You may have heard about by now. Under armour was accounting for problems. It says it is cooperating with the sec and doj. Tryker down 4. 2 acquisition, and it further consolidates medical device maker markets. Guy 403 is where we are on the stoxx 600. It has been an incredibly hard journey to get to this level. Stoxx 600 up over 1 today. Is ok. At least it is kind of on the average, confirming the move to the upside. The euro trading 1. 1148. Christine lagardes speak for the first time tonight as president of the ecb. Looking forward to hearing how many times she uses the word fiscal. South africa was not downgraded by moodys on friday. A negative watch, but it does bring that just a little bit closer. The market, a relief rally in the ram. Was me thinking it was because of the rugby guy. Just kidding. China signaled progress. Earlier, wilbur ross spoke exclusively to bloomberg about the prospects of that socalled phase one trade deal. Shape,ink we are in good we are making good progress. There was no natural reason why it couldnt be. Bynie we are joined now mark haefele from washington, d. C. Is there any reason why this optimism should be starting to get baked into markets . We are looking for some kind of phase one deal to get done, but it doesnt solve the overall problem. Mark i think that is right that it doesnt. A lot of recession talk over the summer priced in. We have had the negative side of the trade deal. Now, this optimism on the trade deal is getting priced in. As you say, even in this report, there is reason to think maybe the market is getting a little bit ahead of itself. In that interview because i read the bloomberg report, wilbur ross did not say that the december tariffs would be taken off. Vonnie exactly. That is what all eyes are on these days. Why is the dow at an alltime record . As we get factory and capital goods data for september, that really disappoints. Mark i think that a lot of it does come down to the trade because what is rallied is europe, which have been impacted by trade. You have to ask yourself, what you want to do as an investor from here . I think we would rather stay with the u. S. Over europe and consumer names rather than the cyclical. Much of thisy how is down to liquidity . Stock markets rally when there is lots of liquidity. The ecb and fed are both buying bonds again. Mark i think there is a factor there. Whatof the concerns about was going on in the u. S. Repos made people think, what is going on here. To your point, the Central Banks continue to take action to provide liquidity into the markets. We think that that centralbank action helps prevent us from these recession scenarios. Although, we dont think it is enough to really drive risk assets a lot higher from here. Assetsuld you sell risk if we do get a phase one trade deal. Phase 2 looks incredibly hard to get done. Im just wondering if this is it better to travel than arrive scenario for stocks. Mark we dont know what this deal is going to look like yet, so it is a little hard to say. What i would say about that is we would be reluctant to buy more risk assets here without getting a sense of what is in this trade deal. One of the things we know for sure is that china is not going 40 billion 50 million in agricultural purchases. The most of the ever did was 26 billion. Some of the claims out there are simply. None of that prevents the u. S. From claiming victory. There has never been a natural reason why we couldnt have a deal. Lets see what some of the actual provisions are. Vonnie the data is soft in certain areas, and yet you seem to be quite comfortable with consumer names. I am curious as to what you think is going to hold the consumer off if factory orders and all of this other data is coming in a little negative . Mark you are right to report to the manufacturing sector, particularly in europe. We think that is weak. We think that some of the european earnings are kind of too much is being expected. As long as the fed is providing that support and those job numbers continue to be strong in the united states, that should help out the u. S. Consumer. Continue toso you have confidence in the consumer, but where are we in the cycle generally if you are saying it is kind of overdone with cyclicals now and that is time to look for Something Else . How much confidence are you that we are more late cycle . Mark i think we are in the middle. It is hard to compare this to past cycles because if you look at what the fed has been doing, the fed has been easing at a time when the u. S. Economy is not really under that much stress. There are very few periods where it has done that. The question that many of us are asking is, how much has the fed reset the cycle here by doing what you could consider to be a little bit of proactively using. Easing. Guy what happens when the easy money ends . I am asking this question really about the credit markets. Triple b versus double v. So tight right now, as tight as it has been since 2007. What happens to the credit market when the easy money stops . Credit,ok, i think on we like a middleoftheroad strategy. Avoiding some of the areas names out there, but also recognizing particularly globally, you want to be finding things with a positive yield. When you say, when the easy money stops, at this point, for many of us, we are asking is it going to stop over the next six months, over the next year . That, i find to be somewhat of a prospect. If the liquidity is withdrawn and the Central Banks are no longer providing that support, we are going to look a heck of a lot closer to being an cycle end of