this is bloomberg real yield. ♪ jonathan: i'm jonathan ferro.his is bloomberg real yield. auctiono go to the block and kick things off in europe. to issueelving plans is dollars bond after investors demanded two-interest-rate to compensate for coronavirus risk. u.s., $2.6 billion deal attracted more than $10 billion of orders. investment grade primary market hitting some choppy waters with issuers paying elevated prices to close out the week. turning to the hopes of a v-shaped recovery. mohammed el-erian raises some concerns. >> we have been conditioned to think of v's. has been containable, temporary, and reversible. this one i think will be different. those three conditions are not met by the coronavirus. priya misra, pe vishwanath tirupattur, and tony rodriguez are still with me. nota: the world economy was firing on all cylinders when we went into this. we were already week, supply chain for already constrained. european growth, we were flirting with recession. now we get this shock. is that enough to weaken things even further? i'm not call

jonathan: from new york city for our audience worldwide, i'm jonathan ferro. bloomberg "real yield" starts right now. ♪ jonathan: coming up, more signs the coronavirus is spreading beyond china, hitting supply chains, taking a bite out of u.s. economic data, sending u.s. 30-year bond yields to an all-time low. we begin with the big issue, data providing a little more fuel for the treasury market. >> what a mixed bag for u.s. data. >> demand delay versus demand destruction case. >> ism going up, pmi going down. >> the worst is yet to come. >> what we are seeing in china move to the global supply chain. >> pmi will continue falling. >> it will be a big hit to china, hong kong, maybe all of asia. >> the bond market is saying something is wrong. >> fixed income yields keep falling. >> yields are incredibly low. >> they are pricing in structural stagnation, recession, or deflation. >> negative yields overseas and the relative attractiveness of the treasury. >> investors trying to fight -- to find safe havens. jonathan: joining me around the table in new york, priya

i'm jonathan ferro. bloomberg "real yield." now.rts right coming up, treasury yields drive lower on his soccer retails does report. emerging markets resilient amid concerns in china. one white house fed nominee facing even more doubts. we begin with the big issue, low yields in the drivers seat. >> the bias is to lower yields. >> lower yields. >> yields move lower. >> alone global bond yields are certainly giving the u.s. some attention. >> that is the crux of the market. >> software happens to fall neatly in that category. >> do equities need to re-rate because rates are so low? >> are they giving us a signal that equities aren't risk? >> they are able to issue whatever they want in the corporate bond market. >> you can see that has caused a change in strategy already. >> it is like everything becomes a bond. >> bonds are rallying, gold is rally because of the nature of these things. jonathan: joining me around the table are james keenan, winifred cisar, and peter tchir. it feels like a buy everything situation. the 10-year in

jonathan: i am jonathan ferro. "bloomberg real yield" starts right now. ♪ jonathan: coming up, a blowout payroll report delivering a big upside. junk issuers jump back in. china growth fields -- fears keeping a lid on treasuries. we begin with the big issue, another solid report. >> these numbers are impressive. >> there is a lot to like about this report. >> momentum is turning in the right direction. >> these employment gains are clearly above the underlying trend. >> definitely trending higher. >> the u.s. economy is in a good spot. >> the u.s. is clearly the bright spot in the world. >> we have to take into account what is happening in the rest of the world. >> it will be interesting to see if the effects of the coronavirus come to our shores. >> something like 70% of production is in china. we don't know when it comes back on. >> if china takes a hit. >> the markets may be range bound as we get through this. jonathan: joining me are the table is bob michele, priya misra and matthew hornbach. great jobs report w

jonathan: i am jonathan ferro. this is "bloomberg real yield." ♪ coronavirus fears sending markets into a tailspin. central bankers showing little willingness to step in as corporate issuance drives up treasury yields hit record lows. we begin with the big issue. central banks are ready to step in. >> the fed is divided. they want to take a wait and see approach. they thought they would be comfortably on hold. i think that is still what they want. >> the market is testing the fed's resolve. >> markets like to see the central banks step in. >> they want the fed to cut. >> i don't the fed will cut. >> i don't think the fed should cut. >> on terry halsey's prepared act -- monetary policy is prepared act, but will be effective? >> the effectiveness would be tremendous. >> interest rates are not vaccines. >> the fed is fairly impotent in this environment. on the other hand if they do nothing, it can make the situation worse. jonathan: joined me the table, subadra rajappa and mike schumacher and victoria fernandez. victo

