tv Bloomberg Markets European Close Bloomberg June 21, 2017 11:00am-12:01pm EDT
this is the european close on "bloomberg markets." here other top stories we are covering from the bloomberg and around the world. is a more hawkish bank of england about to emerge? the pound jumping after the chief economist said he considered voting for a rate increase this month. oil driving higher after a drawdown in the past week. oil has entered a bear market. are the numbers enough to get oil back in the green? uber is currently without a driver. travis kalanick has resigned as to investors turned up the heat. what will his absence mean for uber's business? let's have a look at where european equities are trading
just under 30 minutes to the close. i wouldn't equities in a second. i want to look at sterling volatility. we have seen the pound spiking after in pc member said -- after mbc members that he could vote for a rate increase as early as this month. sterling set for the biggest decline in a week. usually on the mpc.dovish side of the you can see it rising at the end of the chart, hitting a ties level since april. action at gilt, more on the front end. we have seen the front end of the two-year get yield rising eight basis points with a 10 year yield rising for basis points. here i have shown the curve of two verses 10, you can see the flattening off. it is certainly at its flattest level of the year since november.
we will talk about the gilt market reaction in a moment. talking that equities with the close coming in 30 minutes. we are seeing losses on the stoxx 600. this is the second day of decline for the stoxx 600. in fact, the stoxx 600 headed for the biggest two-day drop in a month. most areas ine western europe are declining. if you look at some of the big markets we're seeing decline in the u.k., we are seeing germany down, the dax in germany, and also the cac 40 in france of by 5/10 of a percent. we are seeing it down today, this is showing dwindling hedges. moreac 40, it put falling with optimism growing after the election of emmanuel macron. with themixed picture
now on the nasdaq to virgin more. the nasdaq gaining .5%. the middle, not much has changed. i want to bring you headlines that are just coming out from an investor conference in which investors where the owner of dunkin donuts is speaking. the commentary coming out. there talking about competition from mcdonald's, burger king, hurting afternoon sales at .unkin the company says that it will perhaps introduce more value-oriented pricing. nigel travis, the ceo, is speaking at this conference. he said they're looking at bolstering the on the go is as well. they're taking curbside delivery larger testnto a phase. it seems like the competition commentary is what is affecting these shares. elsewhere in the market, a rally in health care shares. that is the best performing group in the s&p. as a group it is a pointer percent.
a lot of the out performers have been within biotech, and large are gaining. on monday, dillman sex ed biotech would be the best performing subsector of the second half. that health care, -- on monday, goldman sachs said biotech a the best performing subsector of the second half. let's talk nike this morning. according to goldman sachs analyst nike could be close to beginning a direct relationship to sell products on amazon.com. citing channel checks. right now, nike does not sell directly on amazon. it does sell directly on zappo and through third parties, but this is sending down joseph retailers that sell nike shoes like foot locker and dick's sporting goods. section turn of oil prices, just to get
perspective. we are seeing a bounce in the days session. 6.5% in the down by last six sessions. crude oil inventory drew down more than estimated. gasoline unexpectedly fell in terms of supply. crude inventories at the lowest level since february. nejra: queen elizabeth ii unveiled theresa may's brexit dominated agenda for the government marking the formal opening of parliament today. government's priority is to secure the best possible deal as the u.k. leaves the european union. nejra: prime minister may is taking questions from mp's right now. anna edwards joins us from westminster. what are we learning about brexit?
anna: partly about substance and partly about tone. the prime minister theresa may saying she will work with anyone in any party in the national interest. an extendingike other hand to other members of the house of commons to work with the government rather than against them on the subject of brexit. is it a tone change or something more material? we will wait and see. brexit dominated the queen's speech. the queen talked about the special relationship with europe, the tone again. the government was setting out 8 bills around immigration and trade. all of that could be pretentious next week when we get a vote and beyond. i will quickly interject. there's something obviously missing. maybe you can explain what that was. .nna: thank you
a couple of things missing on the domestic front and international side. on the domestic front, some policies were a contentious during the election campaign around social care. it lost its majority, therefore does not confident it can get those policies the parliament. the other thing is perhaps in the queen's speech there was no mention of a state visit by president donald trump have a that has been called ritual in the ukip reach you did mention a visit by the spanish royal family. president donald trump. that has been controversial in the u.k.. she did mention a visit by the spanish royal family. the speaker said there would be a place for him to address the house. we did hear other things about the queen's speech, electric cars, commitment around counterterrorism, and what towered in the grenfell in london last week.
