Encompassing the stock markets and generally, we are seeing. 5 to the downside. Bossuropean central bank suggesting the door is open in perhaps september or thereabouts. In august, they are off on holiday. People factoring that in as but they bad enough, want something straight away and didnt get it. A raise and then settling down to be unchanged at 1. 11. Brexit, the European Commission saying they will not give Boris Johnson an olive branch and renegotiated deal. That hasnt affected things but given the makeup of his cabinet, the path ofeeling least resistance for sterling against the dollar is to the downside. Yen, stable 108. 64. U. S. Dollar index, unchanged at the moment. Lets find out what is going on. In sydney, weve got paul allen with the first word news. China is dismissing the claim that deliveries involving huawei products are simple mistakes. Chinese authorities also suspected fedex of holding up u. S. Bound deliveries involving the equipment. Last month, fedex said it can transmit all huawei products except those on the u. S. Government list. An eight straight month of declines in exports and a warning there is no relief in sight. Overseas shipments declined 9 to the equivalent of 39 billion u. S. Dollars, the worst results in 2016 and well below the median estimate of a 3. 2 fall. Hong kong is struggling with the trade war, public unrest, and the global slowdown. Trade tensions are threatening to drag singapore into recession. The city state Economic Data has gone from bad to worse this month and exports have slumped to the second worst pace since the financial crisis. The purchasing Managers Index fell into contraction for the first time in three years. The economy shrank dramatically in the Second Quarter. Mike pompeo says he would be toling to fly to tehran discuss Foreign Policy and explain how the iranian leadership has harmed the islamic republic. The Trump Administration has 15thdrawn from the 20 nuclear deal. We welcome the chance to speak directly to the iranian people. Ive talked about this before. Comes to new york, drives around the most wonderful city in america and speaks to the media, talks to the american public, gets to put iranian propaganda into the american airwaves. Id like a chance to go, not to propaganda, but speak to the truth of the leadership of iran and the harm it has done. Paul global news 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. Im paul allen. This is bloomberg. European central bank, sending an unmistakable policy message. It is ready to use any tools to rev up a weak economy, especially germany. David the uncertainty is what is killing things. We have a metric at bloomberg economics, the uncertainty index. It is back to the highest levels since the debt crisis in 2011. Here is your debt crisis and your global crisis. We are moving back to those levels. Do understand why mario draghi is close to preparing to act. Talk us through what the policy prescription might be going forward. Of course, germany is the largest economy in europe by far and one of the most export dependent economies in the world, more so than china so when there is a trade war and uncertainty and things slow down, we see germany getting weaker by the day. Not just the purchasing Managers Index, but the Business Sentiment index falling to its lowest since 2009. The ecb is ready to use its tools and mario draghi says he sees an economy that is getting worse by the day. Speaking, youly have resilience in the Service Sector and construction sector. At the same time, this outlook is getting worse and worse. Inis getting worse and worse manufacturing, and in countries where manufacturing is important. Because of the value chains, this propagates all over the eurozone. In this statement, he went on to basically layout the groundwork to have a rate cut perhaps more bond purchases starting up, more aggressive Forward Guidance at the meeting and with inflation so low, why not . Lets listen. In this environment, inflationary pressures remain muted, and indicators of Inflation Expectations have declined. A significant degree of monetary stimulus continues to be necessary to ensure that financial conditions remain favorable and support the euro area expansion. Bunds hitin germany, 0. 41 when this started but when mario draghi wasnt dovish enough, that is when they turned around and gave some of that back. Bottom line for traders in the u. S. , they are convinced the fed will cut the key rate next week by 25 basis points because it needs to take out insurance. Dont wait, build the cushion now. It is interesting for the bank of japan because with the ecb getting ready to cut, the fed does it, do they need a dovish signal . Some step when they wrap up their meeting tuesday so they can protect the yen from a spike against the dollar . It would make it that much harder to get inflation up again. Yvonne the dovish tilt we are seeing from the fed, the ecb, and maybe the boj next week is nothing compared to what we saw with the turkish central bank. 425 basis point cut. Was this the result of political pressure or a legitimate need to move . Kathleen i dont know if we will see Something Like that for but maybee again, some of both because yes, president erdogan has been pressuring them. He fired the last central bank chief and this new one was coming into figure out what to do. On this chart come you can see inflation has come down quite a bit. It had gotten to 28 last year. Now it is down to 16. 