cycle. Guy your sense is for the time being, you avoid the triple as Central Banks keep providing liquidity, the upper end of the highyield and lower end of the high tea market both look ok right now . Mark we are not buyers of u. S. Highyield right now. We prefer things like dollardenominated sovereign bonds. We are looking at some of the green bonds in the index because they seem to be a little bit more defensive for the yields that you are getting. We like credit here because we dont think we are going to face a recession and that the equity markets, until we know the results of this trade deal, we dont want to be buying too much more on the equity side. Vonnie what is the correct level for the 10 year yield . What are the bond markets telling us . It is an interesting point because even the slow growth that we have, say around 2 for the u. S. , rates could stay around here, maybe climb a little bit. If we get a real sharp acceleration in earnings and in gdp growth, you are going to see the rates start to rise. That is going to impact the valuation for stocks. Thinkanother reason we that you have to have the earnings lead before the equity market can rise significantly from here. Vonnie mark is a sticking with us. Back with him in a moment. Lets check in now on the bloomberg first word news with viviana hurtado. Viviana saudi arabia is offering a number of incentives to make sure aramcos ipo is a success. Against. Ost dividends it will also reward investors for holding onto shares longer. Shares will be lifted on the riyadh exchange. Aramco reporting ninemonth profits fell 18 . Sales were hurt by lower oil prices. Shares upping big donald to lower today. They fired the ceo for having a consensual relationship with an employee. The relationship violates the companys policy. Will be replaced by the companys head of u. S. Operations. The u. S. And an interim trade deal. That could lead to a meeting between President Trump and xi jinping. Wilbur ross says the u. S. Was very far along with phase one of the trade agreement. President trump telling californias governor the state will receive no more federal money for these wildfires. In a series of tweets, the president said gavin newsom has done a terrible job of forest management. He added, get your act together. The governor responding in his own tweet, you dont believe in climate change, you are excused from this conversation. Global news, 24 hours a day, onair and tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. Im viviana hurtado. This is bloomberg. Guy thank you very much. We are going to go back to that mcdonalds story, the fallout from the firing of the ceo. We are going to speak with Nicole Miller regan later this hour. This is bloomberg. Guy live from london, im guy johnson. Vonnie and from new york, im vonnie quinn. Lets check markets now with kailey leinz. Kailey you do have the s p 500 taken slightly off the highs on the weaker than expected u. S. Economic data. You have a fresh dose of optimism on trade filtering through this equity market. You have the dow jones hitting a new high in the stoxx 600 up over 1 . If we switch up the board and take a look at what is leading the charge over in europe, it is the autos with the auto sector up about 3 on the day after positive commentary from wilbur ross who said additional tariffs on vehicle imports may not be necessary after positive conversation with the u. S. And europe. A be a bitt of more of an idiosyncratic story. That stock now up about 7 as well as valeo. I want to go back to that record on the dow and take a closer look at what stocks exactly have led us there. You can see it is really just four stocks that have contributed to almost all of the broader average gain. You can see apple, the orange bar contributing 670 points just this year. Guy amazing. Amazing the competition and some of these markets. We are back with mark haefele. Lets turn our attention to europe. Christine lagarde is going to deliver her first speech tonight as president of the ecb. How many times do you think she is going to mention fiscal policy . If she can make it happen, will there be a game changer in your view in terms of European Assets . Mark i look forward to us meeting up in london and playing fiscal policy bingo in the future. I think it is key. I dont think she is going to use her initial meetings here to ,aunch on a broad, new policy maneuver away from what her president predecessor was doing. Mario draghi left with a very clear message about the need for greater fiscal work to take over from the Monetary Policy here. Butink that will continue, in a very politically savvy way and with a charm offensive. Guy one country that is abound to deliver a fiscal policy is going to be the u. K. Do you think u. K. Assets outperform eu assets Going Forward . Mark we like the pound here because we think that it has the fear of the no deal brexit, which we think is off the table. It depends really on her portfolio, whether you express that as an fx play or as your allocation to u. K. Equities unhedged. Is, we haveere stopped hitting ourselves in the head with a hammer over a no deal brexit. That is going to feel pretty good for a little while. Vonnie when clients come to you and say, ive had some cash with clients for a while now, but need to put it to work, do you steer them toward emerging markets or stick with developed markets . Mark we would stick with the developed markets on the equity side. As i mentioned, some things like the dollardenominated emergingmarket sovereign debt it is really a mixed. That is one of the great things about being