-- joe weisenthal is off today. ♪ [applause] u.s. stocks closing higher fivefriday, helping a days live that dragged equities into a bear market. scarlet: finding opportunity amid volatility. nearly 20 years of flat gains and financials. plus, how low can they rates ago. u.s. are real possibilities. alix: how problematic are european banks? we talked to our guest. ♪ scarlet: we begin with our market minutes. still looking at two weeks of decline, let's not get right away with today's rally. the biggest gain in two weeks. that is not saying a lot,

considering there are only two previous days besides today in which we gain. as 1.3% advance actually comes on the heels of the s&p never going negative all day today as well, which i was surprised by. nine out of 10 sectors finishing higher. the exception was utilities. risk, allo into more 30 dow stocks were higher on the day. to your point about financials, goldman sachs and jpmorgan really killing, adding 70 points to the dow. the banks having their best day since 2011. my question is, is this actually a relief rally, are we going to get some momentum? is this a rally within a down trend, or is this i don't want to be going into the weekend short? we have a long weekend, china will be reopening next week as well. scarlet: you would wonder who

would want to be going into this weekend long. alix: also true. but what was strange to me was the vix. we had these big price swings, global stocks editor market, but the vix did nothing. , over 30,little bit but we did not see the kind of like that we saw back in august. -- calm very call a day day. scarlet: and the length oil prices as well. let has been a driver for most of the first quarter. hashe last few days, and come down in influence. itx: oil at one point had best daily rally since 2009, coming off the highs of the session. stocks were able to come to their hivghs.

perhaps it was more technical than something fundamental, and a record short when it comes to oil. a totally different story. you are looking at the best week since 2008. this even surprised all the bulls. we went over $250 an ounce. that is the highest analyst estimate for these quarter. scarlet: you wonder if gold best days are behind them. seasonally, they do well the first couple days of the quarter, and an fall apart after that. let's move on to another safe haven, bonds. it ended another week of gains. today they fell the most so far this year, this comes after a six-day rally pushed the 10 year yield within 15 basis points of its record low of 1.379%. if you look at currencies, the

dollar finally catching ea bid. wrote itapanese yen .ts best two-week advance of consolidation in the yen, because investors are still positioned for some pretty big swings in the currency. if you look on the gauge of one month and volatile -- applied volatility, it has been steadily climbing all year. if by cap -- and despite last week. trading is the highest since 2014. those are today's market minutes. let's take a deep dive into bloomberg. alix: stephen englund are sent this over. this is very striking to me. versushe 10 year yield the atlantic gdp now tracking

forecast. how much they have diverged. investors are very scared about the economy. they are scared of stocks. this white lie here is gdp forecast. that has been rising. thing, a good sign for the u.s. economy. in the meantime, you have 10 year guilt continuing to fall as you see a rush into safety. they tend to actually track each other. that gap is very relaxing. he thinks the u.s. economy is a lot stronger than the fed think that is, and that markets are giving it credit -- not giving it credit for it. scarlet: what will give first, gdp fundamentals, or investor perceptions? looking at european banks. with they have been the big losers this month. one key difference between the banking systems and leverage. pull billion global market for this charge.

and measures total debt to total assets. -- they sharply the leveraged, here is that leg lower. european banks stay relatively high. do workerage ratios when economic growth is strong, and interest rates are on the rise. but that is not the case right now. we do not have that. interest rates are falling, and in the u.s. they crept up a little bit. in europe they are certainly falling, and growth is faltering. this is what we seeing in europe right now, fears that overleveraged banks may struggle to meet their financial obligations. think of deutsche bank. alix: since they did not do that back in 2008 like u.s. days. scarlet: you can see all of these on twitter. alix: the founder of crossing wall street, a newsletter that is focused on the stock market, with a good read on investor sentiment and what is happening right now. scarlet: i know the temptation

for a lot of people in the markets is to talk about the market as if it is one giant entity. but you say there are major under it's going on. see the rotation out of the financials and into the utilities. is it financials, and that is a ratio. it shows the underperformance, whereas utilities have outperformed the broader market. what is driving this? is all the changing outlook of the federal reserve. we all we were going to get for ur rate increases this year, and nobody believes that anymore. even talking about going into negative rates. that is very premature. what is interesting today, we saw that hold trade online, with financials up hugely. but when you see those moving in the opposite position, those are