nejra: thank you so much. the pound gaining strength off the bank of england's chief economist calling for raising interest rates this year on account of the growing risk of leaving policy tightening too late. for more, let's bring in bloomberg gadfly columnist marcus ashworth. this is a bit of a surprise, clearly, given the reaction. repricing in the money market in terms of rate hike expectations. how long do you think this reaction will last? quickly, because in essence the comments that mark carney made yesterday made sense , the chief economist's comments do not make sense. he has always been on a dovish side. he used his speech in the first part of his comments about how wage inflation is nonexistent, then he says he is thinking of a rate hike?
out of nowhere? he likes to be on the edge of the controversial side and he has swung to one side to the other. for what reason? we are sure. vonnie: does the election not change anyone's mind? marcus: even less. it is bizarre. the conditions around what will happen, with the government's parliament plan, that is in the forecast into what the bank of england will look at. that is a different story. it won't like it that until they know what they are. at the moment, nothing changes as far as the fiscal policy side is concerned. while the sudden now, it is quite odd. there is push back within the committee. clearly reiterating their views were going for a rate hike. now, a slightly controversial character in his relationship out asrney has come well. that leaves the situation with a new member coming on board in
august. we don't know which way she will vote. it is 4-3 at the moment. we at her and that makes either -3 or 4 all. would be strange if he were to go back on his opinion after strong opinions cannot yesterday. that now is not the right time for a rate hike. i can think that he will change that. at the moment, and potentially there will be a second person anotherg position. we don't know how that person will vote. it might end up being 6-3 and he can ride this out. vonnie: explain how is after brexit attentively, and potentially less austerity would not cause more inflation, give more of a reason to be talking like this. would cause more inflation. a softer brexit would probably
see a stronger economy, which there are decent signs of overall. there is a soft patch on growth at the moment. if we see that theological response, a softer brexit. but that is too far -- we can be looking at that yet. we don't know how it will pan out. policy were to relax, and there was more spending coming through, and a softer brexit, that is a logical reason why the bank of england would do something. the reason now is a little bizarre. it is 5-3 at the moment or 4-3, so it is certainly interesting. nejra: you have written a lot on gilts. of the pricing in the gilt market at the moment, and what impact could that have on corporate bond? you have written a great column on corporate bonds in europe. theus: obviously, flattening trend is very much persisting in the states. the u.s. treasury curve. the gilt usually follows that the most.
flattening trend is on. long-term rates coming down, short-term rates edging up. that is a trend i think will persist a little longer for the u.k. market. nejra: the corporate market, any impact at all on the u.k.? that is impacted by the boe has well. marcus: that is a perfect wind of opportunities. the chance of a potential rate hike will only make them more eager to issue bonds as long as the demand is there for investors. at the moment, yields with any form of an easy return, people are lapping up. cyprus, a fulla, opportunity. vonnie: we software for all european widen -- we saw proof real european widen as well. what you see the big risk? at it. the market looks
now with greece looking like it i happen short-term, to think at the moment, presupposing nothing happens over the european summer before the german elections, we will have a situation where italy will tighten on who has the greatest yeild. they are outperforming the other peripherals in the post-macron rally. at the moment, a nice calm summer in theory as long as there is no political risk going through. all of those things staying the swans over the horizon, i imagine that they would tighten up -- no black swans over the horizon. i imagine that would tighten. nejra: thank you, you can find his columns on the bloomberg.
