Transcripts For BLOOMBERG Bloomberg 20240704

Stories we are following at this hour. A big bomb test coming up, treasury options up, a giant test for the market yield sink on the long end and china cracks. We are going to speak to mark bristow. Welcome to Bloomberg Markets. It is said definite risk off move and there are different factors like banks and human and commodities are getting hit. It is hard to tease out the main macro narrative. Guy we are looking forward to options. We were waiting for this week to start. Hasnt it started with a bang . There are few pieces in the puzzle and we dont know where they go. The banking story is fascinating. The banking crisis this spring was kind of a warning signal and maybe we are seeing the next round of the narrative developing. The bigger banks, that are under review, it sends a clear signal that the banking crisis is not over and it is becoming clearer, the understanding of which banks will do ok. Alix what we want banks to be . Do we want them to be a utility were you keep money here and lend money there and that is it where does the risk go and how does that affect the broader economy . Guy the u. S. Has a lot of banks. Will we see consolidation and will that develop from this . Higher funding costs could push you to consolidation. Tougher regulation, similar narrative and commercial real estate is the wildcard. Those are the three factors that are being laid out in terms of the risk that we are watching. Maybe becomes clearer, who are going to be the acquirers and who will be the acquired. The question of the day is straightforward. Our thanks a good investment are banks and good investment banks a good investment . The story is becoming more interesting. Who are they good investment for . For society, investors, Credit Investors . The list goes on and on. Sally bakewell joins us. It has been a turbulent year already in terms of the Banking Sector. We are trying to figure out whether this sector is a good investment. How does what has just happened change the answer to the question . The answer might be and it is nuanced. The banks are good are a good investment for 2023, possibly not because they have to work through these problems that bubbled up during the regional banking turmoil and collapsed a few lenders but once they have worked through the problems and that will diminish their profitability in the shorter term, they might into next year for some of the bigger things be a better investment. Alix in the u. S. , the bigger, the bigger ever tickly for jamie dimon because you buy stuff for the cheap. For the literate guys the little guys, it is harder how do we know that answer . Sally the list of the banks that moodys has downgraded, there were a lot of Smaller Banks that perhaps a lot of people havent heard of there was mnc bank which has 200 billion dollars in assets so it is a sizable lender and we have already seen a framework on what will happen to the Smaller Banks. Hes all packed west faced all the troubles of the Regional Banking Crisis we saw packed west pacwest basing over the troubles of the Regional Banking Crisis pacwest faced all the troubles of the Regional Banking Crisis. Guy moodys highlighting higher funding costs, tougher regulation and commercial real estate. The last of the three i am struggling to understand the impact of. Price discovery is difficult in commercial real estate now. How much do we know about where the problems lie . Sally a lot of the bigger banks, it is not going to be a big problem because they are diversified but a lot of regional lenders filed into commercial real estate and this has come back to bite them through the increased levels of working from home which has made a lot of office use obsolete and lenders have been defaulting on a lot of the debt. Among regional lenders, the proportion of commercial real estate is higher and taken with those two other problems you highlight, higher funding costs and the capital regulatory capital issue, they have less regulatory capital which will be a problem because they need that to absorb losses and this compounds the issues facing the smaller lenders. Alix it also leads me to what we are seeing in italy. I am not clear on what we want these banks to be because if they need a capital offer to absorb losses, they also need to went to make money to do that. Do we want that . Guy it interesting because italy and europe relies on the Banking Sector much more for funding than the u. S. So this is a critical issue for italy and for europe. The narrative coming out of that Italian Government is we bail you out when times are tough, you need to pay us more when you are making money and maybe you are making that money because of favorable conditions that are out of your control. Maybe that narrative is one model that we will see pushed forward. The problem is italy will have another crisis at some point. Isnt there a better way of taking this extra profitability and putting it into making the banks more robust but at the moment, the italian treasury needs the cash. It is very happy to take the risk on the downside if it gets the risk on the upside if it needs when it needs the money. Alix do we want banks to take on this risk . Sally we do, kind of, because that leads to Economic Growth when they are lending to consumers. What we have seen after their Second Quarter results, which is what moodys was diving into when it came out yesterday evening with the sweeping outlook changes. The banks have had to pull back on lending in order to preserve capital. That ends of being a vicious circle because lending they take interest from the loans they are making and that is the income. If they cant get enough income, they fall into this profitability issue. Alix we appreciate it. We will