Outside the government, i questioned how they were approaching it. I might have tweaked it to the extent that it involves Foreign Policy. I might say to my Foreign Policy partners that we have a problem of doing it this way, but here is a suggestion for how we can or meet yourhing interests in a slightly different way. You are always concerned about making sure that the credibility of the United States is sustained or the credit ability of canada is sustained. The work that has been done continues. Particularly when you have a close friendship and relationship with a partner like canada, it is not as if work we or entry on the arctic s vanishes when the next president comes in. I intend to make sure the next president who comes and agrees with me on everything, but, just in case that does not happen, the u. S. Canadian relationship will be fine. Thank you, everybody. Mark the president of the United States and the prime minster of canada concluding a press conference at the rose garden. Our White House Reporter joins us now with more on this. Canada is americas largest trading partner, about 2 billion worth of goods and services crossing the border every day. The president did note that this is the first time that a canadian Prime Minister has made an official visit since 19 seven. 1997. Angela it has been a long time, 19 years since a canadian prime minster came to washington for an official state visit. It was a strained relationship when Stephen Harper was Prime Minister. The chance for private president obama to start a new with prime Minster Trudeau at the helm of the country. We certainly saw that in the remarks this morning, the Opening Ceremony and just now at the press conference. Mark talk to me about what trudeau brings to this relationship. He is the new kid on the block. Angela hes only 44 years old. The youth and Energy Barack Obama was when he was first elected. President obama sees a lot of himself in prime Minster Trudeau and hes made references to that throughout the day and when the pair first met in the philippines last fall. A time when the attention has shifted to canada. Sident obama is ramping up wrapping up his time in office and prime Minster Trudeau is just starting and americans are primed about a canadian minister being here. For all the talk of friendship between the two men and the good feelings between the u. S. And canada, the two countries do not agree on every issue. There are many sticking points that cause problems. Angela there are a couple of issues that were discussed that discussed in public and private. They did spend some time on the softwood labor lumber trade dispute. It is a decision that prime Minster Trudeau followed through with an assuredly something they discussed during their time in private in the oval office today. From theela joining us white house. Thank you so much. The president of the United States, barack obama and the canadian Prime Minister justin udeau. President obama asked about domestic politics. He was asked what things could if a donald trump or ted cruz were to in fact become the next president of the United States. Avoiding minister waiting into domestic politics here in the u. S. He did say that he has faith and trust in the American People and in their wisdom and he did say the American People choose to be the next president , canada will be willing to stand by with them. Scarlet fu joins us now with todays market day. Scarlet good afternoon. We want to get thing started with a check on the markets. This was the ecbs policy decision day. Did and saidaghi has had applications on the financial markets. Julie investors are still confused about what has happened this morning. The ecb deploying a full arsenal of stimulus. Benchmark rate zero to expanding the Bond Buying Program and making Corporate Bonds eligible. 80 billion euros in that arsenal for bond buying. Stocks are now lower. They were bouncing around. Investors still trying to figure out not only what this means, . Ut will it work will it help european economy and is at the end as mario draghi says there will not be any further Interest Rate cuts . If you look at the s p 500 over the course of the session, you will see the bouncing around that weve done. After and during the comments from mario draghi, we saw stocks gain some steam and losing as we head into the afternoon. The stocks 600, the swings there are very dramatic. You can see the stocks 600 now down 1. 5 . Earlier, it was up 2 . That its all perplexed what investors are staying still try to figure out here. There are signs of investor exhaustion overall. Weve had a long rally. Not substantial, but it marks a continued constructive period after those february lows. Julie we are seeing some reversals there as well. Look at the bond market, for example and the 10 year, we are seeing yields there now climb. 1. 94 . We see some buying of treasuries. Lower. Een yields going gold prices have been interesting because they have been strengthening today and were strengthening even when stocks were higher. That gave a little window into some lingering investor excited. Decline of nearly 2 . That is also weighing on stocks. You have the ecb digestion, but as always, oil lurking in the background and putting pressure on Energy Shares today. Will continue to cover the markets here with the euro on the move. We will check in with more analysis of European Central banks latest stimulus passing latest stimulus package. Scarlet welcome back to Bloomberg Markets. Time for the Bloomberg Business flash. A change at the top of the worlds biggest hedge fund. Jon rubinstein has been hired as coceo of bridgewater associates. This is according to people familiar with the matter. Bridgewater manages 154 billion. The current ceo is greg jensen. He will focus more on investing at bridgewater. Firsttime applications for Unemployment Benefits declined to the lowest in five months last week. Initial jobless claims drop by 18,000. Employers have been holding off on firings and adding staff. Yahoo hitting the ice, streaming four free nhl matches per week. The streaming begins friday. That is your business flash update. Lets return our attention back to the worlds reaction to the ecb decision. The euro reversed its losses after mario draghi said that the ecb solved no further need for more interestrate cuts at this time. Is a ratenes strategist for Bloomberg Intelligence and he joins us now. Make sense of what happened here for us when it comes to the euro reaction. What was going through investors minds . Richard it is pretty difficult to come to any firm conclusions just based on a few hours a price reaction. Initially, the euro went lower as the ecb outlined, late its round of monetary easing. The move reversed and we saw the ,ame thing in peripheral bonds we saw spanish and italian yields falling quite sharply and they rose equally as sharply to close higher on the day. The initial kneejerk reaction the initial response and then after mario draghi added the idea that they would not be able to cut rates anymore, we had a sharp rebound. My take on this would be this is not what the ecb would have wanted to see. Scarlet there was that kneejerk reaction and then things took a turn when mario draghi began speaking. When it comes back to mario draghi and his words and how investored to soothe confidence come how long do you expect this messiness to last for, or people to try to make sense of whats going on . Will it go into next week as we head into another week of centralbank discussion and rhetoric . We are probably into next week before investors truly digest what the implications of what mario draghi and the governing council do today, what it all means. Attention to other Central Banks. Events no shortage of for investors to look at. It will take a few days before they fully come to any conclusions about what the ecb did today. Scarlet talk about what the ecb did when it comes to forecasts for inflation, for growth. Slashed both substantially. I think that is why they reacted so aggressively today. Those forecasts were ratcheted quite a bit lower. They wanted to act as proactively as they could. The initial reaction is something they would have to see. T have wanted scarlet i want to play Mario Draghis comments now. Aghi taking into account the support of our measures to grow the inflation, we do not anticipate that it will be necessary to reduce rates further. Scarlet that is the part that got investors and scratching their heads, wondering what it means for future stimulus. A lot of people described this as a kitchen sink stimulus do you agree . Richard it was very broad. The one thing to remember is weve seen this from mario draghi before in terms of Interest Rates. They lowered rates again and took them further, deeper into negative territory. For the time being, it looks like he is not prepared to lower rates anymore. As circumstances change, i would not be surprised if he did thelet did this get what ecb wants coming getting inflation closer to their target of just below 2 and to get banks to lend to get the real economy going . Richard it is probably too early to tell on the inflation. That will come with time. In terms of getting banks to lend to the real economy, this will not only be the targeted longterm operations helping that, but lower rates, because of the way they have been enacted today, should be less of an impediment. Scarlet as we get ready to look at another week of centralbank rhetoric, what does this mean for the Central Banks that have to act next . Richard it is very interesting because we are in the midst of this Eu Referendum campaign which has another 3. 5 months to run. Key things for the bank of england will be the performance of the pound. It has been very volatile of late. The actions today will have heightened that volatility. It will be interesting to see what the bank of england says next week. Scarlet thank you for providing your perspective. We will be back with more comments, next. Scarlet welcome back to Bloomberg Markets. Barclays has had its share of tough times, pushing the Investment Bank to find ways to boost capital. Erik schatzker sat down with the barclays ceo and post 3 arguments that investors have made against barclays and staying in the Investment Banking business. Barclays is uniquely disadvantaged by u. K. Regulators. I dont agree with that. Being a u. K. Bank is a great place to be. We have a Good Relationship with u. K. Regulators. The u. K. Is the fifthlargest economy in the world. We have a great presence and u. K. , it gives a foundation and a base for barclays. Every multinational has a strong presence in the u. K. We are a corporate banker, helping Companies Finance and u. K. That gives us a competitive advantage over u. S. Banks that dont have the capability. Barclays has a great Investment Bank franchise in new york and london. Being one of the few european Investment Banks out there is