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tv   Bloomberg Markets Americas  Bloomberg  January 24, 2017 10:00am-11:01am EST

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vonnie: we will take you from theoit to amsterdam and u.k., turkey, and washington, d.c. in the next hour. first, breaking, u.s. economic data from existing home sells for december coming in at 5.9 million cut just below the estimate of 5.5 2 million. the average in the survey. it is down 2.8% month over month. we should caution it is a volatile series in the previous month was resides -- revised upwards from .7% to a gain of 1.4%. the previous month was double the initial estimate. this month it is lower, but we will see where we get. due out.acturing index it was supposed to come in at 7:00 for january. that is the estimate of analysts in our survey. we will bring it to you when it
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comes in. let's take a look at the markets this morning. abigail doolittle this morning. abigail: not a lot of reaction to the existing home sales. trading largely unchanged, slightly to be up, similar to recent opens with the markets trading relatively flat and perhaps moving toward south of intraday volatility. the dow has flipped a twin small gains and losses, perhaps headed that direction right now. almost in a refill into these markets as investors are waiting for resolution about more information on uncertainty around the trump administration and what could be ahead. as far as one piece of news that could be coming out today, there's a pretty big expectation that president trump may sign twoxecutive orders to basically advance the construction of the keystone and a good access pipelines. -- the code access pipeline. on this we do have some of the energy related companies up including energy
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transfer partners. they have the 3.8 l you dollar dakota access pipeline project in energy transfer equity's owns a stake in that limited partnership. we see a nice rally. we have a nice rally in natural gas. this does mark a pretty big shift from the obama administration around these oil and gas pipelines. we have natural gas up 3%. row,econd up the in the despite the warm weather we are enjoying in new york. vonnie: we will bring it to all of our listeners and viewers when it comes out. i want to get more on bloomberg exclusive now on executive actions set to happen today. advancing construction of the keystone xl and the dakota access pipelines, buffers, breaking news. paul ryan has said he invited donald trump to a joint session of congress on february 28 will
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step the last day of february, to address joint session of congress. it will be trump's first appearance before congress and a chance for the president to lay out his legislative agenda. it is not technically a state of the union address since trump was just sworn in. traditionally they are invited to speak before senate and house lawmakers. paul ryan extending that .nvitation to donald trump of course, he did it on twitter. i want to bring in a reporter at the white house. let start with the house speaker paul ryan invitation list of how unusual is this? how typical is this? >> a big morning at the white house. president trump is most likely going to be heading to capitol hill in february to make a joint address to congress. it will be the closest thing to his state of the union. he will be able to talk about his agenda in the first 100 days that includes everything from tax reform to repealing a
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replacing obamacare to repealing a number of different anulations -- it will be opportunity for president trump to speak before members of congress. he will need both embers of the democratic party and republican party to get his agenda through. this will be an opportunity for him to make the agenda known to all lawmakers on capitol hill. vonnie: we are ready have a lot of actions happened by then, by executive order. perhaps including something on keystone xl and the decoder pipelines. >> that is true. president trump is not waiting for congress to take action, specifically on the keystone pipeline and the dakota pipeline. these are two pipelines that have a block by the obama administration. president trump says he wants them to move forward and unlock some of the energy options that we have in the united states. doesll be signing those it executive orders and the next hour. that is something the energy
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markets are celebrating. vonnie: what else are we looking for the president to be signing today? >> most likely today, those will be the executive orders. and he will also be meeting with a number of leaders from the senate. yesterday, he met with congressional leaders from both sides of the aisle. today, senate leaders. he will be the senate to get his agenda passed. the senate is very much split between republicans and democrats. you will need some democrats to cross over to back his agenda. he will meet with leaders today and hope to get -- convince them about his agenda. vonnie: any signs so far or is it too early to tell whether there is going to be some collaboration and is congress? >> yesterday, we started to see president trump reach out to traditionally democratic constituencies. he met with a number of union leaders and that praise with union leaders, several of them supported his opponent in his presidential race.
