Ecb, comey, and the testimony, and the u. K. Election. Markets are less cautious in yesterday. We are seeing stocks rise for the first day in three. Most of these currencies falling against the dollar today. Sovereign bond yields rising. We will get to lots of corporate news. Opular,er, banco p santander agreeing to buy it for a nominal one euro after regulators determine that the lender was likely to fail. Santander raising about 7 Million Euros for a rights issue to bolster the balance sheet. The lender will require all of the stock shares resulting from the conversion of its imposing losses on the banks shareholders. The ecb will be the big event tomorrow. Today, according to people familiar with the matter, the ecb will cut its inflation forecast. The euro is little changed now. Tomorrow is the big one. This is our wonderful function, telling you everything you need to know about matters of the european union. These are the polls ahead of the election tomorrow. The majority believe the tories 8 majority. 2 a lot closer than several weeks ago. Oil plunging, julie, what is the latest . Lows remaining a run the of the session after receiving those inventory reports. 46. 50. It was partly to do with crude supplies climbing by 3. 3 million barrels, but it also has to do with gasoline. I have a look at gasoline supplies as well as demand. You have supplies, inventory in blue. You have an uptick in that inventory of 3. 2 million barrels. You also have gasoline demand which have been going down. That is the fourweek average. Demand falling by 23,000 barrels a day. This is disturbing because it is summer driving season. People apparently are not taking to the roads as much. We will see if that trend continues and what that means for the gasoline demand going forward. What it means for the stock market for the moment is a climb down from the highs of the early session. Being cold lower by energy stocks. Among the worst performers, devon energy, transocean, chesapeake, all tumbling. If you go back to the Broader Market and look at the three major averages, off of their highs. Little changed for the dow and s p, but earlier we had seen gains closer to a quarter of 1 . The nasdaq holding on to that level in part because of the performance of chipmakers. Continuing a remarkable run here. There have been reports over the past week about demand for the companys chips, graphics chips specifically from the crypto currency world. Of course, there has been a boost in those. Macron and intel also part of the party, both rising. That means the Philadelphia Semiconductor index is at its highest since 2000 and approaching a record today. That is helping to offset some of the energy declines. Mark lets go to the latest on tomorrows u. K. Election, the candidates making their final pitches. Theresa may promising a brexit boost of billions of pounds in state investment. Who do you trust to have a strong and stable leadership that will deliver the best deal for britain in europe . Labour government government will be really serious about investment, serious about terrorfree access to the market to maintain manufacturing jobs. Brexit matters. It is a choice of this or privatization. It is a choice quite simply of hope or fear. Brexit is the basis of everything else. We need to get that brexit deal right. Is who has question got the will and, crucially, the plan to just get on with the job and deliver brexit . Nobody can ever say in a general election of 2017 there was not an alternative offer put forward. Mark joining us now for the latest from westminster, nejra cehic. Whatever happens tomorrow, whoever emerges as the victor is going to be left with a pretty lousy economic outlook, arent they . Thats right, mark. If you look at the outlook or the u. K. Economy, what we have seen is slowing growth in the first quarter, we saw the u. K. As the lagarde in terms of g7 economies. The other thing of concern is this increase in inflation but meanwhile wages stagnating. Real wages are a real concern here in the u. K. Also productivity has been a problem for a number of years. Whoever takes over on friday will have this challenge going ahead. We also had the oecd coming out today recommending basically a checklist of things the u. K. Needs to do in terms of the economy, talk about boosting infrastructure spending, housing , also talked about increasing skills for young people. Interestingly, both the conservatives and labor mention those things in their manifestoes to varying degrees. Winse if theresa may and ins, it would suggest that everyone who voted for brexit is giving her the mandate to go ahead with that anna Jeremy Corbyns message of cuts and closures is not resonating for those that voted for brexit and were sorry afterwards. Nejra well, it is hard to tell at the moment how much it Jeremy Corbyn is saying and how much the labour manifesto is resonating with voters. In terms of those voters who did vote for brexit. The polls are showing such a wide range, we have everything from a one percentage point lead from the conservatives to a 20 percentage point lead. That is just this week. One thing that has happened since those snap elections were called, those polls have narrowed. In this case and there is for the conservatives to maintain a majority in parliament. The question is how big that majority would be. Of course, there is still the outlier scenario of the labor