7 . Look at the key rate at 24 . The improvement of inflation and global banks are getting more dovish and cutting rates, another reason why it would be legitimate. Finally, the lira has strengthened. Bond yields in turkey, etc. That probably opens the door wider to more rate cuts in turkey which they may need because if the lira is not going to weaken, they may be on solid ground. It may depend on how dovish the big Central Banks are. Rishaad thanks, kathleen. Policy editor kathleen hays. Ecb pretty about the much all morning and certainly in the u. S. Enough, but things are getting worse on a daily basis. Surely she has been getting head of it. Absolutely. The big worry now is you will get a disappointment because. Everyone is hyped the Central Banks. Are going to take out insurance. In japan, it has been more calm. If the yen were to spike up, the bank of japan will move. Levels,en holds current i dont think there is any sense of urgency for the boj could do something. You say they might move to read in what form will the move comes in . The most likely thing is to extend out the duration of the yield cap. As you know, the bank of japan is capping the 10 year bond yield at a maximum of 10 basis points, moving that from the 10 year to the 15 or 20 are part of the curve. That certainly is one option. , you said you were worried about the dollar dynamics right now but we have seen the dollar it still appreciates when there is uncertainty and when we get better data out of the u. S. , as well. Should the japanese be worried about a weaker dollar . Jesper no. I mean, look. What is your contingency . You see Strong Capital outflows from japan. Hidden story no one wants to talk about, that youve got the japanese Life Insurance companies, private pension money, as well as mr. And misses wateanabe diversifying into,portfolio particularly, the United States keeping the dollar relatively strong against the yen. David why is that . What is behind that and does it continue . Jesper it is very straightforward. The Investment Opportunities in the United States are perceived to be great, whether that is in silicon valley, whether that is and butterd businesses of billing american infrastructure. For example, japan rail is busy setting up offices in the United States of america because building the bullet train in texas, for example, is starting to become a reality so japan investing in the United States is the big security blanket the bank of japan has. Rishaad tell me about the decision next week. What will they do, if anything, and ultimately, what would be your verdict on the stimulus we have had over the last years . And whether it is working at all. Jesper you are making an important point. To talk aboutant Monetary Policy because it is fair to say in the United States and in europe, Monetary Policy acts more independently of fiscal policy because fiscal policy in america and europe is actually stuck by political gridlock. In japan, youve got a completely different picture. Fiscal policy is very coordinated with Monetary Policy, so we should not be talking about governor kuroda. Talking aboutbe the bank of japan, but looking at Prime Minister abe and the next fiscal stimulus that they are going to be preparing. Yvonne is that enough, then . That combination of monetary and fiscal to offset what impact we could get with this sales tax hikes later on this year . Jesper absolutely. Im very bullish on this and if you look at the data, the sales tax hike from 8 to 10 on october 1 is going to raise about ¥3 trillion of additional tax revenues. The supplemental budget abe has put into place will give back almost ¥2. 5 trillion the japanese households, so this time around, the sales tax increase in japan is not going to do much damage. David jesper, you are staying with us. We are talking earnings and Investment Strategy next. Jesper koll out of wisdomtree investments. Coming up, the trade war rumbling on or perhaps casino stocks worth the gamble . Whether investors should deal, hold, or both. Rishaad plus, pompeo saying he would travel to tear ran to take the message to the iranians. That interview is later in the show. This is bloomberg. David breaking, our headline on the bloomberg related to the news, tmobile investors are in a waiting game over the spring deal while the u. S. Is poised to approve the deal between the companies tmobile and sprint. Last close, this is overnight in the u. S. Yvonne inching closer, we will see how softbank responds to that. Nissan motors, watching that closely, taking a beating. Down more than 2 this morning. Get more than doubled its plan to job losses and unveiled fresh production cuts after reporting a 99 plunge in profit. That is not a typo. Back with wisdomtree investments advisor, jesper koll. Hes been critical of nissan. Any surprises in this report to you . Jesper no, not really and the numbers are bad but that is water under the bridge. The question is, anything that makes you hopeful of the strategy and unfortunately, that is the bad part. You look at what comes out of nissan, the new Leadership Team there. Vision, strategy, no tactics, no forwardlooking investment. Oh my god, where is this going . You dont personally own the stock. Your family doesnt own it and your company doesnt own it. A resounding thumbs down to the company. What is going wrong here . What are the fundamental problems they do have because you cant just say the currency. It is only eight months since carlos ghosn went and a lot of this was put on