tv Bloomberg Markets European Close Bloomberg November 30, 2017 11:00am-12:00pm EST
from new york, i'm vonnie quinn. this is the european close on "bloomberg markets." mark: here are the top stories we are covering from the bloomberg and around the world. firesminister theresa may back to president trump, slamming him for retreating a far-right political figure in britain. well the latest controversy distract her from delicate brexit negotiations? with global equity markets still hanging around records, where are the top opportunities for next year? should investors be into japan or india? nangle, guest is toby global head of asset allocation. and more of the world's top banks are weighing in on the validity of the virtual currency
. we will hear from lloyd blankfein and others, coming up on the european close. have a look at where european equities are trading today. this is the chart we want, global macro movers. equities, currencies, bonds, commodities, mix today, as you can see. technology stocks sunk yesterday down for -- down from 2.8%, mirroring what happened in the u.s. not falling as much today. i slant is lower, luxembourg and denmark are higher. lower,andi is luxembourg and denmark are higher. sovereign bond yields are declining today. commodities. that is the situation on the gmm function. credit suisse is in the news today. it is planning to return half of its net income to shareholders
through buybacks and special dividends and wants to reward shareholders to bolster the banks finances, after capping shareholders for more than 10 billion swiss francs in recent years. the best been selling risky assets and entering the final year of restructuring. shareholders have stayed with the bank. aviva in the news today. the insurer will increase its payout rate. 55% to 60% democracy and --rovement in the cash flow after seeing improvement in the cash flow. increasing the dividend payout rate. shows are up by .5% today. gauge onicial factory extra to the increasing to a near five-year high.
helping to cushion the effect of the campaign to clean up the environment and the financial system. overseas and domestic consumers as snapping up products global demand remains buoyant. boosting corporate profitability. the nonmanufacturing pmi is the blue, the official manufacturing , white line from both above 50, heralding an extension. abigail, how is it looking over here? abigail: pretty bullish. record highs for the dow and the. another psychological market that the dow is taking up now, five days in a row, the best five-day winning streak since april. the s&p 500 is higher. tech-heavy nasdaq, down so much yesterday,
rebounding right now. nonetheless, we are seeing the dip.rs buying the does not seem to be mirroring june, one we had the multi-day, multiweek tech. higher.parked sharply cvs is said to be close to a , $200-$500 aetna range. are tradingtna higher in the intraday chart, while off the highs, though. the deal was speculation around of october.the end 12 to 13% above that point. the point of this is amazon -- amazon was said to be entering into the distribution space.
--se shares of cbs and aetna cvs and aetna, there should be released that amazon do not an ounce as expected around thanksgiving around entering into the drug space. amazon may not be entering that space. let's look at kroger and cosco, because we have these shares sharply higher. kroger is up about 10%, costco 3.2%. kroger is putting up a strong quarter. they beat earnings in a big way. $.34 per share. costco, they put the best performance in at least 8 years, 10.8%, helped by thanksgiving and going into the holiday season as consumers in the u.s. are buying and a lot of food. mark: abigail, thanks a lot. war of words after president
trump retweets the far right group britain first. u.k. prime minister theresa may says that trump was wrong to promote the video. trump fired back on twitter, "don't focus on me. focus on destructive radical islamic terrorism taking place within the u.k. we are doing just fine, prime minister." may responded today. prime minister may: the fact we work together does not mean that we are afraid to say when the united states has got it wrong, and i'm very clear that retweeting from britain first was the wrong thing to do. mark: joining us for more is the brexit editor. we will get to brexit. does this damage the special relationship? emma: theresa may has been clear that the special relationship endures beyond the term of one president. it is damaging for her because she was very quick to become chummy with trump. she invited him to the u.k. and
invited him to meet the queen, and honor not bestowed on everyone. that is looking not terribly judicious. this time, unlike on previous occasions, she was very clear that this is wrong, got a pleasant the press conference in jordan when she said very clearly that that scott applauds -- she got applause at the press conference in jordan when she said very clearly this was not right to do. in --persona non-project compass persona non grata in britain. his tweets have not gone down well at all. his: and the idea that invitation should be withdrawn, sadiq khan has been vocal. when we had immigration banned slow to, may was