potentially increasing seats enough for it to result in a hung parliament. That is not the base case but this is not an election where it seems like anything could happen. Bloomberg has done some interesting work on the polling. What we have seen in the past few days is theresa mays Conservatives Party targeting those safe labor seats that did vote leave. With this bloomberg , they are saying a 2 swing to the conservatives, with 50 of you can voters voting for them could result in a majority. Could other hand, it result in a hung parliament, so a wide range of outcomes. Vonnie nejra cehic, thank you. Looks to be like nice weather. Lets check in on the first word news with courtney donohoe. The director of National Intelligence declined to say whether President Trump pressured him on the russian investigation. Dan coats testifying right now on capitol hill. That thessociates president asked him to intervene with the james comey. The president wanted comey to back off of its focus on former National Security adviser Michael Flynn in the russia probe. President trump has fit picked a formal Program Federal prosecutor to replace james comey. He said he will nominate christopher a. Wray, who ran the Criminal Division department under president bush. A man ofls wray impeccable credentials. In iran, suicide bombers attacked two locations. Two people were killed and more than 40 wounded. Attackers first assaulted the iranian parliament. That began a siege that lasted four hours. Authorities say one of them blew himself up. Meanwhile, a suicide bomber triggered an explosion at the shrine of ayatollah khomeini. Some banks in the persian gulf are cutting reducing the exposure to qatar. Lenders are concerned that the blockade in the region could widen. Global news 24 hours a day powered by more than 2600 journalists and analysts in over 120 countries. Im courtney donohoe. This is bloomberg. Coming up, we will be speaking with Bruce Richards, ceo of marathon asset management. The outlook for distressed assets. Conversation with pimcos cio dan iversen. We will see how Steve Schwarzman is investing in this political environment. Also, john winkle read on the landscape for private equity. All of those interviews from the bloomberg invest summit today. This is bloomberg. Mark you are watching bloomberg markets. 17 minutes away from the end of the wednesday session. Geopolitical risks abound these days. Central bank risks as well. Joining me now is Bruce Richards of marathon asset management. Thanks for joining us. Lets begin with what bill gross said earlier in the program, he talked about having a lot of cash in the portfolio, a years, he two believes a lot of positions will be liquidated and defaults may happen. Are solvingieve we the seeds for those to come later but not right now today. You have a pretty perfect mix of Stronger Economic growth, Capital Markets open for companies. Companies are risking a lot debt, weaker coverage. Default will come on weaker economic activity, but not today. Around 2 is what your viewer should expect in the coming year. Beyond that, there will be a big default cycle. Eight years into economic growth. In the last recession, we saw 300 billion in defaults. By another is only 16 billion of defaults on paper. There is some default of paper isinvest in but most of it going to come on the horizon. Vonnie 2018 . Pin down at hard to this time, but i dont think it is this calendar year or the next 12 months. Vonnie just because we are late in the cycle, does that necessarily mean there will be a catalyst that will send us into recession . Bruce the catalyst can be multifaceted. One thing that typically causes recessions is the fed continuing to hike interest rates. We see that throughout many different cycles. We also see, when the employment ex gets as lowend is is as low as it is, it is hard to hire people. We have not seen wages pick up. We expect to see that coming as well. Those are signs we are looking for. Even where we are in the economic cycle, we think it is forthcoming. One interesting thing to note, the whole complex of distress debt today is around 60 billion. Puerto rico alone is 72 billion. Although distressed managers may have less corporate debt to invest in today that is distressed, there is puerto rico, which is a pretty big name in the market. Vonnie what does that mean to fund managers, was it a big shock, what were you anticipating . Positionsacquired our that we thought were at attractive levels to enter puerto rico. The bigger issue right now is the restructuring. Title three, which is a hard restructuring, and then title vi, which is a prepack deal. A, 9 billion in debt. Creditors have come together and agreed to a plan. Has agreed toepa, the same plan. The governor has agreed to it. The one holdout is the u. S. Congress appointed oversight committee. They have yet to opine. We are curious because there is dissension within, or they just cannot make up their mind. When the creditor and the debtor agrees, usually the bank receipt judge approves the deal. In this case, they are holding up the deal. The worst thing you can do for the island of puerto rico is to continue to push the problem down the road and not address the issue. Vonnie does this make you more or less likely to buy other debt in other places, i dont know, illinois . Bruce no, every situation is unique. Huge, noncorporate is venezuela. That is a 2019 item. Vonnie are you in yet . Bruce we are not because of the leadership of the country, maduro, and so forth. 