in interest-rate story. alix: do you think what we saw today was just a bounce on oversold conditions? weekend,of a three-day it is such a giant move happening. of 8%, 9%. to november, december, is are the largest banks in the world. it is astounding what is happening. alix: especially in europe. scarlet: our financials leading, or are they liking behind? >> what it comes down to is that financials -- a bank is the yield curve corporation chambers. are seeing, that is reflected from the yield curve that's really closing off of that midpoint of the yield curve, that squeezes what banks can do. alix: explain that. we talk about the curve flattening, but you look at the mid and. what does that wind up

signifying to you? >> lower for longer. before we thought, they may keep rates low for a little. now we are waking up to the story that these are going to be longer for a wild. -- for a while. that is really an economic story, not every -- in story.t-rate the atlanta fed is now forecasting a 10 year yield. is that why we are seeing that divergence? it is the spread between the 10 and the 30. really you look at the economic numbers and it is still ok. alix: how do you explain that gap between the town and the atlantic gdp fed forecast? risk story.

what we're seeing right now is a global repricing on risk. anythinge running to that is safe, and fleeing anything that is a hint of risky. at the extreme of that we see the gold story. that is one of the best plays all year. ask aboutould correlation, because we have all been perplexed about why stocks are moving with oil. it used to be that when oil rose, stocks would fall and vice versa. they have been moving pretty much in lockstep. >> i am always a little bit suspicious of that. i think that metric is overly influenced by oil. but what you are saying is exactly right. oil and the market have been waltzing partners since october. we used to think oil goes down,

that is a tax cut, money in consumer pockets. i do not know what to say, it works until it stops working. right now we see they are joined at the hip. tell the people at deutsche bank, tell the problems loans we are seeing, look at the spread in the junk-bond market, which even those higher. it really is a new world, what we are seeing here. betty: what about the difference between low and high volatility stocks? >> that is amazing. it is not just a divergence but an safe and risky, mad -- between the two. it is probably even worse than those indices indicate, because now with the market, it is banks. we are seeing these crazy things were banks are acting like biotech. that is not normal. but again it comes back to the

yield curve, it goes back to nobody trusts anything. a perfect example, this week, we reported earnings. , good earnings, stock went down. the thing is, investors want something that they can count on. to know that is going to be there. there are some things they just don't trust. alix: thank you for joining us. scarlet: coming up, how low can you go on negative policy rates? a lot lower than you think. we will discuss that, next.

mark: bloomberg first word news.

a new survey shows donald trump leading the republican field in some airline. the poll, conducted by the georgia chronicle shows that trump is supported by 36% of likely primary voters. texas senator ted cruz is in second place with 20%. marco rubio has 15%. trump is the only republican candidate not campaigning in south cannot that carolina today. in anst four holdouts occupation of a wildlife refuge in oregon were arrested and appear for a judge next week. urging moree stringent sanctions over north korea due to a rocket test

carrying a satellite into space. sepp blatter's longtime right-hand man has been banned from all soccer related activities for 12 years to do misconduct during his term as chief's secretary-general. fifa's secretary-general. alix: how low can negative rates go? how about 4.5%? japan.n -3.2% in switzerland. that is what janet yellen had to say this week about negative rates. experience of the european countries, and others who have gone to negative rates, we are taking a look at them again, because we would want to

be prepared in the event that we needed to add a accommodation. we have not finish that evaluation. we need to consider the u.s. institutional context, and whether they would work well here. it is not automatic. alix: could they work to the tune of -2.3%? bruce katzman joins us now. you came up with these numbers, the potential for these rates to go that's negative globally. how did you, with that? >> that is not a forecast, that is a view on the kind of rate cuts you could deliver with the tiered deposit system, protecting a good deal priced at zero, that's still aroused money market rates to go significantly negative, and does not provide bank drag on

profitability. that is something the swiss banks are facing right now, among the highest paid scarlet. scarlet: how profitable can they be? an expert on swiss profitability, but what we are seeing is continued lending, no incentive to move money out of reserves and into currency. the system seems to be working well, and it seems to be working well across europe right now. alix: the question is, what is the transmission affect? do negative rates truly lower rates for corporate loans, and one thing you point out is looking at europe and and corporate loans versus the actual rate. they used to move in tandem, but is muchcorporate rate

