let's get to annmarie hordern. she is available in madrid.ight of politics in terms of delivery. pedro sanchez looks like he's going to have to do some political bartering to get his next term in office. it looks like he is back with a little more surety this time. >> exactly. the the spanish call him as great survivor. he is defying his critics here in spain. night innning last terms of rising to the top of the scene across the spectrum. now the matter is, to have enough votes? where did he turn to form a majority in government. he has two avenues he can take. one would be with podemos and regional parties. that would be reaching across to the catalonian nationalists. -- other potential avenue is while the markets and investors say this is the likely outcome they would want to see, the most stability for the government, the problem is he has campaigned and said they would not do a deal with sanchez. maybe things would change. as of now they said they would not. those are the avenues he has. one thing we should keep in mind is maybe there wil

annmarie: good morning.side, even though gucci sales were up does not seem to be enough. the relentless pace seems to be cooling considered to be enough earnings momentum for the season. nestle reported the strongest quarter since 2016. a lot of people seem to be by more petfood and unilever is also higher. they are sales beat and say they are on track 2020 target. matt: annmarie looking at some big movers. the latest beige book survey shows the economy grew at a slight to moderate pace in march. u.s. stocks fell to a one-week as the last batch did little to boost confidence, you may even say it drove stocks below -- to a low. the st. louis fed president told us that this may require creative thinking. >> we would like to do is have some weight on a variety of different models. is a long-winded way of helps to get some injection of new think. matt: our guest is still with us. the, what do you think fed's next move is going to be? we heard that because of the dovish tilt and without raising , the fed could pu

for that, we go to annmarie hordern. annmarie: thanks.f auto news, fee across their -- fiat chrysler to the outset. they are pulling the fleet with tesla. bmw to the downside on friday. they announced they are taking a one billion euro provision. this is related to the eu investigation of the carmakers allegedly colluding to cleaner commission vehicles. that stock under pressure this morning. also down is safran, supplier of boeing. boeing says they will cut production of the 737 jetliners, 19%. all these suppliers to boeing are under pressure. anna: thank you very much, some of the movers this morning. let's talk about oil. a lot happened, oil extending gains after its best week in two months after fighting in libya escalates concerns. the saudi aramco bond sale, saudi energy minister commented on the deal while speaking to bloomberg daybreak anchor manus cranny in riad. >> it's still dynamic. i think the books have not been closed but it is upward of those number -- those numbers. anna: he also said saudi arabia was unlikely to need to

one of we bring in annmarie hordern -- why don't we bring in annmarie hordern?a, lagerfeld, and mr. baker. annmarie: lvmh is not just a gaining, it has surged to a record. i want to talk about what is driving this growth. the first thing for luxury is china. lvmh is denying what they's say -- what many say is a fear of a chinese slowdown. asia is an orange, u.s. is in green and europe in blue. they are still gaining so much momentum from china. two of the key sales figures was organic growth and the key leather division posting a 15% gain. that is what is bringing up all of the other luxury stocks as well. anna: thank you very much. back to politics. the world's biggest election is underway, 900 million indians begin voting across 20 states in a democratic exercise which will take a full six weeks to complete. the prime minister modi faces represented of the national conscious -- national congress. what are the key issues at stake here? india's 900 million voters are going to judge prime minister modi's performance on two key issues. in urban areas, it is a lack

annmarie hordern is standing by. annmarie: let's kick it off with the euro-dollar.gth against the u.s. dollar. csi 300. we saw asian equities higher, down just two percentage points. oil to the downside this morning, starting off the week softer after the longest winning streak in three years. the u.s. oil rig counts up for a second week after declining for six. range as trading in a we count down to the brexit deadline. this is where futures are setting up. higher in london, germany, and france. most likely, european equities will take a step from asia, which was higher after we had decent chinese data in terms of lending and trade. 8:00 in the city of london. we have european equities opening, flat across the ftse 100. still waiting for paris and germany to open. not a lot of macroeconomic moves driving the market. we have fed speakers today. this comes after donald trump took aim at the fed once again. really, what's going to be the farkas -- focus is corporate earnings. spain opening higher, germany as well. and a touch softer and france. let's look at the secto

annmarie, dani, thank you.et all of the charts here on bloomberg, the ones about avocados and juice. matt: by the way, i feel sure that at the meeting of the most powerful people citing the fate of the future of the u.k., there were no millennial's pleasant. -- present. looking at german pmi, we see 55.4, so actually a good reading. tune in to bloomberg radio to see what luke hickmore has to say about htis. -- this. ♪ francine: theresa may asks jeremy corbyn to help with brexit trade talks in crunch time, u.s. and china resume negotiations. stocks advance. and carlos ghosn could reportedly be arrested again in us prosecutors in tokyo alledge a breach of test -- trust. ♪ francine: welcome to "bloomberg: surveillance."

