Morgan stanley also taking down its price target on home depot by 10. Of course, the big event tomorrow in london and england is the u. K. Election. Guy, your outside with the lovely febrile room of st. Paul in the background lovely cathedral dome of st. Paul in the background. Narrowingthe gap between Boris Johnson and competing parties such as labour. Guy exactly. The big news over nice was that the latest poll basically cut Boris Johnsons lead in half to where it was only a few weeks ago. That really is the big story we are watching now. Does this continue into the election . Theres been a lot of talk about the fact that a Hung Parliament cannot be taken off the table. We are going to find out tomorrow at 10 a clock p. M. London time, when the first exit poll is going to come out. Basically, counting ourselves into the election, polls are going to open. The u. K. Is going to vote all day in probably one of the biggest and most significant elections we had for quite some time. As youve indicated, outside the weather is not that clever. What is turnout going to be like . Lets take a look at where sterling is and what is that with the cable rate today. Nosed over on this latest poll. We have seen some coming back, but we have seen hedging. Cable back positive, but not at the highs it hit friday at 1. 32 plus. We are waiting for the fed today in the ecb tomorrow. Talking of the ecb come the german tenyear a little bit lower in terms of yield, i little bit of a move higher in prices. Today all about the fed. Vonnie here in the u. S. , we are obviously watching the u. K. With great curiosity, but we are looking forward to that fed decision at 2 00 p. M. Eastern, and of course, the powell News Conference at 2 30. Lets get straight to our first guest for more on all these issues, tom lee, Fundstrat Global Advisors managing partner and head of research, from our boston office. Clearly, we are all but certain we are not going to get a rate move today, but there may be some significant changes in language or some shifting in position. What are you anticipating out of the fed . Tom i think the most important to reallyor the fed not surprising market. I think that was one of the negative issues. Finally the fed has caught up with where the market expects not only rates to be, but foreign policy. Questions,s do have it really has to do with the Balance Sheet because there have been quite a lot of changes, and as you know, into year end we have the shortterm issue around repo markets, so how they are prepared to deal with that. Vonnie this is a question at the last News Conference as well. It seemed like the fed had every thing under control, but we had some new information. What would you ask fed chair jay powell today . Where thei look at u. S. Economy is, i think theres pretty decent resilience, but still a lot of resiliency in terms of Business Confidence and consumer. But on the margin, i think the Global Economy is a lot weaker. I think that is a sort of needle the fed has to weave between u. S. Resilience, but much weaker conditions globally, and then the resulting risk to asset markets and that liquidity shock. Dont think theres a repeat at all of december 2018. I think theres some of the bears and skeptics thinking that because of what happened in repo, that could happen, but that is not our base case. Earlier on, u. S. Cpi came in pretty much as anticipated. Fed cut for inflation . Tom i think the fed can cut and can let inflation run a little hot because i dont think expectations around consumer have changed yet. I think the time to worry about inflation is when individual Wage Expectations start to get inflated because that changes behavior and really anchors inflation bias. If it runs hot one or two months, i dont think it is something the fed needs to react to. Guy given the fact we have this big trade deadline coming up, is this a nonfed meeting . If you knew what the outcome was going to be, more tariffs going on, no tariffs going on, may a phase i trade deal, if you know all of that, presumably the fed could react to it, but it doesnt yet. How can the fed react to an economy that could be about to undergo a fairly significant stock . Tom its a good question. The fed has had to do with this all year. , in if we went a year ago think the idea that we were close to some sort of trade resolution was at hand area businesses and consumers in the Global Economy has had to deal with the uncertainty for the past 12 months, so i think we are already seeing it. As you pointed out, what happens when we step of the tariffs, i dont know. At the same time, the markets sort of spending less time singing about that. Vonnie less time thinking about that. Vonnie i know you have broader themes in mind. For example, using millennials are going to be the next savior for the u. S. Economy in terms of headwinds. That is sort of a broader outlook. But what about the cycle . Do we see a cycle turn . Tom a cycle turn can happen, usually centralbank driven. I dont think that is at risk in the next 12 months. I would say if someone was paying attention to tailwinds like the millennial demographic, it is causing a real expansion in the numbers. If someone paid attention to that in 2019, they would have gotten the markets more correct than someone trying to tactically time the market because of trade. If that is your longerterm strategy, but also, you