tom: i'm tom keene and for jon ferro. yield.""bloomberg: real coming up, will it be low rate kevin as the president meets the former fed governor. in this hour, will chairman wars keep the real yield lower for longer? yellen speaks, the nominal yield spikes higher, a little transitory september gives way to an inflated october and december. a real yield hogs, we consider the frenzy over the loan market. we start with a big issue interest rate risk in the bond , market. >> during the summer, it was almost as if bond investors were making another run at treasuries. they wanted to get the 10 year below 2% one more time and it is built on the base of market is never going to grow again, we will not see any fiscal policy, and it was really about growth. i think they had it completely wrong. >> the fed is moving towards regaining credibility so investors in the market there like ok we know what their plan , is, we can make investments based on this and you will see people reacting. >> the fed has clearly said this is what we want to do.

jonathan ferro.ith 30 minutes dedicated to fixed income, this is "bloomberg real yield." ♪ tom: coming up, a busy show. yields move higher after a mixed jobs report. the consensus, august will be revised higher. performing jobs, but where is the wage growth? first carney, now president draghi and the ecb struggle with maybelation, mad balance sheet adjustments until delaying the balance sheet adjustments until december. is it real yields lower for longer? and it is september. the city and wall street consider how fixed income research will survive as we know it. and we start with the big issue today without question -- the u.s. jobs report. >> one month is noise, and the next few months will be noisy because of the disruption of the hurricane. i'm not sure investors should put too much stock in those numbers. >> it is on the softer side. it benefits all of our positions in international markets where we think returns will be higher, but we shouldn't forget that this number will be back on track befor

jonathan ferro looking to do this each and every week.ks to jim keenan, rachel golder, and mark kiesel. york, that does it for us. we will see you friday at 12:00 new york time. this is bloomberg real yield. 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. ♪ emily: when he took over as ceo of microsoft in 2014, satya nadella had big shoes to fill. bill gates was staying on as a special advisor. microsoft stock had languished for more than a decade. under his leadership, however, care -- shares shot up nearly 100% as he pushed into the cloud and made bold acquisitions, buying linkedin for over $26 billion. what is lesser-known, how he made it from india to microsoft, joining the company in 1992 and rose through the ranks over the nex

in for jonathan ferro. this is "bloomberg real yield."pread, coming up over the next week, the interesting flow of news to get your september started. a german election debate, a summit in china and of course, the united states congress returns from recess and rate decisions, we will see that later from canada, and the ecb. still with us is andrew chorlton, schroder investment management. lisa abramowicz of bloomberg gadfly, and david riley in a london that will be forever changed, he is with bluebay asset management. i want to talk about how important fixed income research is. i have always learned that in crisis, guys like you and andrew, always in every case, the fixed income people are out front of equities. how important is fixed income research in with the new lower pricing of mithet 2? with mithet 2, what is going to happen with fixed income research? david: it is a good question. we still don't really know the answer, as to what is going to have -- happen ultimately with research into fixed income for mithet 2.s result of we, as w

this is "bloomberg real yield." ♪ ♪ jonathan: i am jonathan ferro. "bloomberg: real yield." ♪ jonathan: i am jonathan ferro. this is "bloomberg: real yield." i want to head to the auction block now. before the debt ceiling deadline was pushed back to december, we had a nervous market ahead of some bill auctions. look at this past tuesday's four week treasury auction. the highest rates since september 2008. $20 billion in bills sold at 1.3%. we are going to get into that in just a moment. august is over. blue-chip u.s. and european companies lined up to sell. one of those was apple. they sold $5 billion in four parts. the longest portion of the south, a 30-year security with the yield of 1.4 percentage points above treasuries. and despite warnings from disney and a subscriber loss of forecasted by comcast, investors still buying media debt in a big way. they sold $6.3 billion. the longest portion, $1.25 billion bonds maturing in 24/7. -- in 24/7. -- in 2047. joining us robert tipp, eric stein, and trey parker. gents, i want to begin with eric and talk

