All of that to come. We are 30 minutes into the trading day in the u. S. Already and another milestone for the dow. Julie hyman . Julie for all three major averages. The milestone above 25,000, all of them at records here, which is what we have been watching for the first several days of 2018. All three days have been higher to kick off the year. A bit of a flip today, the dow the strongest performer of the three major averages of the last couple of days. Ons talk about whats going with chips. Its an interesting and evolving situation here after the security flaw was revealed in some intel chips, the power pcs that allowed hackers to get in. A lot of analysts commenting, saying that its not a bug or design flaw necessarily but they are scrambling to fix this. According to aria, the shares will likely face an overhang until late january when they provide their 2018 outlook. Though the company says there will be no financial impact, some analysts are skeptical, including aria and an analyst over at mizuho. Pointing out that nvidia could see a positive sentiment shift as a result of all of this. Amd has been the beneficiary and the main competitor on this kind of ship chip. Retailre we are watching and their things are bit more uniformly rocky in todays session. Walgreens alliance out with numbers, one analyst calling it a middle of the fairway quarter, that there was some underlying weakness there. Macys cutting out and cutting its fullyear sales growth down 5 . Shares l brands, the owner of victorias secret, sales rising but not as much as estimated. Jcpenney coming out with numbers that looked on the face relatively strong. Putin ast emailing with bloomberg intelligence, and this could be part of the reason we are seeing a pullback. One other thing to characterize the first few days of the year besides this retail reckoning here with holiday sales is this strength in technology. This is the fang index. The daily change. Here you can see the threeday game we have added here, showing that those stocks are off to a strong start this year. The best threeday game going back to october. Sorry, just looking at my bloomberg to confirm. This particular index is also trading at a record. Continued strength in largecap technology. Mark we are up today for a second day. Good afternoon, good morning to you all wherever you all in the are in the world. A few markets falling. Turkey among them. Look at that. A bed of green led by, as you can see, france, up by 1. 4 . The second day. Best run, interestingly, for a month. The biggest rise in two weeks, this synchronized upswing in Global Equities continues. Lets talk about the u. K. Services Industry Group growing faster than economy economists had predicted. In this final quarter of 2017, the market pmi, 51. 2 was the figure. Taken together with surveys on manufacturing and construction it suggests that the economy grew between 4 and 5 in the fourth quarter, broadly maintaining the pace in the previous three months. Price pressures do remain a andlenge for companies uncertainty over brexit is weighing on sentiment and investment, casting doubts on maintainhe economy can its momentum. Thats the data here. Lets talk about sterling. The green line coming to the end of the year, rising to 1. 53 angst to an early brexit transition deal. To an early brexit transition deal. Boosting the bank of england, forcing it to raise in the first half. Its not the only positive one on sterling this year, topping sterlingist of climbing to 140 in the next three months, ending the year nearly 3 above the close on the day of the brexit vote. The day of the brexit vote. Not the day of the decline, but the day of the vote. That will be quite significant if thats the case. We talked about the shared surge flip side. Owner, sharestore down, falling as much as 24 . The biggest decline on record, the Department Store owner warning that earnings this year will be less than analysts forecast after the week of the holiday in which postchristmas sales fell flat. They cut prices. Dampening enthusiasm. Raisedesterday they proper guidance, easing this year. Stover owners were struggling last year with the the rise of Online Shopping with the brexit fueled currency weakening , shares down as much as 21 . The biggest drop on record. Vonnie quite the drop. We will speak about the Department Stores later on. Speaking more broadly, the Global Economic expansion pushed benchmarks to records in 2017 and they appeared to remain intact with the dow dropping 25,000 just a little while ago. Sarasota, them chief investment strategist at. Aird, Bruce Bittles this mornings job indicators are all adding to the optimism. Or how long is this rally sustainable . Ways to go. S a the markets after 2018 have a lot of momentum. Not only in the equity markets but in the economy and in the global economy. W for most economists and some investors for 2017 it was the power of the u. S. Economy. Beats haveearnings been on the upside and all the economics surprises have been on the upside and we think that is likely to continue. We have seen some revisions downward. Anything concerning to you . Does the economy need to be look to be powering ahead on all cylinders . Bruce there are two risks to the market. One, earnings to meet valuations and stretched as they are the markets would be vulnerable to a negative surprise there. The other risk is that the economy surges up from a year and were already operating at potential and if we rise above potential, inflationary pressures are likely to increase and Interest Rates could follow suit. If the fed gets too aggressive i think that would be the second risk to the markets and i would think thats the greatest risk to the markets as opposed to the earnings