life in berlin -- live are live in we berlin. ♪ a very warm welcome to bloomberg daybreak, i'm anna edwardsce. manus: i'm manus cranny in london. it is a big day in the city where you are. the birthplace of machiavelli. anna: yes indeed it is. just last week we talked about the politics. theresa may is trying to reboot brexit conversations. what will she say on the subject of money and eu rights? we have great guests on that subject and many others. we need to talk about geopolitics and oil. lets to you what is coming up on the program as opec prepares to meet with nigeria's oil minister. we will have the conversation shortly and we will be joined by the global cio at ubs wealth management. great to get his perspective on the market. joke legal tensions between north korea and the united states. tensions seem to ratchet up. let's go into these markets, european equity futures opening up, dovetailing the asia and u.s. session. the threat is the potential for a hydrogen test in the pacific. quid pro quo, that causes knee-jerk reaction. the u.s. equity futures dropped yesterday in cash trading

anna: it is 9:00 a.m. in new york. i am an edwards. anna edwards.m markets."kets." nuclear options. president trump threatens wider sanctions as pyongyang prepares for a possible intercontinental illicit missile launch. charting the euro's course. we could hear away in on euro strength and a deliver on the inflation forecast. that governor greg said aid for harvey could cost up to $180 billion. welcome back, everyone. it is labor day in the united states. we will return to your screens with usual service tomorrow. i am an edwards joining you from edwards joining you from london. let's take a look at the markets off of the results of asia. mark? there are two industry groups arising on the stoxx 600 today. 1.5% which isout slightly off the lows for today. this after north korea tested that nuclear bomb on sunday. koreans that the south army is continuing to prepare for a intercontinental ballistic mosque is -- listing missile launch is raising tensions higher. bond markets are benefiting and yields are falling. this is the german ten-year. last tuesday, north k

cranny p anna: i am anna edwards -- manus cranny. anna: i am anna edwards. let's get german data.rms of the retail sales year on year. that is a decline, a contraction. on a month on month basis, they declined, dropped by 0.4%. the backdrop for europe is confidence surged yesterday. you're looking at euro area confidence. we had the election so it is about coalition building in germany. anna: we've got numbers coming through on what is happening in the housing sector in the united kingdom. we've got u.k. september house prices rising 0.2% above month on month. the house price number for the year, for the month of september is 2%. that is numbers coming through. a fairly scathing report about the london house market -- housing market from ubs saying london risk is too high. he was talking about toronto and london, one of the riskiest housing bubble cities. manus: they have been warning for some time. let's talk about the markets. the markets continue to buy into the trump reflation trade. stocks are higher. the msci up for the sixth straight quarter. we have added value since the e

mark: great to have you on the show with us, anna edwards, from london.urniture center formerly known as restoration hardware. this morning the ceo said that the overhaul is starting to pay off. year, butshare this joining us more is taylor -- with more is taylor. taylor: usually thought of more has upscale membership business models. they had a few sales stumbles last year, making quite a bit of a rebound this year. what is driving that? you know me, you see it coming 2.4 billioning from dollars to $2.6 billion with analysts expecting the low-end of that range. earnings-per-share guidance coming in well above estimates and the ceo seeing that most of the struggles that have been hurting them is behind them. looking forward to growth more. julie: what are they saying about the ability of the company to get traffic back in in this troubled sector? taylor: you have heard a lot about amazon making slow inroads, they are coming out ahead of that. they are working on rh hospitality to make it more of an experience. instead of opening new showrooms, they are tr

mark: joining us from florence is bloomberg's anna edwards.imple question -- was there meatea -- was there enough on the bone? >> let's find out what we did learn. she came all the way from london with prominent members of her cabinet to show that she can talk to your rock -- that she can talk to europe. in terms of what we learned, transition, two years, is the u.k. going to pay? we don't know, but she said we will honor our commitments to the budget. she wanted to bridge the budget. on the divorce bill, she did not give any clues. she said she will make ongoing contributions to cover the fair share of costs. on the subject of e.u. rights, ae said that there will be resolution body. on the various models of trade, she rejected norway, canada. she talks again about a deal. not very much detail. he delicate a far balancing act. she had to appease three factions -- the e.u. and the two factions within her own conservative party. let's call it the hammond side and the johnson side. did she manage to appease all three? ita: there was something in

