." ♪ hello and welcome, i'm david westin and this is bloomberg best, your weekly review of the most importantiness news and on -- from around the world. the weekend began in horror about the nightmare in las vegas. >> the deadliest mass shooting in u.s. history. 50 people were killed and 400 transported to aerial hospitals when a gunman perched in a high-rise hotel and open fire on thousands attending an outdoor music festival. he has been identified as 64-year-old stephen paddock and >. >> police believe he was alone sugar and they have no sense of motive. >> it was an act of pure evil. to the families of the victims, we are praying for you and we are here for you. an important test for president trump and he and his team responded with a carefully crafted and meticulously read statement that was put forward to a teleprompter and prompted the resident to not ad-lib on this offer a vision of unity and comfort and he did not -- comfort. he did not use the word terror and that's because law enforcement agencies are trying to confirm if there was a link of the suspected shooter to outside groups

i'm david westin. our roundup of the top business stories and the latest skirmish in the ongoing battle between tech companies and european regulators. jonathan: amazon hit with a $294 million tax bill by the european union. it is the latest company to find itself in eu tax trouble. pay -- wasallowed allowed to pay four times less tax. >> one has been a regulatory review coming out of the eu for a long time in many years. that issue is there for the amazon and the google and the facebooks of the world. they also have this growing tax issue. it is not just the tech companies. there are some growing multi national companies like starbucks and mcdonald's who are impacted, too. that feels more political to some of the players, but these are global players doing business in every country around the world, generating cash and for them. it is efficient tax planning. for the regulators, they want to make sure proper payments are being made. >> the director of uber voted no -- unanimously to propose the limit t

i'm david westin.rump's outline for tax relief is under the microscope on capitol hill and for that matter on wall street. in an exclusive interview with bloomberg's erik schatzker, black rock's ceo larry fink discussed what he does and does not like about the proposal. >> there are a lot of merits and in what was being proposed, but let's be clear. what is being proposed is a large extension of our deficits. according to the cbo, our deficits will grow to $25 trillion in the next 10 years before whatever this tax reform is or tax cut is. whether this tax reform adds another $1.5 trillion or $5 trillion, we all have our scoring, but my biggest worry on the country so dependent on foreign ownership of our debt, we have chinese and japanese owning as much as 25% to 30% of u.s. treasury debt. if you look at demographically, the domestic needs of china and japan, they are going to need a lot of that money. and to think we could have foreign ownership of 30% out 10 years is probably a bad assumption. my wor

i'm david westin.passed its version of the budget resolution, putting the ball on the house side with possible action as soon as next week. oftake us through the timing what stands between us and tax reform at this point, we welcome on the telephone, the compass point policy analyst coming to us from washington. isaac, welcome back to the program. let's take it one day at a time. will get you think we a joint resolution and we can move forward? isaac: i think last night was an important step and not just because the senate cleared its package, but also because the senate put an amendment into the tokage that i think is going allay some of the concerns that house members had come which means we can actually get a consensus agreement next week, which is then opens the door to get legislative language on tax reform actually released before the november recess. i think there were two good parts to last night. the senate clearing the package, but also the senate clearing the package that can now move to the

welcome to bloomberg daybreak: europe i'm jonathan ferro alongside david westin. alix steel is off today. let's get you up to speed on some of the market action. a five-day winning streak on the s&p 500. we come into tuesday with futures a little bit firmer by a single digit. euro dollar bounces off the lows we saw yesterday after a significant 24 hours of dollar strength. 236 on the u.s. 10 year. onid: let's get an update what's making headlines outside of the business world. gunman in the las vegas shooting had a huge arsenal in the hotel room he used as a sniper's current. stephen paddock's body was found with 23 guns. found two gun stocks that would have allowed a shooter to fully replicate automatic fire and at his home they found a further 19 guns, explosives and thousands of rounds of ammunition. the death toll has risen to 59. the white house is ruling out talks with north korea over its nuclear weapons days after secretary of state rex tillerson said the u.s. was talking to north korea directly through our own channels. a white house spokeswoman said now