jonathan: from new york city, i'm jonathan ferro. this is "bloomberg real yields." ♪ jonathan: coming up, congress clears legislation to extend the u.s. debt limit. president trump would like to scrap it altogether. synchronized growth story does not seem as with the bond market. 2018 looks increasingly uncertain. the ecb is still exploring qe options. the white house is said to be considering six candidates for the fed chair. the big issue, president draghi urges patience as the economy continues to outperform. >> it is hard to talk down your currency when fundamentals are improving. >> the currency has found a headwind, but we believe we are justified >> by >> the domestic strength of the economy. the reason they are not too concerned by the euro is it exogenous shock. it is a manifestation of the confidence of the eurozone and their policy. >> the eurozone is now growing as much as the united states. i don't know if you change monetary policy if it affects that much. i don't know if the euro is now affecting the changing growth ra

jonathan ferro looking to do this each and every week.ests, jim keenan, rachel golder, and mark kiesel. at 1:00 p.m. in new york, we will have next was of interview. ♪ so new touch screens... and biometrics. in 574 branches. all done by... yesterday. ♪ ♪ banks aren't just undergoing a face lift. they're undergoing a transformation. a data fueled, security driven shift in applications and customer experience. which is why comcast business delivers consistent network performance and speed across all your locations. hello, mr. deets. every branch running like headquarters. that's how you outmaneuver. its top 30 p.m. in new york, at 30 p.m. in london, and 12:30 a.m. in hong kong. >> welcome to bloomberg markets. >> from bloomberg world headquarters in new york, here are the top stories on the bloomberg and around the world. president donald trump holding an eyebrow raising meeting with steven mnuchin and hoover institution's fellow kevin wash. what they discussed, what other meetings might happen, and what it might mean for the future of the

♪ >> from new york city, i am tom keene in for jonathan ferro, with 30 minutes dedicated to fixed incomethis is "bloomberg real yield." ♪ coming up, a busy show. yields move higher after a mixed jobs report. august will be revised higher. where is the wage growth? draghi and the ecb struggle with delaying balance sheet adjustments until december. is it real yields lower for longer? the city and wall street consider how fixed income research will survive as we know it? we start with the big issue today, without question, the u.s. jobs report. >> one month is noise, and the next few months will be noisy bigs of disruption with the hurricane. >> it is on the softer side. it benefits all their positions in international markets where we think returns will be higher, but we should not forget that this number will be back on track before long. >> claims are much more stable than payrolls, and they are not showing any problems. we have had ulcers of numbers. when it is not confirmed by other data, consumer confidence remains strong, i think the market is going to blow this off. >> that which nu

♪ jonathan: from new york city for our viewers worldwide, i'm jonathan ferro with 30 minutes dedicatedo fixed income. this is "bloomberg real yield." ♪ jonathan: coming up, global reflation shows signs of life. chinese ppi beats estimates, u.s. price pressures grind higher. central banks react. the bank of canada delivers a surprise hike. the bank of england gives off its first in a decade. the reach for yields shows no sign of ending. austria issues its first century -- europe's first benchmark sized century bond with a yield of just 2.1%. we begin with a big issue. global reflation showing signs of a comeback. >> inflation remains well below 2%. core cpi is 1.7 or 1.6. it allows the fed to go slow and not disrupt market conditions. >> gradual push-up in inflation back to normal, but we don't see anything that will push inflation to levels where it becomes a market issue or forces central banks to accelerate any rate hike plans they may have. >> larry summers is right. you should probably start to tighten when you see the whites of the eyes of inflation. 1.4 core pce ain't anywhere ne

♪ jonathan: from new york city, i am jonathan ferro.ith 30 minutes dedicated to fixed income, this is "bloomberg real yield." ♪ jonathan: coming up, janet yellen brushes aside plans to -- brushes aside the low-inflation story and plans to unwind the balance sheet and entities up another rate hike before year's end. geo politics fuels the bid as north korea threatens to deliver a hard-line response to president trump. and beyond toys "r" us filing for bankruptcy, heavy debt loads continue to haunt retailers. we start with a big issue. why unwinding a $4.5 trillion balance sheet is apparently nothing to worry about. >> i imagine janet yellen is doing cartwheels behind the scenes at how well the market has taken the balance sheet reduction plan and announcement. >> the fed wants this to be like watching paint dry for us. this will be very boring. it is all preannounced. it was all very transparent. there was no surprise in the announcement yesterday. and so, i think we will be watching quantitative tightening in slow motion. >> i think tha

