>> good morning. this is bloomberg daybreak: europe. i am dani burger in london. not guilty. donald trump says he is innocent of the charges described in a 34 counts indictment during a new york court hearing. back in florida, he claims the case is about keeping him from being president again. >> is fake case was brought only to interfere with the upcoming 2024 election and it should be dropped immediately. immediately. dani: now, the buyer peered ubs holds its agm a day after disgruntled credit suisse shareholders reject the playpen for -- play plan for the executive board. the qb jumps after new zealand's central bank delivers a surprise half point rate hike. ubs holds their agm today which is expected to focus on the path ahead for this was lender. meanwhile, at the credit suisse

agm yesterday, german axel lehmann apologized to shareholders for failing to stem a loss of trust. >> one legacy after another has already seen trust eroded, and with it, patients dwindled. at that we failed. it is a better reality to see that our strategy did not have time to bear fruit. dani: for more on this, let's get over to basel where manus cranny is standing by. the first thing i did when i woke up this morning was google distance from basil, switzerland to london. if you just put car on the company card would only take you 10 hours and 30 minutes to drive over and come see me. just saying. >> well, i've already done one overnight flight and i will be doing another one back tonight.

look behind me. they are already putting up barriers appeared we are 86 kilometers away from zürich. yesterday was about contrition and recrimination and mia cobos from -- from axel lehmann. today is about trying to set an agenda of transition. it will be hammers last major appearance. the chairman will also be here to deliver words of assurance. there is a great limitation on what he can actually say. kelly hair will speak a second time. he will speak about the deal and integration. my sense is there are limitations on what he can assure the shareholders in terms of debt -- dividends and integration risk and liability that perhaps are being assumed. there are major backstops in place but you have to understand that to a certain extent, there is a great deal of angst in this

country about this behemoth being born. dani: especially a day after the apology tour more or less from credit suisse. what will be the top issues that they will have to face at this agm? manus: as i said. they will not get full disclosure of what is inside the credit suisse investment bank which is where the angst really lies. i think this audience in the investor audience will want to know a little bit more about the integration process. the chair has already said it will be a culture of filter. the people i had meetings with yesterday said it is not a done deal that everybody in wealth management at credit suisse will be up and over the fence into ubs, ky c. note your client. the benchmarks to know your client are different within ubs. that kind of assurance in terms of what they will do and what kind of culture filter there

will be. don't forget kelleher the chairman said this is the basic -- biggest transaction since 2008 and there will be more risks. he said peak harvard law is what is going on in america. peak mckenzie is this, putting these two giants together. the number of consultants that will be involved. what is interesting is you have two people joined at the hip in terms of nature. kelleher, the taker of risk. these two gentlemen have a deep understanding of risk-taking and the risk of not taking the right risks. dani: you are checking your whatsapp this morning in a message you and you did not respond. i just want to leave that out there for the audience. manus is so consumed with ubs he will not even respond to his dear coanchor. manus: i read that and went back

to sleep. dani: [laughter] as is your right. manus cranny there and basel. we will check in with him later and he will be covering the egm cross -- egm for us all day. a jumbo rate hike surprise just when you thought they were over. new zealand comes to spoil the party with a 50 basis point hike from the qb's. only one economist saw that coming. reaction immediately and markets. a lot of asian markets close this morning, both china and hong kong. kiwi yields moves up 12 basis points. the qb dollar surges .6 percent versus the dollar. 2-year yields are creeping higher but we had this huge spout of bond buying yesterday off the back of jolts data. we will get into that with the reporters. s&p futures not doing too much. actually, doing literally nothing. just above the 4100 mark. let's get to our reporters

around the world because we and the world are fixated on donald trump in court. bill faries joins us to cover that. we'll also be talking rbnz hikes with richard anderson. michelle gets his latest on jobs and eco-data. donald trump appeared in court yesterday in new york where he pleaded not guilty to 34 felonies. the charges are related to claims that he used hush money bury information about an affair and boost his electoral prospects back in 2016. joining us is bloomberg senior editor bill faries. i hope you're enjoying your regular slots and daybreak because at this point i don't know what we would do without you. take us back to yesterday. what do we learn from this hearing in the charges against trump? bill: it was an unprecedented scene. the former president showing up at the courthouse in manhattan to be fingerprinted and to sit in a courtroom and answer and enter a not guilty lee against