70 billion in debt that is known. We think there is another 50 billion that is sloshing around. We think there is of two 120 billion. To put that in context, argentina was around 95 billion. It is a bigger default on the horizon to happen than argentina defaulted in 2001. Watching that closely as well. Vonnie it wouldnt scare you that you could be in years of litigation dealing with china, creditors . Bruce we are not in now, we certainly do not want to take a in those bonds. We will assess it later. One of the assessments will be, who is leadership then, who is leadership of the country . There may be a change of leadership at some point when there is restructuring. Vonnie you have been letting cash pile up. How much more are you letting pilot, given you are anticipating a rise in the next 18 months in default rates and nominal highyield rates . Bruce some of our distressed positions come to fruition by turning into cash because we get paid off at the end of restructuring, or a debt becomes listed equity, which we can sell. We monetize it that way. As we monetize investments, we are not reinvesting right now. We are adding slightly to our shorts. Where are you shorting right now, retail, energy . Bruce energy is very interesting. The reason its so interesting right now, if you look at wti, down around 14 year to date. Theou look at the price of etfs, individual stocks of these highyield energy companies, they are down about 25 . Highyield bonds are up around two or 3 on the year. So the market is telling you something. The question is what is the market telling you . Debt is overvalued, equity is undervalued, or perhaps that debt investors expect a Higher Oil Price and Equity Investors expect lower oil prices, or maybe it is an earnings story. We are assessing that. We have certainly added to a couple of shorts in the energy space. Vonnie i know a lot of infrastructure is in investment grade. Are you finding any offshore plays here given the president propagate histo infrastructure ideas . Bruce there will be some terrific investments to be made in the coming years because this country is short, as great as we are and as productive we are, we are short probably three chilean in infrastructure. The president throws out a number of a one trillion need that the government should spend. That is probably one million matched on the private side. A Publicprivate Partnership that should exist, whether it is or thezation of airports air system, faa, or building of bridges or tunnels, this is an. Mportant topic for our nation there will be lots of equity needs and debtfinanced needs. Vonnie are you in anything yet . Bruce we are not yet but we will be. There are other forms of plants, youre, lng know, big utilities, and there we have positions, but thats not infrastructure we are talking about. Vonnie i have to ask you about the u. K. Election tomorrow. Any opportunities around britain . What about the european banks . We just saw santander takeover banco popular. Had a chancee you to buy a bang with 147 billion in assets and you put down on the table one pound. That is the price. Not 10 a share. Vonnie only when you think about the historical precedent. Dimon andis jamie bear stearns buying bear stearns for zero. You wipe out some of the tier 2 not a bad bank but this is a you a solution for european problem. We applaud spain, we think there is lots of opportunity that comes out of that. We think italy is sitting on their hands right now. To the ecb, italian banking commission, get off your duff and get going. You have the same needs in italy. With that, we are becoming more bullish on southern europe. Southern europe previously labeled the pigs, including you look italy, spain at equity prices, they are up 25 this year in euro terms. 20 to 25 . These economies are balancing and there is lots of opportunity for us to help finance some of the new growth they have. We are bullish on southern europe. Vonnie we will get an update on where you buy, and when you buy them, because that is so important. Ce richards of it asset marathon asset, thank you for joining us. Mark the european close six minutes away. How markets are faring ahead of the crucial vote in the u. K. And the bloomberg Investment Summit 2017 continues. We will hear from the chief executive of a pension plan. This is bloomberg. So new touch screens. And biometrics. In 574 branches. All done by. Yesterday. Banks arent just undergoing a face lift. Theyre undergoing a transformation. A data fueled, security driven shift in applications and customer experience. Which is why comcast business delivers Consistent Network Performance and speed across all your locations. Hello, mr. Deets. Every Branch Running like headquarters. Thats how you outmaneuver. Tthats why at comcast,t to be connected 24 7. Were always working to make our services more reliable. With technology that can update itself. And advanced Fiber Network infrastructure. New, more Reliable Equipment for your home. And a new culture built around customer service. It all adds up to our most Reliable Network ever. One that keeps you connected to what matters most. Vonnie bloomberg investment in new york is underway, seeking right now on in Global Investment and investing in a changing world. Lets have a look. What we can do to ultimately