higher than the actual race. what do you make of that? >> that has been the case for a while now, not distance we went to negative rates. there is some issue around transmission as we get rates lower. we are concerned that you will not get the full transmission, partly because of the way banks fight to protect profitability. we also think there will be some segmentation. i want to balance that against the idea that the channels that are being used is much higher than the actual race. what do you make of that? >> now asset purchases probably have limited benefits. if we do have a significant economic slowdown or recession, negative rates to open up a door for policy rates to start to provide stimulus. not as powerfully as in normal times, but can do some good. scarlet: you will not get the full benefit in the consumer rate and the corporate rates that the banks lend out to those entities. but today good interest rate actually encourage banks to lend more? is -- it willt hurt bank profitability, no doubt. that is part of the story. but the incentives, if it is consistent with a economy that

is moving, i think in this environment you great incentives assets which safe will be priced close to zero in the long end, and to riskier assets. alix: we have seen the market probability cut to below -50 basis points in europe, as well as japan, really rise over the last few weeks. even the u.s. creeping up a little bit. but 40% probability in your area by 2016 is kind of unbelievable. you think the markets have priced in the potential for negative rates? >> i think they're moving in that direction, but part of that movement we are seeing is reflecting the fact that there are very little probability of significantly low rates for a long time. that tells you there is a door to be opened their terms of monetary policy guiding rates lower, if need be. in recent weeks there have been people that you would

not expect, talking about negative interest rates and the impact thereof. negative interest rates in japan is blowing his mind, forcing them to lend again will not create inflation. you have a climate where people from all backgrounds commenting on it negative interest rates. >> i do not think i would be talking about them in your ago, so it is surprising to me. but it is a reflection to the fact that we have had disappointments, very low nominal activity, pricing has been very weak. we are as risk of things happening that good throw is down, possibly into a recession. we are starting to think about alternatives. we did not think about asset purchases before the great recession, but as you can see week,anet yellen, this planning needs to be done, and negative interest rates could be a tool that could be used as things turned bad. scarlet: what is your call?

>> we look for japan and the the range ofet in -75 basis points. we recognize the u.s. is in a different position, with a plus .5 range right now. the fedot looking for to lower rates, but that would be the first step before we thought about negative rates coming here. alix: very interesting. , a greatgreat report deep dive into the potential for negative rates. scarlet:? coming up, the days of the 500 euros note could be numbered .igh what mario draghi could have planned. ♪

♪ scarlet: i am scarlet fu. couldropean central they decide to scrap their biggest bank note. we are talking about the 500 euros note, as a way to discourage next from hoarding cash. if they decide to cut interest rates and go deeper into negative territory, banks may decide it is not worth positing their reserves with the federal bank. they may hold it in cash, in notes. if they get rid of the 500 euros note, it would make it harder for banks to store large amounts of cash because they would have to hold more ones in size. right now $1 billion does only

think of the 500 note. alix: do we see people hoarding their cash? if you look at the value of the 500 euros note in circulation, that has been rising over the last 12 years. but you can see there was a around 2008, as people did quarter more money. then it has been relatively stable since then. so the question is, how do you enforce that? if you taken out of circulation, what will you do, monitor them? how do you get it out of circulation to begin with? >> that is a big issue. there is also another benefit is the ecb does take this, sir purr mario draghi could fight crime. they are trying to curb the ability of terrorists and many launderers doors to use cash for their illicit activities. this has taken on new urgency

after the attacks in paris. of course, they would have to get their hands all the notes first. evidencethere is no that they are causing cash warning. to bruise from jpmorgan, and he reiterates we've not seen that move into cash. there are other thing the central bank could do to discourage money holding, like taking the notes on a circulation together. scarlet: they declined to comment on their plans, but this would be a decision for the governing council to make. alix: we have a $500 bill here? scarlet: i do not think so. [laughter] today was the best day for european banks since 2012. it was a very tough week. what is behind the selloff, and how problematic as it? we will discuss. ♪

mark: let's get the first word news. the world health organization says possible zika vaccines are at least 18 months away from large-scale trials. in washington, dr. anthony found noted there have been cases of zika imported into the u.s. >> the question we are keeping our eye on is the issue of locally transmitted zika, and at this point, there are no cases of locally transmitted zika in the continental united states. added it doctor would not be surprising to hear about local clusters of zika.