i'm anna edwards in london. manus: i'm manus cranny. hurdles have been jumped in the netherlands, france, and now germany. brzeskis according to is that merkel could be a lame duck chancellor in her fourth term. this is the dax at the moment. the hurdles have cleared. it's going to be a chancellor and a coalition led by merkel. discounts trading at a on the s&p. best --september, the since december last year. the valuations on this chart aok as if the dax offers position of a value. that is what the chart suggests. about the biglk thing. we touched new records on global equity markets. down a bit.ific is radar, we have all our currency. it is a nice gauge of what we are on the coalition holding story globally. we had the u.s. dollar against the japanese yen, the yen is down. abe is going to call a snap election today. could he push for a big stimulus package of $18 billion? the euro is in there. the initial reaction to the german reaction and what could be a period of negotiations. manus: you have the new zealand dollar up. this is abou

in flagship show, from here the city of london, i am anna edwards. >> and imf miller in berlin. t to pay attention to throughout the day, especially when we look at currency moves. anna: i will talk about the dollar in a moment. the big story around aramco, will it be in new york, along with riyadh? i should point out, the saudis say aramco remains on track. that big story throughout our programming. risk on has been the story at the beginning of this week. to what extent has that unwound the dollar last week? making something of a comeback. the u.s. dollar bloomberg index shows at the bottom of the screen. risk assetsrally in at the beginning of this week, now pausing in asia. chinese data, all three measures coming in below estimates. all cooling, versus the last month's set of data. so much to learn, whether that is the bank of england rate decision, u.s. cpi. will that be the measure we really watch in december around the fed? if so, how do you add the hurricane impact? all of that will be crucial. what is -- what else is happening in markets? matt: the currency moves for me

this is bloomberg. ♪ anna: welcome back, i'm anna edwards.ch you up on what has been going on in the market. futures suggest we will follow asia higher, the s&p went for the record yesterday and we see that move back into risky assets. the stoxx 50 currently pricing in half a percent. 10 year german bond yields at 0.34% in the market retreats just a little bit. let's get the bloomberg business flash with juliette saly. hasette: volkswagen announced sweeping plans to build electric versions of 300 models in the lineup. the comments come as the world's largest automaker accelerates away from combustion engines and tries to draw a line under the emissions cheating scandal. volkswagen has learned from the past, and over the past few years we have understood what people understand and this roadmap that we have announced is a self commit it. juliette: apple holds its highly anticipated product launch later today. tim cook is expected to unveil three phones. the event comes as they mark the 10th anniversary in an iconic iphone and bloomberg will bri

anna: i am anna edwards.s can we talk about what is happening in futures? friday,nited states and -- these markets were ahead. we've got the fed, the bank of japan all in focus. donald trump addressing the united nations so stocks are clipping ahead. it is a record-breaking speed on the s&p 500. the market in terms of politics, geopolitics seem to be saying, we are not extrapolating provocation into major flareup. anna: that is what risk radar shows you. tillerson is talking about how the u.s. is seeking a peaceful resolution. -- really helping the market to take a leg higher. japan is closed. s&p futures looking to go higher from here. a doubt touched another record. we could go higher. we could be higher at the start of the u.s. trading day. the dollar has been steady on friday. it was them on friday because of retail sales numbers. the fed unwinding the balance sheet. will talk emerging markets in just a moment. manus: the market still short of dollars, the natural position, rising by the most since 2013.

i am anna edwards. it is some :00 here in london.u -- it is 7:00 here in london. we need to bring you numbers. a bee foods operates in the food industry. 13% seeing up by 1%.-year sales up by that is an interesting guidance on the sales expectations around this discount clothing brand. an operating profit will be well ahead of last year. the consent has been some of the fx may impact on margins and we will keep an eye on that. watch baby foods at the start of watch ab foods at the start of trade. this is a picture across european futures. where expected see a bounce at the start of the trading day. markets in asia -- we are expecting to see a bounce at the start of the trading day. markets in asia, that was the story in friday's section. we saw the force in irma. it has been destructive. we are seeing reductions to the estimates for how much damage this hurricane might bring. not as possible as had been feared. saw no missilewe tests in north korea. all of that culminating in a strong start to european equities. the asian equity stor

