tv Bloomberg Markets Americas Bloomberg March 10, 2017 10:00am-11:01am EST
vonnie: from new york to london in this hour and cover stories out of brussels and brazil. here are the top stories we are following. 235,000 jobs in february. can growth continue at such a pace? bill gross tells us what he thinks it is unlikely. gauging the uneasy pace. volatility at historic low. what will it take to disrupt? is trying to rebound today by crude is already losing its early gains. we will look at futures to see whether oil will see a sustained rebound above $60 a barrel mark.
about 30 minutes into the friday trading session. i believe it is at least one drupal witching today, if not more. -- quadruple witching today, if not more. >> we're looking at a nice rally on that payrolls report. the dow, s&p 500, nasdaq trading higher on pace for their best days in more than a week. the nasdaq is on pace for its third update in a row. the s&p 500 and the doubt of two days in a row right now. the day is young. we are starting off with string. where we are also starting off with strength is the 10 year. we are looking at a break in the big selloff in bonds. of until today, they have been selling off nine days in a row. the first time we're seeing a bit of a rally on the 10th day, 10 year yield down about three basis points on that report, which is interesting because this was considered to be the last obstacle ahead of the fed potentially raising rates next wednesday, something that is all but priced in with the 100%
world interest rate probability suggesting that rate hike will happen. something that could be happening on the december rate hike of last year, the second in a decade, bonds actually rallied on that. there was a bit ofhike by the ns after a bit of a selloff. perhaps this is an early tell. this could be in inflection point. we take a look at the s&p 500 on the week, right now it is rallying today. we see this spike up. on pace right now for a decline of 1%.t 3/10 if the s&p closes down this week, the first down week in seven. last friday marked a six week winning streak, the longest since 2015. technical analysts saying we are due a pullback. we will be talking about that and a few more minutes with some charts. interesting to make note of this and see whether or not it happens. trying to make it not happen are some of the home-building stocks. one part of the jobs report that was strong, construction.
on this we are seeing a nice rally in the home-building stocks. all of two day. not exceptional on the month, but in the year. on pace for the best yearly performances right now since 2012. mark: abigail, we are down for the second week, but up for the third consecutive day after a four-day drop after -- prior to this three day winning run. down for seven days after last week which was the biggest weekly gain in three months. i'm bombarding you with facts. anyway, we're up today. the oil and gas index this week is down 1.7%. a big selloff on wednesday. worst week for oil and gas stocks this week since november. they're making back some of those losses today. look at sterling, down for a fifth day against the dollar, which is interesting. has not risen for more than a fifth day since december 2015.
the second weekly drop, lowest level since january 16. also down for the sixth day. love this chart. i made it up myself. a bit of glory for me. this is pounds versus ftse 100. there has been a bit of a correlation. the mass level of international related companies that are on the ftse 100. what we have seen in recent days has that gone out the window? the ftse falling for the sixth day, the first -- worst run in 15 months. the worst performing stocks on the ftse and that the bank, mining companies, metals index also dropping during that period. since brexitide
has lifted the ftse to record high this week. this is interesting. look at that, both of them trading lower in recent days. it is working today. the spread, you know what it means. difference between the yield, french 10 year, german 10 year. after falling by almost 16 basis points, the spread widening by four basis points. both german and french yields have risen this week. they rose last week. the spread, as you can see, narrowing today but widening over the week. vonnie: we will be giving an eye on that. the latest jobs figures for february in the u.s. delivered as a prize to the upside, 235,000 jobs added last month on
gains in construction and manufacturing in particular. the on a plymouth rate fell -- the unemployment rate fell to 4.7% and gre wages grew. bill gross joined bloomberg tv and radio with his take on the numbers. >> it was a bad report, trump would certainly dismiss it. since it is a good report, i'm sure he will take credit for it. numbers,these types of 240,000 jobs created will continue is a bit of a stretch to my way of thinking. the economy itself was only growing at 1.2% according to the atlanta now forecast. if all is paltry quarter before -- it follows a paltry quarter before. the jobs appear to be here and wages are moving ahead easily,
so all of those are good for the future. but we shall see. it is a situation where productivity determines growth. trump is yet to put forth plans for productivity. tom: help us with the managing of money and linking it to our day-to-day lives. do we assume a federal reserve that will be in some form, one or two or three and done, or do you look at this as a measured greenspan-like move of a mini set a rising interest rates? mini set. it is a i think the fed already central bank has to be careful in terms of where they move to. the fed has a target called rstar, the neutral rate of interest or the neutral real fed funds rate. it is assumed with 2% inflation that would be zero. nominally.or 2% the fed at the moment appears to be headed to 2% nominally. it is a difficult type of
calculation. no one really knows what the neutral rate of interest is in this new normal type of economy, tom. i characterize what trump would hope for as the old usual, 3% to 4% economic growth versus the 2% in the obama administration, the new normal. if we can't get to the old usual, then, certainly, rstar in the neutral rate of interest has rate oflittle bit normal of what would be assumed under a trump assumption. >> the president of the ecb saying there is not a sense of urgency of monetary policy. in light of what we saw these jobs numbers and heard from fed policy makers last week, do you disagree with him? are we seeing a new sense of urgency, at least in the u.s.?