king abdullah is asking to stop the civil war in syria. muslimssaid arabs and have a responsibility and a duty to be in the lead against isis which he called outlaws of islam. >> this is a war to protect our religion, our values and the future of our people. but, it is also an effort that must be global in partnership. mark: ahead of the conference, he and diplomats agreed to seek a separation state of hostilities. global news 20 hours a day powered by our 2400 journalists around the world. get a recap on how u.s. markets closed. u.s. stocks advancing, the s&p 500 snapping its losing streak since september. the dow and s&p pretty much

closing at around session highs. nine out of 10 sectors gains led by financials. all 30 stocks in the dow ended in the green. jpmorgan, goldman sachs adding almost 70 points to the dow. the ceo of jpmorgan buying back stocks and that really boosted confidence. also, we were so oversold. it was a very brutal week for stocks, especially the financials. rallya question of a within a downtrend or does this have some kind of leg? scarlet: we also had news that deutsche bank will buy back its own bonds. there was a lot of questions about the ability to pay the coupons -- the convertible contingent fund. they are buying back their own bonds. that is actually interestingly enough sparking backlash from investors who had bonds

before deutsche bank. alix: they said they were misled. scarlet: a terrible, no good week for european banks. prices were sinking, credits were blowing out. ceo is not particularly worried. he spoke this morning on bloomberg surveillance. >> a lot of investors view banks as leverage investments on the underlying economy. they shift their economic outlook, then probably bank shares tend to act or move a little bit more. that is what we are seeing. i don't the any specific problems in our balance sheet. i think we have uploaded most of the problematic assets by now. scarlet: we have to understand what was behind the selloff. joining us is raul of open europe.

you have put together a laundry list of what is behind the banks like the lack of profitability. what was the tipping point this week? raul: i think it certainly has been the view in negative interest rates. a growing sense of that the ecb will grow more negative in march and that is feeding into the concerns in terms of the lack of profitability. interest rates will make it harder for these banks to make profits in the medium and longer-term. it is feeding into the broader concerns we have seen about the legacy problems on the balance sheets of these european banks. very high nonperforming loans. this impact the profitability, the capital positions and their approach to lending and their willingness to take on new risks. also, they are also having broader concerns about the potential economic downturn or slowdown in europe. we have gdp this morning. there was a huge sigh of relief that germany grew more in the

last quarter of 2015. this is an economy that is meant to be driving the eurozone with many peripheral countries missing their quarterly growth figures. i think there are a number of factors. it has been a long-standing concern since even the end of last year when banks were selling off in europe. what is really interesting is the ideas you are bringing up are the lack of profitability. it is coming up across the board. roe, return on assets -- they have been struggling to grow. alix: a similar story to the nonperforming loans. europe has not been able to fix the problem, but something might happen. there was some kind of spark that shifted into more dangerous territory. scarlet: the backdrop has not changed. the fundamentals are what they are. when and how did european banks suddenly become a proxy by the global economy? raoul: i think there has been broader repricing. when you look at the

fundamentals, they have not changed for the long-term, yet we have seen a long-term rise in stocks in financials in europe. off the back of what g draghi has said. people are looking at inflation in the eurozone and ecb policy and looking at these fundamentals. they don't line up with the pricing of the banks. i think there has to be some adjustment and we are seeing that in the past few weeks. alix: we were going to ask who is right. the ceo of commerzbank says that they have enough money and the market is sending a much more disastrous signal. based on that, what do you think? raoul: i don't want to comment on that bank specifically, but i think there are plenty of concerns. very specifically, if you look at the banks -- the broader structure of the sector. we do not see much

consolidation, efficiency improvements. we didn't see a closure of branches even in france. really, as you mentioned at the start of the show, the lack of decrease in leverage of these banks and a lack of structural overhaul with their balance sheets and operating systems has set into this long-term malaise. i will side with the markets on this one. scarlet: what strikes me is the commentary around deutsche bank because it is so symbolic. germany's biggest bank, europe's biggest lender really. it is a sense of too big to fail bank of the region. there is no way the government will let anything happen to it should get into some hot water. the bonds we are talking about a very specific. they are not necessarily held by everyone. i actually want to bring in a comment made by the former ceo of morgan stanley. take a listen to what he had to say about the reaction in the market to deutsche bank problems. >> i think it is an overreaction. it is deutsche bank.