34 counts. he will now face those. this case will drag out for months ahead, but it was something we have never seen in american history, and the president has vowed to fight this. he said he called the charges and attempt to derail his 2024 campaign. he gave a rousing speech to supporters at his mar-a-lago home afterwards. you have people who are even perhaps unsympathetic to the president who said this could be a very tough case to win. we are going to see how that plays out in the coming months. it is possible the president will not be back in a courtroom until very late this year, early december. dani: bill faries there, thank you very much. he is staying on top of the donald trump story for us. i started talking about the new zealand central bank unexpectedly raising interest rates by 50 basis points. it was a hawkish outcome which was expected is by one

economist, the bank of america economist in our bloomberg survey. let's get over to cross asset asia editor richard henderson. richard, this was a surprise. how did the rbnz justify it? richard: well, basically, they are very worried about inflation expectations running away, and we know from a lot of evidence over the years that inflation expectations lead to real inflation. that is a real pressing concern. the broader situation in new zealand is that the economy is slowing, but demand still outpaces supply. that is a very inflationary environment, very inflationary setting. that is really with the central bank is trying to address. the market was not expecting 50 basis points. most economists polled by bloomberg were expecting 25. we have seen a market response with the kiwi dollar jumping and

yields on qb government also increasing as one would expect in this situation. dani: a mere 30 minutes after that decision you had the rba government -- governor saying just because we pause it does not mean we are done hiking yet. that is bloomberg's richard henderson in melbourne there. vacancies at u.s. employers dropped to the lowest level since may of 2021. that suggests a cooling in labor demand in some industries. let's bring in our asia economy reporter michelle. how does this set us up for the friday jobs numbers? michelle: amid these debates it is easy to forget there is still a raging debate about labor markets. to your point, it jolts came and cooled with the job openings sliding the most as you mentioned since may 2021. we had that on top of recent data last week that bob jobless claims -- that saw jobless

claims taking up. this is a labor market that is far too tight still for the fed's comfort. in that same report you actually had the measure of voluntary job quitters or levers take -- tick up. there are signs of tightness and even from the levels that we are at, it is still a very tight labor markets. the fed is tearing down the jobs report on friday which will be released even amid the good friday holiday. they are looking at wage growth. that is front and center for them. they have made the case, not a popular case but that wage growth needs to come down in order to maintain stability and further get to price stability in the economy. what you heard from the fed all week you heard from lisa cooke on monday and loretta mester of the cleveland fed yesterday. they are both saying and i'm sure you will hear it from more fed officials that the inflation fight is not done. rates still need to go further into restrictive territory and

stay there. they are fighting this market narrative around growth sliding and cuts and that is not where the fed is at this point. the labor market data shows that. we will see on friday if the jobs data helped him out a bit and showed them more cooling wage growth which may be help their cause around the fed's inflation fight but right now they are full speed ahead still. dani: that is a fantastic point that they have made their case for not slowing on the labor figures. they need some sort of cooling to give them leeway to pause. that is our senior asia economy reporter michelle. let's get you set up for the trading day. at 9:00 a.m. u.k. time euro area services pmi. at noon, u.s. mortgage applications data. there will be followed by at 1:30 p.m. followed by u.s. trade balance figures. around 2:30 pm u.s. services pmi and of course, the ubs agm getting underway in basel, with

our very own manus cranny who will be there fashionable scarf and all. coming up, more on the surprise 50 basis point hike from the rbnz. plus, ubs pulls off on the biggest bank deals er inmatter . we will discuss more ahead of the swiss banks agm later today. this is bloomberg. ♪

>> i plan to remain diligent and

setting monetary policy to return the economy to price stability in a timely way and to be judicious in balancing the risks to minimize the pain of that journey. dani: cleveland fed president loretta mester there on remaining diligent in the fight to bring inflation to target. we had a surprise hike from one central bank, a surprise jumbo hike 50 basis points from the rbnz as a central bank may ease its pace of tightening even as many fear and the economy heading towards recession. let's get over to james athey, investment director at aberdeen. i feel silly for starting with rbnz because you literally were just telling me how it is a slow news day when you are starting with rbnz. let me push back at that because they were one of the first central banks to start this tightening cycle. is there not at least some symbolic significance to have them continuing to surprise with

