tv Bloomberg Markets Americas Bloomberg June 26, 2019 10:00am-11:00am EDT
a.m. in new york, 3:00 p.m. in london, and 30 minutes into the trading session in the united states. from new york, i'm vonnie quinn. guy: from london, i'm guy johnson. welcome to "bloomberg markets." vonnie: it is wednesday, and already we have seen so much action this week thanks to central bank talks, high-frequency data, and earnings. chip stocks are leading the way for the most part today. micron had a better than feared print. it is still shipping, and things are not as bad as feared. that is creating a halo effect on other chip stocks today. the stoxx index is up 3.5%. on the others out of the story, general mills didn't fare so well this quarter, and is getting punished to the tune of almost 9%. i thought i would point out , at 13%is up 30%
already this week. are almost at $1300 per coin. back up to percent since december. again. are parabolic we will see how that one turns out. stocks are down today. they were up after treasury secretary mnuchin's comments earlier. the yen is down, and gold is down as well. not clear in terms of the message we are getting. in theory this should be risk on, but stocks aren't quite committing to that. vonnie: let's figure out why. treasury secretary steve mnuchin says the china trade deal is 90%
done, with reports that the saturday g20 meeting between xi assumestrump and no new tariffs. our reporter on trade joins us from london. what do we know about what might happen saturday for sure right now? reporter: i think what we are seeing is some pretty classic positioning by president trump ahead of his very important talks saturday with the chinese leader. basically, he is laying out two scenarios. one in which there is a cease fire, with no additional tariffs. plan b, as he describes, is the next wave of tariffs on $300 billion of remaining chinese imports that aren't currently subject to them. i think you are seeing trump reminding his chinese counterpart that these penalties are looming overhead if they can't get on a pass to a deal. he talked about the
currency. he talked about the fact that the chinese currency bounces around like a ping-pong ball. is he basically putting the dollar in play here? is he making a very -- making it very clear that a leg of this is about the currency situation? brendan: yes. this has been an issue he's raised often for a long time. he feels the rest of the world doesn't play fairly in all manner of ways, the currency being one of them. the complaint with china is that they keep there's to cheap, so it has an export advantage. i would expect trump to play that card at these we can meetings. vonnie: if china is happy with the plan b, which seems like some kind of compromise, how does president xi offer something to the u.s. without actually backing down on much? brendan: i think with the u.s. wants to see from china is a real good faith effort to
address some of the main issues that the u.s. feels china has unfairly used to help its economic rise over the years. i think what u.s. is going to want to hear china come with is enforcement mechanisms, not only the pledges you make about these changes, but how you are going to enforce those. the u.s. is going to want to see some concrete examples they haven't seen to date. guy: do you think he could just walk away? what using the expectation is here? he seems to be positioning these two options, but he's definitely positioning the walkaway option. brendan: there's a pretty high degree of unpredictability in this weekend. we seen in the past that trump can act in unpredictable ways. it would be very costly to walk away and create a whole new level of uncertainty, but he's been shown to take that pass every now and then, so i think it is something you can't completely rule out.
guy: thank you for coming in and giving us the latest on the trade talks. bloomberg's brendan murray. let's get another take on what we are seeing here. clearly the trade narrative is one we will be watching as we work our way towards this weekend. geopolitical developments key now to market pricing. income head of multifactor strategy joins us now in london. what do you think the market is positioned for? the market is priced to a certain extent for a pessimistic outcome, but presumably there could be more to come. guest: i think that is the whole point of the matter. it is a process. think markets are expecting some kind of resolution to come out of the weekend, and i think that is unrealistic. it is a process. negotiation, in there's monitoring and all of these other things. i think steve mnuchin says it
was 90%. the keyword was was. i think they were much further along a couple months ago than today. my sense, not really knowing anything because we are not in the room, is that there is too high of an expectation, not pessimistic enough. guy: if we do see things pollen the -- things falling apart, will the fed be there to rescue the markets? we were talking about this yesterday. we will be talking about this tomorrow. 50, 25? the fed is trying to pour water on the 50 idea, but the market isn't totally buying that. greg: you even saw bullard pushback, 50 is too much. i thought it was really interesting last week after the fed meeting, the market price to net additional cut this year.
i think the fed will work really hard in the balance of this year to work back to the number of hikes. i think the direction is correct, but the number is too much. i think you need to disconnect to those two, and i think the fed is trying to disconnect their policy to the unknown of trade. vonnie: at what point does the bond market taking instruction from the u.s. central bank again? an excellent question. i'm not sure, but ultimately it has to be resolved. , threeyear progresses cuts being priced in once the market starts to realize that is not going to happen, the calendar is running out, so i do believe it is just a matter of time. the fed will say what they have to say. the markets will continue to push. at some point, that resolution has to come to pass. vonnie: we had that big moving yields.
it was orderly, but there was a continued dropping of yields to where we are now, between 198 and 201 right now. do we get a rising yield of the , the same kind of movement once the fed makes its move? is what's's happening being priced in the front end is pushing everything else down curve.the it is sucking down 10 year yields, taking down 30 year yields. at some point, if the markets start to believe that the fed is not going to be as aggressive and the economy does show some stability, i think there is scope for yields to gently move higher. not dramatically, but gently. but at the end of the day, we still think we are in the environment globally of low yields for a very long time. guy: you are a bonds guy. what is right right now, the
bond market or equity market? greg: that's a really hard call. i think the bond market is a little too pessimistic, to be frank. it is pricing in a very dire case. on one hand, you have the fed cutting four and a half times over the next 18 months, yet you don't see growth rolling over hard. so i think the bond market is wanting too much, and i think the equity market is slightly more on sides here. guy: i will ask you a european question with a u.s. twist. what effect, if any, do you think the president's comments about the fed and now draghi will have on either central bank? greg: i think the fed will work really hard and has worked hard to assert their independence. i think ultimately, it is white noise. you have to tune it out. you have to figure out what is important to listen to and what is white noise.
the fed stands by the white -- feds unfortunate stance by the white house is unfortunate and unnecessary. i don't like what is happening in terms of that rhetoric. but i think the fed is one of the most important institutions on the planet, and we need to keep it that way. vonnie: greg, at this point, what would you be buying? or are you holding in place? greg: it is really hard. there's so much pessimism, so much negative to video -- so much negativity in the marketplace, we actually see spreads stay within the market. m, we are having this extenuating cycle of another two years or so where spreads will continue to ratchet in versus how much are you getting paid
for that risk. on balance, we felt reasonably constructive. at the same time, you don't want to be all in. you want to be able to take advantage of the volatility. i think what will punctuate the next 3, 6, 12 months is just increased volatility. you might have a path of tighter spreads, but vol is on the rise as well. vonnie: is there an indicator you look at specifically to tell us whether the economy is slowing, or if it is just it is temporary due to trade uncertainties? greg: if you look at what is happening with the u.s. economy, it is clear the manufacturing sector is much weaker. economyrity of the u.s. is a consumer. it is not nearly as levered as we have once seen in the past, namely 2006 and 2005 i think you
really have to watch the consumer data. until you see the consumer data really rollover, i think most of the weakness is going to be centered around manufacturing and trade. vonnie: all right. our thanks to greg peters, pgim fixed income head of multisector and strategy. we have some news from the supreme court on the second to last day of decisions. we are getting a decision about regulation precedent. the supreme court has rebuffed the business argument. it will not topple the regulation precedent. that's important for two reasons. not only does it mean federal agencies continue to have broad power to say what their own regulations mean, but it is also a signal as to what the supreme court will do on other precedents. there has been some concern on the part of liberal justices that precedent
might be overturned. we sin three precedents overturned in the supreme court term. this is one that is not being overturned. once again, the supreme court will not topple the regulation precedent. federal agencies will continue to have broad power to decide what their regulations mean. let's check in now on the bloomberg first word news. here's kailey leinz. kailey: president trump lashed out at social media companies again today for alleged bias against conservatives. he said the government should sue the entities for unjustified wrongdoing. he also said that twitter has made it difficult for people to follow his tweets. special counsel robert mueller has agreed to testify on capitol hill. that sets up what should be a dramatic confrontation over the trump presidency. mueller will testify july 17 before the house judiciary and intelligence committees. said whether he couldn't -- in his report, he said he could not determine
whether president trump had committed a crime or not, and could not exonerate him. the world's most expensive city for ex-pats, for the second year in a row, is hong kong, followed by tokyo and singapore. that is according to a report by consulting firm mercer. global news 24 hours a day, on air and at tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. i'm kailey leinz. this is bloomberg. guy: thank you very much indeed. bloomberg will have previews, analysis, and reaction to the first democratic debate. that starts today, coming up on "balance of power" with david westin and chief washington correspondent kevin cirilli, live from miami. don't miss that. this is bloomberg.
♪ guy: from london, i'm guy johnson. vonnie: from new york, i'm vonnie quinn. this is "bloomberg markets." let's check those markets now. it has been an eventful week. let's get to abigail doolittle. abigail: it will become more so later this week with the g20 meeting in tokyo. at the s&p 500 off its highs. outperformance for the tech heavy nasdaq, up 7/10 of 1%. that has everything to do with the chip stocks. micron up 12.6%, its best day since 2011, on a better than
feared print. they beat top and bottom line estimates that had been looking pretty dour. also, the outlook positive. a3 handle on gross margins as opposed to a -- a three handle onopposed to a two handle gross margins. we see in the last down cycle both of these ticks down. dram and micron went up. last year, dram started to take down. we see dram back down towards those 2016 lows. let's check in on more global markets. we are going to see the stoxx 600 tech sector really not participating in what we are seeing in the u.s.. the nikkei had a down session. crude oil bouncing higher on a positive report out of the api. gold getting a bit of a
breather, down 1.1%. no breather insight for bitcoin. let's take a look at a year-to-date chart. this is really pretty extraordinary. a parabolic uptrend, up 250%. according to physics, at some. point this will not hold think about gold -- at some point, this will not hold. think about gold and silver in 2011. guy: it will be interesting to see how this one ends again. we will watch with interest. thank you. coming up, we hear from the mayor of orlando, florida on how the city's massive growth is affecting its fiscal health. that is next in muni moments. this is bloomberg. ♪
guy: from london, i'm guy johnson. vonnie: from new york, on vonnie quinn. this is "bloomberg markets." guy: ahead of the democratic debates tonight in florida, orlando mayor buddy dyer is here to join us for the muni moment. taylor: yes, and mayor, think you so much for joining me. as we look forward to that debate tonight, as a member of the democratic party, what is the one key message you want to hear from them tonight? mayor dyer: i think a lot of us are just tired of this divisiveness. in orlando, we like to think about the things that unite us more than the things that divide us. the last couple of years have all been about what party you are in or what race you are or what sexuality you are. in orlando, we like to think about the things that unite us. i hope we have that message because the country wants us working together again. taylor: how are you also working on ignoring some of the headlines in the federal stocks, and basically focusing on your
city, doing your job? mayor dyer: i've learned i need to work on the things that i can affect. more and more things seem to be coming to the local governments. a great example of that is climate change, and things that we are doing related to that. the federal government pulled out of the paris climate accords, and so many of the local governments and mayors around the country have stepped up and taken on those goals. taylor: two years ago we sat here and we were talking about how you were trying to win the bid for amazon's second headquarters. we know that didn't work. what are you doing to push your city forward and market yourself? taylor: one of the things --mayor dyer: one of the things we are doing is we are in new york today, talking to you. we weren't thinking we were going to win that anyways, but we are the fastest growing community in the country. we have 1500 people moving to orlando every week. we fled the country in the last three or four years in job
growth as well. we've got a lot of great things happening in orlando. one of the messages we want to convey, everybody knows orlando, but using disney, universal, and seaworld -- you think disney, universal, and seaworld. those are wonderful, but the vast majority of our economy is not tourism. that is a part of it, but we are focused on the other parts of orlando as well. taylor: you mentioned high-tech. we talk about the race to 5g. what are you doing to make sure orlando is one of the first cities to be full 5g? mayor dyer: we want to be one of the first cities with 5g, so we have totally changed our permitting process related to that. you have to put in so many nodes, and if you are permitting each one individually and having permit, with the way the application looks like, we are
going to improve all of the installations that they have, say one through 20. now they can come in and simply say we want to go at the corner of main and orange, and we are going to use application f. it expedites the process. it is important to us because we are one of the cities that is an autonomous vehicle proving ground. having that 5g technology is important in being a leader in that industry as well. taylor: you've also stated that you want to be fully dependent on clean energy, 100%, by 2050. how are you doing that? mayor dyer: i think we are the most sustainable city in the southeast united states. i mentioned the paris accord. we have adopted some goals that we are intent on delivering on. a couple of them are to have all on greenty government power sources by 2030, and the entire city by 2050.
we are really working on increasing our solar, whether it , which we are experiencing with. actually, mayor bloomberg was there to see those. and our new records building we just built generates more power than it uses. taylor: wonderful. that was the mayor of orlando, buddy dyer. back to you, guy. guy: thank you. natixis spiking shares up. down markedly,s some $450 million today. more on that next. this is bloomberg. ♪
u.s. oil inventories. analysts are looking for a drawdown of 2.8 3 million barrels on crude. upht now a barrel of wti is 2.59%, perilously close to $60 a barrel. the spread between brent and wti around seven dollars a barrel. muche getting a drawdown larger than we anticipated, four times what we anticipated, in fact. a drawdown of 12.70 million barrels in the week of june 21. a massive drawdown in crude oil. inventory -- in crude oil inventory. let's look at gasoline inventories. we got a drawdown there more than anticipated, 996,000 barrels. almost one million, when analysts were just looking for 330,000 barrels. finally -- refinery utilization coming in positive. the big headline is crude oil
inventories saw a drawdown of 12.8 million barrels. off the back of that, crude is spiking even higher, up 3.5 percent now at $59.87 a barrel. let's check in on the first word news with kailey leinz. kailey: the u.s. is willing to hold off on imposing more tariffs on china. bloomberg has learned the decision might be announced after a meeting between president trump and china's xi jinping this weekend and japan. the two countries are preparing to renew trade negotiations. the u.s. had threatened to put tariffs on additional under $50 billion of chinese imports. american companies think they legal way a around the u.s. blacklist of huawei. ofy are taking advantage exceptions to the export restriction. the companies may be able to classify some of their technology as foreign-made, not made in the u.s. it is the clearest sign yet that renewable energy has gone mainstream.
in april, clean energy resources supplied more of america's electricity then coal for the first time ever. new wind and solar farms up to boost renewable energy output. some coal plants were idle for spring maintenance. just how bad is the heat wave in europe? in germany, they've imposed speed restrictions on parts of nhe out of on -- of the autobah over fear that the heat could create potentially dangerous cracks. southern france could hit 113 degrees by friday. global news 24 hours a day, on air and at tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. i'm kailey leinz. this is bloomberg. vonnie: thank you. protesters gathered in hong kong's central business district to call attention to their complaints about the beijing backed government before the g20 summit. joining us with more from the scene is bloomberg's david
tweed. david, protesters gathered again. and was the size and scale humor of this particular protest? vonnie, it is extraordinary to think that less than half an hour ago, this entire square was filled with what local media estimates was all out,000 protesters, here for a protest where they listened to speeches by politicians, by protest leaders. one of them was a member of the council who was thrown out by the government because of mistaking his oath. it was an extraordinary moment because at the end of it, there was a rousing rendition of the song, "do you hear the people miserables."les
it was an incredibly well organized protest, and the message is different than the ones in the past weeks that focused on a controversial extradition bill the government has been trying to ram through the legislative council. it is now on to something more like democracy. free hong kong, democracy now is the message we are getting from the protesters. they were shouting at the end, "free hong kong. democracy for hong kong." it is more this idea that hong kong needs to have this high degree of autonomy, and that democracy was promised to it when hong kong was shifted back to the chinese after being a british colony 30 years ago. vonnie: david, we have to leave it there. bloomberg's david tweed in hong kong with that description of the overnight protests. thank you for that. fed chair jerome powell has
warned about rising threats to the global economy, speaking to the council on foreign relations. he said lack of progress in the trade war and weak economic data or stoking concern. chair powell: the crosscurrents have reemerged come up apparent progress on trade turning to uncertainty, and with incoming data raising renewed concerns about the strength of the global economy. guy: that was the fed chair speaking about what was going on in the economy. we also had st. louis fed president jim bullard speaking as well. he talked about the idea that a 50 basis point cut from the fed next month, he described it as unlikely and unnecessary. he called for a smaller insurance cut instead. >> inflation is running below target, which is surprising given that the economy has surprised to the upside over the last two years. really, growth has been higher than most people expected. labor markets have been very strong.
unemployment at a 50 year low. still, we are looking at inflation running below target by a preferred measure. inflation expectations deteriorating. growth still ok looking backward, but looking forward looks like a slowdown with some downside risk. you've got an inverted yield curve. seems to me like this is a good chance to make an insurance rate cut and try to reset our inflation and inflation expectations back at the 2% target. term, ie immediate think a lot of people say you have a meeting at the end of july, you have the g20 meeting this weekend in osaka. president trump and president xi are going to be sitting down and talking. couldn't you have just waited to see what is happening there? what if there is a big surprise? would that have changed your view? would it be more prudent to say we will just wait? >> i think the idea of recent
ring inflation and inflation expectations is not all that dependent on what happens in osaka. most are downplaying what is going to come out of that anyway. i think the u.s. and china are embroiled for the long term here in trade disputes. i don't think you should look to anyone event putting an end to this. i think it is going to be an ongoing uncertainty. you could even say a regime of high uncertainty above future trade arraignments -- future trade arrangements. low andlation running inflation expectations running low, the economy is looking to slow down and possibly slow down more sharply than we thought. it seems like you better get inflation back up target while you can, so that is why i thought we should cut here. -- i loveot cutting my fellow committee members come
about by not cutting, we are now putting high probability on the july meeting. generally speaking, i don't like that as a tactic, to say we are not going to do something this time, but don't worry. we will do it next time. i think if the conditions are right today, we should do it today. that's one of the reasons i dissented. exclthat is kathleen hays' usive conversation with st. louis fed president jim bullard. shares in natixis slightly higher, but spiking around 20 minutes ago. h2o, the fund at the center of the scandal, has seen massive outflows over the last few days. we are going to take a look at what this means for h2o in natixis, and what this means for european banking. this is bloomberg. ♪
♪ guy: from london, i'm guy johnson. vonnie: from new york, on vonnie quinn. this is -- i'm vonnie quinn. this is "bloomberg markets." guy: let's check in on the latest on natixis. the h2o asset management arm has decided to remove all entry fees across all funds until further notice, according to an email statement. the fund group also indicating that redemptions have markedly subsided, down to just $450 million today. but stick a look at what this means for the wider industry. joining us is jonathan tice of bloomberg intelligence, senior bank analyst. the outflows are slowing. i guess the question we are now
left pondering is what happens .ext for h2o in natixis has everything that could be done been done, or is there more still to do? jonathan: they immediately sold down the bonds to less than 2% of their assets. they dropped all fees, because fees are a big part of the issue with asset management, as we know. i wouldn't say that one day makes a trend. at 450e days ago it was million, and then it was set a billion. of course there's a question --ut how much visit validity about how much ability you have to drive revenue growth. they still got the payments. they still got trading, insurance. they are still owned by a bank that owns 25% of the retail network in france, so fair
enough. we understand why you had that downgrade come about for natixis, we need to convince investors that they have a strategy that can drive growth and put this behind them. vonnie: and then there's lars basicallyt, who -- there's of this indhorst, who basically started all of this. jonathan: it's difficult to keep track on what are the assets that you're invested in. i think there have been questions come are these bonds or loans. it's more about our ability given what managers do to
understand what is in these funds. if you've got a fund that's grown think readily quickly, it's entirely possible that they struggled to fully deploy those assets. in this case, say i'm not going to come in on the individual names, but it is just a wake-up call. this isn't a systemic problem, but it is a wake-up call. we haven't talked about liquidity because we've had billions of dollars of cheap money around the world, but we need to step back now. the regulators need to think about how do we improve transparency. guy: let's talk about the regulators and with the governor of the bank of england said earlier today. he said there are a number of funds built on liquidity come but they don't invest in assets that offer the same option. as regulators have another look at this industry, how will that then feedback into a banking industry in europe that has hung its hat on the idea that asset management is the way forward? jonathan: if you go back three
to five years, asia was the great hope. ubs and everybody piled in. we saw for growth of 2%. there's very little growth still. that part of the story hasn't worked out. in terms of the regulators looking now, the one thing they will be worried about is we really can't afford to spooked the market, but they sort of moved in anyway. , thes like liquidity banking crisis was because of liquidity mismatches. this is a mismatch. ratios to avoid the banks. from an insurance perspective, those sort of litany scrutiny's haven't been there is great, unless the market is just going to catch up. vonnie: and of course, the banks in europe have a massive interest in keeping these asset managers not just afloat, but also liquid and keeping their
clients involved. what can they do to hold up confidence and asset managers that they have a connection with? jonathan: from a financial perspective, net new money flows and asset into flows have driven in. when you look at the reshuffle we have seen with unicredit and socgen, that is what drove ratings of nice, successful banks. from here, avoid blowups is one thing. i think for most, they are fairly plain-vanilla. of course you are going to get some isolated blowouts. it is just a reminder that liquidity matters. regulators spend a lot of time looking at banks. let's think about the other parts of the financial system. insurers, wealth managers, private banks, and asset managers. guy: liquidity matters. jonathan, thank you very much indeed. jonathan tyce joining us from
bloomberg intelligence. vonnie: a time now for a look at the biggest business stories in the news right now. the european union has launched an antitrust investigation into broadcom's sales tactics for its tv box chips. buy the be forced to chips exclusively for the company. tesla ceo elon musk says the electric car could be on the verge of a quarterly record. for deliveries he wrote that they will have to go all out -- quarterly record for deliveries. he wrote that they will have to go all out for the last few days of june to get the record. tax credit for electric cars will be cut in half. casinos have artificial intelligence on their side. some of the world's biggest casino operators in macau are using hidden cameras, facial recognition technology, and digitally enabled poker chips.