>> well, certainly in the u.s. we have seen hikes and we will see more. we have been helped in the united states certainly by the ecb in terms of quantitative easing, about 80 billion a month. bojave been helped by the to the tune of the same amount. without those two central banks buying their particular bonds and having those funds flow back into the united states and into treasuries, that i think treasuries would be much higher. what drive he does is important. he did -- what mario draghi does is important. in the pasteviously few days. it is hard to know when he begins to taper. from marioper comes draghi, and i would assume it would come before kuroda, then the bull market certainly in those countries can come to an e nd united states as well. 2.6% target for the treasury. we are not there yet. if that is succeeded, i think
that would be because girardi and kuroda are moving away from their own particular maneuvers. >> you referred to janet yellen as a modern day goldilocks yesterday. i have been reading that story with my daughter. at the end of the story, goldilocks is games with her life and the bears get their porridge. how does this and --end? >> it depends on your timeframe. i think in the long run, it ends badly. central banks have created credit at an enormous rate. let's go back to 1971, 1 trillion dollars worth of credit, now $6,520 worth of credit. that is an enormous growth rate. say thing in china were even more. at four create credit times as much as you create one unit of gdp, then ultimately, the situation cannot last. it does not mean it has to crash or speak to armageddon, but it economy slow down
once a credit creation can no longer be sustained. i think ultimately, that is where we are headed. vonnie: that was bill gross speaking earlier to bloomberg. on wednesday, bloomberg tv will age of the news conference starting at 1:00 p.m. eastern, 5:00 p.m. london time. you also don't want to miss bloomberg's new friday six income show -- fridays fixed income show. it is right after the european close with jonathan ferro. emma: in asia, there's never been a day like this to south koreans. parliament's impeachment of the president over corruption charges and removed her from office. it will trigger an election within 60 days. opposition candidates lead in the polls. thousands of pro-and anti-backed demonstrators marched in seoul
today where at least two people died. president trouble have his first phone call with palestinian president mahmoud abbas today. the u.s. president is a popular unpopulartinians -- with palestinians. jump on polson's statehood. rex tillerson recuses himself from the keystone pipeline review. concerns over project he oversaw. president obama had redacted the keystone project over environmental concerns. president trump has signed in order reviving the pipeline which begins in canada. in europe, the eu's remaining british prime minister theresa may how tough the upcoming brexit negotiations will be you. a series of interviews shows eu leaders vowing the u.k. will lose more than it gains by leaving the block. germany says the eu won't grant to many concessions, even traditional ally ireland once the u.k. to pay in a ftse. global news 24 hours a day
they move down in gold futures has been multi-day in length. where are we as we wait for the fed's big move next year? >> gold finds itself at the psychological 1200 level. wasjobs number this morning not amazing, but it was good. it was solid, enough to assure or nearly usher a fed hike next week -- assure a fed hike next week. gold has been down for six straight sessions, bounced up a little and in the green right now. eyeing the fed hike next week, you are to look closer to 1180. gold can see a little bit of a knee-jerk treasure after a fed hike. i think there will be a lot of support at 1180. we have had a really good economic growth so far this first quarter. i still doubt at some point here in the next 60 to 90 days, we will see a little bit of a slump. that could really align us with the french election and uncertainty in europe. you want to look for gold at
1180. that would be supportive to the market. this 1200 level is attractive. mark: let's talk about oil. what a week it has been. wednesday come the biggest exciting crude futures in over a year. we have broken out of that narrow trading range, that narrowest range going back to 2003. now we have broken through the underside. what is next? beingfelt pretty so low really the only bears out there. everybody is so bullish. the commitment of traders is record long. everybody is talking about that. key support $51 was level. these longs are liquidating. massive open interest, about 30,000 contracts in the $50 put that expires next week. because the expiration is still going, about a week away, that could help keep the selling in check. listen, we failed to regain $50 twice in the last 24 hours. i think these sellers are in clear control. we are eyeing $45. there is a trend line writing of