his doorstep, too. Jesper no, but you are putting your finger on the pulse. You can talk about carlos ghosn as an excuse that is utter nonsense. In global car market is structural disarray with the change away from Combustion Engine to electric, plus self driving being a big theme. Nissan has lost the plot. It had a great reliance with renault. You can argue about the details but getting bigger, merging and acquiring, having a strategy that tries to compete with that isnd volkswagen, all out the window now with its internal infighting and for all intents and purposes, you look at the company right now, im waiting for an activist investor to get in there and throw the current management out. David to broaden the outlook for earnings, we are moving into a busy week next week. We have the banks, which dovetails into our point about what the boj does. Negative rates, yields below zero. I looked at your average view loans Interest Rates in japan, 15 years ago at 1. 5 . We are at. 5 now. Is there a case to behold Holding Japanese banks in your portfolio longterm, jesper . Jesper . Jesper i think the longterm cases starting to build precisely because the Net Interest Margin compression is now basically beginning to bottom out. You mentioned the average loan rate has come down to barely half a percent, but that has been the case for the last three or four years. Mark increased interest margin compression is starting to bottom out at a the second thing, what people do not understand yet, is the fact that thecore business Consumer Finance business, the advisory business, the fee earning business off the megabanks, is actually rising quite nicely. Over the next year, positive earnings surprises from the banks may be possible. Rishaad absolutely and with Interest Rates like that, you would expect people to be releasing animal spirits but that is a global problem. That and thatting brings me to your conviction, which is small caps too. Mean, this is a very important story because you do that the domestic economy, the service economy, the small and mediumsize companies, that is where the purchasing power of the japanese is gaining traction. You do see consolidation. You actually have record m a activity in the domestic market among small and mediumsized if there is one sector, one investment caste you want to be in japan, it is small and mediumsized company. Yvonne given the external traits that come are you avoiding tech names . What spillover effect can we see in japan, korea, or beyond . Jesper look, you are putting your finger on the one big vulnerability that is a new uncertainty that has come in t here. You do want to stay clear of the japan, south Korea Related trade and tech names here. Focus in japan is not the Technology Companies anyways. It is Domestic Service companies, whether drugstore chains, whether it is the retail companies, whether it is old folks homes, whether it is pharmaceutical companies, it is japanese sectors, not the Technology Side or exporters. That is where you want to focus on japan, japan, japan. Rishaad ok, the thing is where do we go next with this . We will be getting your views next time around. Jesper koll from wisdomtree investments. David were talking casinos. Las vegas and dragging casino peers lower. We will get the outlook ahead and flush out the earnings story that is beginning to unfold in the casino space. This is bloomberg. Rishaad Bloomberg Markets and softbank announcing the launch of a Second Vision Fund with total capital contributions reaching 108 billion. Investors are expected to include the likes of apple, microsoft, foxconn. Softbank will inject 30 billion and there are talks of other participants with the final total forecast to rise. David toyota is betting on car hiring, ridesharing, injecting 600 million to help the Chinese Company set up a management venture to provide Services Like car rental and maintenance. The move will bankroll expansion pans that the Company Still has yet to turn a profit and has been struggling with government curbs on car supply. Rishaad alibabas first ever Artificial Intelligence ship, delving deeper into semiconductors as washington targets beijings tech industry. It is based on open source design and will compete with the global standard developed by Softbank Group owned arm. Alibaba, joining big corporations creating alternatives to hardware. Yvonne movers today, close to the lunch break and japan. Korea watching stocks in tourism stocks in korea. There are schools in south korea that have canceled trips to japan. Perhaps fallout from the south korea and japan trade spat. The likes of korean data asiana downown 2 , 3. 5. As we get closer to the decision whether to remove south korea from the white list. Movers, we areo watching earnings. Ginseng malaysia has been up for most of the session, reaching an agreement with disney at fox. Some relief for investors. Tsmc, down 1 . One of the biggest drops in the asian region but the chip stock had a significant run with earnings by texas instruments. Tsmc talking about lifting the capex. 