Near its session highs, ending the day with 1 moves in either direction. It looks like some of those could be coming back. We also had crude and oil markets rally and despite concerns that demand was off about 70 . Crude is up 1. 6 . As we know, the fte Energy Consultants have said that it could fall 8 Million Barrels a day in 2020. Cuts. S coming on supply the highyield market, as you can see we are up 2 or so. Strategists say the fed may be buying double b rated bonds. That would be in the junk category. We are seeing some of the highyield markets catch a bid. Now for deep analysis into the markets, joining me from los angeles on the phone is the Portfolio Manager of Causeway Capital management, which oversees a 37 billion. Sarah ketterer is the former morningstar manager of the year. On that note, it is great to have you. There have been many comparisons between 2020 relative to the financial crisis of 2008. You noted in 2008, a lot of the cyclicals over leaving us out of the bottom leading us out of the bottom. Are you seeing that this time around . Sarah we are, and we are encouraging our clients to look ahead and anticipate the recovery as markets do so effectively. It is very clear from looking at the data that the best performers in that early 2009 period, through the spring of 2011 before we went into the next crisis, which happened in europe in the financials in that stretch over two years, that was by far that was when the best performers were materials, consumer discretionary, financials with the banks having a big move, and value was much better than growth. The laggards were the areas of that have been doing very well , likes crisis now utilities, health care, consumer staples. They may be holding up the portfolios now, but they will lag as the markets anticipate economic recovery, as they did in that 2009 and onward time. Taylor you are looking at. Tocks like basf where do you find the Silver Lining in those companies in a moment like this that sometimes it feels like peak panic . Sarah to get those great material stocks you have to look for the ones with the best management and best franchises. Freeport is clearly a Global Leader in copper. One of the best positioned in the entire commodities world. It has a 30 year reserve life. It is irresistible at these prices. The idea we will not need copper is absurd. The electric vehicle revolution will push up demand for copper considerably. Ev contains 10 times the copper than an internal Combustion Engine vehicle. We are being handed the opportunity on a silver platter. They are ath basf, Global Leader in chemicals and materials. They have businesses and that span the gamut from Different Industries that they serve. That stock is off 33 this year to date. It was not expensive going into the crisis. So great businesses, wellpositioned, we want as many as we can get now. Theor are you using drawdowns to add in more positions . Sarah yes, you are spot on. All of the market volatility is being very disciplined with all of the market volatility, we are being very disciplined on price. Make sure the price is as attractive as possible, so that we get this the typo for recovery that clients expect. This market is giving us those opportunities. Some days are very bland, other days are depressing, but provide great price entry points. Taylor generally speaking, do you feel like dividends are safe . Sarah i would like to say that everything is safe, but it has not turned out that way with dividends. We have asked our European Bank companies to please do not pay the dividends now, even though we know they can. Some of them only pay once a year. The idea of conserving cash is paramount in a crisis like this, where we have never seen anything like these kinds of lockdowns globally, but we are convinced, again, with those companies with great franchises, and thinking about the banks, like citi in the u. S. Or barclays in the u. K. , they will be able to pay the dividends, a then the case of citi, share purchase program, once we get back to some normalcy. The key to the crisis is it is transitory. As long as you believe that, and we certainly do, then they dividends are coming back with a vengeance. Taylor want to transition into credit. If we think this might money is in bonds, and bonds price and events sooner than they do the equity markets, what is the bond market telling you . Highyield credit spreads are still at 880 basis points. That is better than 1100 basis points, which is where they were before, but it is not the days we had even some months ago. At 880 basis points, what is that telling you . What is the credit market telling you . Sarah the credit market is finally pricing risk appropriately. We have had plenty of corporate leverage,way too much financial leverage, which is another this is the right pricing for a lot of these stocks. Many of them are in the Energy Industry and they have had access to cheap gearing for many years. But we are not worried about the whole Credit System at all, nor will the banks bear the brunt of this like in the last crisis. It is the opposite. There is over 10 trillion of stimulus globally and there is also quantitative easing that is growing. We will end up after this with the companies that have the Balance Sheets able to they will be able to take market share from those that have poor financial situations. This is important criteria to have in your stock selection, look for financial strengths because it is very important in this environment. Taylor strategist had a note that after buying investment grade, the credit could also maybe start to look at the bb market. They would not be buying the single bs, or the junkie asked of the junk, but they could be looking at dipping their toes into the job market. If you think that you buy what the fed is buying, if