Within a difficult market. Whatews flow dominated by is happening between the u. S. And china on the tech front. Of we chat andds tiktok will be prohibited. The Commerce Department said the Chinese Communist party has demonstrated the means and motives to threaten National Security, Foreign Policy of the u. S. Joining us now is bill faries. Overall take on this, and a potential chinese reaction . Is trying to. Raise the pressure to get the parties to some kind of a deal here. They will basically allow tiktok tiktokhey are telling that will not be able to upgrade, do any servicing this sunday, and banning the use of chat in the United States. There are some carveouts, and i think that is why the u. S. Wants to find some agreements. Tiktok is not being banned officially until midnovember, november 12 is the key date. Involveds the parties some time to reach an agreement to address some of the National Security concerns that have been raised. Overall, i think it is probably more of a positive sign. These measures today are essentially the u. S. Saying make a deal, we are not going to back down, but we want to see something happen. Guy yesterday, the story was that both sides had agreed to a revised term sheet that the treasury had sent out. How did we get from there to here . The news we had going into the evening last night was that some of the people had been more hawkish tiktok, for instance, were starting to come around to the deal, feel secure that the National Security provisions were sufficient. That said, the u. S. Government interest is in raising the pressure on china to agree to the accord, to get them to not try and ask for additional measures before a sale or transfer goes through. I think this is part of that. A busy weekend. We look forward to the coverage. Thank you. Joining us to discuss this and all things markets, from hong kong, sean darby of jeffries. Take for investors from the mess that is tiktok . Sean i think youll increasingly get idiosyncratic risk between chinese shares going into the u. S. Election. It will not get better. Billsg at the number of passing through congress concerning china, an alltime high, maybe 260. Irrespective of what happens with tiktok, there will probably be another company or sector or area that the u. S. And china find areas to dispute over. Theafraid to say relationship is still very acrimonious, and will probably only get worse into the november election. Alix how does this windup affecting the tech trade . Anecdotally that showed people would rather give up their iphone them lose wechat. What does this mean for u. S. Technology stocks . Sean u. S. Tech has the upper hand. About 80 of its semiconductors, the ability to localize its content will take many years. In that sense, the u. S. Is a big winner. The reality is, what is happening is, you are driving china into this highspeed localization. Years down the road means that you will have companies inch china. Guy we have also seen news ipo. The mega ipo, the biggest that we will possibly see. This is one of the companies that has the potential to become global. Do as anring what you investor in europe, the United States. Do you have to take part, get involved with these companies . Is the Political Risk cutting too much, that at some point you worry, you could end up with trapped capital, some of these risks emerging . Sean what is really interesting ipos really large mega are coming from emerging markets. Just over a year ago it was saudi aramco. Listing. Ave a dual is these are not just turning into huge tech monsters, they are also turning interNational Champions. The same is happening in the United States. Irrespective of the acrimonious relationship between the u. S. And china, remember, the u. S. Administration has insulated a Large Tech Companies from tax charges from europe and the u. K. Over the last six months. Ist i think you happening National Champions are emerging that will be backstopped by the government. In that respect, Equity Investors should be reasonably insulated. It is more where you have areas of heightened competition between the United States and china, particularly in the 5g space, those battles, turf wars evolve. Represents one of those National Champions. Alix how do you look at that evolving in the world of covid . We have seen growth continue, momentum continue at the expense of value. Textiles, caterpillar gets a boost, recovery into value stocks. It . Do you think about sean im afraid to say that i have been in that trade and we have had a few false storms. It has been difficult in many ways because everything is in place for growth cyclicals to perform. You have possible inventory stalking globally, deflation fears have gone to zero with the fact that the chinese currency strengthen. Oil prices, where they are at the moment, is just about good for everybody to be able to expand margins. Europe is a huge net energy importer. Everything is in place for the growth cyclicals to perform. One thing that is missing is the steepening of the yield curve. Means moved up but by no convincing enough for those big rotation trades to come through. Unfortunately, it will require the tech names to see their earnings revisions start to peak or rollover, before we get the full momentum into those value, growth cyclicals stocks. Lets talk about Central Banks ability to raise we haven, and if reached the point of a liquidity will continue look i to pump in liquidity in the form of qe, we will not get a flatter curve, we will be seeing potential rate cuts coming through, the bank of england could be delivering them, the ecb, i