tom: caroline simmons with ubs, thank you so much.alk-through of about eight international themes today, and he is with teneo intelligence. it is the beginning of an exciting week. i would center back to the thursday e.u. elections. and we do not see results right away. it takes a couple of days to get all the country's devout, is that right? francine: right. it starts thursday. a lot will be thursday. it will be -- a lot will be sunday. it is up in the air whether they really have an impact on policies outside brussels. of course, it could have an impact on brexit if nigel frost does really well -- if nigel farage does really well. next hour, we consider the equity markets, the courage to be in the markets given all of the news flow. john gallo joins, with credit suisse. futures a little red right now. this is bloomberg. ♪ tom: oil elevates as opec manages the macroeconomics of supply and demand. the president, by tweet, manages , badran story -- good cop cop, rinse and repeat. little news on the trade war front -- one thing is that

caroline simmons is still with us. what exactly is priced in?having -- we have been expecting a deal for so long, that what happens if we don't have it? caroline: i think you are right, people are pricing in a deal. you can see the effect it had on the market last year when it looks like the trade stuff was asked collating -- escalating. if there is a deal or an escalation, i think the markets would take that badly. francine: are you expecting a deal? caroline: yeah, we think things will get smoother from here. we have had a lot of pushing out over the course of the year. i think there probably will be a deal, at least of isn't, we don't think there will be an escalation. francine: let me bring you to my chart, looking at volatility. this is something we have seen in the past, some net shorts coming from fewer long positions. but what does the market feel? is there enough liquidity? well, in currencies, volatility has fallen away again. if may return if some of the political event risk returns. volatility will probably stay with us on this side.