do what we are there to do for the next 7080 years for ontario and canada. The conditions for success are key, it is absolutely the foundation. Thinkingnot have it, about the number of institutions around the world that would like to emulate what organizations like this have done. From our perspective, we have 11 independent board members. If we were in there trying to pitch an investment like some square brought process thought process, half of the investors could pin us to the wall. They are all independent and come out of investing institutions. Former ceos of banks, and we do not have political influence or our teachers unions influence. It is a separate entity that is running like a Money Management business. One of the obstacles that a number of institutions run into when trying to bring assets inhouse is the challenge, and. N some cases, inability the challenge and inability to pay people. You will. Lents, if is that another condition necessary for success that you have to be able to go out and acquire, people who can compete . It was one of the first things they said, and a lot of people may disagree with this statement, but our first ceo said if we are going to get upper quartile results, we need up report how assets, where the assets refer to the people. We need we cannot get these with bottom quartile assets. What we need to do is have a set up structure that ties into the longterm nature of this plan, so lets keep that mission clearly in mind, lets keep our funding ratio in mind, but most importantly we have to be able to attract talent from around the world. We have to be competitive. Where do we fit in a competitive market . We do not run with the private people, but we are allowed competitor composition competition with the street. What dollar terms . I cannot give away secrets here. It is not unusual for our senior people and intermediate investment folks to be in the mallya owns in the millions are multiple millions. Think some of the endowments that are here in the u. S. Is here today, in fact, and therein lies the now if youdel, and look at the top eight plans in canada, which aggregate about 1. 2 trillion dollars in assets, they all follow this model. And they all have a global platform, like ourselves. It has been successful. Returns over the past 26 years are im going to quote success first in what i think is most important. We have a defined benefit planned and are plan and are fully funded. A lot of people say this cannot be done, but it certainly, if you have got that clearly in mind, you know exactly where you are heading, it is amazing. If you do not have a lot of shackles on, the innovation that can be brought out. But yes, about 10. 2 returned from the last 26 years. And your Expense Ratio . You would think it would be a bit higher because we do pay the performance bonus and everything else, but what we manage internally, 80 of the funds, is about 28 basis points. So we are talking about 28 basis points against what you might pay outside managers to manage private equity, real estate, infrastructure, or equity. Realse in point, our estate is managed by a subsidiary. Air are lots of people in our platform that build real estate. But when it comes to private equity or investment or others, we will happily pay the higher thingscause one of the that we do know, and we have learned this 4943 on my back, if you are doing private equity in other parts of the world vonnie the Teachers Fund management ceo speaking at bloomberg investment panel. More of that event at 3 30 eastern, 8 30 london time with david rubenstein. He will sit down with Elliott Management founder paul singer. A conversation you do not want to miss. Mark stocks are a little bit , that is the losing run. Tomorrow we are going to be directorrmer fbis james comeys testimony, and this will raise 7 billion of those euros in a boost in the balance sheet. That was a big band getting banking story of the day. To 120d call that fall on friday. Should the election lead to a hung parliament, this is according to a poll of analysts here today. The median, if it is on tolerant, is one. 2 350 1. 2350. That is more damaging than the outcome of the labor party victory, according to the poll. It will hurt sterling in the short term. 1. 2484 in the shortterm, and sterling will be roughly the same level. This is what risk reversal agents are telling us as traders have not been as bearish since july of last year, slightly less bearish today that nowhere near the levels we were ahead of brexit. That was record bearish sentiment, and this is really important, really quickly ahead of the election. This is the white line. The u. K. Savings grace here. Earnings,ine is real which is high inflation and wages not keeping up. There is a lot of spending power because of that low savings rate. Ass stick with the markets tomorrow the euro drops more than 30 weeks. Stocks rebounding from that two day drop. The ecb parent to cut its inflation outlook at tomorrows meeting. Bloomberg. His on our the ecb reports from france. Alessandra, what do we know about the ecb and the possible reduction of the inflation the ecb reportstomorrow . This is a possibly new forecast that will be premiered tomorrow over the next three months, and one what we have heard at bloomberg news, they will be revising down the outlook for inflation. It will be around more or less 1. 