a 50 basis point hike? james: absolutely. they were probably the greatest g10 develop market central bank to really grasp the inflation problem. they have been consistently the most aggressive sounding central bank and they very quickly and early identified that the really was a balance of risks which heavily skewed in favor of hiking too much rather than too little. they described the past of least regrets, and i have agreed with that view of policy-setting throughout. it's a lot easier for them to clean up after hawkish era than it is to try to correct a dovish era. if you allow a -- inflation to become unanchored historically that is an incredibly difficult and painful problem to deal with. if you hike by 25 or 50 basis points too much in hindsight, you have created a recession which is already going to be the end result anyway, and you can cut rates more quickly to deal

with that problem. we should not be too surprised that the rbnz continues to hike. as with all the central banks, they are looking out of the rearview mirror of a lot of these key economic statistics and they are using a policy tool which won't affect the economy for 12-24 months. they are trying to balance those two and it is very difficult. dani: if they continue to hike and they are looking at backwards data to follow on from your logic, james, it means that further out, the extent to which they will have to cuts for which the economy will run into trouble will be even greater. is this just the net effect to make duration more attractive? james: yeah, definitely makes duration more attractive. if you look at the long end of the q. week overnight, -- the q. week-- the kiwi overnight.

the one year is up less as a has inverted further. it has come down into your point the market is telling the rbnz that they believe that these actions are going to weigh on growth in the future. i think the game has changed somewhat largely because of what we have seen in the banking sectors of the u.s. and europe. the market has now seen something that it really can't un-see. it is saying that there are fragility's in the system and this is not just purely about inflation, wages, and unemployment. the market is a bit disbelieving of the extent to which central banks can just carry on hiking or hiking aggressively. when some of the terminology that loretta mester has been using would have six months ago really caused dramatic moves in the front end, we are seeing the market actually kind of say we are suspicious that you can actually deliver on these

because there are other limiting factors here in the system. the same is to some degree true in new zealand. dani: what does that mean with what you want to do with the short and? do you subscribe to the view that the market does that you can't believe the language coming from esther saying they have -- master saying they have more work to do? james: we have been pushing towards buying the front and an ending steepness before we enter this episode of banking stress. what we have seen has merely emboldened us. now the speed at with which we have moved in those positions has led us to de-risk somewhat just because it tends to be the case that in markets as volatile as this when you get 150 basis point move in one direction, there is a decent chance you get a backup in the coming weeks and months. we have de-risk a little bit but that is our strategic view that when you get a curve as inverted as we have seen, particularly in

the u.s. but also elsewhere, history says there is one way only out of that position and that is a bull. long durations have been are bias and we feel a six to 12 month view much more emboldened as a result of what we have seen over the last several weeks. dani: the markets have been so jumpy regardless of where your convictions lie. in the past two days, we had to numbers that moved the treasury market by 20 basis points, the jewel yesterday -- the jolts yesterday. how bad is liquidity? how difficult is it to trade the treasury market at the moment? james: it is less liquid than a very calm period. i can't use the word normal. we have been through so many traumatic environments here in the last three years really. liquidity is certainly impaired

particularly in the aftermath of data prints or events where we have seen markets moving dramatically. it's not sufficiently illiquid that you cannot execute positions that you want to. depending on precisely your choice of instrument, your choice of curve and exactly which market you are looking at, it can be a little bit more expensive but it is not something that i believe is at the moment a sort of particular concern. i think it is inevitable that when markets are this volatile, the training and the other side of that position has to account for the volatility when he or she is thinking about how quickly and cheaply they can get out of that risk. it is inevitable as a result of the banking system that we have that traders are less able to warehouse risk than they would be in the past. the charge they apply to trade is largely a function of how quickly they can get out of that risk and that number is bigger

in a volatile market. dani: james, i do not envy anyone having to hedge a book on thursday when the next day you have half a day on the bond market and jobs numbers. it should be an interesting one. james, thank you so much. james athey, investment director at aberdeen. coming up, finland joins the club. the nordic nation has had its nato membership approved appeared we will find out what that means for relations between russia and the alliance next. this is bloomberg. ♪

dani: let's get to the first word news. sarah is in dubai. >> french president emmanuel macron begins a three-day visit to china today as president xi jinping tries to create distance

between europe and the u.s. in their approaches towards beijing. after former meetings in the capital which will also include a commission president, the two leaders will head to the southern city of wenzhou. britain's best known business group has suspended all public events following allegations of sexual harassment, drug use, and rate among its staff. the confederation of business industry's annual dinner originally scheduled for next month is among the events called off. cpi has appointed a law firm to investigate the allegations and hopes to receive preliminary findings after easter. vacancies at u.s. employers dropped in february to the lowest level since may of 2021. it suggests a cooling and labor demand in some industries. a number of available positions decreased on the month from 10.6 million to 9.9 million. the strength and the job market remains a key hurdle for the fed as it seeks to bring down inflation. global news powered by more than