i'm jonathan ferro alongside david westin and alix steel.ter closing short of an all-time high on tuesday. and the fx market, a four-day slide for the dollar takes the euro back up past 1.18. we are positive by 2/10 of 1% on the session so far. yields are up by just a basis point at 2.35 on the u.s. tenure. alix: markets are looking at spain and saying go buy it. money flowing into the market and yields move by three basis points. the nikkei closed at its highest level since 1996, and unbelievable move in equities. crude is softer on the day despite opec sounding optimistic about global demand. david: let's take a look at what is making headlines outside the business world. emma chandra is here with first word news. emma: prime minister mariano rajoy has started a process that may lead to suspending the catalan government. he may ask the catalan president whether he is actually declared independence. he stopped short of declaring independence, but he says he wants to start talks with the spanish government. the wildfires in northern californ

i am david westin. will announce his decision on the iran nuclear deal this afternoon. we are joined by kevin cirilli with the latest from washington. him?we hear from kevin: 12:45 this afternoon, he will unveil that he is not recertify in the iran deal. that will of course start a 60 day period from lawmakers on capitol hill to decide how they want or whether or not they want to reimpose sanctions against iran. the legislation lawmakers will be grappling with is being led by senator tom cotton, or public and from arkansas, and also, get ready, senator bob corker, who has found himself locked in a feud all week with the president. -- feud all week with the president. david: well, he doesn't want to do it. kevin: exactly, it is the president using the power of the pen an executive order to force lawmakers on capitol hill to do something. we heard this from general john kelly yesterday when he spoke to reporters and said essentially that the president is very frustrated with how congress has moved on a ho

i am jonathan ferro alongside david westin. this is bloomberg daybreak. let's begin by whipping through the market action. euro-dollar dead flat at 1.18. futures steady and stable after the biggest one-day drop on the s&p 500 in just under a month. ,reasuries find a bit of a bid yields come in by a single basis point on the u.s. 10 year at 2.42. it is a busy day in the united states so let's get things started. revenue- third-quarter -- they do see fourth-quarter dajusted ebit. at 200 -- ebit -- monthly users up about 4%. the stock up about 5% in the premarket. david: we have earnings at ford,, ford -- out of they are beating on revenue and earnings per share. gap actually reported by earnings per share of $.39 per share as opposed to a $.32 percent -- $.32 prediction. they controlled costs beautifully. they had record sales in the pacific in asia. the one thing that fell short, europe. why? brexit. bob shanks will be talking about this in about 20 minutes. jonathan: the ecb, 45 minutes away we get the decision. is it that begi

i am jonathan ferro alongside david westin and alix steel. after eight days of gains and another record high at the close, futures go absolutely nowhere. in the fx market, more broadly the dollar strolling strength against the euro. the price action could be found in treasuries. 2.36% is your yield. alix: a lot of happening in spain. patient back -- cai should bank is down. will they moved their headquarters from catalonia? you are seeing the selloff continue on the periphery debt, 2%.ish yields up about sterling, this is one for you, year.he worst of the can headlines get any worse for theresa may? jonathan: i think that is theresa may's cross. david: if they can get worse for her, it will. it is jobs day and coming up at 8:30 a.m. we will get september data from u.s. nonfarm payrolls and labor force participation rate. we will hear from the fed presidents. we first want to focus on the jobs numbers and turn to julie hyman in washington, d.c. she will get the numbers before we do and she will come tell us at 8:30. what are you looking for? j

i'm david westin. yesterday with the parties further apart than ever. here to give us the aspect, david scanlon and kevin cirilli. david, let me start at their north of the border. as i say, it looks bad in the united states for the prospect of these talks. how does it look up there? how are markets reacting? david: it looks pretty bad here as well. we are seeing a ramping up of rhetoric on both sides, the white house started and the canadians and mexicans are now dialing back the clock on trade. with outrageous proposals. but the fact that they are still talking is a good sign and they have already set up a next round in mexico and they have pushed talks into 2018. as long as they are still at the table, you have to think that there is some optimism that they might reach a deal. and we have a saying around here, as you know, it's follow the money. and look atoney what the markets are doing. investors are not concerned in canada about nafta. the dollar has been holding up study. canadian stocks about t

alongside alixro steel and david westin. winning streak this year, closing friday just short of an all-time high for the fourth straight week. in the fx market, a touch of weakness. and with the treasury market closed for columbus day, the bund your guide to the bond market, the yield down 35 basis points on the 10-year yield. let's get to the stock movers, shall we? here is alix. alix: interesting stories today -- one from viacom. from cellts ratings to neutral. here is why. there could be a cord cutting frenzy, saying cable operators in general be lowering cost if cord cutting continues and without the charter affiliate fees, viacom could be worth just $19 a share. and this is the broader industry context -- they say the era of automatic renewals is over. a really interesting veltman today. approved this osteoarthritis knee pain drug. it's injected and it's a nod opioid painkiller and wells fargo says look, that will be a game changer. it could be available by the end of the month. with winningup holdings. the wall street

nejra: coming up, it will be bloomberg daybreak america's with a david westin, jonathan ferro and alixgram. good morning. we all have been watching as the markets have been seeing the news of the phase in of tax cuts. we have a critic of what the republicans are proposing and we will ask them to play the other side. he says there are things they could do to be constructive, so larry summers talked about how we could build a tax reform package. tom: fascinating. summers battling with the economic advisor, i am sure they will dive into that. we are taking a look at the chart. george, i have this with respect for the president, not his the electione is would up we go, all the feeling of -- excuse me -- [coughing] we are at a critical time. we are really testing new re-flattening. would you predict that we will see further fighting? george -- flattening? george: the inflation trade you alluded to, we cannot just contribute the flattening or contest the idea, we will do with the tax policy brings. it should be inflationary in nature. where the tug-of-war is, the 80 basis points on the two t

i am david westin.rampled -- no, chevron did not, exxon did. chevron fell short. exxon is way up and chevron way down. we are joined by katie nixon of northern trust. what do you make in general about the energy sector? is it back? katie: it is a supply and demand story. we had incredible demand. it cannot be underestimated. it is pushing demand for energy and we have supply constraints. opec as double down -- has doubled down its intent to keep supply well in check and we have had disruptions in energy supply in the u.s. we had a lot of capex taken off the market the past years, so we think it can be sustained at this high level a while but do not disregard that supply will come back to the market and u.s. shale producers are flexible and willing to come in at these prices. david: how dependent is this on the oil price? how interested in you on energy if we do not have a leg up on oil? sector?n energy as a david: yes. value it is a relative where we look at financials, but we see the increase in oil pr

i'm jonathan ferro alongside david westin and alix steel. on a record high and s&p 500, futures softer. in the fx market, german business confidence gets back on record and the euro gets ahead in front of an ecb decision tomorrow. a story that keeps continuing -- yields higher on ten-year treasuries come up by two basis points at 2.44, the highest since march this year. alix: i'm taking a look at the currencyr in the market and that's the pound. grew more than expected third-quarter and we are preparing for a rate hike in december. that is adding juice to sterling's rally. 48 basis point is where we print. the spread here in the u.s. is modestly steeper as we put up some hands for jon taylor and gold is a little softer. david: lets get an update for what is making headlines outside the business world. we turn to emma chandra with first word news. emma: in china, the president's asian is leaving open the ingpinglity that -- xi j is leaving open the possibility of staying. anyone could be promoted at any time. it's a big win for financial firm

i'm jonathan ferro alongside david westin and alix steel.treak on the s&p 500, the longest since may of this year with a record high. futures are dead flat, 90 minutes away from the open. up a single point. price action in the treasury market, yields going nowhere. in the fx market, dollar strength starting to come through. euro-dollar now on the back foot by 2/10 of 1%. 1.1736 is where we are at. alix: you see the ibex up by bond1% as you saw a strong option. potential better news out of catalonia. a 10 year yield. by theg gets hit disastrous speech by theresa may. it gets funnier every time. gold pre-much flat on the day. david: time for the morning brief. we will eastern time get weekly initial jobless claims and trade balance data. at 10:00, we get august factory orders and durable goods data three we'll hear from several members of the fed starting with jerome powell. john williams come and phil duffy fed president patrick harker. in the afternoon it will be -- jonathan: president trump has sending puerto rico is the bond market into di