let's get a check on the first word news. courtney: good morning. evidence that russians targeted election systems and 21 states according to homeland security. an official at the department will not identify the states. the acting deputy undersecretary said the states that were affected are aware. bloomberg reported last week that russia had systems in as many as 39 states. a government acted alone when he landed a top house republican and for other people on a northern virginia baseball field. that is the word from the fbi who sent shooter james -- who said shooter james hoskinson did not have ties to terrorism. steve scalise was wounded in the shooting. he has undergone several surgeries and is hospitalized. karen handel has won a
special election for a house seat in georgia. she took 53% of the vote against immigrant jon ossoff. .- against democrat, jon ossoff there has been a palace shakeup in saudi arabia. the 31-year-old son of the king has replaced his cousin is heir to the throne. the move consolidated the prince's power. he already controlled saudi arabia's defense, oil, and economic policies. global news 24 hours a day powered by more than 2600 journalists and analysts in more than 120 countries. i am courtney donohoe, this is bloomberg. nejra: coming up, a shakeup at it over. travis kalanick has stepped down from the helm of the company after facing pressure from investors. more on the future of the ridesharing company ahead. this is bloomberg. ♪
vonnie: live from bloomberg world headquarters in new york, i am vonnie quinn. london i'm nejra cehic counting you down to the european close. downs kalanick has stepped following growing pressure from investors. his statement responding to resignation uber's board of directors said this was a bold decision and a sign of his devotion and love for over. he is taking the time to heal from his personal tragedy while giving the company room to fully embrace this new chapter in uber's history. for more on the future of the company, let's bring in global tech reporter and let's bring in adam. looking at uber and the future
of the company, this is the big question. what comes next in terms of what we are watching for. i know there are a number of appointments that need to be made. who is going to take charge of a very challenging job? this is not something you can parachute into and everything will go great. culture issues, a major lawsuit involving google, regulatory issues around the world with governments about the operation of the car service. the company is immensely unprofitable. they still have a long way to go until they are profitable enterprise. the person walking into this job is going to have a full plate. ask thewe have to question, how well do they get along with each other? some got in at the start. will they all agree? adam: you can see some of the drama behind the scenes about
that. this happens throughout silicon valley. you have investors in very early, then some who come in later. more than anything, you have what seems to be a pretty weak lord. the board of directors did not have a lot of power over it -- a pretty weak board. the board of directors did not have a lot of power over it. 40% told travis kalanick it was time for him to go. he could have caused a stink. he didn't have to. he controls a great deal of the company himself. but he decided he would step aside. vonnie: he is on the board of directors, is it possible he can still weigh in on decisions? adam: he is still on the board of directors and still owns a great deal of the company. in addition to the challenges
the company is facing, a new ceo will have to weigh the input from travis kalanick who will own a great deal of the company. nejra: how unique is an event like this tech world? what does that tell us about the potential success of uber going forward? adam: this raises a lot of governance issues about silicon valley. the board of directors and outside investors do not have a great deal of control over the direction of the company. on aers like travis i put pedestal and given a wide birth to be able to take the company in the direction they see fit, even though they own a smaller proportion of the company. they have voting rights that are more outside that which gives them a wide latitude to do it they want. investors and board do not have much control. this event is very rare. nejra: we were talking about the fact that even though travis alanick is gone, there are number of employees molded in his shadow. move forward as easily
as you might expect? adam: that is a good question and will make a great business school case study in the future shiftompany's culture can so dramatically. they have done reviews. a fair number of employees have been fired or left, travis kalanick's main deputies. they are implementing things to change the company's guidelines. whether or not that can change how the company operates is really an open question. over: an open question what this means for a potential ipo as well. thank you so much for us in london. speaking toill be the ceo of the event stock exchange. with greece receiving the latest round of bailout cash, what investment opportunities are there now? this is bloomberg. ♪
vonnie: live from bloomberg world headquarters in new york city, i am vonnie quinn. i am: live from london nejra cehic. with the european close minutes away. prime minister may speaking in parliament. we have a couple of headlines saying she will work with anyone in any party in the national interest. she also said the government intends to take action to keep energy prices down, as she has also been talking about the ell fire. the biggest stories in the news right now. an unexpected increase in existing home sales. sales rose 1.1%. signs the housing market is making progress despite a shortage of inventory sending prices to all-time highs. a shakeup at tesla. the head of itself driving unit is out six months after joined