2700 journalists and analysts in over 120 countries. i'm sara hall's. this is bloomberg. dani: sara, thank you very much. inland has officially become the 31st member of nato as the alliances former minister -- ministers continue their meeting in brussels. we will get to maria tadeo who was on the phone with us. maria, yesterday it was a historic moment with finland joining nato but just how significant is this shift in policy? maria: the reason while we can't join you in the studio is because we are on our way to the nato headquarters for day two. yesterday, it really was a historic day. you could really feel it in the mood outside. obviously, that flag going up. white and blue from finland, very symbolic. of course, a major policy shift from the country, which is

officially abandoning neutrality to really become a full-fledged member of the alliance that was reflected in the words of the finish president. a new era starting yesterday for the country. in terms of how significant, on the politics of it is huge. it is one of the ramifications, real-time of the war in ukraine. the reason why finland is joining now, a lot of it is because of the war. it has been accelerated at the fact that russia has been aggressive with neighbors when it comes to the military and it is also important. dani: bloomberg's maria tadeo. safe travels to the headquarters. ubs pull

dani: good morning, this bloomberg "daybreak: europe." these are the stories that set your agenda. not guilty. donald trump says he is innocent in the charges described in a 34 counts indictment. back in florida, he claims the case is about keeping him from being president again. >> this fake case was brought only to interfere with the upcoming 2024 election, and it should be dropped immediately. dani: now, the buyer. ubs holds its meeting, we are live in basel, switzerland. plus, the kiwi jumps after new zealand's central bank delivers a surprise half point rate. markets are still in reaction mode after that jumbo surprise. we are not done with the

surprises yet. what does it mean for the rest of g10 central banks? this is a fragile market, he is buying the front end but we are selling the front end when it comes to new zealand this morning. a rise of 12 basis points in the two year yield and the strengthening kiwi dollar. the fed comment -- the fed, will they be able to hold the rate for 5%, two year yields moving higher, perhaps in sympathy with new zealand, but they fell dramatically yesterday with the jobs data showing jobs -- job openings falling to their lowest since 2021. no change for s&p 500 futures this morning. let's get back to our top story today. ubs holding their agm, expected

to focus on the path ahead for the swiss lender. manus, walk us through what we can expect today. manus: gm's are typically quite boring things where shelters -- this could be more lively. you saw a long drawn out affairs of meal couples and contrition. of yet to see how the day unfolds, the chairman will speak twice, one in the form of protest and a second go at the podium which i think will be very much aimed toward the swiss audience, toward assuring the nation of shareholders, pensioners, and businesses that ubs and credit suisse combined is a good idea. it's about assurances, about integration and trying to allay

some of the fears brewing in the country about concentration risk. it's very much about the platform for a chairman who typically doesn't go on record very often, the outgoing ceo will speak. it will be his last major set piece i understand here. it's very much about trying to reassure the shareholders. dani: to that point, we did have kelleher tapping the model. what is the first take on this combination? manus: i've had a couple of different conversations. these two individuals lived pre-lehman, in lehman, and post lehman. they come from the trading, risk taking background. they come from inside investment banking. they understand risk, they understand risk taking. one of my favorite lines over the weekend was about kelleher,

what kind of guy, what kind of manager is see? they said it's three d's - -decide, delegate, and drop back. these two people understand risk at its heart, what it is to take risk and to understand which parts of the business they need to keep. kelleher very american in his wall street attitude. the essence of swiss, this is a man who understands the social fabric of this country, the political nuances of it. this is a powerhouse of traders who understand risk, and i would say they look joined at the hip. dani: but it is not a done deal, so what are the biggest obstacles they are going to be facing? manus: here is the thing, you

are right, it's not a done deal until probably the close of the second quarter. but it's like a japanese bullet train, this thing is gone. it has left the station. this steel is happening. the three keys will be the dominant symbol up and down the high streets of switzerland. but it's about horsetrading now. it's about keeping the politicians outside. four out of five people on the sunday newspaper want the swish universal bank with credit suisse spun out. this is where marti would probably come to the fore. it's about getting the deal over the line. they always come along during your triumphant moment. this is about possibly having to