i'm jonathan ferro alongside david westin. alix steel is off today.00. the dollar weaker against pre-much everything through the day. in the bond market a couple of things to watch. off by a single basis point. for anyone witnessing the route and puerto rican debt -- the debt --puerto rican puerto rico has to figure out how to solve its debt issue. good luck, puerto rico. that's the market action at this point. abigail: lots of high-profile movers this morning. nearly 2%ading lower after the beverage and snacks giant missed revenues for the third quarter ever so slightly. north american beverages down 3% on a year-over-year basis. this forces the company to rely more on its frito-lay snack business that wall street is not very impressed. bonnie herzog saying there is nothing to get excited over here. shares lower and lower on the week. taking a look at monsanto. companyd's largest seed put up a surprise profit. $.20 per share for their fiscal fourth-quarter versus the estimate of an anticipated loss of $.42. lots of demand for soybeans really helping

i david westin alongside alix steel. coming up, we will have larry and the david lipton, u.s.fairs. alix: no joke on friday the 13th? david: no joke. alix: equity futures pretty much flat. euro-dollar goes nowhere but the

alongside, david westin and alix steel.ed, 30 minutes away from the opening bell. the sixth weekly advance, with futures positive. we could add to that. bit in treasuries, with yields coming in about a basis point. the dollar strength story sticks , and g10 stronger against most of it. a weaker euro ahead of the ecb decision on thursday. that is your cross asset picture. let's get some movers. alix: halliburton now off by 0.4%. it was a earlier, in premarket. the earnings beat. the revenues were better. that northd, i know america is hitting on all cylinders. this is different from what we heard from schlumberger and baker hughes on friday. it is still an idea of a weaker market. halliburton, down at 1%. hasbro also down by about 3%. earnings were up, helped by sales of star wars asset -- action figures. it was their fourth quarter revenue forecast that was hurt. it is expected to be out 4% to 7%. what happens with toys "r" us? bankruptcy,ares what happens to their inventory? looking forward to it. cisco is going to buy bro

. ♪ ♪ bloomberg daybreak will be taking to the airwaves, jonathan ferro, david westin, alix steel. gs? david: we certainly will. we will have an interview with carly fiorina. she was the ceo who ran for president. she was the one who did not get it. she was outspoken about donald trump on the campaign trail. we will talk to her about what he is getting right and wrong in washington. tom: thank you so much. we continue with a quick briefing on technology. paul sweeney joining us from bloomberg intelligence. down on the story for a bloomberg intelligence, everyone is looking at earnings in the single digits and high single digits, and then there are tech stocks. are your people modeling 20% plus tech growth forever? >> i'm not sure about forever, but they are seeing these kinds of numbers for the foreseeable future. everything that has consumer facing internet businesses, whether it is like facebook or google or an e-commerce company like amazon, they continue to put up extraordinary topline numbers. that is what investors are looking for now, topline growth profits will come whenever

coming up, it's bloomberg daybreak americas with david westin and jonathan ferro. esident's visit to puerto rico. david: particularly puerto rico today. we have all seen the pictures. brad setser from the council on foreign relations. he has done a comprehensive piece on exactly what has been done to puerto rico and what is going to be required to get it back on its feet. it's really a big problem the president is going to have to face. tom: thank you so much. our single best chart is from john normand of jpmorgan. it's long bitcoin where sloped matters. 2010 to 2014. i will put this on social for bloomberg radio. johnlue circle is where normand stopped traffic and published on bitcoin long ago and far away in 2014. he joins us in new york this morning. has changed about bitcoin since you're incredibly important paper of early 2014? >> probably the only thing is changed as its popularity. my view was that it was essentially a retail novelty. not something that institutional clients or brits should become involved with dutch corporate's should become involved with --