they are implicitly providing a floor, do you then also by buy junk . Sarah i can speak from an Equity Perspective only. And some of our companies are going to end up i will give you in example. Our colleagues spoke today with the ceo of rollsroyce, one of the four large aircraft engine aircraft manufacturers globally. The debt downgrade going to dissuade your suppliers and customers from working with you . He said, no, our industry eve ryone is getting downgraded. Rollsroyce went into the crisis with a great budget Balance Sheet. In some of these industries, there has been an absolute shutdown in the revenues. So the whole supply chain, the whole ecosystem is not making money. And that is very unusual. Perspective,ve rollsroyce is still looking good versus pierce. And i do not see a downgrade, nor does the company, according to the ceo. They do not think it will have much of an impact on their business. They have much bigger fish to fry right now. Taylor i want to get your thoughts on Bernie Sanders ending his president ial campaign today. That effectively means it will be donald trump versus joe biden. What does that mean for the equity markets, if you can think about how this will play out up until november . Sarah well, the campaigning will be very confined. Frome may not hear much either candidate until we get beyond this crisis period and these lockdowns. That is the big debate we are having internally. And we have had it with our clients, how long can the Global Economy withstand this lack of activity. Not that the president will take the blame, nor the challenger, but one way or another the voters will want the money back in their pocketbook. And the government subsidy cannot go on that much longer. Thanks to the ceo of Causeway Capital management. This headline now coming from new jersey. New jersey saying the one day deahths have reached a record. Over 270 fatalities. This after the new york governor said that they had suffered the highest single day death toll, but falling hospitalization rates are starting to show ere. Ilization hr now other headlines with mark crumpton. Mark there could be a second wave of Coronavirus Infections in the u. S. If people do not follow the guidelines. Dr. Deborah birx says the Response Team has told the today show that if people start going out again and socially interacting too soon, the spread of the virus could pick up steam. There have been about 400,000 cases in the u. S. , about 13,000 deaths. Security officials in both the u. S. And United Kingdom are warning about cyberattacks using the coronaVirus Outbreak as a lure. One example includes emails that appear to come from the world health organization, others are phishing attempts coming from microsoft or other tech companies, whose remote tools are often used by people working from home. There are signs of a setback in italy. The number of new coronavirus cases rose to the highest level in three days, complicating the governments plans to possibly start using a month long walk down next week. New cases in italy in the past 24 hours totaled 3836, compared with 3039 the previous day. Italy has more than 139,000 confirmed cases of the virus. In france, there is news of what is likely the first legal challenge to a virus containment measure. A court blocked the curfew, saying it was not justified in paris. It can the same day that authorities anger locals by expanding the lockdown in the french capital. The number of coronavirus cases in france is about 110,000, more than 10,000 people have died. Global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. Im mark crumpton. This is bloomberg. Taylor this is Bloomberg Markets. The sentiment among u. S. Small businesses collapsed in march by the most on record. One company affected by the drop is angie home services. It has over 250 Small Businesses in its network, which represents approximately 2 million employees at risk in this current global crisis. E ceo joins us on the phone from indiana. I want to start with a letter that you wrote to congress. It asked for Financial Aid to help the 250 thousand Small Businesses in your network. Have you heard back . Prosa a lot of the home that we see our 520 people. These organizations are super tiny. It is really important to think about how we are helping organizations and industries. Taylor what does simple and easy to access look like to you, because we know the Small Business association has been overloaded. How do you improve the process and cut out the redtape . What does that look like to you . Angela a couple things. I think there is an opportunity for the administration to set aside dollars based on the size of the businesses, because this a visitation of the folks applying will be different. Some companies have already and haveor loans experience, but for the Smaller Companies with may 2 or three employees, and experiencing something that has never been seen before, are trying to figure out how to do it. They may not even have a banking relationship. How do we get in contact with those Small Businesses, how do we make it easy for them to access these funds . It could be incredibly overwhelming. Taylor your business is unique. We think of electricians, plumbers who try to go into your home, and obviously during these times when we are practicing social distancing, they may not be able to come into your home to do necessary repairs. What do you tell people in your network . What are they saying to you . Angela a couple things. Types ofnumber of the businesses on home advisor and angies list are actually essential businesses. Manyricians and plumbers, times and they are is essential because if your water heater is leaking all over your floor, you cannot wait a few weeks. What has been really impressive with talking to the pros is how they are