give something up to keep the politicians on site. that piece of the puzzle could be the swish universal bank. there needs to be something abridged here. it's just a question of what gives to get the deal done. dani: i know you say this meeting isn't about croissants, but i still expect a full report from you on what is served for breakfast. manus: don't worry, oliver, the producer has a big bag. we are hoping for good food. dani: thanks so much, manus cranny there. we will be reporting on the agm all day. the fallout from the credit suisse deal has resulted in central banks creating money, printing more money, despite

tightening policies of qt, according to my next guest. you can see some of his reasons up on the board there for want. alphonso joins us now. i found this really interesting. we look at this moment in time and say central banks want to have to pause, the long and varied lags of central bank policy. what does it mean that we have essentially taken a break in order to bailout the banking sector? >> many central banks around the world starting from japan, going from china, they are trying to stimulate their own economy. finishing with the federal reserve which ended up injecting money and the bank emergency facilities were set up and used by banks.

qt was going on in the u.s., and yes, they did, but they were out shattered by the amount of reserves creation. markets have had a bit of a breather as well in the first quarter of the year. this is not a coincidence, the assets that are most sensible -- most sensitive, now we see the reserve bank of new zealand with 50 basis point hikes. this goes to show that central banks might have different opinions going forward and they are not joined at the hip necessarily. the federal reserve drives everything else, but it will be eight credit event that would lead the backstop.

dani: so this isn't going to be the broken thing that stops the fed in its tracks, if i'm understanding you correctly. could a credit event then take the form of an issue in the real estate sector? i know this is something everyone is increasingly worried about, commercial real estate specifically. >> there was a survey that showed the highest concern among managers is a systemic credit event. if it's on everyone's radar, it's hard to call it a tail risk. the leverage that has been used over the last 10 years and were money has flowed because of tight spreads, the need to look for yield, large american banks, pension funds, asset managers over the last seven or eight

years were forced to bite more risk, by more creditors. the securities available to that were mostly in the credit space and the real estate market offered quite a lot of those, commercial real estate with mortgage backed securities and so on and so forth. so xs has been created in the real estate market. dani: we saw blackstone re-product, four point $5 billion of withdrawal requests in margin that follows withdrawal request from other months past. of course you can't take that much out because they put limits on it. so is that just the tip of the iceberg or is it going to be these type of retail focused real estate products where the pressure emanates from? >> if you have kkr and blackstone, the two largest real

estate investors in the world effectively locking investors in, they are basically forcing them not to take their money away all at once. his basically is if like sonic kkr or avoiding a bank run on the liquid product. why are they doing that? it's to avoid selling and liquidating assets in the market because mortgagors are cut out. prices on paper are still relatively high. they don't want to offload assets. this is what i call a frozen market. buyers are sitting on the sideline. the way i look at it, it might sell on the way down with house prices coming down. what that means is banks are

exposed to the real estate market but the collateral bank cannot be backstopped by the fed while the value of treasuries can and was backstopped by the fed. so it is about credit events. dani: if a credit event is on its way, what do you do in the meantime? if you had had that fear to start the year and you shorted stocks, you would've done really poorly. so how do you position for that in a market which is fast-moving and extremely reactive? >> it's an excellent question. at the beginning of the year there were some bargains. optionality about federal reserve cuts were relatively cheap in the bond market. not anymore after the scare. you want to slowly but surely position your portfolio, most of these are expensive.

there is one trait i particularly like which is japanese yen. it benefits generously from these moments of stress because japanese investors repatriate their cash, which supports beginning in the first place. i do expect new changes, the moment is ripe, and as it does so it will attract even more cash back home and it strengthens the japanese yen. dani: this is much more short-term than what we're talking about, but a lot of folks have been complaining about the dearth of liquidity in this treasury market. what does this look like when you have most markets closed on friday, you only have a half day for the american bond market. we have the jobs report, what is that going to look like? >> good luck with that, i've

traded bonds for quite a time, and the issue has always been that the warehousing capacity for large investment banks, from traders, has been effectively -- the market makers don't have the same firepower as it did before the great financial crisis which basically effectively means that there is no natural source of liquidity out there when the situation is two volatile. you would have a hard time printing statements, so your point is right. if there is an outsize number, it might be very wild on friday. dani: i have a feeling you will probably be tied to your desk waiting for those nonfarm

payrolls. i hope you take friday off. we appreciate you helping us navigate it. coming up, trump pleads not guilty. we find out what happened at yesterday's arraignment and what it means for the former president's 2024 white house bid. all of that next. this is bloomberg. ♪