10 ,lifting the mood, up the most since 2014 on the earnings beat. This is bloomberg. Paul 10 29 a. M. In hong kong, 12 29 in sydney. Time paul allen. The European Central bank has centered strongest signal that stimulus will be stepped up with lower Interest Rates and renewed asset purchases on the agenda. Eurozone inflation remains far from the banks goal and recession clouds are gathering. The new governor of the bank of turkey deliver the countrys biggest rate cut in 17 years, slashing are in costs by 425 basis points. Japan is weighing a new trade weapon against south korea as the staff persons. Wednesday is the deadline for a decision on whether to remove seoul from its white list. It would curb the chip meant shipment of hundreds of products. The u. S. Is urging both sides to cool down. Spacex has successfully launched its latest mission for nashe, a routine operation. Headed for the International Space station with cargo including a 3d printer, dozens of scientific experiments, and nickelodeons icon how it behavesen in space. China has shown evidence it is ready to compete with American Private enterprise on earth and beyond with the First Successful orbital rocket launch by a private company. The booster lifted off from chinas gansu province, putting two satellites into orbit. This is bloomberg. Global news 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. Im paul allen. This is bloomberg. Mgm resorts Second Quarter revenue ahead of estimates, confident of reaching its 2020 target. Chinese highrollers are feeling the heat from the trade war. Joining us to talk about what we are in the earnings season than what is ahead, the Global GamingSenior Research analyst with us in studio. Halfway through the earnings season, any trends . That math remains pretty strong. The Second Quarter saw mass growth around 12 . The ip was down 14 . The market trend so far with the three operators that have reported has been consistent. Little worse, but there havent been any outliers to date. Rishaad you were saying we are not seeing impact out of the hong kong protest on this. Once the high rollers are getting there, are they spending what they used to . Vitaly the issue is at the highend of the market and premium mass. Seen considerable softness so the player that used to come in and spend five days and roll a significant amount is coming less frequently and spending less money. Vip business, junkets and macau. Player liquidity itself has been pretty weak in china so if we think about who are these customers, often individuals that are asset rich but cash poor and they often the liquidity. Whether that comes from the junket or other forms of borrowing, that has been written relatively weak for the past six month and why we are seeing weakness and a macro backdrop that doesnt look as robust. Yvonne are you seeing pickup in the second half . Vitaly it seems we are seeing a little stabilization on the highend. It is still down yearoveryear on a comparable basis. The comparison on the highend gets easier in the second half and early next year so that will lead to better numbers potentially. Over thee of macau next year is tied to the mass market and the mid tier customer, the customer that stays overnight, spends money on gaming but also other amenities. Yvonne which operator can position itself the best, given the doubledigit growth in the mass market . What is required is marketing effort and ability, and product. The customers in wynn are becoming more macau are expecting better quality rooms, better food so operators that are offering that, the highend extentnn, galaxy to some seem to be doing better with the higher end of the market and as we saw with sands in the last quarter, it is suffering not in the mass overall but the premium segment where the product quality today is not as good. All the operators are putting in better quality products over the next couple of years and that will help with the growth of macau overall. David the opposite of that spectrum is galaxy. The last two report this earnings season. Friday Serious Problems for galaxy or is it they cant adjust trends . Vitaly galaxy has had a good run with the opening of its galaxy macau property. That property is running on all cylinders, where the incremental positive is and negative is in the highend. Marketingproperty programs opening up and some highend business is leaking to operators like wynn. It islaxy, for them really about the future with the expansion they will have with phase three and phase for expansion. Massu think about their business, it is running on all cylinders. It is hard for them to incrementally do better than the market without new capacity coming online. Rishaad nongaming revenue, this is a mantra the Chinese Government has been repeating. How far are they on the road to making that a substantial part of their business . It is not there yet. Vitaly it will always be difficult because people try to compare macau to las vegas whereas in las vegas two thirds of the revenue is nongaming. Is a funnel for gaming demand coming out of Mainland China. There is nowhere else to gamble in Mainland China so everyone who can afford to do so comes to macau. The gaming revenue has the worst anything you can do on the nongaming front. The operators have done a good job trying to implement more nongaming and that has helped a massmarket. Things, soing other as we develop new property offerings in macau, we will get more nongaming that the revenue contribution will be fairly small compared to the gaming piece. Yvonne a guest was talking about the policy side and wasnt optimistic about it, whether it is smoking bans, president xi visiting in september. Is the market overlooking policy risks . Vitaly the smoking ban has been it lamented for some time and in vip, a kicked in this year and there could be an argument some of the softness we are seeing has to do with the smoking ban. That