Web. That was referring to Chuck Schumer. We bring you all of this live as it begins. U. S. Trading session, julie hyman is here with the latest. Julie the rally continuing into its second day. We tend to see a flip on the first week of trading on the new year from what we saw last week of the last year. We could see an up week this week of the last if the last five years are any indication. Rally, buta runaway we are seeing gains. I want to talk about auto sales this morning for the united states. They were largely better than estimated. Gm sales, more than double what analysts are estimating. For reporting an unexpected gain in sales of 10 . Fiat, although its sales fell 10 , analysts were predicting a steeper decline. All of them better. Fiat still trading lower. Gm and ford a gain of more than 3 here. It looks like we could surpass last years hurt for annual sales, up 17. 5 million vehicles. Been an interesting phenomenon of People Holding on to their cars longer. This is a monthly sale, which is why you see spikes look like the numbers were higher in the 2000s. Backve seen a slow climb but people are holding onto cars for for longer. You can see it from the average age here in the united states. Oil, earlier, something that happened yet. Weekly inventories number tomorrow. We have been watching the dollar pretty regularly. There has been rallying but today has been lower. , gold, silver, platinum all trading higher. Yesterday,ull Market Sentiment today, because we are down by one third of 1 . The fourth consecutive day longest in over a month. It took 11 months from the february 2016 low. The ftse 100 bull market last year took five month. What a difference the year makes. Of 20 16, because of china concerns, it fell by 6. 7 . Look at retail, biggest client in the industry group. Look at that, 12 lower as low as 14 . Biggest decline since march of this year. It cut its annual work forecast. A difficult year ahead. Blow to the retail industry. Christmas sales also below estimates. The caution will be listened to by economists and investors. The chief executive is a man they like to listen to last year. He says it will be the toughest year since 2008 here he proven true as well as a week of growth in the online business. When demandhing up could be vulnerable to a brexit en route induced squeeze. A big decline or today in the u. K. At the same time, consumers borrowed the fastest pace in more than 11 years in november. They decide household continue that posts. Net Consumer Credit was 1. 9 billion pounds. Of 2000 since march five. Credit surged almost 11 year on year, the most in more than a driven by consumption, the economy is chugging along nicely. With movement we have seen in the u. K. , 10 year yield, it has been moving up, roughly we that at the same time, have seen volatility. The blue line is 30 day volatility. It has been coming down since september. While we see the move up in bond yields because of the expectation of global pickup in we have seen a retracement in historical 30 day volatility. One of the many charts we are following today. The Affordable Care act taking stage at trump tower today. President obama is meeting to discuss ways to save the law or block any kind of appeal. Is meeting with House Republicans to discuss ways to repeal and replace. President elect trump has unleashed a twitter barrage on the issue and tweeted republicans must be careful that the democrats owned the failed obamacare disaster with massive premium increases. Do not let the schumer clowns out of this web. Joining us is the Senior Executive editor of the Global Economic government for news. What the president elect wants is clear and it is clear they both want the same credit for blocking obamacare, for repealing it in some way. Todonald trump has promised repeal obamacare on day one it is increasingly obvious he will not able to do that. A pr warw become between the democrats and the republicans on who gets the blame. Vonnie do the republicans have a solid plan for how to go about this . I am not talking about a replacement plan but even a partial repeal. Also other efforts with the bill introduced yesterday, known really knows. That is why Vice President elect penns is a palmetto with paul ryan is the guy who will have to figure out the mechanism by which they can claim they have kept Campaign Promises of repealing obama care. There is no clear path on how the republicans will do that without democratic health. Where democrats are making it clear they will not help republicans out of this box. Extent, Chuck Schumer, who trump tweeted about earlier, the new minority leader, the republicans are stuck devising a Replacement Health care plan. Yes. Have two concede Chuck Schumer and the democrats have a point, it is not enough just to repeal obamacare in name and then wait closser years to replace it. There are deaf provisions and obamacare that are extremely possible. Popular. A lot of people have obamacare benefits who do not even realize theyre getting them. Is not repealing them really do anything except create chaos. Mark is this a reminder to donald trump, who expects fast action, will this be a reminder thehe president elect of sometimes