kailey leinz, at the june and may meetings, the call from goldman sachs? kailey: i think it is noteworthy that estimate has not changed, so they do think it is going to be this ramped up frontloading. i was talking to christian muller earlier about this idea of whether or not the fed is going to be able to execute a soft landing in that case if it moves that aggressively with 100 basis points over two meetings. jonathan: lisa, do you think that brings the epic -- the equity market some comfort? lisa: does it? not to be bearish. jonathan: look at the marketplace -- market price. lisa: and avoiding a recession, because we are not seeing a recession priced into credit, we are not seeing a recession priced into many stocks. yes, they are seeing a frontloading, but not necessarily disrupting the trajectory some material to derail the equity story. wondering how this is the case, especially -- even chair powell delighted the harrowing aspect, the harrowing path some sort of soft landing. jonathan: you don't sound bearish. lisa: i'm not making a call. jonathan: of

let's get to kailey leinz for those single names. kailey: we'll is down about 2% on the day.is translating to some of those single names. diamondback, shale player in the u.s., off more than 1%. on the flipside, you have the u.s. and the eu providing lng exports to the european union. that is benefiting lng players. cheniere is a big one here, up 1.7%. bed bath and beyond in talks to get new directors at the company. the stock is up about .7%. it's a much bigger move to the upside for one group of stocks, cannabis stocks. the house saying that a committee will be taking up a bill to decriminalize marijuana at the federal level. 20% plus moves for tilray and sundial. etf's that attract those stocks are higher by 7%. tom: right now we focus on the euro with the president attending warsaw. jane foley joins us from rabobank. we have the news of the moment. what does euro signal and what is your prediction of how it will move? jane: i think it is signaling some optimism in the market that the euro will avoid recession but there have been some nasty indicators. we can look at the p

we can say good morning to kailey leinz. : one story we have been keeping on top of is boeing. a boeing 737 plane has crashed in china in the southwestern province with 132 people on board. no news yet on the casualties. the news we have gotten is that china eastern, the airline operating that aircraft, has halted all 737 800 flights from tomorrow. so boeing is down about 6.25%. another big downside mover is nielsen holdings on news that a deal is not happening. private equity players including brookfield and elliott made a $24.58 bid per share for this company. nielsen saying that does not give adequate value to its shareholders, so that stock is down about 18% for the belt, trading just south of $20 a share. anaplan, a $10.7 billion takeover deal. $66 a share, a 30 percent premium to friday's close. the stock higher by 28% in early hours as a result. finally, to come back to the oil story, we are getting a lift in oil prices and a subsequent move when it comes to some of those energy stocks in early hours. devon energy up a

kailey leinz, why are you correcting it? kailey: usually indiana is in there.e not in it and it made me think more logically about my bracket. jonathan: good you have winning this? kailey: wisconsin. jonathan: i have good saga. kailey: most people do. lisa: i do not participate. i do not know anything about this. jonathan: you think i do? i asked my producer. jamie did this. about 20 minutes time. i could do that. on the nasdaq we are down .6%. we are 20 minutes away from an important phone call between the president of united states and the chinese leader, president xi. it might take time to find out what took place on that call but it starts in 20 minutes. kailey: interesting to see when we get the readouts and if the readout say anything decisive other than that they topped. is the u.s. going to say it indicated what it is already going to say, that it asked china to put pressure on the kremlin to end the conflict. we already know biden is going to say that. news will likely be on beijing's side if they give any indication on where they are coming down. jona

we can do that this morning was kailey leinz. one company we are continuing to focus on is nike. beat revenue estimates across the board, including china, where sales were down by less than expected. the story here is one of it working for supply chain issues. the company still saying demand is outstripping supply, even with a 15% build in inventories. that stock up about 6% before the bell. boeing fell yesterday after that boeing 737 800 ng jet crashed in china. investigators still trying to figure out the why behind that. shares are rebounding just slightly, about 0.2%. going to point in -- i want to point to okta as well, authorization software. there was actually an incident in january. there is no ongoing kind of malicious activity. still, that stock is down about 7.5% before the bell. a quick check on alibaba and how the action is in the u.s. alibaba announcing a boosted buyback program of $25 billion, the second time in the last year it has hiked that program. maybe a sign of optimism about the easing of the regulatory crac

