End of the wednesday session. It has been a topsyturvy day. The stoxx 600 is higher. Greece, iceland, austria, and norway these currencies rising in the second column against the dollar. We are seeing yields decline across the european bond space today. Commodities and cbs are your far two columns. Crawls back carlsberg shares down with the biggest the client since august. It warned that russias beer market will shrink at least 5 this year, stunting the Growth Prospects for the brewer of two aboard beer tuborg beer. It is declining due to a prohibition of selling beer and 1. 5 liter plastic bottles that took effect at the beginning of the. The russias business was the brightest star, generating half its profits in 2009. Plunging oil sanctions, recession, higher beer taxes carlsberg only gets a fraction of its earnings there. Operating sales but missing expectations. Up the most since november. The drugmaker fourthquarter profit beating estimates. It is helped with the increase of its multiple sclerosis treatment. Profit could drop this year as it pursues new drivers of growth decline roots biggest seller diabetes treatment. Its new drugs one backing and now is up two thirds of 1 . Story ise and germany concerns rising about the upcoming French Election with the first round of voting in april. This is the spread between the french and german 10 year, highlighting how far and how wide it moves on days of Political Risk. That is brexit. You saw a big spike and the widening of the spread. That is the u. S. President ial election. Was the spreadn widening the most since 2012, sending the spread 10 basis points wide. It highlights how Political Risk right now is affecting european bond markets. 90 minutes into the trading day on the u. S. , Abigail Doolittle has the latest. Hows it looking, abigail . Abigail we are off the lows for u. S. Stocks and looking at a bit of mixed trading for u. S. Averages. Trading higher are the s p 500 and the nasdaq. The dow is down by a little bit more than 1 10 of 1 . All this is after mixed trading action yesterday as well. It is worth noting that smallcap russell 2000 is still down, down for the third day in a row. We cause behind this turn will get to, but lets look at safe haven assets, which suggests a bit of a risk off tone. We do have the 10 year yield down five basis points. It is the first time it has happened since june of last year before brexit. It does tell us investors are seeking safe haven bonds. We have the dollar trading lower against the yen. Gold is added threemonth high. There is a bit of a haven bid. As for what may have helped turn stocks higher, we are looking at oil. Oil has been on a bit of a roller coaster ride today. It was down earlier and now we are seeing oil spiked higher by half a percent. This was after the government report showed that u. S. Gasoline supplies unexpectedly dipped. This seems to be giving oil a bit of a good. All these asset classes, yield and oil are influencing micro stocks action. We take a look at the s p 500 imap. This is a great look at what is happening sector wise. We are starting to see more green, but up top, we have utilities, real estate trading higher. Those are great sensitive stock sectors. They tend to do better when rates are lower. We have financial being weighed on by lower rates and energy has been the worst sector, but it is now recovering just a little bit with that oil trading higher. Its going to be very interesting to see how the day plays out. Onnie exactly abigail, thank you. We will check in with you in a little bit. Let us check in with markets and the stocks near record highs. One prominent investor is betting on gold. He started buying gold in late december come the reversing sales he made after the u. S. President ial election. The precious metal has been on the rebound since. Joining us now is liz and saunders, chief investment said just at trolls Investment Analyst at charles schwab. We dont have an official stance on gold. We think it is a play on political uncertainty. I remember listening to stand druckenmiller back when he initiated the position in the immediate aftermath of many Central Banks globally. Was that a negative interest rate, a purchase of is a negative carry interest purchase because you dont get a yield much like you dont and gold. Im not sure what the rapture now was the rationale was behind the sale or the purchase, but talking to some of our investors who have been nibbling back in gold, it tends to be kind of a hedge against political uncertainty. Vonnie that is gold. You really never know. People just buy it for buying sake. Liz ann its a vehicle now for Exchange Rate funds that could be traded more easily by individual investors, by shortterm traders. It is therefore at the mercy of Investor Sentiment more than it has been in the past. It is not always the case that there is a fundamental underpinning to either a wave of selling or buying gold. K you warner of a shopper you warn of a sharper pullback if we get a trade war playing out. We had Jeremy Siegel on yesterday, who said on the flipside you could see 10 upside to equities if tax cuts come through and further upside on top of that is deregulation plays out. How do you weigh both sides . Give us some sort of figures they could have on the market. Liz ann it is a bit bipolar right now in terms of implications of policy and the priorities. We have had the view that protectionism is largely a negative thing. Much like with the military war, if it ends up in a trade