it is the bank of germany. they are getting the support from the central bank. this is a long-term game. if we are reacting to traders -- who could take advantage of volatility -- the real question is on the long path, does deutsche bank a bank that will fix their problems, figure out a way to get the confidence back into their shares? my belief is yes. scarlet: if this route continues, what a germany, what a european government need to step in and bail out the banks if necessary because it is a too big to fail bank even with these contingencies that made? raoul: i think it is a bit early to get to that stage. i think the result long way to go, but it does feed into the broader question of uncertainty and regulatory uncertainty. how these revolutions and problems will be dealt with. we've seen the new system of bank rules kicking in at the start of this year, but we've seen bad loan yields which

basically skirts these rules and does include some save space. we have written down on portuguese bank bonds at the end of last year, targeting specific investors. right now, it is very confusing as to what would happen if a bank, a large bank, got a serious problem in the eurozone. if you look at deutsche bank, there is no way the german government will let anything happen to it, but it is very strict in terms of what it can and cannot do. uncertainty is really creating a problem in europe. is idea behind these rules having the opposite effect at the moment. alix: it is supposed to make it safer and it is having this ripple affect. in portugal, if you take a look at the stock markets and the 10 year yields, we have seen a dumping of the yield, stocks. nobody wants to have anything to do with portugal. we are seeing greece falter as

well. the other periphery's are going back into the spotlight? raoul: i think there are specific issues in both of those cases. in portugal, there is a new government which is very fragile, left-wing coalition with every time there was a difficulty, nobody quite knows if the government will be sustained. they have legacy problems with their banks. it is also some consensus in terms of -- it has not been broken. if the bank of portugal is in trouble, that means the state is in trouble. we still have that sovereign banking. greece, the recapitalization of the banks last year, did not convince anyone. it continues to be massively way down by bad loans. if the greek economy continues to do poorly, that will only increase. i think in the longer term, the grease banking sector and the country has serious problems. it is very possible concerns on the periphery could come back in.

and now italy is being dragged back into it. alix: basically, it is not over. thank you very much. we appreciate it. thank you, raoul. scarlet: u.s. consumer can sentiment declined in february to a four-month low. next, we talked to you and show you the new charge that shows bright spots in these numbers. ♪

scarlet: it is time for the bloomberg business clash. the biggest news stories. chesapeake plans to pay $500 million in returning debt according to a person with knowledge which says the debt is new next month.

the second biggest natural gas producer in the u.s. leaves a combination of cash on demand and other forms of liquidity which may include its credit line. there was a report of a potential restructuring. the energy producers says it has no plans to file for bankruptcy. and: the bond selloff crashing oil prices has pushed the hedge fund to its worst start in its 19 year history. billion fund$1.9 dropped 4% in january, according to a copy of the latest investor updates obtained by bloomberg. diving back into trouble debt -- the hedge fund manager is seeking to raise $1.5 billion for a private equity fund that will in companies going through bankruptcy and in need of rescue financing. there are distressed investments, it will focus on coinvestment and new firms. that is your bloomberg business flash. alix: the u.s. consumer is hanging in there.

amid all the market volatility, the overall consumer sentiment release did hit a four-month low. however, bloomberg news' matt will show you three charts that reveal the bright spots that meet the numbers. number 1 -- how we are feeling about the financial situation. matt: i think this has to make you smile because it does not go back very far. only 10% of consumers now feel like they are going to be have a worse off financial situation in five years, which as you can see, it is the lowest loeve l in the history of the data. scarlet: as the stocks melted down in 2006, it actually fell. i still feel good. matt: it is not go back to far, but it is definitely an encouraging sign. that is kind of the american dream. who wants to be worse off in

five years? scarlet: the next chart is credit card utilization. we know it is harder for people to borrow money whether it is from the bank or approved for credit cards. the ability to use credit is a huge movement for the economy. matt: i love this from the new york fed's quarterly report today. it shows consumers have a lot of available credit card credit but not using it. this is a good stress indicator. if you look in 2008 when we were going into recession, this spike a lot. it should people were using more of their credit cards out of need. if you go back to 2003, you can see a similar dynamic where we were coming out of a recession. it fact that is so low now, is nearly the lowest on record, that seemed like it suggest consumers are in good shape. alix: we have come down but we are starting to press a little bit.

just at the tail end of 2015. oft: this data is only as december 2015 so it will be interesting three months from now to see how this changes into q1. if you look back at the previous chart, the consumer survey, there is really nothing to suggest that consumers are feeling worse. alix: is there a risk if you are not using your credit card, there is a buffer, but doesn't signal a weak demand? matt: i don't know if you could. that is a good question. the thing i really take away from the chart is this spike in 2008. that suggest that is the value of the indicator. scarlet: what about how we buy and shop? retail data was better than expected for the recent month. the previous numbers were higher as well. trifecta ofas the good consumer reports this morning, the resale data.