jonathan: this is bloomberg surveillance live on tv and radio alongside tom keene and kailey leinz. tom: what i find interesting is the idea will russia exited the g20? that is a signal of the moment. there are other side stories. we will go to maria, to anne-marie, to aggi. the data is beginning to come in. you mentioned the german data. that means something to brussels. jonathan: german business confidence collapsed. that is their word, completely rolled over in a massive way. tom: what is going on into the weekend. what the pros are watching the middle distillates of oil and that will be the conditions like german confidence where we get a measurement of where we are now. we don't know where we are. jonathan: 216 on the u.s. two-year. kailey: what is the yield curve signaling, especially to a federal reserve that throughout the course of speakers that we've heard through this week, and will get more today, are pushing the hawkish narrative of 50 basis points in may and perhaps again a month later. jonathan: year end they are looking at yield curve inversion. they have the two-yea

jonathan: the allies coming together today, kailey leinz, earlier, a statement from the g7 seed by bloomberg rees as follows, to warn putin against using chemical on -- or nuclear weapons. kailey: the words are statement and warning. the question is whether the west can get themselves on any further action. the president promised further sanctions announced during this trip to europe. without germany being able to get on board with oil and gas embargo, the questions around that especially as putin demands name it's in rules for russian natural gas, a lot of questions circling around energy. jonathan: tom, strongly worded statement, does that get it done? tom: this is action on a dynamic scene. if you go to the bloomberg world, the major issue for me as commodity prices forward. maybe not out of high and maybe it is not wheat and corn, but they are working on a feast of market activity in the market is speaking about what they need -- what needs to be done. jonathan: you have been gone a while, 20 basis points to go two-year. right now we are at 215 on the two year yield. tom: i watched it of

kailey leinz is with me in new york. lisa abramowicz is also with me in new york today.y. it is fascinating to watch european equity markets and global equity markets through the european session, into the u.s., into asia, bouncing on hopes that we will see de-escalation in the war, but those hopes quickly fading, and we move into another european day. kailey: as you allude to, we did see a positive session for equities overnight. the msci asia-pacific index was higher. one of the outperformers was china, the csi 300. the real story out of asia i want to focus on is the bank of japan, taking more unprecedented measures to keep yields in, now buying induration at the longest into the curve. the japanese yen broke through 125 earlier this week, but back down to that one to 1.68 level or so. -- that 121.68 level or so. as for the picture for u.s. assets, we are seeing sentiment rolling over after the gains of yesterday. s&p 500 futures are off by about 0.3% or so. the 10 year yield right around 2.38%. but it was all about the curve yesterday, the twos-tens in version. we ar

let's say good morning to kailey leinz. ey: some big moves on the individual stock level as well. one of the main stories this moaning is tesla. shares are up nearly 6% in early hours after the company said it will ask shareholders at its annual meeting to authorize issuing more shares for a stock split. the last time tesla split its stock, august 2020. stock trading at $1067. that came after news over the weekend that tesla had to shut down its factory in shanghai until april 1 due to the partial closer -- partial closure because of the covid outbreak. speaking of production related issues, the nikkei reporting overnight that it is cutting production -- nikkei reporting overnight it is cutting production of its iphone se. corvo down because it is also downgraded by goldman sachs this moaning. a quick check on stocks moving intended with other assets, we have oil moving lower today, but bitcoin moving higher. coinbase is up by about 4.4%, a lift for crypto related stocks across the board, but downward pressure for energy sto

with the single names, let's get to them and say hello to kailey leinz. kailey: many movers indeed.f them being spotify, which inked a deal with alphabet google yesterday to allow it to bill its users directly. that should make things easier for subscribe is to sign up, to benefit the company and potentially dating apps as well down the line. you are seeing spotify up 3.6% and bumble dating app up by about 2.5 percent. i wanted to mention moderna, which announced $21 billion in advanced orders for its covid-19 vaccine for this year, up from the $19 billion it announced about a month ago. that stock is up 0.2% as a result. we will have the moderna ceo joining us in the next hour, so we will be sure to ask him about that. as for some stocks moving lower in early hours, one of them is appellate pharma. it is a -- it has a $1 million share offering. you also have darden restaurants reporting. it lowered its earnings forecast for the year, dealing with inflation that it says is about 6% for the full year. finally, a little froth coming out of gamestop, up 50% in two days, giving some of

