tv Bloomberg Markets Americas Bloomberg January 12, 2017 10:00am-11:01am EST
♪ we take you from washington to london and cover stories out of germany, italy and china in the next hour. steps to repeal the affordable care act. after a razor thin senate vote showed contentious efforts we have the latest on what may go in this law as all eyes moved to the house. for a big cashng call. shareholders in italy's largest that is key a deal to implementing a proposed turnaround plan. vonnie: with treasury yields -- lots to talk about in the next four hours. so far in the u.s. come up roberge julie hyman it's with a
-- bloomberg casa julie hyman is with us. julie: pullback has continued and accelerated in today's session as investors are looking for more details on fiscal policy prescriptions that weren't really given at that press conference. we still -- he is not in office yet. we will at some point presumably get more details. i wanted to look at the scorecard of where the three major averages stand since the u.s. election. about a 5% gain for the three major averages. if you take a look at the bloomberg i've made a chart of the three majors going back to november. the dow has been in the lead consistently ever since the election. what's interesting is the nasdaq was lagging throughout the month of december and as we got into the new year it played catch-up and overtook the s&p 500 in terms of its return as the nasdaq has been setting new records. he yesterday it was the three major averages to close at a
record but it's a different story today as we see tech stocks pullback including companies like apple and rbc trimming estimates ahead of the company's first-quarter results. skyworks solutions cut to neutral from buy at goldman sachs. sort of cautious on semiconductors and says the company could lose market share in 2017. also in terms of movers we continue to watch the health care companies. big drugmakers in particular pulling back after trump's comments yesterday that he would be in favor of a bidding process -- struckown drug price price costs for the u.s. government. on the flipside we see the safety trade continue as well. yields continue to move lower in the treasury market as people are buying treasuries. buying gold as well. we also see a continuing slump.
fourth straight day of the dollar falling versus japanese yen. market looks as though there is trepidation. caution creeping into the markets. mark: similar story here. even spied me to look at the stoxx 600 since trump selection. the ninth of november. 8.6% led by up by basic resources. the only group that's declining utility. the bond proxy group that's been hit hard by the rise in body yields. what a turnaround it's been for the stoxx 600 since the trouble election victory -- the trump election victory. gr is your function -- it's not working. let's move on. going to try once more. it does not like me. let's talk about the ftse instead. lower on the stoxx 600.
we are a little bit low. we were higher yesterday. we had a 12 day will winning run. the record winning run. ,he record for the actual highs 10 days of highs within that 12. that's a record as well. i looked at the stats, the top six performers in the past 12 days, all but 19 stocks on the index rose. the ftse is overboard according to the 14 day rsi as it has been since december. will it be lucky or unlucky 13 for the ftse? marks and spencer shares were up as much as 5.7%. it reported its best clothing sales and more than five years delivering a confidence boost to this retailer which had a tumultuous year last year marred by management overhauls and plunging sales. tesco today falling shares. they were up earlier down 1.7%
or as quarterly sales growth in more than five years failing to meet investors expectations or the stock did fall as much as 4% after reporting same-store sales . pales in significance compared to the likes of william morrison and sainsbury. 1.7%. will the ftse hit 13 in a row? counting down to the close. vonnie: pretty phenomenal run. let's check in on the bloomberg first word news. alisa: don trump's nominee to head the cia will try to convince the senate he could be objective. a confirmation hearing will be held for republican congressman mike pompeo, likely to be questioned about the president-elect's repeated criticism of u.s. intelligence agencies. senate republicans have cleared the first big hurdle in their campaign to repeal the a formal care act. to aattached a measure budget resolution that would
allow them to repeal much of president obama's health care legislation without any votes from republicans. republicans have not agreed on a replacement. the u.s. military in afghanistan says its investigation into a firefight with the taliban back in november has shown that 33 civilians were killed when troops fired on afghan homes. the probe followed claims that civilian deaths resulted in air strikes called in to support afghan and u.s. troops targeting two senior taliban commanders. french national front leader marine le pen is in new york. less than four months before the presidential election. a le pen who leads in the latest opinion polls is making a private visit to the city according to her campaign chief of staff. he could -- he declined to say if she would meet publicly with donald trump or anyone from his entourage. global news 24 hours a day, powered by our 2600 journalists and analysts in more than 120 countries. i'm alisa parenti. this is bloomberg.