war, those are lose lose propositions. Toortunately what seems to have happened is that it has moved up the priority spectrum. At the same time, the timeframe associated with the fiscal stimulus, whether its repeal and replace of obamacare or tax cuts on the corporate side or tax reform more broadly, it seems to be getting pushed out further into 2017 if not into 2018. I think it is a bit of about. The market teed off of those progrowth policies in the immediate aftermath of the election. Part of the reason the market has settled down into a range bound environment is the concern the protectionism stays at top of the priority spectrum. Vonnie where are we in the cycle . It safe to avoid cyclical . Liz ann ive had the view from day one and 2009 that this is a secular bull market that began in 2009. That does not mean you do not get cyclical periods of downturns. Are going to get a little bit of a lift in the economy may be not to the degree that many expect. The less of the stimulus portion happened earlier in the year than what appears to be the case right now. The good news is that the potential is there because of confidence having picked up. I like to see a pattern in the markets to what we have seen, which is a rally in the markets and then you get a correction in time more than impressed. That you long its the stability of the bull market. From a different standpoint, being on the more cyclical end of the spectrum makes sense also with a focus on value. And any lowercase value. Do not blind of lower russell assets. You can buy more stocks in the defensive areas like utilities in telecom. Are three favorite sectors are technology, financials, and more recently health care. In the case of health care, generally housed in the growth indexes. Mark financials have done well here since their lives in july. Ir lows in july. We are seeing more positive comments on europe from bond managers. There seems to be more interest in europe with some saying maybe there is too much talk about when it comes to Political Risk. How is your stance on europe . Liz ann are view and my colleague covers the nonus markets inclusive of europe and our view is that the economic and earnings news has been a bit better than what has been anticipated. You see that in economic surprise indexes. We also think a decent amount of that goodness has been priced in and that inflection points matter. When youre not at the top of the in flexion point or getting close to it, the bar has gotten set fairly high. Where we think the potential risk is to your point. Looking at the elections coming up in france and italy and germany. Those can represent some volatility in the markets that i dont think is currently being priced in. Vonnie overvalued or undervalued . I know you are thinking relatively here. Take Something Like the nasdaq, which had a record yesterday. Liz ann i think the market in general. First of all, valuation is in the eye of the holder and a funk and of what metric you use. I could go out on the streets of manhattan and find a rating bowl and a rating bear and most of them would site valuation for the reason further viewed. View. The for their when we see a big shift in earnings as we have over the past couple of quarters, going from an earnings recession back ,nto a strong Earnings Period that is not the time to Value Companies based on trailing earnings. Inclusive earnings is of that drop in the market moves forward on earnings. If consensus is correct that we are going to get healthy doubledigit growth in earnings, that puts valuation at no worse than about a fairly valued. I think the market is not cheap which if earnings do think need to do more the heavy lifting. We are not in a market where we can do you expansion without e also growing. If we get some of the fiscal stimulus, that is not baked into 2017 ascension yet assumptions yet. If we can bring that students into this year, that is better for the e part of the pe. Vonnie the possibility is there. Onders. To liz ann s mark lets check in on the bloomberg first word news. Courtney donohoe has more. Trumps president travel ban is likely to end up at the Supreme Court. A federal Appeals Court has heard arguments from both sides over the ban on travel from seven predominantly muslim countries. The president spoke today to launch horsemen officials meeting in washington. Its really incredible to me that we have a court case that is going on so long. As you know in boston, we won it with a highly respected judge in a very strong opinion. Now we are in an area that lets just say they are interpreting things differently than probably 100 of the people in this room. Courtney one of the key issues the court is considering is whether states have a legal right to attack the administrations immigration orders. The senate is likely today to confirm senator Jeff Sessionss nomination to the attorney general. Lawmakers will do it without hearing more on the floor from senator elizabeth warren. Senate republicans barred a democrat from the rest of the debate. She read a letter attacking sessions written by the widow of Martin Luther king jr. Republican say she broke rules by criticizing the conduct of a fellow senator. There is a report that yemen will no longer let the u. S. Run special operations Ground Missions against suspected terrorist groups. According to the new york times, yemenis are angry by casualties caused by the first commando raid approved by President Trump. A member of the navy seals was also killed. Larry fink says businesses are in flow down because of uncertainty. He told a Yahoo Finance conference that companies are unsure whether congress and the Trump Administration will enact policies that energize the markets after the election. He says the markets are probably ahead of themselves. 