jonathan: i am jonathan ferro. "bloomberg real yield" starts right now. ♪ coming up, coronavirus fears sending markets into a tailspin. central bankers showing little willingness to step in as corporate issuance drives up and treasury yields hit record lows. we begin with the big issue. no signs central banks are ready to step in. >> the fed is divided. >> they want to take a wait and see approach. >> the fed is behind the curve. >> they thought they would be comfortably on hold. i think that is still what they want. >> the market is testing the fed's resolve. >> markets like to see the central banks step in. >> the case is strong for them to step in. >> they want the fed to cut. >> i don't the fed will cut. >> they should be cutting. >> i don't think the fed should cut. >> monetary policy is prepared to act, but will be effective? >> the effectiveness would be tremendous. >> interest rates are not vaccines. >> we would see some turnaround in the markets. >> the fed is fairly impotent in this environment. >> on the

jonathan: from new york city for our audience worldwide, i am jonathan ferro. "bloomberg real yield" starts right now. coming up, a blowout payroll report delivering a big upside surprise. credit rallying through the week as junk issuers jump back in. and china growth fears keeping a lid on treasury yields. we begin with the big issue -- another solid jobs report. >> these numbers are impressive. >> this is a steady as she goes number. >> there is a lot to like about this report. >> momentum is definitely turning in the right direction. >> job creation, wage growth, labor participation. >> these employment gains are clearly above the underlying trend. >> definitely trending higher. >> confirmed that the u.s. economy is in a good spot. >> absolutely. the u.s. is clearly the bright spot in the world. >> the u.s. economy is in good shape. >> we have to take into account what is happening in the rest of the world. >> it will be interesting to see if the effects of the coronavirus eventually come to our shores. >> something like 70% of the industrial production is s

jonathan: from new york city for our audience worldwide, i'm jonathan ferro. "bloomberg real yield" starts right now. ♪ jonathan: coming up, how fears in china fueling global growth worries, driving treasury yields down to october lows, pushing investors to pull cash from junk-bond funds. the big bond bid is back. >> we have seen this risk of terror. >> the treasury market rallying. >> rally in treasuries. >> fixed income yields keep falling. >> yields are incredibly low. >> we don't have any major inflation risks. >> if you look at inflation, what inflation? >> global growth will be relatively weak. >> the fed is on hold. >> the fed is ready to do what it has to do to keep things going. >> the coronavirus scare. >> the coronavirus. >> the coronavirus scare is completely dominating the conversation. >> we can still go lower. >> the message for investors is to find yield. keep your yield. >> interest rates will be even lower for even longer. >> you just can't be scared away. once you give the yield away, it is hard to get back. jonathan: joining me around the ta

this is "bloomberg real yield." ♪ jonathan: i am jonathan ferro. time for the final spread.ed speaks. jay powell, his testimony to congress. cpi data coming out of china. and u.s. retail sales to close out the week. bob michele, priya misra, matthew hornbach back with us. policyiew of monetary for the fed and the ecb. what are you looking for? bob: inflation targeting. are they moving off the 2% target? that is phenomenally what i want to see. priya: i would agree. the fed has said they would not move their inflation target, but they are talking about range or how much will they let the economy run hot? what are the new tools? are they going to be effectively easier when the economy is hot? are they looking for details? they are not done with it at the middle the year. matt: number one, i'm curious to see what they would do with the dot plot. it's an important for guidance divide. the second thing a looking for is some inkling of a plan for what they will do when they get back to the zero lower bound. what will the next round of qe look like. will it be a yield curve control

. ♪ jonathan: i am jonathan ferro, this is bloomberg real yield.ing up over the next week, some big economic data points, including manufacturing pmi's. u.s. ism numbers. president donald trump delivers the state of union address and we will hear from christine lagarde. there will be a u.s. payroll report. did it become a nonevent considering everything going on around us? >> almost everything has become a nonevent because we are tracking the coronavirus. it will still be an important data point. manufacturing will be an important data point. not trying to make a big deal of one week of numbers, but there is a coordination between pmi and manufacturing goals not being great. it is one more data point on a weakening manufacturing sector. anymore slowdown and job growth, it will affect the market. >> we have seen a leveling off and wage growth. it is not bad. if that continues and turns down, it will be a significant number. >> there is uncertainty around the market. job numbers will come in close and it will not be much of an issue. jonathan: rapidf