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he is likely to continue to reach out to democratic constituencies and try to get them to move over to his side. vonnie: thank you for that. mark? mark: let's check out the european markets. there i am. there you go. 90 minutes away from the tuesday session. stocks, little change from the supreme court ruling 9:30 london time. theresa may has received the backing of parliament for two triggers article 50. articlee she triggers 50. there will be no need to get backing from regional assemblies. that is a big relief for prime minister may. bull members be tabled? without delay the triggering of article 50 by the end of march? this is the british pound index. bloomberg british pound index, a gauge of the pound against its major peers, against a basket of other currencies. thiswe rose, up, down, slightly
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lower. the concern is today's ruling isn't going to put a brake on brexit. maye at worst for theresa article 50 will not be able be triggered by the end of march. that is the worst-case scenario. sterling is falling today was to .rexit will go ahead that seems to be playing out in other markets as well. ftse. this is 9:30. sterling declines and more -- small cap in the ftse 250 and ftse 100 rise. this is the 10 year yield. the yield was higher anyway. inched a bit apples that came down. rapidly -- roughly up. not massive movements and markets today. i think investors are priced in the fact is approved court ruling would go against prime
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minister theresa may. let's get tomorrow today's brexit ruling. let's get over to anna edwards who is outside the uk's of record. the significance of the ruling by the supreme court today. anna: thank you. justice newberg come just two minutes into a six minute statement come to get to the part of the verdict of the supreme court today. it told us the prime minister had lost -- they would need to stick to the high court ruling of november. they would need to go to the houses of parliament to ask or get their say-so in triggering article 50. 2.5 hours ago, we heard from the brexit secretary who stood up any house of commons and gave the government's reaction. this is what he said. >> this government is determined to deliver on the decision taken by the people of the united kingdom and the referendum granted by this house to leave the european union.
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we will move swiftly to do just that. say: he also went on to there will be putting before parliament something that is very short bill. the legislation will come within days. the reason is it is about trying to stick to the timetable. they said they want to stick to the march deadline, self-imposed deadline of march 31. that means trying to get things moving as quickly as possible. they will be hoping for as few of them is as possible. however, it has been said 55 -- 50 will be tabled. have their democrats amendments. it will not be entirely smooth sailing for prime minister may. mark: that is the key point, isn't it? brexit is going to happen and that is what seems to be reflected in the pound another u.k. assets. to what extent can opponents of brexit derailed the process,
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ensuring they have more of a say in the brexit negotiations? >anna: that is crucial. i spoke to senior labor politician or he does hillary and he said it is not about -- it is about the will of the people. even he suggested it was going to be possible for the government to stick to the timing, but others might not want to. the s&p with their 50 amendments, the leader of the s&p disappointed as a print court did not find there was a need for the government to consult the ministrations in edinburgh and belfast before triggering article 50. he was quick to point out -- she was quick to point out that scotland's voice is not being heard. scott's must choose if they want to take more control. is that suggestion this moves up closer to an independence
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referendum in scotland? we will have to wait and see. certainly, there will be disappointed that some of these regional bodies will not have their say. the supreme court possibly keen to avoid giving them some sort of veto over the westminster government. mark: thank you for joining us for the moment, anna edwards, bloomberg tv reporting from the u.k. supreme court. we will have an interview later. the case against the government coming up in about 20 minutes time. newse: i want to reiterate that we got just moments ago from washington house speaker paul ryan, inviting donald trump to address the joint session of congress taking place february 28. it is not a state of the union because the president has just become the president, but it is similar to it. it is a tradition. said berry 28, that invitation going out on twitter. this is bloomberg. ♪
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mark: live from london and new york, i am mark barton. vonnie: this is the bookmark it's. bloomberg markets. no shortage of news for investors to digest today. joining me now is the chief investment office of global credit. every thing that happened this morning from the transcanada pipeline potentially going ahead today are getting approval at least from the president of the supreme court decision in the u.k., what do you find most interesting for credit markets? >> the first place to start, there is a tremendous amount of change going on. a lot of uncertainty around policies and things that have worked for the last several
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years, yet to start questioning. i think that is an appropriate time to start looking at your fixed income allocations and asking the questof, aryou really exposed to policy changes in a place like the u.s.? and what u do about that? vonnie: do you look at real yields for nominal yields? do you decide there is no value to be had here and you need to go to the more junky space? >> a couple of things to look at. first of all, yet the look at real yields because at the end of the day, that is the type of return you're going to receive the between the currency and the actual bond. we are seeing opportunities across the space. a lot of the currencies have cheapened up over the course of the last several years. unlike countries like the u.s., the u.k., countries are going away from populism. vonnie: hold that thought. we just want to show you some live pictures. automakers walking to the podium having met with the president.