. ♪ ♪ jonathan: i am jonathan ferro. this is "bloomberg real yield."t to head to the auction block where we had eye-opening debt sales this week. the yield for the 10 and 30 year treasury auctions seeing totals we haven't seen in years. sinces the lowest november. the 30 year yield the lowest since october. austria saw demand for the $500 million of its 10-year notes that were so high it not 90 basis points off the initial offering. att allowed them to sell 7.125%, allowing them to sell at dish -- the country sold 3.5 billion euros of debt, the biggest ever sell of bonds out of europe. george rusnakis of wells fargo, kathy jones, and matt brill of invesco. your reaction? kathy: i am stunned. it seems as if people believe in a deflationary trend persisting for decades in europe, otherwise institutions that need to own long-duration, i don't know who would buy. jonathan: that was the size of the order book. a lot of people wanted to buy it. kathy: i think it was desperation for any sort of positive yield. when your choices between negative and positive,

. ♪ ♪ jonathan: i am jonathan ferro. this is "bloomberg real yield."ek we had taking a stand offering ann opening from that country. this week it is ukraine, its first foray into the market since russia invaded crimea in 2014. the demand for 50 year bonds was so high that it knocked the most 50 basis points off the initial guidance. this quarter has seen al-shabaab sales from south korea climbing to the highest levels since 2013. that includes a $1 billion sale by korea development bank. more torica had to pay settle 10-year bonds, managing to only attract $2.1 billion in bids for the $1 billion offered. toys "r" us, a quick descent into bankruptcy shocked markets this week. which other retailers will debt?le to harness their investors are left e-cig, why did no one -- asking, why did no one see this coming? joining us debt? is priya misra, colin robertson, and greg peters. that chart is stunning. within two weeks, we rollover to $.29 on the dollar. why? >> i think people were surprised by the timing. if you think about the toys kinging this is, it is

." ♪ ♪ jonathan: i am jonathan ferro. this is "bloomberg real yield."to head to the auction block. last week, we had tajikastan offering eye-opening amand from that country. this week, we had ukraine. the country received bids for three times its $3 billion it offered for the forest -- for the first foray into the market since russia invaded crimea in 2014. the demand for 50 year bonds was so high that it knocked almost 40 basis points off the initial guidance. despite tensions, offshore bond sales from south korea climbing to the highest levels since 2013. that includes a $1 billion sale by korea development bank. and to wrap things up, the clamor for yield did not extend to south africa. the nation had to pay more to settle 10-year bonds, managing to only attract $2.1 billion in bids for the $1 billion offered. but the story of the week was in credit. toys "r" us, a quick descent into bankruptcy shocked deck -- debt traders this week. they are asking which other retailers will struggle to harness their debt? investors are left asking, why did no one s

match and this is a new phase for the s.p.d. a new phase in opposition and new phase indeed thomas ferro with the very latest from the s.p.d. headquarters thank you so much for putting it all into context for us. well let's head now to our panel of experts who are here in the studio to talk a little bit more about the s.p.d. entering the opposition we are joined of course fire our political correspondent hans browne to see him sitting here just next to me and oliver limca joins us rejoins us we have to say again from schiller university. i was hunting you first what do you make of what we just heard there from the s.p. there. well it was an upbeat surprisingly upbeat address clearly it's trying to prepare his party is trying to give the party a kind of push an emotional look forward to the future as an opposition in parliament and he's hoping that that will give his party nouveau new profile new ideas and probably even new people. yes i think in fact that happened practically five minutes after the results were announced yesterday even last night in the television discussions that martin

good morning, good morning, this is bloomberg daybreak, i'm jonathan ferro. futures are dead flat, grinding up four days of ends on the s&p 500, and four records on the trot as well. -dollar bounces back, we are up about 1/10 of 1%, and treasury yields keep writing higher. we are up about two basis points on the 10-year. upx: we have the dollar yen, by 2/10 of 1%, and the euro-dollar. out withee a playing the aussie dollar. i want to highlight copper, off about 1%. that stronger dollar story radiating throughout the commodities. update on's get an what is making headlines outside the business world. made aurricane maria has bad situation worse. the storm knocked out power to the whole island, and caused intentionally billions of dollars in damage. continuing the population exit is that help push the u.s. commonwealth into bankruptcy. in mexico city, there is a race against time to rescue a young girl trapped in the rubble of a school. she has been there for more than a day since a killer earthquake rocks the mexican capital and the region. the death toll is n

i'm jonathan ferro alongside david westin and alix steel. stocks closing yesterday's session for two days of all-time highs. futures are up 0.1%. with ay cash a bid single basis point on the 10-year. 2.22 is your yield. alix: it is a sleepy market except for oil. the dax still down 0.1%. the vix flat on the day. crudes the january brent prices. will we see another cut? days, in the next two donald trump will speak to the assembl --ons general assembly. and we have janet yellen, fed chair speaking. jonathan: we are focusing on the annual u.n. assembly where president trump will make his first and biggest address to leaders around the world. president trump has already condemned the u.n. for its bureaucracy and management. president trump: in recent years, the united nations has not reached its full potential because of bureaucracy and mismanagement. while the united nations on a regular budget has increased by 140%, and it's staff has more than doubled since 2000, we are not seeing results in line with this investment. jonathan: i'm pleased t

. ♪ ♪ jonathan: from new york city, i'm jonathan ferro. ♪ jonathan: coming up, congress clears legislation to suspend the u.s. debt limit. president trump would like to scrap it altogether. synchronized growth story does not seem as with the bond market. 2018 looks increasingly uncertain. the ecb is still exploring qe options. the white house is said to be considering six candidates for the fed chair. we begin with the big issue. president draghi urges patience

. ♪ ♪ jonathan: from new york city, i'm jonathan ferro. 30 minutes dedicated the fixed income.slation to suspend the u.s. debt limit. president trump would like to scrap it altogether. the global synchronized growth story does not seem as with the bond market. treasuries grind to new lows for 2017. and 2018 looks increasingly uncertain. the ecb is still exploring qe options. and the white house is said to be considering six candidates for fed chair. we begin with the big issue. president draghi urges patience as the economy continueso

. ♪ ♪ tom: from new york city, i am tom keene in for jonathan ferro, with 30 minutes dedicated to fixedy show. yields move higher after a mixed jobs report. the consensus. august will be revised higher. the consensus. where is the wage growth? first carney and now president draghi and the ecb struggle with delaying balance sheet adjustments

. ♪ ♪ tom: from new york city for our viewers worldwide, i am tom keene in for jonathan ferro.eal yield." ♪ tom: coming up, a busy show. yields move higher after a mixed jobs report. the consensus, august will be revised higher. where is the wage growth? first carney, now president draghi and the ecb struggle with delaying balance sheet adjustments until december. is it real yields lower for longer? and it is september.

. ♪ ♪ jonathan: from new york city for our viewers worldwide, i'm jonathan ferro with 30 minutes dedicatedlobal reflation shows signs of life. chinese ppi beats estimates, u.s. price pressures grind higher. central banks react. the bank of canada gives a delivers a surprise hike. the bank of england gives off its first in a decade. the reach for yields shows no sign of ending. austria issues its first century bond with a yield of

i'm jonathan ferro.we grind toward an 18th week of gains, potentially the biggest since july. as you can feel the board, the story of the bond market -- off the lows of last week into today at 220. on the 10-year we are up a single basis point, and the fx .36%., euro-dollar -- and we have a downward revision .o the previous month the estimate today was 0.1. --you strip out the oil, the if used about out autos and gas it comes it -0.1%. the downsides apply for u.s. retail sales. and the estimates from -0.3 all the way up to positive the 0.7. i think we were expecting something noisy because of the hurricanes. alix: i also want to point out that july was revised lower. that's an inward -- an interesting downward revision. joining us, mark, jamie dinan, the cochairman of fortress investment group. guys, it is such a pleasure to spend friday with you. you're all co-owners of the milwaukee bucks. let's look at eco-data for second. the story last year, the beginning of this year was the retailer would hold up

. ♪ jonathan: from new york city, i am jonathan ferro.yield." ♪ jonathan: coming up, janet yellen brushes aside plans to -- brushes aside the low-inflation story and plans to unwind the balance sheet and entities up another rate hike before year's end. geo politics fuels the bid as north korea threatens to deliver a hard-line response to president trump. and beyond toys "r" us filing for bankruptcy, heavy debt loads continue to haunt retailers. we start with a big issue. why unwinding a $4.5 trillion balance sheet is apparently nothing to worry about.

