this is bloomberg markets on bloomberg television. betty: we will take you from new york to amsterdam to london in the next hour. here is what we are watching. home depot raises its forecast for the year, benefiting from a home improvement spree. is this a bright spot for the retail industry after lackluster results from department stores? dutch ipos may be headed for the busiest second quarter since 1999. -- the lifting frenzy companies act before next month's vote threatens the market. betty: we looked at the growth of the distilled spirits industry. mcallen shows us its most expensive whiskey to date, 65 years old, selling for $35,000 a

bottle. we seem to like to talk a lot about alcohol on this program. let's head to the markets desk where julie hyman has the latest on that. i don't want to speculate why. julie: i think it's obvious although i'm disappointed if it is 35 grant a bottle, we will probably not get a taste test. let's take a look at what's going on with averages. a pullback here after a big update for stocks yesterday. we are seeing selling despite what was largely a morning of stronger than estimated economic news. even industrial production came in better than had been estimated but that is not helping stocks. the imap for the groups on the move, consumer staples pulling back the most today along with health care shares. consumer discretionary lower.

ofrgy industrials are kind limiting losses we might otherwise be seeing overall. i did want to talk more about home depot. is it a bright spot in retail? not if you go by what the shares are doing. they are pulling back. on the one hand, home depot did come in above estimates with earnings and sales. it is raises forecast. concerns about the rest of the year on the conference call the company's cfo saying that the first quarter is likely to have been the best of the year and that things may be waning from here. if you look at the monthly comparable sales performance for home depot in each successive month this year, its growth has lessened. is whatomentum or hats investors are concerned about what comes to home depot. elsewhere we are seeing some selling as well in retail. urban outfitters is out with its numbers tomorrow.

some selling ahead of that treat advanced auto parts, cleveland research out with a note that is negative on trends for that company. nordstrom selling, continuing as well. retail is still not doing great. betty: in particular, department stores. commodities not doing well for stocks today. julie: energy shares are up not enough to counterbalance the weight we are seeing from some of these other groups. oil prices are seeing something of a lift although they have been volatile but still up about one half of 1% and approaching $48 per barrel. i wanted to look at other assets in the wake of economic data. you would think that if you get on balance stronger than estimated economic data the dollar would be higher yet it has come down significantly. the 10 year yield, which had earlier been rising, has taken a leg lower, 1.74%. matt: thanks very much. i would to take a look at what is going on in european markets. we hold looking at what could be

three straight days of gains for the ftse. the stoxx 600 has turned down. the dax and cac are lower as well. the dax was closed for trading so the first trading day of the week on the dax. it is telecom shares that are holding up the ftse. most of the main ones trade, or at least vodafone, trades in the u.k.. one of the biggest gainers in terms of percent and index points. bt group also trading in london. telefonica trading in spain and/or should telecom -- and bush a telekom.utsche spanish and portuguese debt, both down. spanish debt was driving the yield up. it is unchanged now ballistic look at currency -- i'm sorry, krone was did the

incredibly week against the dollar. a bit of weakness. the pound is the main story in currencies. up about one third of a percent. by thes been driven brexit trade. if you take a look at my terminal, i've got the remainder vote highlighted in green. we got new polling data over the weekend and you can see the remainder vote, the green line, gaining real ground. it had been tied at 41% to remain, 41% to leave. now we are looking at 46% to remain in the euro. less than 39% to leave. that is good news for the pound. that's why we see the currency gaining. i wanted to highlight another function on the terminal. we've been talking about debt and who hold u.s. treasuries because of the news we got out of saudi arabia that they own

more than $100 billion in u.s. treasuries. if you take a look at this function, you can see who hold what as far as u.s. treasury's. the federal reserve is the biggest holder of treasuries. china and japan we know have a lot as well. ireland is the fourth biggest holder of u.s. treasuries. i thought that was interesting. betty: let's check in on the first word news. ahn has more. strucka wave of markets -- authorities say the bombings bore the hallmarks of islamic state. in the last week the group has claimed responsibility for attacks that killed close to 200 people. the obama administration reportedly will announce today that it is easing sanctions on the mr according to the wall street journal.