respond. on this occasion she has been extremely clear in condemning the street. -- the streets. -- these tweets. vonnie: let's move to brexit now. one of the obstacles may be out of the way. what happens on monday? will the border wall between ireland and england come up? monday theresa may and jean-claude juncker are to have lunch. a solution on the irish border. just in the last couple hours, there have been both sides who have dug in. and entegris position -- the entegris position -- the ambiguous position of the uk's an acceptable. there, up with strong statement that if theresa may case in to dublin, they will draw support from the government. seems like the irish
question is a bigger question now. addressed.ve been what wording of commitment would be palatable to all sides when it comes to the irish question? you mentioned the good friday agreement. is there a phrase or wording? how do we overcome what is now the biggest hurdle? emma: there is no solution that pleases all sides. something will have to be created, or essentially kicking the can down the road. the statement from the last hour into we will withdraw our support from the are not going to blank. d'etre ise raison maintaining northern ireland as part of the united kingdom. they will be reluctant to cave. mark: monday's lunch will be the most expected lunch in history? emma: we will see. on the irishthing
border, all bets are off. mark: we will have more from you in due course. emma ross thomas, brexit editor. firste: let's check in on " word" is. courtney donohoe is with us. courtney: the senate is moving towards a final vote on the massive tax overhaul. lawmakers voted on party lines to begin the debate. republican leaders got a boost when senator john mccain said he would vote for the tax bill. there is a report that the white house plans to replace secretary of state rex tillerson with cia director mike pompeo. "in your tens" is the move will take place in the next -- "the new york times" says the move will take place the next few weeks. according to "the times," pompeo would be replaced at the cia by senator tom cotton, but it is not clear if the president signed off on the plan. .2% meetingse expectations.
meanwhile, .4% for the second month in a row, indicating that consumers are likely to drive economic growth this quarter. matt lauer speaking out for the first time since being fired by nbc news after allegations of inappropriate sexual behavior. in a statement, the former "today" show host says there is enough truth in the storage to make them feel embarrassed and ashamed. he says he is sorry to the people he has heard. still, he says some of what is being said is untrue. global news 24 hours a day powered by more than 2700 journalists and analysts in over 120 countries. i'm courtney donohoe. this is bloomberg. mark: 20, thanks for much indeed. coming up, some of the worlds top bankers are talking bitcoin and whether it is a scam or legitimate currency. we will hear comments from lloyd blankfein next. bitcoin is down 7.7%. this is bloomberg. ♪
vonnie: breaking news, nancy pelosi, house minority leader, has a in the last few minutes that john conyers should resign. -- thising a breaking a few moments ago, nancy pelosi saying that john conyers should resign, that the allegations are serious and credible. we will continue to update you on that. ago, once ago, -- months still asking credit suisse shareholders to pinch in for banks. he spoke to bloomberg on tuesday on what shareholders have endured. isa big part of my role shareholders, and i'm painfully aware that i had to delete my shareholder-- dilute my
shareholder significantly, there is -- but there was no way to solve the massive dilution of shareholders. mark: joining us is the finest reporter from bloomberg. how soon can shareholders be expected to see some of the money, to get some of the capital return? >> as you say, it is a difficult question. the --helped the end of he has come out today and healthy and of the restructuring program, pointing to better shareholder returns, saying the bidding is coming in on target, stocks are up more than 4%. i'm sure investors are going to be happy with that, and it looks different to a couple years ago ago, when heonths was asking the same shareholders for cash. mark: there are challengers --
challenges. asia-pacific stands out, trading stands out as well. elaborate on those issues. patrick: well, as you say, exactly, the trading unit within asia-pacific is unprofitable and has been for some time. he has said that that is an area where credit suisse has to do a little bit more work. but what he really needs to do is keep on showing that the bank can generate cash. he keeps having to show that he will keep working on costs, and investors will judge on his performance after that. we are entering the final year of the turnaround plan. does he have momentum behind him now? does he have the support of shareholders? patrick: i think he definitely has the support of shareholders.