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. Mark coming up, the u. K. House of commons is expected to pass article 50 a little later. Still a bit to be done before britain exits the eu. All the details next. This is bloomberg. Mark live from london, i am mark Barton County down to the european close 15 minutes away. Vonnie i am vonnie quinn. Mark lets get back to the Brexit Debate with the house of commons expected to pass the article 50 will. L lots of steps before lots of steps before from mr. Y cane minister wma go. She had to give a further concession yesterday to some tory rebels. Nejra that is right. In terms of the vote happening today in around three hours time after mps have been debating the amendment to the brexit bill this afternoon for the third day, we are expecting the vote to pass the house of commons. It would then go on to the upper house of laws come a which is unelected. Before to be made into law at theresa may can be allowed to trigger article 50. It looks like the timeline for triggering article 50 by the end of march could still stay intact. There are a number of rebel conservative lawmakers who are threatening to support the opposition amendment. There are more than 250 amendments in 146 pages of what is just a 137 word bill. That has forced theresa may to make a concession. That concession is once article 50 has been triggered and the u. K. Is looking at coming to a deal with the eu, that deal needs to go to parliament and needs to be voted on before it is passed to the European Parliament for ratification. You might say thats great and it means a better deal for the cake, but heres the key thing. Told yesterday is that lawmakers and the u. K. Will not be able to say we dont like this deal you need to go back to the eu and renegotiate. They will have to either take it or leave it. If they were to leave it, that could put the u. K. In a difficult position where it has to revert to the wto terms for trade. Mark yesterday, they overwhelmingly backed the motion opposing the start or the indication of article 50. That vote sparked this reaction today from Prime Minister theresa may. The Supreme Court was very clear that the Scottish Parliament does not have a veto on the triggering of article 50. Is going through the house obviously is giving the power to the government to trigger article 50. I would also remind him of this point because he constantly refers to the interests of scotland inside the European Union. An independent scotland would not be in the European Union. Mark we could be heading toward at least another independent referendum debate. Opposition within scotland rages doesnt . It . Nejra yes, there has been a new poll in one of the newspapers that actually shows that gap narrowing. 51 to 49 in favor of scotland actually leaving the u. K. 45 in the 55 to independent referendum. What that shows is growing concern really that scotland could leave the u. K. Theresa may was right on one point in that this up in court says the other nations would not be able to block article 50. It is just for the houses of parliament in the u. K. , england, and london who are able to do that. If you look at stirling, another of strategist a number of strategist getting more negative on sterling. It is on the point that if the houses of parliament are not happy with the deal that theresa may gets with the eu and decide to go against it, the k could be left on a cliff edge. Mark nejra cehic from westminster today. At tonguetied mark barton today. Vonnie still had, our guest is davide serra talking about if the run in financials will continue. This is bloomberg. Mark live from london, this is the european close on bloomberg markets. Just six minutes until the end of the wednesday session. Vonnie in new york, im vonnie quinn. Mark looking at the pharmaceutical sector today with lots of earnings on both sides of the atlantic. Glaxosmithkline be estimates. It warned that generic drugs in the u. S. Could cut into profit growth. Sanofi said profits declined slightly less quarter. Deficiencies at one of its thets has one tend to vacuuming from regulators, alleviating concerns about to new medicines. Lookingwe are at earnings from gilead. Earnings are fading fast. Allergans plans to limit price increases did not hurt sales either or profit in the fourt h quarter. Both profit and earnings rose ahead of estimates. Time for the latest Bloomberg Business flash. Australia want to transfer to sit a transpacific trade deal. We spoke to australias trade minister. There were a lot of hardfought gains that were achieved through intense the negotiations over many years in relation to the tpp. I dont want and i know a number of other countries dont want to let those games slit throat fingers. Games slip through our fingers. That is why we can have a tpp 12 minus one. That means less the United States given the u. S. Doesnt want to be a part of it. Vonnie in one of his First Official acts, President Trump pulled out of the transpacific trade deal. On realis bulking up estate loans. It loans a record 15 billion for commercial property last year. Metlifes ceo has retreated from hedge funds and is looking for less volatile acids. Assets. That is your Bloomberg Business flash for this hour. Mark we are about four minutes away from the end of the wednesday session. Stocks are higher. They have been up and down. We are up by a third of 1 . The second day of games in three. More games for the ftse and a small drop for the dax. Closes four minutes away close is four minutes away. This is bloomberg. Mark live from london and new york, this is the european close. I am mark barton along with vonnie quinn. We are up for the third day. We have been stuck in this range for the last couple of months, the 2 range. Hsbc strategists only see a modest equity upside. They are cautious, citing the heavy political calendar which they say reduces visibility and is likely to weigh on Investor Sentiment. Abb, the Swiss Company that makes power grids, shares down 3. 