. ♪ jonathan: from new york city for our audience worldwide, i'm jonathan ferro. yield" starts right now. coming up, treasury yields drive lower on the retails report. emerging markets resilient amid concerns in china. one white house fed nominee facing even more doubts. we begin with the big issue, low yields in the drivers seat. >> the bias is to lower yields. >> lower yields. >> yields move lower. >> lower global bond yields are certainly giving the u.s. some attention.

forthan: from new york city our audience worldwide, i am jonathan ferro.al yield" starts right now. coming up, a blowout payroll report delivering a big upside surprise. credit rallying through the week as junk issuers jump back in. and china growth fears keeping a lid on treasury yields. we begin with the big issue -- another solid report. >> these numbers are impressive. >> steady as she goes number. >> there is a lot to like about this report. >> momentum is turning in the right direction. >> job creation, wage growth, labor participation. >> these emplo

i'm jonathan ferro. ight now. ♪ jonathan: coming up, equities at record. china urging companies to wrap up production. a tensioning turning to the fed. -- attention turning to the fed. the race going to new hampshire. senator sanders leading in the polls. here is your tuesday morning price action. record highs on monday and we are set to add weight to that. up 11 on the s&p 500. positive one third. euro-dollar very close to a 1.08 handle. let's begin with the big issue. all roads leading to the fed . >> we are in a liquidity driven market. >> liquidity is tremendous. >> it lifts all boats. >> the coronavirus outbreak. >> coronavirus. >> it will not

i'm jonathan ferro. ight now. ♪ jonathan: coming up, who warning that we may only be seen the tip of the iceberg. chairman powell gearing up to confront new risks to the global economy as a construction of view -- a constructive view dominates wall street. here is your monday morning price action. a sleepy morning. equity futures down four, off more than .1%. a slimmer move on the euro-dollar. below 1.0 950. to 1.56 on the u.s. 10 year. let's begin the week with the big issue. investors hoping for one thing. >> a v-shaped recovery. >> v-shaped recovery. >> the recovery thesis. >> a meaningful recovery. >> how quickly that comes as the big issue. t this is demand

i'm jonathan ferro. ight now. ♪ jonathan: equity markets looking for stability after a four day route. health officials warning americans to brace for a coronavirus outbreak. president trump standing by as democrats rip into one another. 30 minutes until the opening bell. good morning, good morning. here is your wednesday morning price action. equities bouncing back from a four day route, up just eight points on the s&p 500. the euro a little bit weaker. market, yields coming off all-time lows on the 10 year, up a single basis point to 1.36. let's begin the program with the big issue. the coronavirus wreaking havoc on markets despite president trump and the administration's best efforts. president trump: you may ask about the coronavirus, which is very well under control in our country. we have very few people with it. >>

i'm jonathan ferro. right now. ♪ jonathan: payrolls friday, jobs growth delivering a big upside surprise. president trump and president sheet reaffirming commitment to the phase one trade deal. recession risk lingering in europe. german industrial outlook plunging. here is your friday morning price action. equities lower. it is as if the payrolls report never happened. down .4%. the euros weaker. year, 1.60.n the 10 let's get you the big issue. the details on the payrolls report. let's catch up with michael mckee. good morning. michael: the market reaction may be telling you this is no longer about the fed. people will see the jobs reports from here through november and a lens of 2020 politics. if you're looking at it that way, a good start of the year for donald trump. 225,000 jobs created. the unemployment rate picks up

i'm jonathan ferro. starts right now. ♪ jonathan: coming up, fight night in vegas. democrats tearing into each other. the dollar breaking out of the strongest level since 2017, and goldman's morgan stanley buying e*trade for $14 million. good morning. here is your thursday morning price action. equities lower, down 9% on the s&p 500, up went 5%. euro-dollar unchanged at $1.08. year.n the u.s. 10 let's begin with the big issue. the unstoppable u.s. market rally good >> record highs. >> new all-time highs. >> they seem to be shrugging off all of the effects of the coronavirus. >> the market will shrug it off. >> the market keeps shrugging it off. >> we have seen this over and over again. >>

