International banks reacting . We will survey the landscape with the ceo of bank of montreal. European equities trading, 30 minutes until the finish of the tuesday session, gm go your function. Today, investors seemingly ran out of breath after the last week i, the second column forex and sterling down. Sovereign bonds and commodities and more corporate news, europes biggest power producer in the news, shares down 1. 6 . Ofale of 4 billion euros shale to bolster its Balance Sheet and fund its share of a plan Nuclear Plant in southwest england existing investors to buy three shares for every 10 they hold at six euros 35 a piece, a third lower of mondays close. The french state owns 8 to 6 will subscribe for about 3 billion euros. The Company Announced the sale plan last april, saying it was subject to market conditions. Shares lower today. Factory orders out of germany plunging, this goes back to 2011, at the steepest pace since 2009 with demand for investment goods weaker. Very volatile data series orders adjusted for seasonal swings and inflation fell 7. 4 in december when they increased 5. 2 . It is volatile, the median estimate for 2. 5 decline which breaks a string of data pointed to a buildup in momentum and europes biggest economy. It serves as a reminder that germany is not fully insulated against risks. Data out of the eurozone, domestic spending driving growth in the Fourth Quarter, trade staffing out but gdp rising. 4 matching early estimates and the rate of expansion, the previous quarter. Adding. 2 onsumption to growth and Government Spending and investment contributing. 1 . 90 minutes into the trading day in the u. S. And julie hyman has the details. Julie a little bit of a bounce in u. S. Stocks off the lows in the session with the nasdaq turning positive, up by nearly five point. S p 500 on an intraday basis, you will see it, climbing from the lows, although down a little bit from the high session. The s p intraday seeing a lift and pull back. We have a chart. The improvement we have seen throughout the session. And almost went to the unchanged level and came back down. As evidenced by the gain in the nasdaq. Outperform a month largecap apple, mike recep, texas instruments, apple gains only 2 10 of 1 . Examples of large cap tech climbing. The opposing poll of technology, on the one hand, health care. On the other hand, as we look at the effect of this new Health Care Bill introduced. In particular, we are seeing drugmakers underperforming, having nothing to do with the built by the president tweet that he would come up with some sort of competitive drug pricing system. Care is one ofth the stocks amidst the groups being affected by this Health Care Bill, within hospital in one of the most vulnerable groups. We have seen a decline in health care stocks, people but coming in the wake of that. The number of the chart, the strength index of the S P Health Care index. The last time we saw into the socalled overbought zone it pulled back and that is happening in. With the drop today, it is out of the overbought zone. Too much ofhad seen a crime given the outlook for this now revision of the health care policy. Mark thank you. Lets turn to the latest on brexit. Sterling falling to a sevenweek low against the dollar. Sterlings drop come as the Prime Minister faces a setback in the house of lords. Joining us is ever brexit editor. That is our brexit editor, what amendments will be added to this bill . On a meaningful vote, they will try and get theresa may to subject any deal she strikes in a couple of years to parliament for a meaningful vote. Downing street would not like this. They would view it as an impediment to negotiations. They worry that, if it is allowed in, the europeans would purposefully pushed a bad brexit deal forward and the knowledge that it could step on the chance later on. Undermine the negotiating position and they would like to see none of it. Mark is it a blow . A bit of a disappointment, had everything gone to plan, march 8 we would have seen this bill turned into law. Theresa may could have gone to brussels on thursday and friday and submitted her divorce papers. We look at next week and the chatter that even if you get permission, even if the bill passes next week after parliamentary wrangling, we may look to the end of march before article 50 is triggered. Vonnie at that point it is all systems go, right, once article 50 is triggered, the next steps will be much quicker . It may not be all systems go. Instead in theory, it could be, the power passes to europe been, an issue focused on westminster, the european leaders have been clear in saying that they will not negotiate anything about brexit until notification. If theresa may notifies them at the end of march, you are looking at european leaders going together perhaps in april or may and setting the guidelines for the negotiations on their site that will be led by Michelle Garnier of the european commission. Then it is a case that europe could relax a bit. The u. K. Is against the clock but actions in france, alexa and send germany later elections in germany it later in the year and they could try to box the british and, they only have two years or less given that the