. >> this is "bloomberg surveillance: early edition" with anna edwards, matt miller, and kailey leinz is 9:00 a.m. in

then kailey leinz told me she had never had one. kailey: why would i start now?athan: so you are not even tempted to try a doughnut. what about soda? kailey: only with alcohol. lisa: since when are you a sugar pusher? jonathan: i have at least tried a doughnut. i have at least eaten one. i have dabbled. the important stuff starts now. maria tadeo in brussels. hearing from a spokesperson that germany plans no new sanctions package against russia. how will this play out with the president running -- lending in europe this evening -- landing in europe this evening? maria: what i'm trying to get my head around going into this meeting is the u.s. delegation says we are going to have more sanctions and going to look at loopholes and close them. in many ways, this was billed as the mother of all sanctions, but russia's banks and all those payments of bonds and dollars continue to go ahead, so clearly there are loopholes here to close. when it comes to the new sanctions, i struggle to get my head around against -- around what is going to be sanctioned. the 20 seven count

jonathan: kailey leinz is just getting started. the conversation about 50 at the next meeting. : escalating conversation. you heard that already at the march meeting. what will we hear from the chairman? the chairman forecast we are moving 25 on capitol hill. his indications matter a lot. if he signals the doors open for 50, i wonder how the market reacts. jonathan: as we say often in the news conference, the chairman has to reflect some consensus. today is an opportunity for him to offer his opinion. lisa: the consensus right now feels like we know. we just don't know what fed chair powell seems to think because he does not seem to be with the consensus. jonathan: we will continue to count you down to chairman powell and his address later. looking forward to that in about 20 minutes. from new york, this is bloomberg. ♪ >> keeping up to date with news from around the world. in china, a boeing 737 operated by china has crashed. there were 132 people on board. no word on casualties. the video shows smoke in the western area. china is withholding flights of those planes for now. ru

kailey leinz, that is the year ahead. kailey: he is not the only one that shares that view. the study out of the dallas fed said if you don't get russian oil back onto the market this year, the global economy is all but certain to fall into a recession and according to the dow, that slowdown could be more protracted than that of 1991. jonathan: this line just crossed from novak, talks on raising oil flows. we are trying to work out how much russian crude will come off the market. it wouldn't go to the u.s., it would go somewhere else. >> this is why i'm really interesting to hear what president biden says about renewed sanctions. the plan to tighten the screws on china, penalizing them for buying russian goods. how much can they close those backdoors and eliminate purchases vs. simply redirecting these flows? jonathan: the president in europe tomorrow, a big couple of days coming up, down one third of 1%. since 2:30 eastern time on wednesday when chairman powell started speaking, we are up almost 6% on the s&p 500. we pulled back just a little bit this morning. that selloff

i am kailey leinz, alix steel is off. it seems progress in peace talks. guy: how much progress have we made? the markets were primed for positive news, and certainly seem to be responding to it. there is already significant de-escalation priced into these assets. look at what is happening with crude, with european equities, we have seen an amazing turnaround. look at the ruble. let's talk about the data we are getting on the u.s. economy. this may be a story we probably should keep a wary eye on. the number goes higher and higher and higher. the prime number has been revised. 11,000,200 62 3000 was the number -- 11,623,000 was the number. down -- up on the prior number, down on the revised number but up on the expected number. we can still say this is a hot labor market. consumer confidence comes in line with expectations, that is the headline number. current conditions looks ok. expectations are where the real hit is coming through. this is the story. this is a red hot u.s. economy. the jobs market is incredibly strong. that is what the fed is going to b

. >> this is "bloomberg surveillance: early edition" with anna edwards, matt miller, and kailey leinza 5:00 p.m. in hong kong on this friday. our st

i'm sure that kailey leinz will know.update us in a moment. 23 to 24 basis points with the italian 10 year trading at 1.4, down by 29 to 30 basis points and these are huge moves, reflecting a real reassessment of the growth outlook we are seeing in europe that is changing so much as a result of the conflict we are seeing unfolding in ukraine in a more brutal fashion today. the story looks like this from the sector point of view, front and center health care is there with energy up by 3/10 of 1%, understandable i think. travel and leisure is down once again. i will show you flutter in just a moment, hitting -- hit hard by what is happening in ukraine. remember, some of these european utilities have significant exposure into russia. they clearly do when it comes to gas and the energy markets and on the energy markets let's look at rent, the headline coming out about the iea looking for more releases of crude around the world, we get the details of that flowing through over the next few hours. crude, near session highs, up b

