what would be your advice to lvmh to enhance but not screwup thisert -- consolidation?have no doubt they will do a great job with tiffany. presence,s great u.s. strength in china, but lvmh has a strong distribution network and they are good at the good, better, best of retail. priceg the entry-level and taking it all the way to the high-end, and what they can do in the chinese market with tiffany, and improve the luxury credentials of tiffany beyond silver, into the higher level of luxury. i think they can bring back to the tiffany brand. stored america over right now, and in the next 12 months what would you predict? stephen: it is massively over stored and you will see a massive amount of change. brick-and-mortar retail, restaurants, across the spectrum of retail. if you look at regular apparel type retail which is tracking down 50% or so, you will see lots of store closures, rents coming down, pop-up stores, think about the amount of inventory sitting in the system. in the great recession we had 25% decline in volume, you had a pop up in the gilt. we now have 50% dec

5.2, prudential down 7.7% looking at key financial we are seeing red for a image or of luxury here lvmh down 1.9% we did hear from burberry this morning and they talked up the recovery they are seeing in mainland china and korea some strong numbers there, now coming into question whether that trend will hold given the escalation and tensions that will come together the last 24 hours. let's look at basic resources names. china decided not to go ahead an give a growth target but they did say they are prioritizing jobs this is a key part of the chinese social stability efforts. we are seeing a pull back and losses around 2% to 3% angelo american down 2.7, glen core down 2.7 as well. let's broaden it out to european forces dax down 1.4%. ftse 100 down 1.9% standard charter, you saw moments ago. basic resources names heavy in the united kingdom french index down 1.45%. the ftse mib down over 1%. let's look at wall street. you've got red across the board there. the dow looking to open about 250 points lower this follows a retreat yesterday posting a second negative session. risk assets driven

lvmh, a story once again when it comes to what has been going on with the french market and we have alreadysiemens and we were talking to joe a little bit earlier on, but it has been a week at which we have shifted sideways looking for a sense of direction. equity markets in the states, particularly the nasdaq, drawing higher. europe does not have that heavyweight technology position. vonnie: the nasdaq has been positive for two sessions. ais is the second session in row. s&p 500 at 2920 of one .4%. some of these are electricity companies. we have yields back to their own -- old range. 66 basis points. the shock of quarterly refunding announcements coming out, or at least at the front end, back in her comfortable zone. treasuries less optimistic and stocks have been down. to 99.60. index down that is look at the stocks on the move because we were stock -- focused on the jobs report all morning but there are some stocks moving independently. , lower, but analysts solve long-term games -- gains, and the stock is up 90% from its march low, so this selloff is not as unfortunate as it looks. loo