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let's listen in. >> we employ many people across america, good paying jobs from the people that work in our factories to manufacturers that support our plants with parts to our wonderful dealers who are literally in every humidity across america who helped sell and service our vehicles -- humidity across america who helped sell and service our vehicles. we are very encouraged by the president and the economic policies he is forwarding. i would, yesterday the president's decision to withdraw from the tpp. we have been very vocal both as an industry and a company, and we have repeatedly said the mother of all trade barriers is currency manipulation. in meaningfully dealing with that. we appreciate the president's courage to walk away from a bad trade deal. i think as an industry, we are excited about working together with the president and his
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administration on tax policies, on regulation, and on trade to really create a renaissance in american manufacturing. mary? huge --nk there is a there's a huge opportunity working together as an opportunity with government that we can do to improve the environment and safety and improve the jobs creation and the competitiveness of manufacturing. we're looking forward to all of the elements that mark talked about to do that. >> any specifics on regulation? >> given the concerns about him tweeting and sometimes challenging you? vonnie: you saw some of the major automakers from the ceos , speaking about their meeting with president donald trump.
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talking about tpp and how he had the courage to walk away if it is not working. let's return to ashish shah from global credit. em,are starting to look at brazil, mexico, and turkey. we saw bank intervention in turkey. anything give you positive that those markets? >> in mexico and turkey, both are going to real challenges. the currencies are getting cheap. i think when you look at across the world, yet the balance out the violation with the policy direction. in brazil's case, 12 months ago, 18 months ago, this was a country that was really challenged, had gone to a lot of populism. they are finding austerity domestically. that is helpful to the bond market. use all the central bank cut rates 75 basis points. when you're thinking about bonds, you have to think globally. those cuts occurring there are very different from the tone we are seeing in the u.s. where the fed is raising rates.
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mark: you say europe looks attractive to the u.s. you're looking at euro denominated debt relative to the u.s. just elaborate. >> sure thing. the nice thing about europe is it is earlier in the cycle both economic and credit to the u.s.. that means it is still going through a healing process that is not later in the economic cycle where unemployment is superlow and the ecb is hiking rates. frankly, it is still in quantitative easing. that is a really good thing for financials. it means, like the countries forselves, have opportunity return. we love credit in europe. we are finding great opportunities there, particularly in at1'a. using get 6%, 7% yields. you can hedge them back like we do in the global bond fund. you can add in another 2%.