about 46. i think we can achieve it. it may not be until after the april contract options expiration, but this market -- i think there's a lot of room to go lower in the long-term. we're just starting to see production come back on in the u.s. comingion lags, the rigs back online from about six to nine months. we are about six months in from the rigs bottoming last fall. mark: is opec does not come out and say, you know, in may, we are going to extend these production cuts, what happens then? >> if they come out right now and start building -- the fact there helping believe, building a believe they will cut again come at the second half of the year, and they don't follow through with that? decca be catastrophic for the market. .e could see oil get under 30 they cannot build the expectation and not come through. this oil cut in the first half has not worked to the degree they hoped. we could see u.s. production get
above the .5 million barrels a day through the summer. emphasize, this is just getting started. i think we will see more production come back online through the summer and fall. opec finds itself in a sticky situation. we can start to find they're going to ramp up production to compete with the u.s. shale. i would not be surprised if the oil at $40 by the end of the air if not sooner. mark: bill, great to see you all to see you., great today, futures in focus. vonnie: pretty amazing call. time for our latest bloomberg business flash. some of the most interesting stories in the news right now. banker tryvestment to boost income from existing clients according to people familiar with the move. the banks surveyed customers than told executives it was too cumbersome to deal with and has frustrating technology. -- 70%.reduced its
slightlyas his pay cut to 13 point finally and dollars. $13.5 million. greece main opposition party warning the premise to elect, we won't be bailing out your government. demanding more austerity measures. seeking support. we spoke with the party leader. measuresl the fiscal of the cost that greece has to pay for their incompetence of this government. tspiris has as solid majority in parliament so it is up to him to deliver the votes. that is your bloomberg business flash. to hedgell ahead, how
mark: this is "bloomberg markets." i am mark barton in london. vonnie: i am vonnie quinn. it is time for etf friday. abigail: on his etf friday, bloomberg intelligence etf analyst. erik, with stocks their all-time highs, strong jobs report, many are calling for correction, including several technical analyst. i know you want to talk about hedging, the years and using some of these etf's is a matter of your poison. what i think about hedging against a long position for stocks, gold, treasuries, what are those looking like and also you're looking at inverse ones. wouldn't that be shorting? >> there are a lot of ways to hedge for stop the first when you mention i cold -- i called naturals.
the ones we looked at, if you look at inverse etf's, it is a natural thing. i want to bet on a correction or hedge against a correction, i'm sh come the top when you see there, the inverse as a be 500. it does the opposite of the s&p. you can see the performance at the bottom. it pretty much gives you the opposite during bad days, bad months, and bad years. we tested every and from it. there's double level and triple level inverse. the problems you need to watch out for, because they're leveraged, they reset every day and have what is called volatility drive. the year that the market try the volatile, it will corrode your return. in 2011, the market was up 2%, thanh was down way more that. it will not crush you too much. leverage, that as we get more corrosion. inverse, any to be confident the market is going to go down soon. speaking of the fix, you're
talking about how the vx etf's are media crew. i did not know what you meant. we have a great chart. it explains it well. trashed in the media left and right. i've never read a positive article on these products. cost liker from real you've never seen. if you go to the chart, you can down 99.0% etn is since it came out. those two little circles are when it works. the reason it is media-proof, they still trade over $1 billion a day, have over one billion assets. when the market goes down and everyone is panicking, nothing comes close to the returns of the vix and vix etf's. it is more than the triple level inverse. 70%, but theup
futures index was up 126%. there is so much upside here that i think that is why their media-improve. when they work, they really work. >> interesting, sophisticated information. thank you for our etf friday. vonnie: abigail, thank you. still ahead, our guest is michael shaoul. will a seemingly peaceful markets remain calm? this is bloomberg. ♪
bloomberg television. that get the first word news. >> in asia, the impeachment of the south korean president opens the door for a reset and the relationship with north korea and china. it set the stage for elections in 60 days with the leading candidate to replace has a softer touch with the north korean leader and they may rethink the deployment of an antimissile system that china opposes. malaysian police have identified kim jung-nam as the they come in and attack. two women smeared a nerve agent on his face and many speculate north korea orchestrated the killing. the british economy may be losing momentum as manufacturing and building shrank in january, factory outlets down almost 1%, building companies cut output ordinance of 1%. it'll evidence of a dramatic slowdown.
