Just under 30 minutes until the end of the session. The high, the bull market we entered yesterday stuttering, or is it sputtering . The lefthand column are the european equities, down by 2 3 of 1 . All those currencies rising against the dollar. Weve got a mixed bag in the bond market, the greek 10 year yield is lower. Commodities and credit default swaps are the final two. You know im a bit of a whichcal analysis nerd, is why i love this chart, the euro stocks 50. From what weve seen in the last 14 days, according to the relative strength index, weve seen the euro area stocks are overboard. Running, the euro stocks 50 has been about 70 and above. 30 and below is over. That is the longest run in overbought territory since 1999. The euro stocks 50 is one of the stocks 500. Is. A wonderful sure that continuing to go from strength to strength. Highest level since 2013. Core inflation is important. Inching up to. 9 . It is barely off its lows,. 6 last year. Inflation creeping up, this will embolden the ecb. Some strong data on the pmi finishing 26onomy with the strongest momentum in more than five and a half years. The highest in 67 months and above the december 15 estimate. You have to say, the economy and eurozone was firing on all cylinders. Judy, how is it looking . Julie we havent even been moseying higher or strolling here because we are seeing gains but they are not very energetic gains. The nasdaq the best performer of the three averages. The dow only up 25 points. We do have some strength in particular with Consumer Discretionary. If you look at the groups on the move, Consumer Discretionary in 1. 1 rateot, up broadbased gains with the exception of telecom and energy shares. Weve been talking about the automakers and their sales. Of them coming out ahead of estimates. General motors with a big gain of 10 last month. Fiat sales down less than estimated and adding toyota to the list. Its case, by 2 and shares up 1. 5 . We are watching some of the airlines today, delta coming out with its numbers for its december revenue per available mile revenue. In december it was unchanged year over year but that represents an improvement. For the quarter it says its unit revenue will be down 2. 5 to 3 . A little bit better than estimated. Something we are looking ahead to later today is the release of the fed minutes from its last meeting. If you look at what is going on in the bond market, we have some selling going on, at least on the shorter end of the curve, an increase of two basis points each. The 30year is unchanged at this point leading up to that release. Vonnie thanks for that. Lets get to the bloomberg first word news. We have courtney donohoe. Courtney the fight over the Affordable Care act begins today in the new congress. Mike pence already discussing strategy with republicans. They plan to repeal obamacare but have not said what they will replace it with. President obama went to capitol hill to give democratic lawmakers advice on how to fight the republican efforts against the Affordable Care act. President elect donald trump will nominate a top lawyer to run the securities. J claytons partner at sullivan and cromwell. Much of his legal work has involved mergers and acquisitions. Emergency crews are on the scene of a Train Derailment in new york city. Long Island Railroad Officials Say a train has gone off the tracks in the area of atlantic avenue and flashes avenue. The new York Fire Department says there are more than 100 people injured. Ofvy smog is covering 1 3 the cities in china, the concentration of the most dangerous type of pollution was 20 tons the recommended limit. Hundreds of Airline Flights have been delayed or canceled. Global news 24 hours a day, powered by more than 2600 journalists and analysts in more than 120 countries. Im courtney donohoe. This is bloomberg. Lets get back to europes economy, inflation accelerating in december. Rising 1. 1ices percent year on the year, topping estimates after a gain of 6 10 of 1 in december. Us in new york, danny blanchflower, Dartmouth College professor, former member of the boe. Great to see you, happy new year. Heavy new year to you. Inflation to me about in the eurozone. Still far too far away from the ecbs target . Hawkshing will stop the saying it is time to raise rates. They have been saying that for years. The reality is that inflation is still benign, and weve got all these elections coming in levels ofsing populism. Can you imagine if you then started to raise rates . We have countries like italy and france that have doubledigit unemployment. The economies are still in trouble. People are hurting. Inflation is nowhere. I think the reality still has to be, people are hurting, what are you going to do . You have doubledigit unemployment. You and i are talking about raising rates. We have seen this vote for brexit. I wouldve thought politicians and people sitting at the European Central bank ought to think to themselves, we have to go study here, folks. Mark this gives me a great chance to plug your book. Its the labor market, stupid an explanation of trump and brexit. Your contention is what happened in the labor market was crucial. Are governments able to appease those in Northern England that voted for brexit . The first thing we have seen is this recovery has been very slow. Context, i have written endless columns listening to politicians talk about how great the recovery is. If you look at this recovery, it took longer to recover in this time around than it had in any previous recovery since the bubble. 