incorporating the cdc guidelines on how to make sure that they are being save for their customers, as well as employees. Doing things from making sure they are wearing protective gear, doing extra sanitizing. A a lot of their interaction is on telephone or through videoconferencing. And really taking care and listening to their customers, so that they are comfortable and safe during those interactions. Taylor thanks to angela hicks from angi homeservices. Still ahead, focusing on cash. Ssan. On the shift in ni we will have a conversation with the coo, next. Taylor nissan wants to make better use of their assets and conserve cash. We spoke with the coo on the recovery plan. Inhwani i think that focusing the closer is not the end of the business, it is the start of the rebirth of misbranded. And we are getting into indonesia with our dna of suv suv, whichth the new is kicks. And we need to serve the 300,000 customers that are driving the nissan cars in indonesia. Thear as , we will stop for the time being, but with our strategy we hope that we will come back with our facility in indonesia. Taylor when it comes to your u. S. Business, we have seen nissan now putting 10,000 u. S. Workers on furlough. You have called this a temporary layoff. Does that mean you will be rehiring all of them after the pandemic is over . Ashwani absolutely. The plants are closed because we are thinking of the people first. This is what we did in europe, then in the u. S. We are following the regulations and practices of each country. Islor what about what the current environment for the introduction of new models, in particular the new rogue . Ashwani the new models are the activists for our growth. We are continuing our new Model Development because we do believe that once the Customer Confidence and market confidence comes back, we will be utilizing our new products and new technologies to get the momentum once again in the business. With all the pandemic concerns, it feels like the evergreen worries have taken a backseat, but what are you doing to prepare for brexit . What lies in the future in england, given the absence of trade talks at the moment . Would you be looking at a closure of that size . Ashwani basically, one month before i did have the opportunity to visit there. Send land has a great history for nissan. We have been there for 20 years and we have produced more than 10 million cars there. We have created a new segment in europe, which is called crossover suv. Whichently launched juke, is really doing great in europe. As far as nissan is concerned, we are continuing with our regular business in europe using that plant. However, we as nissan always follow the local business practices. And the impact on the brexit could change the landscape we do the business in in europe. However, we do believe that anticipating the impact, it can have a knowing that nissan is the biggest car manufacturer in i donited kingdom and believe the talks between europe and United Kingdom will be business friendly for the auto market. When it comes to managing cash for nissan, we have seen you struggling a bit when it comes to downgrades, raising the cost of capital. How will your Balance Sheet look if this pandemic goes for much longer than the summer or fall . Ashwani obviously, you know, there are all kinds of circumstances that are putting a challenge on our financial situation. However, with the support of our support,d government we are continuing with our operational cash management. And we do believe with what is all happening today, it is challenging, but not impossible. And we are continuing with our regular operations under these circumstances. Taylor that was the nissan coo. From new york, this is bloomberg. These days you need faster internet that does all you expect and way more. Thats xfinity xfi. Get powerful wifi coverage that leaves no room behind with xfi pods. And now xfi advanced security is free with the xfi gateway, giving you an added layer of network protection, so every device thats connected is protected. Thats a 72 a year value. No one else offers this. Faster speed, coverage, and free advanced security at an unbeatable value with xfinity xfi. Can your internet do that . Live, sharing on. To sessionrging highs with the s p 500 back in bull market territory. This amid further signs of the spread of the coronavirus might be easy. The death toll is still on the rise in the epicenter of the outbreak. New york and new jersey reporting their deadliest days so far. Stimulus,r round of Congressional Democrats pushing for another 500 billion in spending. Steve mnuchin calls for action from both chambers. What it means for the Global Supply chain. We will speak with the chairman for the center of global enterprise, the former ceo of ibm. That conversation is coming up next. First, lets look at how markets are trading. We are seeing u. S. Stocks gaining ground with s p 500 now a session at session highs. This despite the fact that new york and new jersey surpassed their records on daily deaths. We heard from dr. Fauci saying the start of a turnaround could come after this week. We can see some more positive sentiment in the markets with the nasdaq at its highest in about a month. We also have 10year gilts at their highest yield at their highest in a week. This is ahead of the opecplus talks planned for thursday. The g20 meeting of Energy Ministers will be on friday. As countries around the world try to mitigate the economic fallout of this pandemic, japan earmarking more than 2 billion of a stemless package to specifically help Companies Shift Production out of china. This as the coronavirus disrupts manufacturing worldwide. How will Global Supply chains evolve post pandemic. On the phone is the former chairman and ceo of ibm. Now working with a private Research Institution focused on corporations. Sam, it is always good to have you. Thanks for joining us. With the trade war first, then the Virus Outbreak in china, will the days of made in china soon be over . For having me on the program today. Im glad everyone is doing well physically. Let me reflect a little bit. This is my third one. I went to 9 11 as the ceo of ibm, when i just took over the job. The financial crisis of 2008. Now we have the pandemic. For that, we did have problems with the supply chain. The key thing to remember is these are different. They are all different. 