Will ask what hes going to do about that. Thatwe look forward to conversation, in europe stocks are up by 3 10 of 1 , volume is good, trade related stocks are doing well. Car stocks are trading higher, the pound is trading lower, mark carney pointing into the direction of a rate cut. Two members voting for a rate cut and the pound reacting to that. We will talk about it later on in the hour. And a massive move in the bond market, six basis points to seven basis points just a moment ago. Bonds are selling in europe, its all to do with trade. Thats the driving narrative again. Get to thats conversation, the developments oureen the u. S. And china, guest joins us from san francisco. Is anything giving you optimism about where we stand regarding the u. S. China trade war . Its a process. The reason its a process because its in President Trumps interest afford to be a process, we have had headwinds earlier this year. Of ratchetingsed up tensions. And then the economy slowed down, not just locally but in the u. S. And we have an election. It is in interest to be elected and traded something he can control, its in his interest to ease tension and to keep it in the news. So there will not be a deal that clears everything, thats what we have. We have a meeting scheduled, gets postponed. We have an announcement and we get closer. I think we might have reached peak tariff and we are going to see a gradual easing of everything. And thats reflecting on markets increasingly so, because theres optimism coming through. Over the next year, trade tensions are maybe going to continue to ease. Vonnie you satan President Trumps interest to keep it as a process, how much is he in control of the narrative . The latest developments are out of china, reports that tariffs will be rolled back on both sides and china is happy with this. What we do know is that in the u. S. , we have tweets and announcements in order to make the headlines. The chinese are not known for that and are more reserved, when they make an announcement, my guess is there is more substance, unless its being taken the wrong way and trump needs to say thats not the case. Generally speaking when the chinese speak optimistically, you would think there is more substance to it, where is if you get news out of the new the u. S. , you dont know if its just a tactic to dictate news cycle or not. So i think there is a positive coming out of china. Guy and where do i get the biggest bank for my buck on the trade deal . Is it in the snp or dax . The dax. The under the rest of the world has underperformed. If you look at the trade sensitive sector errors, they bottomed in august and have been moving higher. We have an easing of trade tension going. Germany is talking about spending more money on all kinds of domestic policies. Nothing on a big scale yet, but i think we will have more of that. And in the bcb we have someone who in my view is going to be more dovish. All of that is supportive of equities. So the easing of tensions should bode well for germany. Guy do you think the dax outperforms the s p next year . The odds are high rather than thinking of this as weate cycle, i would think are midcycle. We might rebound from here. Where there isio a risk that we could have a hot economy and the new in the u. S. Next year. Interest rates have been cut, there is an easing of trade, a record low unemployment, some states are spending money heading into the election. Us intohat might get inflation moving higher than we wanted to, that might be good some people say. But that reflects positively on the rest of the world, because we have this trade. If we have a reversal and its too early to say that this will happen, but there is a risk. And theres a risk of that happening because that scenario is underpriced in the market. Vonnie what currencies look attractive to you . If you look at our neighbors up north in canada, i have been in favor because they are tied to the u. S. At the hip. I think we will have improvement in the u. S. If you want to play the trade story and get more bank for the box, you want to go for the higher bidder currencies. Look at sweden for example, we like sweden quite a bit, the swedes have indicated they will raise rates even though there economy is slowing down. They want to get out of negative rates, the reason they want to raise rates is to get the currency higher. Historically they get what they want. Get stronger Swedish Krona. The easing of the trade tension should weaken the dollar over time in our view, versus most currencies. Vonnie so the northern currencies, and i know you have a position typically on gold, we did look like we might be breaking out a few months ago but this did not amount to anything. What are your thoughts on where gold is headed . Axel it did amount to something. We are at 1500, plus or minus, thats higher than we were a while ago. On the story that we have been talking about, on the one hand the easing of the trade tension reflects a falling and bond prices, which means a higher 10 year yield, thats a headwind. At the same time, a Strong Economy that the fed is behind the curve on will be supportive. And this threats that we are mainin the cycle, but the scenario is that we are still late in the cycle even though i give another scenario, people want to diversify. They are investing in risk assets but they want something volatile to diversify. If they were scared they would hold cash, they are not scared so they will hold gold. Overall the environment will continue to be supportive of gold, especially with a weakening dollar and if trade tensions continue to ease. Guy you just mentioned the u. S. Tenyear, we are at 1. 