300 years. People have been hurting. And people in a sense have been left behind. Real wages sit down, peoples incomes havent risen, but your point is well taken. It really is the labor market, chaps, and chapesses, as they say. Those left behind now are not going to be lifted very quickly. Promise, made this there are places that have voted in the rough spell, but manufacturing hasnt come back, coal hasnt come back. When you dont take into account what happens in the labor market, things turned badly, and it takes a really long time for them to turn around. Poisoning deaths are up. Alcohol deaths are up. Heroin it looks awful. People have become desperate. The labor market hasnt delivered, and we have generated brexit and trump and these issues in europe great if you have 10 unemployment in europe eight months out we will be going to a News Conference in just a few moments when that begins. Why then is the u. S. Already at full employment . What can be done . Perhaps policies under trump might have a chance of seeing that . Mistaken toletely argue that the u. S. Is anywhere close to full employment. If you follow the employment rate through the last 50 years, that gave you a pretty good indicator of whether you were at full employment. Today the employment rate is 3 Percentage Points below where it was in 2008. If you work out how many jobs that amounts to, it is 63 in 2008, and times the number, 9 million jobs below full employment rate we are nowhere near full employment rate if we were, two things. Wages would be rising quickly, and people wouldnt be hurting. The heartland wouldnt be hurting. Thats the fundamental disconnect between the elites and the people. Those yearsll of the Federal Reserve action and quantitative easing, expanding balance sheets, and even as much fiscal delivery as president obama could under 2 terms didnt solve that crisis, then is there a solution . In some ways, trump and i have been saying the same thing. Here we are talking about a giant fiscal stimulus. The expectations are that its coming. The reality is that the level of demand has been too low. The reality is the markets are lifting on the prospect of a change in stimulus that the u. S. Should have done in 2008, 2014, and so on. The reality is we are so far away from full employment. If we were there, wages ought to be rising, and the people were hurting ought to be able to go out and find jobs. I would you advise them to do . Stop tweeting. The economy needs a fiscal push. Its all very well to say we are going to do a stimulus. A stimulus to what . How are you going to generate jobs . Stimulus, howve a will you get those jobs to come to ohio, pennsylvania, west virginia, kentucky, and not to texas or south carolina, california . Have no plan, you and the chances are, you had better get one because you are not going to be able to fix that. Mark is theresa may going to solve that problem . What about bellwether northern cities here . Are we going to be in the same position here . I think we are. Like the coal sector here, these were places that had many pits in the 1980s that closed. British seaside towns voted for brexit. People started go to the mediterranean for their holidays. The answer is, how will you fix that problem of longterm decline . You cant raise the world coal price. You are not going to bring back mining to yorkshire. You make promises, and i think we will be sitting on these programs together talking about, how are you going to return jobs to wakefield and blackpool, and parts of pennsylvania . These are major issues. You made a promise, you had better fulfill it. Vonnie you will have to come back and explain exactly how mark its all about the labor market, stupid. Obviously professor and former Boe Monetary Policy Committee member. We are awaiting the News Conference from congressional Democratic Leaders following their meeting with president the president talking about ways to save the Affordable Care act. This is bloomberg. Vonnie Democratic Congressional leaders have been in conversation with president obama about ways to block republicans efforts to overturn the Affordable Care act. Lets listen in. The president articulated the importance of preserving the Affordable Care act, medicare, and medicaid as only he can. It was an inspiring meeting for all of us, probably the last time the president will address the joint caucuses together. It was valuable to hear because the first big fight of this new congress will be over health care. Republicans are plotting and soon will be executing a fullscale assault on the three pillars that support the. Merican Health Care System the Affordable Care act, medicare, and medicaid. The