this shows yunnan store retail sales like online shopping, this is increasingly becoming a bigger share of total retail sales. it is growing much faster than that headline retail sales number. you can see in january, it grew at the fastest year-over-year rate since early 2013. it has been three years since non-store retail sales have an growing this fast. people don't go out to eat that much? salesi think restaurant are growing quickly but not as quickly as they were a year ago when we saw the big decline in oil prices. and the consumer saving there. that is another interesting one to watch. it'll be interesting to see if that keeps decelerating. scarlet: thank you, matt. an exclusive sitdown with hdnet

president and owner mark cuban. his take on the markets, next. ♪

scarlet: what you missed? stephanie ruhle's exclusive interview with dallas mavericks owner mark cuban. at the tech conference in toronto. he had a lot to say on the latest market volatility. mark: i think we are going to a market structure correction where we don't quite understand the markets and asset classes are correlated. we are seeing algorithm trading one class versus another that it is not just about fundamentals anymore. when investors or traders do not understand what is going on, they get out and go to cash.

stephanie: what are you doing? mark: i have hedged the positions that i like like netflix. i have smaller caps that have not moved so it is not a big deal. i have bought in some lottery tickets. d forally -- i bought gol the 120's. i think i bought them when they were $.25. now they are at or near the money. because i'm not quite sure what is going on, two things will happen -- one, i will take different liars. two, i will hedge. three, i will look for things that falls outside of common sense. i have not seen it yet, but legislate netflix falls to 10. it will not happen. or twitter, it is right on the cusp. i think 15 is fairly valued. at 10, i would load up the boat

because after cash it is probably an eight dollars.. stock. i think it is worth it. looking for those types of aberrational traits and having cash. stephanie: what about really good or well-run companies that are dependent on factors outside of their control? oil for example. as oil prices go down, as do their share prices but when you tack on the operating costs and leverage, they have nothing. mark: in 2008, what hard coral dlp's. hard core introo i got 15% back then and they have increased their dividends and the payouts since. on a market to market basis, i am getting crushed but i'm fine with it because relative to my investment, i'm still way up. i'm still getting paid a lot of money. i have not had any of them that have gotten close to not be able to cover.

it happens. it is part of the market cycle. i was able to create hedges by shorting. i guess the point being for me is i'm always looking for a hedge. there is always going to be uncertainty. as much as everybody is a genius in the bull market and seems thing like it will go up forever, i will give up that ipsupside to back up my downside. it is not working too badly for me. stephanie: where do you think we are in terms of a cycle? some say we are headed towards a recession at the end of the year and president obama says we are on an economic recovery. mark: we are going to a market structure recovery. because of all these correlated asset classes, you get these tradings. it is even less technically driven. now, machine learning as that of whole different level of analysis than typical traders or

funds or anybody. then, you have got the economy. as much as we would like to thank that -- think that what the market indicates what will happen in the economy, it is not the case anymore. i always like to give speeches and one of the questions i will last is who thinks of the stock market is safer today than 10 years ago? nobody ever raises their hands. there has been crashes. the flash crash and they blame it on some guy in london. in sweatpants. dateoint being is if every people do not trust the markets, they are not getting pushed up and down by what is happening right now. scarlet: that was mavericks owner and hdnet president mark even in toronto. what you need to know to gear up for the next rating week, coming up -- trading week, coming up. ♪

scarlet: what you missed? valentine's day, forget it. you will be watching japan fourth-quarter gdp sunday night. exports on the good side and on the bad side private inventory. watch the dynamic. alix: stock markets resumed trading on monday after being closed for the new year. they have a lot to catch up to. when hong kong reopened on wednesday -- thursday, after a long break, they had their worst start to lunar new year since 1994. china tradewatch

balance and exports and imports on sunday. oil and copper imports keep getting higher. what is the dynamic? scarlet: have a great weekend, everyone.

mark: i'm mark halperin. john: with all due respect to ted cruz, we will need to the campaign tomorrow, around 9 a.m.. that would be great. ♪ it looks like somebody has the case of the fridays, sports fans. keeping with the finest south carolinians tradition, the presidential campaign is turning , pre-staging a primary that lli