myanmar has a democratically elected president in office. easing sanctions will make it easier for companies to do business. the world bank may issue pandemic bonds to fight outbreaks of diseases such as ebola. the so-called catastrophe bonds require that interest in principle payment be deferred or forgiven in the event of a disaster. investors are paying a premium to compensate them for risk. the world health organization says while worries about the zika virus are on the rise, it is not recommending canceling or postponing the upcoming summer olympics. some experts have called for the games to be removed -- to be moved or delayed. some 8000 oil workers north of the canadian city of fort murray are being ordered to evacuate. this as the more than two week old wildfire continues to grow. mandatory evacuation zone is now extended by some 30 miles north

of the city. poor air quality is helping prevent more than 80,000 evacuated residents from returning home. global news 24 hours a day, powered by our 2400 journalists in more than 150 news bureaus around the world. ahn.hery betty: thank you so much. blackrock ceo larry fink who oversaw $4.7 trillion is sounding off on china. during an interview with angie , china'sng kong mounting debt pile. >> we all have to be worried about it. if the economy can continue to grow six plus percent, you can grow out of your pumps but you cannot grow at 6% in having your balance sheets grow faster. in the future i would prefer seeing the economy growing 6% at the same time some form of deleveraging. betty: think remains bullish on china in the long run. joining us is george maris.

globaling a group of funds that combined are worth more than $4 billion. he says china's credit issue is overblown. do you feel like larry fink is just a little too far in terms of his worry about china? george: i think we need to nuance it. the explosion of credit when you have the economy growing less than that is not helpful what makes things more sanguine are couple of facts. you do have a state owned system in terms of the lenders are primarily state-owned enterprises lending to state-owned companies. if the state at the end of the day that is the ultimate borrower and lender and the ultimate guarantor is the state's balance sheet in play. if you look at the sovereign's balance sheet it is strong. over 3 trillion and reserves on the ballot sheet -- on the balance sheet. it is an extraordinarily creditworthy. if you think about who holds

china's debt. the vast majorities held internally. only 10% is held by foreigners. a significant portion is to facilitate trade. betty: the ripple effect could be contained. i want to take it back to the u.s. i am curious about what you think about these consumer price numbers that came out in our and a half ago. it seems to indicate that the fed may be right in terms of being on a rates tightening cycle. george: i think that's true. i think were it not for a lot of the global uncertainties we see with respect to china or brexit that the fed would probably have a more hawkish stance. because they are clearly focused on a lot of the turbulence happening outside of the country cautiousbeing more with respect to engaging in a tightening regime and are willing to let inflation get a

little ahead of itself given some of the global concerns. matt: i want to ask about the situation here in europe. at least in the u k we saw inflation come out at a disappointing 0.3%. we were looking for 0.5. the central bank in europe is going the other direction, or at least on hold in the other direction as the u.s. is. i bring that back to investing, let me draw your attention to the group ranked returns on the stoxx 600. i'm sure you know that year to date as well as over the last 12 months the banks are the worst performers. in 2016 they are down almost 23% . is there any way out of this for gom with ecb continuing to negative? does the central bank have to turn around before banks can start to become a good investment? george: that has confounded a lot of market participants.

i would argue you don't need the ecb to reverse their rate loosening regime to have .uropean banks work ar general uncertainty macro economically, banks are going to be the focal point with respect to that and markets will selloff. rates have split people but what the ecb has done is created a profitable negative rate regime where the banks can make money in negative rates unlike what you are seeing in japan. i don't think when you think about fundamentals that is going to be dispositive. matt: you are helping to manage more than $4 billion in global assets. how important for you is this brexit vote? do you try to look at investments without taking a possible british exit from the eu into account?

george: i think it's irresponsible not to account for the risk of brexit. we try to do is think about the ramifications of such an exit both before the exit as well as what happens afterward. certainly before a potential exit vote you are seeing a lot of activity before any solid u.k. numbers this morning which indicated a slowdown in economic activity and that's something we need to be accounting for. given this uncertainty are going to see a slowdown in not only u.k. activity but also in european and perhaps global activity. it's that fear of disruption that is causing concerns. the next step is to think about, what does happen in case a if exit vote comes the past what are the ramifications. it is not clear that the dire situation that is getting a lot of airplay will actually come to fruition. you are seeing estimates of a slight decline in u.k. gdp but it will not be dramatic. it's unlikely that you will see the u.k. economy fall apart. they already have their own currency. it is unlikely that you will see

a substantial take. what i think the real concern is is what happens if you start to see the solution elsewhere in europe. somewheredissolution else in europe. betty: where do you find the growth in stocks right now? when you have banks acting like .tilities a headline that came across this morning, a story with george soros, the billionaire, cutting his equity holdings by about one third and also taking an enormous stake, over $250 million in gold. reducing his risk and adding on to the inflation hedge. what you make of that move? george: that is a move i fundamentally disagree with. you are seeing growth around the world and it's not being discounted appropriately by equity markets. i think there is a fear trade that is causing an acceleration in things like sovereign bonds and gold.

even within some of the equity sectors such as consumer staples, regular utilities. what you are not seeing is reflected growth in chinese consumer plays, whether it is chinese internet or travel. great pockets of growth in the u.s.. the fact that home depot cost stock is down does not discount the fact that it is showing tremendous growth. is being fairly reflected in the prices attributed. betty: george, you so much. george maris. shares of lending club dropping --er the company amended its after it amended for material weakness. troubles that keep piling up on monday club -- on lending club. ♪

matt: live from the brandenburg gate in berlin and from midtown manhattan in new york, i matt miller with betty liu. almost an hour into the trading day in the u.s.. julie hyman has the latest. julie: i want to check on a stock we have been watching lately following -- falling once again. lending club shares down about .hat -- down about 7.5% the company says it received a subpoena from the department of justice looking into the departure of its ceo and founder and the circumstances surrounding his departure. was there anything untoward. the company also said investors have been pulling back from buying loans so the stock was down more sharply in the premarket, now down only 7%. really it has collapsed and you

have been watching this story as well. matt: i have. i'm looking -- i pulled up the short interest function which of sure you know very well. if you click on the third tab, you can see how much the borrowing costs have gone up for lending club shares. looking at a gain of something costs forn borrowing lending club. a massive again. i think it's very interesting because if you want to borrow these shares is going to cost you a pretty penny. julie: that's because the shares have gone down so much. if you were shorting them a couple of weeks ago you would likely have done very well. i want to talk about something else in your wheelhouse, automakers fiat and gm both turning lower this morning. fiat in particular after a couple of negative analyst calls for you to hsbc is downgrading automakers globally to

underweight and x and bnp analyst is downgrading fiat to underperform saying the company as the leasing bubble --es to an end and analysts not done enough to protect itself from a downturn following that. matt: very interesting to see fiat and general motors on the same screen. was courting mary barra in hopes they would buy his company. they did not do that and they are still not interested. david westin is in ne detroit talking with mary. still ahead, getting ahead of the barra volatility. such companies are rushing to go public before the outcome of the vote and we are live in amsterdam for more on this listing frenzy. ♪

matt: the threat of brexit is putting ipos on hold in london, amsterdam is gearing up for a listing frenzy. a slew of initial public offerings this month after a sluggish start to the year area for more we bring in celeste perri. great to talk to you on this. why are so many dutch companies going public right now? celeste: pent-up demand. at the beginning of the year there was volatility in the markets that held a few of the ipos back. now there are a bunch that had been waiting for the past six try to get out before the summer. believe it has been pressed into the markets so there is a vote for the u.k. to leave that will send shocks throughout the market. the dutch finance minister just said he will not sell any

additional shares of abn amro. he just said he will not sell any of those shares either way to brexit as well. the government is getting in on the act. matt: so what companies. sorry, betty, i was going to ask what companies are going public. celeste: the biggest is phillips. yesterday announced it will sell shares of its lighting division next friday, may 27, in amsterdam. a process to split the company from its health care and lighting business. in addition to that we have two companies that are private equity backed. a discount jim chain come a basic fit, and a logistics company that got split up from cmt about 10 years ago. we also have another dutch government backed asset, asr,

bailed out by the dutch government in the pros of the financial crisis. matt: is there any common theme among any of these company -- betty: is there any common theme among these companies? celeste: as you can tell it is a broad-based range of industries everything from discount fitness to logistics and financial companies and lighting. the end product of the financial crisis and how long it has taken for the netherlands to recover from that. now starting to see all of the green shoots of growth. the dutch economy is doing better we see an uptick in consumer spending. a downturn in unemployment. that would probably be the only theme that ties them together. perri, amsterdam bureau chief for bloomberg news. the eurozone's on implement rate has been falling -- unemployment

rate has been falling. not everyone is enjoying the rebound. the region has a lot of work to do. that story, next. ♪

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simply by using your voice. the billboard music awards, live sunday may 22nd, 8/5 pacific, only on abc. matt: live from -- betty: live from bloomberg's world headquarters in new york and blai berlin. matt: you're watching bloomberg

markets on bloomberg television. shery ahn has more from our new york newsroom. shery: hillary clinton will try to avoid losing both of today's democratic presidential primaries did clinton's lead over bernie sanders is almost unbeatable. still, losing in kentucky and oregon would slow momentum. kentucky is considered the bigger prize. oregon has a vote by mail system and the demographics favor sanders. the senate plans to vote on president obama's request for money to contact -- to combat the zika virus. the bipartisan measure to cut toma's $1.9 billion request $1.1 billion has a greatest chance to a dance. zika can cause birth defects and is expected to spread more widely during the summer mosquito season. an amtrakents before train went off the rails last year the engineer was distracted

by reports that another train had been hit by a rock. investigators look into the derailment in philadelphia. eight people were killed and the backup safety system was not in place. investigators said that would have provided a technological safety net. the greek government says its latest austerity measure will be submitted to parliament by tomorrow at the latest. it would mean lawmakers could vote on the legislation by sunday. it would be before a meeting of the euro zone finance ministers will discuss whether to release more bailout funds. the number three official in china's communist party is promising to listen to hong kong's suggestions regarding its autonomy. at the chairman of the national people's congress is the highest ranking chinese official to visit the city since pro-democracy protests two years ago. hong kong police are on high alert during the three-day visit.

global news 24 hours a day, powered by our 2400 journalists in more than 150 news bureaus around the world. i'm shery ahn. a check on u.s. markets. their decline, a story from what we saw yesterday. abigail doolittle has more at the nasdaq. the nasdaq trading at session lows down about half a percent. stocks trading in the opposite direction are higher including and oh international and acorn after a 13 f disclosed that paulson and company had tripled its stake in pharmaceutical companies in the first quarter. our lesley of paulson and company says the firm's -- significant upside potential ahead. as for the deeply oversold piece , we take a look at a chart of both of the stocks we see both are down sharply over the last year. and oh international, by more than 80%. perhaps that will truth -- that

will prove true. what are the stocks -- betty: what are the stocks moving? abigail: another health care managementical waste company and it was disclosed that janet partners is a 2.9% --ition in the company of saying it is a significant -- janet partners has a track record of creating value. other people may see value in the shares of stericycle. a big drop after the company's first quarter report at the end of april. betty: thank you so much. abigail doolittle at the nasdaq. matt: i'm taking a look at european stocks. we see most of the major index down pretty much across the board. right now it is 4:30 in berlin, 3:30 in london. you can see that the ftse is the only gainer of the major indexes. the dax in germany down, the cac

in france down as well. it is the telecoms that are holding up the ftse. two major telecoms, vote come -- vodafone saying that could be more consolidation. that has spurred a wave of lying. londonp, also trading in . telefonica up as well as deutsche telekom. take a look at the currency action because that is where it has been hot. we have seen the pound trade up almost one full percent at one point. up about one third of a percent at $1.44. you see euro strength as well and the krona is now coming back to unchanged levels. the reason for the pound action toy has been new polling data over the weekend. . have brexgo allows you to see all of the information you need for this

boat. coming up on june 23 here you have the top stories on brexit. the latest polling data is graft. the new polling data shows more than 46% plan to vote to remain within the eu. only 38% went to vote to leave. it had been 41-41 so we had been tied. people undecided. it had been at about 20% three the undecided level is 15%. more people looking to stay or eu and that. in the is good for the british pound. ,taying in the eurozone unemployment figures are due tomorrow morning. we will talk right now to allen dehaze, the head of a deco, one of the biggest hr companies in the world. they do personnel and temporary

employment and is considered a bellwether for the global economy. thank you for joining us. why don't you tell us what you see as far as the eu unemployment issue. in the u.s. it seems we have that not crack. in europe they have a long way to go. alain: when we look at the results of first quarter that we announced last week, in europe we see good pockets of growth. , where we have high single-digit growth. we have also france continuing its recovery. you see also in -- countries bottoming out of this oil and gas situation. we are looking at positive stabilities.