a multiasset management manager. Vonnie where do you imagine looking into recession first . China, you can see what they have been doing, which is and tryinginvestment stabletain gdp levels here. In the absence of some kind of global liquidity crisis, i think that the model that china has established of providing support will continue to work. Now china is right our biggest risk out there. I think what china has been able to do is they have a longerterm goal of reducing the debt overhang. That is going to happen, but they are willing to forgo some of the longerterm goals and provide support instability as they work through this trade deal. One of the things that i heard i was recently with colleagues out of asia china or feels it willing needs to do a deal much less now than it did say a year ago because they have shown that ability to stabilize their economy to some degree. I just come back to europe for a moment . If we do get a trade deal, phase one, how much of that is already baked into european stocks, in particular, the dax. Kaylee lyons was just saying the auto sector was rally today. How much of the current rally that we are seeing is driven by that trade narrative . Could it be upset if the president decides that he is going to go after europe when it comes to the trade story and we do get sanctions being put in place . How big of a risk do we run into . Mark we think a lot of this rally in european shares have to do with the more positive tone on trade. Certainly, the rally today does have to do with the better tone on trade policy towards europe. The earnings think are unlikely to be positive in europe yearoveryear going into 2020, that scenario where we would be underweight. Guy do you worry about a second front opening up in the trade war with europe . There are the key dates coming up in which the u. S. Has to make a decision as to whether it imposes auto tariffs. If that doesnt happen, will it give another link to european equities . Mark i think a lot of it has been priced in from here. Limit assomething of a to how much the market can rally from here even with this phase i trade deal. It has to be convincing enough that companies are willing to herease their capex from because we have seen disruption of supply chains in the purchase of some agricultural product may not be enough to get that Capital Investment to pick up from here. Outsidehow about the classes . Have you got any particular conviction either way with any of the rest of the commodities . Mark gold works out as a kind of insurance policy and hedge. As you see these geopolitical flareups. I think that if this trade deal is done, i dont think that that is going to be the strongest asset. With oil, i think it could rally about a bed in the shortterm because we have some supply issues around this. Going into next year, we think there will be ample supply. Guy great to have you on set with us today. Think you for joining us in washington. Ahead, under armour shirt take a big hit today at the apparel maker as the apparel makers Accounting Practices are investigated. Details next. This is bloomberg. Guy from london, im guy johnson. Vonnie and from new york, im vonnie quinn. This is bloomberg markets. Shares of under armour are plunging. The Athletic Apparel maker has been investigated for Accounting Practices for more than two years. The founder plans to step down in january as under armours ceo. The company has cut its revenue outlook for the year. Buy wright agreed to medical group. The u. S. Navy is awarded a multibilliondollar contract to build attack submarines. Bloomberg has learned the number has been cut from 11 to 9. The value of the deal has not been disclosed. Coming up next, Nicole Miller regan is going to join us to discuss the sacking of the mcdonalds ceo. Lets take a look at where european stocks are right now. We are heading toward the close, an hour away just about four europe. Germanycar sector in listing their markets. This is bloomberg. Vonnie live from new york, im vonnie quinn. Guy and from london, im guy johnson. U. S. House committee is investigating president donald trump. They hope to hear from for witnesses, but bloomberg has learned that is unlikely to happen. All four are members of the administration. The white house has been fighting White House House investigators. Xi is openas learned to a trip to the u. S. , even if it is not a formal state visit. Wilbur ross says the two sides are very far along with phase one of a trade deal. The commerce secretary also saying this month, the u. S. May not need to put tariffs on european cars. He told bloomberg, the u. S. Had good conversations with european carmakers about their investment plans. Last month, the u. S. Struck a deal with japan. It averted the auto tariffs. What hasnt gotten any better, it remains near the weakest in seven years. Since thebs were cut start of 2013. Employment following following the most in germany. Ling the most in germany. Global news, 24 hours a day, onair and tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. Im viviana hurtado, this is bloomberg. You. E thank mcdonalds shares down more than 2 . Was firedeasterbrook after having a consensual relationship with an employee. Lets bring in Nicole Miller regan who has downgraded her rating from neutral and cut her price target. She joins us now on the phone. The policy violated here was not having a relationship with somebodys subordinate, right . Does this move our rate up and down the chain as mcdonalds seems like a very quick decision that could have widespread consequences for the rest of the employee