markets" on bloomberg television. david: they take you from new york to london to and stumbled. stocks in the u.s. and europe higher one day after the ecb move to increase stimulus. markets are anticipating what the fed will do next week. mark: the international energy may haveys oil prices high-cost producers cutting back on production and what it looks like for the global economy. carson indoors is donald trump in the lead up to tuesday. wins in florida and [indiscernible] make his nomination inevitable. first, a look at the trading day. julie: looks like investors are taking a step back to take a

look at the ecb action. there was so much confusion in that full arsenal of tools that the ecb throughout the economic slowdown in the eu, so that is rebounding after falling. 24has been a confusing hours. if you look at the sectors on the move on bloomberg, we have and technology and financials, the two largest for the s&p 500 also a big part of the game state. to thelping contribute game, bouncing back with microsoft, apple and amazon. they were doing relatively poorly yesterday. stocks have been relatively high of the s&pvolatility 500. take a look at the bloomberg. nasdaq a ratio of the 100 volatility versus the s&p 500 or the fake. eight is at the highest in six months time.

we are seeing them take the brunt of any tension or inciting that investors have had about the global economy. david: when you look at home we might bang for this rally, is it the ecb and the oil report? julie: they are saying that oil has bottomed. as i mentioned, energy stocks are the best performing group, so oil bouncing back today by 2.5%. proxy for anxiety about global growth, you can say that oil is the same thing. it bounces back today and is a reflection of orders this the driving action of this or maybe both? a few the companies are benefiting from that bounce back theprices, but more firmly,

digestion if you will of all of the commentary yesterday. mark: there are some times in life when the today charts will defy, and this is one of those days. the stock 600 rose by 2.5% and closed the day down by 1.7%. they'd rebound in the today rises with stoxx 600 up by .6 of 1%. similar h chart for the euro, fell by 1.6% and rose by 1.6% to gain for the dollar. over the two days, the euro is higher against the dollar by 1.4%. spanish bonds are rallying today. they felt a little bit yesterday and spanish bonds, this is the yield curve given -- giving you an idea. credit risk is our plunging today. track zero market i

index, and it measures the cost of insuring investment-grade european to the default biggest ever percentage. we are at the lowest level since december 2015. mario draghi deflating credit risks. david: let's check in on the bloomberg first word news with ramy. we had the u.s. presidential politics and the latest update. it was missing something, the name-calling and anger of previous showdowns. donald trump embraced the idea of party unity and said his campaign has been a positive force. i think frankly the republican establishment going everyone took called it should embrace what is happening. we are having millions of extra people join. we are going to beat the democrats. we are going to beat hillary or whomever it may be in we are going to beat them soundly. is favored to win .n florida

ben carson endorsed him. ted cruz had hoped to win that carson endorsement. at the same time, trumps opponents have put aside trump university, calling a fraudulent. his response is that 90% of the students gave their experience a positive review. they say they were pressured into giving good evaluations. instructors ignored practices thegned to make sure that surveys were killed up objectively. japan marks the fifth anniversary of the deadly earthquake and killer synonymy. more than 18,000 people were killed in the disaster on japan's coast. it also caused three nuclear reactors at the powerplant to melt down. cleanup continues. the japanese government estimates it will take 40 years to complete. the south african teenager may have found part of the missing malaysia airlines flight 370 on the beach. it was discovered on december 30 and returned to south africa.

there is a five digit number on it and another piece was discovered earlier this month. the boeing jet vanished while flying from malaysia to china on march 8, 2014. news 24 hours a day powered by our journalists in our new spiros around the world. over to you. mark: thank you. in the aftermath of the ecb announcement, sinking from optimism that stimulus could boost growth to concern the measures will fall short. how do we accept that the ecb made the right decision? joining us is jim beyond cook, president of beyond code -- jim bianco president of research. how do you explain the market reaction yesterday and the initial rally at the end of the day? most closed lower. today, we are getting the market reaction we should have gotten yesterday. jim: that is true, but

yesterday, it was one of the largest swings in the history, the 17 year history. i think a little bit was itself a nude that we finally got the announcement and a little is a finally- was in itself announcement. it is starting to push them back up. it does not mean the fundamentals are getting better, but they are creating artificial finds and there is realization that the markets are rallying in kind. mark: mario draghi says maybe that will not be cutting interest rates, which could lead you to believe he is not targeting the fx channels and he is focusing more on the credit channel. is that correct? jim: i think that is correct. i think that they have never really been focusing on the currency. i do not think that they are looking at the problem in europe as the in that they do not

export enough and they need to weaken the currency. i think they are looking at the problem as dean's small growth and they are looking at the problem as being the credit issue. look at some of the european banks, deutsche bank, swift bank, they had taken other 2009 loans. 2009, when they thought the world was ending. stocks traded below those levels, so the banks are having a big world of hurt and anything the ecb can do to alleviate the credit problem is what is foremost for them. they want to get rid of the credit problem and not necessarily weaken the currency. david: mark asked about how you access the efficacy of the program. by when do you think we can do that and what will you be looking for to gauge whether it is working? to define working in two different ways. if you are going to define working us an investor, should i belong the european equity markets and credit because i think it will be creating buying up?sh them

