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tv   Bloomberg Markets Americas  Bloomberg  June 18, 2019 10:00am-11:00am EDT

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30 minutes into the trading day in the u.s. from new york, i'm vonnie quinn. guy: and from london, i'm guy johnson. welcome to "bloomberg markets." vonnie: let's check the markets because we have had a reaction to mario draghi's speaking in portugal. 1.2% in equities getting a boost from the idea there is more easing insight. far asyear yield down at 2.05, as low as november of last year. we are continuing to keep an eye on it. gold features -- gold futures were up. non-risk assets were rallying. cryptocurrency goes live today. one of the better performers in the industry, guy. guy: european equities are
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higher. it is not the cyclical stocks rising in the banks are bringing up the rear. and has caughtn the attention of president trump. the german ten-year as well is in record territory, -30 basis points, never been seen before, mario draghi delivering again. vonnie: a couple of interesting tweets from the president that we will get into in a second. but mario draghi says more stimulus might be required. take police and -- take a listen. ande can adjust the bias the conditionality to account for variations in the in just met part of the inflation -- variations in the adjustment in part of the inflation. policy interest rates
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can contain any side effects and remain a part of our tools. vonnie: he said that it is a lobar for more stimulus -- it is a low bar for more stimulus. matt, dear mario draghi nobody was doing -- matt, did mario draghi know when he made the speech? he knows what he is doing, but it is interesting the way the markets reacted. you had a new handle on the euro nds dropped, so really moving markets, and if you look at the five-year, you have a balance. they had come down substantially, and that was probably the stimulus that pushed mario draghi and the ecb to make that announcement here at sentra.
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the interesting thing is that donald trump's tweet followed and i don't think it is wrong to say that is was ridiculed among ,he central bankers, but now they say may be the move was designed to preempt the fomc eurocut to preempt the versus the dollar, and that would lead me to believe maybe this was the starting gun of the currency wars. vonnie: the president mentioning mario draghi, saying it may be euro lower, as in stronger, making it easier for them to compete against the u.s. mario draghi makes hundreds of speeches, but we think of the whatever it takes speech, and that is what it was like today,
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markets completely reactive, and we saw yield dropping into negative territory. yeah, he definitely knows people are listening at this sintra meeting every year, and especially with this being his last as president, every time the ecb comes together and changes inflation and growth expectations,, i me forecast, it seems the changes -- expectations, i mean forecasts, it seems the changes are down. you cannot continue to cry wolf you have to do something at some point, and maybe that is what this preparation is for. guy: matt, one of the big questions is what does this mean for european banks? european banks already on the floor in certain cases. any hints we could see some kind of action being turned against
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the banks? mario draghi has suggested this in the past, but it has gone nowhere. matt: he has. one of the most fascinating other pieces of news that comes out on a day like today is christian sewing may replace richie at deutsche bank. they have been one of the biggest complainers when it comes to negative rates, and mario draghi did mention he could take some measures to mitigate the negative effects of negative rates, hinting at tearing. this is something he has been talking about for a while, since the march meeting, and something that has been met with a lot of skepticism on the board reportedly, but it could be time to bring this policy out. we could see some tearing because interest rates look like they have to be the most convenient, easiest, and the only movie really has left right now. guy: matt miller, thank you very much indeed.
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it has to be one of the nicest central-bank gatherings out there. i am sure he is enjoying himself. more on the fed and what we are getting from the ecb today. how the two are going to collide. we are joined by brad mcmillan, live from massachusetts. brad, let me start with what mario draghi delivered today and the timing of all of this. do you think it was by design that mario draghi had done what he had done today, knowing full well that there is a risk tomorrow, that the fed starts an easing cycle and then the dollar rose over? draghi cannot have a stronger euro. aad: i think that might be contributing factor, but the bigger factor is mario draghi is now leaving. he said years ago, he would do whatever it takes, but it hasn't worked. of trying toay
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guide the ecb going forward. this is more about his legacy than the fed. because in my mind, it is very uncertain whether the fed will cut at all. guy: we will wait and see what happens tomorrow and what guidance we get. we are getting guidance from the president. the president of the united states is not happy with what the ecb has done today. what does that tell us about maybe the way that the president is going to have over european trade negotiations? is this an indication that he will take a tougher line? brad: i think the president is focusing in on trade. this is something he feels he can control. even as he has agreed to meet with president xi of china, as your becomes the one piece everyone is looking at, -- as europe becomes the one piece everyone is looking at, the president will be looking more
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at european trade going forward. vonnie: the markets took a leg higher, brad, a few moments ago when the president tweeted something else, that he had a good telephone call with xi jinping of china. see the s&p 500 top. will that go well between the talks -- that go well with talks between the u.s. and china? brad: the chances of a deal are very, very much better than they were a few months ago. both sides had, and postured, and both sides setting the bar higher, and now that they have agreed to come together in person, there has to be the expectation both sides need to deal, and now they found some way to get there. vonnie: what would it mean for your clients at commonwealth, brad? brad: we had been saying all
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along, we pay attention to politics and the trade war, but as long as the fundamentals are solid, and they are reasonably solid, politics can reverse. a lot of the uncertainty we have seen is due to politics and due to fear, and when the fear reverses, that can be very positive, as we are seeing this morning. it will continue to be positive for investors as a whole. talked to the commerce secretary on monday, his indication is even if we got a deal at the g20, it would be a rough deal with many more details decided, but nothing is decided until everything is decided. do you think the market will take a skeptical view at whatever comes out of the g20? we are not out of the woods. brad: we are not out of the woods, but the market has been pricing like we are going to run off a cliff, but it is more like going up a hill in the hill would get steeper and the tariffs would get worse, but the
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hill will be flat as we work out a deal, but the message is, the cliff will go away in public perception. it is not that we are out of the woods. we can see the clearing on the other psych, and that is what the markets will focus on, not the trees. guy: let's perceive the fed could see the clearing as well. companyd j. powell and communicate to the mark that the fed believes a rate cut is necessary? if the trade situation will become better, not worse, presumably, given the status of the u.s. economy at the moment, which is not bad, the fed would feel may be more minded to leave things on hold. brad: when you look at what the fed has been saying, they say they are willing to cut it is necessary. is notsay, the economy in rate cut territory, and if the fears subside, i think the fed will say, we will give it
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another couple of quarters. that is where we were anyway. improve,mospherics that fear becomes more compelling. i don't see a suggestion of a rate cut tomorrow. i mean, markets are acting a little crazy, no? brad: i have to agree with that. trust me, if i knew why markets were crazy, i would be smarter than i am. what is really driving it though is investors have been through a lot of turmoil. they have been through a lot of headline frenzy in recent months and years. there is a little bit of fatigue setting in. how many time can you jump off the roof about trade? crawlny times can you into a ball with the headlines? investors are asking, do we really need to react? when you look at the most recent
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pullback, it was much more modest and it is reversing. people are just tired of reacting. and people are looking at the fundamentals. vonnie: brad, thank you so much for joining us. that was brad mcmillan. let's check in with kailey leinz. kailey: president trump says he will have a meeting with china's president xi jinping next week, and they will attend the g summit in japan and they will try to get trade talks on track. president trump has threatened to escalate the trade war by placing tariffs on another $300 billion of chinese goods. --sident truncate soft his president trump officially kicks off his reelection bid today. poll has his approval rating at 40% in incumbent has ever been reelected since 1952
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while under 40% approval. in hong kong, chief executive is trying to defend controversy over a bill. she made a personal apology today. shoulderonally have to much of the responsibility. theseas led to contralto and if her pride he's in society. for this, i offer my most sincere apology for all people of hong kong. kailey: still, she is not getting into demands to resign if she has an officially withdrawn the legislation that would allow -- to china for the first time. in london, conservative members of parliament will whittle down the list of candidates. the second round of voting is later today. former foreign secretary boris johnson is the clear favorite. he picked up the support of brexit supporters.
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global news 24 hours a day on air and on tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. i'm kailey leinz. this is bloomberg. vonnie? vonnie: thank you. coming up, president trump's trait chief -- trait chief appearing in front of a hearing. lawmakers walking into the room right now, and we will have the latest on that next. and bloomberg's subscribers can watch the testimony on their "live go." this is bloomberg.