9 at one time, the biggest drop since october. Global uncertainty is clouding the fourthquarter profit. The oil and gas industry is hampering efforts to ramp up the growth. The Company Remains steadfast in powercision to keep a equipment unit. Spun off shares have risen 37 in the last year. A big day today for rio tinto, it will buy back 100 million of shares. It is the first gain in annual profit since 2013, all to do with higher iron ore prices. Did fall less than the estimated 20 and that reflects the new 12 , and that reflects a new policy. Last those 13 year lows january, anglo up 500 . Bhp by 140 . 140 . Nto by up up by a chart showing emergingmarket companies are rising twice as fast as thought. The msci emerging markets members has jumped 5 , that is the white line, compared to a 4 increase in the msc world index. The gap is the widest since 2012. High commodity prices, Political Risks in the u. S. And u. K. Driving investors to developing nations stocks. Vonnie i am looking at the dollar, when you know. The index is staying above 100, giving us gains for the day. Bb h saying it is showing resilience. The dollar with resilience. Gold futures, we were talking about them earlier with stanley druckenmiller. Talking about why gold may be going higher, including the etf aspect. We have plenty of oil. This is supposed to be wti crude which is at 52 and change, up one half of 1 . I want to show you the renminbi, trading weaker at 6. 84. Intel is going to be meeting with the president and that is scheduled for 12 40 p. M. Eastern today, according to an updated schedule from the white house. Look at intel shares, they are rising just after highs of the morning and are still up two thirds of 1 . The intel ceo meeting donald trump at 12 40. A freeze on the travel ban remains in effect as the Supreme Court considers a ruling. The threejudge panel questioned attorneys for and against the travel ban for more than an hour. On bloomberg daybreak americas, david westin had an exclusive interview with Eric Schneiderman , who has joined a lawsuit pending on the west coast. I think the likelihood of success is very strong, and this is one of many cases brought across the country by my office, attorneys general. So it is not completely clear which case will reach the Supreme Court for ultimate determination, but it is moving faster, the Washington State case, than any other. It seemed the judges were most impressed by the argument and asked a very direct question can the president issue an order banning all muslims from entering the United States . Representatives of the federal government had a hard time answering that question. I think the answer clearly is no, and the judges questioned the intent and effect of the order, which is the proper inquiry. It is clear to me with the language in the order and what has been said by trump and others, the intent and effect of this order is to discriminate against muslims and favor christians. Connectiona critical because the order did not ban all muslims. It was seven specified countries. That is a false argument. This was identified by the Obama Administration that companies were countries were getting in without visas. They said, we are expanding the list of countries where even if you have a u. K. Passport and a passport from yemen, we want to make sure you have to get a visa. It never banned anyone from coming here. You do not deny their seven countries have been particularly associated with terrorism . As opposed to pakistan . The only thing this does is discriminate against muslims. What is the new york state interest in this . Thelose to 23 of population of our state comes from other countries. State institutions including universities and hospitals depend on people going backandforth from these countries. Our tax and finance sector, and this is something that is the lifeblood of new york economy. Certainly you do not deny that the constitution of the United States is special powers to the president in areas of national security, as well as immigration. Traditionally the courts have deferred to the executive branch. Everyone concedes that. There is not one of my colleagues that denies that. But the president s power is not free of the limits of the constitution. You cannot say, we are banning all jews or muslims. There are limits. The government was on the edge of arguing a president can make any order he wants to immigration and it is not reviewable by the judiciary, so this is a test of the american system and the rule of law. Of our that was part exclusive interview with Eric Schneiderman. I want to get to Abigail Doolittle at the markets desk. Shares of to sorrow spiking. Julie the Biotech Company abigail the Biotech Company the sharesrply as are