glacial pace of congress . That is what the story today suggest. This is not something that happens on day one or 100. Could take months and even years to reassemble in a way that makes sense politically and is policy. It will be a stark lesson in how washington does or does not work. Vonnie will it end up costing more if republicans do succeed because at some point, they will have to keep what is in place right now, at least going for a while until they come up with a proper replacement . Yes, that is the point. If you try to keep popular parts of obamacare, keeping 26yearolds on their parents plans and transferring coverage from one job to the other, it is expensive. Support those provisions and others say there is nowhere way the government should pay for them. It will be a quandary for them to figure out how to make it work. Vonnie marty, thank you for joining us. Meantime, we will follow the press conference which is about to begin. Ice president elect pence joining House Speaker paul ryan. Today, it will be the Affordable Care act, the beginning. Lets turn back to the markets now. For 32 years, a list of surprises for the coming year. A surprisen designed that the average person would only have a one out of three chance of happening. These have more than a 50 chance lets begin with president elect donald trump. Of your top surprises for the year is he might not be as red as he seems to be in his appointments and policies so far. Right. I think your previous guests corroborated that. Talking about tearing up the fort the Affordable Care act right away. He will find out quickly it is not easy to do. Vonnie he will be this way not through any fault of his own that because he is blocked by congress. Things, he will pull back on unilaterally. Things, the whole mechanism of congress will force him to fall back on pullback on. Bothll be a combination of but the result will be a more methodical and thoughtful presidency than most oped writers seem to think. That will mean he will cut taxes. He will dismantle regulation. He will spend money on infrastructure. Gdp growth will be close to 3 rather than 2 . S p earnings close to 130 rather than 120120. And the market will go up. Mark so many of your surprise or surprises are i first you say president elect trump will realize he has been wrong about to a and that will lead more cooperative relationship with the world posse secondbiggest economy. This change oft assessment of china . Do you think anyone will gain from a trade war . When you listen to trumps hetoric during the campaign, was going to slap a 45 tax on all chinese goods coming in. That would create havoc in the united states. He would have the sitter citizenry of this country turning against him. He does not want that. He wants to be the most popular president who ever lived. He is going to be very careful in slapping on tariffs and other things. That is why i think he will proceed very carefully. I also think in the case of china, they are slowing down. One of my surprises from last year was it would go from seven to the dollar. And it was almost there. Vonnie it was there. Yes. Think trump will help china maintain a reasonable growth and china will help im not being hostile. Marx the biggest eye popper for me was your call on anglo merkel, the german chancellor. You say one of your surprises would be her losing the election. Youre almost forecasting if and when that happens due to populist movements, we see a slow unraveling of the euro and the eu. That would be a big shock. That call is massive. Look. It is happening around the world. There have been two populist events so far. And donald trump when is definitely a populist event. Is definitely a populist event. The next big one coming up is merkel. I see no reason why that will not happen. I do not want it to happen. I would like the European Union to stay together. I think you have to recognize that a certain amount of populist momentum is spreading through europe. You will see it in france and definitely in europe and it is immigration related. Vonnie who will get elected in france . I do not know. I do not have as much conviction there. But i think maureen will do much better than people think. What about the banks in europe . It all plays out to the markets in various ways. The yields would impact banks that are already in trouble. Just as in 2008 and 2009, europe cannot allow these to meltdown and we cannot allow our banks to melt down. Survive but will hold on by their fingernails. Made there is money to be if your calls on dollaryen and the pound dollar and on eurodollar are to be believed. Right. I hope they will be believed. I think the dollar will continue to be strong and the u. S. Will be the best of the major markets. I think japan will do well. Year is starting out the relatively strong. I think japan can grow at 2 and most people are not expecting that. Vonnie within 2017 . I want to ask you about mexico. The peso is trading about 21 today, weaker than 21. You say trump will not be bad for china. Will he be bad for mexico and particular . No. I do not think he will tear up nafta either. In my view, the and i states benefits from nafta. He will deal with individual