situation that we just discussed. Mark bruce, its been a long time since the u. S. The market experienced a 3 correction. Lets not even talk about doubledigit declines. Whats going to trigger it . How long can it go without falling these sorts of levels . Things that are two could trip up the market. Its no risk saying that we are going to see a lot more volatility in 2018 than we did in 17. We dont think investors should take 17 as being a new normal. Typically, the market corrects 5 to 10 in any given year and we suspect that will happen this year, too. Two things that could trigger that would be investors getting too optimistic and sentiment really is surging as we speak. The second threat, of course, is that the markets are typically volatile during the midterm election. Thee move closer to midpoint of the year i would think that the markets would become more vulnerable. Mark you talk about we all fall prey to cognitive biases. Whats the disciplined approach that should adopt . We like to view ourselves as risk managers as opposed to forecasters. Most of the indicators that we theow that influence market, like Federal Reserve policy, the economy, and market breadth are all positive, still. If that should change we would certainly change our opinion as well. If the fed becomes more aggressive, we currently ranked the fed as neutral towards the markets, but if they become more aggressive we would have to rank them bearish, changing the equation considerably. Where do you sit until you know the outcome of these potential scenarios that you are describing . If we do get the economy powering ahead, what is the safe sector in . Bruce the sectors that are making new highs, along with tech this week, the industrials, materials, and discretionary. We think that those are the three sectors closely tied to the economy that are likely to continue to do well. Looking for the market to weaken later in the year . The first area that you would find problems developing is in where themarket, bretz begins to deteriorate and fewer and fewer stocks, groups, and sectors participate in the rally. So far thats not the case. Vonnie all right, we have to leave it there. Our thanks to Bruce Bittles, very cleverly joining us from sarasota, florida today. Heres an much on rough emma chandra. Ma according to the south korean officials, the president there agreed with the south korean president on the phone that they would not hold annual military drills during the olympics. It is being billed as the worst storm this winter for the east coast and it is making life miserable for travelers today. Blizzard warnings from North Carolina to maine. Boston could get 14 inches of snow and manhattan make it up to nine inches. Meanwhile, 3000 flight seven canceled. Companies in the u. S. Added a betterthanexpected quarter of a million jobs last month according to data from the adp research institute. The government comes out with december jobs report tomorrow. In the u. K. The Prime Minister believes that michelle bonnier is loving. Senior official say that they dont believe the eu chief negotiator when they say there will be no special postbrexit deal for Financial Services and they think that barnier is faking about what will allow banks to keep operating freely across the eu. Powered by 2700 journalists and analysts in more than 120 countries. Im emma chandra. Coming up, a new twist in the very public break between President Trump and steve bannon. Responses, rebukes, what it means for the gop and potentially markets. Next. This is bloomberg. This is bloomberg. Is bloomberg. Mark live from london, im mark barton. York, imd from new vonnie quinn. Another public twist in the very public rate between donald trump and mark bennett steve bannon. For cease and has been sent to the publish ller of fire and fury. Publisher of fire and. Josh, also the author of a book about steve bannon, the devils. Rgain thanks for joining. First off, its not clear if this season and desist letter will result in the book not being published later in the month. Its hard for me to imagine that would happen. The book comes out next week and there are already copies at booksellers. Its not clear to me that there is any legal standing for trump s lawyers to win this kind of argument. In the shortterm the only affect this is going to have is to gin up interest in the book. A lot of the particularly juicy excerpts are already in the public arena, as you said. We also have Michael Wolff doing interviews himself with these new recordings that he apparently has of these conversations in the Public Domain as well. Josh, talk to us a little bit about what the public spat between the president and steve bannon might mean for the Republican Party going forward. Is there going to be yet another split in the Republican Party . Josh looks like there is. After some brief productivity with the passage of the tax reform bill next month, we are back to the kind of rolling chaos and backstabbing that has characterized much of the Trump Presidency and has consistently gotten in the way of his legislative agenda. I think its especially worrisome that this is happening right now because in the next couple of weeks there is major legislation coming down the pike to keep the government open and to pass immigration and trade bills. There are all sorts of very difficult issues that trump is going to have a difficult time bringing along republicans on and i think that having this book and the fallout and fight with bannon and his base is only going to make that job harder. We did hit the passage of tax legislation before the holidays. And there is major legislation coming, but its more after the midterms that there might be potential problems, right . Indeed