certainly spiking sharply higher on this mark, investors are taking it seriously. We will be digging more into this and coming back with more information. Mark our guest is davide serra, talking about whether the running financials will continue. This is bloomberg. Vonnie this is bloomberg markets. I am vonnie quinn in new york. Mark in london i am mark barton. Vonnie it has been three months to the day since the president ial election and since then financials have returned 17 amid promises of deregulation. Bloombergs editor at large Erik Schatzker is here. Erik i am here with davide serra, ceo of the Largest Hedge Fund in the world specializing in financials. Donald trump has made many promises about what to do with u. S. Financial regulations. I want to start with you on european banking and in particular, italy. Righte buying into the soft ring being conducted by unicredit. Why . Is an institution but it has a core footprint between core europe, germany, italy, and it basically has an npl problem due to the a sally italian recession. It went from 100 to 90 and is on its way back. I think there is value. They are raising capital at a 40 discount to theoretical value. I think as a result it is a great entry point to the european recovery. I think 2017 in 2018 could be a european surprise as too many people are upset about Political Risk. Ofreminds me of the risk people saying donald trump could be elected, and when it did the markets took off. I think the same will happen in europe. Erik unicredit shares are trading slightly north of 12 euros. How much upside is there to that stock . Davide think about it this way, ebitdat is the socalled , i think right now they are less than three times so in u. S. Context it is like when bank of america was trading at five dollars in 2009. I think you could easily have a double up in the unicredit share price. Erik over what period of time . Davide two to three years. Erik you are building a position of what size . Davide it will be one of our key positions, 7 to 8 across our equity strategy. We are ready on a lot of credit. Debt, so issued hybrid it is like a trust preferred. It is yielding nine and a half percent just a month ago. We took a 120 million risk. Erik you are effectively doubling down already. Are you going to triple down and buy some of the npls they have to blowout . Davide we are also the largest investor in the npls in italy in the space. Asset byoking more at asset in this space, and we will have to auction lots of assets. We have already bought assets from them. Erik unicredit is not the only italian bank with an npl problem. Isre is a huge problem that been sized north of 350 billion euros. The finance minister says the nonperforming loan issue at the italian banks will cure itself. What is he talking about . Davide lets look at the numbers. The actual npl is about 200 billion and then you have 160 on the watchlist. Erik that is how we get north of 350. Davide less than 60 will become npls. Have the cashyou coverage provision at about 140. You have a net of 120. For120 has collateral value 150, 160, so there is collateral value visavis the actual net. Is there a big macro problem . The answer is no, because you have 160 of actual, 120 net. A concentration issue, you have monte dei paschi, unicredit, which have way too much nonperforming loans. So i think we are at the phase where given 20 billion Capital Raise from unicredit, 7 billion asset sales, 20 billion public 45k in the rescue fund, and billion, you basically have 45 billion of equity out of 120 equity. Erik not a big leverage ratio. Davide ratio. Davide i think right now we are ok, it is not an emergency. You actually need to execute and start shrinking the npl, which is what the ecb has asked them to do. You are going to see banks selling portfolios, which is one of the reasons why we are raising our npl fund to one billion euros. Applied 500 million of the last two years and the risk reward continues to be exceptional. Nerale . Hat aboutge davide it is a 160yearold university institution. Years ago they started selling Life Insurance products. So in 50sa, years they became bigger than jenna rally. Clearly they know how to sell products. The issue is domestically there could be synergies on the nonlife side, differently than the u. S. As a retailer here, you have mutual funds, credit cards, insurance providers. In europe you go to the same shop. Generale, the actual bank sells seven or eight products. In italy, there is a reason for more crossselling. What is not clear are the capital synergies, the execution. Ost, the overlapping i think now it is more a case study rather than an actual offer. Erik lets talk about european banking more broadly. It sounds as though you are certainly positive on unicredit, the future of the italian Banking System ok. What about the rest of europe . Britain is leaving the e. U. , elections in france and terminate germany, tensions imf. G among greece and the davide lets start with Political Risk. I was in france last week. I think the probability of as president , is very high. That could be extremely positive for france because basically you get a guy who does not think like the right but forward and backwards. I think markets will be to bearish. In germany, i think the appointment of the spd is fantastic news. He is truly proeuropean. The Trump Administration and brexit, i think it is the best thing that couldve happened to the e. U. We were so comfortable to be in the European Union where you always looked