anna: i am anna edwards in london.alk about where we go at the start of the year he and equity trading day. u.s. equity markets, the big three indexes closed at record highs yesterday. what does that mean for the european session? features suggest we could be weaker at the start of the trading day. we could be down one or two -- of 1%.2 we had gains of an eighth of a percent coming through in asia. we talked about this at the top of the hour and we will get the thoughts of our guest. cash of investors seeking protection against the sharp falling agree market increase the most in 14 months. if you want to ask questions about how long the strength and equities can must hurry at -- can last. you see a gain of half a percent that would bode well for typical european equities. futures on the s&p 500, down a little bit as well. typically a good indicator as to how equities are going to do in europe especially in the u.k. is looking at the currencies. i look at for example the pound and i see some strength there, poorly -- no

anna edwards joins us from london.t in -- an impact on your was oil sector? the reelection of the prime minister there, the green party had expected to do better than they did, and if they had done better, they were pushing for an end to norwegian petroleum exploration. they failed to live up to their billing as possibly the king makers, in this. there was a sigh of relief being briefed by the -- being breathed by the nation's oil industry. havef: anna, theresa may won her first victory. what is next? anna: this is a key piece of legislation and it got the go-ahead. it was a vote on the principle rather than the details behind the exit repeal bill. t is the legislation that takes that eu law and turns it into british law. theresa may is vulnerable to rebellion because she doesn't have a majority but she got through here because her party was loyal and she managed to get part of the opposition labor party to go with her. it will go into committee stage where they debate all the detail and things could get trickier here.

i'm anna edwards, welcome to bloomberg markets. ♪ anna: welcome to the program.s, president trump aseatens wider sanctions north korea prepares for a another missile launch after the test this weekend. mario draghi speaks out on thursday to weigh in on euro strength and the ecb inflation forecast. bad news for bitcoin. china's central bank declares initial coin offerings illegal. bitcoin tumbles the most since july. to the program. it is labor day in the united states. ,aybreak americas will be back bloomberg markets for the next three hours, live from london. taking in the stories around the world. l

let's get to anna edwards in florence. that was fascinating, wasn't it. there was a lot of figures bandied around the head of prime speech, but she did not give a figure with regard to maybe with the u.k. would pay during the transition, or be what the u.k. might pay the actual bill. >> indeed. we did not get numbers today. there was low expectations that we would actually get numbers. she has come all the way to florence not to talk numbers but it inspire, i suppose, draw on those renaissance values. we did not get the number around transition, the 20 billion that have been talked about previously. she certainly did not go as far to talk about what might be payable as a divorce bill. we did learn about the models, that are still not being embraced by the government. they don't want any of the models. we talked about. we learned about this to your transition. we learned about their intentions about security. the big question for me is one about the money, what about the divorce bill, will that be enough for them to say it was concrete proposals enough? al

i am anna edwards. manus: i am manus cranny. anna: we have numbers coming through and ebit numbers, one point seven 4 billion euros. a shade below what the market was looking for and on the net line, net income at 37. big question going into these numbers, to what extent the strength of the euro would hurt sales at this business in certain markets and some people are looking for whether the profit would be the fastest pace of growth in two years. that may not be the case. what is that doing to the business, how much is that boosting the business? online sales in 45 countries, they set the bar pretty high in terms of delivery. they were seeking to maintain the momentum after delivering the strongest store sales growth. we will keep an eye on what is ispening and zara online launching in october. manus: we had the breaking news that after a year of discussions, the synergy said to be 406 million euros. 7:30lked to the cfo at a.m. u.k. time. those are the corporate stories on the move at it comes back to fx. we have jeremy stretch.

with us is bloomberg's anna edwards. who is she talking to? y talking to other eu leaders? anna: she has all kinds of audiences in line. she might be talking to european union leaders. they might not be in the room, but she is talking about a total change in the brexit debate. she is talking about the long history that britain has with europe, predating the european union. she also wants to prove that her cabinet is on the same page. they have not been on the same page as each other or with her on brexit, so she wants to show unity on that front. many back home if were not in favor of brexit. she wants to relate its value, something forward looking rather than backward looking. maybe there is that in her sites as well, francine. francine: anna, talk to me about the timing of this. is a crucial that it is today's before the german election? she will have to wait for angela merkel. anna: the fx markets, i have been watching, is certainly alive with talk about how we may see a pop in the pound is she enter something that is seen as further transit

i'm going to go join anna edwards on bloomberg radio. ♪ francine: havoc slams florida.e. the former white house strategist calls up gary cohn. what is gary cohn's future in washington. a cautionary tale. the construction company defaults on $209 million. we speak to the outgoing lundbeck and future tevo

