to hardtalk. we've seen this year, certainly in europe, some of the most extraordinary temperatures and weather events that we've experienced. in some parts of western europe, a second heatwave in only a matter of a month. belgium and the netherlands and germany recording their highest ever temperatures. globally, the un world meteorological organisation says the last four years have been the hottest known to man and yet antonio gutteres, the un secretary—general says the paradox is that as things are getting worse on the ground, political will seems to be fading. why? i think that there are big problems in our political system. we've seen a rise of populists who are very policy—light and very nationalist—heavy. and for some reason, they are winning elections. i personally don't understand it. i think at this moment we need strong leadership to deal with these issues. instead we seem to be getting the weakest leadership would seen for decades. you've been writing about this subject for 16 years now. has your attitude changed 7 yes, it has. i watch the science and i see things

reports that 2 officers were barricaded inside the us let's head to europe now where the leader of britain's labor party is calling on other opposition forces to unite with him and topple prime minister boris johnson's conservative government to recall been says he'll call a no confidence vote as soon as he believes it will be successful he says he wants to prevent the prime minister from following through with his plan to take britain to the e.u. all oct 31st without a divorce agreement. meanwhile senior u.s. politicians are weighing in on breaks it turns the deadline approaches the u.s. house speaker says there would be no chance of congress passing a trade deal with the u.k. if breaks it causes unrest at the border with northern ireland nancy pelosi is comments appear to contradict the national security advisor john bolton he says a deal could be fast tracked through congress if britain leaves the e.u. lawlessly has more from outside the british parliament. maybe the middle of august in parliament isn't sitting but political intrigue at westminster right through the summer has b

through the afternoon here in europe, the morning in the united states come of that story has begun to fade a little bit. ofmy conway, citigroup head em ea -- of emea trading strategy, is with us. what do i take away for strategies? jimmy: be careful you don't get caught in the crossfire between the u.s. and china. i think the euro specific story is a little on the sideline at the moment. we were focusing more abound what sterling implied about brexit risk. now i think it is a straight up fight between increased risk versus theequities fed pricing and probably the ,ost dramatic move we have seen the cuts being repriced into the end of the year and how aggressive that looks now. so it is liquid at the verses china trade war. guy: it is interesting you say europe can stay out of this one. the european economy looks super exposed to this trade war. it seems to be the one area that you kind of look at and start ticking boxes, saying, yes, exposed to that. jimmy: i wouldn't say you stay out of it. ofre's not a huge amount direct control europe is going to have over it. if anything, the thin

give it more escape velocity, we have not seen that in europe. not only have we not seen it, we see consumer confidence being hit. we see that from a rising savings rate in spite of the negative yield that investors are facing. savings rates are coming back to precrisis levels. yet another reason for why these policies do not work. in the u.s., the fed has the luxury to be data dependent and they choose not to. priya: i will take the counter to that. the reason to extend our duration is that three-month t-bill, if you invest now, it may be much lower. the 10-year could be significantly lower. we are seeing this in europe. it is all moving saving rates higher. that is creating this reach for yield. if we look at the bloomberg ag index, look at how high risk assets are. what is my only hedge against risk assets? duration risk. i would say go maximum duration risk. jonathan: they are all itching to carry on the conversation. we will continue the conversation. the auction over in europe. that is coming up next. this is bloomberg. ♪ jonathan: i'm jonathan ferro. this is bloomberg "real

often talk about the idea of a reunion for europe while also praising the enormous success of the european project that's been so successful why does it have to be reborn. so let me see the tools to. be an enormous successful as many. historical period of time part of the been totally lost. and they need to a new start so. that the end of the middle age. you know. many i used to say that the middle age was age it was exactly the opposite it was a. period . and there was a change of the east. changed. today with the u.k. . but it's interesting let me focus on this idea. because many historians. believe that. it was. more. for. what i hear you saying is that. there was a need that. you are essentially driven by the. question is that. the 1st issue that. he was the need to come back to come back. to the. bank in the public space of. a positive. change and this. to the technological. exactly what and where i want to take this conversation forward because many critics of the e.u. have absolutely no issue with europe's past they recognize the enormous success of the european union. conc