we go to annmarie hordern in london. annmarie: thanks.r this morning, really surging more than 6% as they had a successful launch of satellite. designs also higher. downe downside, hammerson nearly 3.5%, u.k. property company. they were downgraded. the company now has six holds and six sales. anna: thank you very much. theresa may and jeremy corbyn are locked in intensive talks as they try to find a path forward. a second referendum is among the options, but leaders are facing battles within their parties over a new public vote. is bbc reports donald tusk offering a 12 month extension. sterling is gaining. joining us is maria tadeo to give us more on these reports and what delay might be offered. what will european leaders decide about whether to grant an extension? morning.ll, anna, good the term is brextension. that's what people are talking about today. it's not a new idea. donald tusk, head of the european council, proposed a 12 month extension with an early callout. that means the u.k. could leave before that if there's a deal and th

annmarie: that's right.nd tesla are the two things i'm watching, a bit softer on brent and very much so on wti. i like how you mentioned the rigs count, the baker hughes data. this is what i'm looking at. this is why we have the soft it did in oil prices -- soft dip in oil prices. six weeks of declines. you can see that's why. we have a softer oil price. yet, quickly, i want to show you, there's not many willing to short oil. these are the short positions on brent and white and wti in blue. you can see here they plunged 80% on brent and cpi, 17%. it seems the market is long. there are bullish wages, six-month high. the second thing i'm watching is tesla. i should say elon musk's twitter handle. he is at it again, posting another tesla production forecast, reminiscent to the one that landed him before a federal judge earlier this month. there it is on the screen. tesla will make more than 500,000 cars in the next 12 months. then he's talking about the industry and supply and demand. this is similar to the twe

let's get your individual stock stories with annmarie hordern.n a earlier in the trading session. they are buying a majority stake in a finished mobilephone dna for 1.5 billion euros. , u.s. under pressure president donald trump is proposing treader -- tariffs on $11 billion worth of imports from the eu due to subsidies would airbus. motorcycles, cheese, ski suits. technogym down nearly 4.5%. holdings selling off 14 million shares of the company. matt: anne-marie, thank you. annmarie hordern with the stocks on the move this morning, all to the downside. let's get back to bonds and blackrock is taking a cautious stance on u.s. treasuries on the belief investors have become too confident the fed will cut interest rates. the global chief investment strategist says they are cautious after the recent rally and they expect the fed's next move to be a hike. today, we ask the question on mliv and on bloomberg television, which sovereign bond market's most vulnerable to a reversal? join the debate and reach out to us and the mliv team if you think you hav

annmarie hordern will join us.bloomberg. ♪ ♪ this is bloomberg "surveillance." venture juliong has bought out at&t stake -- hulu has bought out at&t's stake. pairaves hulu with just a of owners, disney and comcast, disney gaining majority control when it acquired fox's entertainment assets. bob iger may be interested in acquiring the rest. a takeover offer in the insulation business in europe. -- 790 million. shares of both countries -- companies are rising. has reassuredr investors about the riskiest type of bank debt. they are agreeing to buy back 1.5 billion of its perpetual contingent convertible notes, known as cocos. the expectation was that they would be brought back by the issuer at the first opportunity. santander keeping investors guessing for weeks. that is the bloomberg business flash. tom: we are awaiting bank of america earnings, always nuanced. it will be interesting to see where they are in continuum from j.p. morgan and the perceived performance of wells fargo as well. matthew luzzetti of deutsche