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dani: let's get to your bloomberg business flash. here is sarah. >> new zealand central bank has unexpectedly raised interest rates 5.5%, maintaining its pace of tightening even as the economy had stored recession.

the key we jumped after the rbnz hiked faster than forecast by most economists. simply, new zealand prices fell 5%, the fastest annual drop since 2003. johnson & johnson has agreed to pay $9 billion to resolve lawsuits leading to its powders. it will find a trust to cover future liabilities. the company has already withdrawn its talc based products from the market. bloomberg has learned that some of the options include limiting information sharing on strategic technology with org members appointed by the chinese company. the discussions are another sign of rising tensions between china

and the west over key technologies. that is your bloomberg business flash. dani: thank you very much. donald trump has pleaded not guilty to 34 felonies alleging falsifying business records. the charges are connected to the alleged hush-money payments are former horns star stormy daniels and outdoor men at trump tower. let's get to bloomberg senior editor live from singapore. we have the indictment finally unsealed and it does feel like it is broader in scope than just the hush-money payments to stormy daniels. >> right, the 34 counts were unsealed today in a manhattan courthouse. they all allege that donald trump led a scheme to falsify these documents in pursuit of another crime, which appears to be violations of campaign-finance law.

he is not actually charged with the violations of the finance law. he is specifically charged in all these cases with falsifying the financial documents. that includes the check to stormy daniels and all the repayments to his former lawyer, michael cohen. he does a strategy that is not without some risk for the prosecution and of course it is a historic first indictment of a former u.s. president. dani: that risk has a lot of eyebrows raised on both the right and left in terms of how strong is the case because it has huge political implications. did we learn anything more about how strong the case against trump actually is? >> well, the prosecutor laid out some of his thoughts, without going into deep detail. it appears that the big picture idea is that these crimes, the falsification of financial documents, were committed to

basically cover up another crime. that's what makes these of felony as opposed to a misdemeanor. that's going to be a little bit of a stretch since the president has not been charged with that bigger crime. it has led to criticism from republicans like senator mitt romney who has been a longtime critic of former president trump. he said this was kind of a missed opportunity, it is a bit of a stretch to go after a former president for the first time with this kind of a charge. it's going to take months before we know if the strategy is working. we don't right now expect president trump to reappear in a courthouse until possibly in december, and that is just a few weeks before the primaries kickoff in the 2024 election campaign. dani: so just a calm, average december we have to look forward to.

coming up, is the biggest short in the banking industry, and it just might surprise you. more on that next. this is bloomberg. ♪ go. go green. go wind turbines. go gorgeous reliable grid.

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dani: the biggest bank short in the world isn't one of the small regional u.s. banks. it is not silicon valley, it is in canada. short-sellers have $3.7 billion on the line betting against dominion bank which is canada's second biggest lender. let's get over to adam haigh. why is this what short-sellers are building up that's against? >> i think really there's a few things going on here. let's start with the domestic canadian situation, and

obviously the explosion out of the housing market. that's clearly a concern, there is clearly a lot of worry going into a potential global economic slowdown and our recession later on this year. you've obviously got some fallout over that. but there's more idiosyncratic region, it is going through a merger with a vendor that's going to give it more of a footprint in the u.s. and the merger-arbitrage strategies out there were people will go along one of the equities in short the others as a way to hedge that as the mergers go through. because of what is happening in the past couple of months, a lot of people are expecting that merger to get renegotiated. there is the macro play but also the microplate for stock investors. dani: adam, thank you very much

on that td short. it is interesting in the context of canada's central bank who decided to pause at the last great meeting. perhaps it starts in canada just because of that mechanism where rate hikes in canada hit a more sensitive real estate market. is that why you maybe want to be shorting td? here is how the european futures are looking, euro stocks futures down just over .2%. this is bloomberg. ♪

i screwed up. -mhm. i got us t-mobile home internet. ah! now cell phone users have priority over us. and your marriage survived that? you can almost feel the drag when people walk by with their phones. oh i can't hear you... you're froze-- ladies, please! you put it on airplane mode when you pass our house. i was trying to work. we're workin' it too. yeah! work it girl! -woo! i want to hear you say it out loud. well, i could switch us to xfinity. those smiles. that's why i do what i do. that and the paycheck.

in