dont think you can rule them out, even the fed. In that environment, why would you rotate away from the momentum in tech right now . Is, thesereality companies, which have enjoyed a brilliant period of earnings during one of the worst recessions on record will find it harder and harder to beat those estimates. Have been socts tremendous in the second quarter. These Tech Companies will find the limits of growth. Just on the curve, one other thing i would say, i think we will start to see much more observations of the 10 to 30year, where we will get less andtion from central buys, that will become a signal for investors. I would say it is early days. If you look at what happened, it took a while for Inflation Expectations to emerge. We have come out of deflation really quickly. Alix thank you for staying up. I know it is about 10 00 where you are. We had the university of michigan reading earlier, coming in at 2. 7 . Some price pressure but not a lot. Over all Current Conditions pretty strong. 87 point five preliminary read for september. We will see how that shakes out as schools undergo in person or hybrid learning. More on tiktok and wechat pay made we will speak to house representative Gregory Meeks of new york. This is bloomberg. The relationship with china is complex and the trade issue has to be weighed against things like intellectual property, protection of our comparative advantage. How this goes, how it plays out is important. Dont have a stake in this in terms of having authority to do things, but as i see things happening, i try to make sure policymakers in do you see try to explain to our businesses and contracts contacts across the district how this will move forward. Atlanta fedas the president speaking to Michael Mckee earlier today, weighing on that decision to limit wechat and tiktok. Lets get the political view with Gregory Meeks, democratic congressman from new york. Also on the Foreign Affairs committee. What is your take on the band of , potential forat in . Racle by in buy it is something that we have to look at, dealing with the intelligence administration. The administration has not justified the decision and it seems like this president is just having a personal vendetta. We have to have all the facts. I would like to have the classified information. There is no evidence of any security issue as of right now. I just think we need to get all of the information. If the information is there, it is one thing. If it is a personal issue for the president , this is a huge problem. Thisbroadly, would you say is a bipartisan issue . Is there bipartisan support to take a tougher line . Rep. Meeks i think we have to look at how we deal with china, and make sure it is not a personal thing between the president and china. The president s trade war has hurt the american people, how he dealt with it. For me, i think we have to reinvent. Ppp was the best way to handle some of this because you put all of our allies together, making sure that we are setting the rules that china has to play by while giving them the space they need. This president seems to be wanting to go it alone. He has his own personal wealth that he is looking for. Alix you are referring to that also rally, when reportedly people used the tiktok app to affect the turnout in the rally. That is the personal vendetta you are talking about. Shouldy is a problem, information sharing is an issue. China companies are gaining speed rapidly with tech stocks. What is the way to protect u. S. Tech . Rep. Meeks all of our allies are in the same predicament. All of us working together collectively is the best way to make sure that we are all secure. Democracyget into our as well as some of our european allies, thats a problem. What we need to do is make sure that we Work Together in that regard, and be tough on china, absolutely. Most innovative country in the world. Ban. Not need this we can outcompete anybody. Working with our allies, we can outdo china. Londonam sitting here in , so are you suggesting that europeans should take a similar tack as the u. S. . This is all about data being sent offshore. Should europe and the u. S. Be more allied in terms of where data flows . Should europe be doing the same thing in terms of dataflow with wechat, tiktok . What would be your message rep. Meeks we should be in lockstep. When i look at my european allies, they are the strongest that we have. We want our values to lead. We much china and others to fall behind that. We should be compelling china to allow facebook and google to work in china, not the other way around. We need to come together in that regard. No question about it. Im a strong believer in working with our european allies. That is a coalition, an alliance, but i wonder how that translates into extending stimulus. The latest is potentially 1. 5 trillion. Nancy pelosi seems a little bit open to it, but President Trump definitely does. Senate republicans seem to have shut it down. Here is Chuck Grassley yesterday. It used to be the white house versus pelosi up until now. Now the president is saying we can maybe go to 1. 5 trillion. He better be careful. I dont think that bill would get through the senate. Alix do you support the 1. 5 trillion . Rep. Meeks that is a number we need to talk about. We need to move forward. Again, the senate needs to come to the table. We passed a bill over four months ago. The senate has said nothing. We know the importance of getting something done. But would you take 1. 