tv Bloomberg Markets European Close Bloomberg November 22, 2016 11:00am-12:01pm EST
30 minutes left in the trading day. vonnie quinn in new york, this is the european close on bloomberg markets. ♪ taking you from london to hong kong. covering stories out of berlin and wall street and washington. here is what we are watching today. global stock markets rallying, the dow jones topping 19000 and european stocks getting a boost from mining. energy shares will have an investor outlook on stocks and bonds this hour. vonnie: donald trump lays out his first 100 days. it includes the withdrawal from the transpacific partnership and canceling what he calls job killing regulations. thele changed focused on
autumn statement, the chancellor's first major physical address. since the brexit vote. have a look at where european echoes are changing, just under 30 minutes until the tuesday session, gmm go is the function and stocks rising today, all the currencies in the -- are following against the dollar, yields are following. -- following. a busy day for corporate news. lloyds banking group shares up 1% and the u.k. treasury selling further shares in lloyds, cutting the government stake in the british lender to 8%. raising the total amount recovered to 17 billion pounds from 20.3 billion pounds injected into the lender at the height of the financial crisis. the government seeking to cut lloyds ining stake in a measured way, shares have
dropped 19% this year and the government's breakeven price, excluding fees received, is 73.6 pence per share, below the breakeven price but the government close to offloading its stake in lloyds after betting. this is one of the more unusual stories of the day, a frexit builder,oday -- french :15k at the spike down at 51 london time, shares falling 90%, the company victim -- 19%, the company they give to a fake release claiming they had fired its finance chief amid accounting your regularities. -- ir regularities. spokesman from the company say we have been hacked, the nine it released a statement
and investors caught offguard it releasedenying a statement and investors caught offguard. shares plunging the most in 17 years. the company saying it was a hoax. to ang what a hack can do company share price, 2.7% down now. as we await the verdict from opec, a great time to look at the price of oil. bread is rising for a third consecutive day and crude is rising for a third consecutive go. -- third consecutive go -- day. hopefully they will bring production down to between 32.5 and 33 million barrels per day. andidea is that opec non-opec members will bring production down to those levels. the big question is who will carry.
it -- let's go over to the markets desk, 19,004 the dow. 19,000 for the dow. >> the recent momentum since the election, this week has come with reduced volume on this holiday shortened trading week and come all three averages pulling that from those record levels slightly, especially the s&p 500, only up one point. we will see if we can sustain that pace of gain. we have been watching the economic data that came out about an hour ago, sales of previously owned homes in the united states unexpectedly climbing in october, not only climbing but climbing to the highest level since 2007. of $5.6 million, a 2% gain month over month.
of course, the housing market in the u.s. has been helped by the collapse in mortgage rates but we are starting to see them create backup. -- creep back up. some economists saying as we see rates are the climb, that might limit some of the gains we could see in the housing market. watching housing related stocks, not homebuilders per se but stuff that supplies people who are fixing up their homes before a sale. number liquidators up 7% and home depot and lowe's with a boost. if you look at the various retailers that furnish homes as ,ell, some level of straight restoration hardware up 5% and williams-sonoma and bed bath & beyond getting a boost. retail, we are getting into the holiday shopping season. unofficially kicking up with black friday this coming friday. we have earnings from the
various retailers, burlington stores earnings beating estimates which cut its inventory by 12% which helped matters and it is raising its full-year outlook. , afterjewelers allegations of swapping out the jewelry for less expensive jewelry early this year, shares have fallen some 20% but today back up. dollar tree, comparable sales beating estimates, up 10%. are you ready for shopping? vonnie: ready for the dollar stores. some shops already open on thanksgiving. let's check in on the bloomberg first word news. >> one of president-elect donald trump's advisers suggest he will not follow through on his players to investigate hillary clinton over her emails. kellyanne conway did not dispute a report that donald trump would not pursue probes in clinton's female or private foundation. she said that it is perhaps a
good thing if donald trump can help clinton he'll. on the calling president-elect to improve the relations between the countries, the communist party's newspaper said the u.s.-china relationship was too big to fail. a donald trump shares an obligation to make sure ties between the two improve and never worsen. in tennessee, police have arrested the driver of an elementary school bus that crashed, killing six people. two dozen were injured and the driver is accused of the kick of a homicide and reckless driving -- the secular homicide and reckless driving. europe's impolitic as have stepped up the u.k. plans to leave the block and say that the prime ministers government appears clueless of the applications of brexit, european lawmaker manfred weber is demanding that the british produce clear proposals as it prepares to begin brexit negotiations. news 24 hours a day powered by more than 2600 journalists and analysts in more than 120 countries. this is bloomberg?