vonnie: thanks. let's get back to the affordable care act as republicans begin to dismantle obamacare. joining us from washington is an -- and kevin cirelli. what exactly did congress do last night? kevin: it was a late night into the early morning in the senate where republicans were able to lay the groundwork for repealing the affordable care act otherwise known as obamacare. what they did was enable to attach to a budget resolution. the groundwork that later on will allow them to dismantle this law. of course it comes with several key questions about whether or not they have an alternative once they doment dismantle this law. it raises questions among moderate republicans as well as republicans were concerns about this that are up for reelection
about whether or not they will be able to keep portions of this law and dismantle it without adding a new version. mark: you spoke to the trump camp about the obamacare proposals yesterday. what do they have to say? kevin: they hear the criticisms. they are carefully listening to those republicans that are concerned about repealing obamacare without a replacement could prove to have political implications in 2018. i ask this question to trumps senior adviser kellyanne conway. listen to what she had to say. >> if he can bring along the public-sector, meaning other republicans in the house and senate, other democrats in independence, it is a healthy conversation to have. we hear from people daily, as i'm sure journalists that bloomberg do, that they feel crushed by the costs of the drugs they need. we should have that conversation.
kevin: i can tell you that last night on capitol hill secretary of treasury nominee steve mnuchin has been meeting with lawmakers. a lot of conversations on the hill. vonnie: drug stocks got hit. biotech shares as well. what are drug executives saying so far? drug executives and the entire pharma industry by surprise as far as we could tell. trump waswent down as speaking about this idea of letting the government bid on pharmaceuticals. there was a little bit of complacency possibly that health reform repeal and replace of obamacare was the focus for the trump administration. he came out yesterday, made big now housed
pharmaceutical executives are going to have to deal with that. i think they are having these conversations giving that this was not something they expected to come off like this. vonnie: have we had public comments because we still don't know what this bidding process would look like whether it would be generic bidding against brand names or how that would all work. anna: there's no details on how the bidding process would work. there were some executives yesterday at the jpmorgan health care conference in san francisco while trump was speaking. a lot of them took a measured approach. they want exactly sure that this is something that was 100% going to happen. kind of given how we have seen trump's discussions going in the past. they just sort of said it sounded like a wait and see approach. they know something is likely going to change. that this issue is not going away. the american public wants something done that they are not
sure what the details will look like. we want to be part of the process to work this out. mark: just give us an idea if and when the obamacare bill is repealed, what will ultimately take its place? .evin: two things this could come as soon as hours of trump getting sworn in on january 20. the repeal, the replacement, that is where things are unknown . i think republicans would like to have this relatively wrapped up by the end of january or at least within the first 100 days. there's an intense debate going withtween conservatives people like senator rand paul or spoke with earlier this week saying he believes there should be a replacement immediately and others advocating for a more -- a longer approach to implement. yesterday at the press conference trump said h
relatively quickly. the details of this plan have not been released and that is raising uneasiness for republicans up for reelection in 2018. vonnie: he said the same day, maybe the same hour so we shall see. thanks to anna edney and kevin kevin cirelli. mark: signs that trump trade is unraveling. -- sharinge strategy his playbook next. this is bloomberg. ♪
investors assessing the sustainability of some of the most popular -- including a strong dollar and higher u.s. yields. we've seen the u.s. tenured touches lowest level since november after -- joining us, .hilip guarco he sees the tenure at 2.7 5% at the end of the year. thanks for joining us. is the trump reflation trade over? philip: i think what it is is the pause we were looking to get even a month ago. rates have moved too far sue reflation've had exuberance. i think we consolidate here and wait to see what's going to happen in terms of execution right now. mark: the big fight in recent days if you can call it that is gross on the other. -- what is your figure and
why? philip: i don't play in that league. there are some fundamentals. still dealing with the developed world that has too much debt. negative demographics. we can't go back 18 years to change that. we still have important disinflation coming from right now even a stronger dollar. we think all those things put a cap on rates. i think what's happening now is this exuberance of perhaps a disruptive change and economic policy that not only wants to get growth growing but that can get trend growth increasing and i think that's going to be a big focus going forward in the first 100 days. how much do they think they can get trend growth growing higher? vonnie:? how much is healthy philip: we think u.s. trend growth is between 1.5 to 2%.