5 trillion . Rep. Meeks i would negotiate. Has already said we would come down from our 3 trillion to 2 trillion, and they would need to go up, meeting in the middle. There is room to talk. But the talk needs to come with who we are negotiating with. Caucus camesolvers up with that number, but that was the house. Where are the republicans on the senate side . Where is Mitch Mcconnell . They have not been at the negotiating table. It has been mnuchin and mark meadows. It is time for the senate to stand up and do their jobs. I dont want to negotiate against ourselves. Guy lets talk about leverage. The stopgap spending bill will be released at noon today. Congressional leaders in the house use a possible shutdown of the government as leverage to try and encourage those on the other side of the table to get a deal done . This is an area where you may have some leverage to play with. Rep. Meeks we have got to get a deal done on the cr. The pressure is on the senate. They have done absolutely nothing. They have not negotiated in good faith, have not come up with anything. If you listen to chairman powell ,r secretary mnuchin [indiscernible] guy is a Government Shutdown leverage in this equation . Rep. Meeks we are not looking to shut down the government. Too many people have already been hurt. But the pressure is on them. We are not going to give up our anyes, just say, agree to cr. We are going to do our jobs. I hope the senate does theirs. Alix to followup on that, there is a narrative developing that we understand necessarily why you wouldnt take 500 million, but why not 1. 5 trillion for stimulus . I know that you want the 2. 2. It just seems to lend the narrative that you are purposely not trying to pass a bill to take the election before the economy before the election. Even when you get to it . 1. 5, how do you spend states and local municipalities are desperate, states like mine are billions in debt. How you spend that money is important. Depending on the amount, how much you get. It is also on how you agree to spend the money. That has to be determined. I am not just talking about the numbers but you have to talk about how we spend the money. Up with an agreement on that, and then 1. 5 may or may not be the number. Guy lets talk about new york city. New york city needs money right now. You see it in the municipal contracts running right now, the subway needs it, transport. How much longer can we wait for state and locals to get funding . How much longer can cities hold out without Additional Support . Rep. Meeks we need it now. The mayor of the city of new york says that if he does not get it soon, he may have to furlough 22,000 people. We need the money. Legislatures, they need to know how to do their budget moving forward. We need an agreement. Howar on the senate side, much money have they propose to state and local taxes . Zero. The Governors Association says justould be 500 million, to reimburse states and municipalities across the country. We agree with that number, agree with the formula they worked out. New york city, new york state, we need the money, and we need it now, as well as others. Unfortunately, this president is playing politics with that. He says not everyone is an american citizen. He plays blue statered state games. Guy appreciate your time. We look forward to seeing you soon, congressman Gregory Meeks of new york. Friday. Etf volatility is making traders turn to leveraged products. Risk, of course with outsize reward. Scarlet fu has more. Scarlet fu when you talk about leveraging etfs, we are talking about products that give you 200 of the indexes return or 200 of an indexes return. In this case, lets talk about tqqq. That regularly shows up on the leaderboard for equally weekly etf inflows. Leverage Exchange Traded products make up 13 of all etf trading. These are not big products, they comprise just over 1 of assets. They are sophisticated products as well. They are not buy and hold investments. The problem is they have a volatility trap. There is a daily resetting of leverage which kills off longterm returns. You can see that in the biotech leveraged etf that we showed earlier. Even though the biotech line has risen, both leverages are down this year. Alix thank you. This is bloomberg. [ sigh ] not gonna happen. Thats it. Im calling kohler about their walkin bath. My name is ken. How may i help you . Hi, im calling about kohlers walkin bath. Excellent happy to help. Huh . Hold one moment please. [ finger snaps ] hmm. The kohler walkin bath features an extrawide opening and a low stepin at three inches, which is 25 to 60 lower than some leading competitors. The bath fills and drains quickly, while the heated seat soothes your back, neck and shoulders. Kohler is an expert in bathing, so you can count on a deep soaking experience. Are you seeing this . The kohler walkin bath comes with fully adjustable hydrotherapy jets and our exclusive bubblemassage. Everything is installed in as little as a day by a kohlercertified installer. And its made by kohler americas leading plumbing brand. We need this bath. Yes. Yes you do. A kohler walkin bath provides independence with peace of mind. Call. For one thousand dollas off your walkin bath plus a free kohler bidet seat with purchase. Guy live from london, im guy johnson. This is bloomberg markets. It has been the busiest month for u. S. Ipos for the New York Stock Exchange in recent history. This week alone, companies raised 10. 4 billion dollars across all exchanges. Globally, ipo announcements topping 80 billion. Joining us now for more to talk about this is john tuttle from the nyse, the vice chairman, chief commercial officer. We are also joined by shelley bassett. Sonali bassett. Snowflake coming to market, generating huge pop. It all feels very euphoric. What message should investors be taking away . John it continues to be an exciting week, snowflake, unity this morning. What we are seeing is a strong appetite for high quality Tech Companies from investors. The ipo market has been open. We thought 2020 would be a quieter year but the window opened up spring and Many Companies that had been lining up to come out to the markets have decided to do so. It is a very warm welcome from investors, retail and institutional. Sonali when you look at the markets, you have bill ackmans spac as the number one ipo this year. Other Companies Going public that are the biggest are still outside of the u. S. How much do you need the spacs, direct listings, snowflake pop to keep the excitement about the u. S. Ipo market alive . John there will always be excitement about u. S. Markets more broadly. They have the broadest base of capital anywhere in the world. When we are focused on at the New York Stock Exchange is not only welcoming Great Companies from around the world to conduct their ipos, but the transactions that are best suited to meet their objectives. Whether that is a spac or direct listing, we want to create more options tailored to the interests of the best companies in the world. Alix we have a graphic up right now that shows the three largest ipos were in china this year. Is spac from bill ackman fourth. Is it really the highlight of the world . It is kind of china right now. John companies go public in different locations for different reasons. If you look at what we have here at the stock exchange, a significant percentage of Companies Listing here are from outside the u. S. From over 46 countries. It remains the envy of the world, the u. S. Capital markets. Palantir nextve week, another direct listing. You are working hard to make this something that you can make money on as well. How complicated will next week be, what is your biggest fear and how things work out . John what we love about the markets is that we can flawlessly execute large transactions. It is what has allowed us to create the direct listing. Are laser focused on flawless execution, combining best in Class Technology with human judgment and accountability and transparency and communication, and that makes sure that complex transactions are executed well. The kind of story that we are focusing on so much today, but if there was to be a tictoc ipo, with the nyse want it . John we welcome companies from around the world. If they meet our listing standards, the securities and Exchange Commission welcome them. How do you look at Something Like that . If theres going to be a lot of competition i brought up china before what do you have to normally offer to get better listings . Especially as china heats up . John Global Markets select what is best for them. If you are tictoc and want to look at where you want to live, look at where your comps are listed. Leading Technology Companies in the world are listed in the u. S. ,hen you look at valuations when you look at research and analyst coverage, here in the u. S. , we have the broadest Investor Base and also the deepest pool of capital. If you are looking to not only raise capital, and if it is a Global Company size of tictoc, you want visibility in that marketplace. Sonali i want to bring us back to palantir because it will be another huge listing next week. The direct listing model is so different. What is significant about next week . Of directave a number listings coming to market. Its a new pathway that we pioneered years ago that is tailored to companies that want the benefits of being a publicly traded company but dont need to raise capital at the time of their listing. We created a process here working closely with the sec to allow that to happen. That is what you will see take place not only with palantir, but other companies in the future. Keeping soantir is many of the Voting Rights with the founders but they are getting into the public markets. We have seen different reaction work, which never came to market, but how much do you expect investors to come into a model where they have that much control . John that is the beauty of the markets. It allows investors to allocate the capital the way they see fit. They will look at the governance structure of a company and will make the Investment Decision that they think is in their best interest. Things are transparent and disclose, investors can make the right decision. Sonali i want to ask about new jersey. We spoke to the nasdaq yesterday, moving some operations to chicago. Are you planning to move operations, how heated is that fight getting over Financial Transactions taxes that the state is holding over the exchanges . John i understand states in other jurisdictions from talk to time are under stress. The idea of a financial transaction tax sounds like a great way to raise revenue but it is not. In fact, it will do more harm than good. Not only to the tax base but to the markets and the hundreds of millions if not billions of people in the markets who are saving for retirement, childrens education. The thought of having a financial transaction tax is not good. As withthe ability, other exchanges, to make sure that we provide a high quality marketplace for investors around the world. If we need to move our marketplace, we will. Big questionhe that investors are asking themselves is when they need to pivot away from investing in tech stocks. Lets frame that within nyse question. How much demand is therefore spac ipos right now . John between now and the election, going into the first quarter, we have a strong pipeline of companies. It is not just tech, health s. Re, and spac there are a number of companies from china looking to come to the United States, to list in the u. S. , companies from europe, south america, so the pipeline is strong. Alix when you are dealing with companies, what is the number one reason why they still want to ipo in the uncertainty of covid . Do they have different qualifications, do you hear Different Things depending on what sector they are in . John really good question and something that we realize in the first part of this crisis. For too long people have talked about the benefits of being a private company. During the crisis, we saw a lot of benefits of being a public company, like being able to access capital, coming to the debt market to raise capital that you can use to sustain and grow your business at market rates. For access to liquidity defensive or offensive purposes, is incredibly important, and a lot of companies have realized it. Ofali there are still a lot people not invested in the stock market. How do you get more retail interest of there . John we have certainly seen an uptick in retail interest. We are interested in providing a fair and orderly marketplace where customers can invest their capital as they see fit. Is Companies Listing for a while, or unity, today, we want to provide that opportunity, whether they are institutional or Retail Investors. My hope is that Retail Investors are looking at longterm valuation. We appreciate your time today, john tuttle. This is bloomberg. This is bloomberg markets. Coming up today on balance of power, speaker of the house nancy pelosi. That exclusive interview at 12 00 in new york. This is bloomberg. Lets check in on the bloomberg first word news. The Trump Administration is cracking down on chinas we chad and tiktok. Starting sunday, the u. S. Will than some transactions. Meanwhile, the tiktok app will be frozen entirely. Until november 12 to resolve some National Security concerns. That could result in the order being reversed. Bytedance is negotiating with oracle to take a stake in the reconfigured tiktok. Congressional democrats are weighing their next step after President Trump backed a bigger stimulus plan. Nancy pelosi says some lawmakers do not want to advance any legislation until they have an agreement with the Trump Administration. U. K. , the Health Secretary is refusing to rule out a Second National lockdown. He told the bbc that the speed up of coronavirus cases and hospital admissions represents a big moment for the country. Boris johnsons advisors have proposed a twoweek lockdown in october. Global news 24 hours a day, onair, and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. This is bloomberg. Guy lets talk more about the potential lockdowns in europe. Analyst samow is presently. The number is north of one in parts of europe. The virus is replicating exponentially. What happens now . How are governments going to deal with this . How difficult will it be to avoid further lockdowns . Sam i think the biggest problem the government will have, abusively, most of the countries, perhaps least of all. Ermany, are in tatters u. K. ,asee in the france, they are trying their best not to do that. But if you cannot get it under control, which is partly their fault, because they loosened too much, then you have to accept it as it is, do it like sweden, or go to more draconian measures. There is no other way. Alix how does this compare to what new york was going through . We had offices reopen, and then you have banks like Goldman Sachs shutting different floors down. Are we all headed this way or are there distant inferences . Openings, youee see this happen. This is airborne. Mask, but you still have a chance because it hangs around. Air conditioning does not help, etc. We are proving scientifically, anecdotally at least, that you keep spreading given the chance. What else do you want to do . There has been a lot of confusion about when we are likely to see vaccines being released and widely available. I have not talked to you about this. Im curious to get your take on where we are . Varied answer to this is. The widely available part of your question, i think will have to be 2021. You have to get the stuff manufactured, access to people. , how tough testing it has been across cities and countries. To get a read on vaccine, i would hope they would have an answer by christmas, if not before. November, december is my target date. Alix always good to catch up. Happy weekend to you. Ahead, quadruple witching. More on what to expect with benn eifert. This is bloomberg. Alix time for futures in focus. It is quadruple witching day. That is when you get futures and options on equities. Joining us more is ben eifert of qvr. That is typically what happens. Is that what will happen this time . My guess is not too much today. The reason why everyone gets expiration,t quadruple witching expiration, if you have a lot of options, that dealers and markets have expiring that day, you can get big moves as they try to reposition, going from in the money to out of the money. Fore days, the best case [indiscernible] is probably in tech names. Those strikes are probably higher than here. If you remember the rally in the nasdaq through august, september, a lot of the upside that retail climes were buying were short dated. We have sold off since then. A lot of those strikes are well up on the money. If you had seen a big rally in the nasdaq, you may have had a case for volatility to the upside. That doesnt look like the case today. Guy half