i'm jonathan ferro. ts right now. ♪ jonathan: coming up on the program, equity markets climbing a wall of worry to record highs. hillowell's day on capitol , and senator sanders on top. democratic moderates squeezing each other out. with 30 minutes until the opening bal, good morning. here is your wednesday morning price action. equities advance .4% on the s&p 500. all-time highs after the record highs and we are expecting to add weight to that after the open. treasury yields a couple of basis points higher to 1.62. the euro a little bit weaker, sitting right on top of 1.09. senator sanders coming out on top in new hampshire. a tight finish, leaving the best of the rest to take him in nevada. beginningctory is the of the end for donald trump. >> we will be donald trump. >> we might be headed for another one of those long primary figh

i'm jonathan ferro. ight now. ♪ jonathan: china lashing out at the united states for "overreacting." to the markets opening biggest selloff since 2015. attention turning to the iowa caucuses. bernie sanders leading the way. here is your monday morning price action. equity futures advance 18 points on the s&p 1.54 on the u.s. 10 year. zero negative. euro-dollar 1.1063. let's begin with the big issue. is this the opportunity to get back in? >> a pretty exciting opportunity for investors. >> this is the catching folding -- >> to get into the market. >> access from developed markets and asian markets. >> it is time to go shopping. >> we do not know how cheap they are.

i'm jonathan ferro. " starts right now. ♪ jonathan: coming up, stocks bouncing back as china mulls more economic support. investors looking for clues on the fed's next move. sandersnners senator said to take the stage in nevada. here is your wednesday morning price action. positiveup, futures .33% in the bond market. toasury yields higher, up 1.57. of 1.08 atill south 1.0 794. let's begin with the big issue, the uncertainty in china taking a jackhammer to corporate outlooks. theircutting or scrapping guidance altogether with efforts to contain the virus weighing on the demand and supply side. you will hear any guests talk about a v-shaped recovery, of

i'm jonathan ferro. arts right now. ♪ jonathan: coming up, coronavirus confusion. the white house seeking transparency. u.s. retail sales raising questions about consumer demand. republican senator showing concern. with 30 minutes until the opening bell, here is your friday morning price action. equity futures giving up the mornings gains after a soft youtube -- a soft retail sales print. the bid is in the bond market. yields lower four basis points. in foreign-exchange, the dollar rolls over. to 1.0 854.vances let's begin with the big issue over the last 12 months. rates in the driving seat. with me is michael hans, robert mazza ofgim and david direction. let's talk about it. low rates. you ew

i'm jonathan ferro. right now. ♪ jonathan: coming up, coronavirus cases spiking on a new testing method. u.s. stocks retreating from all-time highs. the breaking down. the swissie the strongest since 2018. good morning. here is your thursday morning price action. equity futures off the lows but still -16, down .5%. in the bond market, yields lower, to 1.60. the you're a lower. -- the euro lower. let's begin with the big issues. >> uncertainty levels have risen. >> a lot of unknowns. >> china is not going to throw everything at this. >> the data coming out of china is unreliable. >> how long the disruption will be. >> to what degree are we starting to see production coming back online in china? >> the magnitude

i'm jonathan ferro. arts right now. ♪ jonathan: america identifying its first coronavirus case of unknown origins, sending stocks towards the sixth day of losses. microsoft joins a growing list of companies cutting guidance. with 30 minutes until the opening bell this morning, good morning. here is your thursday morning price action. lowe's down one point 5% on the s&p 500. stocks lower, yields down six basis points. record lows on the u.s. 10 year. the dollar is weaker, the euro is stronger. euro-dollar up .9%. let's begin this program with the big issue. markets worried about one thing. >> if the epidemic becomes a pandemic. >> pandemic. >> global pandemic. >> right now it is a panic. >> a lot of panic. >> if

drumming ] [ fast-paced drumming ] jonathan: from new york city for our audience worldwide, i'm jonathan ferro"real yield" starts right now. ♪ jonathan: coming up, more signs the coronavirus is spreading beyond china, hitting supply chains, taking a bite out of u.s. economic data, sending u.s. 30-year bond yields to an all-time low. we begin with the big issue, the data providing a little more fuel for the treasury market. >> what a mixed bag for u.s. data. >> demand delay versus demand destruction case. >> ism going up, pmi going down. >> i still think there are challenges