recriminations these days to get over iran. in regard to the round deal that europe continues to abide by surely one that you get out of well we didn't walk out of it the president had states at that time barack obama entered into that agreement. over the objection of a lot of us it did not have the things in it that it needed to have and it was very weak it did indeed address one issue but i viewed the iran. deal as a deal to try to discipline a bad boy in the classroom that was doing 5 bad things they dressed one of them but they're interested a big one didn't they dressed one of them a big one they addressed one of them ben rhodes in the short time that we have left let's look ahead to the next presidential election next year. what kind of democratic party do you think is going to be capable of beating donald trump with his massive following his dominance of the airwaves his dominance of social media which proved so devastating in the last presidential election what kind of democratic vote is going to be able to i think under the current of the massive following is 40 percent he is the

velocity, we have not seen that in europe. not only have we not seen that in europe, we see consumer confidence being hit in europe. we see that from a rising savings rates, despite of the negative yield that investors are facing. savings rates are coming back to precrisis levels. yet another reason for why these policies do not work. and in the u.s., the fed has the luxury to be data-dependent and you choose not to. priya: i will take the counter to that. the reason to extend our duration is that three-month t-bill, if you invest now, it may be much lower. if you are trying to buy the 10-year, it could be significantly lower. global demographics, we are seeing this in europe. it is all moving saving rates higher. that is creating this reach for yield. if we look at the bloomberg ag index, 25% of that is in negative yielding territory. there is something that forces this reach for yield out there. look at how high risk assets are. they should be a lot lower, because what is my only hedge against risk assets? duration risk. so i would say go maximum long duration risk. jonath

europe so this is the picture the ten-year gilt, 45 basis points we talked about the u.s. yield curve inversion twos and tens in the u.s., you can see that chart in front of you. we tipped slightly negative in intraday we got below zero and are trading around there now historically that's been a good indicator for an upcoming recession. though i would just say couple of words of caution. causation is not necessarily -- correlation is not necessarily causation. and number two, look at how long the period of inversion lasts for. if it's very brief and the yield curve resteepens, that's less of a warning sign the third thing is how the fed would react in that scenario so take all of these things in the context of what the fed may or may not do. but of course the markets were gripped by that inversion yesterday. that was a warning signal to u.s. equities. >> one causation i think we can agree on is the causation whereby we saw that yield curve inversion and then the selloff in the u.s. down 3% on the dow jones. nearly 3% on the s&p 500 more than 3% on the nasdaq it was the worst day for t

you france's position on russia's return to the council of europe to pace and. we hold that this will help to appeal to our normal relations on in europe and we rely on france to support. it when dealing with the e.u. authorities with brussels this is our agenda in brief and finally we'll also talk about our humanitarian carp ration human to human contact mr mark ron mentioned that. we do have very close contacts the next year we want. to host several events in france the so-called moscow seasons $270.00 activities. in all major cities of france i hope this will be of fairy insightful for the french audience and for the russian performance this. will the hits another step to build single full fledged relationship between the 2 countries. thank you very much for letting me i think we will ask for a couple of questions from each part. and then was. called the instrument crawling the you have just said during this. hue may be able to agree on the conditions on having the somme and the normandy your way with the country leaders and you have mentioned a number of times to have a summi

critics of the e.u. have absolutely no issue with europe's past they recognize the enormous success of the european union. conciliation and peace are its greatest achievements most of the people agree with that they take issue with the ability of the e.u. as a system as a mechanism to move forward to be as efficient as it has to be in present times can you really do the reunion without changing the way the decisions on made. be done. and exactly what happens. in these middle age with the innovation. to element of innovation because the good the good and creation of the. technology should have been closed in a close region the region of. the society that i believe this time was the medicine and the 2nd. for the new world order mystery or you know that it happened many times in history that something that once was a blessing suddenly becomes a curse everybody agrees that it's certain point of time the consensus model that the e.u. has served it well but now it takes china less time to set up a whole industry and for the european union to come up with a coherent policy don't you think