one of the biggest ones has come out and says he supports him. less and less of of your capital, activist investor. today he has deftly shown investors he is on the right track. what he needs to do is not make any slipups. that is obviously difficult for any big bank. mark: thanks for joining us. patrick winters, bloomberg finance reporter, in zürich today, keeping us up-to-date with credit suisse. vonnie: lovely stuff. from one banker to another, bitcoin having a roller coaster week, soaring before crashing back to the monday levels. lloyd blankfein, ceo of goldman sachs, and michael bloomberg, founder and majority leader of bloomberg lp, sat down with alix steel and discussed whether they see any value in the currency. lloyd: it is not for me, but there are a lot of things that were not for me in the past that worked out well. it workedd me that
out, i could tell you why it worked out, but based on everything i know, i'm not guessing that it will work out. but i can say -- i'm not going to stand there and strident, because it might. mr. bloomberg: i think people confuse bitcoin with bitchain. there is a technology where you can have different accesses to data, different people can control it, you can see who is doing what and that sort of thing. there are places where that is a useful thing. the bloomberg system is a block chain. instead of having the users control it, we control it. but it has all the attributes of that. bitcoin is something very different. bitcoin is a whole bunch of crypto currencies that have been started and every day you have a new one. that is something very different, and whether or not the governments of the world will lose control of monetary policy, i'm skeptical. they are just not going to let that happen, and they shouldn't. lloyd: something that moves up
and down 20% a day doesn't feel like -- alix: maybe not a currency, but jeff curry told me it was a commodity, and that goes to your expertise, lloyd. you came up in the commodity business. tell me about the unregulated trading world in bitcoin. where's the fraud going to come? lloyd: the whole concept is --first of all -- alix: is it buyer, is it seller, is it price discovery? lloyd: one of the main uses of bitcoin is a vehicle for perpetrating fraud, because you can't trace it. alix: so's cash. lloyd: so is cash, but guess what, it is hard to accumulate cash. world isberg: the going in a different direction. into china, where they are basically getting rid of cash. paying with smartphones. people begging in the streets have a little sign next to where they are sitting in the streets, people who need help from society. they are sitting there begging
for money and they have a sign with a qr code. if you want to give money, point your site at the qr code, and they have a bank account and that is where they're getting the money. china is heading in that direction. india is starting to do the same thing of getting rid of cash. one of the reasons is you can stop the black market and stop the drug dealers and track where the currency is going. we will not go in a different direction. america may not be ready to go there, although we will be left behind if we don't. there are much more efficient ways of paying for goods and services. people are going to know what they're doing with the money -- mr. bloomberg: of course they are going to know, but google already -- alix: amazon. you have to be thinking about investment backing strategy with bitcoin. lloyd: no, i don't. you can't make me. just -- we will see. if it works out and gets more
established and trades like the stored value and doesn't move up and down 20% and there is liquidity in it, we will get to it. was,he original question went to small business people have to think about their bitcoin strategy? i would worry about opening stores in producing things people want to buy with the business planning. vonnie: void blankfein of goldman sachs and mike bloomberg, founder and majority owner of bloomberg lp. i want to tell you what is going on. a few moments ago, the president meeting in the oval office with the crown prince of bahrain. he was asked about rex tillerson , following reports that he was planning to replace rex tillerson with mike pompeo, currently head of the cia, and who would then be replaced by tom cotton. here, rex iss here," talking about the current secretary of state. this is bloomberg, mark. mark: getting breaking news as
well on brexit come in the wake of our chat a few moments ago. european council president donald tusk has reaffirmed the december 4 deadline for the irishe bill for the border. ireland is said not to be working on december 4 deadline on the border. today has been a fascinating day , just a day after it seemed we had some sort of deal on the brexit bill. it seems the irish question still is having both sides digging in. we will continue to monitor this developing story. that deadline, december 4, still seems to be concrete. this is bloomberg. ♪
for next year. joining us is taylor riggs. the royal wedding is not enough for it to stay profitable? taylor: what analysts were frustrated about is that they transitionalbe a year. analysts are concerned about why is this still happening, when we going to see change, how fast can we see change. another thing driving the shares to the five-year low as we are seeing weakness across all of the different sectors. the company is trying to transform from a tabloid publisher to a global media company. how do they do that? the company did not give any specific revenue guidance, but when we were looking on the terminal, you can see that revenue might be about flat for the next two years. already coming off of a 20% drop last year. they said they have done some asset sales. it has been difficult. mark: taylor, any bright spots for the company? digital, maybe?
taylor: yeah, if there is one bright spot, it is digital. today,its first profit so that is good, but like you said, the print side continues to struggle. they said that the property information portfolio is a fight transactions -- hit by transactions in the u k, and the way of -- low oil prices have affected canadian energy. vonnie: taylor riggs, thank you for the stock of the hour hour. mark: look at the european market heading into the close. all lower today. once again, tech stocks new the bottom of the pile on the stoxx 600. all the movers and shakers for you coming up next. this is bloomberg. ♪ retail.
under pressure like never before. and it's connected technology that's moving companies forward fast. e-commerce. real time inventory. virtual changing rooms. that's why retailers rely on comcast business to deliver consistent network speed across multiple locations. every corporate office, warehouse and store near or far covered. leaving every competitor, threat and challenge outmaneuvered. comcast business outmaneuver. mark: the bloomberg european headquarters in london, this is the european close. finishing the thursday session,
a mixed day today. u.k. and ireland both lower. the court of europe is down. spain, portugal, france, lower. tech stocks down, not as much as yesterday. 2.8 percent yesterday. still, the best performing index group in 2017 rising 21% on track for the best year since 2013. november 6 was the highest since 2001. the tech index on the stoxx 600 march 2000.he stirling is up, but not as high as earlier. a piecey enthusiasm was in the times which says dublin and london are close to agreement on the irish border moving closer to a brexit deal. you heard a chat with our brexit editor. sticking their
heels in. we are less close than the times were letting on. if this is the case, this is a game changer for sterling. they said if it happens week it's a 140 within a week. up for the third consecutive day. see a big move in sterling yesterday. that preliminary agreement on a financial settlement britain will pay when it quits the eu. it seems to have been struck. sterling moving primarily on brexit chatter. the big event is that monday lunch between john claude juncker and theresa may. swiss advantages the name of this chart. #.99 is the g the index headed for its third consecutive monthly gain around its highest level since 2015 taking its advance to almost double that of the stoxx 600.
morgan stanley is betting the trend will continue. it has made swiss stocks a key overweight recommendation for next year. saying it will benefit from the weaker swiss franc and a when marketlt volatility could return. a lack of inflation, particularly core inflation in the eurozone. the unemployment rate today is unexpectedly dropping. consumer price growth missing estimates. the jobless rates sliding to a .8%, the lowest in nine years. the november inflation 1.6% on a headline basis, analysts forecasting 1.6%. core inflation is going nowhere. this is why you have this synchronized upswing within the eurozone, but inflation is going nowhere. which, is why you don't have an end date as of now for the qe bond buying program beyond 20.
how's it looking over there? let's start with inflation of a here. high frequency data on inflation and the ecb later coming in. on the uptake as forecasted by economists. year-over-year, a tick better than economists were expecting. personal income was better than forecasted. personal spending right online. then there is the tax debate. by friday.w more is there going to be a trigger mechanism? for the moment, we have elevation in the vix volatility index. .39.so you know, in terms of the yen we are seeing a little bit of weakness, a stronger dollar, lots of geopolitical tension. now we are getting the story rex tillerson might be being replaced that is injecting volatility in the market here
the 10 year yield is a round-trip which it did not break up to 2.40. a couple of the currencies, you mentioned the pound. let's go to some of the commodities. you can see with the opec agreement we have a tiny gain for the barrel of crude. still in the $57 mark. gold is lower, 77 an ounce. courtney donohoe has the latest from new york. courtney: nancy pelosi calling on john conyers to resign over allegations of inappropriate behavior. she calls the claim serious, disappointing, and very credible. conyers is 88 years old and according to a health official has been hospitalized in michigan. president says theresa may should mind her own business here may is making it clear that presidentt about the reach waiting anti-muslim videos from a far right britain group.
we think then united states has got it wrong and be very clean with them. i very clear. fromating -- read tweeting britain first was the wrong thing to do. courtney: the president said that may needed to focus not on him but on the threat from islamic terrorism. playing beat the clock. trying to reach a compromise on the irish border that will allow a breakthrough on brexit talks next week. the u.k. needs to find a way to promise the eu that brexit will not need a hard border between northern ireland and the republic of ireland. that is the last major obstacle is negotiation. get ready for your smart phones to get faster. gerizon will launch 5 service next year. it uses radio signals rather than copper or fiber cables to deliver faster internet.
diversity will be sacramento in the second half of the year. a day,news, 24 hours powered by journalists and analysts. i'm courtney donohoe, this is bloomberg. global equity markets what areround records, the opportunities for next year? let's go to toby nangle. thank you for joining us. you like japan, you strongly favor japan. trade. crowded why have you gone from favored to strongly favor? tody: as you say, there are a lot of people that have come around to japan. to asses your mind back few years ago. japan was a graveyard for macro strategists. it was where you went to lose money. we went relatively neutral when coming through.
powered by bottom-up analysts and microstrategy favor japan for quite a long time on a currency hedges and then on and unhedged basis. recently we were looking at before the election. there was a real threat to abe at the election which started, running around. a before the election we saw market where earnings thought us evaluation hardly bunched all when every other market around the world was being repriced it has lagged. instead of being a crowded trade, the market was the strongest earnings and the most attractive valuation for analysts refused rates. on that basis it looks like a very good opportunity. fixed income of her cash, fixed environment coming through. anyone exposed to any of those names you like.
clearly, japan is one of them. europe, excluding the u.k.? a number of, for years has been stuck in eight low nominal growth environment. u.s. companies have been able to rationalize, expand their margins, enjoy higher growth come european firms have been struggling to keep ahead above water -- to keep their head above water. with nominal inflation, suddenly this awful operating leverage which keeps pressure down on margins starts to work the opposite way round. you have had some of the strongest quarters of earnings in the last decade coming through. you have seen earnings upgrade. the performance -- you might see a little bit of vertigo after simplystrong run, but it has not read rated in the same way that a market like the united states has done. continue tothat we see that strong growth coming out of europe on the nominal side. that translates into strong
earnings. earnings rather than evaluation core. it is not a cheap market. it is a fairly priced market. somewhat ahead of consensus on this. house speaker paul ryan is giving his weekly news conference right now. obviously, the next two days are crucial for u.s. tax reform. how are you modeling this in your portfolio? toby: it has been desperately difficult to keep up with the changes in the perspective tax legislation coming through. a scenarioen approach looking at different types of tax packages. the thing that i found really almost tempering my enthusiasm is an analysis like goldman sachs' best guesses with a tax package ultimately ends up. we model that through and pick about that versus a variety of consensus and our own earnings expectations. it seems symmetrically priced
in, will it happen or will it not happen? the margin of underperformance if it doesn't come as expected looks modest. we are not looking at 12% or 20% moves. it is more in the range of 3% or 5% either way. with such uncertainty, we fall back on other factors, which we think will dominate the u.s. market. that is a slightly messy way of some of our de-risk portfolios on a stock by stock basis taking on progress views, these sorts of things. we are not really anticipating a big ramp up in the market if this does not come through. vonnie: headlines, we are hearing from senator cornyn speaking to the media. in pat toomey speaking on the floor. they have an agreement on the principles. and in agreement -- an agreement
on the trigger, if the deficit was covered, and if some point if the deficit were to grow, then taxes would be raised, which people are calling a procyclical move, obviously. i want to bring headlines from house speaker paul ryan. he is saying that polling on this, which has been poor, will turn around of economic growth. toby, it could change very radically. process click, -- procyclic for consumers if it goes back to recession, how would you put that into your models? toby: i think i would disagree with you when you say pro-cyclicality is good. in an environment where growth beingwing despite taxes ratcheted up it sounds like something that would have to be revisited at the time of some
future emergency measure. it is hard to model that. the bigger impacts on the tax packages, will this be something that produces long-term economic growth? i am afraid to say that the analyses we have done so far boostt that it might corporate profitability, there might be a step change in that as you get lower tax rates, but there is nothing in it that we can see that would boost sustainable u.s. growth. there is no multiplier coming through that here do get the step change associated with a giveaway to corporate's and the giveaway to the high income families, but there is nothing that makes me more enthusiastic about the long-term path to sustainable growth. mark: you are more enthusiastic about technology in your u.s. portfolios. your big selloff, how did you explain it?
toby: technology, momentum, growth, these are areas that have fed phenomenally strong runs. we get a lot of vertigo sitting on a successful theme like it would be natural to do. this is something where i draw on analysts -- i my analyst for my organization for a better view. bit ofa little volatility. it is nice to experience. if it were accompanied by disappointing results or any nervousness about how the path of disruption was going to change, that would be much more meaningful. the fact that it comes as part of a factor reversal is something that had very low levels of volatility in markets. perhaps we are getting back to normal. stop on our global tour of europe, emerging markets. we will talk more about sectors. we will look at some of the other after classes we haven't touched on. this is bloomberg. ♪
♪ vonnie: live from new york i vonnie quinn. mark: i am mark barton. bloombergtching television. this is a european quarters in london. let's continue our world tour. toby nangle is here, he is the global coed of asset allocation that columbia threadneedle. tightening,nment of of policy, what are the perils, the opportunities for you and your clients? toby: we thought for a second where we were on global equities. for many years we had a rally coming through that was completely without earnings. you saw in earnings going flat
for six years, yet they were year after year performance. it was a low rate environment, credit spreads were coming down, people like myself were buying form ofsets in the equities. right now we don't have that valuation discount in the same way. we need the earnings to come through. the other part is beginning to move. the beginning of a global monetary tightening cycle here and we had the fed move, the bank of england move, and we have really interesting noises imitating from the bank of japan and at the ecb which could put upward pressure on yields which means that you really need earnings to come through on the equity side to maintain that good performance coming through. mark: fixed income your less constructive or what about the credit spreads? again itdit spreads, is down to much lower levels than in the past 10 years. we have been in a 10-year recovery process. they don't seem to offer
phenomenal value now, but probably overcompensating for levels. nothing really exciting going on there. there is questions about liquidity, if people decide they want to exit their generation or fixed income exposure, had they taken it all through credit, and move out, to what extent are you compensated for that liquidity or credit? the big powerful driver is the government bond curve. how that changes shape, what happens at sure rates, how global bond yields move up. the littleness of yields has been underpinning the revaluation of equities. ness of yields has been underpinning that reevaluation of equities. case you likes corporate high-yield to an emerging markets. where in the emerging markets are you more positive? toby: in the emerging market local side, a rotating series of exposures.
the things that usually come to my attention are things we have been avoiding venezuela, turkey, south africa. pretty much the rest of emerging market local markets. we have been taking reasonable exposure to. on the high-yield it has been the european aspect of the beenl market that we have focusing on. it tends to be moved around by developments in the united states in terms of the pricing .f the market the fundamentals of the european corporate in that sector has been drastically improving. everything looks great apart from the valuation. valuations are starting to look pretty full, it is starting to look less attractive. mark: how concerned are you that corporate leverage is that elevated levels? toby: you could measure it against equity capital, in which case it is high, and as a
multiple in which case it is not high at all. people would counter that this is because rates are low, so you can cover your interest manyfold. i started my career as a corporate credit analyst. if i could only have one measure of corporate credit worthiness it would be interest cover, and that is looking phenomenally good. if you have a really good significant move up in interest rates, the amount of stock of debt is such that given eight term structure that could become corporate elastic in a matter of years. which is a concern. stands, interest coverage is extremely strong. joining us,you for giving us a guided tour around the world. toby nangle, columbia threadneedle. bitcoin swinging wildly, talking purity with marsh
believes there will be a price made for investments made in bitcoin and virtual currencies. he spoke to bloomberg in rome. >> it is beyond some people want to have some private assets where we do not know who is the issuer and what it stands for and how it is backed. that is the personal freedom of every one to speculate on assets currencies. afraidor later, i am there will be a price to be paid for having excessive speculation. mersch speaking to bloomberg in rome earlier. coming up, battle of the charts and we are sticking with the bitcoins pain. can it take on november's best-performing asset? this is bloomberg.
vonnie: it is time for our global battle of the charts. where we look at some of the most telling hurts of the day and what they might mean for investors. you can access them on the bloomberg by running the function at the bottom of your screen. we will start with abigail doolittle. applico: this comes to us from dan curtis -- abigail: this to us from dan curtis. bitcoin between 2012 and 2014 at the peak of that. up more than 20,000%. over the two-year period .inishing higher by 6000% is bitcoin in a bubble? yes, but it could be ok. this is the bubble we are looking at when we put into
perspective what happened between 2012 and 2013. of 2012 tor period 2014 out doing the current period of 2000%. even if bitcoin gives some of that back, it is a tremendous decline, but still huge gains. certainly not for the faint of heart. vonnie: at 4403 you can look yourself. mark, i believe it is your first presentation of a battle in the studio. .ark: i am feeling tingly my first battle in the new building. . brought out an old favorite best-performing asset in november, last trading day of november. the bond universe, the bond universe you have the bloomberg treasuries essentially up by 1.3%. euroe current universe,
flipping its bad performance in the prior month of by 2.2%. number three best-performing stock market, this is the major stock market. what is interesting here is that on november 20 second it was at a 10 year high. we have had the spillover from the bond market to the stock market, particularly in china. .t is not bitcoin, it is cotton cotton is up by 6.2%. it of all of the winner. 4524. the tingles, the tingles. vonnie: you forgot one thing. if you're looking at november's best performing assets, you are one of them. bloomberg continues. ♪ is this a phone?
shery: here are the top stories from the bloomberg that we are following. the pressure is on as senate republicans hustle for the votes to get the tax bill approved rama. of vote-o- john mccain is the latest to come out in support of the bill. diane black will join us live. what she has to say about the chances of passing tax reform. opec seals the deal. the oil cartel has agreed to extend production cuts until the end of 2018. russia is playing ball. let's get abigail doolittle with a check on the markets. a strong rebound from yesterday's mixed session. s&pail: we have the dow,