big countries like the u.s., u.k., germany, and japan. what do you see going on as far as your business? our people shifting more toward temporary employment? how is it here in europe? europe, we see a continuing modest growth. we see the recovery going further in france. gaining a bit of traction because if we see growth in all the different segments in france being logistics and transport, automotive, retail, we anticipate the construction, the major segment for temporary staffing in france, will further accelerate in the second half of this year. we see italy and spain continuing to grow at high

single digits and good figures. matt: what i meant is, for your business. for the kind of hiring that you do, is the situation getting better or are you seeing a return to maybe a more normal where wagesituation workers are put on the full-time payroll? alain: we see a continuation of modest growth in europe but also in europe. somehow it is also linked to the asset -- continuation of modest growth. betty: i want to ask about the u.s. market. there is a mistry from what we saw -- there is a mystery from what we saw in the last jobs report. businesses are slowing down. it seems they are hiring but when you look at other economic data, even this morning we had housing starts, retail sales,

they are all growing above forecast. what are businesses worried about? why are they hiring more? alain: what we have in the u.s. havet is a kind of -- you three different types of markets. , andu look at activity like you were saying we are bellwether for the company. retailhigher growth in driven business. i can give you some figures in medical and science during the fourth quarter we were still growing with 29%. in finance and legal, we were also growing at 14% for this first quarter. you have a second market, the general temporary staffing market. let's say short-term temporary staffing. there you have a market which is flat and negative ad 6% in the office segment.

we are growing for more than six u.s..ans in the your third market where your pockets of decline. these pockets are mainly related to the oil and gas industry. we do -10 in engineering and technical. linked to the defense spending and we know that there are some cuts from the government in defense spending. ino linked to the decrease manufacturing.

+++ markets. so that is why we see as a result positive stability and continuation of positive stability. betty: thank you so much for explaining that. alain dehaze on the job market. this is a split or segmentation of the job market. much more ahead. home depot is a rare bright spot in the retail sector. why consumers are abandoning the shopping mall and spending more money other homes. we will hear from a former retail ceo, next. ♪

matt: this is bloomberg markets. i want to give you our bloomberg business flash. a look at some of the biggest business stories in the news now . j.p. morgan chase is opening an investment bank in peru. officials say they plan to double the number of employees to capitalize on south america's fastest-growing economy. has a representative

office in lima with about 10 people and is planning to hire more than 15 this year. general motors european unit is rejecting allegations it's diesel engines can turn off emissions controls. the head of the opel division says german media and an environmental group reached conclusions that are incorrect. the credibility of automakers is under attack. both volkswagen and mitsubishi have admitted to rating engine tests. twitter wants to easier for users to send longer messages. twitter will stop counting photos and links as part of the 140 character limit. links take up 23 characters even after twitter shortened them. part of a plan to give more flexibility to users and to try and attract new ones. that is your latest business flash. what: my response isbetty: took them so long.

matt: it's like all-day breakfast at mcdonald's. betty: home depot topping estimates raising its forecast for the year providing a rare bright spot in the retail sector. last week we saw department stores and specialty clothing retailers reporting disappointing results. more to come this week. expecting earnings from target, gap, barberry, and a few more. joining us with a look at the retail world, j margolis. former ceo of numerous retail brands including cachet and limited brands. do you see this bifurcation in apparel retail. department stores and others. what's going on? jay: i think home depot is a perfect example.

phonese either on their spending an endorsement of time on facebook or twitter. last week an article talked about 50 minutes on that. retailers have got to move faster in turn goods quicker. we look at the fast fashion people, they are the only ones in apparel that seem to be making their numbers. otherwise apparel is not as important. food, home come all those other kinds of product categories seem to be winning in retail. apparel is in a state that they need to reinvent themselves. they need to think differently in terms of how they flow merchandise. markdowns are not with the game is. one more thing i thought about a lot. tim cook was on tv talking about a year ago and how big it was and now he is anniversary that number. you have to look at what new are you putting it to work. what are retailers doing that's different from a year ago that will get them a different result? tj yes look like that to me. wear inas added foot

a big way. betty: one retailer we did see last week, gap. preliminary results from cap. .- from gap the turnaround is not working. is that because the old strategy of discounting or being more price conscious, is that too late? jay: every retailer hopes their assortment in inventory flows will get them 10% better in at full self through price is post off price. you throw the amazon affect income online, and no one is winning on that front. 90% of goods they are selling is at a discount. they have to go to innovation. i watched nike and how they come up with something new and that promotes full price selling. otherwise it's become one big discount. tjx wins. betty: on that front. this i'm here looking at cost-of-living chart we have on