a percent on the nasdaq. Certainly does not point us in that direction. How much of a washout has there been this month, in terms of what you have described . A lot of those calls are out of the money. I wonder where that leaves these people who have been in this frenzy of activity over the past few weeks . Ben great question. When you look at the charts, small traders, net buying of upside call premiums were dramatic over the last six months, coming into august up five times in terms of the rate of notional, premium volume. You saw a big fall lobs in the last couple weeks, the market took a step back as the frost came out of tech. Those rates of options buying is down 50 over a short amount of time. Clearly you are seeing some material losses among the folks that were most aggressively buying shortterm upside. You have seen a step back in the rate that they are piling into new positions. That is where we are now. Probably too early to call the end of the trend. If you think back to march, we all thought markets were down so much, this community has gotten crushed, but it came back twice as strong. Alix where is it coming back right now . The trade has been a cell tech, you like industrials. So far, most of the retail flows seem to have gone on somewhat lower activity levels. We have not seen a dramatic rotation into value, for example. Valueve seen a rebound in relative to tech. Excited about the snowflake ipo, and that is right back to tech, software service. There is some nimbleness in that community. They were heavily investing in bankrupt companies, beat down value names in april and may, before the rotation back to tech. For the most part, we are consolidating, waiting to see what happens. Guy fundamentally, this has not changed the nature of the markets, this selloff we have seen. You say these people are ready to come back strongly paving we may be in a period of consolidation but we are not done yet. A lot of people are making comparisons post snowflake with 2000. Is the froth going to come back . Ben it is very hard to rule out the froth coming back. Keep in mind, this is a very Broad Community of retail, individual investor participation in Options Markets that we have not seen in a long time. There are some folks that are presumably small accounts. We see big evidence of very broadbased participation across brokerage accounts, not just a robinhood story. It is every major brokerage. You have folks with real income to spend who are not going out ,o restaurants in manhattan Trading Options instead. Calling the end of that, there was a setback, and probably those who were over risk, had too much capital at risk have pulled back, but it is not the end of the story. Alix options versus dinner out. I like the analogy. The market in in this way, are they going to be in it the same way . We had a lot of call buying, options on single stocks, rather than on an index, where protection for the downside. Is that strategy still in play . Ben i think so. To theely, the bid upside, the call comes from the fact that markets have strongly trended up for the last decade. March big selloff in ended up reversing quickly. You still see that strongly among this community. Dont expect that to reverse. The single stock focus as opposed to index focused comes in part from the fact that part of this is about people have money and time, learning about something new, partly an entertainment angle. Story,uch more a single what is happening, then those big, boring indices. Guy it makes you wonder what happens when sports probably comes back. A lot of strategies going on right now. The biggest factor between now and the end of the year will be politics. What is the trade in this market . What do you expect to see in terms of volatility, positioning around november . Ben that is really the big question. Everyone is focused on the election, for good reason. There are a variety of different paths that could happen, protected protracted volatility around the election results. We see heavy option demand associated with the election itself and the month or two after the elections, so it is priced in. Everyone is focused on. The challenge would be well telegraphed events to. What is priced in versus what could happen, the various paths. Adont think there is nobrainer on volatility positionings sincerely because. T is so heavily bought the question is how protracted the result is. If you have a resolution quickly guy we have to leave it there. This is bloomberg. Look here, its your very own allinone Entertainment Experience xfinity x1. Its the easiest way to watch live tv and all your favorite streaming apps. Plus, x1 also includes peacock premium at no extra cost. This baby is the total package. It streams exclusive originals, the full peacock movie library, complete collections of iconic tv shows, and more. Yup, the best really did get better. Magnificent. Xfinity x1 just got even better, with peacock premium included at no additional cost. No strings attached. Guy im guy johnson. We are counting you down to the european close on bloomberg markets. Euronext and a collection of italian banks are front runners to by the milan board. We will speak to savon booze not. Is europe consolidation finally underway in the Banking Sector . Virus cases are climbing rapidly across the u. K. With the Health Secretary refusing to rule out another national lockdown. Lets take a look at where we are with markets. Lasty markets within the hour started to accelerate their move to the downside. It is happening on both sides of the atlantic. The nasdaq down by. 8 . The stoxx 600 down by. 6