say tech spend is going to keep this economic expansion going. Tom yes. The tech spend makes a lot of sense because one, globally the world is running out of workers, and in some countries where there is still population growth , you would still have a gap that has to be filled with productivity, and the only way is with tech spend. ,he good news is in the u. S. U. S. Tech companies essentially dominate the global tech landscape. Tech is a highvalue capture sector. Companies can earn real return on equity, and investors can really participate, so multiples are certainly going to expand. They are probably putting much just at market multiples. , i think techs w eight on the s p is going to approach 50 . Guy one quick question. Where do you see the dollar going next year . Tom you know, its hard. Currencies are notoriously difficult to forecast, but if i , we would be higher relative to the rest of the world. If inflation is picking up, i think that should debase the currency. So i would say i think dollar, which is been so strong the last few years, is probably flattening. It is really difficult. But it doesnt necessarily weigh on equity forecasts, either. Guy tom, stick around with us. Tom lee, Fundstrat Global Advisors managing partner and head of research, sticking with us. Later on come our coverage of that fed Rate Decision at 2 00 p. M. New york, 7 00 p. M. In london. Lets check in with the bloomberg first word news with viviana hurtado. Viviana todays big debut for saudi aramco. Shares began trading in riyadh for the Worlds Largest ipo. The stock jumped the 10 daily limit, giving a market value of just under 1. 9 trillion. It makes it the worlds most valuable listed company. The Foreign Relations committee is pushing ahead to impose sanctions on turkey or its military offensive in syria. The panel may also penalize russia for interference in elections and other offenses. Still, it is unclear that the measures will look into the full senate floor for debate or a vote. In india, the parliament is set to approve a controversial says the chip bill. The measure controversial citizenship bill. It is sparking fear among Indias Muslim minority. A billionaire bond manager lowering chances of recession, but warns investors to steer clear of corporate debt because of rising risk of a weak dollar. The chief Investment Officer of double line capital also predicting President Trump will be reelected. He said that is due in part to a weak democratic field. Global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. Im viviana hurtado. This is bloomberg. Guy thank you very much indeed. It is the evening before the british election. The latest polling suggesting Boris Johnsons lead has been cut in half. It is going to be incredibly tight. The pound initially reacting to that, but bouncing back subsequent lee. We will talk about what is going to be the outcome for the election and what it means for the markets. This is bloomberg. Vonnie live from new york, on vonnie quinn. Guy from london, im guy johnson. This is bloomberg markets. Lets check where the markets are as we approach the fed decision a little later on. Abigail very small moves around the world for stocks as we approach that fed decision. Largely expect it the fed is going to hold pat. Then there is the general election in the u. K. , and on sunday, that trade deadline investors are waiting for. Very small moves here in the u. S. Europe up just about 0. 2 . During the asian session, so too for the shanghai composite. Head of the fed, lets take a look at the 10 year yield. These bonds have been selling off fairly steadily over the last 11 sessions, giving up eight basis points. The fed not expected to do much. Maybe reason to think the 10 year yield could go back above 2 , so it is going to be interesting to see what their commentary holds. But make the surface and the u. S. , there are some bigger movers as well beneath the relatively benign surface. Shares of the home depot down 1. 6 after they cut their fiscal year 2021 profit and margin outlook. Investors not liking that, reiterating what their last report. Boeing down, and gamestop absolutely plummeting. The games store put up a terrible quarter. One analyst said it feels more like a eulogy. That Company Really struggling against online. Finally, lets take a look at a quarter excuse me, a threemonth chart of the pound. Really incredible here, up 3. 9 against the pound. This putting it on pace for its best quarter since 2009 ahead of that general election tomorrow. Guy thank you very much indeed. Sustainable . Thats the question. Lets get back and answer that question with tom lee, Fundstrat Global Advisors managing partner and head of research. What do you need to see coming out of this election that would make you think that the u. K. Is an attractive Investment Opportunity . Tom for the most part, i think the u. K. Is showing some pretty impressive resilience. This has been overhanging the economy for some time. Its goings, i think to make much of a difference either way. Guy ok. Hererms of the opportunity , you talk about the resilience the u. K. Has shown. Theres clearly a discount attached to u. K. Assets of the moment. Does that discount start to get unwound a little bit as we get more certainty on the Brexit Process . How much permanent damage has been done here to u. K. Assets . Dontve been thinking we really