you can track which customers might lose big and give them special perks to keep them gambling. that is your latest bloomberg business flash. guy: couple of things to talk about. on the bloomberg terminal, doubling the rally -- sorry, doubting the rally. rges to a weekly gain of around 30%. investors don't believe the rally will last. the number of short positions is nearing a record. to browse this chart and the others featured here on bloomberg television, subscribers can simply run the function gtv . catch up on key analysis and save your favorite charts for future reference. gtv . this is bloomberg. ♪
riebel fromis phil st the cme. gold is fading today. is the rally over? phil: i don't think so. look at the month of june. a $100 rally, of course we are going to have a little bit of a pullback. but if you look globally, interest rates have been declining. we were expecting a 50 basis point cut. of course you are going to have gold futures pullback. one of the key things to look at that a lot of people aren't king attention to his central bank -- aren't paying attention to his central bank holdings of gold. we've added about 920 metric tons of gold this year. gold has been the asset class that a lot of people have been seeking out, especially with geopolitical safe haven demand. guy: if we don't get a deal at the g20 this weekend, how high does the price go? phil: i think we will retest
those highs at the 1440 level. we are starting to see some of the man g -- some of the major banks revise their expectations. i don't think 1300 is out of the question. everything that is happening here, we might get a little but of a pause after that first interest rate cut. the second rate cut might not come until the end of the year. run, gold the long looks good. guy: thank for your time. treible of r.j. of futures joining us from the cme -- of futures joining us from the cme. theie: now for our stock of hour. emma: there's a lot of action on
the stock come arising about 7% at the moment. ed is about 144 times the 20 day average. this is still trading towards its 52 week lows, moving on reports that the finish manufacturer that -- that the isnish manufacturer preparing a bid for the elevator maker. think it is going to happen? how is this going to work? this has been a suggestion. how likely is the deal to be done? emma: this is very interesting. i was talking with some of our colleagues who were saying that to some crepe -- that cash after aneeds few years of negative free cash flow, but it is not surprising that rivals want this business. also, the stock moving a little bit on news out of the u.s. that
steel mills are upping their prices. vonnie: another conglomerate potentially breaking up. emma chandra, thank you for that stock of the hour. the european close is coming up next. in the meantime, let's check indices. we seeing stocks rise today. all components in the philadelphia semiconductor index higher, pushing the nasdaq up. the dow and s&p also higher, mostly off the back of the halo effect of those chip stocks rising. some energy companies on the rise after crude oil inventories declined steeply, sending oil higher. this is bloomberg. ♪
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european trading day. from london, i'm guy johnson. vonnie: from new york, i'm vonnie quinn. this is the european close on "bloomberg markets." guy: let's take a look at where european assets are and put them in the context of the global story. the dax is trading higher. that theoretically should signal a more risk on, trade positive kind of story, despite what the president said. the dollar is trading higher by 1/10 of four per's -- by 4/10 of 1%. gold trading down by 1%. vonnie: some interesting dynamics at work in the united states. you can't overlook crude oil inventories, which saw a massive drop. crude skyrocketing. it had been higher even before the inventories came out. very close to $60 a barrel now. the s&p 500 and dow both up about 1/4 of 1%.
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