European Parliament was signing off on it. It could be all systems go. There could be a flurry of activity and not much for a wild. Vonnie marker reaction, weaker sterling, other developments around the world, what is the next market moving brexit relation issue likely to be . Investors are united in saying that article 50 is triggering it will not elicit much of a market response, there could be some elements of selby pound on the fat. Selby pound on the fat. There may be residual feelings on the market that it will not happen. That would be the next event to watch for or any sign the house of commons will make it harder for theresa may next week. Mark tomorrow, deal issuance could be low . Could be the lowest in a decade, the bloomberg forecast. Another sign the economy has done better than a lot of people predicted. Do i have to learn about warhammer . Mark it is again for this in my hometown of nottingham, it has done really well. Most of its sales come from abroad. Warhammer produces models and you think them and play a game. Mark like brexit . A brutal game according to the rules. Brutal game which the losers leaves losers licking their wounds. Mark our brexit editor simon kennedy. Another hot spot in europe, the Upcoming Elections in the netherlands, pulling shows the antiislam antieu Freedom Party is losing support to the liberals led by the Prime Minister. Latest. The why, according to the polls, is wilders losing support . Various subjects why he is losing support. The big reason is because he has been our populist in the netherlands. He has been very much supporting donald trump. Every time donald trump send out a tweet, donald trump says this is an amazing idea and it turns out a lot of voters in the netherlands who tend to support the Freedom Party, they do not necessarily support the measures taken by donald trump. That is something unexpected but not working in the benefit of wilders. He also has not been very visible. We had our elections on the 15th of march, a bit more than one week to go and he did not show up at campaign events. He declined to attend debates. The reason he was not campaigning was dealing with security. He is eating it up quickly because he knows he has to work hard. He is speeding it up quickly because he knows he has to work hard. Vonnie why is the other candidate benefiting from the sliding in the polls of wilders . That is interesting. The people who are supporting others do not like the candidate the Prime Minister wilders has been campaigning for four years against the Prime Minister and the policy measures they took. They took measures cost cuts for instance, elderly care, health care, they let in a lot of immigrants. That is how wilders has folded. Letting in immigrants has told us. Vonnie what about the coalition . How ision group his party not able to gather up some of the last souls from the other two, extreme wings of that politics . Dutch election,ers wins the he will not be in any sort of coalition because the other parties have excluded into the in a coalition with him. He will be leading the country limited, but he could still win the elections. Vonnie thank you. Lets check it on the first word news with courtney donohoe. , the president is back in the debate over drug pricing. He promised to lower because of medicines for americans. He says he is working on a new system where there would be competition in the drug industry. Drug companies under pressure to come up with new ways to reduce pricing. Republicans have come out with their own plan to replace Affordable Care act. They may have problems getting Party Conservatives to sign on. The legislation would phase out key parts of obamacare over several years and include a refundable tax credit to help people buy insurance. According to a document obtained by bloomberg, a house conservative group called the tax credits a republican welfare entitlement. We will have more on this this hour when we interviewed rand paul who says the new bill will not pass. China is warning of a new weapons race after the u. S. Began deploying a new Missile System in south korea. The first elements of the system arrived a day after north korea test fired four missiles into the water off the japanese coast. The u. S. And south korea say the Missile System is defensive and not meant to be a threat to china. In europe, wikileaks has published thousands of documents that it says comes from the cia center for cyber intelligence. They appear to give an inside look at the intimate details of the agencys Cyber Espionage efforts. This authorization this release cannot be authorized authenticated by the associated press. Global news 24 hours a day, powered by more than 2600 journalist and analysts in more than 120 countries. This is bloomberg. Strategy jpmorgan strategist sees ahead for european stocks. I will take a breather, or is this a sign of a bigger selloff looming. This is bloomberg. Vonnie from bloomberg World Headquarters in new york, i am vonnie quinn. Am markve from london i barton. The uncertainty around u. S. Policy under the trump administration, now the time to be positive on the eurozone. Yesterday i spoke with a strategist from the Jpmorgan Securities on his outlook for