republican plan to cut health care wouldnt make America Great again, he would make america sick again, and lead to chaos instead of Affordable Care. Republicans would create chaos in the Health Care System because they are stuck between a rock and a hard place. To put inno idea what place of the Affordable Care act. For years they talked about repeal, but for five years now they have had nothing to put in its place. It all starts with the aca. The aca is in delicate balance. President elect trump even expressed support for the three most popular parts of the law, preexisting conditions, allowing young people to stay on their parents insurance until age 26, equal treatment for women. While republicans will soon learn, that you cant keep the good parts of the aca and remove the rest of the law and still have it work. And that is what they are struggling with and thats why theyre not getting anywhere. What they would do would throw the entire insurance marketplace into chaos, plain repeal. It would increase costs for all americans at all income levels, it would blow a trillion dollar hole in the deficit. And now i see the president elect was tweeting again this morning. He said, republicans shouldnt let the schumer clowns out of his web. Well, i think republicans should stop clowning around with the peoples medicare, medicaid, and health care. The republicans are stuck. For years they promised every conservative group in america that they will repeal the aca, root and branch. Until today, they could make those extreme promises without suffering any consequences. They knew democrats or president obama would ultimately block any rollbacks in aca. Now republicans in congress are like the dog who caught the bus. They cant keep all the things that americans like about the aca and get rid of the rest without throwing the entire Health Care System into chaos. To one of the things they will hurt the most is rural hospitals right in their heartlands. The minute they enact this repeal, they are going to suffer dramatically in 11 states capitals, many in red states today are protesting the republican action. So, we are here today to warn the American People that the republican plan to cut medicare, medicaid, repeal the aca, will make america sick again. Instead of working to further ensure Affordable Care for all americans, they seek to Rip Health Care away from millions inamericans, creating chaos our entire economy. Now, as my colleagues will outline shortly, the republican plan would kick millions off coverage, whether it be medicare, medicaid, or the Affordable Care act. It would cause premiums of many people to skyrocket, the 75 million who are covered by private insurance, their premiums will go up too. It would harm hospitals in rural areas and put Insurance Companies back in charge. We stand here united. We are a united caucus. Nited in our opposition to these republican attempts to make america sick again. Now i want to turn over the podium to leader pelosi. You, leader schumer. I associate myself with your remarks. I too what to join you in commending the president for his presentation this morning to us. Of confidence, one of values. The Affordable Care act was transformative in terms of what it meant in the lives of the American People, and that health care in our country is a right, not a privilege. If there had been no other reason for us to pass the affordable, one compelling reason was cost. The cost to individuals, families, businesses small and to our Public Sector was totally unsustainable. So, we had three goals. One was to lower costs, others to improve benefits, and to increase access. In all three of those arenas, the Affordable Care act has been a big success. When we talk about rolling back the Affordable Care act, we are also having an impact on medicare. The Affordable Care act prolonged the life, extended the solvency of medicare, extended medicad. Medicaid. Said,ormer speaker politics is local. In this case, all politics is personal. When leadership talks about the 75 of the people who get their andfits in the workplace, that is so, they are affected by the Affordable Care act in that the increase in premiums is the lowest it has been in the years they have been tracking that. It has contained cost. It has increase the benefits package. As the leader said, no determination discrimination in terms of no annual limits. Woman is no longer a preexisting condition. The packages better package better, the rate of costs decreased, and the fact of many more people being insured, 20 Million People who are now insured who did not have access. The most privileged person in america has Better Health when everyone is in the loop. Republicans say repeal and replace. The only thing it has going for it is our liberation. They have no replacement plan. They have no replacement plan because they dont have the vote for a replacement plan. Isto repeal and then delay an act of cowardice. That means we dont really know what we are doing. That thecognizes consequences to them of just straight out repeal, without some replacement. Debate on a values our