annmarie hordern will go head-to-head with dani burger. it is a tough one to beat.ot for the competition? i am looking at oil, wti are thehere most optimistic. yesterday we heard from opec, for a fourth month curbing supplies led by saudi arabia. also a deepening economic crisis in venezuela. wednesday we will get u.s. stockpiles, and we are seeing -- trump is asking for opec to keep a lid on the prices, -- opec is maintaining their commitment to maintain output. all right. dani, what have you got? dani: the three-month 10 year yield curve is no longer inverted, maybe we will not hear anybody talk about the yield curve anymore. function, i searched stories that mentioned yield curve. in the past week, this was the most mentions of yield curve since 2005. in terms, there is a coming recession -- i also put that on the bar. the last time that happened it took two years before the u.s. fell into a recession. maybe this chatter is just that, just talk. it is not a great indicator if we are going to be in a recession. matt: i have to give that to you, dani. i love those

thanks, annmarie hordern.orget, terminal users can interact with the charts we use here on bloomberg. many find it is a great library to go to to revisit some of the charts we are using we will bring you more charts next. this is bloomberg. ♪ anna: welcome back to the european market open, equity markets to the downside today. an underperformer down by .6%. matt is going head-to-head with alex lovely in the battle of the chart. i've in a bid to win, taken my inspiration from a chart that you sent around to the group last night. you are looking at s&p 500 earnings revisions, amazed at how much they had come up in recent weeks. i, too, was blown away. these blue and white lines are the estimates for 2019. put those up against the stoxx 600 estimates for 2019 in yellow and 2020 and purple and normalized the chart starting at the beginning of the year. europeanexpected earnings to rise even further. i think it is interesting, and i hope you will pick me. anna: [laughter] alex, what have you got? >> i did not get a

we are going to get more from annmarie hordern throughout the day.ight now we want to go back to olivia for the bloomberg business flash. to cut staff plans at tokyo headquarters by half. japan's biggest bank has concluded many of the functions can be automated. the report says some will be handled by software and artificial intelligence. many staff will be relocated to the u.s.. warren buffett's real estate brokerage expanding to the middle east. time when thea emirates property market is extending its slump. to says it expects prices fall as much as 10% this year. the government of japan have rejected rental's appeals for merger talks. this follows an already tense relationship after the arrest of carlos ghosn. that is your bloomberg business flash. to watch up next. minutes away from the market open. next, we will bring you those stocks we are keen to focus on, including bayer. the board is standing by its ceo after investors voted to remove him. this is bloomberg. ♪ matt: we are eight minutes away from the start of stock trading across europe. is

annmarie hordern has her individual stocks tories. -- stock stories. >> ams is up nearly 20%.e forecast beat estimates in a big way. dsp to the upside, a danish company. logistics and transportation. they reported an opera riding -- operating profit that beat estimates. to the downside, serious minerals,- sirius down 17%. they are building a mine in northern issue. this is a rights issue. the company is selling new shares. china's factory growth slowed this month and we have seen the effects on today's european equity markets. manufacturing pmi came in at 50.1, below the estimate of 60.5. that ups the stakes for chinese and u.s. negotiators as trade talks resume in beijing today. joining us is the chief asia economist at pantheon macro economics. thanks for joining us. let me ask you about the trade conversation at the moment. in the short-term, signs seem to be good but i notice you talk about long-term problems resurfacing. explain that to us. why the mixed message on trade? >> absolutely. our position since the g20 meeting, since november last year, has been there is enough

annmarie: that is a good question. we are seeing letter volume ahead of easter weekend.an see across the board, equity industries in asia are lower with the kospi and the nikkei during the brunt of those losses. the hang seng and cmi are also touch lower. we are seeing a bit of a haven play with the japanese yen higher. there is still a dispute as a result of the local election and that is lingering in indonesia. looking at alcoa and commodities, steel, zinc, nickel , platinum, they are down. lower.f metals aluminum is higher, the second worst-performing base metal of the year. alcoa cut their demand on aluminum after the reported earnings last night. i am looking at the chart because the ceo had mentioned the automobile sector. you can see chinese automobile passenger sales are edging lower at the same time aluminum prices are lower. they are dimming the price outlook for this metal from everything from cars to computers. the ceo of alcoa said, we're just not in the greatest of markets. the reason why everyone looks at alcoa is because people consider it a bellwether fo