getnnon does some momentum, somehow, and overturn some house seats. Josh i think the problem is going to come right now. The daca situation has to be resolved or there will be 8 million kids susceptible to deportation. It will cause an uproar among democrats and republicans. That will be happening at the same time the government is task ed or the congress is tasked with with passing spending bills to keep the government running and we could wind up with a government shutdown. Who knows what that was due to the markets. I think there are much more serious nearterm problems than there are longterm problems. Longterm if the Republican Party were to split, if dan and were to turn a portion of the base against trump, it would only we can trump further as a president. Vonnie i can see how the president might be distracted by this. But a not seeing the link between this and barriers to legislation being passed. Whats another scandal or two between old friends . Josh its a big deal, because problem is siliga deeply upsets the trump base. They dont want to give these kids legal status. Bannon was adamant about that last night on his radio show. Yet its not clear to me how trump will move forward without doing that, because he is going to need democrats to resolve this situation and they are not just going to knuckle under and give him money for his border his while trump goes on merry way, refusing to grant legal status to these immigrants. Its a massive problem that could bring the entire washington agenda to a grinding halt in the next two or three weeks if it isnt resolved. Vonnie thats fascinating, josh. Ammunition does this give to republicans or democrats . Josh it gives them ammunition to criticize trump and highlight what a chaotic, Dysfunctional Administration hes running. If you read any of these excerpts, or read my book, its clear that chaos and ineptitude is the basic condition of the Trump Campaign and the trump white house. When you are trying to bring along legislators to pass ,egislation like the daca bill like an increase in spending caps that they dont necessarily want to go along with, that process of legislation is much harder for a president who is viewed as weak, a buffoon, or not capable of corralling his own support. Vonnie briefly, josh, your book has been out for some time now. A wonderful chronicle of the bannon wing of the party. Ineptitude and chaos has been sort of a theme throughout the last year of the presidency. Or house senators republicans stand up and publicly break with the president on matters of legislation . Talking about the gop here, obviously. Nie its entirely happen possible that that happens in the next couple of weeks if he does what he did last year and strikes a deal with nancy pelosi and Chuck Schumer that is viewed as being too favorable to democrats. Haveat case you republicans publicly breaking with him. More broadly if his Approval Rating continues to plummet, if these legislators look at the polling in their own races and see trump as a millstone weighing them down, for the purposes of their own political preservation they may decide its time to break for him. But that hasnt happened too often, despite the chances we have been through. Theres no guarantee that it will happen going forward. We will certainly keep our eye out. Thethanks to josh green, author of dan devils bargain. Mark the battle over brexit hangs in the balance. We will bring you the latest story, next. This is bloomberg. Mark the eu chief brexit negotiator is in the news, saying that there will be no special news there but Prime Minister may isnt buying it. Is there a bit of bluffing, counter bluffing going on here . The u. K. Thinks that the start to say sort of opening position. Services are general. They would be unprecedented. Just before christmas there were some interesting comments from mark carney, who has been critical of the whole process. He just sort of said that it is unprecedented and he said that just because it has a number doesnt mean it can be done now. He was also saying that london is the banker of europe. May said something similar later that day. You need us and it will turn out fine in the end. There have been comments from the italian and polish Prime Minister. Offering something when it came to services . Shows that the u. K. Once again hopes that there will be a Division Within the eu. Not just making policy based on what the italians think. The eu 27 have been united so far but they are hoping that there will be pragmatists among the eu 27 who want to keep things as they are when it comes to Financial Services. The eu has tended to win the argument so far. Wonderful piece yesterday about prediction for brexit this year. You talk about race cases for the forecast. Quickly, whats the most likely outcome . So, probably there will be agreement with a vague outline. F a deal in october what i think will be interesting, though, is the u. K. Said they really want to get everything wrapped up before they leave. The eu has always said that it was very much an outline deal. When it becomes clear that what we will get in october is vague, not a lot of detail, they should see what happens within the u. K. The u. K. Has agreed to pay this divorce bill for talks to move on. The vagueness of the deal in october might be polemical at home. Mark great piece. Next, Winter Weather pummeling the northeast. Will there be a Lasting Impact on commodities . This is bloomberg. Live from london, this is bloomberg markets. Vonnie live from bloomberg World Headquarters in new york city, i am vonnie quinn. Where waiting on natural gas inventories here in the united states, very much in focus this week with the frigid polar blast impacting much of the united states. Also a big snowstorm impacting the northeast. We have been watching live pictures all morning. Lets get the data now. Julie we are seeing a little bit of a smaller than estimated drop in this natural gas billionies, down 206 cubic feet last week, 218 billion cubic feet was the estimate of bloomberg users here. So that drop is about 6. 