hands. Its very personal in the lives of the American People. A friend of mine just told me his grandson was diagnosed with leukemia. That child will have a preexisting condition for the rest of his life. Repeal the Affordable Care act, thats a problem great lifetime limits, thats a problem. If you are a senior medicaid, almost half of medicaid is about longterm health care. You want grandma living in the guest room . You repeal the Affordable Care act. You go along with, this is part of an initiative that is part of the budget that says we are going to voucherize medicare, block grant medicaid. This is a tremendous assault on the health and Health Security and Financial Security that goes with what the Affordable Care act has done for the American People. Make america sick again, is that what the republicans want to do . I hope not. Hopefully we can Work Together to find a path to address some of the concerns they may have, but not to undermine this pillar of economic and Health Security for the American People. It stands right there with social security, medicare and medicaid, which they want to undermine, the Affordable Care act president asked, are you ready . With that, im pleased to yield to the leader in the fight, and. Mark vonnie you have been listening to nancy pelosi talk about the meetingwe today today. You earlier heard Chuck Schumer talking about making america sick again, to borrow a widely used phrase of the Trump Administration. Xerox shares were up more than 20 on the news of the last two days. The companys ceo joins us now with a look at what is ahead. Congratulations. I want to ask you about your strategy. You say you will have to manage a declining printing business, a declining hardware business, and yet you are very optimistic for growth. Where . Thanks for having me today. What we have laid out for our operate in 85 billion market. Were a Company Built on innovation. We still have 12,000 active patents. We are one of the top 20 patent producing companies in the globe today. We are going to invest in the Growth Markets of the 85 billion market, and those Growth Markets are less than 85 billion. They range anywhere from 2 to 15 . We are going to couple that with the largest Product Launch in the history of xerox. Vonnie what are some of those Growth Markets . About 11 billion in revenue, three point 5 billion is what we call document managed services. We do Business Today with all the largest corporate entities around the globe, small, Medium Business market, communications providers, and School Systems as well. The Largest Companies around the world, they dont want to worry about their print. They want to worry about their Core Competencies. Our Core Competencies are all about taking a document from creation all the way to communication, if they want to integrate an interface with the clout in its current manner, if they want to translate in 35 different languages, those are the things we do. Vonnie will you be expanding into Different Countries than . We already operate in a 160 countries. What its all about now is how do we gain more shares, even though we are the market share leader around the world today, there are so many opportunities. Our market share is 23 . How do you anticipate the new administration impacting some of those relationships with those countries . I think the markets responded very positively to the new administration. We are monitoring, what we expect to see his regulatory reform, tax reform. We are hopeful that where we operate as a u. S. Based company that we will be able to do it on an equal Playing Field. We believe this administration will do that. Vonnie what does that mean in terms of equal Playing Field . There is a risk that some of our trade relations might go sour. Where are you proactively managing that kind of risk . We dont think it will be a significant risk from our standpoint. When i talked about equal Playing Field, it was more to make sure if there are tabs in certain countries, that the tariffs, we have a product coming into the u. S. Versus going to a global entity, that they are on an equal Playing Field. What we are focused on is how do we draw the innovation, how do we stay close to our customers. This is a Company Built on innovation. If we have an energized salesforce, we Bring Technology to the forefront of our customers, which we do each and every day, that is a winning formula. Vonnie have you had any communication with the Incoming Administration about jobs . Severalthere have been announcements about jobs staying in the u. S. Are coming back to the u. S. Is that something looking to be open that kind of dialogue opening the kind of dialogue . Would you be interested if there was to be some kind of incentive to keep jobs here are move jobs back here or expand here as opposed to externally, would you do that . We would always be open to listening to any incentives that would be good for our business. To us about your cost control, Credit Suisse talking about the idea that the dividend reduction is a good thing, and it will help. Where else will you control your costs . We always