european stocks. The most important issue as that the political risks are not just one side, to the downside. People say there could be a trade war, a geopolitical mess, we have issues in france. In my mind, you have the outside risk from the politics. If you look at the s p 500 earnings projections for 2018, compared to october, before trump they were down. How can that be, if everything if every data point has been much stronger than men, and we and potentialon tax cuts and buybacks . Expectations therefore should be higher rather than lower. Therefore, my view would be a twosided risk, not just to the downside. Mark we have seven years of earnings not growing at all, earnings are still stuck in europe and i would say that, if not now, when will you see it . The problems for europe were emergingmarket slowing down for five years. As you drag. The problem was that the Financial Sector was having a huge issue with net interest margins. And raising of the capital. And on top of that, European Growth was up trend. Now you have growth picking up an emerging markets turning around and potentially the Financial Sector with better earnings. Mark is this the beginning of the upside for financials . They came off multiyear lows from the middle of last year. Some seen gains of 50 percent to 100 . How much more upside can there be from admittedly a beatendown standpoint . Financials are up 50 since last july but the key point is on they are still trading on extreme discount to the historical data. The big one is the e, earnings for financials finally as volume picks up, earnings goes up, p and e moving up, one of our top picks. Mark germany, is it the one that stands out within the eurozone right now . Is, last year it was the ftse 100 currency hedge, this year it is germany. Because germany, i feel, if things go badly in France Elections and they are a mess, the germany would be a safe haven in europe. On the other side, on the positive side, germany is a highway to the global psychic cycle, a reflationary story and they both do well in the positive scenario. Mark do we take positions on the cac 40 ahead of the French Election or not . I would not. That is not to say that cac 40 is a short term, if you look at the french Consumer Confidence it is at a 15 year high and equity market is not expensive. As a fair trade it works. Think you0, i do not should be short in absolute terms. Mark we talked sectors. Are there specific stocks you can point out to us that are grabbing your attention right now . I would say, the style of , it isfinancial stocks automobile stocks, construction material, commodities, the value stocks which we are interested in. Mark overweight cyclicals versus will continue. Underweight staples, real estate, utilities . The thing here is that we had a 10 years of the outperformance of quality overvalue. ,herefore, people are condition any selloff and quality i want to buy and rebounds in. You do not work for long. If there is a regime shift, you should be buying and investing in value and selling. Mark you like the you kfed last year. You have gone the other way, why . The u. K. Has a problem, complacency. Just because nothing has happened so far, people think nothing will happen and therefore people assume growth was good and it will continue. People miss that pound has fallen a lot. Economy the u. K. Economy was fine, nothing has changed. From here you could have rollover in the macro momentum and the u. K. Market does not fit the style you like. It is high dividend yielding, cash flow, defensive, a lot of real estate, tobacco, staples, we want to be cyclical and the u. K. Is more defensive in safety markets. The Global Equity strategist at j. P. Morgan securities. Vonnie a great interview. The ceo of the bank of montreal is our guest next, how is the macro environment for banks changed since the election of President Trump in the u. S. . This is bloomberg. Mark live from london, this is the european close on european market. I am mark barton. Six minutes until the finish of the tuesday session. Vonnie i am vonnie quinn. A look at the biggest business stories in the news. Hewlettpackard will expand its hardware lineup, they have a great to buy nimble storage in a deal valued at 1 billion. They will give hewlettpackard better rates to be lower in segments of the storage market. The Ceo Meg Whitman is spending more on acquisitions after a multiyear efforts to make her company smaller. Ubs considering whether to go to court with the u. S. Justice department and the Mortgage Backed securities case according to people familiar with the discussions. The government accused them of deceiving investors. Bancorp has agreed to buy a story of for about 2. 