this is bloomberg. ♪ david: i'm david westin. let's see what's going on around the world this week. morrow, the bank of japan will announce its latest policy decision. david davis will be questioned by the house of lords european union committee about the state of brexit talks. sticking with the u.k., on thursday, looking at the bank of england rate decision and inflation report. as we know, there is an awful lot happening right here in withngton dc, as well expectations of a mueller indictment, naming of a new fed chair, a tax bill, and the fomc meeting coming up. we welcome our chief while it -- washington correspondent, kevin cirilli. let me put you on the spot. what is the thing you are most focused on this week? kevin: today is mueller monday. the question is who will receive charges? we are going to be hearing a lot about the foreign agent registration unit. that is the disclosure laws requiring folks to disclose who exactly they are lobbying for in regards to a foreign entity. we have heard a lot about former campaign chairman paul manafort and general flynn. it will be intere

he joins daybreak earlier and david westin asked if tax cuts will lead to growth. >> directionally whennvest more in there is positive impact on growth. the problem is it is not nearly large enough to make the tax cut pay for itself. distributionse and if you do it in a responsible way you create a specter that does more damage to growth in the corporate cut spurs growth during this also the fact that this is probably about a bad is moment as we can imagine. capital isnk cost of a constraint on corporate investment nor for that matter profit margins are at near record highs. this isn't the moment when the focus should be on corporate tax cuts. should we do something about cash abroad? yes. part of that is making it neutral whether you make the cash abroad or leave it home and an important part of doing that -- it is an extraordinary thing. 's nationalists from an economic point than any we've had. -- what that means is today you get taxed in principle and in profits,on corporate is going to change things so you only get taxed if you operate in the united states. -- seems there is a case

i am alongside david westin and alix steel as we get you set up for market action, this tuesday.pens after being closed for columbus day. yields lower by a basis point. story is broad dollar weakness. euro-dollar pushing back to 1.18. after two days of losses, the first today drop in about a month. taking a look at the impact of all the drama unfolding in spain. the stock market over there off by about 1%. one of the biggest laggards is financials. you have yields on the 10 year at 1.68, up by about one basis point. lots of interesting headlines coming up. brent up 1%. david: turning to washington, president trump's allies are questioning the widths -- wisdom of his feud with senator bob corker. concerns that it may scuttle tax reform plans. joining us with the latest is kevin cirilli. take us through the numbers, here. are there other republican senators that are questionable votes? kevin: people like john mccain and if even one more of them were to get on board with senator corker and unite against the president's agenda, that diminishes the chances of anything getting done by

i am jonathan ferro alongside david westin and alix steel. at ane in to the session all-time high. futures a little softer. markets, muted price action. a bit of a bit on treasury. your yield on a 10 year. alix: brexit talks have reached a deadlock. sterling down 4/10 of 1%. as how we trade. the dollar, flatter on the day. less than 82 basis points. this is what the banks will hate. the vix under 10. a tough quarter for them. the morningfor brief. we are going to get weekly u.s. u.s. priceims and index data. trump is set to sign an order he says will promote health care choice and competition. at 1:00, the u.s. treasury will auction $12 billion in 30 year bonds. emma: little progress has been made in talks with the uk's -- with the u.k.. much is deadlock over how the u.k. will pay for the right to leave. davis is urging leaders to take a step forward and move talks to trade. the death toll is rising from the wildfires devastating california. at least 23 people are dead. 180 are injured. hundreds are reported missing. the fire has destroyed at