talk to the head of nfib nav our in the hour. And very ann berry, coming up next. This is bloomberg. upbeat music awww. Awww. Awww. Nope. Constant Contact delivers the Marketing Tools your Small Business needs to keep up, excel, and grow. Constant contact. Helping the small stand tall. What do you see on the horizon . Constant contact. Uncertainty . Or opportunity. Whatever you see, at pgim we can help you rise to the challenges of today, when active investing and disciplined Risk Management are needed most. Drawing on deep expertise across the worlds public and private markets in pursuit of longterm returns. Pgim. Our investments shape tomorrow today. Alix s p up by a full percentage point and regional banks hit hard. Our banks a good investment . We want to bring ann berry for the equity take. We are looking at the j. P. Morgans and the Morgan Stanleys and in the spirit of investing longterm trading, yes. I put my money in for the very long run. Guy in terms of what else we do in the Banking Sector, you have a jamie dimon, when you have of Morgan Stanley and a jp morgan and some of these big things that diversify and push into wealth and the cost of capital is going down, why would you look elsewhere . Is there any attraction in that space that looks undervalued. Ann for the reasons you laid out, i would not look elsewhere. The ability to move in these highly profitable businesses, very few players can do this. I want to look at other layers in the Banking Sector space. Moving where the banks cannot go because of the regulatory environment, maybe that changes over time so i will look at the portfolio that has a high quality makes an other banks playing where they cant. Alix does the government or do we want banks to be utilities or do we want them to be risk takers. It seems like the big guys take risks but this but the smaller guys take utilities. Ann the big guys are taking calculated risks with the appropriate capital set against them. But we are seeing much more is those bigger banks are going to see the true engines of growth as distinct from the utilities where you go cash or checks every day and keeping those big makes safe and making sure they can take some risk and that is why we should talk about regulation. Jamie dimon said there are too many revelations coming our way. If you want us to be the engine, you have to let us do that. Guy the other aspect is whether or not you do see consolidation. Is there possible is it possible you could create another jp morgan or Morgan Stanley . There are many banks in the u. S. , it is hard for jamie and whoever who takes over at Morgan Stanley to grow the business in a significant fashion from here. You put a bunch of other banks together, maybe there is potential. Higher funding costs, tougher regulation and commercial real estate. The first 2. 2 consolidation. So we see the bracknell bigger banks getting bigger . Alix what do you think. Do you wait until we have another failure are do you need to play m a in the regional space . Ann it is so much of about how banks are able to be successful is the cultural of the Trading Floor is different from the cultural culture and in the advisory arm culture in the advisory arm. I think your point on more natural share gains, whether the catalyst is a shock like svb or is it or whether it is a slow down this, that is likely to be where we see it. Romaine how should i think matt how should i think about guy how should i think about a bank in my portfolio . Is it a growth stock or a diversifier . What role does it play . Why do i own a bank . Ann in some respects it is a dividend yield. These are steady and solid dividend payers and they are not astronomical dividend yields but they are stable and trending upwards and ate the period where these banks are flush with cash. It is the kind of thing i will want to have in my 401 k and i was sit there and make sure i am in the solid stable names. Alix on market getting hit hard bond market getting hit hard . Where are we . Ann it is about time. I do think when i think about the opportunities, ive seen compel the compelling opportunities in the private market rather than the public. I think we are seeing the street coming out of earnings season and we have seen the movement down in a lot of earnings and forecasting happen and people are taking stock. Alix wonderful to talk to you. Ann berry and of threadneedle. They beat expectations for the Second Quarter. There copper production was light and the stock was over 1 and we will talk to the ceo mark bristow coming up next. This is bloomberg. Guy we are aware what is happening with the quality space. Barrick profiting from higher gold. Lets talk about where we go from here. Lets go to toronto, mark bristow standing by, barrick president and ceo. The top line looks ok but i am interested to talk to you about what is happening in the middle and what is happening with the cost story and we are seeing signs of stabilization and at a relatively elevated level. Is that is where the costs stay . Me some guidance on how sticky the inflation is. Mark it is quite sticky and complicated by the Global Supply chains. The world is still not one world anymore. Also, there inflation is going to be around for a while. If you look, wall street looking for lower costs, more sort of vitality in the economy. The fed really pointing out, but concerns about inflation. This is a long slope we have to manage. Alix it is great to see you. I was talking to an oil producer last week that said we will see 20 inflation and we are not going up anymore but not coming down. Can you give me some insight into the number you are looking at for inflation and where the biggest stickiness is . Mark the current inflation figures are probably there tuesday for a while. A