9 now, how high does the yield go . Axel if i put something on the record i will have egg on my face in a week or a year. Its very difficult to say. But the 10 year yield reflects trade much more so than monetary policy. As the 10 year yield around the world reflects the economy in the next 10 years, thats why rates are negative in europe and improving here. The fed should stay out of the way because they dont control this. Me what the next tweet is going to be and i will tell you where the 10 year going to be. Guy we are just waiting for the next tweet, thats what were trying to figure out. But what youre saying is you think the trade narrative will ease. I think that therefore you think the yields will not go higher. Axel yes i do think so. That environment is here. Its a positive environment and on the shortterm we have the yearend environment. The fed has said they are here to help. Powell said he would change his mind to something significant would happen. Unfortunately thats not clear, given the drama the president likes to have, a tweet could be significant. If the markets had a fit, powell course, weue its have very accommodative rates. In the u. K. , where we just had lowered rates, we have the lowest real rates i think minus 2. 4 on the real rates in the g4. We continue to have very low rates and that will persist for some time. Vonnie i was actually about to ask about the boe not moving much on the News Conference with mark carney and the lowering of growth and inflation targets. Is there something you make of it . Is it a snapshot in time because he said as soon as government policy changes we will have to rethink everything . Axel it shows the human being of the bank of england. I gave you a scenario for heart ,conomy and for trade easing and he is saying everything is worsening, hes very scared of exit brexit. I think the fears are easing, so most certain that we are not going to have a disorderly exit and the other scenarios are not that bad and much has been done. Super negative on a real basis in the u. K. , but it shows as everyone has their own thing. If youre a policymaker i would caution them to put too much on the personal side and look at the data. Thats what the fed should have done. In the midst of brexit, things get more emotional. The rates are highly accommodative in the u. K. Whoever comes into the government will spend a boatload of money and there will be some inflationary pressures in the u. K. That could be good for a little while, but in the time being it shows the way that it accent its very helpfully healthy. Vonnie axel, thank you. Lets get to first word news. The u. S. And china may be one step closer to an interim trade deal. Beijing says the two countries have agreed to a rollback of tariffs on each others goods. Since the start in the negotiations, china has insisted that President Trump lift duties. The European Commission warns the worst may be a to come, the executive arm cut euro area growth and inflation outlet, saying the economics resiliency will not last forever. They call for 1. 2 percent growth in 2021. Germany and italy are seen as the slowest euro area economies this year. Rudy giuliani is undercutting the white house claimed that he was advancing u. S. Policy. He said his controversial work with ukraine was done solely as President Trumps defense attorney. That work is now want the center of the house impeachment investigation. And google may change its policy on political advertising, its considering the move in the midst of a public debate on the topic. Its not clear if they will rule out campaign ads altogether, thats what twitter jested. Global news, 24 hours a day on air and at tictoc on twitter. Powered by more than 2700 journalists and analysts in more than 120 countries. This is bloomberg. Guy thank you. Coming up, more on the widespread warnings in europe. Thats next, this is bloomberg. Guy from london, im guy johnson. Vonnie and from new york, im vonnie quinn p this is Bloomberg Markets prayed lets check the markets with Abigail Doolittle. Optimism isde helping risk assets around the world. Take a look at the s p 500, up 6 10 of 1 . 600 in europetoxx is higher. Lets take a look at the chart, its doing quite well this year. Fruit is up 1 , haven bonds really selling well. The 10 year yield backing up by bait 10 basis points. Suggests we could continue to see some record highs for the s p 500, heres this years rally, most of it coming early, a stall in the sideways range, which is being owned or taken out by the bulls, we could see an equal and opposite moved to the upside, perhaps towards 3200 rising rsi and the moving average. Even if it goes into this territory, its not considered bearish if it turns down. Clearly just piercing the top. As for the big movers, lets take a look at whats going on in the u. S. A betterren put up quarter beating top. Despite the hong kong protest drag. This is helping another clothing company, and qualcomm is up 9 . It looks like they are taking some share in the smartphone area and optimism around trade helping out ships. Discovery communications up 6. 2 . There is talk that they are considering streaming. And we were talking about the stoxx 600, something close and dear to your heart, heres the s p 500 and orange. Its not far behind. Lots of folks talking about the idea that perhaps europe will catch up to the u. S. Not a lot of catchup. And on a valuation perspective, stoxx 600 is slightly richer than the s p 500. A nice rally around the world. This is the best year since 2009. Stocks, the mining stocks and industrial stocks, they been beaten up and they are coming back to the foreign europe. Europe. Fore in the European Commission is cutting growth and inflation ofer a forecasted expansion 1. 