kailey leinz, michael mckee. what about the meeting still? to come? -- still to come? kailey: i think what is interesting is the narrative we are hearing from chair powell and speakers across the board is that maybe there were more that are actually ok with the 50 camp. what stops them is the uncertainty around the war in ukraine. is that going to prevent them going forward? i wonder what color jim bullard will be able to provide on that. jonathan: always look forward to your responses on air. our audience always says the smartest out there, the sharpest. some of our subscribers said it always skips a generation. lisa, who is always bearish, i nearly went to bed yesterday, but her son will probably be buying the most aggressive stuff. crypto, and fts, meme stocks, nikes, and then he said he will be crazy rich someday, too. [laughter] lisa: you know what? he's probably right. last year he was begging me to buy an nft. he's always trying to hustle. i'm a little nervous. jonathan: he's been right so far. lisa: he has been. he wanted to buy macy's at the heart of the pandem

live with lisa abramowicz and kailey leinz, i'm jonathan ferro.ion between the president of the united states and european leaders. lisa: they are going to try to understand what comes next is this conflict rages on, as the war in ukraine continues

kailey leinz and lisa abramowicz. jonathan ferro off to start strong for the 9:00 hour.iting for comments in brussels. hugely anticipated, particular with the war news we have seen out of ukraine. first an important interview on something that is receded into the history books, covid. stephane bancel with eli lilly and then onto his extraordinary works with mrna at moderna, the chief executive officer of moderna joins us. are you worried about a new variant of omicron? stephane: first of all, thank you for having me and the kind words. i am losing sleep on it. i think there is an 80% chance the variance we have seen are minor from a -- there is a 20% chance something happens that there is a new virus that is very vera lunt. -- that is very vera lund -- that is very virulent. we are able to update the vaccine as fast as we can if needed. tom: in america we have a low usage of the booster. we are talking with you about the success of under six years old treatment. tell us what we need to do to get a worldwide booster program going. what is the next step in a covid that in

i am kailey leinz with guy johnson in london. alix steel is off today.elcome to "bloomberg markets." guy, happy tuesday. commodities and energy front and center. guy: absolutely. we will hear from the president later in the show -- 10:45, in theory. it is interesting that we find ourselves in a situation where parking the u.k. to one side and its potential ban on russian energy, it is the u.s. going i alone. europe can't deal with this. significant numbers of joint bonds to deal with the consequences of energy story, it is highly significant. europe is in the crosshairs of the story. the economic impact is at this point hard to gauge. i checked the winter forecast of the european commission a little bit earlier on. 2022 growth up 4%. what is the downside potential on that number? is it inevitable that europe will be facing some kind of recession? that brings us to our question of the day. we are trying to analyze what is happening with prices right now. are investors correctly pricing european risk? we bring in the jp morgan chief emea market strategist,

: live worldwide, this is bloomberg surveillance on tv and radio alongside lisa abramowicz and kailey leinz. we are down 6/10 of 1%. talks about talks. >> this is going to be an important talk about talks. this is president biden in the united states. discussing what is ahead for the relationship of china and russia. how much does china get forced to come out as opposed to taking a behind-the-scenes -- we want everyone to get a wrong -- along. jonathan: vladimir putin told the chancellor of germany that the ukraine is trying to stall talks. kailey: the ukraine is saying that until we have a cease-fire, we cannot have a serious negotiation. at what point does it realistically come together. there are number of people off the record about how honestly this is not close to a resolution. frankly, there is more to come, and there is a look for more leverage on both sides. jonathan: let's put it all together. we are poised for that. kailey: one of the best weeks we have seen. since november of 2020, i think the note out of goldman sachs for the equity market is misunderstanding the risks and down

kailey leinz, the ecb think about making a move. the fed has made a move. uroda wants no part of it. kailey: the message from the boj is follow your other central bank friends are jumping off the bridge, you don't have to go, too. they see no reason to raise rates even as cpi could reach 2.8% in april. the commentary on the yen also really interesting. saying sometimes it could be a positive if the yen is weaker, but it is more about dollar strength at this point then yen week this -- yen weakness. jonathan: let's get some single names and say good morning to romaine. romaine: keeping an eye on the rally we've had over the past four days, the idea is whether that is going to continue on this friday and into next week. we should point out that on a weekly basis, all of the stocks in the nasdaq 100 are higher, headed towards weekly gains, but a lot of the names that led us to where we are today are softer here in the premarket. that includes apple, down about 0.6%. a lot of the big cap tech stocks either flat to slightly lower in the premarket, as a lot of peo