18 . We are saying, unsurprisingly, some work down of natural gas inventories because of this cold weather, because of the snowstorm which we here in new york city blowing outside of our windows. This is at least the second straight drop we have seen in these numbers in terms of the weekly declines here. It looks like that comes on the back of some up and down to the inventory in recent weeks. What is this, the fourth straight decline in inventories, i should say. We are seeing a little pullback in Natural Gas Prices behind me. Leg a little bit of a lower. This comes on the back of what has been a recent surge in natural gas because of the cold weather. The longerterm outlook for most of the strategists and analysts are not mrs. Early bullish on natural gas. Saying about half percent pullback in the wake of these numbers. We will get the crude Oil Inventories because of the holiday shortened week coming out in about 30 minutes. I will be back for those. Hyman, thank you for that rundown. Much appreciated. Natural gas is just one of the commodities being affected by extreme weather these days. Lets go to jim roemer who has been advising for more than three decades. He cleverly is in sarasota, florida. Beenjim, we know that natural gs under a little pressure these days, inventories. Will that run out of steam soon so to speak . With a very volatile natural gas. The first three weeks of december was warmer than expected, now we have this record cold weather. Back to warm weather the second half of january. Confusing for most shortterm traders. Expect a lot of volatility in the market. Vonnie the commodities complex has been extraordinarily strong, up Something Like 12 since mid june of last year. What is that all depending on, jim . Cotton has soared because of great global demand. The crudeng across oil market rally substantially because of the weaker dollar. Tensions in north korea and also iran. Were seen heating oil over them gasoline last six to eight weeks. As we get deeper into january in the cold weather eases, i expect within about two weeks or so you will begin to see heating oil will lag the gasoline market. Mark did the bullish fundamentals for crude continue . I think they certainly do. We are a lot of shale production in this country and opec has to prove theyre going to cut to get above 65 a barrel. Sauce and grains are trending right now. Pretty interesting. Mark i know youre concerned about the drought developing. There was a freeze developing last week, which i know you forecasted a while back. What is the outlook for wheat . The one confusing factor is it has grown like six different countries. If we are problems in the soviet union and europe and are doing research on that right now, coupled with what i expected your reduced u. S. Wehat crop, then we have a chance to explode this market 20 percent or 30 by next april or may. Theres a heavy short position on the market right now. They are either heavily long or heavily short. You already for the fences and the other direction with the weather in the fundamentals change. I think soybeans, everyone getting excited about the drought in argentina, our using what we call telik Connection Service temperatures and ocean temperatures, arctic sea ice, tends to predict really good south american soybean crop. Before we get excited about soybeans, with a south american crop that is going to be huge in my opinion in soybean yields in south america. Vonnie locally, this cyclone nursing hit the northeast and other parts of the country, is that going to have any Lasting Impact on crops and farmers output in the u. S. . Well, it is pretty much going to have an impact next week with natural gas probably being a bullish number. He of this seesaw weather pattern back and forth you have the seesaw weather pattern back and forth. Warming up the second half of january. More did are cold in the next seven or eight days. It makes it difficult to find the trending Natural Gas Market that you can trade. Things like cocoa has been a longterm bear market, la ninabased increased crops and Global Production around the world. Market in be a bear the next seven or eight months. I think the Energy Market will be very difficult from a shortterm trading perspective. Im hoping the last half of the winter turns cold again. This back and forth website action in the weather pattern will stop that is when the Energy Market will perform as well, probably. Vonnie what about citrus where you are and across the Southern Belt . We have had citrus greening, a terrible but tinker here in florida, the last 10 years. We have wiped out about 60 of our florida orange production. The weather is not a factor like it used to be, it is the brazilian crop that is huge. It is the demand that is been lacking for orange juice. That is why the market has come back down injuice recently because everyone is tricking Coconut Water drinking Coconut Water and other favorite beverages. World isty is, the awash in orange juice right now. No one is really tricking it like they used two years ago. Mark final question, what is going to be the best commodity to be invested in in 2018 and why . We are still doing a lot of that research. I think the wheat market has explosive potential. Going back 100 years, six or seven back to back years of a bear market and increase Global Production is a most unheard of. From a cyclical standpoint, that