that is bloomberg's annmarie hordern in our london studio. let's check it on first word news.rnedoomberg president trump is preparing a novel campaign strategy. he will be touting his environmental credentials. putting together talking points on what they see as environmental success stories , including cleaner air and reduction in greenhouse gas emissions. the u.s. pulled -- the president pulled the u.s. out of the climate accord and suggested wind turbines cause cancer. president trump has not been able to fulfill his campaign promise to end illegal immigration which has caused them to oust his homeland security secretary. here's to has resigned at the president's request. nielsen has resigned at the president repressed -- at the president's request. the turkish president has urged the country's election board to look into alleged vote stealing in the election. the opposition party says they won. global news 24 hours a day, on air and @tictoc on twitter, powered by more than 2700 journalists and analysts in over 120 countries. i am courtney donohoe. this is bloomberg. vonnie

let's go back to paris and annmarie hordern. we'll play a little bit of what president macron said last night. >> we will rebuild. we will rebuild notre dame because this is what the french expect. this is what our history deserves. it is our profound destiny. david: as we have said, this is a great tragedy for the french people, for all of western civilization. at the same time it comes against a tricky backdrop with the yellow vests and challenges resident macron had already -- president macron have already. idea how this will affect his stature as president of france? annemarie: many are hoping for this to be a chance for him to unite a divided country. what you heard emmanuel macron talk about there was much different than what he was set to say before the fire. he was set to give a speech regarding the yellow vests protests taking place since the end of last year every saturday in paris. it started about rising fuel national then became a debate about income inequality and economic disparity in the country. you do have a ra

ceo that was l'oreal's speaking to annmarie hordern in paris earlier on.time for the latest bloomberg business flash. let's look at some of the biggest business stories in the news right now. ford is predicting a profit boom by converting a car factory into one that produces trucks and suvs. it says it will earn $1 billion more from the plant. the plant just started producing ranger trucks and will start building bronco suvs next year. it had been building compact cars and hybrids. the billionaire founder of the appley that assembles asices will run for office president of taiwan. .t is the foxconn ceo that is your latest bloomberg business flash. guy: up next, we will try to get a look at what is happening with these markets. equities have had a solid run so far this year, but a lot of analysts are behind their benchmarks. what does that mean in terms of the story we will see developing inequities, and which way is the u.s. ten-year is going to go? we will try to get a view on that next. this is bloomberg. ♪ ♪ guy: live from london, i'm guy johnson. vonni

annmarie hordern has the latest on the story. annmarie hordern, thank you so much.little technical difficulty there, but debra mao is standing by with a business flash in hong kong. will retainbezos 75% of his amazon stock following his divorce from mckinsey bezos. this eliminates investor concerns that it would influence his control over the company. he will continue to be the largest shareholder of the e-commerce giant. 4% ofzie bezos retains amazon, making her the world's fourth richest woman. the exchange commission have two weeks to work out differences over how the billionaire made posts on social media. they want him found in contempt of court. a u.s. district judge says the sides should read -- reword the deal to remove ambiguity on what he isn't allowed to post. samsung has reported its first operating profit drop in more than four years. the stock has been dashed stock has been buffeted by slowing smart phone sales. dropped in thee quarter. samsung issued a warning last month that the results would be short of estimates. that is your bloomberg business fla

annmarie hordern. john roe is my guest host.he head of multi-asset funds at legal and general. when you look at what anne-marie has outlined, big oil is incredibly important to the momentum and sentiment of the major indices. when you look at the movement in the oil market, where do you go? the inflation story, the dividend, or big oil? which of the trifecta interests you the most in that story? john: it would be the inflation story. the risk and sentiment if you got the spike. power starting point is a preference for being long energy and that is the spillover macro effect it can have on the broader portfolios. that is what we worry about because it can act as a headwind for growth. waivers are something we expected and the reason for that, trump had a choice to have an ally in saudi arabia producing that last million barrels or iran producing it. kate made a lot of sense he would and that when he could as soon as he saw the price wasn't going to high. spear from therm saudi arabians they will fill that gap. in the medium-term,

libya has been in turmoil since the need to bag the removal of its long time ruler annmarie get deaf in twenty eleven and since twenty fourteen it has had two competing governments have to do we need the east of libya leading to lose alliance of factions but his repeatedly except present his intention to marshawn tripoli beyond his military ambitions some analysts say. if there is a goal is a loud voice in diplomatic efforts to secure a peaceful future for the last several years general haftar has stalled every effort to get and. for real and processes it make errors last year which go of which it go away from assumes the purse would have to move towards tripoli and he did settlement to this crisis looks more difficult but the u.s. and other world leaders will apply more pressure to try to pull libya back from the brink. of tripoli while the u.n. security council has echoed calls for have to and his forces to halt their offensive mike hanna has more from the united nations in new york. the emergency meeting concluded and the german ambassador in his capacity as president of the counc