to them to make a decision. The u. S. Is saying, we are going to look after our self. Is the u. K. Is doing the same so they need to say, are we together or not . What is the program . Erik sounds like you think the chances of a eurozone breakup are diminishing. Breakup is european a fantastic anglosaxon weathering. It is great for the media. This is a political project that started seven or eight years ago. I think in particular at the time of brexit and donald trump, European Values will be seen as unique. Think about it, one day in the u. S. You have more people being killed than we have in one month so it cannot be that bad. Since he invoked donald trump, let me ask you about deregulation. He ordered a review of doddfrank and put a halt to the fiduciary rule implemented by the department of labor. That day, Goldman Sachs and Morgan Stanley popped more than any other bank. What is the market telling us . Davide two things. The first, in u. S. Financials we are pricing basically the fed hike rates, that donald trump will bring that regulation, and we go back to what i would call semicowboy days. I think the fiduciary trust root is key route is key. When you go to a pharmaceutical shop, you want to make sure the pill they sell you does what it says. When people trade with them, they need to have fiduciary trust. I think the fed, the regulatory side will fight with donald trump. That does not mean that regulation cannot be reined back in that area. There has been too much capital put on sme loans. In america, if you do not have a 755 goes for you cannot bank with one of the top fica score, you cannot bank with one of the top institutions. Erik what is the bottom line, these banks are overvalued . Davide i think upside from here is very limited. Erik fully priced . Davide fully priced around that. This is not a science but an art. Our view, we have a huge weight in u. S. Financials, 20 to 30 . I always said jpmorgan will print five dollars to six dollars. Morgan stanley, i said that was one of the best investments you could make. Now as italians pare back and settle 40 of our assets, we are europe our assets into where they keep talking about Marine Le Pen and terrorists, and we think it is time to invest in europe. We think this will be the surprise for the next two years. Last year european gdp was stronger than the u. S. No one wouldve thought that four months ago. Erik i thank you so much. Itide serra, you heard yourself, time to pare back in the u. S. And pour money into europe. Mark coming up in the battle of the charts, it is china versus the u. K. This is bloomberg. Vonnie it is time now for our global battle of the charts where we take a look at some of the most telling charts of the day and what they mean for investors. You can run these access these on the bloomberg by running the functions at the bottom of the screen. Mark barton versus emma chandra. Emma what it is showing us is Global Economic policy uncertainty. You can see china, that is the amid speculation of what the chinese will do with the yuan. We see more currency control question mark what will be more interesting currency control . What is more interesting is that position of the euro. It leaves uncertainty in the , which is surprising given many of Donald Trumps policies. People are concerned about the spread of populism and that will be very important as many countries in europe go to the polls this year. France, germany, the netherlands , this is showing us a lot of people are quite worried about what 2017 holds. That is my chart. Vonnie she did not leave you much time. Mark sometimes we have these little surveys which might have massive implications. This is a survey from the recruitment and employment federation. Happened, u. K. Starting salaries rose the fastest in nine months. U. K. , itation in the matters because the bank of england said there was more slack in the labor market. The Unemployment Rate could fall to 4. 5 without generating inflation. A member of the boe says she is uncomfortable with the policy stance with inflation quickening. She may vote for a hike in interest rates. Are we beginning to see the real beginnings of a real, proper inflationary debate in the u. K. . So many implications to what you say, it could even be that Companies Need to pay more to attract talent at the very beginning because of what is coming down the plank. Dark, i think youve edged it today mark, i think you edged it today although i was extremely keen on ms. Emmas. Mark take a look at where markets ended, we are up for the third day in for. The stoxx 600 gaining. It was a topsyturvy kind of day. Bloomberg markets continues. Vonnie it is noon in new york, 5 00 p. M. In london, and 1 00 a. M. In japan. I am vonnie quinn. Julie i am julie hyman. Welcome to bloomberg markets. From bloomberg World Headquarters in new york we will take you from San Francisco to washington and athens in the next hour. Here are the top stories on the bloomberg and around the world. U. S. Stocks reversing earlier declines although it looks like they are little changed at the moment. Treasuries are rising for a fourth day ahead of a 23 billion auction of 10 year notes , and gold is hitting a three month high. Stand druckenmillers bet on the precious metal pays off. He sold his gold position on Election Night and bought it back. What made him change his mind . Is a 32nd anniversary of the nasdaq. It is hitting another alltime high. Friedmanpeak to adena
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