i'm kailey leinz, with guy johnson in london.ome to "bloomberg markets -- welcome to "bloomberg markets." perhaps the worst of it already priced in. guy: in frankfurt today, we are watching events nervously. everybody's eyes come eastward, trying to figure out exec going to happen. the cost to germany of this situation escalating continues to get worse, so any news potentially that we could see some sort of off rent -- some sort of offramp for this conflict would be a huge relief. russia says it has opened humanitarian routes in ukraine so that civilians can leave a number of cities that are being bombarded. at the same time, russia has stepped up bombardment of key urban areas. kyiv obviously front and center. bloomberg's maria tadeo spoke with the deputy chief of staff of ukraine's president zelensky. you want to hear what he has to say. >> if you ask me whether there is a dramatics ocean, we are ready for a diplomatic -- a diplomatic solution, we are ready for a diplomat solution. tomorrow our minister of foreign affairs will

from new york, i'm kailey leinz with guy johnson. alix steel is off. welcome to bloomberg markets. another week that has felt incredibly long and it is not over. guy: we have plenty of data to dig through. we have the events unfolding. we will hear from the president later on. we have a lot to think about going into this weekend and as you say, it has been a volatile week. we have the data from the university of michigan. everybody watches this one so carefully to see what reaction we are getting from the u.s. consumer. that important engine of global growth. the headline number dips to 59.7. the prime number, 62.8 so that is a decent chunk of change to the downside. current conditions are holding up well. the prime number is 68.2. we have come through the 67.8 but the market was exciting 65.8 so we have held up recently well but it is the expectations number where the big drop comes through. 59.4 down to 54.4. the survey is 57 so we have missed about. -- missed that. inflation is up to 5.4 to 4.9. the 10 year outlook is stable at 10%. kailey: the highest since 1981 as we are seein

i'm kailey leinz come up with guy johnson and frank for today.lix steel is off. -- i johnson in frankfurt today. alix steel is off. the ecb front and center where you are standing. guy: absolutely. there was clearly some disagreement in the building behind me. the ecb governing council looks quite split. the statement very hawkish, interesting lagarde -- and christine lagarde trying to push back on the idea that we will see an earlier exit from monetary policy. that is how the market has priced it. there's clearly now an accelerated expectation that the ecb is going to be tapering aggressively, and then fairly quickly after that, hiking rates. kailey: the spread widening in quite dramatic fashion today. there's still a great deal of uncertainty posed by the ongoing war in ukraine. this into what she had to say about that in the news conference. >> gdp growth has been revised downwards for the near term owing to the war in ukraine. guy: christine lagarde speaking a few minutes ago and the building behind me here at the ecb tower in frankfurt. let'

jonathan: kailey leinz, did you hear that? was 'bramo bullish?a: that was a realistic assessment of what is going on. jonathan: tom is not here, and you -- lisa: i'm not always negative, i mean honestly. it is just, where else are you going to go? i'm some of that active it. jonathan: i'm just surprised by it. pity for the fed come along stocks. what is this? [laughter] ♪ jonathan: following the biggest today pop on the s&p 500 going back to april 2020, we come down 0.3 percent on the s&p 500. the line from russia on talks, any report that they are going really well, particularly that "financial times" report, russia saying it is wrong. so i think any hope for diplomat breakthroughs, that hope got some cold water in the last couple of hours. the move back is not a major move in the equity market. resilient in the face of some aggressive fed talk. let's talk about what that means for the bond market. last week on thursday, the low end of the session, 1.96% on tens. twos are above that now. we've seen a lot of work get put into the front end of the

kailey leinz in for lisa. on radio, on television, an important friday. the president moves to poland. there's an important story, this time not about america. it is about the eastern front. jonathan: the refugee crisis and a security crisis as well. let's talk about the refugee crisis. 3 million ukrainian refugees, and the overwhelming majority of them have gone into poland. that is why this first stop is in a city very close to that border. tom: it is very important, and as the united states talks of taking in 100,000, it really shows the humanitarian moment. the president's focus is very much on the humanitarian issue. jonathan: what we can do next is hopefully some kind of energy agreement between the u.s. and the eu. from there, the germans want to rapidly decrease their dependence on russian energy, and that is going to take a while. it is going to take years. tom: the domestic calculus is important. poland speaks loud in the congress. kailey: i think you are seeing the domestic pressures on the president, and that is why he has made many of the mov