follow europe and the u. K. That closely, but to me, the issue is really going to be when do investors feel like there is resolution and the risk to the Global Markets from brexit. I think that is going to diminish in the next 12 months. I dont really have a view specifically on what it means for asset prices. Handlingre investors uncertainty and the lack of resolution on all manner of things from this election and bridget took from this . Lection to trade we are really at very muted levels. Tom it is a fair question. Weve written about it. We think people are too sensitive to systematic risk. We think everyone is carrying a for 2008er, looking nails. People are protecting market calamity, so i would say since 2008 come of the world has been hypersensitive to systematic risk, the risk of any event like brexit becoming a banking or financial risk channel, so in its better think for anyone whos been longterm focused on equities to tune some of that out. Vonnie how close and i are you keeping on bond yields . Obviously, equities is where you focus most of your attention, on themuch do yields 10 year treasury, for example, impact where u. S. Equities go in the next five years . Tom within certain ranges come of the 10 year doesnt make a difference, but as you know, createovement in rates shock. If the 10 year went from 1. 8 to 2. 5 to 3 in 12 months, that would create a shock because it would affect not only debt service ratios, but also peoples perceptions about market stability. But i think gradual rises in rates over time makes a lot of sense to us. 1950s as at the sort of baseline, rates were pinned really low, but by 1969, Interest Rates had quadrupled. I dont think Interest Rates are necessarily going to quadruple, but the idea that a rise in. Ates makes sense vonnie tom, thank you for coming to our boston studio today on this clearly very day inand snowy boston. That is lee, Fundstrat Global Advisors antigen partner and head of research. Tune in tomorrow for special coverage of the u. K. Election as soon as the polls close, 5 00 p. M. New york time, 10 00 p. M. London time. Lets to watch, including the undecided vote. Still ahead today, federal Aviation Administration chief steve dixon is testifying on capitol hill before the house chance but asian and infrastructure committee. The faa chief said this morning that the boeing 737 max certification will end up extending into 2020. Boeing is down 2 on todays trading. More on that in the next hour. You can follow that testimony q a at life go at at live. This is bloomberg. Is bloomberg markets. Im taylor riggs with the muni moment. It is the big fed day. Joining me is Bloomberg Intelligence head of municipal strategy eric kazatsky. What are your thoughts on this big fed day . Eric i think we are kinda predicting a nonevent for today. Largely, the muni markets are kind of quiet on fed day, and that is for normal fed days come over there is fed days, where theres a statistical chance of the fed changing rates. But we think its going to be pretty quiet. Taylor talk to me about absolute versus relative value. So often in this market, we look at relative value. How do munis appear on a relative basis . Eric thats a great question, and it really depends where youre looking on the curve. If youre looking at where the best value is come up or bleed the 10 to 12 year sector, where ratios really start to make sense. For those who arent familiar with the muni market, we look at the ratio of aaa munis to treasuries and use that as a green light red light. The higher the ratio, the cheaper. The lower the ratio, the richer. Amount of money coming into the sector, so we think that once you get after the 10 year part of the curve, you are away from the buyers really pushing the front end ratios lower. Taylor what about on an absolute basis . Absolute yield relatively low. What does that mean for total return . Eric we dont think theres a lot of room for price appreciation at this point, so you will have returns be more muted. I think the biggest change on a relative value basis is how the market shifted from the exempt over to the taxable, and thats been a faction of lower absolute rates. To give you an example, we are about 65 billion dollars, 68 billion of tactical issuance this year. Thats about a 58 percent increase yearoveryear. My thanks to eric kazatsky of Bloomberg Intelligence. All things munis on this big fed day. Vonnie thank you. Thats taylor riggs. She will be hosting Bloomberg Technology later on at five clock p. M. Eastern at 5 00 p. M. Eastern. Shares of home depot lower today. The chain has reduced its Sales Forecast for next year thanks to a softening Housing Market in the resurgence of competitor lowes. It wont be until next year that the boeing 737 max starts to fly again, according to the faa administrators. The 737 was grounded worldwide and march after two crashes 347 fatalities. That is your latest Bloomberg Business flash. Still ahead, the worlds most Profitable Company makes its trading debut. We will take stock of saudi aramco. Meantime, lets have a look at markets, both in europe and the united states. In europe, the ftse 100 is flat the pollsas we await tomorrow for the british election. Here in the u. S. , party flat today. This is bloomberg. Beyond the routine checkups. Beyond the notsoroutine cases. Comcast business is helping doctors provide care in whole new ways. All working with a new generation of technologies powered by our gigspeed network. Because beyond technology. There is human ingenuity. Every day, comcast business is helping businesses go beyond the expected. To do the extraordinary. Take your business beyond. Guy from london come on guy johnson. Vonnie from new york, im vonnie quinn. This is bloomberg markets. Guy there with a beautiful view of the st. Paul cathedral dome behind him. We are awaiting Weekly Oil Inventories right now. We are looking for a drop of 2. 