stability for europe's 3rd largest economy. also the u.s. military presence in germany has been a constant for 70 years now but the dramatic and are threatening to move to poland our special report looks at what that could mean for the biggest u.s. base in germany ramstein. hello i'm terry martin good to have you with us britain's prime minister boris johnson has won approval by queen elizabeth to suspend parliament it will be closed for 5 weeks in september and october just before the u.k. is scheduled to leave the european union johnson says he needs the time to pursue his domestic agenda but opponents are calling the move undemocratic and over 1000000 people have already signed an online petition against it. it dropped like a bombshell in a letter to m.p.'s boris johnson explained that he wanted to suspend parliament until just 2 weeks before the u.k. is set to leave the e.u. that severely limits the time opponents would need to try to stop regs it johnson denies it's a clever move to silence them there will be ample time on both sides of that crucial october 17th summit ample

>>> welcome to street signs. these are your headlines the rally spreads to europe where stocks look to close a volatile month on a positive note amid signs in a cool down in trade tensions days before fresh tariffs on chinese goods come into effect >> italian prime minister and leader of the pd party matt matteo renzi told me he doesn't want a role in the new government but tells me rome is open for business. >> i can have vote of confidence i can support. i can block salvini and give a message to international investor, please invest in italy. >> europe's real estate index hits the highest level in a month fuelled by german property stocks following a report that a plan could be less strict than previously expected. and boris johnson vows to step up the tempo on brexit talks as he braces for a show down in parliament next week with opposition leaders ready to ignite attempts to block a no deal well, a very warm welcome to street signs happy friday to you. markets ending the week on a positive note as far as we can tell extending games this morning the stoxx 600 up about 0.6%. this

. stranded at sea 500 migrants looking for a new life in europe but those willing to take them and that's it is deputy prime minister is standing tough on immigration and his winning support so is this the answer for the rest of europe this is inside story. hello and welcome to the program. europe is again debating who should look after refugees and migrants have risked their lives to escape for and violence in their own countries more than 500 us duck on ships in the mediterranean sea with nowhere to go to charity boats one french one spanish rescue them off the coast of libya the vessels are close to ports in its own land but never country will love them doc new york state has offered to take them in it's as deputy prime minister says the migrants should be sent back to libya mateo selvin and his farm poncy winding high in opinion polls for being tough on immigration hipped told his support for the governing coalition last week and once to trigger a stop election. oh yeah yeah my parents we are going with the head held high to us italians to take this country by the hand for the next 5

military presence in the region but europe or at least continental europe is refusing to get on board the u.s. live naval mission and is instead continuing to put its face in the nuclear deal struck with iran in 2015 which president trump withdrew america from last year. so our question this week here on quadriga is iran crisis europe on the sidelines and to discuss that question i'm joined here in the studio by early for told on the job a middle east expert with think tanks like the brookings institution and the german council on foreign relations see argues that the big challenge is to transcends 2 equally simplistic perceptions of the islamic republic europe's tendency towards glorification of washington's problem showing full demonize. also with us is alan posner a regular commentator for the berlin based think. he believes that europe is on the front line of iran's aggression if we choose a peace been too serious we will pay dearly for cowardice and a very warm welcome to a drink i had a man who's a business journalist with another berlin daily the target sites on all the times it's

