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Speaker 1: Global business news twenty four hours a day. If Bloomberg

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Speaker 1: dot com, the radio plus mobile act and on your radio,

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Speaker 1: this is a Bloomberg Business flash and I'm Karen Moscow.

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Speaker 1: US dot index Future has jumped after the European Central

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Speaker 1: Bank delivered a bigger than expected boost to its monetary stimulus.

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Speaker 1: Let's go to the first Word breaking news desk for

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Speaker 1: today's morning call. Here's Bill Maloney. Bill, good morning, Karen.

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Speaker 1: That's right. US futures have extended their gains. ECB cut

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Speaker 1: all rates and Quey was boosted to eighty billion euros

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Speaker 1: a month. Futures currently hired by a hundred and twenty

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Speaker 1: three points, as if He's gained seventeen and as the

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Speaker 1: futures rise by forty one. US tennio at one point

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Speaker 1: eight eight percent, and European markets are extending their games

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Speaker 1: as well. Italy rises three point two percent on the

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Speaker 1: economic front. Eight thirty Draggy holds his press conference and

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Speaker 1: US initial jobs claims, and it's ten thirty natural gas

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Speaker 1: storage change. In dealing news, NAZAC buys Deutsche Bors's options

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Speaker 1: market for one point one billion, and regarding earnings this morning,

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Speaker 1: Dollar General Beat shares a higher pre market and United

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Speaker 1: Technologies reaffirmed and Q one forecasts. Finally some of your

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Speaker 1: WALLSHET upgrades and downgrades, Expedio raised, overweighted, Piper and fact

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Speaker 1: set cut the cell over at ubs live on the

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Speaker 1: first Breaking News Desk, Scomb, Bill Maloney, Karen Thanks billan

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Speaker 1: to hear live breaking news over your Bloomberg type squaw

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Speaker 1: go on your terminal. Let's squ you a w k

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Speaker 1: go and that's a Bloomberg business flash. Tom and Mike Karen,

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Speaker 1: thanks so much. If Bloomberg surveillance this morning rush you

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Speaker 1: Bay Investco. Have you considered all of your investment alternatives?

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Speaker 1: Non traditional st classes and strategies may help you achieve

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Speaker 1: your goals? Find out more at investco dot com, slash alternatives, debt,

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Speaker 1: escarpment with it. One of the great things about Dennis Gartman,

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Speaker 1: I've said this before, he's one of the few people

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Speaker 1: with the courage to actually publish his successes and failures

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Speaker 1: in the back of his newsletter. I love to say

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Speaker 1: that done at the bust your chops. But but the

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Speaker 1: thing that's cool here is you link technical with fundamental

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Speaker 1: with your economics as well. The arch question now is

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Speaker 1: commodity and oil bottom. Jeff de Graph was brilliant yesterday

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Speaker 1: talking about the search for catharsis. I haven't seen it.

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Speaker 1: Do I need a cathartic event to scream oil bottom?

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Speaker 1: I think more than that, you need a non cathartic event.

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Speaker 1: I think you need the most boring thing of all.

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Speaker 1: I pay attention. I I was taught years ago, when

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Speaker 1: I began my career in the early seventies in the

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Speaker 1: cotton market, to watch the term set to watch now

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Speaker 1: one commodity future trades relative to another, and that knowledge

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Speaker 1: of the term structure really has carried over into the

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Speaker 1: energy market. We have watched as the carrying charge the contango.

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Speaker 1: I hate to get to esoteric, but the contango for

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Speaker 1: the one year had gone out as far as nine

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Speaker 1: dollars per barrel one spot w T I was trading

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Speaker 1: around twenty six. That contango has narrowed into about five dollars. Crude,

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Speaker 1: for lack of a better term, is less aggressive in

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Speaker 1: bidding to go into storage. It's telling you that informed

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Speaker 1: money has really said the lows have been put into

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Speaker 1: crude twenty six is not going to be taken out

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Speaker 1: on the down side. But at the same point, it's

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Speaker 1: gonna be very difficult to get the w t I

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Speaker 1: SPOT w t I above forty because if the contango continues,

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Speaker 1: forty in SPOT gives you about forty five dollars out

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Speaker 1: one year, and I'm telling you, at forty five dollars,

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Speaker 1: those down in the those up in the back, and

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Speaker 1: those down in Midland, Texas are making a lot of money.

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Speaker 1: They can hedge and be profitable. So it's gonna be

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Speaker 1: difficult to get SPOT crewde about forty dollars. I jump

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Speaker 1: in here because I got like eight ways to go

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Speaker 1: with Dennis and we don't have the time this morning.

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Speaker 1: Who's our next guest? Mario dragging Mario the press conference?

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Speaker 1: A number of things we've talked about a minute that

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Speaker 1: he had not have been answered yet. Uh, Dennis, as

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Speaker 1: long as we have just a few moments with you,

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Speaker 1: let me get on what you were saying about soft

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Speaker 1: commodities l Nino fading. There's talk of La Nina coming in,

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Speaker 1: which seems to historically raise the price of those commodities.

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Speaker 1: Time to invest, What do you want to do? I

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Speaker 1: think that the lows have been seen in the commodity

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Speaker 1: markets generally, whether it's in the soft whether it's in

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Speaker 1: the grains, whether it's in crude oil, um and and

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Speaker 1: perhaps maybe even sort of kind of gently, maybe even

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Speaker 1: in the most barrish of all commodities, not gas. The

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Speaker 1: era of being or the age or the year or

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Speaker 1: the two years of being short of commodities is probably

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Speaker 1: behind us. And I think that the actions taken by

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Speaker 1: the e c B this morning simply promote that notion

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Speaker 1: that commodity prices are likely to be stronger, not weaker,

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Speaker 1: going forward in the final time we've got with you.

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Speaker 1: And I say this with immense respect for Martin's wage.

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Speaker 1: We lost the weight, right man, you know Marty's wage.

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Speaker 1: Don't fight the FED, don't fight the e c B,

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Speaker 1: don't fight the B. Forget about the esoteric net. As short,

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Speaker 1: what's the gartment advice for people, basic people out there

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Speaker 1: to invest with these central banks as Marty's wide titans,

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Speaker 1: as long as the as long as the central bank

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Speaker 1: wind is at your back, and it is and they're

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Speaker 1: not going to stop anytime soon. You're better off being

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Speaker 1: long than you are being short. You're better off erring

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Speaker 1: on the side of being bullish than you are on

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Speaker 1: the side of being barished. And you're probably going to

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Speaker 1: be better off owning basic commodities. My my old mine

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Speaker 1: is I'd like to buy the things that if I

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Speaker 1: dropped them on my foot will hurt I. E. Aluminum, steel, iron, ore, trains, ships,

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Speaker 1: big things, easy things, the things that go along with

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Speaker 1: economic growth. Those are the things that I think would

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Speaker 1: make sense. Plus there's dividends to be gotten from them.

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Speaker 1: So if you're going with the military authorities giving you

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Speaker 1: winded your back, oh those things right, Dennis, one minute left.

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Speaker 1: You're a victim of the South. You live somewhere near

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Speaker 1: a glory this golf course. I get that. As we

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Speaker 1: go to Florida and as you write about politics, I

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Speaker 1: don't want your opinion on this talent. Does Mr Trump

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Speaker 1: have an economic policy you've discerned, Yes, protectionism, yes, lunacy.

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Speaker 1: Yes he's wrong, and I'm I'm I'm of the hope

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Speaker 1: that he is not the nominee and the Republican Party.

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Speaker 1: But at this point I'm about to give up that hope.

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Speaker 1: The only moved to Canada. Oh, of course, exact very

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Speaker 1: hard to play a nothing, Vancouver, Dennis. Thank you so much.

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Speaker 1: Tennis Gartman Golfer. Here's the surveillance breaksclusive today Cartman will

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Speaker 1: not move to Canada, all right, soa Mario Joggy throws

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Speaker 1: the kitchen sink at financial markets, and Tom look at

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Speaker 1: what is happening to European banks. Deutsche Bank up four

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Speaker 1: and a half percent, Associated General up five percent, B

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Speaker 1: and P Parabout up four point four percent, the Italian

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Speaker 1: a UniCredit up seven point two percent. Even Bonco DeMont Posky,

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Speaker 1: the troubled Italian bank, is up four point seven percent. Now,

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Speaker 1: the movement that we see, we knew it would be important,

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Speaker 1: but it always can surprise. We got the full surprise

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Speaker 1: this morning, and there will be headlines. What we will

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Speaker 1: do for you, We will give you the headlines. We

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Speaker 1: will then go into the next phase of headlines, which

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Speaker 1: will be difficult questions and is considered answers. They always

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Speaker 1: in every case move markets. The yen's starkly weaker this morning,

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Speaker 1: one nineteen as well, US futures up sixteen, Town futures two.

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Speaker 1: Next the Draggy press conference coming up there. With all

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