomberg. Coming up, Steve Schwarzman weighs in on the ongoing trade were between the United States and china. Will get his thoughts on the subject. Thats next. This is bloomberg. Guy from london, i am guy johnson. Taylor and from new york, i am taylor riggs. This is bloomberg markets. That has been a lot of talk about the effects of u. S. China trade disputes on apples business, including from apple itself. Reporting this morning saying that the company is asking suppliers to take a look at shifting anywhere from 15 to 30 of their manufacturing capacity from china. We have our next guest here to talk to us about that. Is this a good strategy to hedge their bets against a very unknown future . Absolutely. My sense is they have been doing this for a while. These are probably not need discussions. What was talked about in nikkei this morning is the fact that apple needs to talk to its other suppliers. They have been talking to, about shifting to other regions. You just cannot lift out the final assembly and test to get the moniker of made in the philippines or made in malaysia, you also have to move of a lot of the content out of china as well. Asking to suppliers in china say, if we test in malaysia or philips, or mexico or philipi, or mexico, can we do u. S. Men with the guy you make it sound easy, we would just move the supply chain. Can you give us a sense of the scale of the magnitude of the endeavor that will be required . John from a cost standpoint, my understanding is that the initial cost to make the move out of china, they would literally do a liftout of that or portion ofn, the operation in china into a different region. That would cost them about 10 . And you are moving personnel along with the supply lines would you are literally building a mirror of that production line in a new market. Taylor how sticky are these moves, does it take a month or a year . John that is the big question right now, what is the timing on all of this. My sense is it would take two quarters to move final assembly and test. The question is how much time it would take outside suppliers to move their production as well. I think at this point, it is fair to say that that is an unknown. Guy we have talked about the risk of a china consumer boycott of apples products as a result of the ongoing trade tensions. That has been the story going around and around. It does not seem to be back to i much evidence of the moment backed by much evidence of the moment. If there is less affinity for the product among the chinese, presumably, that makes the risk even higher . John let us talk about china it about 20 of totals apples total sales right now, their Largest International market. They have seen their share within the Smartphone Market , xiamoi,way by Huawei Xiaomi and other local vendors. As the trade continues, you are also getting some rise in nationalist sentiment in consumers. If china declines and becomes less impactful overtime i think for now china is still a big factor for apple command one was for investors. Taylor and another big factor will be 5g. Perhaps with a 5g 2020 phones coming from iphone. That was bloombergs senior analyst, john butler. Guy a big interview on bloomberg a little earlier today, next ons ceo and chairman, Steve Schwarzman, shared his views on the trade tensions between the United States and china. What hes looking for is equivalent in terms of open markets in tariffs and trade. There is not a real desire to entrench the United States. It should be fair competition. Issues that are , if youed as tactics will, are done to bring people to the table so you can get to equal. So the best products win, the best price wins. If the u. S. Loses, so they lose. If the u. S. Wins, that is good. I do think there was another agenda. It is really just an evolution as the left Market Countries like china get to parity. Tom steve, i dont mean to interrupt, but this is really important. People dont know that you have also given not only to m. I. T. , now at oxford, where you also donated substantial money to where the education of china, with the schwarzman college. You are a great listener of the leadership of china. What are you hearing from the leadership of china, if they go to g20 . As they deal with this president . What is in you once you can give us right now . Steve it is a time when things are somewhat impenetrable. The negotiations that have been stopped basically were by the chinese side. Each of the two countries, as you have seen, we have all seen, it seems to be sort of bifurcating, going to their corners. Taylor that was the blackstone ceo and chairman, stephen schwarzman. Something that me. Spark both calls for the fed to lower benchmark interest rates, the u. S. Fed rates plunged by the highest record this month,s sign that tariffs are weighing on manufacturers and the broader u. S. Economy. All the charts you can see here are on bloomberg tv. You can browse them using the function gtv on the bloomberg. Click on them, catch up with analysis and save charts for future reference. This is bloomberg. Ure reference. This is bloomberg. Taylor live from new york, i am taylor riggs. Guy and from london, i am guy johnson. This is bloomberg markets. Lets turn our attention to futures in focus. You go to chicago and bring in our next guest from kkm financial. He joins us from the chicago mercantile exchange. The markets have been in love with the dove the last few weeks and certainly the last few trading sessions. Yesterday was a great example. Walk me through what you all in chicago are anticipating. How dovish can the fed be, and will the market be satisfied . Wonka, thee willy suspense is to rebel, and hope it will last. We are definitely anticipating a big reaction to this statement. The expectation is that the fed will probably soft and moving forward soften moving forward. High probability of a cut in july. Markets are anticipating that they will telegraph that in this Meeting Press conference. Guy is there a lot of talk but that actually the fed may not deliver enough today, that the move these last few sessions may have gone too far . If we dont get that, how big of a reversal could we be seeing . There is a probability for that. That is definitely on top of yesterdays rally. Here. R was set very high we have seen the market be disappointed out of these fed announcement in the past. Historically. , since powell has been in charge, we have seen the market fall off more often than not. So there is a possibility for a reversal if the market does not if the market does not receive the dovish message it is anticipating. Guy dan, thank you so much for joining us. Taylor staying in europe, we are looking at a did this shares adidas. At adde shares are off 2 right now. Emma chandra joins us now with more. The iconic three stripes, he currently has a trademark on the three stripes. If they are slanted, they were looking for broader protection that the stripes can go in either direction. But the e. U. Court ruling saying the trademark does not extend to three states that go in any direction. They said the company has failed to show that branding is connected to character. They say that the value of the nd in five other countries across the au. Guy i think it is the fact that andr calls it a de das, you call it addedus. Talk to us about how much of an impact this will have on the brand more broadly. Think of the company has come to realize that across the pond, whether on other side of the atlantic, it doesnt matter how you pronounce it, the name is very important. But of course, the three stripes are hugely important to the brand, currently valued at about its biggestn, competitor, nike, is about a third on the list when you look at those that are most valuable internationally. The big fight when you look at sportswear companies now is over footwear. So it will all depend on how to can use the brand. There are a lot of other Companies Moving into that area. The companyy ,a signed a beyonce earlier in the year, which is pretty good for the company. Emma chandra joining us with the latest sports branding news. More departments coming through on the amtrak story. It seems like the power outage earlier, this has been easing. Bad news for commuters. It looks like they will have this resolved either commute home this evening by the commute home this evening. We also have a massive. Train strike here in london. I have to deal with that later, so. Taylor it horrible infrastructure issue. Huge problem. This is bloomberg. Him guy 30 minutes left in the european trading day in london, i am guy johnson. Taylor and i am taylor riggs in new york, in for vonnie quinn. This is bloomberg markets. Guy we are marking time. We were waiting for the fed decision of the later on, 7 00 p. M. Here in the united kingdom. Stoxx 600 absolutely flat right now. We are seeing the bond proxy trades coming off a little bit. Also seeing the massive move yesterday, a bit of a selloff coming through, actually, quite a decent selloff coming through tenyear. Man mayhem will back up around four basis points, and we are also round tripped on the turkish had,r up there we there was a selloff, based on talk of sanctions from the u. S. If ankara decides to purchase 0 missile from the russians, rather than