. ♪ ♪ david: this is bloomberg, i am david westin. ling on kevin warsh as the next fed chair as they warm up to david taylor. he made a positive impression on president trump. he is known for a policy role that indicates interest rates should be higher than they are. the 10 year edged lower on speculation the next fed chair could be more hawkish. as david riley and still with us is ed perks. something you have been thinking about, what do you anticipate the significant of a taylor as fed chair would be? beid r.: i think it would significant because he is we think the most disruptive potential candidate. regardediously a well monetary economist which means he would be able and willing to take on the fed staff and their thinking around policy. we do think he is going to be more challenging for the fed, more challenging for investors to work out what that means for fed policy. i think we would get some repricing particularly at the short end of the curve, but as the marketerday, starts flattening the yield curve. there is a limit to howev

coming up, john spoke with david westin about his attempt to take on netflix and amazon.his is bloomberg. ♪\ scarlet: we are awaiting president donald trump to make remarks in las vegas in the wake of the deadliest mass shooting in u.s. history. the president has been meeting with families of victims and law .f -- law enforcement he was speaking earlier at the university medical center and discussed the situation with roast responders. conference,ns the we will bring it life. >> timeframe look at some of the biggest business stories in the news now. elizabeth warren grilled richard smith on capitol hill today. smith testified before the senate banking committee. the breach stole the personal dater -- personal data of millions of americans compromised. they may actually benefit from the breach. >> from the second that equifax announced this massive data breach, equifax has been making money off of consumers who purchased credit monitoring through this. >> unless congress gets really serious about holding major institutions accountable, warren says nothing will change. disc

i am jonathan ferro alongside david westin and alix steel.close, futures go absolutely nowhere. in the fx market, more broadly the dollar strolling strength against the euro. the price action could be found in treasuries. 2.36% is your yield. alix: a lot of happening in spain. patient back

david westin, jonathan ferro and alix steel. what do have coming up on the show today? johnson & johnson earnings we just learned about. we will be looking back at the third quarter and also look forward to what president said yesterday about controlling drug prices. are single best chart dives into how we get our news flow. i'm looking at the u.k. headlines. this is exactly what we see. brexit transition in the interest of both sides. who cares. you've got other news sources here as well. our single best chart on fake news. the new edition of foreign affairs magazine. article onbrilliant stalin and hitler's on disinformation. how is that different from trumpian fake news? -- putpresident folks labels on things and doesn't like account ability. when he says fake news he means news he doesn't like. the attempt to delegitimize news he doesn't like can take two forms. one is you simply deny the stuff you don't like and say that's not correct. the other thing you can do is to spread stuff that isn't correct to muddy the waters. go back to what you start the show with. franc

i am alongside david westin. are firm across europe. in the bond market. we are down a third of 1%.

this is "bloomberg daybreak" along with jonathan ferro -- i'm jonathan ferro along with david westin.e high. futures just a little bit softer. we come down by about 0.1%. in europe, the main event, not the politics -- economic confidence in the eurozone at a 17-year high. we bounce back by 0.25%. treasuries were stable.

i am jonathan ferro alongside david westin and alix steel.rive out another all-time high and futures are positive. it is all about the prospect of tax reform and that means a stronger dollar story across the g10 space, euro-dollar at 1.18. yields grind five basis points higher. dollar-yen, look at now below 114. you wind up seeing the

i am jonathan ferro alongside david westin. this is bloomberg daybreak.t at 1.18. futures steady and stable after the biggest one-day drop on the s&p 500 in just under a month. ,reasuries find a bit of a bid yields come in by a single basis point on the u.s. 10 year at 2.42. it is a busy day in the united states so let's get things started. warner -- third-quarter

i am jonathan ferro alongside david westin. let's get you set up on this tuesday as follows, equities with tax reform headlines, down yesterday and positive if you are looking at futures today. the euro a little bit softer against the u.s. dollar after inflation comes in a little bit weaker in the eurozone. bouncingury yields back a little bit, we are up a basis points at 2.38 on a 10 year. david: and for more headlines, we turn to taylor. taylor: robert mueller appears to be building a case that the donald trump campaign was in touch with russian officials who wanted to defeat hillary clinton. he revealed a former policy adviser has pleaded guilty to lying to the fbi about his contact with russian operatives. george papadopoulos is cooperating with prosecutors. former campaign managerpaul manafort and an aid charged with money laundering. and congressional tax writers considering a phase in for tax cuts. according to those familiar with the matter, they looked at a schedule that would slash business rates from 35% to 20% by 20

i am jonathan ferro alongside david westin and alix steel. at ane in to the session all-time high.n. a bit of a bit on treasury. your yield on a 10 year. alix: brexit talks have reached a deadlock.