. mark mark: stocks rallying around the world, hitting new highs in the u.s. even as rates rise. the investment manager at seven investment management which has a total of $30 billion in assets under management. putting thistely chart together while she was speaking. can we have a look? this is the dow jones, sorry i have not labeled it, i have drawn a line at 18,000 because 19,000 is what we are talking about. right, quickly, i am december 23, 2014 was when the dow crossed 18,000. roughly two years for 1000 which leads to the question, 20,000, when? >> think of it like a percentage, 5% of its us to 20,000, not that far in a world where people are looking at u.s. assets and buying them. faster than any other region.
, think that pushes the dow would you say before the fed meeting? i do not know, but optimism. mark: it took a long time to get from 18,000 to 19,000. >> i guess it did but if you look at that chart, we did it in about two weeks. mark: why in this rising rate environment, why in this uncertain environment, are equities rallying? >> investors only know one thing, donald trump only knows one thing, he will make america great again. if you are an investor, thinking what am i going to do with my cash, put it where donald trump will be looking, the heartland of america, the u.s. banks, which will fund this expansion in the heartland i lending to the consumer, the russell 2000 which has about 20% of its earnings come from abroad and the rest is u.s. that is the consensus trade but since he got elected, it has been working. vonnie: what about the idea that
a lot of the companies in the s&p are so exposed to trade partners and if trade deals go south and i do not mean literally south directionally but they go south, what happens to the companies and the earnings? >> that is a real danger, people have been avoiding the s&p 500, the dow jones is lucky that it has a few of those big u.s. focused stocks. still the heartland of the u.s. while the s&p, you have amazon, things where there is a little bit of danger of trump risk. he -- i am thinking of amazon because it has offshore, mechanism, it is not a u.s. company and donald trump had that hates the ceo -- donald trump hates the ceo. local,want to look more a state-by-state company investment thesis, look at companies who do local business and buy them.
that is the russell 2000 for most investors. vonnie: beat warren buffett is what you are saying and believe -- be warren buffett is that what you're saying? >> if you invest in the financial index, the broadest exposure to banks and etf's, 11% of the index is berkshire hathaway, you are investing in warren buffett, you buy financials, banks, insurers. not that company is warren buffett. mark: you said the c word, consensus, where it -- when there is consensus, which there seems to be posed trump -- post donald trump, should be warning they'll be ringing? >> part of me says yes, there is a time to get out and you will be a hero, the other part says you will not see anything clear from donald trump until the new year and investors will not know anything other than rates are rising, donald trump will be good for america, they put those together and it adds -- mark: what about the rest of the world, emerging markets, a
seleka currencies and bonds and equities that you stay clearly, it is very wise to split the e.m. world into three types/ . >> brazil, south africa, russia, donald trump is not worrying about them because they do not really compete with u.s., maybe a little bit on oil which not is the focus, brazil, south africa, russia, great asset if you can do with the politics which a lot of people can't. they are separate, then look at global traders, korea, taiwan, to a certain extent china, they have industries that will be hurt by donald trump if he can do anything like what he says, steel automobiles. they have areas where donald trump does not care, the u.s. has never made high end smart people there is no crying out for their smartphone production facilities back. taiwan and korea have areas that will do well. you can be -- you can distinguish a little bit. genuinely emerging
markets, demographic story, the long-term, they will come good, india, indonesia, they are isolated. they have a young demographic, they have growth, solid politics. that is somewhere where it will not become good in the same time went as everything else but over five years, 10 years, a decent investment. it is important to distinguish between all this blanket aem step -- asian currencies, most of the asian currencies have not weekend as much as the euro against the dollar, it has been dollar strength. vonnie: if you look at the adxy, it is down 2%. le t moreve a tolerance for risk, which countries would you pick and would you buy the major index in that country or how would you but your money to work -- how would you put your money to work? indonesia, genuine emerging markets have a lot of room to grow to become global powers in the next 10 years, 20 years, that is where you can avoid from indexes and fine
local themes and companies, banks in india are interesting, they have been hit by the abolishment of these notes but they are still good local banks in india generating profits. if you look elsewhere, some of the commodity countries have been hit and they will bounce back. if you are a contrarian, you'd think, when a getting along mexico, when the game it's be done and i can take the peso volatility in equity market. soon great to see, see you , we will see if that call on the dow construed. investment management. vonnie: only 5% as he said. inflation starts rising significantly, then how can you protect the value of your investments? we will hear from the cio of pimco for credit. this is bloomberg. ♪