-- little evidence of a dramatic slowdown. native americans in the u.s. and others opposed to the dakota access pipeline demonstrating in washington today. a federal judge refused to stop construction of the final stretch. oil may start flowing through it next week and it would pass under a reservoir that provides water to native american reservations. global news 24 hours a day, powered by more than 2600 journalist and analysts in more than 120 countries. i am emma chandra. this is bloomberg. vonnie: thank you. let's look at market indicators. specifically, a lack of volatility across several asset classes. michael: -- >> with stocks near all-time highs, many analysts are wondering whether or not the rally, the trump train can continue. trump train in the s&p 500, up 10%.
this is a continuation of the rally we have seen over the last year. this entire bull market. over the last year, a few pullbacks around the brexit -- brexit and election. reason for pullback, rsi, it had been about 70 suggesting the s&p 500 is overbought. but katie, she thinks we will go from overbought to oversold, she is not targeting a particular level but her work suggests it could mean a drop to about 2280 or a 5% drop from the top. this may suggest a small pullback could be ahead for the s&p 500. another tell on what could be ahead for stocks are high yields , many investors look at them on the extreme end of the wrist continuing as what could be ahead for stocks. this drug from john of asbury research -- this chart from john of asbury research, and white,
the high yield spread which is starting to go wide. it had been tight, suggesting not a lot of fear. now above the 21 day moving average, suggesting there could be a pullback for an inflection point ahead for stocks. we saw this around the election when the high yield spread went above a 21 day moving average. maybe something else is ahead. interesting technical indicators to watch. vonnie: absolutely, thank you for outlining those and bringing them to us. investors appear to be concerned about whether the market is overvalued. joining us with his take is michael shaoul, the ceo of market field asset management. why can we just enjoy this market rally? maybe we do not get a correction? michael: no obvious reason we need to. we might but forecasting a 4% correction is a pointless exercise.
years that start out strong, such as this one, normally continue strong unless something from the outside the rails the market. -- derails the market. vonnie: 2% or 3% is something people will not recover from but what if you get capitalization -- in somea class asset class? is there a potential of that? michael: an economy in the u.s. is running hot and the global economy which is running much better than anybody whatever magic 12 months ago, this year will be a year and was global central banks start to move away from the emergency physicians they have held from 2011 onwards. at some point, i do not think early this year, but mid to late this year, that puts pressure on bond markets and fixed income related portions of the equity market. -- 1987 is an 87 type
type situation when you have a strong start to the year and economically sensitive start -- stocks off the charts. fixed income did worse and worse and worse. eventually, that came to a head. i would never predict a 1987 type crash but that pattern of outperformance of economics cyclicality in global stocks, underperformance of defensive and fixed income, everything coming to a head at a certain point is a blueprint. mark: the s&p 500 in the last 12 -- 423 days either risen or fallen 1%. when you look at 1990-2000 and the cycle, it happened 85 times. is that a signal for us, it swings of 1% start to kick in more frequently, it could be coming to an end? what indicator do you prefer? michael: the eighth year
would've been 1998 which was a year of shocks. you have a u.s. market at asia blue up -- u.s. market fine and asia blew up. that is where the volatility came from. you have an obsession right now about wealth managers and individual investors about passive investing, particularly as implied -- s&p 500 indexing. that is why you have driven volatility out of the headline index. it will come back. it can come back but it will take an external shock. is the french presidential election a potential shock? michael: no. i do not know which way it will go but i do not believe that alone will change anything at the level of the market. vonnie: a monetary or fiscal shock?
michael: need to declare victory at some point in 2017. the boj to declare victory and the federal reserve to justify a normalization of interest rates. this is a very successful story, and emergency, we are no longer in an emergency position and we will move back to normal. that would be fine if not for the fact that people have an excessive view of where interest rates have to stay closer to where they are and accept allocations to long-term fixed income and related portions of equity markets. vonnie: what should they do? looks like we will get the 25 point basis point change next week? michael: absolutely. vonnie: how many interest rates increases this year and where should you go with your money? -- the: this is surprises may be non-us central banks, europe and japan and perhaps bp plc. -- pboc.
the u.s. markets are ok. it has been fully discovered and invested in. european markets are playing catch-up. asian markets are playing catch-up. if the net a can stabilize about 20,000, have a lot of upside and it is justified which is -- mark: what do we buy? what sectors in europe? michael: if interest rates in europe move higher, clearly the banks are the most interest rate sensitive. that is the trading proxy that people use. i do not think -- i think in japan, not necessarily the financials, it may be the general economic stocks. a continued growth of this reflation trade in commodity driven sectors.
the headline indexes will be fine in this kind of a world. mark: have you been surprised by the strong start of ems given the prospect of higher u.s. rates? michael: no, it have a lousy last six weeks of 2016. that surprised us. we have been positive about em for a year. the strength of that year to date reflects the effect it had a bad last two weeks of december. em had a five year bear market which is long. you drove a lot of capital out and restructured local economies. i think china is 180 degrees away from where it was a year, 18 months ago. if you are looking for a market with medium to long-term upside, i think em is much more compelling than the s&p. vonnie: how much are you changing your allocation given than we have a president donald trump, if at all? michael: they did not make a difference, we already had
reflationary buyers running through our portfolio. what is frustrating is that we have people talk about me trump deflation great and attach it to things that do not make sense. vonnie: it started before the election. michael: exactly, people were not paying attention. the election was a wonderful opportunity for people to change their minds and get involved in different trains which were already in place -- trends which were already in place. we do not have a view of what kind of legislation he will pass . and general for the corporate sector, it is better to have this administration in place than the alternative. we are highly skeptical about the ability of this administration to deliver a fiscal stimulus at the type that would matter to the s&p. vonnie: michael shaoul, thank you. ,ark: getting breaking news policy makers on the ecb consider the question of whether interest rates could rise before the bond buying program comes to an end. this is according to people
familiar with the matter, the governing council exchanging views of ways of indicating and sequencing annexes from unconventional stimulus. the council did not discuss specific scenarios or timelines and has not made any formal decision on a strategy. there is the euro rising, mario draghi was questioned yesterday, can you raise rates before the end of qe? he evaded the question. bringing you this breaking story. more in a second. this is bloomberg. ♪
the governor says u.s. rates will contribute to foreign-exchange volatility. vonnie: a tough year for ubs, their full-year profits plunged, forcing it to cut executive pay and bonus pools. mark: brazil is in the spotlight, they hosted the 2016 summer olympics and the 2014 world cup and its government is no in a corruption probe. can it turn its fortunes around? vonnie: china's central bank governor says the exchange rate should be stable this year for the yuan. he acknowledged that rising u.s. interest rates will continue to foreign-exchange volatility. >> nobody can accurately predict what kind of uncertainty, or what incidents could happen throughout the year of 2017. therefore, people should treat it as normal when fluctuation of
the exchange rate happens. luxury homes in china posted the world's biggest prize games last year according to a prime international residential index. shanghai beijing posted price gains of more than 26%. ubs has reduced its bonus pool by 17%. plus, the chief executive have his pay cut slightly to $13.5 million, the profit plunged and they had to restate that income to reflect an agreement to settle a legal case. mexico,king a push into the british energy company says it will develop as many as 1500 gas stations by 2022. they plan to buy its fuel from the state on oil company and other clients. vonnie: time for our bloomberg quick take her we provide background on issues of
interest. in 2009, brazil announces biggest oil discovery, calling it a passport to the future and awarded the 2016 olympics and the 2014 world cup. fast-forward to today and the economy is reeling from recession, with government and business officials ensnared with the petrobras construction broke -- corruption probe. their currency and stocks rallied after the president took over as last year. sentiment in recent months took a downturn as the president is plagued by corruption allegations. the imf cost brazil outlook by more than half, two cents of 1%. the president took office after the former president was impeached for bypassing congress to finance government spending. here is the background. brazil has been prone to boom
and bust cycles but exports of raw products -- this prosperity is tied to geomet -- commodities. on paper, brazil looks like a powerhouse with giant offshore oil reserves but on the other hand, it's wealth distribution remains unequal and falling commodity prices said the economy down. the president working to put brazil back on solid footing. he wants to limit expenses and restore the social security system and execute a more business friendly environment. unlike his predecessor, he is a seasoned politician with experience striking deals and has good relations with legislatures. but growing opposition within his own coalition to austerity .easures the petrobras scandal has exposed a system of institutionalized corruption, connecting brazil's largest company with its political party. read more about brazil and the quick takes on the bloomberg. go to bloomberg.com for more stories. , ecb breaking news
policymakers have discussed whether interest rates could rise before the asset purchases come to an end, according to people familiar with the matter. we will come back to the ecb in a few moments. let's talk about the eu summit in brussels this week. theresa may reaffirming she will trigger article 50 by the end of the month. the eu president was asked if he was ready. >> we are. ean-claude can confirm this that we are well-prepared and i in 48 hours. that mark: joining us with the latest is ian. theresa may was served a series of reminders by various eu leaders about how tough the negotiations will be once article 50 is triggered.
