The mondayutes into trading session. Seen ishe strip we have continuing today. We have been on this long street without a move the s p 500 and longer if you look for a 1 drop in the s p. That continues today. We have a little bit of it downward i. S. Its down 1 10 of 1 . What weve been watching and the trend we have talking about regularly is the low volatility environment for u. S. Stocks in we have low correlation among u. S. Stocks. Take a look at the bloomberg. This is what we are watching here. The vix is in blue. We saw some spikes in volatility over the last year or so along with a measure of correlation. How much are they moving together in the s p 500 . It makes sense. Youve got both of them low at the same time because you dont have stock moving together. Its hard for risk to spike as they all go down. Thats a trend we are watching. I wanted to look at some of the big movers to the upanddown side. Thats a sharp contrast with the competitor. The sales are up by 11 last quarter. Revenue is up 52 in its girl category. Those results are helping to shares. Customer product giant. Its the maker of rubbermaid. They are down 7 . Sales are narrowly missing estimates. The company is cutting its forecast. It says among other things it sees pressure on mallbased retailers. That is presenting a problem. We are watching the natural gas industry. They won approval to build a natural gas pipeline expansion. It is called atlantic sunrise. Though shares are up 10 . We are watching range resources with an upgrade. Whats going on in europe . Mark drift is the perfect word to describe where we are as well. We are down. 4 . The only group that is driving his health care. Up i aboutr, we are. 3 . The european fear index is down 10 . There are no signs of volatility within the equity asset class. We will speak more about this later. A drop in thirdquarter earnings. Startingity glut is shares to tumble. They are forecasting little change in profitability. 17 , more than its previous forecast. That trend is going to continue. Since brexit, the shares are up 8 . Two days after the vote, they fell by 24 . In the republic of congo, the ivory coast rose 25 . Gold prices rose. Miners were boosted by gold for the first time in four years. Gold slumped 44 through december. That is the 10 month low. They have risen by 11 this year. They rebounded from that for quarter slump in it was the biggest slump in three years. Keep your eye on the french Government Bond market. The white line is the french 10 year yield. It has doubled to the highest level since 2015. The republican president ial candidate will speak to sour. It will be fascinated here with he has to say about the scandal surrounding members of his family. That has engulfed his residential run. This right now is in the highest level since 2013. Lets put all this in perspective. This is a chart going back to 2008. As you can see, this is the height of the sovereign debt conference. This is where the spread was roughly 5 , we are nowhere know those levels. The ecb despite talk of a taper is a backstop for the european on market. Its a fascinating chart showing the yield and the spread differential are in we are awaiting his speech. Jonathan we will bring you the relevant points of that speech. We are turning to the battle of the bans. For the latest on the legal fight, lets go to bloomberg. As decision in Washington State and we had a Massachusetts Court ruling. The president tweets about both sets of judges. Where do we stand now . Its continuing in the court system and online with President Trump between at his feelings about judges blocking his immigration ban. This is a day with the administration has until 3 00 to put in its latest court battle. It could end up going to the Supreme Court does there are Conflicting Court rulings on this ban. Is on hold now, it for now. It doesnt have the force of law. The judge in Washington State has called for to be put on hold. We also heard from Business Leaders and Companies Including microsoft and several other Companies Like amazon saying it is something that they oppose because it hurts their it hasce. The judge said to be on hold. The administration is going to file its claim in the court battle later today. You vonnie if this does go to the Supreme Court, it could happen much faster than a typical case like this. Who does it benefit if there are only eight justices on the court . Becauseis continuing President Trump announced his pick for the ninth see the Supreme Court arian right now, there are four justices that were appointed by democrats and four by republicans. Its an even split the could force the issue to not be resolved if there is not a ninth seat chosen. That increases the pressure on democrats to oppose the night seat with more of a conservative justice. It seems like that is going to increase the political pressure and heat on this battle concerning the judge that President Trump wants to support on the ninth seat and have the swing vote on this type of case. What is the economic angle of this. The companies on the west coast, the Technology Companies will be eager to keep the flow of immigration going because they rely on it. Talk us through the economic backdrop right now . Win this ban was first announced and what was rolled out in the chaotic way that happened last weekend about 10 days ago, they showed that they had several employees who were impacted by this, they flew abroad and could not come home. Several of these companies have said this type of ban because it is so broad and it doesnt seem to targeted sweep in people who are u. S. Residents who were ,orking at various companies they have come out in strong opposition to it. They say it hurts the bottom line. Thats an argument that has resonance with the washington judge who put a halt on the ban. I believe we will hear more from some of these Companies Going forward about how this harms their bottom line. Joining us, for reporting from the white house today. Other news, 97 companies have condemned it. From the lastely answer. Filedst 97 companies have an impassioned legal brief. The steps up the opposition to him in recent weeks. Stephanie the list that signed is a whos who of silicon valley. The argument is its harmful to our business. Its disruptive. It prevents us from people traveling freely. Its going to make it harder for them to hire the best and brightest. Many of those Tech Companies that signed this brief met with him in december. From what we know, they raised the issue of immigration and he was open and understood what they were talking about. It just shows you how quickly things can turn around. To puthey were Going Forward ways to help fix this issue and offer policy. Do we know how that is progressing . Stephanie i think they decided that supporting the lawsuit, they are not parties to the lawsuit, they are nonlitigants providing support to the case. An important move. Who knows what will come next. Maybe they will take legal action and become a party to the lawsuit. Its an amicus brief right now. What is an amazon join it . Stephanie thats a good question. Level ofine the coordination that was needed to put this list together, to get all of these companies to sign it. It happened incredibly quickly. Its rare you get this level of coordination among tech Companies Like this. Vonnie amazon did play a part in that letter. There has been communication with amazon. They made their point clear. Other the company that signed it has a big impact, maybe not just legally. A big impact on the Public Relations battle they are fighting. Mark are we hitting a crucial juncture here just a couple of weeks into the new administration . We had that big gathering of ceos. There was a big piece of the beginning when he was joking with them and welcoming them and talking about repealing doddfrank. Are we really beginning to witness some sort of throwback between the Business Community and the new president . The uber founder step down from that distance advisory council, not running to suffer the blowback with associated with trump. This hits the message of trump saying he is a probusiness president with almost 100 companies coming up against him saying this is harming our business, how does he respond to that . He is a businessman himself respond to the ceos saying youre hurting our bottom line. Mark thank you very much for joining us. In on,. Lets check witheresa may is meeting benjamin that yahoo . He asked me to support new sanctions on iran, saying it wants to destroy israel. The u. K. Is committed to a two state solution. Pressure has rejected President Trumps assertion that iran is the worlds not one terrorist nation. Russias foreign minister says it should be in a coalition to fight islamic state. Russia values its friend rate relations with iran. Far right leader le pen will take back control of the central bank and leave the Company Country out of the euro. That is according to her chief economic advisor. She would have the same nationalist forces that donald trump had it. Tom brady did lose something of the super bowl. After the stunning win over the Atlanta Falcons last night, somebody made off with his jersey from the locker room. He told a reporter its going to end up on ebay it am point. Global news 24 hours a day powered by more than 2600 journalists and analysts in more than 120 countries, this is bloomberg. Mark happening right now, a french president ial candidate is having a News Conference. He said his wife salary was perfectly justified it. He worked as a politician. Breach the law. He said the accusations are baseless and he understands the questions. He understands the need for clarifying them. You can watch is full remarks on the bloomberg. This is bloomberg. Mark why from london and new york, i am mark barton. Vonnie this is bloomberg markets. Its time for our latest business flash. Ceorecent report the disney rob eiger may extend his tenure for third time. He is scheduled to retire in 16 months. There is no successor insight. He might be replaced by his former chief operating officer. Bill gross says investors must brace for a financial methadone of quantitative easing. The ecb and bank of japan have pulled their sport. Keepingentral banks are Interest Rates artificially low. Big cuts are on the way for the management ranks. Cut 60k will cost senior staff. The number of top executives will be reduced by more than half. That is your Bloomberg Business flash. Around thevolves fiscal policy of deregulation and to mystic agendas. With thetzker sat down head of global macro and asked the current paradigm shift. Henry this is the first time in 15 or 20 years where we have an inflection point. We are trying to highlight a couple of things. One is we see a major shift from monetary to fiscal. I think youre going to have Government Spending driving incremental growth. The second thing i would say is removing the authorities. It feels like were moving from global agendas to do mastic. That has impact on trade. I think you heard some of this last week. We are going from reregulation to deregulation, especially about energy and financial services. Health care will be in the mix at some point as well. You are moving to a world will a where a lot of the volatility is in the equity market. Basis,ly, on a sustained most of the volatility has been in the currency market as people wrestle with qe. Our view is that is shifting more into the Interest Rate market then any time. Thosepeople may look at forces or themes that you govern the going to macro environment and say that sounds about right. Maybe it sounds right for the u. K. Where some of the same forces are playing out. What about the rest of the world . Henry this may be missed by many investors. There has been a lot of talk about brexit. If you think about china and our estimates, chinas dust of it deficit is 10 . S huge different read difference. They put 1 trillion of stimulus into the economy. Thats about half their gdp. There is a lot going on but scenes behind the scenes where they are using fiscal to get some reflation. Where were in a time were there was slow growth. That in my mind and it right after brexit. We think rates of autumn. We are think we are in more of a reflationary. Thats going to create more volatility overtime. We may not all be economists. I think people can understand fed jargon more than they can what is being said with President Trump right now or anyone. If you look round the world, we have a lot of strongmen. We havent seen this in quite some time. These are people who have very strong agendas. You are creating some nationalist fervor and that is before i get to the continent and whats going on in europe. Still ahead, our guest is the chairman. How the topsyturvy french president ial race impact the Business Climate . This is bloomberg. Mark this is bloomberg markets. I am mark barton in london. Vonnie lets check in on some market movers. We have julie hyman. Julie i am watching off analyst calls. Lets start with the airlines. Bernstein is upgrading Delta Airlines saying that for delta the upside might come from progress in implementing the new revenue management. For american, it only no longer has a downside. Goes to an outperform an american to a market perform. Both of those shares are moving higher. We have chipotle. The stock could fall further. They are bears on the stock. They see the food safety scare and the rebound could involve sourcing and marketing costs. We have a quick look at the bloomberg. This is a consensus on the stock. The green is the high rating. There is a lot of neutral here. We have seen a sea change in opinions on the stock. Mark thanks a lot. Still ahead it, our guest is the chairman of suez. This is bloomberg. Live from bloomberg World Headquarters in new york and london, i am vonnie quinn. I am mark barton. This is bloomberg markets. Lets check in on bloomberg first news with emma chandra. The Trump Administration will try again today to get its controversial immigration ban restarted. The Justice Department will permit final arguments, enforcing the ban through a federal appeals court. The battle could end up in the Supreme Court. President trump still wants members of nato to play more for their expense. Hat came up in a phone call the white house said the president did express strong hopes toor nato and take part in a summit of leaders in late may. On capitol hill, a big day for President Trumps controversial choice for education secretary. A final vote on betsy devos is tomorrow. Vice president mike pence may have to vote to break a tie. Investors from the middle east are taking advantage of a plunge in the pound. Managers, theynd have more commercial real estate in the Fourth Quarter even as brexit chases away other buyers. Acquisitionserseas in the Fourth Quarter, that is compared with 10 a year earlier. Global news, 24 hours a day, powered by more than 2600 journalists and analysts in more than 120 countries. I am emma chandra. His is bloomberg. Mark happening right now in paris, french president ial candidate Francois Fillon is playing offense as his rivals play offense. He has been speaking at a News Conference in attempt to cover control. He says he has been the subject of unprecedented attacks and that he is getting huge campaigning renewed energy. More from our paris bureau. What has he been saying . The paper was describing this press conference as a survival operation. But so far it is more of a transparency operation. Francois fillon has been disclosing everything, assets and Bank Accounts he has. He has been saying that the salary of his wife, while working as his assistant, was perfectly justified and that his two children were perfectly legal. He said he will give more disclosure of all his assets tonight online. Really, it is a transparency operation. He says he understands the moral obligation of a president ial candidate like him. He wants to stay in the race for now and he is also apologizing to the french for the lack of transparency. Meantime, the void that has been left is being and le pen. Macron they had big rallies over the weekend. Leading in the first run of this president ial election on april 23. They both had a separate competing meeting in the secondbiggest ct in france over the weekend. We have more details on Marine Le Pen who unveiled a program with more than a hundred proposals. It is most worrying for investors, the promise she made to hold a referendum for france to leave the eu and the euro single currency. She said she wanted to curb cutting countries from 2000 year to 10,000 year. She has benefited from all the allegations around Francois Fillon and said she wanted to simplify the labor code and push defense spending. And gdp required by nato. Macron is holding a meeting tonight in paris where he said he will spill more details about this program. On bloomberglive television this morning and she was telling us the fact that she political experience, which has been a criticism, is actually a plus because the french want to get rid of the old guard. Vonnie it seems like the french have different standards for the politicians. Wire they taking this seriously . With all the allegations we have seen around the former french president , nico