2 for 2021. 1. 3 percent for inflation that year. For more we are joined by axel again from california. Backu believe it will be bad in europe as the commissions forecasting question mark and you talk about dovish,rde will be more my question is will she be more effective . Axel could you say that again . Guy more effective. Axel thats a good question. Thats a good question. Draghi was quite effective, but had a difficult time at the end when the frustrations burst into the open. The european economy is notoriously pessimistic, and the market tends to be ahead of anything thats happening. If we are bottoming out, thats consistent that we have a negative forecast and the market is starting to pick up in europe. That does not mean it will play out that way but its compatible with that view. I think it depends on what will happen with trade. One thing that has not been removed is the uncertainty and investments will only go up if uncertainty eases. Thats the big question, whether theres too much of a question mark still lingering over that. , rememberd to lagarde we had a few things come out of late. The german finance minister came out yesterday or the day before to ag he might be open european banking guarantee. In that context, lagarde represented very well when she was in her position. But now she is going to be in the position to potentially have an Even Stronger guarantee. I firmly believe she will go down that road, given her political views and persuasions. Will coerce a european safety net more strongly and explicitly than draghi. That only matters if there is in a if theres a crisis. But i dont think theres any accident that the spreads have come down since she was nominated on july 3, or her name was announced, at the time we credited good policies in greece and italy, but i think it has a lot to do with lagarde being in the position. But whether she will be effective, i dont know whats effective about negative rates, and i think with the current policies, the they are really in the crisis environment where lagarde could be effective. Vonnie and i want to get your target for the chinese yuan, we are looking at 6. 97 offshore and onshore. Guy we are on it axel we are unenthusiastic to the euro relative to other currencies because of lagarde, because i do think she has a dovish tint. Thats why i mentioned the Swedish Krona against the euro, because i think its more dynamic and at the dollar weakens, which is likely to happen, the euro may lag. And she will be good at putting the glue together in the euro zone. Survived at the imf ended well and i think she can hurt the ecb as well. I dont think that will necessarily translate to a dramatically stronger euro. But we will have more money spending and more fiscal stimulus. The euro will float higher with other currencies, but im not predicting some huge change. Guy a final question, will the phase i trade deal be enough to restore investor confidence. Will that get both sides of the atlantic spending again . Axel we are looking for a switch, we are not going to get the switch with this president. This is a process. We will get a phase i deal, 1. 2, be, the phase two deal will postponed and it will get people to incrementally invest more but it will not be a clearfield and everyone will invest. Trade is the one thing trump can control and he needs the topic in the news through election day. Guy good to have you along for the ride. Thank you for joining us. News, it hbcing was worn twice by the bank of england with its conduct in regard to risk control. Not seeing Much Movement in their stocks which seems to be higher throughout the day, a small dip is beginning to develop as a result of the headline. This is bloomberg. Guy from london, im guy johnson. Vonnie from new york, im vonnie quinn. Its time to look at the business flash, the biggest business stories in the news now. Hp has confirmed that xerox has made a kate takeover offer, but they are not ready to say yes. The deal between the iconic names could affect the printing industry. Would likely need at least 20 billion to close the deal. For tvpany best known ratings, nielsen, is tracking Consumer Preferences with two publicly traded companies, a new Company CalledGlobal Connect is expected to raise new debt. And estimates for toyota were beaten, they have sales with smaller suvs in the u. S. , and of corollas at home. Toyota has maintained earnings. That is the business flash. Of, we are down three tense a percent on hsbc. Guy falling a little more now. This relates to warnings with the pra, the prudential body here in the United Kingdom that oversees the banks. The warnings relate to the fact that we are looking at a situation where hsbc may not be making progress when it comes to risk controls, this includes issues like money laundering. What the market is pricing in is a higher cost associated with this. This is bloomberg. Guy from london, im guy johnson. Vonnie from new york, im vonnie quinn p lets get to first word news. In u. S. Chinass trade talks. Both sides have agreed to rollback tariffs on each others goods in phases. Chinas key demand since the start of the negotiation has been the removal of tariffs imposed by President Trump. Emmanuel macron warned that President Trumps neglect of u. S. Allies is killing nato. Existentialng an threat for the transatlantic partners. He was infuriated when President Trump withdrew u. S. Forces from syria without consulting nato members