anna: i am anna edwards, it has gone 7:00 a.m. in london. and 8:00 a.m. in germany.s for a 0.2% gain and many economists would say is just one months data but it was an unexpected fall. before key elections. this is a decline and it is a typically volatile rating. it compares [inaudible] 0.2%. demand was up 5% by -- from the previous year. guy: that is a combine harvester, isn't it? farmingat is impressive knowledge. see onthis is what we the futures. down by .41%. theas been risk often asian session. the u.s. session was risk off yesterday and we saw the u.s. markets coming back after labor day. geopolitical threats and hurricanes in the mix. it feels more risk off than maybe it is. let's show you the risk radar. ey is the maindl event. dollar-yen has come down. the aussie dollar and the market was expecting the gdp number out of australia. the aussie fell. that story is beginning to turn a little bit. s&p many features flat and the yes -- the u.s. 10 year. to 10 and we have moved below that. anna: keep an eye on all those assets. andy coming out of stocks that was

i am anna edwards with matt ller and here is what we are watching.urrency conundrum, ecb president mario draghi admits euro, but stops short of intervention as policymakers edged towards cute the exit. hurricane irma early to have it in the caribbean as it heads for florida. investors seek shelter in treasuries. will yields fall below -- below 2%? crisis management. russia's central bank governors as the global economy is coping with political turmoil. we have interviews with her and the finance minister. we are less than half an hour from the european open. i am looking at losses in equity index, futures, really across the board. you can see the the index futures down .2%, as our ftse futures, dax futures down a little more. that doesn't show the picture of what a risk off they it is shaping up to be. if you look at bunds, you see it there, coming below a three handle. bunds trading at zero point 2992 -- 0.2992. get aroundiling to the world. investors getting into treasuries, as well. the 2% level, i think it is turning out to be a big risk off frid

anna edwards has this report from florence. uber -- >> the u.k.ple here to the renaissance city of florence. she set out her vision of brexit . of wants a transition period two years. she will pay toward bridging the budget gap. on the subject of the divorce bill, she said the u.k. will make ongoing contributions. on citizen rights, she said she was guaranteeing that right. she gave detail on security relations that -- relationships. she talked about britain thinking -- needing a new model. problem with the third of model, there is not much detail. it'll be enough to allow the heads of state to roll the conversation forward to talk about trade. that was the overarching ambition of what she delivered here today. the foreign secretary boris johnson seems pretty happy with what he heard today. he tweeted he was glad the norwegian model had been rejected. will it please the brexit voters back at home? will the transition plan ease investor jitters? [indiscernible] george maris, portfolio manager at janus henderson, are you less concerned in light of t

anna: i am anna edwards. it is 7:00 here in london. we are going to be sitting to your bogart.ews. we got breaking news on the m&a front. here entrance channel -- a trance channel announcing a combination in france. aviva group which is an engineering computer software design for engineering businesses here saying there will be a 550 million pounds of combination will take a 60% stake in the enlarged aviva group. we have been telling the story overnight. there was a big deal that would value more than three early in pounds a year -- 3 billion pounds. the understanding overnight was there was support on the board that we can get a durham -- get a deal is earlier today. the deal from since about 1014 pence per share. the third time these companies have tried to bring themselves together, bring together to industrial software units that operates engineer projects. manus: that three-time courtship broke down. the size of the course in terms of doing the deal, putting them together, let's talk about markets and where we stand. you got london in the green. everybody coming back from

i am anna edwards. manus: i am manus cranny. we will be speaking to the fordham ceo. joining us for the first interview of the day. is it that friendly a deal, that buthe first question everything that glitters is not necessarily gold. we are talking about oil. but inner tech.v channeling the of splendor.ng mark barton will freeze this chart. trade above the 200 day moving average. inventories are dropping. citi saysys -- and [inaudible] he closed hisn fund he said he -- he is converting, this could be a buy signal. anna: we have to talk about the dollar index. dollar, the the bloomberg dollar index at the highest in a month. janet yellen talking about increasing rates. trump tax plans very much at the heart of things. we will hear more about his 20% plans for corporation tax later. could we see the dollar going higher in the month of september, that is a questioned daily prophet is asking. could we see some strength coming back to the greenback and we have a 70% chance of a rate hike price for december. manus: msci asia-pacific is down. you have a thousand companies

i am anna edwards with matt ller and here is what we are watching.resident mario draghi admits euro, but stops short of intervention as policymakers edged towards cute the exit. hurricane irma early to have it in the caribbean as it heads for florida. investors seek shelter in treasuries. will yields fall below -- below 2%?