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really attractive returns that are available in the bond space that are not particularly sensitive to interest rate rises in the u.s. that is the key, diversify. mark: you're saying you like high yields, but avoid ccc's. why is that? >> we think you have to be more selective in the lower quality parts of the market. but we are actually finding interesting opportunities there. the overall sector of triple c's yield around 10%. that is in attractive yield. that is not a bond in the way you think about duration. that is really in equity opportunity. given some of the areas of growth in the markets that some of these copies are quite attractive, but we do think you have to become more selective because unlike 12 months ago when yields were double that, could havend you basically bought everything and found a good return, you have to
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be more selective in today's environment. vonnie: what happens when the fed raises again and how many times does it raise this year? >> i think we're still in the two raises year to date, possibly three. you would have to have a lot of things going right to get to that three. i think chair yellen has highlighted that she is willing to let the economy run hot. twoong as we stick to those races, i think you're fine. i think the risk we see and all of the change is that stepping on the accelerator late into it economic cycle when unemployment is very low can be damaging to all risk assets, as well as bonds. that is something we have to watch. the fed starts hiking faster than the market expect, you will see both stocks and bonds come under pressure. that is why it is so important to globalize your bond portfolio because, you know what? the fed
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can be hiking at the same time you can never does have other central banks keeping rates low. mark: what about a china deceleration? >> china deceleration is very much on our radar screen. you may have noticed that china raised rates overnight briefly on one of their measures. they have a real set of asset bubbles that they are trying to contain financially. we don't think we end up seeing a hard landing in china, but we do think growth ends up being a lot lower than the market expects. and that is going to create a balance point to the stronger growth you are seeing in the u.s. coming europe, and in japan. bonds, think about everyone is afraid of rising rates. the reality is, if rates rise slowly, you're still going to earn a very good return in the bond space. growth shots of a downside
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are what you own bonds in your portfolio. mark: ashish shah, thank you for joining us from global credit and head of fixed income for ab. segment.our etf etf's did extremely well. 2017 with growth of performing value your today. here to tell us more about the two strategies, abigail doolittle. thank you. as i do and growth etf sounds old-fashioned. how do they connect? >> if you look at the whole smart data space, value and growth etf's comprise about half of the smart data space. even as you say, they're much older than even the term smart data itself. force is in smart
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data. abigail: how have they managed to stay around for so long? >> strategies that investors are familiar with dating back to actively managed funds. a lot of smart data etf's are trying to convince investors there is another way, whereas value and growth etf's has sort of replaced active management to some degree with a sort of lower-cost strategy. abigail: what does the performance look like? >> value really took off after the election, up more than 8% at one point, the iwf. growth underperformed. changed now. people are looking for the shift between the strategies. i think was more happenstance this time. if you look at the value etf's, it was dominated by financial firms -- banks like jpmorgan, wells fargo, as well is a lot of
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oil and gas producers. you had the yield curves in interest rates really start rising after the election, and of the same time you had oil really pick up once the supply cuts around the world started to look like they were going to stick. kind of those two factors that caused the value funds to outperform. that trade, as we all know, sort of fizzled out for the middle and of december. now we're looking at growth outperforming in the new year. of delco very helpful, mike. -- abigail: very helpful, mike. they give for joining us. vonnie: thank you for that. we will take a quick look at how assets are performing in the wake of the news this morning. oil, we have debbie g.i. crude up -- wti crude up. we have gold futures down a little bit. the vix is below 12. the dollar index is at 100.16,
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unchanged, but at a low, relatively speaking. 10 year yield, backup to 2.43%. typically that moving in connection with the dollar. higherpe, we're indices come although, i have to say it is really the dax leading the way. mark: still ahead, the case of record dealing a major blow to the u.k. prime minister theresa may, requiring her to get parliamentary approval for brexit. we will hear from a woman who initiated the case against the government the gina miller, founding partner who joins us next. this is bloomberg. ♪
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♪ bloombergrom world headquarters in new york and london, i am vonnie quinn. mark: i am mark barton.
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let's check in on first word news. more from our newsroom in new york. choice forld trump's sector state makes his first visit to the state department. rex tillerson makes his visit. the full senate may approve them as early as today. there are reports president trump could announce his choice for the open supreme court seat early next week. 10th circuit court of appeals judge is the leading candidate. he was appointed by president george w. bush in 2006. israel says it has approved 2500 west bank settlement homes. their defense minister says the majority of the housing units will be built and settlement blocs. those areas are where most settlers live in which israel wants to keep under troll -- under their control. it is a record morning for la la land.
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they led the way with 14 nominations for the oscars, matching the titanic. for best earned nods picture and best actor and actress. global news 24 hours a day, powered by more than 2600 journalists and analysts in more than 120 countries. i am alisa parenti. this is bloomberg. mark: thanks. let's look at what is happening with european markets. the big news here in london, theresa may has to have the backing of parliament before she triggers article 50. her plan is still to do that by the end of march. those who are against the process may have something to say. she puts forward today. stocks are rising. in the wake of
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the supreme court ruling. suggesting it was priced in. a quick peek at the currency markets as well, and as you can see sterling is lower. let's chat more about this. joining us today is gina miller, she is founding partner at scm direct, who initiated the case against the government. the field indicated by this vindicated by -- this ruling? that oureel relieved courts have upheld our constitution. the prime minister and her ministers cannot bypass parliament. mark: do you think the uk's negotiating position when it comes to brexit will be weekend akened by today's decision? gina: i think this is a complete
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nonsense argument in that we need to know or the ministers need to talk about our direction of travel. weeksa may's speech last was a great speech, but the problem is it had very little data and very little policy. surely as we make this decision going for, we need to see some of these cards. reticent not to show them because they don't have any. mark: you don't think she has a plan even after last tuesday's speech? gina: at the end of the day, what the government needs to do now as they execute brexit is to prove in their debate that britain will be in a better place than we are at the moment. they are suddenly realizing that it is not as easy as they thought it was going to be and there are rules and regulations when it comes to the w geo, -- wto, how you leave, possibly a new deal with other eu member
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states and other global partners. the reality is beginning to dawn . that must be a very difficult place for the government to find themselves. brexit will think leave britain in a worse place? gina: if we go for hard brexit, i think it will be very difficult to maintain the position we have now. if you look at where we were before we joined the eu, we were called the sixth poor man of europe. what brought us up is our membership. losing access to the market, leaving the customs union without anything to replace it may take two or three decades cannot possibly be the best place for us to be as a country. mark: do you think today's ruling by the supreme court makes it less likely we are going to head down the hard
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brexit road, especially if those who are for romain try to table amendments to the bill? i think gina: what we will have and transparent debate about what this means. what will it mean for agriculture, universities, people who are living in the eu who are u.k. citizens and vice versa. i am completely and utterly disgusted that we do not have this before, but i am hopeful we will have that debate now. mark: what do you say to those who say you are trying to hijack the decision of the people, that the majority of the population voting and direct o -- referendum wanted? gina: i would say three things. if you know anything about our constitution, you should want to fight to uphold this because if the justices had ruled against
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me, then the very foundation of our lives in the u k and our constitution and democracy would have been lost. secondly, why are you so frightened of having this debate? why are you so frightened of ensuring that we talk about all the different angles of brexit? it cannot be doing this with hands hidden. it has to be an open debate about where we go as a country. mark: are you trying to stop exit from happening or not? gina: i don't think this is about stopping brexit. it is insuring this is done in the fairest possible way. it was not just the 52% but the 48% and everyone who did not vote is the best brexit for all of us. i think that is possibly going down the route of a transitional agreement. it will be up to the politicians now to make those debates and
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arguments for and against what the negotiation package should look like. mark: how much is this whole process -- how much is this process affected your investment business? has: well, actually, it affected my charitable foundation much more. for some reason people have attacked that more than the business. our business mind is primarily u.k. focused, it has not to that degree. some of the people who were going to invest maybe of different mind who have decided not to come to us, that is absolutely fine. they have to do what is right for them. mark: thank you for joining us. gina miller, founding partner at scm direct. we will get more reaction to today's decision, sir william cash, lawmaker with the house of
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commons. he joins us. this is bloomberg. ♪
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vonnie: you are watching bloomberg. i am vonnie quinn. mark: i am mark barton. this is your global business report. setback for theresa may, the uk's highest court rules she must get elements permission before triggering the two-year countdown to leave the eu. vonnie: saudi aramco is preparing for their ipo. mark: measuring china's economy. layern we get a current -- clear picture?
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theresa may now has a set of roadblocks before she can get the brexit process started. the highest court in the u.k. has ruled she must get parliamentary motion before triggering the two-year countdown to lead the european union. they came out of the u.k. supreme court. fromen the u.k. withdraws eu treaties, a source of new law will be cut off. certain rights enjoyed by u.k. citizens will be changed. therefore the government cannot outgger article 50 with parliament authorizing that course. vonnie: this threatens the march 31 deadline for article 50 theresa may set. mark: saudi aramco is urging banks to pitch for an advisory
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role in the world's largest share sale. they plan to sell less than 5% of the energy company. be -- hsbchs, hsc being asked. james hogan will step down as ceo of the abu dhabi-based company. the six-year-old australian will leave in the second half as they review operations. the company says the global search for a new ceo and cfo is underway. china's capital group says fourth quarter profits fell 34% as investors pulled cash. firms that run actively managed strategies have been losing market share to competitors that
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offer lower-cost index matched funds. time now for our bloomberg quick take where we provide context on issues of interest. this week officials in china admitted they faked fiscal data from 2011 to 2014. this is another example of how tricky it is to get a handle on the world's second-largest economy. china is changing fast. transparency first is not exactly the national motto. bill gross was more blunt, he called the data -- of emerging markets countries. as china's national bureau of the distance cobbles together data, the reliance's question. the sums reported by china's 31
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provinces were around 6.9% more than reported. there are more dubious indicators like the national jobless rate. that only covers urban residents that register as unemployed and ignores 270 million migrant workers. here is the background. because china's statistics were designed to measure a soviet style planned economy, they do well with centralized production. to keep not done well up with the modern consumer driven economy. here is the argument. it is tricky to get a clear picture of what is actually happening in any fast-changing country. bank of america uses an index that looks for contradictions in the data. economists have an informal process pork indicator.
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he noticed a slowdown in sausage sales may have led to china's economic downturn been worse than it looked. you can learn more on the bloomberg. that is your global business report. had to bloomberg.com for more stories. mark: ahead, we learn that president trump learns -- i is to take action on the -- this is bloomberg. ♪
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vonnie: live from london and new york, i am mark barton. vonnie: and i am vonnie quinn. this is "bloomberg markets." president trump putting our neighbors to the north and south on notice. he says he wants to rework nafta. he is planning to meet with both countries and the next 30 days. how trade policies could affect
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trade from canada to argentina is alejandro werner. just a couple of countries under your watch. you are in m.i.t. credit. you are director of economics at the bank of mexico. you have a lot of experience here. how is the trump administration on trade affecting the americas? how will it affect the americas? recently we updated our forecast for 2017, and i would say it with 2017 and 2018 verizon, we are seeing significant effects on mexico, given the uncertainty anticipated with the relative rules of the game changing. with the rest of latin america, we are still not introducing significant effects. south america is much more associated to the commodity cycles.