first. And filing for Unemployment Benefits in the u. S. Fell more than expected to a fourweek low , jobless claims were down. This is the latest sign that the labor market remains a, despite weakness in some parts of the economy. And traders in europe say enough is enough, they want shorter hours, two Industry Groups are calling for a 90 minute reduction in the trading day in an effort to lessen european exchanges, they say it would help well beings. They blame the long hours to in a free drop in recruitment. Global news, 24 hours a day, this is bloomberg. Global news, 24 hours a day on air and on tictoc on twitter, powered by more than 2700 journalists in more than 120 countries. This is blue brick. Is shares of expedia sharply low. Missed estimates have growth declining as a result of the Vacation Rental business. We are joined by the ceo from seattle. Shares , thats what the are doing now, is that an overreaction . If so, why . I think its a disappointing reaction. We did have a difficult quarter, that said there are a lot of great things happening. We had a lot of highlights and volumes are up 11 , we continue to see strength on our Partner Solutions business, we continue to make great efforts on our customer initiatives and it is showing up in our results. Our direct channel is that more than the overall business and we have a long runway ahead of us. Whatsts talk about happening with the shortterm rental business. Concern, thatbe a you are struggling to make your message heard on google. Your lines onuce Google Search . Mark whether its our alternatives accommodation business, or other brands, a lot of this is around the strategies that we have in place, which is making sure that we have great products and services for our customers and we build customer relationships. We have incredible loyalty programs, hotels. Com just hit their 50 million loyalty member. Expedia has a good program and its about delivering incredible products and services. Thats what we are squarely aimed at doing. Itself has just relaunched its new brand, they are looking at relaunching launching that in other regions around the world. Ultimately we have seen good strength. It has been up nicely in the cup the double digits. We will move along with the multichannel strategy which is not really a strategy dependent on google. Vonnie how much mari going to spend on marketing with vrbo, because it is taking time to have the rebranding excepted and known by the public. And theres a new challenge of google putting hotel finder above the likes of vrbo in the search. That makes it more difficult. Knownk investors want to when that happens and how much it will cost for that to happen. Mark we will do it in a balanced way, the way we have always done it. We have spending on the vrbo brand in the u. S. On Traditional Television and digital. We are seeing good results. We are looking to roll it out internationally and we will do so in a balanced way. Alternative accommodations at strategy is not just about vrbo, we brought in some of our partner teams closer together and we are up to 650 alternative accommodations, those offerings are available as part of our brands. International expansion and , theretive accommodation is a lot of Great Customer relationships. We are trying to make sure that we continue to offer the alternative accommodation. Airbnbs thou into check all 7 million of its listings, this follows a tragedy at one of them, do you feel the same responsibility on vrbo, are you making any effort to verify these listings . Mark we certainly feel an obligation to make sure that we provide a safe environment for people on the platform. We have a fulltime trust and safety team. We have 24 Hour Support Services that are staffed by real people to make sure that we are there, we do do a lot of work about making sure that we identify risky situations and we are taking appropriate steps, including removing properties from the platform. That trust and safety is important. And something we are actively engaged with. We are seeing certain isations, jersey city looking to enforce regulations more stringently. It will affect airbnb and you. Do you see more cities doing what we are seeing in jersey city and what do you think the impact will be on your business . Isk vrbo is a brand that dominantly in beach and mountain destinations. In those places alternative accommodations are important to the economy. Weve been working with municipalities and governments around the country and the world to make sure that we reach a spot where we ultimately have appropriately regulation. Alternative accommodation is something that customers and travelers want. It is something that hosts want, it brings Economic Activity to regions, and it has to be managed in a responsible way, to make sure that we dont hurt something that is great for the economy. Guy airbnb is pushing back really hard, they are spending a lot of money doing it. Are you doing the same thing . Mark we have been active working with governments around the country on the world to make sure that we get to responsible legislation. We have been putting a lot of resources against it, in conjunction with other players in the industry as well. So yes, we are invested in making sure that we get appropriate regulations. Vonnie one of the arguments in jersey city is that there were a lot of commercial operators asaging these listings almost management would. What are your thoughts on commercial operators . A rolehere is certainly for commercial operators, and they are an important part of the overall ecosystem. Appropriate regulation should be mind of the, in