i think that will largely be successful and you will see some of that. if you define a does, will it create gdp, jobs, make the european economy better? the first round of that was not necessarily successful and they beat a migrant crisis had something to do it., but i am not so sure it will be successful on that level. it will be a win for the financial salon in europe and not a win for the regular economy. david: mario draghi nodded to the complexity of the program. throwinglook at him the kitchen sink added an opening the whole box, whatever metaphor, are you worried about what they have left to do if it does not work as well as they hoped? jim: there is the old einstein line that insanity is doing the same thing over and over again and hoping for a different outcome. he will continue to do more of the same if it does not work, but your other point is well taken. complexity is an issue.

you have to spend a long time trying to understand what the controls are and what some of the other programs are. they are not easy to understand. they do favor the more complicated types of transactions that you would see at the big investment houses. they are probably going to be the big winners because they can understand them and affect those traits much better than anybody else. mark: how does yesterday play into next week? big central-bank decision, the fed, the boj, the bank of england, this with national bank, probably a bigger week as you could guess. jim: it has been referred to central-bank colusa. we just started -- central-bank palooza and we just started it with the ecb. the fed will probably stay on hold and make noise about raising rates. i think the fed is simpler to understand. the statementhad in 1994, they have never raised rates unless the market is priced in.

the market has been a percent chance they will raise rates next week and that will not happen. the market is priced gain for exactly one rate hike. the market can change, but if it does not price a day, the fed will not move. look at last september. the bank of japan will be interesting. anyone with a negative rate who did not get a reaction out of negative break, they got the opposite reaction. we will have to see how they try to explain or spin what happened when they went to negative rates on january 29. mark: great to see you. thank you for filling us in on your thoughts on the ecb and the fed next week. ianco research president, jim bianco. donald trump taken up a key endorsement from ben carson following the republican debate. was focused on issues instead of insults. we will have the latest after the break. ♪

i am mark barker. david gura. let's turn to politics. donald trump ticking up an endorsement from ben carson. ben carson: i have come to know donald trump over the last few years. he is actually a very intelligent man who cares deeply about america. david: last night, the republican debate had a more serious tone, speaking more to issues been insults. trump himself seemed surprised. donald trump: we are all in this together. towill come up with answers things and i cannot believe how simple it has been that.

david: his debate report card for staying a coolheaded and the other candidates getting a b. marty, levy we start with the endorsements great you look at donald trump and he has in collecting the more readily than other candidates. of benes the endorsement carson mean, especially going into next week? marty: it is certainly helpful. the big narrated has been just -- the big narrative has been how the republican establishment would rally around donald trump, if ever, and ben adds to chris christie over the next few days the republicanr establishment does rally around donald trump. david: are we seeing a turning point around the reddit from debates? moreare able to talk about issues because there are few of them left great is that what we are seeing happen?

marty: we stayed there is never a dull moment and maybe we got one last night. they are definitely trying to pivot to a more presidential vehicle, certainly donald trump is trying to do that. extreme rhetoric has been overblown to a certain extent and i think his handlers have realized that and are trying to get him to be much more presidential. mark: the big race is that they contest happening this week in ohio and florida. hold going to be two republican contest after this week, trump and ted cruz? there is no indication that ted cruz has any -- marty: there's no indication that ted cruz has any indication of going anywhere. i think trump is headed toward victories in both the states. air ofay make the

attempt -- of a trump candidacy too much to bear, but ted cruz has made it clear he will stay in. florida, isio loses that it after? did muchthink rubio better in the debate and took a much more presidential approach like donald, but i do not see him beating donald trump in florida, and when you do not win your homestay, the question is, why do you stand? issue came up last night in the course of the republican debate. are you surprised about the degree to which candidates are talking about the issue right now? marty: you can thank donald trump for this, too. it has carried on to the democratic side. trade has become a very emotional issue for a lot of people who are coming to the primaries. it is not surprising that the

democrats are not talking about it. obviously, the tpp is a big issue for obama and it looks like both democratic candidates are trying to distance themselves from that deal. issuea clearly polarizing for both the republicans and democrats. david: last question about the democrats, hillary clinton surprised by the performance and michigan. a lot of talk about how they will have to retool her message on the economy going forward as she did not have a chance to do that during the democratic debate earlier this week. if she still working on that and you expect the message to change? marty: she is constantly trying to calibrate her message based from bernieis seen sanders. sanders is not going away. he is raising tons of money. he will be in their up until the convention for sure. mark: thank you for joining us. marty schenker in washington. the mystery trader is rattling

turkish markets, sending trading volumes soaring and scaring short-sellers. a clue of what could be behind this race. stick around. ♪