control our costs. We run the business very tightly. This is all about unlocking shareholder value. One of the ways of doing it is to make sure we have an organization. We will not use the word corporate anymore. Were going to be embedded in the organization, embedded with our customers. Productivity, its about how do we drive engineering into our products that we can interface directly with our customers. That, we driveof in productivity so we can invest back into the growth areas, such as packaging. There are 50 trillion pages printed today and only 3 of those digital. We are focusing on that because that is a growth opportunity. Vonnie printing is the future, in your words. You are valuing it by four times earnings as opposed to your peers, hewlettpackard, for example. Are you undervalued . The market will determine that. We are pleased with what we have seen in the first two days. Now that we have laid out our investor strategy, since we did a roadshow. We have speak spoken to about 50 different investment firms. They understand we can improve the revenue trajectory. We have dividend yields, certainly in the top 20 of the s p 500. We are attracted to investors. Vonnie do you have your eye on any small acquisitions . We are running our business for today. Anything that would help support the growth in manage document services, in packaging, the channelarkets, expansion, we will do whatever is going to return the best to our shareholders. That is what its all about, energizing our employees. Another two point 7 today. Congratulations and thank you. That is the xerox ceo, jeff jacobson. Mark lets check out what is happening with european equities. We are down today, bull market yesterday. We entered a bull market after the index rose 20 from february 2016. Down by 1 5 of 1 . This is the big corporate story in town, the u. K. Closing retail. Shares 14 lower, biggest decline since march. This is the first big retailer to tell about the Christmas Trading conditions. Its a bit of a blow for the industry, christmas sales were below analysts estimates. Caution is likely to prevail after the chairman sheave executive Simon Wolfson last year correctly predicted the year would be the worst since 2008. The rest of the industry will be listening very closely. We have weaker growth in the online business, slump in sterling. It is pushing up sourcing costs. Demand could be vulnerable to brexitinduced squeeze on spending power. Check out one of the big data points of today. This is u. K. Consumer borrowing, is next talks about the possibility of a slowdown on spending on shoes and clothing in 2017. Mostmers are borrowing the out of the fastest pace in at least 11 years. This is what this chart tells us, households continuing their spending spree, postbrexit. 1. 9 billion pounds, the most since 2005. Credit surged almost 11 last year, the most in more than a decade. This is providing an unexpected strong point for the economy since brexit, the economy growing by 2. 6 in the last couple of quarters. Iron ore, its important because iron ore prices are primed for a retreat this year after surging in 2016. The white line is iron ore. The powerful line is a bloomberg commodity index, massive outperformance. Capitalthe view of rbc markets, the most accurate forecast for the commodity in the final quarter of last year. Vonnie thanks for that roundup. Coming up, we will break down the topperforming funds from the ecb, the bond buying spree. This is bloomberg. Vonnie live from london and new york, im funny quinn. Mark i mark barton. This is the european close on bloomberg markets. Janus capital just releasing its outlook for 2017. The report says price approach is finally seeing an upward trend and the end is near for low growth. Joining us is a Portfolio Manager from denver. You talk about this fact that the market is awakening from investingbased backdrop to one of more normal growth. What does it mean for equities . A equities when we see such pickup since the truck election victory in november . It begs trump election victory in november . In my view it is clearly sustainable. We are transitioning from a market environment, a market psyche that was really fearbased, there were fears about oil markets collapsing, rates at historically low rates. All was emblematic of truly fear, if not panic in many markets, and you saw that reflected in equities. Election post the u. S. Is early stages of a reversion from that fearbased economy to one that is going to reflect investing in growth. It was said that the markets are underestimating the risk. It is a glass halffull rather than glass half empty standpoint from investors since trumps victory. What are the risks here . George they are multi fold. To had risks with respect trade wars, particularly with china and mexico. There is a risk with respect to changes in tax law. If the u. S. Implements a border ats truly th punitive, that would act as a de facto tariff creating more trade wars. You have frexit still to come and if that is sloppy, that could create issues. You have extreme politics, do we have a european breakup. Oute