Mark have a look at where european equities are trading. Green. Of equities in the left column and stocks rising. Volatilityl getting intraday for 10 consecutive days. Thats something that hasnt happened in well over two years. Look at these currencies are rising against the dollar. We had a big spike in sterling in the space of literally one minute. Sovereign bond deals are falling. Individualsome movers, this is the big decline or this is a u. K. Company that makes plastic caps and cigarette filters. It cut its operating profits forecast and says trading and components solution is in line. Performance of high Protection Technology remains subdued. On junea company that 9, shares fell the most on record after warning fouryear profit would be lower than expected due to the likely loss of a larger order from a major tobacco company. Shares getting hammered today, losing 1 5 of their value. I thought we would look at Recruitment Companies because hsbc has a raised recruitment hold. Ies to buy from thing the companys discount on their larger sector multiples is unwarranted and labor markets are on a slow growth path. The u. K. Has been stronger than expected in europe so far has seen no big effect from brexit. Rick risk looks to be subsiding. From inflationt if it occurs. If not, have solid Balance Sheet and cash flows as well. Up by 1 today. In silver, which is the best performing precious metal through the first three quarters of the year are heading for the exit. This chart shows that clearly. 17 million was pulled from the Ishares Silver trust, said for the biggest monthly outflow since january. Prices of the metal heading into a bear market. 19 sincee fallen reaching a twoyear high in august. 21 . Up by 90 minutes into the trading day. Lets get over to julie hyman. Julie we have been bouncing between gains and losses here, still coming off the highs of the session for the three major averages. We saw. 7 increase in the nasdaq and that has been cut not quite in half. Coming off the highs after the major averages got close to intraday records. This is the past six months for the s p 500 on an intraday basis. The last time we saw an intraday record was back on august 15. We got within less than . 10 a little while ago. There and then stocks pull back on the ties. Breath ontwo to one the s p 500 with Technology Shares continuing to strengthen. We had seen a lagging performance in the wake of the election. Tech has been coming back a little bit and facebook, amazon and apple are among the gains. Then there is the oil story, the possibility opec will come to a production agreement. Barrel. L above 47 a not everything is higher. Wells fargo falling after the office of the comptroller of the currency came out friday and said there would be new regulations on the company, or at least they were no longer getting a waiver on their regulations. Products destroyed or falling after an analyst said amazon is likely to come to a Distribution Deal with one of its rivals and 3m is falling on an analyst comment from goldman saying this is not one of the companies thats going to benefit the most from Trump Administration policies. Onnie lets check in now the first word news with Courtney Donohoe from the newsroom. Courtney more meetings on tap today for president elect donald trump. Over the weekend, he met with mitt romney and the number of candidates for the post of treasury secretary. Today, the president elect will talk with former Texas Governor rick perry and a former oklahoma governor mentioned for interior secretary. Stanley fischer hasnt repeated the central bank toss advice to president elect trump use public money to make American Workers more productive. Fisher says that stimulus should be developed so that it gives the economy more than a shortterm boost. Fiscal measures which increase growth over a sustained time would be terrific. Others would have shortterm require further actions down the road. Courtney he has said the a, has moved into the vicinity with employment and inflation. In france, police say they have stored in a potential terrorist attack and arrested several people in strasburg and marseille. The rest comes five days before the opening of the famous Christmas Market in strasburg. At least bomber killed 20 people inside a shiite mosque. Like thesunni muslims taliban considered shiites to be apostates. Global news 24 hours a day powered by our 2600 journalists and analysts in more than 120 countries. Donohoe. Ney this is bloomberg. Mark lets turn to emerging markets. Our next guest says we need to Pay Attention to transition, transition is the most important. Talk us through this. Guest we have reached an inflection point. The election of trump is not the first one. Then you get the fundamentals. We are transitioning from austerity to fiscal stimulus. How does that play out. This is the trump election. We have gone from traditional politics to populism and populism is coming to europe as well. How do you price that in the u. S. . We are going from globalization to isolation. And were going from volatility subsidy to normalization. You put everything together, its going to be a difficult market with a lot of rotation. Convictions are going to be a big debate. You need to make sure you are in liquid instruments and the volatility might take you offside on your position. A very difficult transition here where you have transition, transaction costs and a trump premium. You recognize investors take place into this great migration. Does the presidency change that call . Guest it makes it less directional. Both of them are important for emerging market fixed income. Premiumar under a trump , we dont know if its a flight to quality or will continue to rally. The main variable emerging market managers are used to pricing as well, idiosyncratic risk in politics. What does it mean . This is what the market is buying today. You have a threeyear input that might happen out of the blue. You could get some confrontation and with emerging to build aaders tend relationship with their own people and bypass congress. Through, this happens social media where they have this relationship can indication and that might set a lot of volatility in the market. Youie in the countries deal with, which one is extraordinaire really related to the United States and which can you trade a little divorced from this particular story . Any of them have seen on of their difficulties solved the last few months. Im thinking brazil in particular. Guest this is very important when you look at two things that are important. A lot of leaders have to their homework and make sure they are managing not a bonanza, but commodity exporters. Is veryfiscal policy important for Commodity Exposure because you are not going to find copper in the u. S. Like this. If you want to go ahead with the fiscal plans, you need to make sure the commodities might be difficult for manufacturers. If you compare america versus aazil, this is where you see totally different picture. The last time i saw you, i told you it was time to be selective. Commodity exposures and mexico, south africa, turkey the ones these are that got a lot of crossover the situation will be Going Forward. Plenty more Central Banks meeting thiseek. Do you need to wait to see what they do before making any other decisions about what to buy . Guest i think Central Banks are in a situation to cut rates and stimulate their own economy. They are not in the drivers seat and make sure where the dollar lands with respect to the currency. How much inflation do they import . What are the balances of flows . Is there a lot of dollar repatriation coming back to the u. S. . Going from a hiking cycle. Might just step aside and give you the time. Black rocks head of emerging markets joins us in just a few seconds. We will get his take on portfolios and decisions in the air. In the broadcast, we will hear from u. K. Labor party leader, Jeremy Corbyn. His take on the brexit and president elect donald trump. This is bloomberg. Vonnie mark from new york, on vonnie quinn. Mark i mark barton, counting you down to the european close. Lets get back to the investing landscape and what it means for emerging markets. Charts withoomberg emerging markets, falling between 2 and 4 . How much further is there to go . The key variables you need to take into account is where is the dollar going to go and where our u. S. Treasuries going to go . Those are the most difficult questions to answer. What is important is as we go back to this trinity, the transition in fixed income is very important because how the hell are you going to make money in fixed income Going Forward if you are exiting the bonanza years of qe . Its going how you position your portfolio, if you are longer credit with a very thin spread and might not pick up another selloff or steepening of go torve, you need to high yields. This is where emerging markets offer a buffer because we are trading around 6. 5 and we have taken a small hit. This is good for emerging markets to reprice quickly. The next one might be a bit more violent. Think about the fiscal stimulus scenario we are in, you want to be long commodity exporters. These are the guys paying very juicy yields. If you think about russia, dan, brazil russia, because extend, brazil then you have flows and you want to be liquid. Dont want to be rotating liquid stuff, so youre going to focus on that. Ention russia and brazil if you go down the liquidity and go more into the corporate side, you make sure you want to hold these materials. The Corporate Market offers and adjusting composition between spread and duration. Is going to fare much than theth pricing Long Duration on the local debt. Do you need to do bottom of analysis or can you treat this as a macro type of trade where you can take industries and Companies Just based on what they do . The bottomup analysis needs to come at the end of your asset allocation. If you say am going to go along commodity exporters, which are the ones that offer the best value, this is where you decide from the bottom up. What we are going to define is the structure. The structure of your portfolio is long highyield, hedge with treasuries, very liquid and all your bets have to be a small size so you can bear the volatility. This is where we are positioning our constraint fun so we can absorb the volatility without being in a situation where you cannot handle it anymore. Once you have defined that structure or portfolio, this is see whatwhere you can is going on and get most of the juice. Mark thank you for being with us. The black rock head of emerging markets. Vonnie coming up, we will hear what Jeremy Corbyn thinks of his governments report for business, brexit, politics in europe, and of course, president elect donald trump. This is bloomberg. Mark live from london, im mark, counting you down to the european close. Vonnie im vonnie quinn. Time now for our Bloomberg Business flash, a look at the stories in these right now. Shares of tyson foods fell after the Company Posted lower than expected earnings for 2017. Tyson has been hurt by a glut of meat on the markets. They announced their ceo is stepping down after seven years. He will be replaced by tysons president , tom hayes. Apple is taking a step to sharpen its focus on consumer products. People familiar with the matter say apple has disbanded the division that works on wireless routers. They have not updated their routers since 2013. For the second month in a row, japan has hosted a surplus driven by 16 climb in the value of imports. Exports fell to two drops in autos, seats steel and equipment. Ups is developing apps to help customers track packages with voice command. Programs use Artificial Intelligence to interact with customers. A check on the european markets ahead the close five minutes ahead. Stocks rising, the stoxx 600 up by point 25 . Earlier today, the stoxx 600 was trading at its lowest level since americans went to the polls, almost wiping out all the post trump rally. Stocks alternate between losses and gains and we are gaining with five minutes left and declines in london, gains elsewhere. Something strange happened to sterling an hour or so ago. A big move up in a matter of a minute. No real explanation. Theresa may made her presence felt at the cbi today. The pound is up against the dollar. That is significant because we had a 10 day losing streak through friday, the longest losing streak since the euros in sentient in 1999. The closes next. Are you on medicare . Do you have the coverage you need . Open enrollment ends december 7th. So nows the time to get on a path that could be right for you. With plans including aarp medicarecomplete insured through unitedhealthcare. Call today or go online to enroll. These Medicare Advantage plans can combine your hospital and doctor coverage with Prescription Drug coverage, and extra benefits all in one complete plan for a low monthly premium, or in some areas no plan premium at all. Other benefits can include 0 copays for an annual physical and most immunizations, routine vision and hearing coverage, and youll pay the plans lowest prescription price, whether its your copay or the pharmacy price. Or pay zero dollars for a 90day supply of tier 1 and tier 2 drugs, with home delivery. Dont wait, call unitedhealthcare or go online to enroll in aarp medicarecomplete. Street. Below april 20 record. Betweenbeen alternating gains and losses on an intraday basis for 10 consecutive days. Oil stocks rising, bestperforming group on optimism. Will strike a deal to freeze or cut production next week. Lets talk about the euro, the euro rising against the dollar for the first day in 11. That has been the longest stretch since 1999, held by news that uncle of merkel that Angulo Merkel that Angela Merkel will run. Voss bnp paribas spurred by monetary policies in the ecb. Is the relative strength index, which is still below 30, telling us the euro is still oversold. This is one i havent talked about, the baltic index. This is a measure of surging to, a two year high. Infrastructure, it would be a boon for owners of vessels, fairies, and other others, ferries, and commodities. It would see a big boost in infrastructure spending, which would benefit companies carrying raw material. That is the reason for this two year high. Big news in germany that merkel will run for fourth time for a fourth time as chancellor. Surprise, former Prime Minister won by 16 Percentage Points. Alainl face off against juppe. 47 basis points on friday. Now we are awaiting the runoff next week. Many say the winner of that could go on to win the presidency next year. One of many elections we are looking forward to. Upset ford one more the books. A lot of what you have said is reflected in you have the nasdaq rebounding and hitting earlier records. Next to Technology Shares, they are having a great day. Things like facebook, google, and apple. They did have a huge drop in the last few sessions. Some of theoned, currency moves are up from what we have been seeing. You can see that with the dollar index down 3 10 of 1 . The british pound trading at 124. 52. Wti up 3. 68. Brent. 61 for we are getting a quick look at more currencies. Lets go to yields. 32 on the 10 year that spread is continuing to widen. We took a look at crude. We can get straight to our next board. Actually lets get the first word news. We go out to the newsroom. Courtney british Prime Minister theresa may is offering an olive branch to business. In a speech, may says she will not force copies to appoint workers or Union Representatives to corporate boards. She also urged executive to not miss the opportunity presented by brexit. This gives us a once in a generation chance to shape a new future for our nation. The chance to build a stronger, fairer country. That is the kind of change people voted for. Not just to leave the european union, but to change the way our country works and the people for whom it works forever. Courtney may spoke at the confederation of british industrys annual conference. Syria has refused a proposal for truth in the battled city of aleppo. A Human Rights Group estimates close to 200 civilians have been killed in a aleppo since Government Troops renewed their assault last week. Crews ndia rescue at least 142 people were killed and 150 were injured. Rescuers used torches to cut open the cars and lifted them from the tracks. The president of south korea is one step closer to impeachment. Is nowon of lawmakers calling for her ouster over and influence peddling scandal. That puts opposition near to the votes it needs for impeachment. Park has shown few signs she is willing to step down. Global news 24 hours per day powered by twitty 600 journalists and analysts in 120 countries. 2600 journalists and analysts in 120 countries. Merkelhancellor uncle of chancellor Angela Merkel says she will indeed seek a fourth term. He knocked out former president Nicolas Sarkozy and will face uppe. Unnerup, alain je earlier former u. S. Ambassador today to Nicholas Burns told daybreak americas that the state is that the stakes are incredibly high. As you know this is our leading trade pop trade partner. And there are elections in austria, the netherlands, france, and germany. Thewhole direction of continent is going to be set by the elections. It will behoove mr. Trump to be conservative about this and not try to think he can engineer these elections in france. Carollets start with lane in paris. Won by 1