gilles moec and john bilton. up next, winter is coming, but can the same be said for the stocks rally? we discuss next. this is bloomberg. ♪ francine: you are watching "bloomberg surveillance." let's talk about a period where european stocks perform at their best. autumn, paul for our american friends. new research suggests that while earning forecasts and politicals could support a rally, brexit negotiations and currency challenges could put a damper on equities. here to discuss is the author of the research. he's our senior equities strategist at bloomberg intelligence. still with us, gilles moec and john bilton. tim, thanks for coming on. we discussed how to summer tends to be poor. autumn usually is better. >> i think we all like to dismiss seasonality trends as something that should be arbitrage away. if you look over the last 10 years, the markets have performed better, specifically the stoxx 600 and ftse 100, between september and may. they performed worse during the summer. sell in may and come back on sa