10 over the next three years. Twice 17, 2018, and 2019. To admit thatble the Downside Risks are no longer as sharp as they were, alejandra . Alejandro . H in one way, the ecb will probably have some knowledge as to the risk of that growth to the economy has diminished, maybe they are now disappearing or Something Like that. On the other hand, there is little sign that inflation is building up, and this is a key accumulation here. Mark how does this play into the narrative . Does this support his dovish stance . Yes. Have beencb speakers gish,dogfish, dogis very impatient. Outlook isthat this another sign that inflation is not yet on a path that can continue toward this without the support of the dcp the ecb monetary policy. Our big debut tomorrow. Alessandro a big debut tomorrow. Alessandro, thank you. Vonnie coming up, this clash 24tinues over security, and hours away until the u. K. Polls open. How are markets reacting . We will have details next. This is bloomberg. This is the european close on bloomberg markets. We will have a look at assets in the u. S. Trading atk, we are 109. 9. Nd holding back to crude oil and a second. The trend is continuing in china as well for the offshore yuan, and the 10 year yield is that 2. 16 . A lot of trepidation for events tomorrow. Crude oil down 4. 1 . Are exciting. Also a drop. We should be looking for more demand, for memorial day. Ares for crude Oil Stockpiling and a drop or guess playing at a time when we should be looking for more andnd post memorial day, lets get to abigail doolittle, who is having a deeper look at this trade. Abigail we do have oil plunging on the day, which is why build investors have been looking for a drug. Bloomberg intelligence analysts say that this suggests that the path of least resistance is lower than we could see. Not surprisingly, this is driving down lots of energy names. The e p names, Newfield Exploration down 5 , devon energy, chesapeake energy, this is the worst sector for the s p 500. Named are that these in the wider side of the beta weapon, which is why they are reacting more so. Some bearish action there, but this is a sector that is offsetting the weakness in energy, and this is the chips sector. Stocks are trading nicely higher, and we are looking at eight chart of amd being up. Lack of bullish stuff happening there. Our amd analyst did tell me that right now there is positive talk about capital using amd chips, apple using amd chips, but the club question is whether or not the gains can last. This uptrend is starting to break and it tells us that sellers are starting to take control after that 700 move up, more than 700 . The question is whether or not this area of congestion breaks to the upside or downside. That break and the uptrend may suggest it is to the downside. It will be interesting to keep an eye on amd in the overall chip sector. Mark abigail, hang on tight tomorrow. A big day in Global Politics as the comey testimony is set to take place and u. K. Voters are rushing to the polls. That reaction of the of super thursday. Lets go to our jpmorgan market strategists. A couple of things to whet our appetites. The sterling dollar is near nowhere near brexit election levels or Scottish Referendum levels. Got to levelsdata we saw earlier in july there, but nowhere near prebrexit. Is it adequately reflecting the risk, this chance or not . I think it is, because it would be quite a big shock for anything to happen except for anything that a circuit a conservative government making up more than a maturity majority than they would like. Day in thead a quiet markets. If you get the other end of the tail, labor comes out to win, and the biggest action comes in the gilt market there. That justify . He wants to spend more but also tax more. So they do believe they can raise that revenue or not. The worst outcome were sterling would be a truly hung parliament, and some element of chaos or uncertainty in the next couple of weeks will probably but allsome small drop, of these are minor priorities. The big money is still in the circle. Mark hung parliament, depending on who leads the government. Does this derail the start of brexit negotiations . What does this have on the timeframe, which is starting in 11 days time . I think it will have to. Nobody really knows. Withwill go forward something then be voted down, and maybe have fresh elections again. I do not know. And that is the whole point. It will certainly be a very interesting and full picture if we get that. Vonnie lets turn back to the ecb. What will it take for them to upgrade the growth assessment, and at the same time not have markets assume that they are alling dog dish doggish of a sudden . This is the final and then he will tread. You heard earlier that we had several ecb speakers come up over the past couple of weeks. Upgrade their to growth assessment in some way because it is fantastic. Maybe they take out the census saying that the risk factors are in the downside. Upgrade inflation, it is missig in action. I think it will be for a number of years to come because of the amount of slack still left in the economy, and although this year we will talk more about tapering that as appropriate, because they are running out of , but we will have to wait until next year or 2019 before there is any possibility of a rate hike. I think that will be emphasized tomorrow, so i do expect quite dovish overtones, but at the same time upgrading the belief and