terrible crop right now developing, if we dont get good rain by march, april, and make a potential problems in other parts of the world, i think wheat could rally 20 to 30 your by next summer. Market could be explosive next summer as well if we have a drought. Right now south american crops look great and i am bearish on the shortterm. Vonnie is certainly looks beautiful where you are. Coming to us from sarasota, florida, jim roemer. Lets check in now on the first world news with mi. Theres been a driver malek flip between President Trump dramatic flip. The president says former white house strategist steve bannon has lost his mind. That came after the publication of excerpts from a book in which manning criticizes the president and his family. A lawyer for president is threatening legal action. Employees at the white house will no longer be allowed to use their personal mobile phones while at work. President trumps chief of staff john kelly impose the ban citing secured a concerns. White house aides say the change is not due to concerns that staffers have been leaking to news organizations. French president macron will head to china next week. He says the strength in the commercial ties. It will be his first state visit to china since he was elected last year. Former british by minister tony blair says voters deserve another say on brexit. Speaking to the bbc, he said the labour party he led for 13 years should be actively challenging brexit instead of going along with Prime Minister theresa may and her plans. Global news 24 hours a day powered by more than 2700 journalists and analysts in more than 120 countries. Coming up, were going to speak to the mark behind method, Steven Maijoor. This is bloomberg. Live from london, i am mark barton. Vonnie i am vonnie quinn. This is bloomberg markets. Ho shares ofur roku. Julie hyman has details. Julie overthetop television service, that is why im you know me vonnie it is funny post of julie roku recently went public. Valuation is hard to justify. Benjamins wennberg is the analyst behind this. He is downgrading it to an underweight. A pretty steep flash. You just initiated equal weight in october. The price target is at 30 here. He is skeptical on the longterm earnings potential because of, as we do see this overthetop transformation among consumers, so many people have been cutting the cord. But he is looking at some of the competitors we are seeing out there. He says netflix is not an appropriate company to compare roku to in terms of valuations because he says, for starters, roku depends more on hardware sales that account for nearly half of its revenue. The other part comes from advertising that runs as you are using your roku device. He is skeptical it can keep on going. The stock is incredibly well . Julie and it is incredibly rare. You can pair with not necessarily technology, but with the blue apron, for example. This performance is just remarkable, up 267 just since the ipo. The stock down about x. 5 today, up about 6. 5 yesterday. It has just a raised one day of gains. Yesterday, the company said it was planning to rollout a digital system. That is what is responsible for the gain it had seen. Something else to keep an eye on is the short interest, which is quite high. You take a look at, according to float. Igures, 33 of market numbers to about 24 of float. Either way, it is high. If youre talking about one quarter to one third of flow, a lot of people are betting that this stocks run is going to come to an end. Vonnie the a little off the bloom roku today. Mark time for the Bloomberg Business flash. Some of the biggest stories in the news right now. Theres report the chief executive on her way out according to the wall street journal. Stepping down and will be replaced by an outsider. She has been ceo since 2010. The company has been struggling with debt from two leveraged buyouts. The worstperforming Housing Market in the u k last year or the first time in more than a decade. According to nationwide eldin society, london home values fell one half of a percent, the first fullyear decline since 2009. Home prices nationally in the. K. Rose 2. 6 we will finance and if the force has awakened in china. The latest star wars movie opens in chinese theaters tomorrow. China is the last major market to get star wars the last jedi. It is never had the same following there as it does elsewhere. Globally, the movie has taken in more than 1 billion at the box office. That is the latest Bloomberg Business flash. Investors can breathe a huge sigh of relief. Everything is on track come according to Steven Maijoor chairman of european securities and markets authority. He spoke to bloomberg. She asked him if stock trading caps were being implemented earlier than expected. It will have longerterm impact. Alreadythe impact were visible in the past weeks and past months. The unbundling of research and execution, for example. While some other impacts of mifid, including moving more toward liquid trading will be more visible. We expect to be more visible in the time ahead. Steven, on the dark trading, are you bringing forward the implementation date of the all caps under trading . Are you bringing that earlier today and he worry 12 . Line as we keep to the we have agreed to earlier the deadline to start with the double volume cap where currently we are collecting the data on these issues and getting atsma and we have not no major glitches on the first day of mifid 2. You concerns servicing, as know, stock exchanges have been very vocal about rival platforms, systematic internal eyes are stinging volume from caps. Despite themifid 2 they tried to address this by proposing to extend the pricing regime. The thing is, it looks like the Eu Commission