. ♪ forthan: from new york city our audience worldwide, i am jonathan ferro.ield" starts right now. coming up, coronavirus fears sending markets into a tailspin. central bankers showing little willingness to step in as corporate issuance drives up -- treasury yields hit record lows. we begin with the big issue. no signs central banks are ready to step in. >> what is the fed going to do? >> the fed is divided. >> they really want to take a wait and see approach. >> the fed is behind the curve. >> coming into the year, they thought they would

jonathan ferro will be in new york. i will be joining him in london.loomberg. ♪ vonnie: live from new york, i am vonnie quinn. guy: from london, i'm guy johnson. this is "the european close" on bloomberg markets. vonnie: the italian opposition leader accusing the premier of underestimating the threat of the coronavirus outbreak. i is urging the government to earmark at least $11 billion in aid for those hit by the disease. maria tadeo is in rome. talk about this man of the north -- does he try to take advantage of this in some way? maria: that is the question. the reality is at this point italy is a focus of the coronavirus. more than 10 people dead. close to 400 cases that have been reported of the coronavirus. industrial powerhouse of the italian economy affected by the virus. , he can smellvini blood. he knows that from this could be political repercussions. he is saying it is clear the government has not managed this correctly. we went from having just a few cases a week ago to pushing almost 400 cases. to have the country become the focus point of

jonathan ferro is a new york, i will be joining him in london for the cable show live on dab digitals bloomberg. ♪ guy: welcome back. we are through the settlement in europe. we are closed for the day and close for the week. this is an opportune moment to talk about what the price action looks like for this week to give your idea of the order of magnitude we have seen in europe. i want to kick things off with the stoxx 600 this week. on the week we are down 52 points. we started above the 400 mark, we are now well below the 400 mark. we started at the 420 level, now trading at 373. that is a huge drop. the rate of change his eye watering. let's talk about where the damage has been done to peel the onion. this is the stoxx 600 breakdown from the grr point of view. these are the sectors ranked over the last five days. at the top, where you seen the more defensive bias? utilities. utilities are a bond proxy. the bonds have been aggressively bit, yet utilities have been sold off by 10%. there has been a baby in the bathwater phenomenon. funds doing relatively well over the last few years

jonathan ferro be on the new york side of things. joining him in london for the cable on dab digital radio. this is bloomberg. ♪ vonnie: live from new york, i am vonnie quinn. guy: from london, i'm guy johnson. this is "european close" on bloomberg markets. vonnie: time for our stock of the hour. here is viviana hurtado. viviana: our stock of the hour is gorman after the company beat the street on fourth-quarter profits. 2020 guidance above estimates. banner 2020. a if you were to look at the fourth quarter reported revenue, $1.1 billion is up 18% from a year ago. revenue will top $4 billion, that is 4% above wall street consensus. 20/20 eps projection higher than the street and the board approved raising of the dividend. the fitnessing is segment, think of wearables like garmin watches. the growth there is 34%. if we were to look at sales by category, it is not just fitness. in particular we will focus on aviation and marines. also leading the growth, 22% for the fourth quarter. analysts are saying this strategy, garmin's specifical

jonathan ferro new york, i will be joining him in london for the cable show on dab digital radio andn area. this is bloomberg. ♪ vonnie: live from new york, i'm vonnie quinn. guy: from london, i'm guy johnson. close" onhe european bloomberg markets. vonnie: time for the stock of the hour. here is viviana hurtado. viviana: our stock of the hour is legg mason. shares are surging. they are up almost 24% after they agreed to a buyout from rival franklin resources at a big premium. the deal valued at $4.5 billion. let's take a closer look at the stock price. $50 per share is the buyout price. that represents a 23% premium to friday share price. it also gets the stock back to 2008 levels. in 2008, the financial industry taking a hit, this included legg then which cratered after portfolio manager lost big on financial stocks. let's take a look at the industry contact of the merger. franklin and legg mason. it represents a move do combat trend toward indexing. b.i. writing that in the last decade passive style funds have taken in $1.6 trillion. $1.4have also lost trillion. if you were to loo

jonathan ferro in new york, i will be in london.omberg. ♪ guy: from london, i'm guy johnson. vonnie: from new york, i am vonnie quinn. time for our stock of the hour with viviana hurtado. atiana: we are looking nvidia as our stock of the hour. shares are surging, passing a record. 27.4%. the largest maker of graphic chips reporting fourth-quarter results that beat the -- that beat the street, plus a strong outlook. what is driving the strength? higher demand for data center and gaming chips. that's look at nvidia revenue growth. you can see data centers and video gaming leading this growth. owners of data centers that power internet services are spending, and that includes graphic chips used to boost artificial calculations. nvidia adapting the technology for the ai market. looking at sales growth, you can see $3 billion in revenue in the current quarter. this coasted way past street estimates of $2.84 billion and that is the different story from last week sales, making a strong comeback, going back to those ai investments. ai marke