lot of it is driven by the oil parts and how the Oil Producers manage supply and we have seen hot summers. The consumption has been higher. As we go into the northern hemisphere, we will get an easier of the field but the winter look like . It is a tough market. It has been not quite resilient and we havent seen it go as high as i thought oil would cope with the risk of consumables, the general cost of living is not coming down as quickly as everyone would like it to. Commodity prices are under pressure because the costs are high. Guy lets talk about what you are doing with your business. It was reported that you made a bid for something in the copper space. How do you maintain the balance between being a gold miner or a copper miner and which is a priority for you . Mark i started the last first i will start with the last first. The prior art top priority is tier one assets. As far as gold goes, this last quarter, we had experienced the highest political path in a quarter ever. It is a measure of the risk and risk is still very much on. It is compounded by the western behavior, although free money all the free money and the use of a dollar as a weapon so there is a lot of debate going around, global transactions. We are a gold company and we have recognized the importance to remain a high quality growing old company. We need to migrate into deposits that come with copper. We should be 30 of our business, will be copper by the end of the decade. And might be very much more on the bottom line because on the copper price because copper is getting run out. If you believe in the forecast growth of copper. Alix feels like the energy transition, you have to have a lot of copper. And that the shortterm, it was dismal trade data out of china. What is your take on china . Mark the point is that we are not going to see china go back to where it was. It is a big component of the global economy. It is a consumer of all metals. We have to be minded by the fact if we want boulder world for everyone, we need to invest in development where all metals are important and copper is the most strategic of all metals. If you want to bring the world or the grids, industrialize in a more modern and userfriendly way, copper is a key metal and we dont have enough of it defined in our minds today so that is really important. Let we have will what we have, i will come back to your first question but what we have is real organic growth. Barrick is looking to grow the gold equivalent, including copper by 27 by the end of the decade. Everyone brings up barrick. Guy mark, i am listening to you speaking and it sounds like you have money burning a hole in your pocket. It sounds like youre getting ready to do a deal. You are shaking your head but that is what i am hearing from what you are saying. I understand why people, when they think m a, they think barrick. You have known me for so long. I am careful and cautious of how you build businesses in this market and to do big m a, unique currency and market support. It is not something you wake up as a ceo and put it on the table. You saw me manage the barrick merger, it was a long haul and you were eight part of that a a part of that. Only a handful of pure copper place and everyone is looking at them and the big dilemma is the big guys, the really big guys would love better there copper but shareholders dont want their copper to disappear under the umbrella of iron ore. There is a real support in the market of these pure copper place and we have to balance the opportunity to find and develop our own and take the opportunity, if it arises, to merge or combine businesses and we are not there yet. Alix if Interest Rates were lower, you have 30 seconds, if Interest Rates were lower the cost of capital was lower come up with this change your mind . Mark no. Alix that is the shortest answer i ever heard you say. Which you rather build or buy . Mark building creates real value. Alix always great to get your perspective. Copper off by 1. 7 . Cold down by 4 10 of 1 . Rivian burns cash as ev demand lacks production lags production. This is bloomberg. 76 of 23andme Health Customers surveyed reported taking healthier actions. Because they know health isnt just a future state. Health happens now. Start your dnapowered Health Journey today with personalized insights from 23andme. Thanks to avalara, we can calculate sales tax automatically. 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Switch today at xfinitymobile. Com its an amazing thing when you show generosity of spirit to someone. And you want people to be saved and to have a better life, then you dont stop. We have been able to reach over 100 Million People impacted and affected, and at risk of hiv. The rocket fund takes all of the work that were doing, all over the world, and looks at the most effective ways, to get resources to them, to get services to them. The idea that we have saved five Million Peoples lives, its overwhelming. Its everything. Alix we are in our into the u. S. Trading session. It is ugly out there and Abigail Doolittle is tracking the moves. Abigail the s p is down 1 . The worst stretch since march and you can see the tech heavy nasdaq danced a little more and the sox chip and down chip index down more. Banks on the moody downgrade, moodys downgrade of several banks, down 3. 3 from a macro standpoint, you can see a flight to safety. Bonds are higher and gold is not higher but we had the bloomberg dollar index higher and 6 10 of 1 . The best day since march. We have been tracking this strength over the last few weeks. The bloomberg dollar index on pace for the fourth up week in the world. A row. This is a conglomeration of a a few charts. You can see that the uptrend, has not, its adjusting the s p 500 could drop to the bottom of it trend channel. Here is the recent dollar index ranked and it is not bought yet. That could pressure risk assets and as for the composition beneath the surface for the s p 500, we have eli wait eli lilly. They have a similar drug so that it could be a good positive, soft down 1. 