alix steel, david westin, and jon ferro will find out in the 7:00 hour.s "bloomberg surveillance." we just heard from hsbc that the chairman mark tucker will become the chairman on october 1. we knew he would be starting in the fall, british for -- autumn for british listeners. the first thing for the chairman to do would be to find a new executive. they are ramping up the hunt for hsbc. tom: very good trade transitions in banking. hsbc was a little issue in london as well. right now, single best chart, we will do it early in the hour because gary shilling is with us. this is the career of gary shilling, and this is an extraordinary chart. years -- volcker years on down. where in here did you say you guys are all wrong? gary: that was in 1981. tom: he was the laughingstock of wall street. you see what passes here. to be clear, you are way over on the right side and you are going under 2% inflation? what will drive is there? gary: globalization is certainly one. wages because of globalization and because most of the jobs being created now are in low income

i'm jonathan ferro.p with the market action. .utures are up .2% stocks coming off of the back of one of the biggest weekly games of the year. euro-dollar unchanged. yields higher through last week and today, up by a basis point. david: here is what is coming up this week. president trump will make his appearance at the un's general assembly, housing data, the fed and the bank of japan will come out with a new round of monetary policy, and we will bring you bloomberg business forum. jonathan: it is a busy calendar. the fed's two day policy meeting concludes wednesday afternoon. economist consensus was that they would stay the course and reduce the balance sheet in october. joining me now is steve rattner. his career has spanned wall street and washington, starting out as a journalist as well. lisa is here as well. the balance sheet unwind. i cannot think of a story that a couple of years ago would have sounded so big, then when you is so the actual event small. lisa: i read an article over the weekend tha

jonathan ferro is off today. alix: it is the calm after the storm.resting choice of words. alix: take a look at what's happening in the act -- equity market. s&p futures up by three points after that selloff yesterday. euro-dollar starting to inch higher. we have regained a little bit of a risk on mentality when it comes to the fx market. market in the treasury as yields moving higher by one basis point. to tell five is what we had yesterday on the 10 year. ,'m taking a look at the vix dollar-yen, all relatively flat on the day. industrial metals holding off strong despite the selloff. david: it is time for the morning brief. 10:00 we will get august nonmanufacturing isn data. federalp.m., the reserve releases its -- work. taylor riggs is here with first word news. : the most powerful storm ever to form in the atlantic ocean is aiming towards florida. earlier today a pass over the island of barbuda in the caribbean. it could hit south florida this weekend. the worst-case scenario has arm destroying so much it could become worse than katrina. american

jonathan ferro is off today. alix: we made it to the end of the month and the end of the week. the s&p is flat. euro-dollar is higher, up .2%. the 10 year yield goes nowhere. crude takes a break. it is steady as she goes into the end of the quarter. take a look at rent, bull markets are up. bigrtheless, there was a move in the last few. emerging market stocks are up. 14 basis10 year is up points. that's a big move. david: coming up, it's personal income and spending data. at 10:00, we get data for the month of september. at 11:00, we have a full week of fed speak. that.ill be talking about we turn to emma chandra. emma: president trump is promoting his tax code to the national association of manufacturers in washington and the $6ased outlines of trillion plan. you can watch the president remarks at 11:25 a.m. eastern. federal immigration officials say 500 people arrested during a sweep the targeted sanctuary cities. almost two thirds of those arrested have criminal records in the united states. theresa may is in

i'm jonathan ferro alongside david westin and alix steel.ust a little bit softer after the s&p 500 closed yesterday at a record high. up a temp of 1% and the yield ti has granted higher over the last few days at 2.17 for your yield. alix: sterling and bitcoin. you have the pound moving a little bit lower off the 12 month high all ahead of a boe meeting. bitcoin down 8.5%. that's a jamie dimon special for you. david: it might have something to do with that bitcoin think. alix: that was a jamie special. david: time now for your morning brief. coming up at 8:30 a.m., we will get producer prices for the month of august. at 10:30 a.m., weekly food inventories. and then i want :00 this afternoon, the u.s. treasury will be selling bonds. jonathan: apple unveiling a $999 iphone with augmented reality and facial recognition technology as well as an oed screen. it is the most expensive iphone ever and was one of three models shown during an event at the company's $5 billion headquarters. it came on the 10th anniversary of the launch of the iphone by s

. ♪ ♪ tom: from new york city, i am tom keene in for jonathan ferro, with 30 minutes dedicated to fixedng up, a busy show. yields move higher after a mixed jobs report. august will be revised higher. the consensus. august will be revised higher. where is the wage growth? draghi and the ecb struggle with delaying balance sheet adjustments until december. is it real yields lower for longer?