counting you city, down to the opening bell, i'm jonathan ferro, alongside david westin and alix steel down 10 points on the s&p 500 after a four day winning streak that closed yesterday with another all-time high. the mild risk off team captured by treasuries driving yields lower by three basis points. a weaker dollar, stronger euro, stronger japanese yen. euro trading at 1.1831 against the u.s. dollar. alix: take a look at what's happened with apple, down by almost 2% in premarket. newspaper reports that signal that suppliers are getting hit because orders have been cut for -- west of the year always get the read through from the suppliers. beone x is supposed to coming out next month. the headline weighing on apple this morning. verizon, different story on the upside, really solid quarter. it beat on revenues and had wireless subscriber growth, 600-3000 regular monthly customers in the third quarter. the second straight quarter of that growth. thehave the video data and on limited data plan from verizon helping to bring users in. nike down 2% after a downgrade at goldman. it's focus

i'm jonathan farrow alongside david westin. alix steele is off for today.nd get you up to speed on the market action. four-day winning streak on the s&p 500 coming into monday at an all-time high with futures positive, up .2%. treasuries stable. 2.34 your yield. euro dollar coming off the back of its first monthly drop since february, and weakness, 1.1745.

i am jonathan ferro alongside david westin and alix steel. let's begin with the market action.ll-time high. it is wednesday today. alix: he is off on friday. where are you going? jonathan: i am not going to disclose. yields are lower by two basis and the fx.34 market, the dollar declining for a fourth straight session, meaning a euro a little bit stronger at 1.18. alix:

i'm jonathan ferro alongside david westin and we welcome back alix steel.treak yesterday on s&p 500 and closing out wednesday once again at an all-time high in the fx market, euro, dollar back. really new surprise action in foreign exchange in the g.t.x.-10 space. alix: lots of movement happening

. ♪ david: this is bloomberg, i am david westin.graph blackrock may this goal. -- made this call. and we have markus schomer from pinebridge. >> the graph is indicating that credit spreads are almost multiyear type levels, from a violation respective, not as attractive. technicals, investor position across the market, it seems to be an extended tray for people position for u.s. credit. at this point, we are advising clients to take down credit risks, particularly go to neutral. not getting out of it but not advising clients to adding exposure. david: why don't we see default rates go up, normally with this kind of phenomenon, people are making dumb loans. >> that is a fundamental argument based on bond protection and there has been less covenants. because there is such a demand for yield, the issuers have the power. fundamentally, we worry about, the asymmetric risk profile where there is probably more downside potential that upside potential. we are calling caution to investors. jonathan: we could see something counterintuitive in

i am jonathan ferro alongside david westin alix steel., it is the quiet before the quiet. stocks are positive about 1/10 of 1% on the s&p 500. treasury yields grind higher by three basis points on the u.s. 10 year, and the dollar bid is in the market for a fifth straight session stronger than everything in the g10 space. alix: welcome b

i'm jonathan farrow alongside david westin. alix steele is off for today. to begin, let's kick off the trading week and get you up to speed on the market action. four-day winning streak on the s&p 500 coming into monday at an all-time high with futures positive, up .2%. treasuries stable. 2.34 your yield. euro dollar coming off the back of its first monthly drop since ebruary, and weakness, 1.1745. david: now update what's making headlines from outside the business world. emma chandra is here. emma: thank you, david. it was' terrifying night on the las vegas strip. police say a gunman perched in the mandalay resort and casino opened fire on an outdoor music festival. the death toll keeps climbing. ere's the las vegas sheriff. >> the number of injured, i do not know yet. but we are looking in excess of 50 individuals dead and over 200 individuals injured at this point. emma: police swat units stormed the mandalay bay and killed the suspect in the shootout on the 32nd floor. he's been named as steven paddock, a 64-year-old las vegas resident with no known ter