9 11 was about security and it impacted parts of things. 2008 was a financial crisis, it banking and housing hard, but again there were other segments and geographies of that were there. This is a Public Health crisis. And it affects all elements of society. And it is hitting business, which gets us to a core element of all business, which is the supply chain. Herry how do you consolidate the fact that in order to get over the public crisis you need a lock, you need to slow the spread of the virus, but you do not want to choke off the Global Economy at the same time . What do you do . Sam let me start with the shortterm. What i would do come as you see rself through the crisis do, as you see yourself through the crisis, i would never just look at stock prices. There is nothing you can do about it as markets adjust to certain circumstances. If you are not in financial services, do not look at the screen, as i say. Looking at the bloomberg screen right now, it is not a comment on bloomberg, it just doesnt do you any good. There are three elements to take care of, the workforce, customers, and society. The communities around the world those should be your highest priorities at this point in time. However, as you are going through that, which it looks like every day is a storm and you are still in the eye of the Storm Community look at where things are changing and where the opportunities are. That is becoming evident where those things are changing now, and how it impacts your business models, especially your supply chain. Sherry your successor at ibm has said that the upright will speed up the adoption of technology, Artificial Intelligence and cloud computing. Are those sectors of opportunity and will those businesses flourish as we get over the pandemic . Sam it is a great question because if you want the companies that are doing better than others at this point in time in the pandemic are those that have enabled their enterprise with a digital perspective. Some simple examples, one of them being ecommerce. Obviously, they are doing better than traditional retailers. The other is connectivity technologies, because people are working from home. The Strategic Point is companies that were farther along in digitizing their enterprises are doing better today in the crisis than those that were further behind. Therefore, i agree with the new ceo of ibm completely when he says this is going to drive a digital strategy. But then you get into things like large datasets, a. I. , etc. Fundamentally, will be driving this thing is people will look around and say, the guys that did better in this environment were the ones that were farther along in their digital journeys and i need to get along with it. Sherry if you thought of supply chains and maximizing those into the efficacy of supply chains in order to achieve cost efficiency, what happens it when you have pandemics or global trade wars . How important is it to also have a risk competitiveness built in . Back to my earlier question, does that involve diversifying away from china . Sam i think the key is, as you think about it is an excellent question because if you go through the history of supply chains, as people globalized, it was a combination of cost, cost driven, labor cost and quality. They always had to have quality and reliability, in addition to reducing cost points. Nowtarted in the trade war, it is accelerating with what is happening today. You have to add security and resiliency to your supply chain. Resiliency has nothing to do with location, bottom line. One of the things i love about today and it supply chain, i have been working on this in my think tank for 10 years. But have you ever seen a supply chain every night on prime time news, that in big data and models it is unbelievable what happened as a result of this. The point about resiliency commit is not necessarily which country over another, it is really about where you can build that redundancy so if you have a pandemic, or a National Disaster or a financial crisis, how you can adjust in a realtime mechanism. It is also about security of the supply chain. You have to make sure all elements of your supply chain are from a Data Protection perspective, i. E. Hacking into those sorts of things. Making sure they are secure and resilient. Sherry how do you build that in the supply chain . We are not talking about primary and secondary players, we are talking about others. You need to focus on the critical players in this entire system, right . Sam you sound like an expert. I will put you in my think tank. You have to go through all elements and how the elements connect within your supply chain, because the lowest level of the supply chain, it could be a Small Company supporting one of your primary suppliers and you do not have visibility to that. You need visibility and all those things. There are some simple things right now people are adopting, which are also risk, and the consumer technologies or connectivity, people cannot get to work. Tickle your partners in your supply chain, assuming youre using some consumer based technology wechat, whatsapp, zoom, etc. So basically, fundamentally you need to make sure you are using a secure infrastructure as you communicate with