steve mnuchin was on an interview i think here last month saying they thought they could get trend growth going up .o 3% you'll have to make a lot of structural reforms. i think that causes rates to go significantly higher over five years. i think they're a significant execution risk going forward. vonnie: current tenure is 2.33 the moment. fear of the inflation -- the reflation trade, are there other things playing into it such as supply and duration? philip: i think the first thing is fundamentals. we are not looking for growth to go much higher. looking at pce inflation still below 2%. itselfk that will impose . the question right now is if we get some major changes that look
like we are going to get higher trend growth or a cyclical pop .hich could mean stagflation those are the risks for us. it's not really that far from where we were a couple of weeks ago. we are in a wait and see attitude for that. i think 18 will be more telling. mark: philip, what should investors be buying? philip: our theme for this year defensive on rates and offensive on credit. one of the things we do know is that we will have at least trend growth slightly higher this year . that's good in general terms for credit. that being said it's going to be a bit of a bond pickers market because as we saw yesterday certain industries to get hit by secular changes in retail or presidential
address yesterday at the press conference certain industries and individual stocks got hit just because of comments. when you have policy coming out in this kind of fashion i think it does have some risk. generally we like credit take the spread, be defensive on rates. onwe get a pop to that 3% treasuries i think we will be more buyers the defensive. vonnie: we saw brazil cut its interest rate today. your constructive on brazil plus sovereign bonds. what about now? philip: brazil is a fundamental change from the last two years. negative growth for two years. probably going to get some growth this year. ofs is an idiosyncratic case a country that's turned a corner. in emerging markets is going to be stock picker for us. with the pace of going over 22 that's going to be subject to political risk. for that too far away
to matter. what's good about brazil is those improving fundamentals will impose themselves and that is going to be good for credit in brazil. guarco.philip thank you. mark: happening right now on capitol hill information hearing for trumps defense secretary choice. .eneral james mattis general mattis is facing questions from the senate armed services committee. john mccain. you can catch the hearing on the bloomberg at live go. >> i think right now the most important thing is that we recognize the reality of what we deal with with mr. putin. and we recognize he is trying to break the north atlantic --
markets. mark: breaking news from angela merkel, chancellor of germany. of the refugee crisis. she's also talking on brexit. she says we must use the brexit decision to bring the eu closer together. the eu must be able to make decisions faster she said. the eu member states must stand. also by eu decisions. she said the eu is confronting its greatest challenges of the last decade. let's get over to julie for the latest on the markets. julie: i wanted to check on the major averages because we've been seeing the seller accelerate in the past 20 minutes or so. the nasdaq is down. the is the first -- nasdaq's first down day. a seven session winning streak going into today.
now -- announcing the steep decline. merck, bucking the downtrend even among large drugmakers. the company said early yesterday review.got priority were buffeted about with other drugmakers but today at least three analysts are raising ratings so that appears to be contribute in to gains in the stock. we're watching media shares as well. a lot of selling going on. disney, cbs, and twitter are trading lower. downgrading disney to sell from hold. among media broadly he is not very positive at the moment. he says there is a riskier political environment post the election.
he says violations are not reflecting that environment because he says there's a lot of uncertainty surrounding policies of the incoming administration. he's downgrading cbs and downgrading twitter. twitter also getting a double .hammy from moffitt nathanson he is more confident in the cell rating. he gives five reasons including the unprecedented leadership changes and struggle to attract new users. selling among and steelmakers as well. the steel sector is being cut to market weight from overweight at credit suisse. analysts talking about the trump rally we have seen on hopes there would be renegotiation on steel tariffs perhaps increased state their steel tariffs into the u.s. besays that rally can overdone and analysis suggests limited benefits from infrastructure spending growth. steep selling within the steel industry. vonnie: thank you.
continuing to keep a close eye. berdeen asset management -- negotiating a deal between 20th century fox and sky. and his outlook for the markets and and a day in the new year. a couple of currencies moving today. cable at once with the two .79, stronger by half a percent and the russian ruble is just above 59. stronger by 8/10 of 1%. ♪ wow, x1 has netflix?