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and central america still sees the benefits of the significant reduction in energy prices and the peak of that is expected and the u.s. economy, and we have to remind the audience that they have a bilateral trade deficit with the u.s., so it is not subject to the kinds of rules changes like mexico or canada. vonnie: what about border taxes, if that comes in? we cannot completely discount the idea that there may be effects facts, not just commodity cycle wise, but from the trump trade deals. >> you are right. we would have to wait for the detailsa tax plan coming from congress and the trump administration. however, many people have of thehted the benefits
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tax changes being proposed. obviously, some problems have been highlighted regarding its possible effects with the allocation of investments etc.. we have to wait before doing a more detailed analysis. a lot of people have highlighted the counter affects that can come in other countries from movements in the exchange rate leading to more depreciated exchange rate depreciated dollar. vonnie: we will talk about that in a second. how prepared are countries such as mexico for a no nafta situation? i think mexico and the mexican authorities have presented a view that they are keen on renegotiating nafta. they see there are several areas
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that need improvements and updates. i think they are coming into this scenario with an open mind to reach a mutually beneficial agreement. these are points that both the u.s. and scott wants to address. vonnie: it does sound like there's a conciliatory note from mexico at the moment. alejandro: i think mexico is coming in with an open mind and clear objectives of what they want to achieve, which means broadening the scope of nafta and upgrading it to the year 2017, but obviously they are facing significant pressures from the u.s. vis-a-vis reallocation of manufacturing back to the u.s., and they will have to reach for some mutually beneficial solution. that is what we have seen from the mexican administration and the mexican growth model that is based on having open borders,
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significantly low price, and making manufacturing reoriented to the u.s. and the rest of the world with multiple free-trade agreements that mexico has. vonnie: 2017 projected that 1.7% growth for mexico, and that should be going up again. those growth targets will change in a new trademark, one day? alejandro: yes. those growth targets are highlighting the negative effects of uncertainty regarding the rules of the game that are present in mexico currently. are upgrading the growth forecast for the u.s. and downgrading it for mesko. this is a result of uncertainty. vonnie: more depreciation for the mexican peso on the horizon? alejandro: i think that is a question no economist should
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answer. we're always wrong. every model shows that the peso is currently significantly depreciated vis-a-vis fundamentals. once uncertainty is reduced, i think people expect the mexican peso to go back to fundamentals. vonnie: you are saying it is undervalued relative to fundamentals. what should a trade at? alejandro: i'm saying most models show that. i would not give it at a specific number, but from a medium-term perspective, i think people are expecting the peso to appreciate. vonnie: we know -- is on his way out. will there be a legislative change for people outside of mexico to serve as central bank governor, would you be interested? alejandro: i think anyone would
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be interested in flattered and honored to be called. i am happy where i am. i think that would be a great honor. vonnie: if you get the call, you will have to come back and talk to us about it. thank you to all alejandro werner. mark: let's stay on president trump. lots of news today. donald trump is expected to advance construction of the keystone and decoder access pipeline -- dakota access pipeline. we want to bring in michael mckee. this checks off to big boxes, expanded for structure and create jobs. >> yes, though the number of jobs created is hard to quantify. we don't know how many jobs will be graded. there is dispute over that. the state department estimated the keystone potential could see 3000 to 4000 instruction jobs that would last one year or two years and is much as 23,000
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ancillary jobs. it is hard to say exactly about is going to happen. tois going to be a benefit canada in particular. this may play into the nafta debate because they are trying to get their oil to market. the keystone pipeline brings oil down to the united states for refining to be shipped overseas. president trump has the opportunity to address the joint session of congress at the invitation of house speaker paul ryan. this gives him a chance to lay out his legislative agenda. >> that is what we would be looking for. this is normally when you get the state of the union address and the president lays out his agenda. when you have transition years, there is not a state of the union as such because it occurs at the same time as the presidential transition. speech to a joint session is usually held that year, and that is what we are going to get on
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february 28. we present donald trump will accept the invitation. vonnie: thank you. michael mckee, our international economic policy correspondent. we will bring you those shots of donald trump's executive orders in the next hour. he is due to be sending them. finance unity is holding a hearing on tom price. you can tch those proceedings. mark: coming up, it is the close. european close. much more on brexit after the supreme court says parliament must vote on triggering article 50. this is bloomberg. ♪
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mark: it is 11:00 a.m. in new york, 30 minutes left in the trading day in europe. i am mark barton. vonnie: i am vonnie glenn. this is the european close on
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bloomberg. ♪ mark: we are going to take you from detroit to amsterdam covering stories out of u.k., turkey, and washington, d.c. here are the top stories on the bloomberg and from around the world. in global politics, the u.k. highest court ruled that theresa may must pass an act of parliament before she can open divorce talks with the eu. vonnie: more executive actions on keystone xl and decoder access pipelines from donald trump. we will tell you what this means for energy and jobs in america. markets are moving after trumps treasury takes a strong

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