from apple. the new head of tesla's autopilot software will be jim keller. he came last year from advanced micro devices. nike could be close to an agreement to sell shoes and other products on amazon.com according to an analyst note from goldman sachs. they currently sell through amazon subsidiaries and third parties. selling directly would give nike more exposure. business flash for this hour. let's look at where european equities are trading. the stoxx 600 up 5.2% come -- up by .2%. ♪
trade. let's take you through the market action. a second day of the kleins for european equities. we will take a look at various indices here. you can see a lot in the red. but we up more than 1% haven't seen declines on the ftse 100 and the dax, 14 in the fx space. we will give a close eye on sterling, up 2/10 of 1% now. -- 126ps below to one earlier, and then rebounds at 127 following some hawkish comments from the usual dove of the boe's monetary policy committee. sterling has been reacting strongly on that ahead of the biggest decline in eight weeks. the euro is unchanged, 1.1142. we are seeing reaction in the bond markets, specifically at the two-year yield. we are up seven basis points, 0.19%. the front ends have been on performing that have been
underperforming. you have yields moving up a little elsewhere as well. the portugal to year almost nine basis points. looking at the stoxx 600, we are down 2/10 of 1%. it has recouped but it is heading for its against today lost in a month. europe's equity benchmark consumer staples very much underperforming. energy stocks not doing very well. we are seeing it as it climbs. energy stocks off by 5/10 of a percent. you see more groups in the red then green. euro, remembere the stunning dollar rally we had in 2014? some are saying we could see a similar thing for the euro this year. namely hsbc and ubs saying it is the euros turn. it has risen versus every major currency this quarter. we might talk about the reflation trade being dead but it is moving across the atlantic. you can see the trend channel on the euro and then, sticking with
currencies, i just want to look , reaching able long-term resistance line, testing that long-term average against the ruble for the first time in more than a year. no huge moves so far in the session. overnight, there were some moves and it is interesting to notice the dollar index back up at that mark we saw lower in the 90's earlier on but not much moving in this session. the mexican peso is back above 18, enough that nafta renegotiations will start according to robert my heiser, anyway. tradinghore you on is back at 8.63. the emerging markets not having too much impact on the yuan anyway. the spread in the u.s. at 80 basis points, still in those ranges. let's look at developments, global.
you can see very much itbo-related when you see lower. it is the australian dollar, the canada dollar and the new zealand dollar, and for the most time, it is very tough markets learning lower as well. hotter -- grinding higher after u.s. inventories out earlier today. the drop gave a lift to the market but energy shares in the s&p are down still. for more insight and analysis and a deep dive into oil charts, let's bring in bloomberg's abigail doolittle and bloomberg's oil trading european reporter alex longley. i want to clarify we are actually lower now, down 2/10 of 1%. $44 a barrel. brent crude off by 3/10 of 1%. we are extending those losses. we went into a bear market yesterday. let me start with alix.
what are the key takeaways from the inventory state. what would you make of the reaction? it has been a roller coaster. there has been a lot of technical trading and we have seen prices taking these very sharp drops as soon as they go in and we saw that again this morning but then we had a rally back up and maybe thought they would be cutting for a little bit longer and we had this inventory data which saw crude inventory decline, and gasoline inventory decline. but that doesn't seem to have been enough to fully get it back in, saying we were up shortly afterwards and now we are back down. nejra: i want to bring your attention to a chart that you've got here, another one. >> this happened recently. we saw long-term switching places, the 50 goes below the 200 day average and then that is generally a bearish sign in the market. that has moved us quite significantly lower. that there seeing is
technical levels we are going through, that combination yesterday, closing in on wti but also it is not just the oil prices but the structure of the oil market worse than it was before opec cuts. we are back to square one. nejra: so alex has brought us a desk prop but you have a chart, g #btv 299 which perhaps tells a different story? >> it is pretty interesting because that is a great chart that speaks to the oversupplied situation for oil but traders could be looking for something different. look at this chart. it comes to us from commodity strategist at bloomberg michael malone. it shows us that oil is a range. the 33 day moving average. mike says that is neither too short or too long. the green line is 10% below that and the orange line above that,
and we see that over the last year or so that oil is really staying in that moving envelope of range, really suggesting that we could see oil continue to stay within that range. perhaps traders are looking to make a profit and this is a great way if they do. it is pretty reliable over the near-term. vonnie: abigail, can i ask you, why everyone is so panicked? the low was in the mid-20's not long ago. >> that is a great point but if you look at oil out over last year, oil was at $26 a barrel. so the real bear market was that high to the 2016 low. the chart we are looking at is interesting. because we have oil in their. we see that despite the fact that we had oil up and down in a near-term bear market, but this chart is what we are looking at now, g #btv 257.