vonnie: live from wanted and new york, i am a vonnie quinn. mark: i am mark barton, this is the european close on bloomberg markets. under 40 minutes left until the end of today's -- i called it a bloomberg we might as well call it that. aat will happen if substantial fiscal stimulus is injected in the economy? when we are close to full employment? that question was posed to mark kiesel in anticipation president-elect donald trump will do just that, creating substantial inflation. he said that is why pimco owns treasury, inflation protected securities. mr. kiesel: that is why we own
tips, because we are hedging for that right tail even where inflation does pick up. -- reality is that this these tax packages, the infrastructure spending, they will take time. once they get implementing, likely it could take nine months or 12 months for the actual program to be implemented. having offset that, is the negatives which are the trade, the dollar head winds and the immigration. the markets are romancing this big positive surprise under donald trump and what we are arguing is that there is uncertainty regarding protectionism, immigration, and trade, and i should dampen some of these high animal spirits you are seeing in the market. >> you might have been first on this call but now everyone else is jumping on the manlike and, a monster rally -- a monster rally, what point does it become
too expensive and you have to look for alternatives for to protect against inflation? think tips have further a run and if you look at the breakeven inflation rates on 10 years, you are under 2% and if you look at a long 10 year, 20 year history, those breakeven and placed in rates fair value ,hould be more closer to 2.3% 2.4%, you have another 30, 40 basis points of upside on tips and most important what we are seeing in the marketplace and this is true of equities, reflationary assets are under reflationary assets are under owned by the marketplace. dollar from was a big surprise, no one was thinking of a right tail, higher growth, higher inflation outlook which is why you see this huge rotation into equities out of bonds. that is why tips can run further. >> we have talked about it many of time, by tips, the election decision played into the essential theme, what i want to
understand, the surprise at pimco, what have you been selling off the back of the presidential result in the last couple of weeks? in credit more specifically and what have you been rotating out of? general --esel: in we did feel the risk was have higher rates, that was mainly because the tightness of the labor market, not so much donald trump. with a credit under donald trump, we want to own more cash, a great quality, i think donald trump create right tail and left tail risk. details will be fatter under trunk. you will have -- -- details will be fatter under trump. we have been holding more cash and reducing more high yields, specifically the energy sector which has rallied significantly. we also are more concerned about hospitals. and where the opportunity lies in the credit market is to take
advantage of this volatility and to scale into positions which are fundamentally strong which may have been oversold under donald trump. there i would highlight emerging markets, specifically brazil, or we are quite constructive. >> how do you make a case we have a stronger dollar, emerging markets selling, have you make the case for brazil? idiosyncratic story, if you look oh, 33% of exports go to the united states. if you look at brazil, 1.3%, brazil is very much domestically controlled. if you go back to 2010, 50% of their equity market was linked to commodities now only one quarter. brazil has turned more domestic and less trade oriented. that economy went through the worst recession in 50 years. i was recently there on the ground meeting with the central bank and meeting with the over half theies, biggest companies in brazil have new ceos and cfos under the new
president. the key with brazil is that inflation is coming down, unlike united states where you have this inflationary potential to go higher, with brazil, you have huge recession and inflation coming down which will allow the central bank to lower rates. we think they were lower rates what's best much more than what is pricing to the marketplace and brazil is one country where the economic fundamentals are turning in a major way. lower inflation and also positive potential surprises on earnings. that is one emerging-market that has upside. mark: mark kiesel, the pimco cio for global credit. vonnie: strike against a company for dhl and amazon as the busy shopping season set to begin. this is bloomberg. ♪
mark barton good six minutes away from the european close. vonnie: i am vonnie quinn. time for the latest bloomberg business flash with the biggest business stories in the news. sales of previously owned homes in the u.s. unexpectedly rose last month to its highest level since early 2007, existing home sales up to present an annual rate of $5.6 million. the real estate market could be in line for a slowdown from a mortgage rates have risen under speculation donald trump's policies will lead to inflation. sell some of his best-known drugs for the concert is on generics and other products. ritalin, a schizophrenia drug and an alzheimer's treatment. they could offense more than $300 million. a strike by pilots is threatening to ground flights for amazon and d jill during the holiday shopping season, the 250