are clearly tensions there, and you have the risk of a rapidly accelerating u. S. Dollar, does that destabilize international markets, particularly emergingmarket currencies. I think what is underappreciated is a lot of the good that has come back, what we are seeing for the first time in many years is frankly a resurgence in inflation and real growth. Vonnie you try and take advantage of potential major upside. Where do you do it . It seems like a lot of the areas where you might traditionally think would be good areas have already had their run. George great question. But i think is the case is that is early stages. You have sectors in regions that have underperformed their peers for multiple years. If you look at banks and Insurance Companies globally, they are still trading well below their historical longterm averages. You can say the same thing about heavy Industrial Companies in japan and europe. If you look at chinese internet companies, they have also been hit, as a consequence of some chinese financial crisis. There is still plenty of room and opportunity out there. I think that thats one of the things that has shocked people. Resilient was very postbrexit, and that was a reflection of emerging science of growth across the world and post the u. S. Election, you are seeing that accelerate as you now have a much more probusiness, real economic, governmental stance and we have had in a long time. Vonnie where does the Collateral Damage fallout . Is it treasuries, emerging markets . George the Collateral Damage falls out in anything that is safety and low volatility related. Fixed income markets, in general, stand to suffer as people revert and flee fixed income markets as you have inflation reemerging, that destroys the value of fixed income instruments. The same thing for real estate, Real Estate Securities also suffer, as a consequence of reemergence of growth and inflation. Incumbent equities, telecoms, will suffer from a flow of funds of what i think are expensive and overpriced assets into assets that are much more economically sensitive and tied and will benefit from a reflection and reemergence of real economic growth. On inflation, you are adjusting your portfolio to account for the shifting expectations of inflation. We are seeing Different Levels of inflation. Eurozone inflation picked up today. 1. 1 . We are below the levels we are seeing in the u. S. Boosting inflation, in different regions, given the outlook for Different Levels of inflation, how should we adjust . It seems as if inflation will probably emerge first and strongest in the u. S. That is where growth has been. Icking up the most i expect that to continue, especially with respect to the more aggressive governmental stance. You are going to see tax reform, taxes will fall. Of will see repatriation u. S. Proceeds across the board back into the u. S. Economy that will be stimulative. You will see increased fiscal expenditure, and 80 Regulatory Environment in the u. S. Those things will be very progrowth. There are very stimulative and inflation producing great the u. S. Will be the lead driver of inflation globally. Those factors will also have spillover effects around the world, they will create growth and carryover inflation if thats across europe, japan, china as well. I think you are just going to be seeing almost a domino theory with respect to inflation where it starts off in the u. S. And roles everywhere else around the world. Mark thank you for joining us today from denver, george maris. Clothing Retailer Next forecasting another tough year after a disappointing christmas. Shares plummeting today, which is also seen as a blow to the entire industry. Joining us now, bloomberg gadfly columnist andrea felton. The biggest drop since march. Was the selloff overdone . Andrea i think it does look overdone if next is suffering. If next is suffering, other se retailers will be clothes retailers will be suffering too. Mark what makes next more special than the others . It is very well, very cash generous here. Est, to try to head off problems as they are with next directory. Mark we are not spending on clothes, on shoes. We are spending on leisure activities. Is that the 2017 take away . Andrea it is. Clothes, on shoes. Plus, this year you have prices going up for clothing. Broader upticka in data today showing sales strong, consumer borrowing. Fastest pace in more than 11 years. When will we see this stop spending by consumers . Andrea i think it will be inflation it will be when inflation ticks up. Will we will all have to adjust to that in one way or another. Mark andrea, thanks. Bloomberg gadfly columnist, andrea felton. For more commentary, go on the bloomberg. Vonnie president elect donald trump says he will nominate jay clayton as chairman of the sec. We will find out more about the settlement and cromwell partner next. This is bloomberg. Vonnie live from london and new york, and vonnie quinn. This is the european close on bloomberg markets. The ecb this is the european cle on bloomberg markets. The ecb bought 52. 