. ♪ >> from new york city, i am tom keene in for jonathan ferro, with 30 minutes dedicated to fixed incomeeld." ♪ coming up, a busy show. yields move higher after a mixed jobs report. august will be revised higher. where is the wage growth? draghi and the ecb struggle with delaying balance sheet adjustments until december. is

. ♪ jonathan: from new york city, i'm jonathan ferro.al yields." ♪ jonathan: coming up, congress clears legislation to extend the u.s. debt limit. president trump would like to scrap it altogether. synchronized growth story does not seem as with the bond market. 2018 looks increasingly uncertain. the ecb is still exploring qe options. the white house is said to be considering six candidates for the fed chair. the big

. ♪ >> i am jonathan ferro with 30 minutes for the bloomberg real yield.r you look at, leverage has been building up. >> we are seeing a bond bubble because yields -- >> the fed behind the curve. >> they are probably somewhat behind the curve. >> the cyclical trade may be getting longer. ♪ ♪ let's get a look at the business flash headlines. bloomberg may not have accurate -- adequate insurance against a cyber breach. the equifax hack was one of the biggest. they may have coverage for more than $150 million, but the expenses would be many times that amount. it put as many as 143 million consumers at risk, only reported last week though it happened in july. haidi: jps has handed himself to police following a supreme court order. the chief prosecutor said batista and another company executive -- concession to corruption and other crimes. they will receive protection in return for the admission. have: uber and lyft been offering free rides to shelters in tampa. the emergency management publicized the free ride on the twitter feed and will review mobile service

. ♪ jonathan: from new york city, i'm jonathan ferro. 30 minutes dedicated the fixed income.legislation to suspend the u.s. debt limit. president trump would like to scrap it altogether. synchronized growth story does not seem as with the bond market. treasuries grind to new lows for 2017. 2018 looks increasingly uncertain. the ecb is still exploring qe options. the white house is said to be considering six candidates for fed chair.

. ♪ ♪ jonathan: from new york city for our viewers worldwide, i'm jonathan ferro with 30 minutes dedicatedis is "bloomberg real yield." ♪ jonathan: coming up, global reflation shows signs of life. chinese ppi beats estimates, u.s. price pressures grind higher. central banks react. the bank of canada gives a surprised hike. the bank of england gives off its first in a decade. the reach for yields shows no sign of ending. austria with a yield of just 2.1%. we begin with a big issue. global reflation showing signs of a comeback.

. ♪ ♪ jonathan: from new york city, i'm jonathan ferro. 30 minutes dedicated the fixed income.erg real yield." ♪ jonathan: coming up, congress clears legislation to suspend the u.s. debt limit. president trump would like to scrap it altogether. the global synchronized growth story resonate with the bond market. treasuries grind to new lows for 2017. and 2018 looks increasingly uncertain. the ecb is still exploring qe options. and the white house is said to be considering six candidates for fed chair. we begin with the big issue. es

yousef: that ♪ tom: from new york city for our viewers worldwide, i am tom keene in for jonathan ferrotes dedicated to fixed income, this is "bloomberg real yield." ♪ tom: coming up, a busy show. yields move higher after a mixed jobs report. the consensus, august will be revised higher. where is the wage growth? first carney, now president draghi and the ecb struggle with delaying balance sheet adjustments until december. is it real yields lower for longer? and it is september.

ferro. yield.""ernor. in this hour, will chairman wars keep the real yield lower for longer? yellen speaks, the nominal yield spikes higher, a little transitory september gives way to an inflated october and december. a real yield hogs, we consider

i'm jonathan ferro alongside david westin and alix steel.ighs. futures are up 0.1%. with ay cash a bid single basis point on the 10-year. 2.22 is your yield. alix: it is a sleepy market except for oil. the dax still down 0.1%. the