the bloomberg terminal. users can check it out on our btv library, number 1349. growing, butis cpi not by a lot really. i've noticed a lot of products get upgraded and continue to cost the same. talking about apple. looking at a lot of high-tech products. you don't see real increases in those kinds of products. do you see it anywhere else? apple is so interesting. i went into a store yesterday and went to buy a watch and it was sold out. so back ordered the cannot get it for me. they are getting full price, not having to discount. when a discount an old model they do a ton of business. in apparel it seems you have to keep discounting the brand deeper or you go to the fast fashion route. consumers are getting great deals. onlinel fueled by his it

or a question -- is it online or a question of how much inventory is out there. matt: even if they are not discounting they are not raising prices. your apple watch maybe was not discounted and maybe they are selling as many as they make but they are not charging anymore for it this year than they were two or three years ago. for the phone or a tv. honestly the watches really new. jay: a little more in a given category. under armour and others will do that but there is a threshold price in most products. they are scared the consumers not spending more and that the competition is online petition -- online competition discounting rapidly. keeping the price consistent luggage a little more money but prices are not going up. food prices seem to be going up dramatically. betty: thank you so much. jay margolis on the retail world.

still ahead, 6i-5 years old selling for $35,000 a bottle. more on this rare liquor in today's pursuit. ♪

betty: a macallan 65-year-old is one of the oldest and rarest whiskeys released by the famed scottish distillery. the most expensive to date at $35,000 a bottle. the spirit will be released in limited qualities in cantors designed by lalique. paul ross here joining us in new york. only 450 will be released so who will be buying these? paul: a lot of collectors clearly. this is the last in a series of six. it starts out with the release of the first of the special

edition in 2005 which reflected our casks. there are connoisseurs that really want to drink a bit of history. this is an opportunity. betty: i'm not a whiskey drinker percent. i've had some of course but what is so special about this? paul: the oldest whiskey we have quantity.n commercial we have whiskey going back to the 1920's but this is a commercial release of 450 bottles. what is special about it, you drink a little bit of history. you go back in time. you are really going back to that era. i wonder how important is it -- does older whiskey -- doesn't always make it better if it is another decade or two old? paul: not necessarily.

aging is an important aspect to whiskey production. scotch whiskey has been renowned for older whiskeys throughout the world. it is the quality of the casks you use. casks fromlan use spain. we produce about 92% of those casks. really, the color, which is 100% natural, comes from the wood. it's important that you invest in the beginning of that process in exceptional casks. if you use a good cast 6i-5 years later it's really good. if you don't -- 65 years later, it is really good. if you don't, not so good. matt: i am a big fan of the brown liquors but i'm kind of an old guy. i went last night to the soho house and hung out with the cool young kids after i took off my necktie i was allowed in. they were all jerking some kind of special -- they were all drie

kind of special gins with crazy recipes. are you getting competitions from gins and other clear spirits these days? paul: i would not call it competition. we are seeing a new interest in spirits generally. the cocktail culture is here to stay. generation are now beginning to experiment with turbans, irish thomas scotch whiskey come a gins. i macallan we are a little bit more expensive than a regular gin but in good time some of those young folk you hung out with in berlin are no doubt going to be drinking macallan. betty: is there a special way you need to market this at all given that it is going to go to an exclusive buyer? is there a special way you're presenting must? at macallan we focus on what is in the glass at the end of the day. it's about the liquid in the process that gets it to this exceptional stage.

-- a lot of the products are drunk as well. word-of-mouthow and generally people who know the best in life come to us so we don't market anything of this nature. it's not necessary. betty: paul, thank you. the ceo of edgington america. still ahead, bloomberg's live all day at the goldman sachs first annual leveraged finance conference are don't miss interviews with david solman. ♪

betty: it is 11:00 a.m. in new york and 11:00 p.m. in hong kong. i am betty liu. matt: i am matt miller live from

p.m.. where it is 5:00 you are watching the european close on bloomberg market. let's take a look at where european equities are trading right now. we have losses across the board with the exception of the u.k. take a look and you will see the dax down on its first day of trading. it was closed yesterday for pentecost. about half aaining percent in london and that is enough to push up the stoxx 600 about 1/10 of 1%. take a look at the telecoms, there is a reason for the gains today. cdlfone is out saying the -- the ceo saying he has seen moreso