jonathan ferro is in new york. i will be joining him in london.omberg. ♪ vonnie: live from new york, i'm vonnie quinn. guy: from london, i'm guy johnson. ons is "the european close" bloomberg markets. vonnie: time for our stock of the hour. here is viviana hurtado. topping --ares are quarterly revenue topped $1 billion. audience jumping by more than 1/5. let's take a closer look at the quarter. if we were to pull out a couple years, the first revenue growth quarter in a row in 18 months. the chart you are looking at, let's talk about that. -- we are on the chart that growth,arterly especially what you want to see is those last bars. that shows that consecutive growth. jack dorsey is having a good start to 2020. he is also having a good year with square, that is the financial services company, the mobile payment company. going back to twitter, this key growth you are seeing is the fourth key metric i want to point out. that is average monetized of all daily active users. the growth is 162 million, much better than 148.1 million. if we drill down a

jonathan ferro is a new york, i will be joining him in london., we will talk about south africa. this is bloomberg. ♪ vonnie: live from new york, i am vonnie quinn. guy: from london, i'm guy johnson. this is the european close on bloomberg markets. the south african president will deliver his state of the union address in cape town in around 10 minutes. investors want an update on the government's efforts to turn around the economy and how much progress is being made to deal with the state utility struggling to keep the lights on. joining us with his view is colin coleman, who previously ran goldman sachs operation in south africa. he now teaches at yale. a keep doing cash can cyril ramaphosa keep doing what he is doing or doing out need to see a major shift in the approach to dealing with the south african economy? sophie: he needs to keep doing what he is doing, but there is a new sense of urgency i pickup from the people at the top levels of the government that should be reflected by what we hear from the president. i believe there are some co

. ♪ jonathan: from new york city for our audience worldwide, i'm jonathan ferro.l yield. starts right now. coming up, more signs the coronavirus is spreading beyond china, hitting supply chains, taking a bite out of u.s. economic data. sending u.s. 30-year bond yields to an all-time low. data providing a little more fuel for the treasury market. >> what a mixed bag for u.s. data. >> demand delay versus demand destruction case. >> ism going up, pmi going down. >>

jonathan ferro is a new york, i will be joining him in london for the cable show.loomberg. ♪ vonnie: live from new york, i am vonnie quinn. guy: from london, i am guy johnson. let's get to our stock of the hour. here is viviana hurtado. viviana: our stock of the hour is chipotle. beating estimates. key comparable sales accelerating. for eight consecutive quarters. let's take a look at some of the headwinds. that includes menu changes on a premium beef product. that is not being digested well by investors. they do not want to see the extra profits go. you can see that right now it is touching the red, down 2.5%. let's take a closer look at those fourth quarter blowout numbers. a big beat on adjusted earnings per share. ,e want to focus on revenue jumping almost 18% to $1.44 billion in a very important focus would be comparable restaurant sales, up almost 13.4%, soaring on the growth of transactions, this being fueled by its digital strategy. people are placing bigger orders when they are ordering online. revenues from digital rising 17% in the fourth quarter, repres

jonathan ferro new york, i will be in london, the cable show on dab digital radio.rg. ♪ vonnie: live from new york, i'm vonnie quinn. guy: from london, i'm guy johnson. this is the european close on bloomberg markets. time for our stock of the hour. universalking about shares -- viviana: our shock of the hour is iphone display maker universal. a 10%y maker could take hit because of disruptions caused by coronavirus. let's take a look this morning. to0 sales outlook cut by 40 $50 million. another thing to look at is the revenue could miss consensus by 7% and four q eps lower. the virus could cut sales after the company raised its capacity. all of this coming on the heels of apple's own sales cut. we talked about the blockchain disruption. it is not all negative. despite the cut, sales are still expected to grow. the company just invested in increasing its capacity. that points investors to look at margins for the rest of 2020. if we were to look at universal display customers, it is a supplier to apple. it sells pricey screens to apples suppliers, lg and samsung. the