a competitive advantage for barclays. Funding costs the imposed on your bank, the u. K. Balance sheet tax, bonus caps and the Senior Management team that putting you not putting you at a disadvantage to jpmorgan, bank of america, citigroup, Morgan Stanley, the list goes on. Jes theres no one at j. P. Morgan saying we have a huge competitive advantage. Everyone is facing the regulatory challenge of adjusting to the new reality of the financial market. I fundamentally believe u. K. Regulators want to see a british bank within the leading Investment Bank group. It is, however, only 25 of our risk capital. We are a Retail Consumer corporate bank. The u. K. Would love to see a as a major player. Not profitable enough. Look at the return on equity or tangible equity. Look at the cost to income ratio, the efficiency ratio here. Look at your standing in the most profitable, highmargin businesses in Investment Banking and youre not where you used to be. Jes we have dramatically had to reduce our risk related assets. Weve taken the risks and half. Down by half. Based by that headwind, weve doubled the return on equity, doubled profit. We have to do a lot on managing the costs and our Investment Bank. We will not rest until weve delivered a return on equity that covers the cost of capital. that is an industrywide problem. Wishing is not going to fix it. Jes we will not wish good we will execute to get there. If we are going to rely on the Global Capital markets, mutual funds and pension funds, i dont believe the world will feel safe. Investment banks that cannot return to shareholders, it is not a stable platform to fund the worlds economy. Erik how long until it course corrects . What is the catalyst . Jes it is happening up it all banks are looking at how to manage these Balance Sheets. In a way that delivers profitability to our shareholders. third argument, the culture cannot be fixed. Fines come up penalties, other costs. Fines, penalties, other costs. Jes i do believe will wall street i do believe wall street lost its way in the late 1990s. When he became too much of a motivational factor. Back tohas to reverse the time when it was a profession. Andg a practitioner professional finance was like being a lawyer or a doctor. We have a lot to atone for, weve made a lot of mistakes, but have no doubt the only exit schedule risk to barclays is if we get it wrong in the future. Lets head now to our markets desk where julie hyman has a check on company movers. Energy and gas movers. Julie pipelines is where we are focusing on right now. We are watching columbia pipeline. After a big leg up of 15 dow jones reported the company was in talks with transcanada on a takeover in transcanadas acquisition of columbia could exceed 10 billion with debt. A relatively sizable deal. Transcanada shares in u. S. Trading have turned lower. Lets look at william partners, s natural gas pipeline will be delayed until the second half of 2017. It was targeted to be complete by the end of this year. The company tries to get more permanent permits for things like clearing trees in new york. We have declines in the other oil and gas mainstays as well as we see the price of oil decline. Familiar names on this list. Scarlet thank you so much, julie hyman print coming up, we will be speaking with neil from Credit Suisse to get his take on the ecb kitchen sink stimulus. Scarlet from bloomberg World Headquarters in new york, this is Bloomberg Markets. Lets start with first word news with Mark Crumpton at the news desk. Mark president obamas looking to name a replacement for the Late Supreme Court justice, and to ones glia, as soon as possible. President obama was asked about the vacancy during a News Conference with the visiting canadian Prime Minister. President obama i think it is important for me to nominate a Supreme Court nominee quickly because i think it is important for the spring court to have its full complement of justices. I dont feel constrained in terms of the pool to draw from having to take shortcuts in terms of the selection and vetting process. Mark the Associated Press reports the president may be narrowing his search despite calls for him to look outside the court for a nominee. Mr. Obama is reportedly zeroing in on a small group of appellate judges with traditional credentials and a history of bipartisan backing. Growing concern about contaminated water in hundreds of u. S. Military sites. The possible cause, chemicals from firefighting foam. The navy began sampling water at bases in december. Checks are being conducted at 664 crash or training sites. Talksresident eitan held with king abdulla today in oman. He told troops training the islamicn military that state troops are on their heels but defeating them will take a long time. Warden is the Vice President s last stop on a swing that includes the united arab emirates, and the palestinian territories. Louisianaofficials in have evacuated 3500 homes in bowsher city as the bayou levy. Ches the top of its another three inches of rain fell in the area overnight and the bayou could breach the levy. Three people drowned in flooding across oklahoma, texas, and louisiana. Global news 24 hours a day powered by our 2400 journalists in more than 100 50 news bureaus around the world. Im Mark Crumpton. Back to you. Ecb president mario draghi unveiled a dramatic stability package today that cuts the deposit rate further into negative territory and reduces the main refinancing rate to zer