9 Million Barrels in the week through december 6. In the runup to that, we have wti down . 12, practically unchanged at 59. 11. And it is actually a build of 0. 8 Million Barrels, 822,000 barrels, last week for crude oil inventory. A surprise to the market, and we are getting a further drop now. Crude is below 59 in the u. S. Brent down as well by about 0. 50. Distillate inventories was a much bigger build than anticipated, 4. 1 Million Barrels. The final utilization was. 13 . The headline is that we are seeing a build in crude oil inventories, 800 and 2000 822,000 barrels. Isiana fed chair jay powell all but certain to keep rates unchanged. They may be looking ahead to when they should raise rates again. He said will release and forecast,and updated and afterwards powell holds a News Conference. Policymakers getting more ammunition for holding the line on rates. In november, a key measure of Consumer Prices remained subdued. Core cpi rising 0. 2 for the second month from a year earlier. It was 2. 3 higher. Activity increasing significantly at the site of the volcano eruption off the coast of new zealand. Six people are in into have died , another eight are missing, presumed dead. 30 people have been hospitalized, most in critical condition. In the u. K. , Prime MinisterBoris Johnson and Jeremy Corbyn began a tour of key districts. Conservativeg the party lead narrowing substantially. The Yougov Survey putting johnson on course to win a majority of 28 seats. Global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. Im viviana hurtado. This is bloomberg. You very much indeed. Shares of saudi aramco soaring in the debut. The stock jumping the daily 10 limit when trading began in riyadh a little earlier on. , 1. 88 trillion. Can it get to 2 trillion . That is the big question we are trying to figure out. Lets get a sense of where were going. Wallace joinsuart us now. Nearly there. The crown prince would like to get to do trillion dollars. . S it possible stuart i think it is all but certain it will happen tomorrow. The question is how long they can stay there. The calculus and for them is going to be, at that kind evaluation, what does that you would look like and how does that yield stack up relative to the peer group. There it is a bit more problem at it. It was problematic at the initial evaluation. Will we see demand from outside the kingdom now that we are already public, and it might be a little more palatable for investors . Stuart i think we will get a little bit. Largely, that is driven by the inclusion of aramco in various indexes. Any fund that hugs those indexes is more or less inclined to buy the share. The green shoot option hasnt kicked in yet, so we havent seen additional shares, although we are expect and them in the next few weeks. Finally, of those people that have allocated shares, very few of them are willing to sell at pretty much any price. Am investing in the Energy Sector and increasingly becoming an endangered species because of esg and various other factors, why would i put money into aramco other than the tracking factor, when i could put money into bp or shell with a much greater yield . These are income funds for a lot of people. Stuart the aramco argument is that it is a fantastic company on the worlds secondbiggest oil reserves. They have a cost of production that is way below premuch anyone else in the world, so their argument is oil demand will peak eventually, oil will probably go away, but we can premuch guarantee that the last barrel of oil used in this world will probably come from the saudi desert, and they are not wrong. That is probably a fairly likely scenario. Nonetheless, all the problems you point out persist. They are relying to some degree on patriotism. Theres no doubt that this is a big patriotic ipo. Theyre getting back to the same problem that no one wants to sell. Guy in terms of what this is likely to do to saudi energy policy, does this change riyadhs approach to how it manages the oil market . Stuart to some extent. The main driving factor is going to be this enormous dividend they promised, so 75 billion. In order to get the cash flow you need to pay that dividend, you need relatively high oil prices. Anything below that, and suddenly theyre going to have a cash flow issue when it comes to paying that off. Aramco is never going to have a problem paying it. I dont think anyone imagines they are going to default, but that has to be a consideration, particularly when they are asked to do all the heavy lifting. Guy stuart, things for stopping by. Editorwallace, bloomberg for combined oil and commodities. Vonnie coming up, ken griffins other money machine. We will take a look at the billionaires trading empire. This is bloomberg. Guy from london, im guy johnson. Vonnie from new york, im vonnie quinn. This is bloomberg markets. Billionaire ken griffin has