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♪ guy: from london, i'm guy johnson. vonnie: i'm from new york, i'm
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vonnie quinn. this is." what an interesting morning. >> it is an interesting morning for stocks globally and risk on for the most part. look at the s&p 500 that is up or the german dax is outpacing those games up 1.9%, the best pay sends january 19. since januaryce 19. weighing on the euro a little, but over the last seven days, losing about 1% as investors expect the ecb could devalue the currency, look at the 10 year german bund down seven basis points. wanting the german government to hold their money. that is a record low. if we take a look at the s&p 500, there is a second influence on the rally, and this is the two day chart. the second leg is as president
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trump talked about a good phone conversation with chinese president chichi -- with chinese president xi. as we going to the bloomberg and look at a chart we have not looked at before, beautiful uptrend above the 50 day moving average. signaling the s&p 500 may continue climbing. vonnie: abigail, thank you. that's get into politics. robert lighthizer is on capitol hill for two days, answering questions about prospects toward trade deals with china, and increasing tariff threats from president trump. -- he taking questions will be taking questions shortly. let's bring in kevin cirilli who happens to be there. kevin, you'reise, always at the center of the action. i want to bring in comments from the chinese premier, the chinese
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president saying he is willing to meet the president at the g20 to talk. he wants to solve the issues and he will meet the president to discuss fundamental china/u.s. issues. he hopes the u.s. treat chinese firms fairly. this is the first we have gotten from the chinese president in some time and bodes well for these talks, doesn't it? kevin: president trump now saying he is spoken directly with president xi jinping of china, and now we have the chinese response, saying they have agreed to that one off meeting with president trump at the g20. there was question about whether or not that would happen. we are anticipating to have new details about what the objectives of that particular one off meeting will be. as we await testimony from representative robert lighthizer. the administration is facing pressure about different tariffs.
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as well as a host of various manufacturing, pressuring the administration to back off. they found a sympathetic ear in chuck grassley, who set publicly as a republican from iowa, he wants to prevent having those tariffs in any way shape or form be able to be applied when the president cites national security concerns. and with senator pat toomey, i am sorry, senator bob casey, he told me he wants mr. lighthizer on u.s. cma and will die get past. influence is of an representative lighthizer is having in terms of the debate, and in terms of what is going on in the white house? does he have the year of the president? kevin: u.s. trade representative height laser has been at the
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forefront of having to negotiate with democrats, especially in the democratic-controlled house of representatives he has been the point person dealing with house speaker nancy pelosi as they build some type of bipartisan coalition across the finish line. he has had to work and negotiate with more progressive members, who have argued, this is not a progressive enough deal as they would like. this will be front and center. vonnie: can i ask you about the tweet on mario draghi and ecb earlier, kevin? what is washington saying? -- president trump trump taking on a new central bank? kevin: absolutely. party have really been pushing the president to go against for quite some time and this is the president pushing back against large-scale
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institutions, financial institutions, as well as more international trade agreements. we have seen that in the past, but this is the latest iteration of that. the fed chair jay powell may be breathing a sigh of relief. puts the fed chair in a really interesting position. not only has the president done some of -- work today, if you believe there is an antagonistic relationship when it comes to the currencies, but the fact he has talked about a meeting was the pressuree of off the fed the president has in some ways made life easier for j. powell, not harder. kevin: precisely, while the president has preferred to have bilateral trade negotiations, we have seen in recent weeks, embrace this multilateral response. he has said he is more in line with mexico and how those
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negotiations are going with regard to u.s. cma as opposed to china. the president is saying things are trending a bit more positively ahead of that g20 runoff with president xi, not president trump is directing his aire toward his twitter feed. guy: kevin, thank you very much indeed. kevin cirilli joining us from capitol hill. you're getting news from boeing. -- we are getting news from boeing, with which is dealing with the holding company. iag sign a letter of intent for four 238or 230 fit -- max's0's if those were that will be better news for boeing, but iag ordering a number of 237.