hope that europe's largest economy can steer itself away from recession. and let's go now to our financial correspondent in new york jose luis to horo was a good to see there so they every everyone's watching germany here why is everyone watching germany why are investors so interested in german fiscal policy. well stephen as you mentioned even germany implements any kind of a stimulus it may have a recession or an economy get sick nation at a time that investors are you hearing wall street see growing financial ability of german households and companies germany is the biggest economy in europe and even if the european central bank will probably implement a fresh set of the stimulus effect may be limited sense we are already close to that effect inflow we're bound of monetary policy so the possibility of a push from a different skill side to make some markets and believe that the current downturn in germany will not morph into a long lasting crisis actually it could also help all the european countries and let's not forget that the e.u. is a key partner of the u.s. actually the u

that europe's populist and nationalist parties are gearing up to try and make a splash at the coming european elections but who's helping them we are nationalist we are separate so we leave all our members all on with their own vision and principle in respect of all what this except you know use comfortable phrases like it's a club meant for the exchange of ideas from nationalist populist movements across you're talking strategy for bang and it's far more combative than that isn't it he called it gumming up the e.u. parliament in other words blocking your purposes essentially destructive isn't a no it's to review not building you know you're breaking we are just now we are we are reinforcing and rebuilding the preeminence of national what does he say he said the beating heart of the globalist project is in brussels if i drive the stake through the vampire the whole thing will start and dissipate will produce self-important play we don't think we have we we analyze the situation in the sense that the e.u. system like the us ultimately ends up as imperialism a kind of imperialism i hav

deploying nuclear capable missiles and nato is also keen to avoid europe becoming a staging ground for a nuclear buildup would be very we will not mirror what russia does we don't want a new officers. we have no intention to the pro if you land based. in europe. nato continues to aspire for a construct a relationship with russia when russia else actions make that possible. pompei used to eat at the end of a historic agreement struck between the u.s. and the soviet union presidents mikhail gorbachev and ronald reagan signed the treaty in 1987 a change of course have to decades of cold war you pay attention. the root of the tension was this the soviet s s 20 missiles a nuclear warhead that could strike western europe at short notice. the u.s. deployed its own mid-range missiles in europe leading to protests across the west. the i.n.f. treaty resulted from widespread popular demand for deescalation when the cold war ended so did the fear of nuclear armageddon but with the end of the ins the specter of nuclear confrontation looms again. it was earning me now here on the set this is dan c.

courses. c you never stand up for your what of course we stand up for europe you seem to live in a parallel universe you know like the old oh let's not be silly please the north atlantic treaty organization nato has just had its 70th birthday but it wasn't a happy one constant carping by donald trump about defense spending has caused bitter resentment here in the us my guest this week here at nato headquarters is rose gottemoeller the organizations deputy secretary general will she now acknowledge that nato has serious splits in its unity. rose gottemoeller welcome to conflicts and we thank you great to be here your boss c.n.n. stoltenberg reminded the world recently that nato his mission was to provide credible to terence and defense the fact is that terrence is no longer credible and hasn't been for a long time he said why do you say that we don't censor well not in the midst of war when i say that because just 5 months ago america's national defense strategy commission painted a pretty dismal picture of the us is ability to protect both itself and its allies the security and wel

europe could be a savior of the nation. ok. yes i mean italians were always fascinated by the strong leader by a person that could solve everything i mean we have an example few years ago with matteo renzi i mean you reach the 40 percent of the european elections and now we're seen you see pretty much the same thing with me even if the communication is pretty much different and so obviously also the political issues are pretty much different. but so even if we are fascinating then we have to see you i mean a perfectly what we will do obviously we still have a consensus i mean even if the consensus seems pretty must different from the percent folly of political election and the majority on the parliament so if you love the consensus we don't know how. is going to put together i mean that the needs of the telly to grow i mean not only i mean economically in italy nice towards a socially i mean we also have a big difference inside if for example we have a north east studies at the maximum level of the european union while the south is completely separated from the standard of europe so