base. The consequence is understanding that it doesnt matter what happens, simply policy was violated. This is always a time to take a pause as an investor. Without a new operator a normal Succession Plan being thrown into the mix who will be fine, but there was always unintended consequences. For that reason alone, the stock is likely to be. Vonnie at this point, is there anything easterbrook can do . He is barred by going to any other place by a noncompete. Most restaurants and chains you might think of, even starbucks and 7eleven, he is not allowed to go and work there. Is his career over . Nicole that is a fair question. I think what we are talking about is a policy violation. What is interesting or important to keep in mind is, he was in charge of that policy, that company. To the degree that was outdated, he was in charge of potentially making a change their. I think that is something that we shouldnt lose sight of. As for the industry, i think it is a good point because we are talking about talented people, including easterbrook, that we would want and should have in the industry. It would be very difficult to see how that plays out. About chris. Lk was it a mistake for mcdonalds not to put him out today to tell everybody that strategy is going to remain the same . Here was a guy hired by easterbrook why didnt mcdonalds get him out today and try and get that message across . Nicole i think it is a very fair point. It leaves us with more questions than answers. Clearly, he is none very well internally and we can only assume that he has great operational leadership. We wont know for 12 months. This is a massive chain, global scale at this level doesnt turn on a dime. Chris is actually inheriting and have to continue to execute the easterbrook plan. We wont know for at least 12 months what changes he makes and what impact that has on the business. Have very solid global operational experience. Chris has u. S. Experience. Most of what the system has done is a best practice has come from outside of the u. S. I think we can appreciate and should appreciate his global experience, but not all of this is necessarily transferable on situation to know that there wont be a distraction in the current. Guy i think that is all probably absolutely fair comment. Do you think that mr. Easterbrook was probably getting ready to depart anyway . He had been at the business for four years, he revolutionized it. Most ceos last four or five years. Do you think this was just brought forward by six12 months a departure that was going to happen anyway . Nicole i dont know if i believe 612 months. Over the next few years, sure. We have all heard easterbrook talk about the legacy he wanted to leave behind. Technology, that is the future mcdonalds in quick service. Do i think it was on his mind to do this last night . No. I do think that is a lot of time between now and the next Earnings Call for chris to come out and speak to the community. Vonnie you have downgraded by almost a 30. Can i just ask you was it purely on this or was there another reason for downgrading the price target for you . Nicole we looked at it this way. The industry alongside mcdonalds in the last five years has be franchised more than 70,000 units. They have transferred the risk onto the franchisees. Multiple have expanded dramatically. We simply just pulled a multiple one term to see that there is operational risk. In a system like this, it cant show up overnight. We are not going to have a kneejerk reaction, but that was kind of the thought process. With that being said, there is questions around the momentum as you go out a year from now. That is how we landed on 16 times. Vonnie fascinating conversation. Thank you. Our thanks to Nicole Miller regan. Now. Dline to bring you President Trump has lost on appeal in a new York District attorney case which says that he cannot block the subpoena for his taxes. The Appeals Court is saying that President Trump cannot block the subpoena for his taxes. The president can appeal this decision once again, but it is a key setback in his effort to guard his financial information, if you like. A federal Appeals Court is showing a ruling that bolsters businessmans tax records. Guy blank sat down with us to discuss the future of banking and shadow banking. Direct lenders and shadow banking have become a reality. I think it started because there returns. Of capital has encouraged a whole new set of entrance into the market which was previously dominated by banks. I think that is a logical consequence of the two factors. Has Systemic Risk increased because maybe some of these new entrants are wellcapitalized or dont have the same systems are Risk Management processes and what have you. I think there is an argument to be made that that is probably true on the margin. Having said that, if you believe in an efficient marketplace place, at these new entrants are able to offer an attractive product, in this case, capital, but also other parts that we should talk about, then why not . I think it is interesting that you dont often hear at bankers say that there is an argument to be made about Systemic Risk. What does that look like . What is the real risk that people can see in a year or two down the road from this activity . Carry large General Capital buffers. At this point, they are extremely wellcapitalized. That is not to say that shadow banks arent. Clearly, banks have had to adjust in terms of their Balance Sheet strategy and capital structure and those rules dont apply in the same way to everybody. The question is, in a period of stress, do they have liquidity to observe possible losses absorb possible losses . Would i do think is, whether it is greater regular state regulation i think there should be, a level playing field. At the moment, im not so that is necessarily the case. Christian meissner th ere. Businessweek has released its number one Business Schools in the world. Stanford is number one. We will hear from the school dean. This is bloomberg. We are here with the dean of Stanford Business school. Congratulations, two years in a row, Top Business School program. Jonathan it is really just a testament to the fantastic students and faculty and staff and alumni we have at the school. You couldnt be we couldnt be happier to be bloombergs Top Business School this year. Jason it is quite here, a beautiful day. What is on their minds right now . It is a topsyturvy corporate world, and as they prepare to get into the next phase of their career, what are they most worried about . Jonathan the students are arriving these days at a time of great change in business and technology and society, globalization. Those things are all on their minds. Right now, they are thinking about, what am i going to do in my 8 00 a. M. Class . , then theyre going to think how is my career going to involve evolve . They are here to get exposed to all different ideas and people and develop the skills that are going to push them forward. I think about on a day where we had the mcdonalds ceo being forced to resign because of a relationship with someone who armour,r him, under looking into the financials of the company, i do feel like Corporate Responsibility and governance is really front and center. How do you work all of that into what you do here . Jonathan we start with that on day one. We asked the students, what kind of leader do you want to be . What kind of organizations do you want to help build . That carries through the curriculum and experience here. It has never been more important in fxome leaders grounded and thinking about purpose and what your leader responsibility is. That is a big part of the discussion throughout the time that students spend here. Jason i have to think, given where we are in Silicon Valley, this time where there is a lot of talk in washington about Silicon Valley, its role in society, how do you square all of that being the face of Silicon Valley, in many ways . Jonathan when i came to stanford 20 years ago in washington just could not have been further away from Silicon Valley. It was irrelevant. We were out here making companies and trying to make the world a better place. It doesnt feel that way right now. It feels Like Washington and Silicon Valley have become much closer together. There is more talk about regulation. There is going to be where regulation. The impact of Silicon Valley on government and democracy is enormous. We are right in the middle of that. I think that is a really important responsibility for stanford to be in the middle of that discussion, to try to facilitate connections. We have heard from various stanford grads or alums. What happens is, it is not uncommon for a lot of executives to just drop in and have conversations with students here. Tell us how important that is as part of what they learn and experience . Jonathan i think it is a huge part of what students experience. It opens their aperture to what are the opportunities for them in the world, first of all to having a really worldclass faculty, but also to have a mix talking ton campus the students a meeting with them. That is really what opens their eyes to the things that they might go want to do in their lives. Was a for a long time, it fairly straightforward proposition. It was an investment. You paid tens of thousands of dollars, came out on the other well. Itpaid very seems more complicated now. Maybe even some existential questions around, why am i getting an mba . How do you make the case for stanford for students . You have to make the case that you are better than the harvards and sloans of the world. Jonathan all of what you said is still true. What has changed is, theres a much broader set of students. We have students that come in from government and health care. We have a student in the first year class who was a banker in yemen. Another was a dentist in nigeria. One was analytic medalist on the u. S. Swimming team. You put all of those people together and that is the magic of the place. They go into basically the same richness of careers. That has changed, that sense that the mba can prepare you for anything, for all different walks of life. I think that is really fundamental to what we are trying to do. One of the things we talked about just one year ago, celebrating you guys as the number one ranked mba program was immigration issues and how that was impacting foreign students being able to study here. What has changed in a year . Jonathan that is really front and center. More than 40 of our class is international. That is part of what makes this program so special. You have people from 60 countries that speak 70 languages. Hopenk one thing that i people appreciate or will come to appreciate is what an incredible asset that is for our country, to bring people and from all over the world and have them study here. Many of them will stay here and contribute to great companies, go want to be great leaders. Some of them will go back and that is great for us, too, because they will bring American Values and understanding and thinking to their countries around the world. Jason it is going to be a busy day for us here and for you. What is your single biggest challenge in your job as you look across the next year . Jonathan i think it is similar to one of the big challenges faced by any organizational leader right now, which is just trying to interact with all types of different people in different constituencies. At the business goal, we have our students, faculty, alumni, washington, Silicon Valley, the whole business community. That can be one of the biggest challenges, but is also one of the things that makes my job so fun. Much. Nk you so congratulations, dean of the graduate school of business here at stanford. Vonnie our thanks to you guys. Catch jason and carol on the radio and Bloomberg Businessweek on bloomberg television. Ahead, u. S. Prophets prepared to step up the luxury goods push. This is bloomberg. Guy guy from london, im guy johnson. Vonnie and from new york, im vonnie quinn. It is time for our stock of the hour, and that is ferrari. They reported a solid third quarter. Here to talk more is abigail doolittle. Angail it really is impressive quarter. They beat estimates, solid yearoveryear for growth. They also had good margin expansion, the potential for margin expansion. Advanced payments on luxury offset declining deliveries. E break that down growth. Overyear even as a shipments rose just 9 , slower than the 13 growth for the first nine months. All of this, they think theyre going to be able to raise the forecast because of the dynamic. Plus, they are trying to diversify into luxury brands. Right now, that is about 15 of revenue, but they want to make it bigger. Guy there is a serious talk that vw is looking to spend out lamborghini and possibly porsche as well. Is for re the model . Abigail you have to think that that is the case. Ferrari are up more than 200 . They have done extremely well as a public company. Isative to porsche, it interesting because there was talk that the ipo have been squashed a year ago and is now resurfacing. At that time last year, we were reporting that it was going to be an 80 billion ipo. Going to be interesting to see whether vw does choose to follow this path. If so, ferrari does provide a very nice model, for sure. Vonnie thank you very much. Guy coming up, features and focus. Lets go to the cme scott bauer joining us. Stocks just keep going, record after record. Do you think investors are getting a little overexcited here . Scott i would say that it is a little bit overextended. Investors are excited, i think the market is a little bit overextended. You look at some of the reports we have had, and they have been really good. They have been really good against much lowered expectations, however, things are humming along. The economy is ok, the consumer is still doing well. There are cracks in the manufacturing sector, and that is why i think we are getting a little ahead of ourselves getting a little overextended. Guy the vix is at 13, where is the opportunity . Scott right there. If an investor wants to remain in the marketplace and ride out this big rally, that is great. We all look to buy cheap insurance, whether it is your car, personal life. Insurance right now for your portfolio is really cheap. The vix is really low. Are very cheap. Investors should really take a long, hard look at buying some insurance for the long portfolios right now. Guy things could get cheaper. Central banks are back in the market. That kind of financial repression has just pushed shortterm volatility down and down. A lot of people are short on the vix right now. Scott absolutely, it can be cheaper. But if it gets cheaper, that means the market keeps rallying. The offset there is that investors will see their portfolios keep gaining and gaining, and having just to get back a little bit for that downside protection. Guy scott, always a pleasure. Thanks for taking the time. Scott bauer joining us out of the cme. Vonnie coming up, we are going to be speaking with missoulas head of race strategy. He joins us as we count down to the european close. We are looking forward to Christine Lagardes speech tonight in her new role. Lets take a look at the markets because we hit an alltime high on the dow earlier. Optimism going into this week in november. The dow up 176 points. The s p up. The nasdaq up. 5 as well. Some stocks that are lower include under armour, and a little bit of trouble potentially with the sec and doj. Forker, doing a job deal wright medical. This is bloomberg. The game doesnt end after that insane buzzer beater. Because with Nba League Pass on xfinity you can watch the out of market games you want all season long. And with the allnew xfinity sports zone, you get everything nba all in one place even notifications about your favorite teams. Watch the dropped dimes, monster blocks, and showstopping dunks. Plus get instant access to your teams with the power of your voice. Thats simple, easy, awesome. Say Nba League Pass into your voice remote to upgrade for a great low price or go online today. Vonnie stocks keep driving higher. Our investors getting a little overexcited . Ecb president Christine Lagarde take to the stage for the first time tonight. How often was to use the f word . As in fiscal. Ipo is given the green light. It is unlikely to be worth 2 trillion. Were counting you down to the european close right here on bloomberg markets. Vonnie we are starting the week with a record in the books already. We have hit a record on the Dow Jones Industrial average. We are holding onto most of the gains through the morning. The s p 500 well above 3000. A little selling in treasuries has the 10year yield at 1. 78. A couple of stocks to watch, under armour with a big