your partners in the supply chain. Sherry how badly will those midmarket companies that supply to large corporations be hurt . It seems like those corporations, and the range of 200 million, of revenue may not have as many options as the conglomerates like ibm. Sam fundamentally, if you look at what is going on in the United States there is that Small Business loan program, 350 billion allocated, and people are looking at taking it to a higher number. I think it is more than that. In the shortterm, yes, keep these guys alive by giving them loans and lines of credit, especially the Small Businesses. But longerterm you need to create demand. The only thing that will keep them going is if the larger element of the supply chain, like ibm, when i was there i started orders in the supply chain. Whatever it happens to be. I have worked with the u. S. Government to actually stimulate demand to the Smaller Companies in the supply chain, other than just extending them credit. But that is the lesson in this. The lesson in all these things is you get through a shortterm crisis, take care of Balance Sheets, but ultimately generate demand through all of your partners. Sherry it is always good to have you. I may not join you in your think tank, but you can join us here at again. We will now check on first word news. Mark thank you. Certain that but former Vice President joe biden will be the democratic nominee for president in november. Bernie sanders dropped out of the race today after a string of defeats that left him with virtually no path to the nomination. In a livestreamed address, senator sanders said he was grateful to supporters who helped him create an unprecedented Grassroots Campaign that has had a profound impact on our nation. Democratic congressional leaders say they will propose at least 500 billion in the next round of stimulus, that is double what the Trump Administration is seeking. The president said he wanted to earmark 250 billion in aid for Small Businesses. Nancy pelosi into Chuck Schumer also want to see 100 billion for hospitals, and 150 billion for state and local governments. Puerto rico is asking officials to ban all flights from u. S. Cities with a high number of coronavirus cases to help prevent the spread in the u. S. Territory. Officials say some visitors have been taking medication to lower their fevers to avoid quarantine. Two passengers at from new york lowered their paper with medication are now hospitalized on the island with covid19. In india, the number of confirmed coronavirus cases has cross the 5000 mark. Nearly 150 people have died. Mumbai is feeling the biggest impact. India has put the entire country, 1 5 of the worlds population, under lockdown until april 14. Global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. Im mark crumpton. This is bloomberg. President trump the Paycheck Protection Program has been incredible. So based on the incredible success of the program, i am announcing that i will be asking congress to provide an additional 250 billion for the paycheck protection, which will help keep americans employed and facilitating a quick and full recovery. Shery democrats trying to push the next round of economic billion dollars, double what the Trump Administration is seeking. Bluebird economics says that the spending measures already announced it will result in a budget deficit of about 2. 4 trillion this year alone. Joining us on the phone from mayangton to discuss is mcguineas. Thanks for joining us. We already know, even before the additional aid, it was already the most expensive relief package in u. S. History. This will swell the deficit and add to the national debt. What are your thoughts on how this is really coming out . Maya ok, so that is certainly the case. Deficits are exploding and they will continue to explode. In this situation, that is actually what you would want to be happening. I think that there are two points. One, you need to borrow money to put in place a lot of money into the economy as it is contracting for the reasons that we actually need it to contract during this pandemic. We need people to stop the normal things that keep the economy afloat, so you need the economy to borrow money to help ease the dislocations and of the pain that happens during that. And an emergency like this, there are so many things we need to spend money quickly on, from the obvious health care response, to dealing with all the disruptions in peoples lives and businesses, to doing things that will help get the economy back on track to grow. As somebody who spends all of my congressional time worrying about deficits, that is not what i worry about now. This is the moment that deficits were made for. That said, what is reckless and inexcusable is that we have entered this moment already facing a trillion dollar deficit every year and debt levels almost at record levels in this country, and in many countries around the world. So when the economy was strong for the past years, we should have been getting the debt back down to manageable levels, so we would not have as much to worry about during an emergency like this. But instead, we made it massively worse through spending increases and tax cuts. That means once we get through the immediate crisis we are facing, the recovery, which is going to be much more complicated by the fact that debt was already so large it when this pandemic hit us. Shery to your point, given the risks, is it appropriate to be rushing through so many different aid packages at this point when we do not know exactly how efficiently the funds will be dispersed . Maya that is a great question. I thought that the big package we just passed, actually the third package, given the amount of time they had to put it together, and that there is already political tensions in this