manufacturing pmi's which were pretty grim reading, particularly for europe as well. i do think risk assets in equity markets in particular are vulnerable at this point in terms of whether they can actually deliver corporate earnings, which are built into 2020.t valuations into so what does that mean? you stay invested, but you do have to pick your spots. you don't go aggressively in terms of lower quality. you still have a preference for the less cyclical, better quality assets. but as i say, you may need to move down some of the capital structure, and also have some hedges. i do like, for example, real interest rates as a hedge against further weakness in global growth and global trade policy uncertainty. guy: there was a report out of frankfurt a little earlier on that's adjusted the ecb is getting ready to do a simple tier structure for the banks, but not ready to do qb. -- to do qe. would that be a disappointment? would be aink it disappointment if they come to the september meeting and say that qe isn't going to be coming because i do think the last part of that is priced in. i'm not so

nobel peace prize helping europe to recover economically from the war. you may not know he loved to ride horses. this is how he relaxed and he called it great exercise. although, i would think it would be better exercise for the horse. but what do i know? so his personal life was very difficult. he graduated from college in 1901. in 1902 he married lily carter coals, who was born with a heart defect. he had to be very careful with her. he was a doting husband, always trying to make sure she was comfortable, and had everything that she needed. she died in 1927. they never had any children. he married katherine bois up thor in 1930. she was a widow with three children of her own, and marshall became very close to the children. two of the boys, in fact, were army officers during world war ii and the youngest, allen, was actually killed by a sniper in italy during the war. his stepdaughter was also married to an army officer who served. although, marshall never used his position to influence their careers. he was -- he was above all a very honorable man, and he would never do anything that h

another profit area. now french president a man you're macron says europe wanted to be held hostage to the u.k.'s democratic crisis across the comments a day before his years a mate of britain's prime minister abbas johnson he added that reopening the withdrawal agreement wasn't an option only a johnson was welcomed by german chancellor angela merkel and then there were told johnson he had 30 days to come up with an alternative to the irish backstop bought at a break that day and was possible says the banks of the so you know what folk was it the backstop has always been a fallback position if one is able to solve this conundrum if one finds the solution and we said we would probably find it in the next 2 years to come but we can also maybe find it in the next 30 days then we're one step further in the right direction and we obviously have to put our all into this. we in the u.k. want a deal we seek a deal and i believe that we can get what we can do this up and does i think is that is the phrase but clearly. they clearly we cannot we cannot accept the current withdraw agreement arrang

are seeing weakness in growth numbers in the u.s., europe, and in asia. we clearly have a major shift in monetary policy this year, that is supporting valuations. there is a breaking point, but if growth we can sufficiently, central bankers, the amount of easing may not be enough. ultimately, we think the central bankers globally have the ammunition and ability but not the willingness to do the stimulus required. the last central bank meetings disappointed markets because they signaled further easing not as much as the market has been expecting. matt: joubeen hurren, portfolio manager fixed income, aviva investors global service has a lot more to go through. we are asking the question on mliv, how far can global stocks advance? would the move by president trump yesterday, you can join the debate and reach out to us on the online team -- mliv team to contribute your answer. thus get the bloomberg first word news. phase, angelault merkel describe the german from thecoming back summer holiday more pessimistic about the economy and inclined to do something about it. monitoring the situati

conference in munich i mean plenty of recriminations and bad blood between europe and washington are you trying to tell me that europe has lived up to its commitments under nato is that what you're trying to tell me because believe me there is no belief or that on anybody's part that some of the european nations are not living up to their commitments and indeed look i've done this for 10 years i've come over here and tried to talk the nato countries into living up to their agreements they patted us on the head and said all well we're on track to try to do this or try to do that let me put it bluntly the problem is that many member states don't trust donald trump to this his commitment to nato and why should that i mean he's done everything he could to undermine trust that he's 100 percent behind it you know i haven't seen that clearly donald trump has shaken things up there's no question about it he's got a big movement is not my only allies to sit up and take notice because he was very concerned about the lack. of fair burden sharing inside the alliance and he wanted allies to pay more