2 billion, move comes more than two months after a new York Community bank abandoned an attempt to acquire astoria. The Purchase Price represented a 19 premium to their monday closing price. Businessour bloomberg flash. A look at european market. Mark down for a fourth consecutive day. The worst run since february 27. What has taking in been quite a run in the last month or two, especially since donald trump won the election on the early days of november. What we are seeing is the stock europe 600 down by a third of 1 . The u. K. Budget tomorrow and the ecb on thursday, culminating with the u. S. Jobs report on friday. Check out currencies. Among the more interesting developments has been sterling decline, breaking earlier. Lows, the for these lows we have seen since january 16, Economic Data and politics. I went to washington, d. C. , back to washington, House Republicans have unveiled their longawaited legislation to repeal and replace the Affordable Care act called the American Health care act. For more congressional reaction to the plan, lets go to our chief washington correspondent on capitol hill. We are joined by senator rand paul. Thank you for talking to bloomberg. You said earlier that this new House Republican plan is a little more than obamacare like light. Why . Aqib talib, their taxes for a year and the cadillac taxes river, key provisions of obamacare and that is not a good idea i do not think. It keeps the obamacare subsidies but renames them refundable tax credits. It also keeps the individual mandate. Instead of paying the government a penalty, you will have to pay the Insurance Company a penalty. I predict that will be unconstitutional and that will drag you down. The repeal effort could the drug under by finding the individual mandate once again unconstitutional. It has Insurance Company bailouts, or Insurance Company subsidies to the tune of hundreds of billions of dollars. If the Insurance Companies begin to lose money as they are currently under obamacare, if they continue to lose money, the most easements of customers will be reimbursed by the taxpayers. I do not think that is what conservatives want. A lot of people within the Republican Party who have severe concerns about the cadillac tax. We are still looking through this plan but is this keeping some of the same old fixtures you talked about, subsidies, is this keeping the same pictures from the previous . Many things in obamacare still in this bill, the major taxes, all of this simtech cap for a year and republicans want to repeal them by the cadillac tax will be kept forever. A new individual mandate or bailout of the Insurance Companies. This is obamacare like. What conservatives want and what we will rally for today on the lawn of the capitol is for clean repeal. As what we voted on one year ago, clean repeal. Bill, houselacement leadership has one, lets vote on several alternatives but separate them because we do not agree on the repeal and replace part. We agree on repeal but not replace. Here andnal question speaking, how you navigate first and foremost access to legislation that are still popular in obamacare, despite it being largely unpopular . And you coming out against it and some of your colleagues coming out against the House Republican plan. Is this proposal dead . Yes, dead on arrival, we want it repealed and replaced with something that allows more people to get insurance at a cheaper price. This another this is another Government Program with new entitlements and new taxes, not what conservatives want. We want a robust debate today in front of the capital, conservatives will say we want clean repeal. Thank you for talking to bloomberg. We appreciate it. Back to you. Vonnie great interview and thank u2 senator rand paul speaking with us. Thank senator rand paul speaking with us. This the big movers on session, stocks down for a fourth consecutive day, the longest losing run since february 27. Four Industry Groups rising today, auto, construction, telecom, technologies as investors wait for the fed meeting next week where it is anticipated the fed will raise interest rates. Today,pany in the news the worlds biggest maker of premium chocolate, profit missed estimates, north American Market shrinking and it is streamlining its portfolio amid u. S. Brand Russell Stover to make it less seasonal, shares down i was a 5. 5 at closing i one quarter of 1 . Ams best performer on the stoxx 600 this year, the 2017 white line is the blue stoxx 600, it is an austrian chipmaker hitting some of its revenue from apple, it posted a 68 advance this year, double that of the secondbest performer which is also a chipmaker. Northern trust securities analyst neil gambling says their guidance from last month may indicate strong design wins from apple and samsung, both set to release new flagship smartphones this year. Rsi,ding to ams 14 day shares have been overbought for a month. A data point out of china, foreign currency reserves unexpectedly holding at a seven month losing streak, rising in february amid amid tighter controls on capital outflows and a rally in the chinese currency. The stockpile increasing by 6. 9 billion to 3. 005 trillion last month which compares to the 2. 96 9 trillion dollars estimate, strong Economic Growth and stricter capital control and a stabilizing you want helping stem the kleins. Stemming declines. What are you looking at . Vonnie trade partners in north america and their currencies. Things may have moved on to the Affordable Care act but we are looking at other things in terms of market moving. The Canadian Dollar above 1. 