annmarie hordern has more. : 4.5 in dollars to marketing unions -- units.s is a play on digital as well as expansion. norsk hydro also hiring, this is their brazilian unit, petitioning the court to lift the embargo on aluminum. norsk hydro outperformed the sector by 3% or 4%. nokia is down today. nejra: what you didn't hear was annmarie advisory on how to take my vacation. thank you. as the u.k. government and the labour party are locked in talks, both sides say this is the only way to fix brexit. we will discuss that next. the pound up a little bit for the second day. looking at the equity market today. it is a quiet session after three days of gains, the stoxx 600 unchanged. this is bloomberg. ♪ nejra: economic, finance and politics, this is "bloomberg surveillance." i am nejra cehic. here's uma pemmaraju. >> fans of tiger woods still celebrating one of the most remarkable comebacks in sports history. win that 15th big comes more than a decade since his last. are saying hes generated more than $20 million. in other news, donald trump claiming the stock ma

francine: annmarie hordern there in madrid. italian bond yields are falling after s&p confirmed the rating was negative on friday. expected to give a more picture of the region's economy. what does this mean for the euro? joining us is hans-guenter redeker. when you look at spain, does that -- flavor of the european elections? or very domestic politics at play? hans-guenter: we are still to wait until the european election outcome. you are right that there is the heat is coming in out of this. people we are assuming that populism will be on the rise at what we have seen the case of spain, populism can be contained if there is a high turnout in the election. the second answer, we have to deal with, is with the auto tariffs. we haven't dealt with that. see comingl have to out of may and if there's -- if the auto tariffs have been implemented. if that what happened, you would have a euro rebound. there's another observation. relationships and markets are changing. the relationship we are referring to is the rise of the euro and th

in london it is annmarie hordern. good morning. let's get into these indian markets.ued, certainly compared to bitcoin. what's driving the weakness? >> i hope the indian markets do not have a rally like bitcoin. in today's session, very subdued for the indian market and in line with what the asian markets are doing as well. quiet, even the banking stocks very quiet. i would reckon that the data from the indian side is not looking the prettiest as well. everybody monitors what happens to the gdp numbers and the central bank policy. today the nifty auto index is one index that i would leave you with. at three-year lows. just in the last six months it has been slightly unfavorable and this month data has not been very rosy. looks like it is under pressure. but to you -- back to you. nejra: snp markets taking a bit of a pause after a strong rally yesterday. what are you focusing on? >> msci asia-pacific index relatively flat. we see other asian markets maintain some of that momentum. you can see singapore is higher, thailand. some of these other markets are trying to main

annmarie: that is the president of france. he were looking at pictures.s is the tragic sight of notre dame where a fire ripped through the iconic building. the two towers, 500 firefighters were mobilized. these are pictures from last night. put thefour hours to south. the two belltower's and facade have been saved. the question now is about rebuilding this iconic site. rebuild notre dame because that is what the french people want. that is what our history deserves, because that is our destiny. it is truly one of those global icons. i don't know about you, but i have certainly been there and it is quite crushing to see those pictures. good day. nejra: good today. i certainly have been there. i took my mom to attend mass at the cathedral. a special icon for many people around the world. it is one of the most instagramed global sites, as well. a lot of people globally looking on yesterday with those fires ravaging more than 500 firefighters called to the site. something we will keep an eye on, especially with emmanuel macron's speech delayed today. now let'

joining us from our bloomberg quint partner in mumbai is niraj london, we arein joined by our guest, annmariear treasury yields moving higher, but the indian stock market hit a record high. what has driven the rally given the oil is higher as well? niraj: you summed up everything i wanted to say, hearing you at the start of the segment, talk about how the risk-on seems to be out there and markets are looking for an excuse to move up. excuse witheed an the way the money is coming in from across the region. benchmark the third index to hit a fresh high today some of the main one, arguably. now the nifty 52 also hitting record highs. it shows that way that the macros are working as well. the currency is threatening, bond yields have dropped ahead of the meeting yesterday as well, and frankly, was of the cross-border skirmishes, indian markets have not looked down. i just leave you with one thought, i wrote a column yesterday about how the market are, they seem to be high, and morgan stanley mentioned that because -- you look look at the ee, you at valuation. and on those funds, there is more hea