anna edwards will take you into the next hour on bloomberg radio and we will break the data at 9:30 a.m here, the screen you want is eco or weco. this is the screen you will get and this will fill in as the data comes out. that is what you want to the next half hour as we wait for the data coming through later on. bring you our exclusive interview with mexico's finance minister. this is bloomberg. ♪ so we need tablets installed... with the menu app ready to roll. in 12 weeks. yeah. ♪ ♪ the world of fast food is being changed by faster networks. ♪ ♪ data, applications, customer experience. ♪ ♪ which is why comcast business delivers consistent network performance and speed across all your locations. fast connections everywhere. that's how you outmaneuver. and asianeuropean equities climbed after the s&p 500 has an all-time high. irma does less damage than feared. theresa may's bill clears its first major hurdle. how it plays into the rate decision. volkswagen revs up for an electric future. hear our interview with the ceo. and the world's most valuable company prepares to unveil

anna: i am anna edwards. we have the greek economy minister joining us here in london.n -- plenty to discuss with him. manus: it is day two of the bloomberg business form including -- forum including tim cook. how are the markets set to open? it was all the way up to the top of the hill and the fed is holding ground. they say full rate hikes by the end of 2018. they have adjusted their longer-term view on the rates a little bit but futures were slightly higher. a little bit of reaction. bulls poppedwls -- out as well. the risk radar is where we see some of the denver station. the dollar goes a little bit higher up by 1%. let's have a look at the risk radar. diversion monetary policy seems to be what is going on in markets. they are pledging to do that keeping a forecast for interest rate hikes, three in 2018 so steady as she goes, onwards with the course from the fed. the boj is not changing policy. it is not doing anything but continuing to do what it is doing, i should say. we have msci asia-pacific down -- 1%.f percent we see diversions and japanese at .2 of 1%.to --

i am anna edwards. manus: markets have a lot to digest. the beginning of the federal reserve meeting. it is the bottom market we turn to. this is how the fund managers are selling themselves in england to this meeting. you have the wipe out the way down to 2.01 back up to 2.2%. this is the net long positioning in the bond market. fund physicians have dropped, they have cut their life positions, the at least bullish top year and just go to life. the bloomberg economic surprises sincee lowest levels 2016. bond market yields were at 2%. there is a lot of whipsaw in the market. anna: not all that far, 2.21%. lots to talk about with the fed. and verycks diverting explicable when you look at what is going on with japan. the close catching up today, hong kong and south korea a little bit weaker. the overall picture is up be. it not tell us all that much about where we go next. in terms of where we are on the , he was holding its gains slipping a little bit. the fed is meeting, balance sheet the focus, shrinking the foreign to have to in dollar gi

anna edwards is in florence. oday marks a change in direction for theresa may and the brexit trusses -- process? anna: you mentioned the headlines overnight around the transition and it looks as if she will ask for that. in exchange, what will she be offering? the 20 billion euros we were talking about in terms of bridging the budget cap, but will she go further than that? the she address the items divorce proceedings want her to? the financial items. she might not get specific, but will there be a suggestion for more money? what about the future relationship between the eu and the u.k.? the model with canada has fallen out of favor. theresa may has always talked about the deal. will she talked about that again? will the cabinet allow her to say -- she has brought some of them with her to florence. will they all look very united as she delivers her brexit vision? what was she say about the other areas, specifically the rights of the eu citizens that live in the u.k.? she would talk about writing into the agreement

anna edwards has more. order largely melted away in the 1990's due to the good friday agreement, and the fact that both economies were part of the single market. after europe -- the u.k. leaves, it will be the only land border and they believe people and goods should be able to move seamlessly. john broughton joins us now from dublin -- john bruton joins us from dublin. we heard from theresa may and she says she wants a creative relationship and a deep partnership. are you any closer to understanding what the trade relationship will look like? know i think we need to first of all what relationship britain wants with the european union. talking about a full partnership, that is just words. that does not contain any detail as to whether for example the e.u. standards would be applied -- bytain and could be the european court of justice. they could adopt a cheap food policy which would require border.at the ireland the first decision is for britain to decide what sort of relationship it wants from the e.u. and

give us a sense of where we are now. -- anna edwards is there on the spot.cussing, we know the things we're looking out for. may really wants to move things on in october. hint at the relationship today, it will be interesting to see what she said before. she has said this since then as well. it needs to be a bespoke deal for the u.k. she does not want to lift a free-trade model of the shelf, the norway model or the swiss model. we could hear a little bit of thought about that. what will she be allowed to say by the people around her is another key question. and they will be in the room with her. how much are they allowed to put in the speech which windows 10 has been written and rewritten in recent days. david: as we get to this , whatar transition period will happen during the tw's. what does the u.k. need to do during those two years? it means to keep paying into the budget. the negotiator is made that clear. it's interesting she does talk about a staggered transition for different parts of industry, mainly for the eu at different times. we need to see ho

anna edwards and matt miller are the hosts this hour.tish chamber of commerce says the weaker pound is failing to boost growth. we talk brexit and the u.k. economy. that is next. this is bloomberg. ♪ mark: welcome back to our weekly brexit show. i'm mark barton. quick peek at what is happening across europe. concerns about geopolitical events, concerns about natural catastrophes, the fed rate path, all weighing on investors' minds. 0.25%,xx 600 is down by on track for a weekly decline. it has been continuing seven weeks of weekly declines, gains, alternating. euro is up against the dollar. gaining for the fifth day, best run since august, 2015. draghi did highlight the volatility as problematic, but he didn't talk about any action to reverse the course. best weekly gain since june. u.s. 10-year yield down a couple basis points, just above 2%, lois since the day of the u.s. elections. hurricane irma, a number of factors weighing on yields. crude is down today, headed for its first weekly gain since july. gulf coast refiners ramping up red

. ♪ anna: a warm welcome, this is "bloomberg daybreak: europe." from the city of london, on an edwardsmanus: and i'm manus cranny. 45 minutes will have a conversation with the jaguar land rover ceo, with his first conversation of the day. anna: and will talk all things commodity related. what werement, reverted out, deal done on the debt ceiling. release -- relief for the debt ceiling, it's been extended. basically, the extra premium you pay for your october t-bill, up goes a risk for december. we now have december 15, line in the sand to get the debt ceiling extended. what is trump going to do? back 17hat, dropping basis points. less than we thought, the market is pricing in less gridlock in washington at the moment. i don't think anybody really saw it coming. anna: starting with the democrats. was it what treasury wanted? maybe not. it moved toward shifting the debate in time to just before christmas spirit we will discuss the politics and the market reaction as we go through this hour. let's put up the risk radar. it's all in the mix this session. wall street was up yesterday with i

edward l. allegretto eric allen joseph ryan allen richard dennis allen richard l. allen christopher e. allingham annaarado antonio javier alvarez victoria alvarez-brito telmo e. alvear cesar amoranto alviar tariq amanullah angelo amaranto james m. amato joseph amatuccio christopher charles amoroso kazuhiro anai calixto anaya jr. joseph anchundia kermit charles anderson yvette constance anderson john andreacchio michael rourke andrews jean ann andrucki siew-nya ang joseph angelini sr. joseph john angelini jr. david lawrence angell mary lynn edwards angell laura angilletta doreen j. angrisani lorraine antigua seima david aoyama my naur kevin james murphy. i love you very much dad and i know you're looking down on me with a big, big smile on your face today. >> and my uncle and my hero new york city firefighter and united states marine matthew david garvey, we love and miss you, uncle matt. peter paul apollo faustino apostol jr. frank thomas aquilino patrick michael aranyos david gregory arce michael george arczynski louis arena barbara jean arestegui adam p. arias michael armstrong jack charles aron jo

i am anna edwards. matt: and i am at miller in berlin. quite a night for markets. quite a rocky ride. the missile over japan sent a lot of people running first aid haven trades that kind of fizzled out. ina: certainly putting guam range. that did not seem to make the market worry more this time than last time. just to tell you briefly what is coming up in the program, let us get our viewers up to speed. jpmorgan spoon founder tim martin joins us for the first interview of the day to talk about earnings and brexit. but matt, you dive into what has been moving markets are not moving markets over the last 24 hours or so. you see the second missile launch in japan in as many months, putting guam within range of these missiles. we did see it move the yen. this chart is charting came and the end. and the end.im we have seen this a few times. different colored circles. this was short-lived. we saw my going into the yen, this sort of risk-off sentiment, but it is now pretty flat, so it is short-lived. markets are becoming increasingly accustomed to what we are seeing geopo