the faith in the euro zone economy will continue to perform very well. Financial improving across the eurozone make any difference . We have seen some that are very popular that will hope fix that problem in italy, which is still to come. But will that make any difference to demand, positivity, and employment in those countries . It cannot hurt at all. Financial sectors tend to allocate access assets, and that is to build productivity in that way. The euro zone extremely dependent upon its banking system, that is one of the reason it suffered so greatly through the crisis in 2012 and 2013. What the ecb has done has been very positive for the financial stimulus as a whole, it industry illustrates rates are much lower, and yes, i do think that we are seeing this progress in the banks that is helpful for the wider economy. If you want to look to italy, there are lots of rumors now that them of these loans are getting packaged up and sold action in spain earlier. This is to try and bring back the last vestiges of the banking crisis to an end and i think it is a good move. Mark quick question. What will give . Stocks on record in the u. S. , yields on levels we have not seen since november. What will give . Stocks versus bonds . Think there will be a modest rise in bond yields, and there are people that would disagree with that, but that is how i see it. Picture, we are in a sweet spot between the Global Economy going on its own two feet, having a good amount of momentum, and globally being incredibly economists it. Competitive. We will have to break for at least a few quarters. Vonnie the federal reserves june meeting his dog years away right now. Mark it feels like a decade away, doesnt it . Will have special coverage tomorrow as well of former fbi james comeys testimony for the centers Intelligence Committee senate Intelligence Committee on bloomberg radio. That covered begins 9 30 a. M. Eastern mark . Eastern. Anotherd time to build factory for tesla. The economy is bursting at the seams, according to elon musk. Deciding the location for a factory to build one of their crossover cars, which could debut with latest 2019. The chief executive of macys is vowing to keep shoppers attention, even though going to the mall is not more popular as popularis not anymore. He is optimistic about the nation pose the largest apartment store Chain Department store chain, wanting to build macys into a fashion destination where shoppers can buy online as easily as an ace door in a store. That is your latest number business flash. The otc next, thatll of the u. K. Will be rushing to the polls after this. Can the european stocks handle the heat . This is bloomberg. The time for battle of charts. We will take a look at some of the most telling charts of the day, and what they mean for investors. You can access these on the bloomberg by running the function on the bottom of your screen. Alexandra, take it away. Alexandra thank you, mark. Today i am looking at u. K. Stock volatility. Why it may seem that stock investors are relatively con calm ahead of tomorrows election, they are not leaving anything up to chance, even though these are trading near record highs. Implied volatility for this is hovering near a twoyear high relative to implied volatility for the broader euro stoxx 50 gauge. It is important to note this is before big events like tomorrows general election as traitors hedge their hedgelios traders their portfolios and unwind and outlooks become more clear. If you want to take a closer look, you can take a pic at this chart here. Match thise, you with a topical chart. Vonnie we have been talking about the trump trade going away, but this one area it has not gone away so much as the infrastructure trade. More topical than that is the information that we do see some amazing infrastructure opportunities and credit, but in the future, not right now. If you had been an instructor player, you would be doing quite well. Bonds and equities. The white line is the s p 500 index, and you can see that the bonds of munis have done far better when it comes to equities as well. The s p global and for structure indexes the yellow line, and that has performed the ms dei all country world index, so msci all country world index. You can see this chart on the bloomberg. Mark i love how vonnie says we have been talking about infrastructure. It was perfectly presented as trump goes to a higher to talk about infrastructure ohio to talk about in perception. But this is the last day because of the election rules. Tomorrow we are not allowed to talk about these sorts of ftse, euro stocks, invite implied volatility. Vonnie a virtual congratulations. Thank you. Mark well done. Onomberg markets continues Bloomberg Television today. 2 00onversation at eastern, 7 00 london time with dan iversen. Noon in new york, 5 00 p. M. In london, and midnight in hong kong. Im vonnie quinn, welcome to bloomberg markets. Vonnie from bloomberg World Headquarters in new york, here are the top stories we are following. In politics, President Donald Trump names former Justice Department official christopher to leave theick fbi, a day before the man trump fired from the post, james comey, testifies before the senate. Market, u. S. Stocks are inching higher as investors brace for several key events therrow, but we also get ecb decision in the u. K. Election. Meanwhile, deputy i is thinking sinking wci thinking