fund to benefit. Bloombergs tom maloney joins us with details. This went from a failed failed exurban several years ago to an absolute moneymaking machine. Its plain how that happened. Reporter its a common nation of things. Post financial crisis, a lot of regulations were put into place on big banks to try to reduce systemic risk, and that benefited some of these nonbanks , and citadel has really grown its market share since then. It is also as marcus become less electron if id come that has benefited these algorithmic traders. Paul volcker sadly passing away a couple of days back. To what extent does this business benefit from the volcker rule which he pioneered and pushed through and took his name . It took a lot of regulation on banks. Reporter volker isnt meant to restrict marketmaking by banks necessarily, but that has been one of the effects. Marketmaking in some ways is a difficult business to define, so a lot of people have said that banks has pulled back because of the volcker rule. Nonbanks like Citadel Securities dont need to worry about it. Theyve been able to continue trading and take market share from the banks. As ae it started off highfrequency market maker in options before pushing into equities, and now it literally dominates the realm. It handles more than one out of every five shares traded in the united states. What is the secret to the success . Did ken griffin just get in early enough to dominate . Reporter i think the hedge front the hedge fund really helps. It allows them to kind of see risk more holistically than some of the Traditional Market makers. They are really a technically focused firm. I think they do pick better talent, and they manage the risk a little bit better than some of the Traditional Market makers. Ken griffin gets a lot of advantage from this. Your piece points out, he generates a lot of financial return from it. Would there be a way he could crystallize some of this value . Is he looking to do that . Reporter its been reported still i think that is something that wouldnt be surprising if it happened in the past. It is a business that does make him a lot of money as is, so he doesnt necessarily need to sell a stake to earn profit from the business. The reality is he probably made even more from Citadel Securities. Vonnie it is a fascinating story. I would urge everyone to read it. It is all laid out in tom maloneys story. Tom, thank you for joining. Guy lets get back to the u. K. Election and talk about what the polls are saying. An exclusive poll conducted for bloomberg shows a large number of remainders are now wavering. They are not saying that they are undecided, but they are also not definitely decided. Runs a nonpartisan polling and election site that pretty good the 2016 u. K. Election. He joins us now on the phone. Matt, what is the take away . Reporter this is becoming the take away . This is become a very tight race. What are remainders telling us about the wesley outcome we are going to get tomorrow night . Good afternoon. This poll shows that the atservatives are in the lead 43 . That is basically unchanged from what we got last time. Interesting, if this were the exact result, it would give the conservatives probably an overall majority. However, as you alluded to, there are quite a lot of remain voters, predominately remain voters, who i wont say are undecided, but when we ask how you made your mind up or might you change your mind, the conservative vote and all of the votesotes and leave are already certain they are going to vote that way. Support means is that for the lib dems and the minor parties, it could perhaps lead ,o labor and give labour a post and that could push into Hung Parliament territory. Labours vote is also quite soft, and that could lead to smaller parties or elsewhere, and that could lead to a much bigger conservative majority. So the situation really is unusually fluid. It is not just at the margin of error. Theres a lot of wavering. Given the fact that it is december, turnout is likely to be quite low. How big a portion of the population are we talking . How big a portion of the electorate are we talking here . What sort of age demographic to they fit into . Im really interested to see whether or not they go, we are not going to vote for anybody at this stage. We are just going to stay at home. Matt we are really sure. Addicting turnout is often harder than protecting vote share. Andn that it is december the weather is not pleasant is not likely to help that. The public are really not s. Thused by the choice in terms of how likely people are saying they are to vote, and actually doesnt look terribly , when theto last time benout was 69 , so it may that despite not being terribly , people about politics do still come out to vote, and the demographics in terms of the actual breakdown is not that different to last time. Vonnie these waivers are a new sort of category. Do we have any idea what happens to waivers in an election . Is this the first time we have seen a significant number of these types of voters . Matt its not the first time. You always, even at this late stage, get a certain number of people who will actually say they are undecided. The portion of those are fairly difficult. You also get people who are saying, yes, i intend to vote for whichever party, but i am not completely sure. I might change my mind. The interesting thing