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that is fascinating. this is bloomberg. ♪
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♪ vonnie: a big move for the offshore. the one strengthening and chinese president xi jinping talking to president donald trump on a scheduled phone call. saying he is willing to meet the president during the g20 meeting, guy. guy: i wonder whether this undermines the case for the fed to do anything tomorrow? sounding ant and xi lot more optimistic for a deal going from here. at least they are talking and that is positive for the markets. what does the fed do next? we will find out tomorrow. this is bloomberg. ♪ is is bloomberg. ♪
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♪ vonnie: live from new york, i'm vonnie quinn. guy: and from london, i'm guy johnson. this is "bloomberg markets." let's turn our attention to other news pay facebook
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unveiling plans for a new cryptocurrency that will launch as soon as next year. bloomberg's jury wiesenthal spoke to facebook's head of markets to discuss how the cryptocurrency will be regulated. >> we decided not to enable crypto currencies that will you are ameaning, if criminal and you want to transact on the network, this is not going to be your network of choice because accounts are synonymous, or not anonymous -- and not anonymous, and law enforcement will be able to do their thing, like with bitcoin the one thing i would say is the current effectiveness of anti-money laundering is catching about low single-digit percentage of money laundering happening around the world. the reason is the vast majority of money laundering is happening in the cash. people to join a
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digital network with digital money, with regulated on and off ramps, even if you want to lire, youney into have to go into regulations. on top of that, no shielded transactions enabling regulators, or observing themselves what is going on in the network. only relying on institutions to report transactions. i think this will only improve the effectiveness of money laundering, and that is being done with this in mind, so i think you can have the best of both worlds, enabling people to use digital cash, and be their own custodian imperial and at the same time, not only meet the read literary requirements, but improve on the effectiveness of money laundering programs and others. >> it seems to me to laboratory position you are taking is mind boggling, dealing with countries
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all over the world. each state has its own taking regulations. what is the plan to create a unified system that satisfies regulators allover the world? thatu have to understand there are two layers to this. one is the network that is governed by this not-for-profit association that will be going on. the libra association. the libra association not touch consumers. as a result, the entities that are going to interface with regulators are mostly going to be the custodial wallets and the regulated entities that will play a part and this ecosystem. now, on the side of the libra association, i think good conversations are required, notably around transparency, accountability, and management as a reserve, because a reserve
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is a very important component of this new digital currency. and we welcome open conversations with regulators to figure out how to drive accountability and transparency for the libra association. vonnie, the regulatory story around all of this is mind boggling. you have to assume that despite them hanging all of the bells and whistles for wrigley torrey -- whistles for regulatory situations around this, this is red meat for elizabeth warren. enhanceonly going to that and put a further stoplight onto facebook. the timing is fascinating. vonnie: global regulation, and the interesting thing is facebook has already something
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that did not take off like this, payment system. you can already send cash to messenger, so there are various ways facebook is tackling this, you have to wonder what libra would be used for? there is a great column in bloomberg, saying companies like amazon and netflix would probably want to come on up board. what will be the benefit for them for backing facebook's cryptocurrency? guy: i would think the competition will be incredibly fierce. and would still have to get across the barrier of converting cryptocurrency into regular currency. you wonder whether regulators will ultimately decide. i think it looks amazing on paper. logically, you could draw all of the lines you need to from a logical point of view. works. works.nderstand -- it i can understand mark zuckerberg
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and the rest of the team love a challenge. if you like a challenge, let's do it, but the real kind of making contact with the real world is going to be something that will be amazing to see when this actually happens. cashlesshe thing is, society is, how do we get there and will everyone agree what kind of cashless society do we we wantd how much do government involved? let's check in now with kailey leinz. kailey: president trump warns immigration agents will start making mass arrests next week. and a late night we, the president says the target is alone -- is millions of illegal immigrants. a powerful earthquake has rocked northwestern japan. officials have warned a tsunami could hit the coast. the quake was a magnitude 6.81
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located off the coast. shallow quakes tend to cause more damage. in canada, per minister justin trudeau is said to give the green light to a major pipeline. oil companies want to expand the pipeline from alberta to 15% in theirking a trading capacity. the pipeline still faces pushback from environmentalists. when it comes to mba programs, student's satisfaction ratings don't always line up. that is one lesson from a latest study. was second. the best school was virginia followed by byu, but harvard top the list of schools. morton was second. global news 24 hours a day on air and on tictoc on twitter,
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powered by more than 2700 journalists and analysts in more than 120 countries. i'm kailey leinz. this is bloomberg. vonnie: thank you. all right, checking majors now. we have a nice little rally for the s&p 500, of 1.2 percent, less than 1% away from our all-time high for the s&p 500 that was set earlier this year. of may,, on the first so that was just about a month ago. the dow jones industrial average is up 1.3%, and the nasdaq is up 1.9% right now. lighthizer's testimony is up next this is bloomberg. >> on what the administration is doing, meaning members as well is our staff receiving timely --