34, not Much Movement today but it is weaker versus the u. S. Dollar. The same goes for the mexican peso. Moving, of the indexes they are all lower. Fractionally, maybe a quarter of a percent a piece. Wti with not Much Movement on the Saudi Oil Ministers comments. The 30 year yield in the u. S. Is 1 which is pretty fascinating. Lets move on, bank of montreal is marking its 200 year in business. To celebrate, their ceo bill downe rang the opening bell at the new york stock exchange. Lets have a listen. Moment there it was, the. Earlier this month, they beat earnings estimates helped by improvements in Wealth Management and Capital Markets. William downe joins us. Congratulations. Several points during that time, pretty good to be still in business 200 years later. What is the environment like now for north american banks . A good environment. We came out of the recession in different states, the bank of montreal came out strongly. We have put capital back into the businesses that matter most and our u. S. Businesses, not only much bigger than it was prior to the recession, but growing in a very healthy way. Vonnie a lot of the canadian banks are making acquisitions. You talked about acquisitions in the midwest and one of your most recent was was the Ge Transportation finance business. What specifically are you looking at . And the Canadian Dollar to deal with . Willian a longterm track record of investing, we acquired harris bank in 1983. In 2011, we acquired a 160yearold bank. Very close to book value. When the market violations are in the right place, we make large acquisitions and thompkins work well. Vonnie anything attractive right now . ,illian in any segment potential, transportation is a good one because we have a large Equipment Finance business in the United States and this makes is the large financer of over the road trucks. Assetyou bought an management, the u. K. Money manager a couple of years ago, does your m a spectacle look outside the u. S. As it once did a few years ago when you snapped up that division . Willian if you look at the longterm strategy, quite selective outside of north American Asset and Asset Management is one of the areas. Sizefectively doubled the of our Global Business with that transaction, a top 50 global manager of institutional money. Anything that increases the size of the customers could be attractive. The business has a very healthy level of organic growth and i think we have the capital to support that. Mark i am looking at the share price, a record which is out given the special day, this anniversary. A year ago, canadian banks were hampered by souring energy lows and lackluster growth and a sluggish canadian economy. Since then, you have bounced to third in value. Can you believe how far you have traveled in the space of one year . Can you look back with certainty that those days are behind us . William i look at the fundamental value of the stock every day and think about how we will deploy capital. It is the case that canadian large canadian institutions felt the pressure of the negative cant trade in the last year. It is more a case of a large short position against canada as a commodity origination coming off. As opposed to a runup in valuation. Vonnie you have been pushing for a canadachina deal for a long time. It would not be a bad thing. It would help you if the United States pulls away from trade agreements such as nafta and the wto as an organization . William we have to be pragmatic about trade, it is good for business which is good for employment growth. Our relationship with china goes ink effectively to 1819 but modern china, one of the first banks to have a Large Financial Services presence there, one of only three north american banks that has a fully licensed chinese bank. I think the movement of goods and services and capital and people between the United States. Nd asia is going to continue being positioned as a bank with a long history in both country allows us to function as a bridge. China has a big social issue around the urbanization of a population that they have to digest. The than ours in the United States. Vonnie position to give us an insight into high thats how the chinese Banking System is healthwise. A lot of talk about zombie banks in china, the state financing of banks. What is your bank doing . Financing real operations and growing organically . William we effectively facilitate trade and investment flows between north american companies, european companies, and china. That part of the business is helping. The Balance Sheets of chinese banks is cyclical, as the economy accelerates, the bank health improves and when they go into recession, a relatively young economy. Modern economy. It puts pressure on the Banking System as they go into recession. It is a relatively stable system given state support. Mark i have to ask you about the u. S. , be a moke Capital Markets division had a very successful year last year in dealmaking. Can you win a bigger slice of u. S. Dealmaking in 2017 . Yearsm we have spent 15 strengthening the execution capability of our u. S. Capital markets business and now cover more u. S. Issuers think canadian issuers. Workforce in size the United States as in canada and we specialize in midcap that, specific sectors and is why we see growth and the prospects for Economic Growth in the