jonathan ferro is in new york. i will be joining him in london.loomberg. ♪ vonnie: live from new york, i am vonnie quinn. guy: from london, i'm guy johnson. this is european close on bloomberg markets. time for our stock of the hour. for a yacht hurtado is here with details. is here withrtado the details. viviana: our stock is canada goose. saying coronavirus is having a material impact. it is the latest retailer to cite loss china sales as a reason to/-- as a reason to slahs its 2020 outlook. chinese consumers are staying away from stores because of the coronavirus. look at the slash to guidance. previous fiscal year guidance was 20%. now it has been cut to 15%. is growth you can also see slashed. 58% of revenue is coming from non-canadian currencies. if we were to break out revenue by region, asia makes up 20% of the revenue. it is important to further drill down because the last quarter, revenue and asia double before the outbreak and that shows the region is a strong growth driver for the future. canada goose is just one of the stops taking a

jonathan ferro is in new york. i'll be joining him in london. bloomberg. ♪ vonnie: live from new york, i am vonnie quinn. guy: from london, i'm guy johnson. this is european close on bloomberg markets. time for our stock of the hour. here with that stock is viviana hurtado. viviana: our stock of the hour is alphabet, it missed estimates in the key holiday quarter. it missed search advertising growth as well as new youtube numbers disappointing. this sent shares down. they are almost touching 3.5%. let's take a look at those numbers. overall revenue coming in at 37.6 billion dollars in the fourth quarter, that is less than projections of $38.4 billion. let's take a look at search at business. 70%.se but look at where it is in this chart, facing competition and certainly growth outpaced by facebook and amazon's at business. in the first quarter as ceo, praised for opening up the books, including breaking out youtube. growth is up to $15 billion, that is double 2017 bubble of the estimates of $20 billion. praise for opening the books but key metric

i'm jonathan ferro. bloomberg "real yield." coming up, treasury yields drive lower on his soccer retails does report. emerging markets resilient amid concerns in china. one white house fed nominee facing even more doubts. we begin with the big issue, low yields in the drivers seat. >> the bias is to lower yields. >> lower yields. >> yields move lower. >> alone global bond yields are certainly giving the u.s. some attention.

jonathan ferro will be joining me.new york, i will be joining him in london for the cable show on bloomberg radio. dab digital radio in the london area and around the world on all of your bloomberg devices. this is bloomberg. ♪ guy: from london, i'm guy johnson. vonnie: from new york, i am vonnie quinn. this is "the european close" on bloomberg markets. morgan stanley has agreed to by e*trade and it prompted a downgrade from mike mayo from overweight to equal weight. this is a takeover of one of the few remaining standalone retail brokerages at a valuation of $13 billion. we are joined by mike mayo, wells fargo securities senior analyst. strategic, financial, and execution risks from the deal. this is partially to increase digitalization at morgan stanley, to bring in the younger customers, are you never pleased? a bankou cannot be analyst without being a part-time tech analyst. this is about digital brokerage and digital banking. it is a fair question. company thator a is the stock market sensitive, this interest rate

jonathan ferro will be new york, i will be joining him in london for the cable show on dab digital radio in london. this is bloomberg. ♪ guy: live from london, i'm guy johnson. vonnie: from new york, i am vonnie quinn. on the heels of jay powell's testimony at the new hampshire primary, i sat down with harrison street co-founder christopher merrill. harrison street is an alternative real estate asset investment firm with $25 billion under management globally. christopher: for us regardless of the political environment, it is good long-term investment. vonnie: you raised another $1.6 billion last year -- more opportunities in the area. it feels like lps cannot give away enough capital. alternative real estate is one area where there are picking up yields. oriented?he value the u.s. or outside the u.s.? christopher: investors are concerned about the cycle. increases in allocations of real estate. investors are concerned about where we are the cycle. we are seeing an alternative segment, a lot of opportunities in the infrastructure space. we are investing more about what we're doing in publ

." ♪ jonathan: i am jonathan ferro.oomberg real yield." ♪ coronavirus fears sending markets into a tailspin. central bankers showing little willingness to step in as corporate issuance drives up treasury yields hit record lows. we begin with the big issue. central banks are ready to step in. >> the fed is divided. they want to take a wait and see approach. they thought they would be comfortably on hold. i think that is still what they want. >> the market is testing the