>> that is right. the eu leaders have gathered in brussels and what they have said to theresa may is that the ball is in your court. we are fully prepared. we are ready to go and it is up to you. they said that whenever she triggers article 50 to get out of the eu, they will respond with a letter within 48 hours. they have said, it is up to you, we are fully united and ready to go. the ball is in your court. mark: interesting comments from germany, they want the eu not to splinter. denmark reckons a trade deal. it will be a longer than a couple of years and even our allegedly ireland have a few things to say. -- allegedly ireland have a few things to say. close friends ireland have a few things to say and. >> they are saying, germany is
saying, our priority is that the rest of the eu does not split up. does not divided against itself, the danish foreign minister told us in an interview earlier in the week that it could take even 15 years for a trade deal to go through. they are all saying, look, you will live with the consequences of leaving. we will not soften our stance. mark: thank you. ahead, paving the way for gains, investors rewarding the engineering giant a tone in anticipation of the president's day infrastructure spending plan. this is bloomberg. ♪
the presence present this than $1 trillion on infrastructure as paved the way for big gains in industrials. not that he does yet nor a timetable but the ceo of an engineering giant told me on monday. >> the plan will be put in place before the end of 2017 $41 trillion plan. $1 trillionfor the plan and implement a going forward. vonnie: matt has been examining the trouble affect -- trump affect and joins us now. the u.s. needed a lot of infrastructure spending. there have been calls even before donald trump became president. we have seen a big run-up in stock such as aecom's since the election. >> baby unprecedented. this is it -- maybe unprecedented.
retained reason it has its games because it is one of the few issues -- political issues, where there is convergence. democrats want infrastructure spending. trump wants infrastructure spending. some republicans do but not all. the public, the taxpayer wants infrastructure spending. you do not usually see those three pieces come together like they have right now. vonnie: what about who pays for it? that it may be a private-public partnership, as opposed to just public money? is an interesting company because infrastructure in general is managed by a lot of closely held companies. they are publicly traded. one of its advantages is that it has a finance component built into itself. in other words, when it wants to bid on a project, it will offer to finance some of the project.
that makes its proposal that much more attractive. risk and averse to that is different than the interest -- industry. vonnie: it offered $1 billion worth of notes last month. doesn't know something the rest of us do not know? >> taking advantage of the if is he is him for -- enthusiasm for aecom. this is a company that is not investment-grade. its debt is kind of like equity in that respect. a little bit more risky. it was able to raise $1 billion, increased from $750 million last month. vonnie: i spoke to michael. what did he tell you about what they are gearing up for 20-17 -- --2017-2018. >> they are bidding for a
monorail around the los angeles airport, more than a billion dollar project. they are confident that they will be taken very seriously with that bid. they are building the los angeles rams stadium which may be the most expensive in the nfl. here in new york, they own tishman construction which i think has the biggest share of construction. this is a busy company. but should there come to pass and infrastructure plan, they are in a deposition. vonnie: at $35 a season's per-share, --
bloomberg martin -- bloomberg markets. ♪ mark: we will take you from new york to london and covering stories out of washington. recent japan are the thoughts -- greece and japan are the top stories. risk back on in europe, the stoxx 600 poised to close out the week on a three-day winning streak. the euro is gaining and sterling trying to have a gain as well. vonnie: job growth is strong in the u.s., adding 235,000 positions. with a rate hike virtually assured, will be fed accelerate is timeline for more hikes? in politics, the president said he met with heat republican members of congress to talk about health care. then he and gop leaders convince skeptical republicans to get on board? mark: