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Speaker 1: Broadcasting live to New York, Bloomberg to Washington, d C,

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Speaker 1: Bloomberg to Boston, Bloomberg twelve, on to San Francisco, Bloomberg

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Speaker 1: to the Country Channel one ninety and around the globe

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Speaker 1: the Bloomberg Radio plus Bloomberg dot Com. This is Bloomberg Surveillance.

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Speaker 1: Good morning on Wall Street. I Michael mc key along

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Speaker 1: with Tom Keane. Not starting off very well. A lot

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Speaker 1: of red on the screen today. We do have City

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Speaker 1: Group reporting earnings at eight am this morning that we'll

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Speaker 1: get some attention. Goldman Sachs topping the top of news

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Speaker 1: at Bloomberg today, embarking on its biggest cost cutting push

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Speaker 1: in years, has to try to weather it's slump in

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Speaker 1: trading and deal making. Goldman reports its earnings on Tuesday,

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Speaker 1: is forecast to report a steep drop in expenses for

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Speaker 1: the quarter. Speaking of steep drops, Volkswagen's European first quarter

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Speaker 1: market chair reached a five year or low. Autobuyers snubbing

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Speaker 1: the German carmaker's efforts to resolve that emissions cheating scandal.

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Speaker 1: Bat's global markets pricing. It's i p O nineteen dollars

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Speaker 1: a year. That's the top end of the marketed range

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Speaker 1: put the value on the company of one point eight

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Speaker 1: billion dollars and some good news from Bombardier for a change,

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Speaker 1: Balbardier nearing an agreement to sell as many as seventy

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Speaker 1: five C Series A jetliners to Delta Airlines. That according

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Speaker 1: to a person familiar with the talks. Now, let's check

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Speaker 1: out with Michael bar at the latest World of National headlines. Michael, Mike,

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Speaker 1: thank you very much. Belgium's transport minister has resigned after

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Speaker 1: a secret European Union report detailing lapses and airport security

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Speaker 1: oversight was leaked in the wake of the deadly March

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Speaker 1: twenty second bombings at Brussels airport and subway. The confidential

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Speaker 1: EU document from last year was made public by two

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Speaker 1: Belgian opposition parties. It says the oversight of security measures

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Speaker 1: at Belgium's airports was flagged and cited serious deficiencies in

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Speaker 1: the way safety checks are managed. Boston is marking the

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Speaker 1: third anniversary of the deadly twenty marathon bombings with subdued remembrances.

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Speaker 1: A reth laying ceremony would take place this morning at

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Speaker 1: the marathon finish line at two forty nine pm Eastern time.

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Speaker 1: A citywide moment of silence will mark the time when

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Speaker 1: the first of two pressure cooker bombs detonated. It didn't

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Speaker 1: take long for Bernie Sanders and Hillary Clinton to clash

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Speaker 1: as they met last night for debate in Brooklyn. The

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Speaker 1: candidates had pointed words for each other about the other's

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Speaker 1: judgment and record. Clinton and Sanders have been clashing accluding

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Speaker 1: to Clinton, Sanders has not been able to fully answer

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Speaker 1: questions about how he's carried out his proposals on the

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Speaker 1: economy and foreign policy. Sanders criticized Clinton's votes in favor

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Speaker 1: of the Iraq War and some trade deals while she

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Speaker 1: was a senator. Global News twenty four hours a day,

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Speaker 1: powered by our twenty four hundred journalists. I'm Michael Barr, Mike,

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Speaker 1: thank if I got time now for the Bloomberg NBC

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Speaker 1: Sports Update with John Stessha Mike. The Islanders I haven't

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Speaker 1: won a playoff series since three a decade after winning

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Speaker 1: the fourth consecutive Stanley Cup. They've lost seven series in

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Speaker 1: a row. They're playing the Florida Panthers, who haven't won

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Speaker 1: a series since nineties. Six Game one in Miami, three

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Speaker 1: times the Aisles scored to tie the game. They took

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Speaker 1: the lead in the third period. They won five to four.

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Speaker 1: John Tavaris a goal to assist. They come right back

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Speaker 1: tonight for a game two. Rangers play Games two at

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Speaker 1: Pittsburgh tomorrow afternoon. They're hopeful Henrik Lundquist can make a

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Speaker 1: one hundred and twelfth consecutive playoffs start in Goalie had

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Speaker 1: to leave after the first period of the game one

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Speaker 1: loss with an eye injury. Yankees managed just three hits

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Speaker 1: off Marcus Stroman lost in Toronto four to two. Yanks

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Speaker 1: come home with some puny batting averages. Brett Cartner is

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Speaker 1: hitting one seventy four, Chase Henley won fifty, and Alex

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Speaker 1: Rodriguez is batting one twenty. They host Seattle tonight. Metsr

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Speaker 1: in Cleveland for the fourth time in five years. The

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Speaker 1: Giants open the season against the Cowboys. It will be

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Speaker 1: in Dallas. The Jets in week one nine eleven will

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Speaker 1: host Cincinnati. The season starts with the Super Bowl rematch

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Speaker 1: Carolina at Denver. The Lumber NBC Sports Update, I'm John Stage,

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Speaker 1: Thank you John. Interesting story today on the Bloomberg about

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Speaker 1: the weather going to be sixty seventy degrees in New York.

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Speaker 1: It is going to snow, speaking of the Broncos in

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Speaker 1: Colorado this weekend. This is Bloomberg Surveillance on Bloomberg Radio.

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Speaker 1: I'm Michael to get you along with Tom Kane on

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Speaker 1: Bloomberg Surveillance. We're looking at a down start to the day.

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Speaker 1: S and P futures down by four points right now,

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Speaker 1: two tenths of eight percent. Doubt emating futures are off

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Speaker 1: by twenty four tenth. In Europe, the stock six is

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Speaker 1: two points lower. That's almost half a percent on that index.

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Speaker 1: Oil prices weighing on the markets. West Texas is down

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Speaker 1: two point two percent, Brent crude five down two point

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Speaker 1: three percent, and Ran says it won't send its minister

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Speaker 1: oil minister to the big summit in Doha to try

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Speaker 1: to come up with production caps. We'll see how that

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Speaker 1: turns out on Monday time. Now for the Bloomberg n

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Speaker 1: j I T Stam Report, brought to you by New

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Speaker 1: Jersey Institute of Technology, investing more than a hundred and

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Speaker 1: ten million dollars a year and applied research to solve

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Speaker 1: problems and improve life. Learn more at Stories of Innovation

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Speaker 1: dot j I T dot DU. Here is gentle, Sorry, Michael,

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Speaker 1: Microsoft has suit the Justice Department to block authorities from

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Speaker 1: taking customers emails and other data stored by Microsoft without

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Speaker 1: ever having to let them know. There's an escalation of

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Speaker 1: a two year tussle with the government over privacy and

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Speaker 1: cloud computing. Well. Today, Apple is set to continue its

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Speaker 1: fight to keep the government out of another iPhone. This

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Speaker 1: one sees from a drug dealer in a Brooklyn case,

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Speaker 1: just weeks after the EPII had dropped its efforts to

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Speaker 1: force Apple to let it break into when used by

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Speaker 1: a terrorist who killed his wife and fourteen people last

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Speaker 1: year in San Bernardino, who with his wife killed fourteen

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Speaker 1: people last year in San Bernardino, California. That earthquake in

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Speaker 1: southern Japan that killed nine people yesterday damaged buildings and

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Speaker 1: derail the bullet train also halted production at a soda

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Speaker 1: camera chip factory, key part of the global smartphone supply chain.

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Speaker 1: The plant on the Southern Islands in Japan. It's still

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Speaker 1: being inspected. The strength of the earthquake, as well as

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Speaker 1: persistent after shots are raising the risk it will take

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Speaker 1: time to restore operations. That's according to an analyst at

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Speaker 1: Zoo Hoo Securities, and that is this morning's Bloomberg and

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Speaker 1: g I t Stem Report. Michael, thank you very much,

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Speaker 1: John Tucker. Well, we're fifteen days into the second quarter

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Speaker 1: UM fourteen and some hours, and as we note, stocks

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Speaker 1: turned around in the first quarter tremendously. They've sort of

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Speaker 1: been up and down in April so far today they

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Speaker 1: are down. What's the overall outlook is chief investment officer

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Speaker 1: of del Tech, and he's with us now until the

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Speaker 1: The Dell Tech outlook for the second quarter isn't all

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Speaker 1: that bad, even though there's a lot of things, individual

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Speaker 1: news stories that people are concerned about. That's a good point, Michael.

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Speaker 1: I mean, what we're saying right now is globally second

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Speaker 1: derivatives move markets, and there's two things that are working

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Speaker 1: for us. Number One, global growth momentum, growth in the

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Speaker 1: rate of growth. The second root is rising all of

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Speaker 1: the PM new orders numbers across the world have been

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Speaker 1: improving many and now consistent with an economic expansion. Secondly,

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Speaker 1: global liquidity commissions are just the amount of money to

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Speaker 1: fly that there is around the world has increased rapidly

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Speaker 1: as well, on the back of ECB banquet, Japan PBOC easing,

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Speaker 1: and of course the Fed remaining on hold. So that

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Speaker 1: combination of data that we're seeing from a global growth

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Speaker 1: perspective and a global liquidity perspective is actually consistent with

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Speaker 1: higher markets as we look back through time, and indeed

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Speaker 1: that's our outlook for the future despite some of these

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Speaker 1: negative new news and flow stories that we're seeing. Well,

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Speaker 1: one thing that we haven't been able to break away from,

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Speaker 1: it looks like is a correlation between oil praises and

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Speaker 1: equity prices. Oil lower again today, equity prices lower again today.

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Speaker 1: Are we're going to be able to break that at

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Speaker 1: some point? Look, I hope is that you know this

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Speaker 1: combination of data is not only consistent with investment markets

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Speaker 1: more generally moving higher, but also if it looks specifically,

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Speaker 1: and you spoke earlier about kind of specific news stories

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Speaker 1: coming out, when we look at the oil story, it

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Speaker 1: actually has turned around quite considerably since a few four

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Speaker 1: last year. Now. We upgraded our view of energy in

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Speaker 1: the first quarter. With this second quarter outlook, we've upgraded

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Speaker 1: our view of energy again, and that's truly on the

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Speaker 1: back of two things. Number One, global demand is increasing

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Speaker 1: in response to that improvement in global growth that I

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Speaker 1: spoke about earlier, but also global supply conditions are improving

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Speaker 1: as well. There's been a huge reduction in US oil production.

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Speaker 1: In fact, year on year, US ontore or production is

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Speaker 1: actually negative in terms of negative growth, so the supply

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Speaker 1: story stating was more favorable as well. So we believe

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Speaker 1: actually markets moving high, but also oil prices are going

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Speaker 1: to move higher over the balance there that should end

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Speaker 1: the year between forty to if you knows about we

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Speaker 1: don't expect them to go little back into the twenties.

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Speaker 1: As we saw in Q one. The oil industries earnings,

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Speaker 1: which should start coming out in the next week or so,

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Speaker 1: our forecast to be at almost historic lows of the

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Speaker 1: drop from last year. At this time, if prices are rising,

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Speaker 1: do you want to get out ahead of that and

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Speaker 1: buy some of these oil companies. That's absolutely right. You know,

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Speaker 1: we are looking to accumulate energy companies over the next

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Speaker 1: few weeks, and now we're looking for areas that waitness

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Speaker 1: obviously has had a strong run over the past few weeks.

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Speaker 1: We will be looking to increase exposures towards the energy sector.

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Speaker 1: That will primarily actually be through equities exposures because to

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Speaker 1: your point, and they've sold off quite heavily on the

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Speaker 1: back of these historic earnings of the week. But the

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Speaker 1: outlook if all prices to rise, will look a lot

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Speaker 1: more favorable because of course they put to a lot

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Speaker 1: of cost cuts over the task quarter as well, so

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Speaker 1: the operating leverage they'll get from higher prices will be

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Speaker 1: significant very quickly. Are you are we talking big majors

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Speaker 1: or what would you buy? We're sticking towards the lots

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Speaker 1: in the grated oil companies, um, but that have a

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Speaker 1: yield that have helped you great cash blood. This isn't

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Speaker 1: the time when explorations then gets turned back onto the

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Speaker 1: smalltiplies the run market the benefit at this point, Locklaise,

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Speaker 1: the topics and maintenanceupplies in the old services that not

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Speaker 1: going to benefit autus so very much towards the lodge

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Speaker 1: end of the statum. All right, let's come back with

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Speaker 1: a total Deltics chief investment officer a relatively optimistic view

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Speaker 1: of the markets going forward. Overall, investors aren't feeling optimistic

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Speaker 1: on this Friday, even though the weather is supposed to

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Speaker 1: be nice here in New York for a change, as

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Speaker 1: and P futures are down by four points two tents.

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Speaker 1: I heard this morning. It's nice in London as well.

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Speaker 1: If you're in London, you can let us know. But

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Speaker 1: they were telling us the sun is shining. The stock

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Speaker 1: six hundred down two points though half a percent, So

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Speaker 1: there's a correlation between nice weather. That's a good question.

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Speaker 1: Is there a correlation? We'll find out. This is Bloomberg

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Speaker 1: Surveillance on Bloomberg Radio worldwide, and Bloomberg Surveillance is brought

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Speaker 1: to you by your Tri State BMW centers. Visit them

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Speaker 1: online at tri State BMW dot com. At BMW they

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Speaker 1: make only one thing, the ultimate driving machine, Bloomboo Business

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Speaker 1: News twenty four hours a day at Bloomberg dot com,

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Speaker 1: the Radio Plus mobile app and on your radio. This

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Speaker 1: is a Bloomberg Business flash and I'm carrying moscown. This

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Speaker 1: update is brought to you by Sector Spider e t F.

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Speaker 1: So I buy a single stock when you can invest

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Speaker 1: in the entire sector. Visits sector sp d r s

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Speaker 1: dot com are called six sector et f. Oil is

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Speaker 1: falling for a third day before major suppliers meet in

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Speaker 1: Doha to discuss an output freeze, boosting bonds and sending

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Speaker 1: European stocks lower. Along with U stock index futures who

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Speaker 1: checked the markets every fifteen minutes throughout the trading day.

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Speaker 1: On Bloomberg sn P E Many futures down four and

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Speaker 1: a half points, now eveny futures down twenty eight and

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Speaker 1: NAS documenty futures down twelve. The decks in Germany's down

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Speaker 1: six tenths per set tenure treasury up seven thirty seconds,

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Speaker 1: the yield one point seven six percent yield on the

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Speaker 1: two year point seven five percent. Nim X screwed oil

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Speaker 1: down two percent or eighty four cents to forty dollars

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Speaker 1: sixty six cents of barrel COMEXS. Gold is up half

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Speaker 1: percent or five dollars ninety cents at twelve thirty two

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Speaker 1: ounce the euro and allar twelve eighty three The n

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Speaker 1: one oh eight point eight four Regions Financials first quarter

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Speaker 1: profit beating analysts estimates by one cent, and IT shares

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Speaker 1: are up one point eight percent this morning. And Mattel

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Speaker 1: Networks agreeing to buy Polycom for Cashion stock and a

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Speaker 1: deal valued at about one point nine six billion dollars

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Speaker 1: to expand in the market for conferencing and video collaboration.

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Speaker 1: That's a Bloomberg business flash. Tom and Mike Karen Moscow,

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Speaker 1: thank you very much. We're talking about it too late,

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Speaker 1: chief investment officer at Deltech, and we were we were

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Speaker 1: talking about oil prices before the break. Let's pick up

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Speaker 1: with that idea and ask if oil prices you think

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Speaker 1: have bottomed and are are going to go up in

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Speaker 1: the in the next couple of months. Is that true

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Speaker 1: for come udities in general? We saw the Chinese report

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Speaker 1: economic growth today that matched their forecast. Is this whole

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Speaker 1: idea that global demand is falling apart over with now

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Speaker 1: and we'll see some stabilization. So it's a good question

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Speaker 1: because you know, the outlooks are committed to the commodities

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Speaker 1: is not just shaped by demand conditions, it's also shaped

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Speaker 1: by us L or liquidity conditions. That is the amount

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Speaker 1: of USLO money supply globally. Why because the ufl A

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Speaker 1: money supplies effectively the funding source for a lot of

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Speaker 1: carriage traits around the world, including commodities. Now, we still

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Speaker 1: believe that we're in a secular bear market for commodities.

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Speaker 1: We certainly believe that the last commodities boom is over

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Speaker 1: and ended in two thousand and twelve, and the next

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Speaker 1: commodities boom is a generation away. Within that, you can

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Speaker 1: have cycles or mini cycles where you do get rallied,

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Speaker 1: and that that those rallies are borne out of two things.

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Speaker 1: One is in improving global demand depression and really we're

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Speaker 1: talking about Chinese demand because that that's the magic contributor

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Speaker 1: to our commodities consumption that is improving over the next

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Speaker 1: few months, so that will be supported as well as

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Speaker 1: that US all liquidity conditions are supportive because the FED

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Speaker 1: has effectively gone on hold for at least the next quarter,

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Speaker 1: so that that sets us up for a pretty favorable

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Speaker 1: environment to carry fight out there. But as we moved

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Speaker 1: towards the back end of this year, we believe the

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Speaker 1: FED is going to have to tighten and more aggressively

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Speaker 1: because they've been on hold right now and when the

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Speaker 1: US all liquidity catch withdrawn from markets, that's going to

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Speaker 1: be very, very painful for all carry trade sensitive assets,

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Speaker 1: including the commodity So that's a great debate. Maybe more

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Speaker 1: of a debate earlier this week and in the last week,

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Speaker 1: is how strong can the euro go. We've seen an

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Speaker 1: impossibility of that to a few courageous calling for strong euro.

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Speaker 1: I'm not going to say it's consensus now, but there's

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Speaker 1: been a migration to one f one twenty. Where are

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Speaker 1: you on that? Look, we think, you know, the Euro

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Speaker 1: in the near term candra up, but that's really you know,

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Speaker 1: we're looking at against the US dollar, where we think

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Speaker 1: the uslar can experience one to two quar It is

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Speaker 1: a weakness, but you know, we're secular balls from the

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Speaker 1: U S. Dollar on the back of not only policy,

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Speaker 1: but also some changes within the U S. Economy in

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Speaker 1: terms of the US trade deficit not expanding as much,

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Speaker 1: which will actually reduce US dollars liquidity around the world.

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Speaker 1: So the fourth is around the euro US dollar are

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Speaker 1: more born by the US dollar when we look at

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Speaker 1: the Euro against other currencies. Look, we think European economic

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Speaker 1: growth is moving from recovery to expansion. Monetary policy is

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Speaker 1: going to remain where it is for the next year.

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Speaker 1: So over the next year, look, we think that the

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Speaker 1: Euro can come down slightly. We're certainly not looking at

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Speaker 1: it going to walks parity, but I would be very

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Speaker 1: surprised to see it move up much stronger towards one twenty,

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Speaker 1: just in this environment where the US is so strong. Well,

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Speaker 1: you suggested that Europe maybe okay, if the Euro doesn't

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Speaker 1: weaken significantly, can they get off off the mark here,

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Speaker 1: can the economy grow enough to really make earnings significant?

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Speaker 1: Significant change in earnings makes things worth buying. Look, Europe

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Speaker 1: can grow without without awaker Europe without awake of Euro.

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Speaker 1: But the real issue is what parts of the economy

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Speaker 1: are going to grow, Because if we don't say awak

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Speaker 1: of Euro, then you're really going to say German industrial

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Speaker 1: production numbers not really experienced that much strength because I

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Speaker 1: do rely on the lower Euro to get a lot

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Speaker 1: of that strength for it. So it's going to be

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Speaker 1: more of a consumption lead recovery, more of a housing

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Speaker 1: and asset price bed recovery, rather than a manufacturing lead

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Speaker 1: recovery if we don't get awake of Euro too. I

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Speaker 1: look at the dynamics now, and of course we've done

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Speaker 1: a lot of international economics this week, and just having

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Speaker 1: on Charles Duma as well as we mentioned a Ken

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Speaker 1: Roga earlier this morning, it all comes back to the

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Speaker 1: real economy. As an investor, how critical is it that

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Speaker 1: I have a recovery world economy or a U S

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Speaker 1: economy are gonna just have all this other mumbo jumbo

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Speaker 1: support asset prices? Incredibly important to have a recovering, agree,

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Speaker 1: because you can't. You can only get per expansion for markets.

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Speaker 1: You can only get per expansion for so long, and

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Speaker 1: that per expansion is really driven by the discount rate declining,

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Speaker 1: and the discount rate declining can only be driven by

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Speaker 1: reference rates declining and spreads contracting. We've kind of reached

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Speaker 1: the end of that because reference rates are quite low,

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Speaker 1: they're negative in many reasons across the world, and spreads

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Speaker 1: have come all the way, and so we're at the

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Speaker 1: end of the peer expansion story. We need to start

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Speaker 1: to get earnings recovering, and that can only come through

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Speaker 1: stronger economic growth at this real economy level, not an

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Speaker 1: asset class level. Well, the different differentiate chief and going

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Speaker 1: into the World Bank a MF meetings this weekend seems

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Speaker 1: to be that the US is doing what you say

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Speaker 1: the rest of the world is not. Is that impression wrong? Look,

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Speaker 1: we we think the imus behind the curve on this

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Speaker 1: because as we look at these manufacturing surveys around the world,

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Speaker 1: in almost every region, we're saying peer might expand UH

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Speaker 1: in terms of increase, and in almost every region when

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Speaker 1: apping p M above fifty, which is typically associated with

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Speaker 1: the expansion, so UM to say that it's the US

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Speaker 1: letter recovery is true. To say that's the US only recovery,

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Speaker 1: we think it's false. There are other parts of the

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Speaker 1: world that just starting to carry their weight as well.

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Speaker 1: Where are you on this difference between European in US banks.

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Speaker 1: I mean, you're sort of removed from when I get that,

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Speaker 1: which I think is an advantage. You're not really wedded

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Speaker 1: to a Wall Street or a Frontfort viewer, a Brussels

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Speaker 1: view Can the European banks catch up or is there

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Speaker 1: a day done well the issue that we started for

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Speaker 1: the European banks if they haven't yet had the clean out.

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Speaker 1: There's a great day leveraging that's been working its way

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Speaker 1: across the world that the US in two thousands and eights.

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Speaker 1: We know that European two thousand and twelve, and as

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Speaker 1: we pointed out in two thousand and fifteen, it was

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Speaker 1: to hit emerging markets indate that occurred, and next it's

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Speaker 1: actually going to hit commodity economy. The problem is that

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Speaker 1: European banks have very heavily exposed to this current phase

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Speaker 1: of d leveraging. They've got past the European issues and

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Speaker 1: non performing lines in commercial banks for Europe declining, but

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Speaker 1: they're exposed to emerging market d leveraging and that's where

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Speaker 1: the real issues are with European banks, and that's the

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Speaker 1: big difference between European banks and US banks. Non Performing

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Speaker 1: loans is the single biggest factor to impact bank earnings.

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Speaker 1: And Europe has got past the European problems, but not

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Speaker 1: the emerging market problems, and that's where we steal face

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Speaker 1: issues with European banks. Um Like I would point out

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Speaker 1: the Deutsche Bank actually had a pretty good week. They

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Speaker 1: had a good early week off the JP Morgan enthusiasm.

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Speaker 1: They'll take where they can get. Exactly are you buying

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Speaker 1: financials at all? So we are long U s regional

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Speaker 1: banks and that's on the back of number one. Are

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Speaker 1: very very favorable non performing line environment and humberforming lines

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Speaker 1: are very low, expected to remain low with the recovering

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Speaker 1: economy as well as that top line growth in terms

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Speaker 1: of credit Earth is recovering as well. Were very bullish

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Speaker 1: and US housing with bullish on the border economy. So

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Speaker 1: regional banks within the US where we're exposed to those

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Speaker 1: who don't have energy exposure within their books. In terms

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Speaker 1: of European banks, we were exposed last year and the

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Speaker 1: early part of the year, we removed our exposure just

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Speaker 1: as these emerging market problems started building. And as you know,

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Speaker 1: we've been quite verish on emerging markets for some time,

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Speaker 1: and so we'll be staying out of Europe at least

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Speaker 1: for the near term until we see some dissipation in

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Speaker 1: those issues. So we tend to talk about, you know,

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Speaker 1: the straightforward investments on this show. But I'm just curious,

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Speaker 1: given you know, what what deltech does, if if there

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Speaker 1: are alternative investments out there that are attractive at this point,

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Speaker 1: or do you not have to do that if if

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Speaker 1: you can get what you're looking for in traditional assay classes.

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Speaker 1: Look at the cell Tech managers money. We look across

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Speaker 1: all asset classes and that's both listed and unlisted. We

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Speaker 1: do see favorable opportunities in the unlisted market right now,

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Speaker 1: and that's really borne out of the idea that you

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Speaker 1: can really get a good yield in the unlisted because

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Speaker 1: there's a lot of private companies out there who don't

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Speaker 1: still don't have access to debt market because of the

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Speaker 1: financial crosses. That having quite healthy yield um and of

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Speaker 1: course that's quite attractive relative tents in a world where

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Speaker 1: the whole listed market has yield which a MOB or negative.

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Speaker 1: So we are we do look at the MR the investments.

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Speaker 1: We are looking at yielding on MR the investments right

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Speaker 1: now in that alternatives but too really is the chief

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Speaker 1: investment officer at Dell Tech. Thanks for joining us this

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Speaker 1: morning here on Blueberg Surveillance. Uh. He has an optimistic

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Speaker 1: view of where things are going and things oil prices

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Speaker 1: will be writing helping put a floor under equities. That's

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Speaker 1: not happening today. West Texas is down two as is

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Speaker 1: Brent crude, and that's weighing on stocks. Futures off by

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Speaker 1: five points, S and P futures off by five points.

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Speaker 1: The two tents drop in Europe, it's a two point

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Speaker 1: drop for the stock six hundred, that's half a percent.

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Speaker 1: As we get ready for the big Doha oil producers

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Speaker 1: meeting this weekend, will they come to some sort of agreements?

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Speaker 1: Stay tuned Monday morning, we'll be talking all about it.

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Speaker 1: Coming up here on Bloomberg Surveillance, We're going to be

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Speaker 1: talking about City Group earnings. City Group is reporting in

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Speaker 1: just a few moments. Alis and Williams will be here

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Speaker 1: to help us break it all down. City shares right

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Speaker 1: now up three tenths of a percent, and anticipation perhaps

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Speaker 1: better than forecast news we'll see here on bloomber