7 percent, amazon down 1. 9 and here is a bright spot, apple earlier had been down and it is flipping around. If it does fall on the day, it would be the sixth down day in a row and the longest losing streak since 2022. Guy what are you buying if you are selling Everything Else and it has been dinged up for the last few days . We will talk about that story later on. 31 minutes passed the hour on the west coast. We are later than normal but we will cover the top stories for the bay area and beyond. Silicon valley starting his morning and it looks like you will be a nice day. Ed i want to talk about guy i want to talk about pallet palantir. The numbers speak for themselves. The stock is down hard. Was there not enough ai or is it a company that is talking the talk and now walking the walk. Ed that is the story exactly. The revenue guidance got updated this year, 2. 21 billion. Year on year, it would be topline growth 16 . You had the ceo stating in a interview, we have a good chance of becoming the most Important Software company in the world. But the market is saying literally what the market is saying literally, how can you any good conscious say ai is everything for you, that you are you that you are getting lots of traction with customers but compared to peers, you are only getting us present projections of 60 topline growth . 16 topline growth. They havent been able to convert that to tangible sales. Alix this was the story going into nvidia earnings, it is a show me story. If you dont show me, you will get dinged. Ed it is a show me story. Palantir does have customers and there are 100 organizations using Artificial Intelligence platforms, a way of integrating large linkage models. Large language models. They said they are talking with 300 new potential customers but in the chip industry or software industry, if you are not confident in saying we are going to really push the book doubles on topline growth, sometimes a company will get a sales pipeline. We have 10 million of dollars tell me in dollars of sales waiting in the wings. Why are they saying, we will make billions of dollars of this because they not are not. Guy what are you expecting with rivian . What should we be looking for . Ed their guide is for 50 50,000 units a year spread of cross spread across two consumer evs they are burning through cash. It is two opposites. Other being are they being cost disciplined they talk to us about what they will do in the Capital Markets but at the same time, come on. You can build so many more electric vehicles than this and many people are saying are they going to raise guidance and if so, why not . What is hampering them from really ramping their output at their illinois plant . Alix good stuff. Ed ludlow joining us and tomorrow, we will bring you his interview with the rivian ceo coming up at this and 00 our. Coming up at the 10 00 our. We will talk to bill dunkelberg, chief economist of the National Federation of international business. This is bloomberg. If you have this. And you get this. You could end up with this. Unexpected outofpocket costs. Which for those on medicare, or soon to be, is a good reason to take charge of your health care. So consider this. An aarp Medicare Supplement Insurance Plan from unitedhealthcare. Why . Because medicare alone doesnt pay for everything. And what it doesnt pay for, like deductibles and copays, could really add up. Even thousands of dollars a year. Medicare supplement plans help by paying some of what medicare doesnt. And making your outofpocket costs a lot more predictable. Call unitedhealthcare today and ask for your free decision guide. Learn more about plan options and rates to fit your needs. Now if you like this. Greater freedom. Youll love that Medicare Supplement plans have no networks and no referrals needed. See any doctor. Any specialist. Anywhere in the u. S. As long as they accept medicare patients. These types of plans also give you more flexibility when traveling in the u. S. Your plan goes with you. Anywhere you go in the country. Even better, these are the only plans of their kind endorsed by aarp. Call unitedhealthcare today for your free decision guide. So if you have this and want less outofpocket costs. And more peace of mind. Consider adding this. An aarp Medicare Supplement plan. Take charge of your health care today. Just use this. Or this to call unitedhealthcare about an aarp Medicare Supplement plan. Was also the first time you heard of a town named dinosaur, colorado. We just got an order from dinosaur, colorado. Start an easy to build, powerful website for free with a partner that always puts you first. Start for free at godaddy. Com alix this is Bloomberg Markets and you are looking at live pictures of the principal room. Ellen lee will be joining Bloomberg Television at 3 30 p. M. New york time. This is bloomberg. It is my favorite economic indicator, the nfib. It goes to july in july at the highest level in eight months and Business Owners are expecting slightly better economic conditions. You want to break it down for you. We want to break it down for you. Now it is at 91. 