is going to move slowly on this. All you push the Eu Commission and National Regulators to move faster . As you see, what is very important is that we make sure is that we have the right balance in a level Playing Field regime the socalled si and trading venues. We know the si regime is attractive for meeting the trading obligation for equity shares. At the same time, we need to make sure it is not used as a kind of way around the desk getting more transparency to the Financial Markets. We have in the past already issued q a on this issue to make sure there is a level Playing Field between the si regime and trading venues. We have given advice on this to the commission. We have also, according to our thelar timetable, changed technical standard or made a proposal for a change of the technical standard. That is currently on our consultation. So far, we on track with that change will stop obviously, we need to see what is coming back from that consultation and take this issue forward. Will stock exchanges lose out in the medium to longterm . As i just said, some of the the longerterm impacts, we need to see how it develops over time. Clearly, this is geared and has the objective of increasing transparency in the Financial Markets on principle stock exchanges, should be winning in that respect. And if theres any indications these original are not met, we will look in our toolbox to see whether further changes are needed. , chairmanen maijoor of the european securities and markets authority. 8 00ore, tune in friday p. M. U. K. Time airing on the weekends and the u. S. Vonnie still ahead, british retailer not seeing any shares plunging the most since they went public. This is bloomberg. Vonnie live from new york, i am vonnie quinn. London, i mark barton. This is bloomberg markets. Disastrous christmas for debenhams, reporting declining year in sales will stop shoppers defecting to amazon for the holiday shopping. Debenhams is taking a huge hit today. There was a feelgood factor in the air yesterday, andrea. It has gone flip. 180 degrees. What has happened . It should never have been taken as a bellwether. Bad 2017. It is gone back to outperforming. Always outperformed as the john lewis. You had to retailers that are pretty good at what they do and outperformed. The market made the mistake of thinking it would be reflected across the board, and it hasnt. Mark when it comes to brickandmortar versus the internet, is this debenhams, other Department Store retailer, if you is it a bit broader . A bit both. Next and john lewis were both strong online. Has particular problems. The stores many of them dont look good. It is a for righty store. It has lots of different departments and can look quite muddled. The problem was really in gifting. That wast have enough special enough for customers. Vonnie im looking at the website now. Taking an excuse to look at a website. But it is all apparel, right . Theres not that much more to debenhams. Actually, there lots of other things as well as apparel. It should of done pretty well. It is a big beauty offering. But apparel was pretty much ok. Apparel has been pretty steady. Where it has struggled is in the Christmas Gift items. Said we justcutive did not have good enough gift products. He is only been there quite recently. They would have been ordered quite a long while back. They just were not wrestle enough. Customers didnt like them. They just were not special enough. Customers did not like them. Debenhams relies on discounting heavily, and that is come home to roost. Vonnie this season it was a product issue. How do you fix that . Who got it right if debenhams got it wrong . Next, they improved in apparel. Got that right. Looking at the other end of the market, the discount retailers had a pretty good christmas. Primark at some pretty attractive products at great prices. What customers want, a decent product a really good prices and debenhams did not have that. Mark i enjoyed your piece today. Busy licking his lips . Well, he is not because he owns it. Is it a good time to snap up debenhams . Unfortunately since he took his interest in debenhams, he is taken an interest in other things and that has pushed up his death. His own share price has gone down. Day bly has rued the mark got a stake in the u. K. Business. As a call does he toss a coin . I think it will be who is trading worse. Mark someone said it is a race to the bottom. Is it about that . I dont think it is that bad, but they both have gotten similar issues. It is interesting the u. K. Department stores seemed to be cut of suffering at the moment, as much as if not more than the u. S. Ones. Common. Ey have that in andrea, thank you for filling us in on the woes at debenhams. Coming up on the european close, a matter of minutes away, were following stocks. Less than 35 minutes until the end of the session. Twodays of gains hasnt happened in almost a month. Globalhe synchronized upswing today. This is bloomberg. Mark 11 00 a. M. In new york, 4 00 p. M. In london, midnight in hong kong. From european headquarters, i am mark barton. Vonnie in new york, i am vonnie quinn. This is the european close on bloomberg markets. Vonnie moments away from the release of weekly u. S. Oil inventories. Orfact, they are out already julie a much larger than estimated drop in crude Oil Inventories. 7. 4 million barrels. 4. 5 million is what was estimated. A drop in cushing, 2. 4 million barrels. Gasoline inventories climbing, so that might offset some of the bullish fx in the market. Kathleen inventories up 4. 8 gasolineels. Inventories up 4. 8 million barrels. Distillate up, but a drop was estimated. The distillate number is surprising because that includes heating oil. As we know, it has been cold