this time is because the proportion within each partys current support is quite different, so usually what happens is they tend to break in Different Directions and largely cancel each other out. At least, thats what pollsters will hope. This time, because they are quite lopsided and the conservative vote seems relatively solid, but because the remain party could switch between them and it is not necessarily clear in which direction, that is the part really adding the uncertainty this time. Vonnie just a few evening hours left to convince those who are undecided, who are wavering or who may be looking to see who they should vote for. What will the candidates be concentrating on this evening . Matt i think they will be trying to push the messages that theyve been trying to campaign. Certainly, Boris Johnsons position has been very clear. To try and push the brexit message to get brexit done. It has been cutting through quite well. Jeremy corbyn will be trying to push his message, particularly on health, an issue where labour always does particularly well. His slogan is it is time for real change. That has also been cutting through to voters. Saws think they will try to hone in on the messages they have been its pressing for the last few weeks, but also, with the election coming up tomorrow, they will also be trying to motivate their base and get out the vote, so i think it is more of the sane, but it really will come down to what happens tomorrow. Polls open at 7 00 a. M. London time, to a clock a. M. New york time. Thank you very much. Vonnie our stock of the hour right now is spanish retailer inditex. Retailer Abigail Doolittle is looking at the chains successes. It really does shift strategy when things are going wrong. Abigail they just put up a great quarter, beating earnings in a big way. Really cementing their lead over h m. Tier point about what is right and not right, the prophet is moving in the right direction since 2014, growing. In terms of that strategy, they are really focused on inventory. They may close that sellout within weeks. Now they are adding technology to that. Focus within stores can more time working with customers, and what is really incredible about this, they have had their stock and trade drop by 5 , sales up 7 . That is really pretty incredible , and cements their lead over h m, which has 4. 4 billion in unsold goods. , upthe case for inditex over 30 . We have zahra down more than 30 , so a huge move there. This shows that the Worlds Largest clothing retailer is really hitting on all cylinders. Guy zara is famous for running really short supply chains. Is it just inventories that helped them out . Anything else . Abigail thats probably the biggest factor. It is incredible the technology they are using, but it probably has to do with the fact that the Worlds Largest clothing company, they sell everywhere. Large portion of their clothing sold in europe, but theres really not an area of the world that is untouched by where they are selling, so they had this fashion that they are really getting right. They are doing it with these lean inventories. They are basically doing everything right, plus selling their clothing everywhere, getting a homerun. Vonnie Abigail Doolittle, thank you for that stock of the hour. This is bloomberg. Vonnie i know for futures and focus. Saudi time now for futures in focus. Saudi aramco surging in its debut. Futures off the 12 week high for crude oil on the stockpile build we learned of 1030 eastern that at 10 30rned of eastern. How much of a surprise was this build . We were looking for a surprise once again for a client once again im not surprised. The surprises have been more on the supply side then the demandside. Even though weve got energy now at the roughly 60 a barrel level, this is the third time we are heading that, and it is still at the top end of that trading range between 50 and 60. So our anticipation is that we may be back off of that 60, then go through it in the next couple of weeks or so. Vonnie it looks like theres going to be no problem with supply. There might even be a problem with demand, and all of that is pretty bearish for the oil market. Thats absolutely right, and thats one of the things we are looking at. We count on opec to cheat a little bit once they get a deal done, usually a couple of days before we hear about cheating. The only thing that is an interesting point as rate count has been declining for the last three or four months, what we are seeing is production coming thend very efficient use of rates they have. It is a concern over the longer term if it continues, but over the short run, i think the supply is more the story than demand here. We could see Lower Energy Prices getting back to that midpoint range. Vonnie thanks for joining us today from the cme. That is all nolte of kings that is paul nolte of kingsview asset management. Lombardsg up, banque head of fx strategy is going to be joining us as we count towards the european close. The european close. This is bloomberg. Guy Boris Johnson his lead cut in half and a key pole ahead of thursdays general election. Traders rushing to hedge their sterling positions. Aramco surging. The first day of trading sees to 1. 88p point jump billion. Andy 737 max wont be recertified this year, a huge blow to boeing. Live from london, im guy johnson, with vonnie quinn in new york. We are counting