annmarie hordern joins us for more on that story.ield -- hunt for yield or a play on oil? >> so oversubscribed. what is this about? one case is that it is a hunt for yield and the fact that demand was so robust, aramco was able to price the yield lower than the sovereigns. the bonds that got the most demand were longer bonds, higher maturing bonds, and that is a play on crude in the year 2050. it was clearly successful. the kingdom was really shocked by global wall street -- shunned by global wall street. this is welcome following the killing of jamal khashoggi. this was a blockbuster for the kingdom. nejra: what will they do with the money raised? >> they say they are doing this to help them fund the acquisition of a local petrochemical company. this is really moving funds from three different government entities, the sovereign wealth fund, aramco. visioned money to fund 2030. they are also testing the waters, seeing what appetite is like. nejra: great to have you with us. thank you so much. the imf has cut its outlook for global gr

and here in london is annmarie hordern. i said your surname wrong, so apologies.n stocks have swung between gains and losses today. what does the setup look like? >> good morning. it's all good. the markets, they are not cracking, but they are not expected to be. off the highs of the day. we started up a percent. we have been trading absolutely flat. benchmark indexes are trading absolutely flat. the election season gets underway in a couple of days. traders will want to keep positions like. currencies depreciated a little bit today. the crude oil prices we spoke about last week as well. the only thing in focus from our domestic market perspective, a large merger has been announced by a small bank. focus on, our elections coming up a couple days from now. and crude prices have tempered the mood on equities. nejra: you have let us perfectly into anne-marie's hit. you are looking at oil extending its rally. >> it's going to be a lot of price pressure to the upside this week as you see these escalations in libya continue intensify.o really let's look at how wti did.

francine: annmarie hordern with the gender pay gap.italy. we will be speaking with the farmer -- former prime minister of italy and a lot of economists. we will talk about the euro zone and the latest news coming from italy in the last two hours. italy will cut its economic growth forecast .1%. that has loads of applications for the market and the budget. investors trying to get more information on u.s.-china and the trade deal. this is bloomberg. ♪ the biggest week in television is almost here. xfinity watchathon week. starting april 8th, enjoy free access to the best shows and movies from hbo, showtime, epix and more. what! whether it's more jaw droppers, standing o's upon standing o's or tv's biggest show stoppers. get more into what you're into. get ready to watch with xfinity x1 or the xfinity stream app. xfinity watchathon week. free starting april 8th. boop! ♪ alix: inching closer and closer. withdent trump will meet chinese premier. unicredit on standby. reports indicate the italian bank considers a bid for commerzbank if it's

annmarie: that's right, it is bring up the question of potential successors and just adds another womanthe pipeline who could potentially read the banks -- lead the banks. first is jennifer who has been in the firm for two decades and is moving into the cfo role. on top of that, mary and take, lake, oftenianne touted as a potential successor moving into the consumer unit. it will give her more of an operational role. the key takeaway is this is adding another woman to the bench. -- nejra: when you leave the bank, you need as much exposure as possible. where does this put them in relation to other banks? >> having a woman they contacted the future. it comes at an interesting time. jamie dimon and his other colleagues were just in congress and grilled about this is that subject, could someone from a minority group ever take over as a ceo? the timing is interesting, and you're looking at a chart of gender imbalance. not as bad as oil and gas, but you can see that finance still pretty imbalanced. just 39% as a whole for the sector. nejra: and it is not just the whole business, but in those

let's get to your movers, with annmarie hordern.sler higher as we learned there are teaming up with tesla to combat rules.r e.u. admission market regulators are saying that they are suitable owners of oslo stock exchange. is lower this morning under some pressure, on the wake boeing cutting production of 737 jetliners by 19%. safran is a big supplier. .om: francine: thank you. there are reports that italy will use a contingency fund of 2 billion euros to ensure that its structural -- is met, amid lower output. europe has been struggling with a low growth environment causing more challenges for mario draghi and the ecb. themos fiotakis and kallum us.ering are still with themos, let us look at some of the borrowing costs from europe. stoxx, andne is euro the second one is the berkeley euroaggregate -- barclays aggregate yield. themos: this chart you're stocks me here is that are cheap. it tells you valuation, which. are strategist have made. . number two, the ecb is less strong than other banks, so they effective. they can buy a whole