is behind us. To macau,xi coming that happens for big events. It will have an impact in december and last december was pretty strong, but leading into december, the month should be pretty good. Anyone who wants to come to macau will probably come earlier. That typically happens. This focus on minute data points doesnt mean a whole lot. The set up next year looks good because if we have a modest year, especially vip this year with our major structural shift, the set of is good for vip to bounce back next year. David talk about sands and wynn , which you have outperform. Vitaly wynn is the premium operator we think is going to be taking more share in the ultra highend premium segment with its product offering. Longerterm, they will expand their property. Alice meantime, wynn continues to ramp up. Palace continues to ramp up. We could see overturns coming out of that property. With sands, the story is longerterm starting next year when all of the new sands china products will come online with three new tower developments and the redevelopment of the one dinner hotel and casino property, which will be a positive boost especially in the market massmarket. Yvonne Vitaly Umansky from bernstein global. Gaming Research Analyst joining us in hong kong. Next, mike pompeos strategy for a new deal with iran. Our interview with him is next. This is bloomberg. Yvonne quick check of the latest business flash headlines. Nissans ceo says the carmaker can bounce back from dismal earnings results. Fiscal firstquarter operating profits plunged 99 , falling past the 66 anticipated by analysts. The carmaker has more than doubled its planned job cuts to 12 and a half thousand and run a fresh round of cost savings. It is true the profit figure is below expectations. We think this is a figure we can recover in the coming quarter or the next. Ab inbev of may rekindle interest in its scrapped ipo after the same division fueled a 10 jump in earnings shares, propping on the results which went past expectations. 56 helped the stock reach gains for the year. Market value since its purchase of miller. David a French Luxury Group is seeing slow sales after three years of great net gains. Comparable sales rose 12. 7 in the Second Quarter compared to 14. 5. Gucci saw a slowdown, struggling to maintain hot sales growth. The company says the brand is normalizing and operating margins remain highly profitable. To secretarys get of state mine private mike pompeo. He said he would be willing to address the rainy and people in person about Foreign Policy. President sout the efforts to push iran away from nuclear weapons. Sec. Pompeo it is always important to remember history. It seems like escalation because of the news but this is 40 years, 40 years of malign behavior so whether it was seizing a british tanker that was in International Waters are thating down american uav was also in International Airspace or assassination campaigns in europe or trying to kill an ambassador in the United States, iran has a long history of malign behavior. We came in set when was to create as much stability in the middle east as we could. We watched iran in gauging in this behavior. We had a terrible deal the asvious administration had, one of its side effects, for the wealth leadership and they used in malign ways. We put pressure on the Iranian Regime and are forcing them to make decisions about how they will behave. In behavior from the iranian leadership so the iranian people can get what they deserve. How do you get that change in behavior when foreign minister was in new york the other day, saying the sanctions will backfire. How do you get that change in behavior . Sec. Pompeo the foreign e inster is no mor charge of what happens in iran than a man on the moon. The ayatollah will be the ultimate decisionmaker. He has the capacity to do the activity you are talking about. The seizure of ships, the malign activities, all driven by this. Those are the decisionmakers, the people upon whom we are trying to apply sufficient pressure to show them the cost isnt worth it, to convince them that if they behave like a normal nation, the iranian people can live normal lives. Would you go to tehran . Sec. Pompeo sure, if that is the call. I would happily go there. Would you appear on television . Sec. Pompeo i welcome the chance to speak to the people. To new york, drives around in the most wonderful city in america and he speaks to the media, talks to the american public, gets to put iranian propaganda into the american airways. I would like a chance to not do propaganda, but speak truth to the people about what their leadership has done and how it has harmed iran. I think the reason they wont permit that to happen is because they know the truth, as well. In terms of the economics of this situation, especially as it issueds to oil, the u. S. Stinks sanctions against the state run Energy Company for violating doing business with iran. Are you concerned about other nations, even potentially allies still doing business with iran in the oil market . Sec. Pompeo the sanctions we have put in place apply to everyone. Equal opportunity with respect to our command, thou shall not create wealth for the ayatollah and the people who are killing others around the world. This happened to be a chinese vessel. We have a pretty good beat on where these ships are moving around. We havent seen our allies and partners they agreed to operate with the sanctions regime, but wherever we find violations, we will do our best to enforce them thoroughly. David that was mike pompeo, the u. S. Secretary of state speaking with Kevin Cirilli in washington. Just under an hour to the open of markets in india. We were down 19 on the nifty, down 23 on futures, longest losing streak since early may. For abring in devina preview of what to expect. It doesnt look good as we make our way to the open. Devina no, it doesnt. One of the worst we have seen for the index in the last 10 months. Weve lost about 5 in the nifty 50 and sectors have done worse. 