u. S. Continues get better. The prospects for our business continue to get better as well. Mark what about prospects for the fed . Rate hike next week, what percentage is do you put it and how many more than this year . William the market puts and 99 and i tend to use that as the best gauge and the chairman has said twice more is possible. March backexorable to the neutral rate which is what we have to focus on. Ultimately the fed wants to get back to a neutral rate and that is very good for the Banking System. Mark what is your neutral rate . William i will look at the longterm or last 25 years and reduce it may be by a half. That is because there has been structural changes in the economy, still a full point and a half from where we are. Vonnie a little bit of concern about loan growth moderating, maybe margins expand if the fed moves. What does that mean for your business and how will you counteract any negatives . William having a Strong Deposit base is a good thing, 80 billion u. S. And deposit which benefit enormously from the expansion of spread that come from rising interest rate. Our commercial banking business was growing amid doubledigit for most of the time since the recession slowed. That is very good growth. In canada, it is ok of long growth is slower because the consumer is really at the limit of their capacity. Vonnie the Canadian Dollar, where does ago . William who knows, it is influenced most by commodity prices. I will say about commodity prices, they are well below what we would think of as may be a longterm level. They have gone up considerably and appreciated considerably in the last 12 months which is showing up in the strength of the currency. Commodity prices will continue to be strengthened. Vonnie you have a pipeline approvals. Our thanks to the chief executive of bank of montreal. Congratulations. Patrick doyle, the ceo of dominoes will talk about the president s immigrant deaths impact on immigration and the potential repeal of the Affordable Care act may in fact dominoes. This is bloomberg. Mark live from london and new york, i am mark barton. Vonnie i am vonnie quinn. This is the european close on bloomberg markets. But it reaction to u. S. Policy. Republicans unveiled their longawaited legislation to repeal and replace the Affordable Care act. Proposing to phase out key part of the law over several years. Joining us to tell us what it means for his business is the dominos ceo patrick doyle. What does this change in health care law, should it pass, mean to your business . Patrick we are starting to read through that along with everybody else. We are digesting the implications for our business. Putink the filter that we really every policy through is employed people that employ people will buy more pizza that unemployed people. Help the will this employment picture in the u. S. Or is it not . When you go through with it in a new administration, there will always be changes and uncertainty. Be, theasis will always sooner you can get policy in place to know what the Playing Field will look like, that will reduce risk for people and that is ultimately what will cause companies to reinvest and gauging and putting money into capital and growing the economy. Hopefully we will have a chance to digest the specifics of this. Ultimately it is about getting something done and certainty around these things. That starts to be a good thing for the economy. Vonnie it sounds like an almighty battle to get this done. Now undone and redone. That cannot be good for business , if certainty is different for you operate on. Patrick it depends on where we wind up with all of this. At the end of the day this is a big issue. It is one that has a lot of emotion around it. It is critical for people in the country. This is not something that will happen really fast, because you have to make sure you get it right. Hopefully that means we settle that isave a policy going to work for a long time for us. Is ame point, the change bit of a problem when you have uncertainty around it. Vonnie are you raising wages and may you need to raise wages more if there is more of a countdown on immigration crackdown on immigration . Patrick the biggest opportunity we had in the u. S. From an economic standpoint is workforce for to the station rate thats work for workforce pacific precipitation rate, if it is below 5 , a couple Percent People fewer participating in the workforce than you did 6, 8, tenures ago. 10 years ago. 4 billion, 5 billion, 6 billion people not in the workforce and from a waste perspective, we have been weight perspective if the perspective economy is strong enough, if it is causing you to ultimately need to raise wages, to staff our stores and get great service, it is a good thing. Andave taken some increases that is a good thing. That means things are working, whether you have full enough employment level. The important thing is will we put policies in place to get the workforce precipitation rate participation rate, giving people opportunities who have not been working for a long time and dropped out of the workforce. Vonnie dominos is 97 franchise owned and most a drivers started as or delivery person, something you are very proud of. Expansion plans