i'm kailey leinz, with guy johnson in london. alix steel is off. welcome to "bloomberg markets." it doesn't seem like the market has any idea what do differently than it did on friday. guy: we were both in early. what did the markets look like? european equities smashed lower. now look where we are. lisa: it has been -- kailey: it has been such a remark about turnaround. my question is, what changed? guy: if you think about it's come of the market is meant to be a weighing mechanism, but i am not sure they cooperate in these type of environments. i think various markets are struggling to figure out what is happening here, and as a result, the price action is absolutely asked ordinary. european equities down 4%, 5% when they opened this morning. since then we have filled that gap. we are back in positive territory. the crude market is all over the place. we don't know, i think, what is going to happen next, and as a result of which, we are dealing with uncertainty, which is unquantifiable, rather than risk, which is quantifiable. the oil story is definitely front and center, and y

from new york, i'm kailey leinz with guy johnson in london. alix steel is off.elcome to "bloomberg markets." chairman powell going to speak any minute now. the background now, geopolitics. guy: but he is making it very clear that the fed is still on track to deliver rate hikes. that is something we are going to be seen very shortly. but he did lay out the fact that we live in a much more uncertain time. i think that is probably less of a problem for the fed, more of a problem for the ecb right now. we have seen huge gyrations in european government bonds. so we will be listening to every word that chair powell has to say, not only today, but also tomorrow. events are unfolding very quickly. maybe we will see a finessing of the speech day one today to -- day one to day two. ukraine saying it may hold a second round of talks with russia as the country's defense ministry said its forces have captured a ukrainian black seaport north of crimea, the russian defense ministry, of course. president biden used his date of the union speech -- his estate of the union speech

from new york, i'm kailey leinz with guy johnson in london. alix steel is off today. a computer bloomberg markets. it is the second -- welcome to bloomberg markets. guy: we count you down to day 2 on capitol hill for jerome powell. let me bring you the services index conforming to 56.5. estimate is 69.1. this is the bulk of the u.s. economy we are talking about here. in terms of the data, the way it is breaking down, prices-paid index is 83.1. services employment gauges the weakest since august 2020. new orders index dropping 201-year low-- to a one-year low. employment index at 48.5. factory data coming through as well. that looks fairly strong at the headline level. durable goods numbers coming through as well fairly consistent with what the market was expecting at 1.6. some indication that we are coming off the very heavy numbers that we have been seeing for the u.s. economy recently. services index, ism never closely watched--number closely watched, coming down. day 2 of fed chair jerome powell's testimony on capitol hill. he faces the senate banking committee. mi

i am kailey leinz with guy johnson in london. guy, chairman powell will be taking the podium later, but it was president zelensky who took the podium first. >> -- the ukrainian skies into the source of death for thousands. is this a lot to ask some -- to ask for to create a no-fly zone over ukraine? is this too much to ask? guy: joining us now is annmarie hordern. she joins us from capitol hill. how is the u.s. going to respond? annmarie: we are going to be hearing from the president just before noon today. president zelensky made this plea, speaking in english directly to the president, incredibly emotional, imploring on congress to act. when he renewed his plea for the no-fly zone, he said if that is too much to ask, then give us the air defense that we need. this came before he showed a graphic video showing exactly what is right on in ukraine. it ended with him asking congress to close the skies. kailey: let us talk about how congress would respond. is it going to take congressional pressure to get the biden administration to

i am kailey leinz with guy johnson in london. welcome to bloomberg markets. the story of the day is oil. guy: it is absolutely amazing. combination of factors coming together. looks like the concerns about a chinese slow down is outweighing the concerns about what is happening with supply as a result of the ukrainian war. you have the possibility of an iran deal thrown into the mix. heavy combination because massive moves down in prices. i was listening to javier a minute go about this idea a lot of people have stepped back from the market. you can understand why. how do you traded market like this? if you are a consumer of crude, howdy position for this? abigail was talking about u.s. airlines. they do not hedge. the price swings in terms of cost must be eye watering. how do you run a business in that situation? kailey: i think that is exactly the question which brings us to our question of the day. when you see this kind of volatility in oil is that actually good news or bad news? guy: absolutely. before we do that i want to flag something else that happene