don't miss out. s.o.s. europe the european union is in crisis. its title future you will meet champions young champions. meeting vasa made what are the spots you know for a long time i took pieces on the things we value about europe for granted that now i sense this need be something that we don't people in particular need to find a woman ought to tie a template. for activists from for a few countries. they are pushing for the dream of a united europe. do they stand a chance. can they save the european idea. what's behind his stand up to you right here in panama and contribute to something important to notice again that she is. the future of europe starts september 2nd on d w. britain's main opposition leader jeremy corbyn says he'll move swiftly to try to stop the prime minister from suspending parliament ahead of the braggs it deadline and from taking the u.k. out of the e.u. without a deal this of the leader of scotland's conservatives resigns a day after boris johnson the shock announcement. italy's prime minister just that because as accepted a mandate to form a new coali

the post in eastern europe. he is now in maryland, the operative -- author of numerous books, about the missile crisis in 1962. his most recent book is entitled the unwanted. this book is a story of jewish families in the small german village in southwestern germany, swiss and french borders. during the 1930s, jewish families and the community saw what was coming as hitler gained increasing power. some were successful, some were not. they ended up being murdered. the book discusses also the immigration policies of the u.s. during the time it raises troubling questions about immigration policy and the u.s. government. our second offer is partial sitting next to me, he was born in england in 1966. he attended university college oxford where he studied politi politics, philosophy and economics. he taught history for a while but overcoming british newspapers, his articles appeared in numerous newspapers and magazines and worked as a screenwriter. including the narrator of the history channel's, last days of world war ii. he left several europe international world war ii, the author of s

have been formed are designed in the europe's interest and the key interest is to stop migration what's happening in africa and middle east in many other countries is we have a rising population there the larger percent of which is young people and they're leaving because they see no future in their own countries so what we need to do is we need to rethink european investment in africa. rethink our development programs and provide or help to provide african countries so that their youth have viable sustainable futures and their own country and in addition there needs to be some form of legal migration channels which has been promised by europe for many many decades which is not materialized. and the the greek and the italians have been saying that the burdens so to speak should be spread fairly among all the countries as a start up to the southern countries of the arrival points of the migration trend that should be sorting most of the burden how can that approach move forward now. when the good thing about the european union is that it's not a function limited single issue organ

1980 and served as chief outpost in eastern europe based in warsaw and served as bureau chief of the newspaper in paris and in moscow. he is a staff member of the us holocaust memorial museum. mister dobbs who lives in bethesda maryland is the author of numerous books including one minute to midnight aboutthe cuban missile crisis in 1962 . his most recent book is entitled the unwanted: america, auschwitz and the village in between. this book is the story of jewish families in the small german village of kitten time to the southwestern portion of germany near the swiss borders. during the 1930s, jewish families in that community saw what was coming as hitler obtained increasing power. many of these families attempted to escape to america, some were successful, some were not and ended up being murdered in auschwitz. both discussions also, the immigration policies of the united states during that time, it raises troubling questions about the immigration policy of the united states government under president roosevelt . our second author is alex kershaw, born in york england in 1966. he

right leader material. will this mean more stability for europe's 3rd largest economy. plus the u.s. military presence in germany has been a constant for 70 years but now the americans are threatening to move to poland our special report looks at what that could mean for the biggest u.s. base in germany ramstein. hello i'm terry martin good to have you with us there's widespread anger across the u.k. this morning after prime minister boris johnson surprise move to suspend parliament it will close for 5 weeks in september and october reopening a little more than 2 weeks before the u.k. is due to leave the european union johnson says he needs the time to pursue his domestic agenda but opponents say it's an undemocratic attempt to stifle debate and over 1000000 people have or. he signed an online petition against it. it dropped like a bombshell in a letter to m.p.'s boris johnson explained that he wanted to suspend parliament until just 2 weeks before the u.k. is set to leave the e.u. that severely limits the time opponents need to stop a potential new deal bragg said johnson denies it

considerations from the part of the german government and also other governments in europe but it's the adults as mothers and the fathers as the men and the women that are regarded as a very serious threat to the security both in germany and in other european countries and so germany is certainly is very reluctant to take back any of these are of men and women that have been considerations to have them tried for instance in iraq in a special tribunal i think they are still discussions going on about that behind the scenes there are considerations what could be done to them once they are in germany could there be charged in the german court in many cases that because this can be very difficult because it's very difficult to prove crimes against these people that happened in an area where germany certainly had no access and then there's the question what does one do with these people once they are in germany whether in jail or whether or not in jail they need to be put under surveillance in some form they need to be controlled in some form it's all a very complex very very expensive matte

so we see that overall we have a slowdown the slowdown in germany and europe again and the beginning of 2800 should never forget the highest the peak in all these economic center mandan all the statistics we had in turn from 2 and 70 to 18 since then a slowdown and really realized it more and more but on the other hand we have also some more stable indications of it for labor market for example labor market in europe is on the best and before crisis we have a stable increase of employment in germany so this backing consumption it's balanced but it's not really a crash but as i said it's looking behind the corner and we are not quite true if there was this will come out what are you what's the single most boring factor right now. the most remarkable burden for economic actors is the insecurity about politics and politics means at least in united states and united kingdom so trump and johnson both personally have the same structure of acting from 2nd to a 2nd they will do at economic costs they have their domestic their internal gold so they want to fulfill the election in th

signals he's open to meeting all right. good morning behind me in europe, we have the majors all to end the session in positive territory and now the dow up 42% since the election and if you remember the president did actually tweet a couple of days ago you should judge me on the stock market performance since the he ex- we did see rebounds in names like apple that was a name very much in focus after it went to a whole new level. and indeed the president did mention 24 hours agatha china indeed called up the u.s. and were looking to reestablish dialogue so that was the picture for asian and u.s. markets europe not so pretty you can see a little bit more red on the board stoxx 600 down .3 already. yesterday we had a bank holiday in the u.s. but trading with a little bit of a negative bias. we're down about .5% about 35 points lower today. some of the names dragging down the u.k. index, bat, hsbc as well some of the names we're watching out for. down .2% we had the second quarter gdp with the second reading again today and it came out at negative .1% so confirming that the german econ

greece, which you mentioned, russia, a lot of europe. some of these stock markets are trading at a massive valuation spread to the rest of the world. we have been talking about this for years on bloomberg. quietly, a lot of these countries are having monstrous years. russia is up almost 30%. greece's stock market up 40%. you have this scenario where people are no longer talking about these countries. starting to see some momentum shifting. they could have some strong, outperformance for the next five to 10 years. scarlet: let's transition to something few people would argue are value stocks. pot companies. give us an update on the pot etf rate. we are five or six in the u.s.? annie: five listed in the u.s. one more in the pipeline with global x trying to come in. the state that we are in right now is really -- there is a lot of excitement over pot etf's. it has been a big year. you have two new launches with yolo and thcx. the sec is asking for statements squaring away some of the legal issues that might be hanging over these funds. that has been a development as well. eric: meb, l

stabilization in fixeded income as you can see behind me, there's more green on the board, in europe today, this is the second day of stabilization when it comes to asian equities the stoxx 600 is still down 2.5% this week. so yes we are rebounding a bit today, quite a lot in the context of the past couple of days, but still notably weaker on the week. let me take you to individual indices. all of these indices are trading in the green ftse 100, the relative underperformer 7,200 is where we're at. about 0.10% firmer a lot of stocks today in the ftse 100 are going x dividends, so barclays, lloyds, they're trading at the bottom of the ftse 100 because they've gone x dividend there's a technical adjustment going on there xetra dax up 0.8%. a bounce higher. the dax was down 1.8% on the week, giving some of that back cac 40 up 1% the italian index up a third of a percentage point keep an eye on italian political developments there's more tension between liga and five star turning to sectors, every sector in europe is trading in the green. those are the most exposure to china are rebounding quit