we have oil and we see, back in 2016, if you recall that macro selloff, it seems to be highly correlated to oil dropping down and now we have this big divergence and yesterday he told me he think it is going to reconnect in a andish way for the s&p 500 we could see the s&p 500 meet oil on the growth prospects. vonnie: and given what abigail said, it seems like we might get some downgrades but it means they are already coming, macquarrie downgrading. do you see more? >> certainly i cover the markets but we have seen in recent terms some banks being cut quite dramatically compared to where we were earlier. pretty much every bank on wall street was pretty bullish. and especially after that last meeting, jpmorgan reached out at the end of may and it is fairly steady on 2017 but look at next
year. if you are still holding out, pretty bullish. stockton was the most recent last night but also city and goldman sachs remain very bullish. there has been a change in recent weeks. more banks are cutting the forecast rather than talk up the creed by the end of the year. nejra: what are they basing this on? that could be an interesting reading about the frack log. that is one of the big problems at the moment. >> we have seen the decline and when you see the oil prices, you think this is hitting opec because the whole reason they can't and they want to boost prices is because of the run revenue. but now we are seeing this frack log as the biggest in a long time. that comes as the same time as a record amount of increasing. u.s. production did increase today. but you have seen a market downturn in u.s. producers as well which is a sign that the
u.s. supply maybe going down. nejra: thank you to bloomberg's abigail doolittle and bloomberg's oil trading european reporter alex longley. great to have you both and fantastic to see your charts. vonnie: time now to check in on the first word news with courtney donohoe. courtney: in flint, michigan the airport was evacuated after an apparent attack on a police officer. one witness says he saw an injured officer bleeding from the neck and a man being detained by the police. the officer is in critical condition. over the next two years, brexit will dominate theresa may's agenda. queen elizabeth outlining the legislative -- priority. the government plans eight new laws to use the u.k. -- to ease the uk's withdrawal from the eu. >> it is to secure the best topical deal -- best possible deal as a country with the european union.
fewer billstted than normal, a reflection of her we can status after the election. president trump son-in-law is returning to israel for peace talks. jared kushner will speak with israel's prime minister benjamin netanyahu and palestinian president mahmoud abbas. both are eager to revive talks that netanyahu just broke ground on his first new west bank settlement in decades. a spokesperson says the project would undermine kushner's mission. foreign minister says he has canceled the upcoming talks with the u.s. under secretary of state over a new round of u.s. sanctions. earlier, in one's of possible retaliation. the trump administration has imposed sanctions on several russian individuals and their firms over activities in the ukraine. global news, 24 hours a day, powered by more than 2600 journalists and analysts in more than 120 countries. i am courtney donohoe. this is bloomberg. vonnie: coming up, we will be
nejra: live from london, and new york, i am nejra cehic. vonnie: i am vonnie quinn and this is the european close on bloomberg markets. now, move over to greece big news out of luxembourg with creditors agreeing to reassign half-a-billionaire dollars in the serious bailout loans for athens, finally ending months of uncertainty. the latest news has been the athens stock exchange at the highest level since june of 2016. the question remains, will this the a spark of an investment
boom in the country's economy, or even just some interest? for more insight is the ceo of the athens stock exchange, socrates lazaridis. were you relieved that this new bailout, this new deal came through? >> of course. we are waiting for a longer immediately, see, the reaction of the markets as you have mentioned. facing herewe are are organizing our 10th annual so companies are participating and we have an increase of 100%. that includes offers. -- who are you targeting? if you look at the stock exchange and think that there is
61 companies listed and some of the biggest are banks, who are you targeting in the united states? >> traditionally, the united states was the major investors in the greek market. we have more than 62% of investors in the market. it comes from the u.s. either that or through london. this is the vision that we are here, because it has been the most common investment environment. nejra: i just want to show you on the bloomberg here, various indices across the world. you can see the athens stock exchange is one of the best performing global indices to date. what needs to be done to keep up with that quality of momentum? keep the you performance we are seeing their
continuing throughout the year and beyond? >> i am always happy to be here and to face the situation. i believe it is reasonable because if you see the results of the companies with an -- 60% during the last three years and 16% during the last year, and also, an important increase of our top line that means, in aggregate, 66%. efforts16, the good were paying for what companies were doing and not what they were making. vonnie: so fundamentals as well is your point which is great. is there the potential for more gains? >> of course, it is not the roof because in our market gdp, it is