companies. Vonnie we have to stop you there and thank you. To the to go live conference. Vice president elect mike pence joining paul ryans weekly News Conference. We will start with that. We watched what has happened with jobs across the country. Regulations impounded for the last eight years, you will see this week that we will bring up the act. Many of you know about that legislation which simply says give the people a voice when it comes to regulation in america. The act only deals with those bills of regulation that get imposed upon and cost more than 100 million on business. You would think they would have been few of those. If you look in the last six years, there were 82 of those presented and put in place every single year for the from this administration. We have to get the burden off and start working. The raonic will say no new major rulings will be imposed without a vote of the house and the senate with the people have a voice. We will also be dealing with obamacare. Many of you know what these failed policies have done to americans. Withook at the familys employerbased insurance. Premiums have increased by more than 4300. Of the 23 coops that were created in obamacare, 18 of them already have failed. What is most concerning to so many, more than 1022 counties across america, one third, have only one choice, inside the exchanges. Everything president obama promised about health care has failed. So thankful we have a new administration coming that has the wisdom to listen and the courage to lead. Good morning, everybody. Exciting day yesterday to see the new members come in. Excited to get to work for the American People. A member ofnot as congress but as soon to be Vice President of the united states, a great part great partner to get our country back on track. Know somebody else will be here at the capital today and that is barack obama. Backthe president comes here today for the last time as president , it is important to remember the first time barack obama came here as president. He came here and made very specific promises to the American People about obamacare. He said if you like what you have, you can keep it. How did that work out . Lost to of americans the Good Health Care plan they liked and expected to keep and are not able to today because of the broken promises of his law. Passes,of his bill Health Insurance costs will drop dramatically for families. Instead, what have we seen . The reverse. Dramatic increases in health care costs. In my state, over 25 increases families are paying in higher costs for health care because of broken promises of his law. I hope he comes to apologize but i do not think it will be the case. Will be more concerned about preserving his legacy than about fulfilling the promises. We are here tos for fill those promises to the American People if you give us this great opportunity we will work hard every day not just to repeal obamacare but replace it with reforms to pick paid put patients in charge of their health care decisions, in charge of lowering costs, increasing access to health care and bring doctors back into the practice of medicine getting out of the practice because they do not want unelected bureaucrats in washington telling them how to deliver the health care they were trained to provide. It is exciting for the country and we are excited about getting theork to restoring promises made to the American People and get our economy back on track and make America Great again. Happy new year, i am very excited and energized for the opportunities the new year brings. This is a moment we have been given. Youre watching live pictures on capitol hill. These republicans are joining House Speaker paul ryan. You see mike pence in the background speaking in just a few minutes about their meeting to discuss the efforts to block. Bamacare, repeal obamacare we did not hear anything about a replacement. One group is standing out and it is retail. Getting a lift in the wake of the Holiday Season. Look how green it is. The list goes on of all of those going up. There is another index, and apparel and assessor a maker, manufacturers, many also retailers. These are all also trading higher. The most recent indications that the Holiday Season are looking more positive, perhaps what is feeling some of the gains p the retailers also showed weakness at the end of last month. Here are the latest numbers from red oak, which surveys and comes up with estimates for the weekly sales. Are weekly sales going back to early last year. You can see the sales are climbing as we headed through december to a gain of 2. 4 last week. Comingre the numbers from red book and it appears to be one of the catalysts for the retail games today. Consumer discretionary overall, automakers up. 9 . Going back to capitol hill for the House Republicans ands. You have speaker ryan on obamacare repeal. Paul ryan we need to reverse the damage done. Once we repeal the law, we need to make sure there is a stable transition to a Truly Patient centered system. Want every american to have access to quality, a formal health coverage. Obamacare hasngs kept from the American People. More choices. More control, more freedom. We want to put them back in their hands. Gettingthings are only worse under obamacare. This is about people paying higher premiums every year and feeling powerless to stop it. Its about families paying deductibles so high it does not even feel like you have Health Insurance and th in the first place. For if you want to look better coverage, you are stuck with one option to one choice is not a choice. It is a monopoly. Health care has been ruined at dismantled under obamacare. The answer here is not to ignore the problem. The answer here is not to ignore the problem and keep some failed legacy. The answer him it the answer is bold action. We have americans crying out for relief from obamacare and we will keep our promise to the people. We will work with the new administration on every step of the law every step of the way even before day one. He served with us and were so pleased about the new working relationship with our new Vice President elect, mike pence. Mr. Pence thank you to the speaker and the leadership for the warm welcome. I will meet later today with members of the senate in their weekly luncheon. This is a day where our message is very similar simple. On behalf of the president elect and all of the leadership, we are 16 days away from the end of this is as usual in washington dc. Our message today is simple. Working with the leadership in the house and the senate, we will be in the promise keeping business. President elect campaigned all across the country and gave voice to the frustrations at half durations of the American People. He laid out an agenda to make America Great again. My message before this conference is that we keep these. The energetic effort through the torse of this transition build a to implement that agenda speaks for itself. One,terally began on day before the end of the day, we anticipate the president elect will be in the over the oval Office Taking action to repeal executive orders and set into motion through executive action policies to implement promises that were made on the campaign trail. Congress, we will have a classic threepart agenda the president elect talks about so often on the campaign trail. Jobs, jobs, jobs. The focus will be from day one, to work with congress, and you heard about efforts to roll back the onerous regulations stifling growth in the American Economy and stifling jobs and opportunities are we will work with congress over the course of the first several months to construct the kind of tax reforms for businesses and individuals that will unleash in thend up energy American Economy. We will keep our promises to end illegal immigration. Build a wall. We will invest in rebuilding our military. Our commanderinchief marshals strategies with a military commander to hunt down and destroy the first order of business is to repeal and replace a obamacare. That was our message today and it will be on capitol hill. It needs to be done. Not just as a promised kept, but because in the course of this election, the American People had a choice. As against all odds, often times with overwhelming opposition, our president elect took his case to the American People to repeal and replace obamacare and the American People voted decisively for a Better Future for health care in the country. We are determined to give them that. The reality is, i was here in march of 2010. In another capacity, when obamacare was signed into law. I remember the promises. We were told if you like your doctor, you can keep it. Not true. We were told if you like or Health Insurance, you can keep it. Not true. We were told the cost of Health Insurance would go down. Not true. The reality is premiums this year are increasing by an average of 25 in some states. In arizona, premiums have gone up 116 . Tennessee, 63 in pennsylvania, 40 in north carolina. Obamacare has worked a hardship on American Families, businesses, and in a very simple conclusion. The American People have sent new leadership because of obamacare has failed. It has been rejected by the American People. It is now time to keep our promises. Step one will be to repeal obamacare. As the president elect said today, and i admonished members today,house of congress it is important to remind the American People of what they already know about obamacare. The promises that were made were all broken. I expect you will see an effort in the days ahead to talk about the facts around obamacare. Secondly is to begin the orderly transition to something better. Commitment thee president elect made was to repeal and replace obamacare. As was said this morning and sweet, it will be important we be careful as we do that. That we do it in a way that does not work a hardship on American Families who gain insurance through the program. That it does not work a hardship on the economy. As i told our house today, we work on a strategy in concert with the leadership in the house and senate for both a legislative and executive action agenda. An orderly and smooth transition to a marketbased Health Care Reform system is achieved. The speaker of the house used the word stable and we will do that. In his famous speech in philadelphia, the president elect spoke about orderly transition. It will be that. But make no mistake about it. We will keep our promise to the American People. We will repeal obamacare and replace it with solutions that lower the cost of Health Insurance without drawing the size of government. A broad range of ideas about how to do this and republicans have offered those ideas again and again. Literally, every year since obamacare was first signed into law. We will work with dr. Price before and after his confirmation, when he steps into the role at hhs, working with Republican Leadership in the house and senate to bring Forward Solutions and take the case for those solutions to the American People. I could not be more humbled or excited to be back in the capital today. I was encouraged by the president elect to come here to capitol hill, the first full day of work for members of congress because it is time to get back to work. Visiting theare capital to talk about the failed policies of the past, we are here today speaking to republican majorities in the house and senate to advance the policies that will make America Great again and have a more prosperous future for all the people in the nation. No shouting out. That is all good but no shouting out. [inaudible] pence the president elected i will receive a briefing on the leadership this friday and we will listen and. President elect has expressed his sincere and help the american skepticism about intelligence conclusions. We will sit down later this week. The president and i have been regular intelligence briefings. We received a president ial daily brief with the president yesterday, and we will be looking at the facts and the information. Given some of the intelligence failures of the recent years, the president elect made it clear to the American People he is skeptical about conclusions from the bureaucracy and i think he American People hear him unclear. Live repeal obamacare when you still do not have a good plan. Mr. Ryan the president elect is trying to make a good point were trying to emphasize. So much damage has been done to the country. Obamacare is a story of broken promise after broken promise after broking broken promise followed by deductibles. It int to make sure we do a transition that does not pull out the rug from anybody during that transition. That is the point were trying to make. The law has failed, it is getting worse, families are hurting, no one has choices, and we have got to fix this by replacing it with something better. We want to be sure we do not pull the rug out from anybody during the transition. That is our point. Wino plan to replace it . Mr. Ryan we have a plan. How we get better choices with lower prices by not having a costly government takeover is it possible you extend some of these provisions . For a temporary time . People want to know what it will look like. I want to be very clear. I would commend you and anyone looking on. Was commending you, not commanding you to do something. [laughter] mr. Pence good to be back. I would commend all of your attention to president electspeech in a aadelphia where he laid harness savings, allowing americans is Health Insurance across state lines. His commitment was clear that we will insist upon and implement working with congress and also tong executive authority ensure it is an orderly transition. The whiteing now, house staff, on a series of executive orders that will enable the orderly transition to take place even as congress appropriately debates alternatives to and the replacement of obamacare. Have it stay in place until there is a new plan . Mr. Ryan we do not want to pull the rug out from people while replacing the law. The point is in 2017, we do not want people caught with nothing. We want to make sure there is an orderly transition so the rug is not pulled out from under families while we bring relief. On the repeal in place, can you give details . How does that solve the problem . Mr. Ryan we are working on legislative process right now. Us what we need while the administration works on the executive orders you are talking about to deliver the kind of Transition Relief we are talking Arthur Obamacare has failed, families are heard in, they broke the health care system. Is a string of broking broken promises. We want to transition to a better system so we can get back to what we all want, lowercost health care and more choices so families can get Affordable Health care at a decent price with more choices and competition and not a costly government takeover that has left families struggling. If i could respond to that, we are working out right now with white house staff in concert with legislative leadership a two track approach to ensuring it is an orderly transition as the president elect, you read his tweet this morning that he has admonished the congress to be careful and i have reiterated that before the republican conference today. We are talking about peoples lives. We are also talking about a policy that has been a failure virtually since its conception. Directly to the American People. About the failure but about a not onhealth care mandates and taxes, but in future builds on giving the American People more choices on health care, allowing the power of the free marketplace to flow in. We will work out a way that reflects the compassion of the president elect and every member of congress to see to it we do that serves the best interest of the American People. They want to see us repeal and replace obamacare. We are going to be in the order ofthe First Business is to keep the promise to repeal obamacare and replace it with the kind of Health Care Reform that will lower the cost of Health Insurance without growing the size of government. Has you keep them from falling out . Have been watching a News Conference on capitol hill, Speaker Paul Ryan passes weekly conference. To repealout efforts the headlines from it, they are talking about managing an orderly transition to something better. Vice president elect says will be done in a way that is careful. Paul ryans speaker saying we will replace this. They emphasize that several during the conference. Mark the first question was not an obamacare, but the comments president elect trump made about the wikileaks founder julian assange, earlier quoted him in a message on twitter questioning the russians role in hacking democrats and mike pence was asked about that and he said given recent intelligence failures, trump is skeptical. The president elect is skeptical. He said he expressed a healthy skepticism on intelligence and we will hear more on this when we get an intelligence briefing on friday when mike pence and of course donald trump and the Senior Intelligence officials will meet. We look forward to that then. Vonnie a delayed intelligence briefing, we should note. We will also keep an eye on a similar type of west conference of the house. Ide we will have president obama and nancy pelosi and House Democrats giving a press conference on what they will do to try to block republicans efforts to repeal or replace obamacare. Once again, the headlines earlier from mike pence talking about replacing obamacare not leaving people with nothing is quite 17. Paul ryan said they will replace it without trying to pull the rug out from anybody. Willg they will there be executive orders on day one even as congress appropriately debates alternatives. Stable transition, more choice, control, and freedom. Coming up, the chief executive joins us with his outlook for the Financial Sector. This is bloomberg. Vonnie breaking news p or president elect donald trump picked a new head for the sec. This will be jake, partner at solomon and cromwell. , will beess secretary leaving the post in january. He was educated at the university of cambridge. Cromwello solomon and right now here Donald Trumps appointee, j clayton jay clayton. A point 20 , the chart will be upcoming to the incoming president continues to have a positive impact on the Financial Sector if he follows through on his Campaign Promises to undo the doddfrank finances. Shiny now, thomas mitchell. Thank you for joining us. Presidency, is it going to be paid to be more discriminate Going Forward . So, which types of stocks should we be buying . Withe outlook has changed the election. Right now, it is about as favorable and powerful as i have seen. A 20 plus percent move with large banks and financials and the election. It is hard for stocks to go up point percent every year. Do i think they can thought the form, i believe they will because banks have better earnings per share momentum than the overall market and i think they have got big macro forces moving in their favor. I think it is both. I think there will still be a macro group move. Some you say you expect relaxation of regulation on firms. What about reforms that require congressional approval . I think it will happen. Seen as think i have broad a call for amending doddfrank as i have seen now. There are proposals from the federal reserve, a couple of congressthe republican previous to a new congress that have talked about reforming it. There will be a wholesale repeal of it. I think they will be amending the favorable for the economy. Vonnie in that case, where would you put your money . Have seen a runoff in february. If there is a repeal for doddfrank, is there more room to run for midsized banks . Absolutely there is more room to run. I think there will be a dramatic change in investments. My firms 35 above investments for bank earnings. Foro not include tax reform our estimates. You get a higher if as you straight environment with a get corporateou tax reform, a rollback on regulations, amending or eliminating some of the restrictions on the smaller i think you will see powerful forces that will cause. F earning banks to go up 10 billion has flowed into financially ts since the election. After the election, financial stocks moved into the number two sector in the overall market. They are a big piece of the market and quite important. Here, we have a chart the inflows into the spider etf. You can see in the last two days alone, this has really spiked. We talked about the sec a moment ago when we richard step out and some of the else gets put in . It is quite traditional to have a change in a leadership in the agency like that. There have been Court Rulings that suggest the president elect can do that. I think there will be a change in terms of ration. I see a man a menu of choices. Changed to some radical or bigger ideas, maybe not that radical but eager. Incorporating what they do with other agencies to make the government more efficient. Mark how uncertain is the future of the finance system . I think the most powerful force now is higher interest because the boom could be over. I think the mortgage industry will have to adjust. I think there are real reforms coming and i will tell you a thing Biggest Issue is the role of government and the Mortgage Business p or do not forget the fed Balance Sheet was 800 million before the crisis. It is 4. 5 trillion now and the fed continues to keep real it reloading on purchases. There needs to be an unwinding of that and a return back to the private sector. It does not mean they are that it is better for homeowners, but he can see the dynamics of the market change. Mark you talk about technology innovation. How will this affect the potential return on equity for the biggest banks there . I think fin tech needs to be regulated because i think they could take the industry in a broad range of directions. If not, there should be a level Playing Field across Financial Service industry. If it is done right, it should make the industry better able to serve clients, smarter and faster and hopefully cheaper because you need to focus on cost in the industry. We think if done right, it can be a favorable force in the market. Vonnie we got the headline about the new sec appointee. I know you do not know the appointee but what changes might come to the sec . I think the changes might be part of a broader umbrella you might see in washington, which is the response to the crisis was regulate, legislate, start to put in more guardrails for the Financial Services industry. Was never amended here the pendulum swung too far with too much regulation. Means appointment just you move back to a neutral position, i think that could be very favorable for the economy. Thember financials are second largest part of the market but probably the largest contributor in terms of corporate earnings to the overall market. It is very important to reengage the Financial System to help the economy grow. Part ofortant, probably a broader umbrella approach to washington. Leave ite have to there. So much is happening on capitol hill right now that we cannot and you. Thank you for joining us today. We are awaiting a News Conference from congressional Democratic Leaders to talk about their efforts to discuss anything they might be able to do to block the republicans intentions to repeal obama care. That will happen in the next few minutes. President is speaking with House Democrats and we will monitor the News Conference for you. Still ahead, the former bank of england Monetary Policy joins us to tell us what today passes eurozone inflation data means for the ecb. This is bloomberg. Mark live from new york and london, i mark barton. Vonnie i am vonnie quinn. Youre watching blue burke markets. A quick round up of what is going on in the markets now, the Dow Jones Industrial average just of 1 10 of 1 . S p 500 at 2266, of. 4 . The nasdaq is up more than one half of a percent. Retailers doing well along with car makers coming in with monthly auto sales and beating estimates by a long way. Mark coming up on the european close, euro area inflation at the fastest pace since 2013, suggesting a debate about the appropriate degree of ecb stimulus is. , astart with professor danny look at european stocks 35 minutes away from the end of a second trading day. Third four euro area and second if you include the u. K. Stoxx 600. If you have got a short memory, and bull market yesterday down today. Have a look at what is happening on the currency. Things we will talk about with danny today, europe eurozone cpi, pmi, consumer borrowing here in the u. K. , rising in the fastest race in more than 11 years. Vonnie i want to recap the news that broke moments ago. Donald trump has picked jay clayton as his pick to head the sec. We have a statement from the Transition Team and the comment to thank president elect trump for the opportunity to serve. To make sure we provide investors and companys with the confident confidence to invest in america again. Can educated you and nominated as the next head of the sec to succeed marriage a light. We are awaiting a News Conference from congressional Democratic Leaders. This is bloomberg. Three minutes left today in the trading day in europe right i am mark barton. Vonnie im vonnie quinn. This is the european close on bloomberg markets. We will take you from washington to london and cover stories out of russia, rank for it, and china. Eurozone Economic Data showing a record increase in germanys inflation rate, the data across the region accelerating. We will do get into it and tell you what it reveals about the ecb stimulus plan. Vonnie president elect mike prince says the first order of business for donald trump is to repeal and replace obamacare. We are awaiting a News Conference from congressional Democratic Leaders following their meeting with president obama. Shares of a u. K. Retailer plummeting almost 12 today. The Company Forecasting another tough year after a disappointing christmas season, deep