3 billion in notes from 22 across 11glencore, its spread seen as narrow since july 15. Joining us is a bloomberg credit strategist. If you were buying bonds when the ecb started buying corporate industries. Debt, glencore, three issues for the ones to buy. A lot of video syncretic has gone into that since january. Never worried about commodities, about china, metals and mining. Glencore has gone through Debt Reduction and rallied significantly. That has been the best performer. Cb, if we were looking at whether it has made or lost money on the 778 securities it has bought under the program, what are the spreads telling us right now . Netnet, we are marginally wider. Its marginal. At the end of the day, its irrelevant to the ecb. They are taking bonds out of the market to create liquidity. The chairman of nonexecutive director at glencore. What can we expect in the next round of details . Where will they need to go . What kind of interest is have been so successful for the ecb inudstries had been so successful for the ecb that they will go back there . It has been a Successful Program for the ecb. That is real money, investors are being crowded out. You can see, looking at a spread, historic chart of the european highyield index, there has been a very solid tightening of spreads wildly ecb has been accumulating. The ecb will continue to buy it extended the program through the end of next year. If they have to extend further, they will move away from nonfinancial industrials through two the junk bond, the weakest performer of their portfolio since inception, is the german fertilier. Fertilizer. That being downgraded to junk. Financials might be the next area if they feel they need to go further. Its a great trivial if you arestion, into that sort of trivial pursuit, which i am and you are. The liquidity of the market itself dictates where the ecb can buy bonds from. Mark thanks for joining us. Elaborating on the returns of glencore, kms, and the ecbs bond buying program. Vonnie clearly marked, i cant wait to play trivial pursuit with you. A key post in the Trump Administration incoming, he is electing jay clayton to succeed mary jo white. Clayton is a longtime attorney at sullivan and cromwell and has been involved in many deals. In a statement, trump says clayton is an expert on many aspects of financial and regulatory law and he will ensure our Financial Institutions can try and create jobs thrive and create jobs while playing by the rules. Ben, what do we know about jay clayton . What deals has he been involved in during his time at sullivan and cromwell . One of the things president elect donald trump did mention, indeed some of the firms that mr. Clayton represented, most notably goldman sachs, and among others, we had Oaktree Capital group its interesting. Whoave clearly a lawyer , and oftenities lost representing some of the clients , some of the firms that are regulated by the sec. Its creating an interesting dynamic. He wouldnt be the first layer to come from the side of representing a lot of the investment firms and banks that of,sec has some oversight but after the president elect spend his campaign at times rallying against wall street, it is certainly a choice that a lot of people will be watching to see how this ultimately plays out. Vonnie what in terms of hedge funds has he been dealing with . We know he has a background on several deals . Sure. To ld certainly point Oaktree Capital, two of his clients, even his firm mentions billboards on their website in terms of some of his work. No doubt, this is a very who a lot ofawyer his colleagues in the legal community, some of whom we have reached out to, speak highly of him as an attorney. And certainly someone who has a area, experience in this but indeed has represented a lot of the firms that at this point, if he is indeed confirmed by the senate, the sec will have some regulatory role in. Mark thank you for joining us. Top of his to do list is to create jobs. Many ask what regulations will be undone. It was a bull market on tuesday. No such luck on wednesday. Gains in london, no change in germany and france. More decline for the stocks europe 600 today. It was a day dominated by one company, one corporate entity here in the u k shares getting absolutely pummeled, down by 40 today. Next today the closing retailer cutting its annual forecast and predicting a difficult year ahead. Thats it for the european close. Bloomberg markets americas continues. This is bloomberg. Vonnie im vonnie quinn. David im david gura. Welcome to bloomberg markets. We are covering stories from washington to new york and paris this hour. Vice president elect mike pence calling for an orderly transition to repeal and replace obamacare. Bloomberg pursuits compiled a list of the 20 hottest travel destinations for 2017. Julie hyman joins us with the latest, a look at the markets. Littlewe are seeing a bit of a gain building on yesterdays momentum and recovering from the declines we saw the last week of 2016. The dow holding onto a gain of 43 points as it continues to make steady progress towards 20,000. The nasdaq
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