one fourth of the average of the european level, so the potential is there. >> where are you seeing most interest? what sectors from investors? >> the potential at this point in our discussions with analysts, it is the banking sector. have the real investedhich is mainly by u.s. investors. but from other origins, of course, we will have -- >> i was in luxembourg last week when greece got the last disbursement from the eurozone. i spoke to the finance minister,
you could suck left off and he was very positive about the outcome, others saying the plan from greece is still extending and pretend. how have a were you with the outcome. debt relief still to be resolved. , the issuee issue is is the economy, the real economy is focusing on growth and expansion. if you see now, this, we are issuing bonds in the stock market, with interest rates lower than the interest rates. that is a situation you cannot find in the textbooks you are giving a real signal that the real economy is performing bearish lee. so i believe the good news came from luxembourg was important
but not the necessity for the improvement of the greek economy. vonnie: this is the 10 year greek yield and how it performed just in the last year. we were at a high of 9%, and even that was well down from the crisis days, down 5.5%. which areas of the economy will raise money through the capital markets now to spend on capital and increasing jobs? >> the bonds that have been issued from the beginning of the year was in the retail. also, technology is having a bond issuance this day with construction and element them -- and aluminum and -- vonnie: so the outlook for the consumer is clearly good. >> of course. it has one of the highest
potentials in the market according to the interest in the investors side. >> thank you for joining us today and good luck on your roadshow. that was socrates e s -- socrates lazaridis. vonnie:vonnie: thank you so much, mr. lazaridis. time for the bloomberg business flash. nejra: a look at some of the biggest business stories in the news right now. the world's largest operator of the superjumbo is reluctant to place anymore orders for the double-decker jet. they want to know what the future is for the slow selling plane. they are considering production cuts in the program if it doesn't get any orders this year. nike could be close to an agreement to sell shoes and other products directly on amazon.com, according to an analyst note. subsidiary,on's third-party dealers find it on amazon.
selling directly would give nike more exposure. >> jpmorgan is ramping up a search for european office space in the wake of the brexit vote. according to people familiar, the u.s.'s largest bank is scouting for space in dublin. last month, they agreed to buy an office building at the bank, also considering whether to acquire property in amsterdam. all of that would be workers relocated from london. businessis the latest flash. >> coming up in the battle of the charts, going head-to-head today. the energy sector and the pound. this is bloomberg. ♪
access these on the bloomberg by running the function at the bottom of your screen. kicking things off in new york is taylor riggs. >> i am going to talk about oil. that is the story of the day. but i'm going to take a positive spin on it. news might not all be that bad. here is the blue line. look at the weighting of the energy sector in the overall s&p 500 index. it is down to just 6%, that is its lowest since 2004 and lower from the high of 16% back in 2008. there might be some good news for s&p 500 shareholders and the energy index slides, therefore most affected by the downturn in commodities but it has less of an effect on the overall index. maybe some good news in an otherwise volatile weekend. vonnie: i am liking the optimism here. to 85. #btv let's go across the atlantic. nejra cehic today.
nejra: the story here is the hawkish comments from the boe. moving higher, we saw the sterling dropped to a two-month low earlier in the session. it has rebounded to go for its highest gain against the dollar in a week. is ahis chart is showing great bloomberg greed indicator. sayinghis from keynote there might not be much conviction behind the decline. you see that get in the end on the red. you can see where we've got the greens followed by the reds. the sterling is in no way a one-way bet. with so much uncertainty ahead, particularly around brexit. you can see the chart on the bloomberg at #btv 286. vonnie: i am deeply conflicted today because we have two fantastic candidates stressing
the big stories of the day. the british pound and oil, with saudi in the news. i may just have to a time. what do you think, control room? ok. the time was accepted. a tie between taylor riggs and nejra cehic. nejra: we saw the european markets close just about half an hour ago. let's see where they ended the day on the stoxx 600. lower biome as 2/10 of 1%. losses pretty much across the board. the dax and in lower. second day of decline for european stocks. this is bloomberg. ♪
vonnie: from bloomberg's world headquarters in new york, here are the top stories on the bloomberg and around the world that we are following. >> hoover's next direction. they look for a new leader after forcing goobers founder travis kalanick to resign. a saudi shakeup. theking named his son as ruler next in line. we look at what this means for the kingdom's future. anxiety after a bear market. we are halfway into the trading day and abigail doolittle joins us now with the latest, mostly it is about oil. be getting very moment. now we have a divergence. abigail: we have the dow trading slightly lower. the nasdaq up 6/10 of 1%. that is being