they offer quite -- 80 fights of daily -- they say they have to flight too much because the carrier does not have enough pilots. no comment from the airline. that is your bloomberg business flash for this hour. day, the european trading the equity day, how many times can i say day in a sentence? six hundred of one quarter of 1%, driven up by minors, oil companies, minors are the best-performing industry groups since donald trump elected. page,get to the currency interesting moves for the euro, before yesterday down for 10 consecutive days against the dollar, longest losing run since 1999 but it rose yesterday, falling once again today. this is bloomberg. ♪
mark: live from london and new york, this is the european close. i am mark barton. stocks finishing higher, stoxx 600 of my a quarter of 1% led by basic resources, insurers, and banks, basic resource companies the best performers it's donald trump's election victory. at the highest level since june 2 thousand 15, the stoxx 600 highest level in almost one month and the martin status has come to an end -- barton status, has come to an end, the stoxx andhas moved between losses gates, that has come to a finish, the to district the longest since may 2013 which has come to an end because today all we had was gains on the stock 600. i want to talk about commodities because the bloomberg commodity index rising for a third consecutive day and the three-day gain of 2.7% is the best since june led by gains in oil, industrial metals. this is the index going back to
january, goldman sachs says investors should that on higher prices in the next year as manufacturing picks up around the world and this is the first time that bankers as recommended an overweight position for the asset class in more than four years. industrial metals have rallied 14% in london in the last month, on expectation that china's economy stabilizing and donald trump will boost consumption infrastructure spending will boost consumption of metals. that is the -- bloomberg commodity index, a gauge of 23 commodities. enel is a big corporate story, the italian utility, europe's busy utility, it will buy back shares and cut costs, it unveiled a massive strategic networkay, focused on digitization and boosting its retail business. make about 3 is to
billion euros of disposals in the next three years, proposing a share buyback of as much as 2 billion euros, it wants to boost its dividend next year to 65% from 60% of net income, previously shares up 3% today. this is my favorite chart, negative yield, this is the total amount of negative yielding debt in the world. trillionwn to 7.6 dollars, the amount of money, the amount of debt set to lose money if held to maturity is. inn to $7.6 trillion in june, we were as high as $2.2 trillion, the reason why is inflation expectations are rising and economic growth expectations are bolstered because of the expectation that donald trump will boost infrastructure spending. that drop on the month is down by 23% from october the 31st, the bloomberg barclays global
aggregate index which is an index of government corporate and securitized bonds worldwide. this index has fallen 4.7% in the last two weeks, the biggest such drop since january of 1999. one of our questions to a guest today, will that chart continue to decline? i am lookingual, at the country market movers related to the united states. we talked earlier about the records set in the indices, the russell 2000 and the s&p mid-cap are setting records today. volume is pretty thin, not exactly the most flourishing of days for the new york stock exchange and for traders but breath is narrow, two thirds of the groups in the s&p 500 higher and the rest are lower. for stocks, we will monitor how they progress. as for currencies, a closer look at the dollar in a moment but
the two currencies stronger versus the u.s. dollar, the norwegian krone and the australian dollar. we will look at oil and a minute. let's swap the charts. dollar index 101.06, pretty strong, even though not seeing movement on the day. a similar story for the yen and chinese one --yuan. yen weakens. , nymexil is lower trading at 47.66, that is pretty high. vix, underneath 13. 1.09%,-year yield is seems like there is no end and the 30 year yield not moving much. tohought it might be nice have a look at gold approaching hundred dollars announced.
let look at the news. >> donald trump plans to move quickly once he takes office. his first day in the white house he will start the process to get the u.s. out of the transpacific trade agreement. he is taking aim at regulation. donald trump: i will formulate a rule which says that for every one knew regulation, to old regulations must be eliminated. so important. >> the president-elect said he will cancel what he calls job killing restrictions on coal and shale energy. made clear who he would like to see as the next british ambassador to the u.s., he said that the u.k. independent party leader nigel farage would do a great job, he said he is uniquely placed to forge ties with donald trump. theresa may government says we already have an excellent ambassador. in turkey, the nationalist opposition party is about to
endorse president erdogan one's bid for more power, it is close to an agreement with the ruling party on a new constitution. our to one wants to change people local system from a ceremonial presidency to an executive one. a new report morris that britain's national health service is facing potentially crippling problems because of the biggest deficit ever. the health services deficit is more than tripled to $2.3 billion in the most recent fiscal year and the british government spending watchdog warned that the money needed to improve holdings and software will need to be reallocated. that may affect care. news 24 hours a day powered by more than 2600 journalists and analysts in more than 120 countries. this is bloomberg. mark? his view,is out with the swiss bank sees next year's earnings giving a boost to equities and it sees bond yields -- deals stabilizing.
down playing the potential negative impact of donald trump's presidential victory. >> i think the market is looking ahead and hopeful about a lot of things that donald trump can do. as you pointed out, some of these other promises are coming through. i do not think the underlying move we have seen in the equity market, the reason that the fed is considering hiking has that much to do with donald trump, i think it has to do with the continued strength of the u.s. economy. we have to separate these a little bit. , he: as for what looks good says it will be companies that benefit the most from emerging markets. >> if you were going to play european equities, i would say to focus on those companies that are getting increasing earnings from the emerging market consumer because we think that the emerging markets are also likely to improve because they
have been hit so badly over the past couple of years. they will benefit from this commodity turnaround. mark: that was the ups wealth management global cio. tomorrow, turning to the economy, philip hammond will deliver the autumn statement and layout the government plan for taxes, spending, and borrowing. joining us for a preview is a u.k. economist. -- is itdowdressing windowdressing? he will sety, what out tomorrow is a far worse picture on the public finance as we think cumulatively over the next five years, we could see borrowing up to 100 billion pounds more over the course of the next five years. , it is hardbackdrop to argue that a fiscal stimulus is necessary when you have the fact that the economy has
performed better than most people expected. he will continue i think where his predecessor left off. albeit at a slower. mark: that is important because the target was eliminate the deficit by 2019, 2020. what is hammond's new rule going to be? >> a good question, he will push back the date at which he needs to be in surplus. tweaksight be slight around that, he may exclude investment spending. he is quite keen to those investment spending and may exclude debt interest payments because pass budgets, chancellors, have spent that interest saving. with yields moving around quite a lot he wants to take that out. it is an underlying deficit he is looking at. it is not a much further horizon. vonnie: what things can we expect, similar to the u.s. where we are looking for infrastructure projects and will
they all be publicly funded or any private partnerships? >> you are right in that infrastructure is at the top of his list. he mayse will he do -- try to ease the squeeze on households. we have a bout of inflation coming next year. a freeze on fuel may come. in the u.k., we have a freeze on working age benefits. households are very the brunt of that higher inflation. a more outlandish policy would be to cancel that for a couple of years. and provide a boost to the household sector. vonnie: that would be controversial, is there any danger there will be a backlash from people who voted this government and? >> i think anytime you get a fiscal outlay, people welcome it. the thing to remember next year is that households will be squeeze quite a lot and there is a high inflation coming through because of the depreciation in sterling. i think people will welcome that
as a policy if he chose to go with it. it is very expensive. outlandish more policy that he will go with but there will be some sweetness from what he has named the jam. -- those policies for those people are possible but it will not be a large fiscal outlay because of that deterioration in the public. mark: everything based on the office of the budget forecasts. intriguingt will be post-brexit, gdp and consumer price inflation. what are we expecting on that front over the time frame? an: similar to the bank of england over the first three years, a downgrade to growth, not lit to cpi inflation, and what we -- what will be interesting if the --
they will have to take a view on the medium-term damage from leaving the european union. looking at how much lower gdp is in 2021, 2022, that will be interesting. mark: hammond wants to be done with this. this could be a quick statement. could this be the finish up on statements? -- autumn statements? >> he wants to get rid of it and there to be one statement in march. there were these tiny little policies, he just wants one is still a that's per year. that's one fiscal event per year. mark: bonnie? -- inside they u.k. governments efforts to boost authentec next. ♪ this is bloomberg.
mark: live from london and new york, this is the european close on bloomberg markets on bloomberg television. for -- time for the bloomberg is this last with the biggest stories. suisse is facing u.s. tax investigation over undeclared accounts. that is according to people familiar with the matter. and 2014, credit suisse leader guilty to helping americans cheat on their taxes at the time. the bank promised to help the u.s. fine suspicious accounts and investigators want to know why credit suisse did not tell them about $200 million in assets owned an american client, the bank is not commenting. launching an offensive in north america, expanding its line of suvs and sedans and start making electric cars in north america in 2021.