environment, it was a wellcrafted package. Is a perfect . It perfect . Of course not. There are things that could be improved in the future versions, certainly making sure that they are more targeted since the funds are going to people who need them or could use them the most. And we should take time to evaluate how this package is working. The other thing is the money has barely started coming into the economy, so i do think that people who are i should say that, yes, we will need further packages. We have not done enough to make sure the economy will be stable enough on its own. But they are already looking at the price tags of the next packages, throwing in things that they already supported during a different time in the economy than we have now. That is politics as usual and that is not how we should build this. We need to look at what will work better in the act that just past, figure out where the real risk and hardships and in some cases opportunities are, and make sure that we take the luxury of having a little bit more time to crafted the next package, to make sure it is as targeted as it possibly can be. So i worry about the parties constantly trying to outbid each other as a way to prove how much they care instead of trying to structure the smartest package they can put together. About we had news today senator Bernie Sanders dropping out of the president ial race. We have now joe biden becoming the effective nominee for the president ial race come november. How will his exit change the rhetoric, the agenda and president ial race come november . Year, we an election have not heard much from the candidates in the past couple weeks. Understandable, but not what you would have expected a couple months ago when we were glued to the news in terms of thinking about what was happening in the election. Obviously both of them have very different viewpoints on what the Democratic Party should be embracing. And i think that this clearly shows at least what come out of this, with Bernie Sanders dropping out, that there will be much more moderate policy agenda and somebody who is more prone to work across the aisle. I think that is important for a moment like this because a pandemic is not partisan, this is not a moment for the two parties to work against each other, but really for as much bridge building as possible. And i think that pushing that agenda is very important and what senator biden has put out there in the past, they have been policies, but not as part of a sleep as what sanders was looking at. From a fiscal front, given we will be entering the next president ial term, whoever president whoever the president is, with a debt load. And he is not talking about ratcheting debt up, as a sanders was. Shery thank you for joining us. Coming up, we will hear from an assistant professor on how Health Care Workers are handling the coronavirus. This is bloomberg. Shery this is Bloomberg Markets. Health care workers are working around the clock to help patients. Tom keene spoke with lauren sauer, an assistant professor of emergency medicine at Johns Hopkins university to discuss how hospitals are dealing with a pandemic. Lauren i think the key is to not walk into the emergency room unless you are critically ill. We want to keep people out of the Emergency Department to make sure it is safe there for the patients who need to be there. A lot of Emergency Departments are separating patients using te nts to separate covid likely patients to reduce the spread in waiting rooms and things like that. We have seen in the last couple days of the beginning of an understanding of this virus with the ebbs and flows, all focus now on the Prime Minister of the United Kingdom, but for each virus patient there seems to be a point where they get better, and then they get worse as well. What have you learned with the Johns Hopkins medical team about the ebb and flow of the virus, the daytoday of this pathogen . One of the things we have seen about these patients is they have to be watched carefully. Their oxygen saturation can look like it is fine, then really go off the rails. We have seen these patients w e really need to want to them to make sure that there is a right resource level for managing them. Trying not to move them out of the icu into the step down unit to early with the risk that they might get worse, and then have to be moved back to the icu. We want to avoid transferring patients as much as possible and reduce the number of transfers. Shery that was lauren sauer from john hopkins Johns Hopkins. We are seeing u. S. Stocks continuing to gain ground. We are around session highs. Of course, we have seen fluctuation this week. U. S. Stocks at the moment pushing back into bullish territory, despite the fact that new york and new jersey have again surpassed of the records on daily deaths. But we have seen some positive sentiment coming from dr. Fauci of the task force, saying the start of the turnaround could come after this week. Crude at the moment rebounding from lows we had not seen since the start of the month. We are headed toward the opec talks on thursday, and of the g20 meeting of Energy Industry is set for friday. 10 year yields at their highest level in more than a week. We will have more to come. This is bloomberg. It is 2 00 in new york, 7 00 p. M. In london. I am scarlet fu. Go ahead, romaine. Romaine i am Romaine Bostick and this is Bloomberg Markets the close. No worries. We are still trying to sink up sync up as we are miles apart. 2 on the day. It is led by defensive sectors. The 24 as in groups, it is automotive stocks. The next day in emerging markets today. A little bit of weaknesses in equities. Indid see a little strength ian currencies. I want folks to keep an eye on what we are seeing today and yesterday in the small cap and midcap space