11 , bs yous down banks have lost, real estate has taken a beating. Seen negative biases. 11,000 seems to be an important support level. We come to those levels and have bounced back on three occasions. Now, it has grown light, there are not too many positions so we will see what positions get built up as we step in the new series. Aside from that, banks continue to look more structurally weak thing, so we have to see a lot of banks get back before we can see them support the index in a big way. Yvonne one Earnings Report we are watching out for, motors which disappointed. We saw a 4 drop in the adrs overnight. What else are you watching out for . Na the numbers were below expectations and it was a soft spot for them. Margins came off. Going forward, they can maintain the margin of 4 for jlr. That stock yesterday was down 4 . Quarter, they announced a and thet would be done entity that has not done too well with the investment. Intracorporate transaction but this time, they announced this morning that the money is going to go back and they expected to be a positive. The stock surged 20 last quarter. Automotive opening negative this morning. David thank you so much, d evina. Lets look at softbank in japan. Big announcement this morning. They launch the second Huge Investment vehicle, vision fund 2. A line of bigname backers including my apple and microsoft. Rishaad tim . Who needs creativity when you have 108 billion in the bank . This has got to be a fun fund for them to deploy, but i think what will happen is they wont be about to repeat the same tricks as the first vision fund is 100 billion. They will have to go a bit further afield and more ly diverse on this one and that will be the major tenant of the new fund. They aret feels like trying Something Different when it comes to taking back control, with softbank committing 38 billion in capital. Of theseleft out bigname investors it seems was the saudis. Was this a conscious effort or coincident . Tim a bit of both. Saudis are not there doesnt look like they are there. Key point apart from that is 38 billion is coming from Softbank Group itself, but there doesnt seem to be a major Cornerstone Investor like there was with the first fund where you had two or three investors taking up most of the funds. In this case, weve got the big names, apple, microsoft, list of but weve got a japanese financial companies, some unnamed taiwanese companies. It looks like it is a larger in the terms of the lps fund and all those companies are putting out a little bit of money rather than one big stake. That changes the dynamics of the fund, the way softbank, vision will dealanagement with the lps. David vision fund two, watch this closely. Tim culpan, live for us. Coming up, rishaads favorite segment. Rishaad will you tell me what it is . David battle of the charts, where reporters compete for our votes. Ok, yeah. It is coming up. This is bloomberg. We are here with the battle of the charts. And stocks team leader asian stocks reporter, pitting their charts against each other. David 12th floor versus 11th floor. Axis there charts on the function on the bottom of your screen. Lets kick things off on the 12th floor. I want to talk about a proxy of stocks in asia gaining popularity in the low yielding environment. Asia low is called s p volatility index. The index has gained 11 in the last year versus 1 gain for the broader benchmark msci asia total returns index. A pace that has picked up since may. That is because investors are looking for safe pace and safe haven environments with uncertainties. Researching houses have told us has Central Banks globally are embarking on this rate cutting stocks thatond like are more stable and low volatile will become in favor among investors. David ok. Yvonne slow and steady wins the race. David boring is better. Hi. So the chart i want to show you spread between the brent crude features of the front month and second month features. If you look at the chart, the spread between the futures has narrowed. It is still when in a it looks likebut the bears are taking over the bulls. It is very close to coming and that is because Global Demand is overarching geopolitical tensions in the middle east, we s seizures, but the fear of Global Demand is in place with the chinau. S. Trade talk slowing down. Here, it lookse like the oil prices are not going anywhere anytime soon. Nice one. You came second today. In my view, anyway. Anting, you got the gold medal today. Rishaad there we go. Boring is better. 11 returns, low volatility. This is bloomberg. Emily i am emily chang in San Francisco and this is bloomberg technology. Coming up, alphabet advances, shares spike after the tech giant says it managed to keep at business growing study. I spoke to alphabet cfo about how they keep it up in the midst of rising antitrust scrutiny. We will tell you what she had to say. Plus, amazon falls. Shares tumble after the Company Reports profits missed estimates