vw is trying to rebuild its image following the diesel emission scandal. wealthy inacking the the u.k., the number of dollar millionaires they'll 15% after the country voted to leave the the stockote ruffled market and set the pound falling with households well in the u.k. falling 10% in the year that finished in june. he votes to leave the eu may have put a hit on london's status as europe's financial hub but london still on the cutting edge of startups thanks to the u.k.'s financial regulator. we explain. the sta is an unlikely hero. >> you talk to entrepreneurs and lawyers and they have very positive say about the fca. and they to one firm
moved from san francisco to london, kind of the big hub for san francisco -- is san francisco but they moved to london, they said the regulator gets us and are more forward thinking. a lot of time the regulator in other countries is set on no but the perception is london is trying to make things work. mark: this so-called sandbox, what is this? >> you could describe it as an experiment in place where runoff from your or unestablished -- an offer for newer or established company -- an entrepreneur or established company, have a safe place, some guardrails where you can get your idea tested before you are fully regulated which saves time and money. mark: candace regulations be copied by other countries that can these regulations the copied
by other countries? a, they saidhe fc they work with other people and have memorandums of jurisdiction , they said we are the first -- they were the first ones here and they hope they can keep that leading-edge. ,ark: regulators traditionally they are not for shutting down risky ventures and giving out fines. fcaface seems to be -- seems to be going in the opposite direction. >> they have a broader mandate, on protection and that sort of think but the u.k. government going back to the post financial crisis, well before breakfast best breakfast -- brexit is private look beyond a legacy banking system where you have four big banks and two of them are words of the state, saying we are trying to get innovation and something else going to help the economy, consumers, finance.
mark: what is the reality post-brexit, is london losing its alllure? >> it sounds like technology is still looking at london as a place to be. there are some things in the short term, you have seen venture capital pullback, hard to tell if it is cyclical or structural but in the second quarter and third quarter, we saw less venture capital funding according to innovate finance. , is is the key question this something structurally going to be enduring or will it pass. ,here are concerns, uncertainty worries about keeping access to top,. -- top talent. and single market as a -- single market assess. u.s. stocks hitting record
an important psychological level. we went back to 1999 and looked at the 1000 point increments at which we have seen the dow go higher. inthe briefest of these was 1999 when we saw the index make a trip quickly from 10,002 to000 in 35 days -- 10,000 11,000 and 35 days and another stretch for another milestone which we hit in 2007. this latest we have seen is four times as long. we should point out that the bull market is almost at its eighth anniversary. getting a little long in the two since we have seen the rally coming all the way up from october up 2009 through now.
we talk about these big round numbers, unimportant psychological milestone even though the doubt has not seen -- dow is not seen as a proxy for the broader market at this point but it is outperforming since the election. we will watch this one to see how quickly it can do the next big round number. mark: according to ben kumar, it could happen before the next fed meeting. he says the next 1000 points or 5% could happen before the next fed meeting. as you consider the last 1000 took two years, that is a great call. beats that? idea you wouldo be talking about startups in the u.k. during this segment.
we are on the save that same wavelength -- we are on the same wavelength. i put together a few different indicators from the major index and the upshot of something surprising, startup activity has hit the highest level of the year. line is line, the aqua interesting, it shows exit which are on the rise. it has been higher but they went through a slump and there have been more exits. million has got into startups in the last few weeks. we are far below the level we were in the mid-summer range. it means that maybe people are getting excited about new ideas and innovations. who knows what will happen next year with that segment. better to get your first round of funding now.
mark: very cleverly playing into the fact we talked about syntax. love,doing the chart i talking about 1000 point e came ups but vonni with a amazing new function. margins, i amt of giving it to vonnie. vonnie: thank you. mark: well done both. take a look at where european markets ended the day today. a day of gains and we did not alternate between gains and losses. there it is. this is bloomberg. ♪
♪ from world headquarters in new york, from new york to tokyo. stocks rise around the world's for by the biggest three-day rally in commodity since may. optimism that opec will cut output at a meeting next week. donald trump outlines executive actions he can take on day one. absent from that list is one of his most controversial plans such as building a wall between the u.s. and mexico and the repeal of obamacare. seeking adventure in the alaskan wilderness come inside a collection of world-class dishing lodges in the last frontier. we're halfway into the trading day, julie hyman on the latest. julie: we hit 19,000 and come back down a little bit, the three averages hit records that now seeing a little changed. sometimes we hit resistance when we get