9 points and it is better than a month ago but it is way below the four year average. Last time we saw that number was in december 2021 so there are two main problems, Small Business owners are facing, inflation and jobs. Lets flip the board. Overall, 42 of Business Owners said they cannot find qualified labor. It is less than a few months ago but it is a big problem for the industry. If we break it down, by industries, lets show another chart. We will see that construction, this is the industry where we have the biggest problem, 61 of owners cannot find workers. Followed by manufacturing, transportation and wholesale and lets talk about inflation. Seasonally adjusted, a net 21 of Business Owners plan to increase prices for Business Services and deleting sector is finances. The fed increases rates and small banks or mortgage companies, they do the same and followed by retail, wholesale and construction and if we expect this key cpi report later this week, i think it is crucial to keep an eye will on what Small Businesses are doing. Guy thank you very much indeed. Lets talk about the picture the numbers are paying for us. The person to put this data together, it is bill dunkelberg. He joins us now. What picture do those numbers paint on how Small Businesses are faring now and their outlook . Bill possession would be the correct recession would be the correct answer. If you look at the 50 year chart of the index, the current numbers and the numbers we have seen for the last 19 months are typical of what we have seen in the recession periods for the last 50 years so the index is in a bad place in terms of looking forward to where the economy will go. In fact, the index is higher than we would expect because two components you mentioned, the job openings number and the plans to build fill those job numbers, those are historically high. If they were more typical of the readings we see for those two series, the index would be below 90. This week. Alix to that point, i am reading about a growth recession and that seems to be what you are describing where you have some growth but it is not great but the later the labor market is holding up well. Instead of their assessment is that a Fair Assessment from what you are seeing from Small Businesses . Bill yes. If you look at the jobs numbers for the past two months, it was dominated by Public Sector jobs and not private sector jobs. If you look at our numbers, we ask questions like the total number working for you, is that higher or lower than it was a month ago . More forms more firms say lower than higher. They are having trouble hiring and they are not growing the private sector to the numbers they account for so we are doing everything with the state and local and federal government and education and health, which are Public Sector jobs. That is where the growth is. Guy what does this tell us about where we go from here . You talk about the fact that except for a couple metrics which are crucial, this would point to a recession. Does the date is give us a clue as to where when the recession would arrive . Bill not much of one. We are not getting much volatility in the index. We are not getting a major plunge that says we are in real trouble like 1980. We are not seeing that sort of signal but the level of volatility on main street is slow. That suggests, since we account for half of what is going on out there, the economy isnt prepared to be growing. Most of the growth is coming from federal Government Spending and now from privatesector expansion ed and not from private sector expansion. Alix give me some insight into banking. We have the moodys downgrade from some regionals, the worry is that either you will see consolidation and constrained federal growth lending growth. What are you hearing . Bill no one is complaining about the Credit Availability so we ask if they are getting all the credit that they want and only 2 or 3 say they dont so the markets are friendly. They report the average rate they pay on the loans that they get over the past two years, that has risen from 4 to 8. 5 . They are paring paying more. They motives notice tightness on the lending side the credit has not been a problem so far. It has been a friendly credit market. The Interest Rate is not so important to small firms as availability has. If they can get the credit, they dont mind if they have to pay a couple Percentage Points more because they will be investing it in a something that have will have a better payoff . Guy the price of money is less of a factor as the availability of money. What effect do you think the fed policy is having on the u. S. Economy in terms of dealing with the inflation impulse we have seen . Bill if you go back to 2020, the Second Quarter, 9 of our firm said they were raising their average selling prices. Lets go to 2022, the Second Quarter, 70 are raising their average selling prices. That has come down to the 40s now but compared to the vogel period, the numbers are high so we are seeing inflation on main street. It is not clear the fed policy will do a lot to slow that down. One of the main reasons is there is so much money coming in from the fiscal side. I got a big raise this year, a. 5 because i havent be on Social Security i happen to be on Social Security now and that is 100 billion dollars on spending and a lot of things on index, wages that is added spending power. On that side, we are not getting any help on keeping prices down. Alix you bring up a great point. The fiscal impulse in the u. S. Is what pushed out a recession. Do we even get a recession at all . It is two full because you have the fiscal spend but you have higher fed rates for longer and i am wondering when this intersection hits Small Businesses or if it does not. Bill one person said the lag name Monetary Policy is long and variable. Keep waiting for the bill we keep waiting for it and it does not show up. I think it will. How severe will it be . The traditional indicators we can count on like the Interest Rate spreads and leading indicators, based where we are having a recession in the next 12 months. They have been doing that for some time. The fiscal stimulus will keep fading. The fed has Interest Rates higher and im not sure that another quarterpoint will change minds about spending. I am not sure that will be an issue but we will have high Interest Rates for a while. As we see that stimulus ease out, the economy will slow down. The issue is how far. Guy you produce alixs favorite piece of data. She looks forward to it. Waiting for her go waiting for gadot, not her favorite. Bill dunkelberg of the nfib. Coming up, wells fargo and others are the latest banks to pay Million Dollar penalties for their staff using whatsapp to do business. This is bloomberg. How can you sleep on such a firm setting . Gab, mine is almost the same as yours. Almost is just another word for not as good as mine. Save 50 on the sleep Number Limited Edition smart bed. Plus, 36 month financing on select smart beds. Shop now only at sleep number. Alix i am now for wall street beat time now for wall street beat. New york times reporting that one of the firms most influential executives is stepping down as sonali basak has the details. He is remaining in other positions and most notably the advisor to the board of directors which we know has changed in texture with an addition of another. We are talking about one person who has spent more than a decade at Goldman Sachs through some of its most pivotal moments including the followup in 2008 and towers of congressional really next to another person. For him to come back and leave things like Corporate Affairs and his close ties to washington could help goldman navigate this period of time where we are getting another to most raise another tumultuous moment in the economy. Guy what is the use up whatsapp, signal and the inevitable consequence of people working at home . Sonali youre talking about the relationship between wall street to washington and regulators have calmed down. We have seen more than 1 billion worth of fines when you look at the whatsapp crackdown. People have moved commit occasions over the last several years to whatsapp and signal and telegram and there are a lot more apps to use. It is not just whatsapp. It is difficult to maintain a record of what employees are doing. Now you have more banks, wells fargo, bnp, and other International Banks facing the crackdown and fines associated with this. I will say, lets take a look at the story because you also have private Asset Managers that are facing scrutiny from the fcc regarding how they are communicating and whether it is going outside of the required means of communication. Alix it ties into all of wall street, five equity or big banks being like, get back in the office. Sonali sonali i cant help myself, i have to tease my friday newsletter because we are talking to the big Asset Managers who have the flexible policy this summer and they are not that many. There are a couple that will allow you to work from anywhere for the last couple weeks of august. There are different policies at different firms and some other Asset Managers allow certain groups to do this. How do you manage all of that while also making sure great keeping it into compliance and getting the Business Done as regular sleep as rigorously as you have done before . A private asset manager, a senior person at one of the big equity firms, when i talked about the banks, they froze up and said we are aware of this and we understand that order is looking at all of us that florida is looking for all of this all of us. It is a there are very significant fines. Guy do you get the sense they are done or they have more banks to downgrade . Sonali in the moonies moodys downgrade, there were a number of banks downgraded but perhaps more troublesome for the market are the wave of banks put on review and those are the one facing severe pressures in the market. When you look at trading, there are Different Reasons across the banks, what they say when you score down to the bottom of the word to the banks is how unlikely for these banks to be upgraded which means the overhang can be last four a while until they dont face at downgrade and then you have to recalculate here what that cost comes to them because it does create some counterparty risk when you see a bank downgraded which is the vicious cycle for banks that have already been downgraded. Guy that is another fact that the rebels off this are amazing to think about. Current fantastic coverage, sonali basak on what is happening with the wall street beat. Unicredit down by 5. 5 . You have a picture developing of a government that is taking a portion out of the finance center sector. Is this a longterm story, does he get through parliament, does it get through parliament . Unicredit down hard on the back of that. The 10 year yields reacting to a bunch of factors but yields are lower and china is probably a big factor. There is a Ripple Effect coming out of the states. Stocks 600 stoxx 600 down 3 10 of 1 . The ema head of equity sales at barclays joining us. This is bloomberg. 76 of 23andme Health Customers surveyed reported taking healthier actions. Because they know health isnt just a future state. Health happens now. Start your dnapowered Health Journey today with personalized insights from 23andme. You dont have to worry about things like changing tax rates or filing returns. Avalarahhh jennifer the reason why golo customers have such long term success ahhh is because we focus on real foods in the right balance avalarahhh so you get the results you want. When i tell people how easy it was for me to lose weight on golo, they dont believe me. They dont believe i can eat real food and lose this much weight. The release supplement makes losing weight easy. 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Guy money for equities to deal with. The stoxx 600 down by 3 10 of