for this year, more franchises at the end of the year . , we are absolutely growing our base and over 90 of franchisees started as hourly workers. We are an extraordinary offer newer factory entrepreneurial factory, they get good at managing and ultimately raise their hand and say i would like to buy a store. And build their own business. We are absolutely growing. Vonnie quick fire questions, is commodity prices, cheese, do you anticipate they will go up this year . Patrick cheese is up a little bit but overall the commodity environment pretty benign. Flat to slightly up on commodities this year. The food costs environment is pretty positive. Vonnie potential acquisitions or m a or being acquired. We saw burger king, popeyes deal , interest in this area. How are you thinking about m a . Patrick we are a one rating company. Company and we think focus makes sense with terrific results over the course of the last decade. We have generated a lot of value for our shareholders by sticking to our knitting. That means for us focusing on pizza. We only have about a 15 share of pizza in the u. S. And a singledigit share of pizza outside the u. S. There is a lot of room for us to grow our existing business without thinking about the idea of adding other brands. Vonnie you have a large samestore sales increase, congratulations on that. How sustainable is it . Technology is where you are beating the pack. Can you continue this in technology . Patrick we hope so, we have invested to make sure we do that with technology being a big part of it. Hitting our food right was important and frankly those same franchisees we are talking about have been executing at a high level in our stores and we have been reimaging all of our stores and be finished with that at the end of the year. The are there are a lot of things driving the results we have and we have been investing to make sure we maintain our lead in technology. Vonnie congratulation and our thanks to be dominos ceo. Mark battle of the charts, the u. S. Deficit worsens but is the german twoyear bond yields doing worse . And happening now, members of the house of lords holding a debate on britains exit from the eu, a vote expected soon. Follow along on your tv at tv on your bloomberg and tv. This is bloomberg. Botc, battle of the charts where we look at some of the most telling chart of the day and what they mean for investors. Access these on the bloomberg. Isrting things off christina. Thank you. I have a chart that shows you the ecb running out of bonds to buy but not getting help from european neighbors. Which showhe bars you the foreign currency reserves for switzerland, denmark, the czech republic, three country selling currency by to prevent gains and currencies. What are they buying . The yellow line provides a clue, the yield on the german twoyear bond which are some of the most liquid safe securities. You can see this yields has brought more negative, just as these three countries have booked up their reserves. Coincidence . I will let you be the judge. Mark what a debut performance. Beat that. Vonnie catalyst and i have no will to beat that. This is our trade deficit. It has widened in january by almost 10 , partially because of the stronger dollar. It means that we have bought more from abroad, probably because their goods and services are a little bit cheaper. Looked makes things scary, very james bond. T is a good illustration the main point to takeaway is that it will subtract from fourthquarter gdp growth in the u. S. 1. 7 lessmeans about in terms of growth in the Fourth Quarter which is nothing to sneer at. Mark i like the red. The first time you have had the red . Vonnie it is and to show the negative, very james bond. Where the blood comes down in the opening credits. Mark it is james bond but i fear christine is like dr. No and in control of the botc. As is tradition, on the first time, we do not want them to run out the door, she is the winner. It is a worthy winner and i love your chart. Thank you. Mark well done. She will be back. Look at where european markets finished the tuesday session, fourth day of declines with investors causing causing corporate after the run up through the middle of last week where we saw european benchmark reaches highest levels since november 2015. Moore small gain for the dax and declines in france and in the u. K. And the rest of europe. This is bloomberg. Vonnie it is noon and you are at 5 00 p. M. In london and 1 00 a. M. In hong kong. Welcome to bloomberg markets. Vonnie from bloomberg World Headquarters in new york we will take you from washington, d. C. To San Francisco and geneva, switzerland fortinet our. Here are the top for the next hour. Stories, republicans unveil their longawaited plan to repeal and the plant replace the Affordable Care act, the plan would have tax credits and in the mandate but no estimate of the cost nor how many people would be covered. In markets, u. S. Stocks are taking a breather as the s p 500 rally remains stuck in neutral with Federal Reserve all but certain to raise rates this month. Health care among the sector losers after the president s tweet on drug prices. Crude is paring gains after Saudi Arabia Energy minister says thein