incredible economic power that alternative economies can bring to regions. Vonnie if this continues, you have had three analyst downgrades today, would you consider doing Something Else about vrbo . Strategy isbo something that we are seeing green shoots on, the brand itself is up nicely in double digits, some of this will take , we have been involved in replatform in the business that has had some impacts on regional black brands. This is something we will have to work through for the next number of quarters. And we are happy with the collaboration to really drive it coming forward. Some of theed with projects that we are seeing and we are looking at ways we can do better. For now, the plan is to roll out vrbo internationally and continue the track that we are on. To make sure that it innovates for partners and travelers around that whole core Value Proposition for groups and families. We think its a unique Value Proposition that vrbo brings to the market. Guy guy thank guy thank you for your time. Coming up, Discovery Communications is posting their thirdquarter beat, thanks to an increase in u. S. Ad sales. Our conversation with the cfo, and. This is bloomberg. Guy from london, im guy johnson. Vonnie in new york on vonnie quinn, this is Bloomberg Markets. Discovery communications is up 7 , this after better than thirdquarter earnings. Discoveries cfo discoverys cfo. Another great quarter, welcome back, is there any trepidation about the streaming wars . Disney starting disney plus. Thatere is no doubt theres a lot of content coming to the market, a lot of changes going on. If i take a step back and look at the numbers that were presented this morning it shows that this company is able to generate in an environment and its characterized by secular change and a lot of competition. I like our hand, we are not in the game of spending 5 million an hour to generate scripted shows. Passionatehe game of audiences that we serve in smaller niches which can be very effective from a financial perspective because we spend less. And we have a really passionate audience we are serving. Vonnie you have a deal with , im curious as to if there are any challenges in europe, if youre worried about being dropped from any european deals . Gunnar q3 was the strongest thirdquarter we have had in europe in the history of the company. We are in a strong position, and we have a great portfolio. Specifically, next year will benefit from the olympics, a full 17 days, thats a huge event and we could see some huge support there, and as i said earlier on the earnings call, we are seeing some contributions from our digital investments. European feature that is starting to benefit. We have also launched partnerships in european markets, poland, germany, where we are building something comparable to a european version of hulu. We had the team that originally built hulu in the u. S. And we are rolling a similar pushing europe push in europe. We have 5 million users in germany on our platform, we have headwinds, but also tailwinds. Guy lets talk about those tailwinds. When you read Analyst Reports about your business, they talk about you being a value stock, and theres potential there. Im wondering what you think it will take, what you need to do to get your stock rerated. Do you think youre being treated fairly by the market . Gunnar let me look at the Capital Market reaction this morning. We were starting to get some credit this morning. If you take a step back, we have literally delivered or over delivered on every promise we have made over the past two years. That started with the scripps acquisition and we have strengthened our brand or folio. We are seeing the synergies come in, we are seeing Revenue Growth in the mid digit range and high Single Digits in the Third Quarter. Most importantly, from my perspective, we drove free cash flow. This was before the acquisition of scripts, and now we are. Railing at 2. 9 billion dollars that put us into a comfortable range from a leverage perspective. We were in the market buying back stocks in the Third Quarter in the first few weeks of the fourth quarter. Us a lot of flexibility. To your question and additional catalysts, we have to do the work. A big shout out to the people doing the work that allows us to deliver on these promises. Launched some director direct consumer products. Food Network Launched online and we are very happy. Guy ok. Do you think the market fully appreciates that business . Do you think it understands what you could potentially do with golf question mark to think that communication is getting across at this point in time . The value within those two segments . Gunnar the market is very much focusing on the tailwinds right now, cord cutting, the streaming wars. I understand, its tough. People need to see how we are able to use this amazing portfolio. Remember, 20 of viewers in the u. S. Every day are making the choice to tune into one of our networks. On sunday night 30 of women in the u. S. Are tuning into our content on our networks. We have great value and passionate audience and its on us to prove that we are able to exploit and utilize this content in a world where its less linear, less of a bundled approach. I have great confidence in what we are seeing in our initial moves in the u. S. With tv everywhere getting traction, but also in europe, where our offerings have already started to contribute. Amazon is attracting revenue to its portal, how much . Gunnar amazon is a launch partner but its important to keep in mind that are food Network Product is a standalone product and amazon is a great partner that is helping