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show me house of cards. finally, you can now find all of netflix in the same place as all your other entertainment. on xfinity x1. anything with a screen is a tv. stream 130 live channels, plus 40,000 on demand tv shows and movies, all on the go. you can even download from your x1 dvr and watch it offline. only xfinity gives you more to stream to any screen. download the xfinity tv app today. vonnie: shares of cs chrysler down 10%. a huge drop in the last few moments. julie: headlines from reuters saying that the epa in the u.s.
is going to accuse the company of excess diesel emissions software. according to reuters reporting. certainly the stock is reacting. this resume a boy would be similar or at least it seems as though traders and investors would be linking it to the situation we saw with volkswagen . reuters is reporting that the epa will accuse fiat chrysler of using software that allowed access these omissions in about 100,000 vehicles according to reuters. we will be following up on anything further on this developing story. we are seeing those shares react and this news coming as we get additional news of the settlement between volkswagen and the u.s. government. mark: shares in italy also down by roughly 5%. alisa parenti has more from our newsroom in new york.
alisa: the lights have gone out a confirmation hearing for president-elect trump's choice for cia director. the hearing for congressman mike pompeo was interrupted minutes after starting after the lights and a microphone went out in the room. senator richard burr says he's been told the lights will come back on although he did not say when the hearing will resume. the u.s. intelligence chief says he has told president-elect trump he is dismayed by leaks of a classified report. the report outlined unconfirmed details that russia had compiled damaging information on trump. james clapper says the leak probably did not come from u.s. spy agencies. of the kremlin hopes russian president vladimir putin and u.s. president-elect trump and get along but it does not expect them to agree on everything. the kremlin spokesperson said it sees u.s. military deployments in poland as a threat. it does not agree with rectus tillerson does not agree with rex tillerson --
the number two leader in hong kong has resigned. carrie lam will leave her position as chief secretary under spec elation limb may run for the top leadership post. hong kong is wrapped by political turmoil over perceptions that china interferes. leung chung yang has decided not to run for a second term. global news 24 hours a day, powered by our 2600 journalists and analysts in more than 120 countries. mark: 21st century fox reached a preliminary deal to acquire full troll of sky. an independent committee of directors was set up to negotiate the deal led by aberdeen assets manager martin gilbert. assets90 billion in under management treated martin,
thank you for joining us. what are shareholders saying about this? --tin: that's probably probably slightly disappointed at how the share price has performed over the last year. ,y view was at a 40% premium the normal bidder would pay where the 40% holding is, 20% rhenium that shareholders should make up their mind on whether they wish to accept this bid or not. i say they would be more unhappy if they did not see the bid than they are professing to be at the moment. it's a reasonable premium. my view is the shareholders on the company so they should make the decision. mark: a wonderful function called mob go and you could look at all sorts of deals. it's to my right. it tells us the current premium is 8.75%.
does that reflect regulatory political -- is there a fear that this might not happen? martin: a real fear is probably too strong. i would say it is probably 90% chance. a bitk there's a built -- built-in for timing. however well it goes it's going to take for them a six or eight months to get through. there's a bit tilt in. mark:? does that include the off, referral martin: i would say it would be -- if i was a politician, even on the merits of whatever it is i think it might be tempted to refer it. but let's wait and see. we have not even started the process yet. i don't even think it's been submitted to europe yet. it will probably take a few more months. mark: given what happened in 2011, given the political outcry
following phone hacking saga, are you wary of all of that? for purpose concerns, corporate governance concerns? martin: it's not up to me to put 21st century's fox's case. the newspapers are in a separate company. it's a much tougher market. a lot more competition out there for sky. it's a very different environment. i would say that occasion they offered a 20% premium. this time they've offered a 40% premium. there's a huge break the. -- it's very different. disappointment today that there was not any devil in the details. some of his fiscal plan.
does a bit of red on our screens today. martin: i suspect the markets have almost run ahead of themselves to a certain extent anyway. they've had a phenomenal rise, especially the banks. some of them are up 50%. average up 30%. some very sharp movements. i would expect a bit of retrenchment from the trump affect. mark: our banks a by? martin: i think they have had a good run. the u.s. runs have had a good run. just before the election. mark: you met the president-elect at the end of last year. tell us as much as you can about that meeting. martin: we talk about golf most of the time. i think the only comment i would the about the meeting was
thing that has surprised him is how powerful the u.s. is in the world. he had no inkling of that i think before the election. that i think, that is the thing i remember from the meeting the most. mark: did you bring up brexit? martin: i did not bother to read he's very pro-u.k. -- he is very pro-u.k.. pushing against an open door with trump and i think we are in the strong position. i think we are in the front of the queue. i think we can be in the front. after the inauguration i suspect .here will be a lot of visits i think the prime minister will be one of the first foreign leaders to meet him. he's half scottish. he's got to be pro-britain. mark: it's a question about the end of the bond bull market. it you were highlighting even were action the levels
bit crazy and how things have changed. yields have shot up. bill gross said the end of the bull markets 2.6%. jeffrey good luck to my 3%. is there a figure of your -- a figure in your head? is there a number that says this is it? martin: about this sort of level, i think is really probably bumping along the bottom or the top of the bond market, which is why these absolute return bond funds are where people are putting their money now. so you can go anywhere really. where the value is. the issue is that emerging-market -- developed markets are expensive versus emerging-market, high-yield, etc.. you got to be careful where you put your money in the bond markets. mark:? what funds are popular right now martin: the obvious one, from
what we're looking at, say looking at somewhere like india where dollar denominated india, 6%. those ofbt, the things to try to find around the world. mark: 13 days almost running. are you amazed? martin: i am an optimist. even i'm surprised. mark: is it a buy or an overbought? overboughthink it is but the problem is there is nowhere else -- it is difficult to find anywhere else to put your money. or 20 years ago we would've been shifting out of equities into bonds yielding five or 6% -- 5% or 6%. mark: aberdeen asset management chief executive management martin gilbert.
vonnie: fabulous interview. i want to recap breaking news on fiat chrysler. shares down almost 13%. shares in fiat chrysler halted in the lawn. we have reports that the epa is accusing the carmaker of using software that allowed access diesel emissions in about 100,000 vehicles. reportinguters and ap . we are working to confirm those reports. adr is down 13%. a big reaction after we got up yesterday. volkswagen and the $4.3 billion settlement. several top executives indicted in that case. this is bloomberg.
vonnie: you're watching bloomberg. i'm vonnie quinn. mark: i mark barton. the chief investment are -- office of the largest you investment -- u.s. investment und -- plan to ship to internal managers. vonnie: british retailer martin spencer may be starting to see a turnaround. mark: in today's quick take the senate takes its first step towards repealing the affordable care act. what happened to the individual mandate if they undo obamacare? vonnie: the largest u.s. pension planscalpers, developing to ship as much as $30 billion from external to internal managers looking to reduce fees. bloomberg tv spoke with their
chief investment officer. >> you can see that 70% we have in-house currently we pay for basis points for that talent. we have done very well in the fixed income and global equity talentio with attracting . very proud of the teams we have here in sacramento. they have performed well over long period's of time. it's a great deal for the california taxpayer to be able to invest $220 billion at minimal basis points is a fantastic bargain. before we employ more veteran energy in the private markets with the mature we can compete. mark: amazon is going to create over 100,000 full-time u.s. jobs in the next 18 months or the company plans to expand its full-time u.s. workforce to more than 280,000 by mid-2018 three at 180,000 in 2016. amazon says the jobs will be
across the board from engineers and software developers to entry level positions. a boost ofcer got confidence after a year of management overhauls and store closings. the british retailer reports its best clothing sales and more than five years. mns post same-store sales and clothing and home division were up 2.3% in the quarter that ended december 31. vonnie: time for a quick take were we provide background on issues of interest. the affordable care act into the dual mandate requirement that all americans by health insurance or pay a fine. president-elect on the trumpet and republican allies in congress are getting set to repeal so-called obamacare and the mandate. insurerser u.s. health said they were open to the republican idea of replacing the individual mandate with a continuous coverage provision. under that plan no one would be required to buy insurance but anyone who let the coverage
lapse could be charged higher applyms when they later for insurance or could be forced to wait before buying a health plan. plenty of details iron out. how would the system handle skimpy insurance when they're healthy and want to upgrade to mark apprehensive insurance when they fall ill? both the individual mandate and continuous coverage rapoza address the problem. liberals like to point out that the individual mandate was originally a conservative notion. the idea was without doubt any promise to guarantee coverage for those with pre-existing --ditions -- as older leaving evermore "young invincible's" to decide the can skip insurance. -- it defends against government inclusion. democrats defended the mandate as reasonable regulation of a business that affects all
americans. many economists attribute some of the recent problems in the exchanges such as rising premia and a number of insurers pulling out to mandates failure to get enough healthy or young people to buy coverage. whether those invincible's will be motivated by the threat of potentially higher premia down the road is an open question. you can read more about obamacare at all of our quick tates -- quick takes on the bloomberg. mark: credit shareholders approved a 13 billion euro capital increase. almost twice its market value to carry out this turnaround plan. joining us with the latest, -- this is twice as much as much a passkey try to raise. is going to be a smooth process when this gets to the market? >> there is quite a bit of optimism on the part of the ceo
who told reporters in is quite confident they will be able to get that. some comments from investments that were present at the assembly. it is a different story. needed that funding to survive. bankedit is a profitable and it needs this to bolster its capital buffer since it's an important bank or so-called systemic bank. mark: is that what it's going to do with its money raised from the share sales? dan: i think most of it will go towards covering losses as a result of writing down. covering the losses on bad loans it's carrying on its books. .his was a problem in italy this huge amount of nonperforming loans that banks are carrying so that is going to help cover some of that. such asng other things
cleaning up its balance sheet. during rid of some nonstrategic assets. doing some joint ventures. banks inor other trouble? dan: i think we found interesting developments today in the sense that italy's number euro isk, for a token paying to acquire three banks that were put into resolution. that will be interesting to follow. an important step in the part of italy's attempt to get the system in shape, reduce massive debt. this massive mountain of nonperforming loans. mark: thanks for joining us. more markets ahead. ♪
mark: i mark barton. vonnie: i'm vonnie quinn. this is bloomberg markets. to bring you more of that exclusive with calpers' chief investment officer. america's largest pension fund making a bold move reducing fees developing plans to ship from external managers to internal managers in a big way. erik schatzker asked more about the specifics of the plan. erik: it's a difficult space in the stock markets to be an active investor. about abrought just huge majority of our assets internal. we are very proud to have over 70% of the calpers portfolio we manage internally. most of that is our public asset classes, stock and bond. much of that in the stock portfolios index oriented.
portfolio is pursuing active strategies. we have about 20 external managers that deploy a range of active strategies. erik: if you could do everything you want to do what with that 70% number be? you would manage in-house what percentage of calpers assets? >> it would not be 100. the private asset classes pose a business model challenge. we have one office in sacramento. we are happy you are here visiting us in town. but looking at the private markets, real estate, infrastructure, private equity. very important to know not just local markets in the united states but across the globe. in order to build in internal capacity to invest in private markets you have to plan for and
be sure you can execute a direct model. erik: ontario teachers for example. i could name more. >> the canadians in sovereign welfare forms have been successful in building out -- united states pension plans, not so much. erik: is that because you can't pay for the talent? >> that's part of it. part of it is our governance structure being so intertwined with public agency in our case, the state. it limits some of the things we can do in terms of compensation and otherwise opening offices and developing strategies across the globe. the canadians were able to solve some of those problems. erik: with governance changes. ted: i think that is really a prerequisite. we are looking at other ways perhaps that we could achieve
some of the objectives that the canadians and others have done without going to completely direct model. we are looking at whether or not a could create or invest in private operating company that could in turn filled out those capacities. more indirect way of doing that. vehicle thatpose would be able to build out all of those capacities that i mentioned. erik: still compliant with governance, state legislation, but functionally something of an end run. functionally a separate ted: entity that will allow it to succeed. erik: let's go back to that question. 70% now. if you had your druthers calpers would manage what percent in-house? ted: 75%, maybe 80%. >> that's bringing billions --
pulling that lever is a multibillion-dollar decision. , 70% wes a big deal have in-house currently we pay for basis points for that talent. we've done very well in fixed income and a global equity portfolio with attracting talent. very proud of the teams we have in sacramento. vonnie: that was the cio of calpers speaking with erik schatzker. a look at european stocks 30 minutes from the close. mark: we are looking at the ftse . we're up to the 17 consecutive day of record. the closes next. ♪
european close. mark: we are going to take you from washington to london, we will cover stories out of germany and china. here is what we are watching. epa accusing chrysler of cheating on diesel emissions test. shares are tumbling in the u.s. and milan. vonnie: further steps to appeal the affordable care act after a senate vote. the latest on what stays and what goes as it moves to the house. unwinding ortrain a pause?ors taking u.s. stocks after yesterday's trump news conference. mark: