Steps. Morgan stanley and wells fargo join european lenders in pledging to preserve jobs during the crisis. Deutsche bank says it will pause future cuts amid its restructuring. Welcome to bloomberg daybreak europe. U. S. Futures on the back foot today after the best threeday gain in mere nine decades for the s p 500. The dow is technically in a bull market but it is 25 below the february 12 record. In terms of asia, a mixed picture. Following that emergency 75 basis point cut by the bank of india. A big drop in industrial profits in china. That is the news overnight out of asia. The 10year treasury yeild slipped five basis points. Risk off coming back into these markets after the powerful risk rally. We ask the question whether it is a bear market after the devastating rest jobless claims numbers, so weakness in the dollar. The dollar is hedging for its biggest retreat since 2009. Gold has its biggest weekly advance since 2008 after the effects of the funding squeeze and oil heading fo