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♪ -- ♪
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♪ >> to make it even more enforceable. vonnie: robert lighthizer, testifying before the senate finance committee on capitol hill. we were talking about the --, grassley warning there needs to be more communication between administration and congress. let's take you to that hearing right now. scma, allnder u commitments will be enforceable, could you please identify other ways we can ensure that -- that will benefit americans all
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throughout u.s. ca. agreement is completely enforceable. have a process of panel decisions, like you have a most trade agreements. the u.s. mca and nafta before it say a country to could opt out of the panel if they want to. we did not change that. we left that in place, largely because we did not want to be in a position where someone could challenge u.s. trade laws. that is something that some --bers that some members that is something that some member support and other members are critical of. timee expect 99% of the you're going to end up with
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panel discussions and decisions the same way we have had in the past. that the u.s.'s position we will block panels, and it is clear that the mexicans and canadians feel the same way. of dispute series settlement processes, but also, what we did in this agreement, which i think is far more helpful, is we made the obligation very, very specific. the more general the obligations, the harder they are to enforce, so if you take for example, the next on labor -- mexico,x on labor and it is precise on what mexico has to do, and mexico followed that in their own law when the implement at their labor law. so i would say, number one, we have a viable dispute settlement process. one that i am willing to work with members on and will follow the basic instincts with members
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makee basis they want to adjustments. we can precisely say whether or not someone is following it for i am comfortable that we will get the benefits of this agreement, and i endorse your suggestion. jobs, talk about 180,000 if you look at the number, and in their text, they say there is reason to believe we will be closer to the top. there really has never been a trade agreement that has had this much impact on the economy, on workers, right across the economy. mr., ambassador, welcome again. the next round of trade war tariffs could come soon. and i talked earlier about the impact on family -- on families
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shopping for school and school equipment, but i want to ask you about college students, because they will be out buying laptops, smartphones, tablets, as well as books, shoes, and other essentials. a lot of these college students are already up to their eyeballs in debt. and it seems to me the next round of the trade war tariff may require college students to borrow even more to pay for the trump trade war. now, these college students cannot make it very easily to washington, d.c. they don't have the wherewithal to make these trips. so, start if you would die telling me how you are taking into account these kinds of widespread impacts on the general public, such as college students, whose comment may not
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be reflected in the public comments you have asked for? robert: thank you, senator for that comment. first of all, i would note in terms of the last launch, we have hearings going on right now witnesses,0 -- 325 and have had more than 2000 submissions, so we are in the process of going through that, and i don't want to prejudge all of that, but we have our professional staff looking at that, and in this last crunch, there are issues and products, laptops, andnes, others that have been avoided until now. i would take a step back because when you referred to it as the and itrade war, and you have spoken many times, none of this makes any sense unless you think we have a problem with china stealing our intellectual property. i would say to those college
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students, if china steals your intellectual property, you won't have jobs in the future and your children will have jobs in the future. so the first question we have to establish is, is china a problem? is the trade deficit with china a problem? it is not easy. if you think china is not stealing our intellectual property, we should not do this. if you think they are not grossly subsidizing and taking over our markets, we should not do these things. but to us, we believe that is the case, and we believe we have an untenable situation with china, one that should have been addressed frankly a couple of decades ago. it is a long history of them violating the norms of intellectual property, and moving forward, and making promises and not keeping those promises. weare in a position where
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are having the most serious problem you can phase in the trade space with nothing less then the jobs of our children on the line. if you face that, there will be issues. >> mr. ambassador because time is short, i don't take a backseat to anything in terms of fighting china cheating. the question is how do you do it? let me get my next question in. with respect to the western hemisphere, mexico changed its labor laws and that was a good thing, but the key is enforcement. as you know, senator brown and i developed a framework that we believe can finally get enforcement that provides resources, assistance, and it is an cooperative -- it is a cooperative effort to prevent losing out on will enforcement. you and i have talked about it. we want to do it on labor, environment, and enforcement more broadly. it has been more than six months
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since the president signed the agreement, but the bottom line is, the heavy lifting on enforcement is still ahead. so my question to you is, for those of us that really want to see a new day in terms of tough trade enforcement, will you commit to working with members of congress to do whatever it takes, and i want to emphasize, whatever it takes, to address these core concerns, so that we can say, we turned the page, and now finally, we have trade enforcement. ? robert: yes. >> all right, i will quit while i am ahead. and i want to emphasize, whatever it takes. thank you. >> thank you, mr. chairman. welcome, ambassador lighthizer. let me first say, and i want to
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thek specifically first on new -- or whatever we call it. there has been a lot of work we have done on enforcement, labor, environment, and access to medicine that i want to ask you about. , and hopereinforce you are very serious in response to a ranking member's questions, and working with everyone moving forward to be able to fix the things they have concerns about. brown's concerns about enforcement, which i think are and a- very important, good-faith effort to do something beyond language, but actually have enforcement. i want to ask you specifically about another provision that has
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not been focused on as much, and that is, a provision that relates to the pharmaceutical industry. i am very concerned that, while we are debating lowering the costs of prescription drugs, and the press haves talked about that, there is an effort going on in the committee and the house, and we know the cost of medication is skyrocketing and we pay far more than others around the world for prescription drugs. what i am worried about is that in the middle of the negotiation, and this is deja vu all over again. we have a situation like with medicare part b negotiations, that were meant to bring down prices, the pharmaceutical -- to beused there able to put a band on the middle of the bill, and now in the middle of this effort, we see the brand-name drug companies, one of the biggest vocal
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supporters of this agreement, and then we look more closely, and we see these provisions, stopping competitors for getting cheaper drugs on the market. i have seen the argument about how this language is supposed to reduce so-called foreign freeloaders from other countries, meaning other countries that have a patent off is less and freeloading of us, but in canada, where they have an eight year timeline rather than a 10 year on this bill, the cost of their medication is 40% less than ours but the same medication. oursder -- 40% less than for the same medication. we are making things harder and that is not in the best interest of americans that want very much
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doubt the opportunity to lower prices and have more generic competition. is any of the language in this appoint toxist to lower prices, number one? secondly, are you planning to request the same language as part of your negotiations with european -- with the european union, japan, the u.k.? will we see this effort going on all over the world to protect the patents and the prices for these drug companies? robert: thank you, senator. i mean, that is a really excellent question. let me take a step back. where are we? sense the beginning -- since the beginning of trade negotiations, one of our objectives is to have -- what other countries adopt our intellectual property laws?
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it goes back to 1888 when the united states during the paris convention. that has been our objection. it is an objection that the congress passed when they set it out for us. what we do is we go around and tried to have other countries adopt our rules. in obamacare, the congress passed a 12 year data protection for biologics. 12 years. that is what you passed and that is what you signed into law. we went out and said, we should have the same standards like we do with everything else. that is whether congress told us to do. will be compromised almost 10 years, ok? on is 10e compromised years, ok? there are no provisions in this agreement that will change u.s. laws with respect to the pharmaceutical companies. >> excuse me.
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you are saying it won't change it, but it won't stop it from changing in the future. you are putting into a trade agreement, and i cannot imagine this will be used as a reason coming back to say we cannot address lowering prices. this committee had important discussions about patent law and what is happening in reforms that need to be made, you are locking in something that i believe. us that could lead to lower prices -- that i believe could lead to lower prices. robert: what we did was follow our law. we did not change u.s. law at all. if a member things that this will stop or slow you up from changing loss, then we have to correct that. i don't believe it does, but i will correct it in a way that you say you have corrected the problem. we cannot be in a position if the united states congress
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decides on changing these rules in some way because you think it if you for a price down, change those, we should not be in a position where it is more difficult or precluded by this agreement. i agree with you. and i have to satisfy you on that point, and i believe i will. >> mr. ambassador, how are your -- vonnie: u.s. representative robert lighthizer testifying. you can follow that on your bloomberg. let's check on the markets because you are seeing a rallying for the s&p 500, 15 points away from the high mark set on the 30th of april. led by semi conductors, copper, and steel. that may not be a surprise given the president and china's president xi jinping had a phone
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call. it is looking better on trade and they will meet at the g20 according to both men. talking ini was china, as well as mario draghi saying, having a major impact on the markets, and the latest from mario draghi's he is responding to president from, saying the ecb doesn't target the exchange rate because president trump tweeted earlier about the exchange rate. guy: absolutely. inflation and that is where the concern seems to lie. trading higher and the dax is having a very good day in germany. this is bloomberg. ♪
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>> this is the european close. let's talk about the markets. a huge day for global markets. it is the basic resources that are driving it higher. sector, you have less cyclical sectors. utilities, health care. banks are bringing up the rear. mario draghi moved the euro. donald trump responding to that. we have a response from mario draghi. haveonger currency would caused the ecb a lot of concern. a massive move in the 10 year.

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