us promote and fulfill on one of , if you have an appointment on sunday afternoon with bobby flay, amazon is delivering the ingredients. Looking into more territories and partnerships with amazon, because its a very healthy partnership. Curious as tom other ideas that you have and other potential acquisitions, obviously you are integrating and cost cutting, do you have your eye on anything else . Gunnar let me tell you our Business Development team is active. But i will say, as much as i would love to do another script scripps deal, any day, its not easy to find those assets. We are also investing in our own company, its a high hurdle for the mma. I would not expect us to focus on that and on organic investments. And we have a couple of portfolio activities in the market with more products coming to the market next year. We are rolling out food network globally. We are rolling out magnolia. Theres a lot we can do a neutral and it will require investments. You, that is the cfo of Discovery Communications. Guy lets talk about our stock of the hour. Its in an unaccustomed place, streaming service rokus down 16 , this is a year where it has been stuck. Weve been talking about one side of the business, lets talk about the other, Abigail Doolittle has some insight as to what might be the problem. Abigail . Its an ugly day for roku, the worst in six weeks. The first thing, this stock is still up more than on the year. You could say that it was priced. The Third Quarter was not perfect and they provided a somewhat disastrous fourth quarter. So relative to the quarter they just reported, account users group at less than what they were looking for. In addition, the earnings losses they presented was narrower. They beat but by less than they have been beating, in addition, relative to earnings, it was wider. So nitpicking, but the stock is up so much that investors want perfection relative to whats happening behind that earnings picture. You have the company saying that costs are going higher, investments and the recent company forof the for investing. But the forecast is missing by a mile, providing a range of 7 million to 12 million, a greater than 50 miss. We were talking about the streaming wars really heating up, disney will be unveiling disney bless plus soon. Bob iger is up watching their programming and when you put those two companies together, roku is expected to be a 1. 1 billion Revenue Company relative to disney. They arent even putting amazon in the mix, so while they may say they are the first streaming company, they have some big competition. Its a blessing and a curse. We will see. Just to keep some perspective, this is still up more than 280 . 2017e its 20 ipo ipo, up more than 750 , a rough day in a strong uptrend. Guy starting the year on 30, even after todays drop. Abigail, thank you. This is bloomberg. Guy from london, im guy johnson. Vonnie in new york, im vonnie quinn. Bill, we arens us, getting major surprises on inventory with oil and positive prints at wti. Why is that . Seeing crude oil trade up, but it is struggling. We are coming out of the maintenance season right now. We are moving into a higher demand for crude oil to create the product. We are seeing bigger builds and headline crude oil, it has not changed into the products quite yet. I am more neutral at these levels, i dont see a lot of value when buying here, but there are some geopolitics. We have iran ramping up Nuclear Production or putting uranium in now. Arabia,ntially saudi ahead of their ipo pushing crude higher. Do you so what anticipate will happen with commodities. Obviously we are watching futures, do you go home on a friday afternoon waiting for monday to see what happened over the weekend . Bill you have a couple of seasonal aspects into play. You have stocks that are bullish, the s p is moving higher and the trade news which im calling a bait and switch confidence game, you are seeing this play favorably to the market. But the bigger opportunity could be the seasonal by that it opens the door to four with treasuries and gold. Behind me on the Trading Floor people are yelling and they are looking at the treasuries, they are there are some buying opportunities and it could be as low as 1420. You will see a play come into the middle of december and we are seeing this now, dont fight the risk on inequities because this is the lowest time of the year, this is a bait and switch confidence game, believe it or not, china seems to be ramping up the pressure on the u. S. To come to the table. Looks favorable in the headlines but this could be a pressure aspect. Stay headline vigilant. But there are opportunities in all of this. Frome bill coming to us the cme. Thank you. Guy coming up, our guest will be joining us to talk about the bank of england. I want to happen with highlighting in the u. S. 30 year. We see a massive move coming into the bond market right now , 2. 4 on a key auction the u. S. 30 year. This is bloomberg. Trading up, stocks falling fast. There is an agreement rollback tariffs. The markets await confirmation from the white house. Sterling slides as two members vote for a rate cut. Now, a done deal for 2020. And as youve been hearing, its bloomberg your ahead conference in new york. We are going to pick up with oaktree. Counting you down to the european close on Bloomberg Markets. A lot of treasury issuance is to speak of as well. As you can see, the 10 year yield is up. It is a story of earnings today, major reactions in stocks like expedia, ralph lauren. We also have stocks exposed to trade higher, bringing the dow up almost 1 now. Plenty of gains, up 6 10 of 1