you know, it is surprising -- many people would think it is surprising the mexican peso is up 4% year-to-dateere's been virtually no volatility in mexican rates or mexican currency. spain has rallied year-to-date. it is really those assets which have had the most overpriced valuation having kicked into a correction by this inflation scare, and that would be bunds and treasuries, and that has kicked over into the u.s. equity markets. those assets will benefit, like greek government bonds have done quite well. bonnie: i would agree with robert that the eu has to inflate its way out of the debt. i would also point out that the ecb has been buying a lot of credit. even though the program is a lot smaller, only 30 billion, they are buying the same amount of credit as they were when they were 80 billion. the difference is between the sovereign and the credit. the peripherals are trading like credit. you are seeing that support the spreads as well. jonathan: isn't this a double-edged sword though? ultimately, you need to inflate away the debt. what's more important? do you really get that balance be

now, the south african rand is popular, the mexican peso can do well.ll be staying with us. next.the close stocks are up for the third day. it is off of the ties of the david still up for the third day. the closes 34 minutes away. this is bloomberg. ♪ mark: it is 11:00 a.m. in london. left in the trading day in europe. i am mark barton. i vonnien new york, quinn this is "the european close" on "bloomberg markets." ♪ mark: here are the top stories. stocks are holding on to gains in the u.s.. european equities are rebounding from the worst of this month's correction. africahakeup in south as president zuma steps down. what it means for the market and economy. president trump is scheduled to speak on the tragic florida school shooting. we will bring you that as soon as it happens. trading with 30 minutes away from the end of the thursday session. rising across the european equity space led by greece. we are up for a third

the biggest underperformer was the mexican peso. it makes sense.n quite markets overnight. quite a lot of movement. tom: i want to bring up this chart because we have futures down. those dow futures put the dow below the 10% correction levels. so on futures, we are now at a correction state, which has changed dramatically. i want to go to your wonderful research note where you try to make calm and peace out of yesterday afternoon's hysteria. let's go to that right now with rbc capital markets. thisught elsa synthesized beautifully. let me go that right now. the gerbil is working on it right now. there it is. hitsk aversion thermometer a two-year high of 27 on monday with more than three standard averseon risk driven almost entirely by equity volatility. the last time it hit these levels was late august 2015 on the china devaluation. that time it took six weeks to turn risk seeking again. perspective onc the timeline. are you waiting out six weeks for further peace? elsa: markets can normalize much quicker than that, but the way we measure risk aver

the peso also, as you can see, the mexican peso their lower by 1.5%.et: i like how you showed the one-year chart for the dollar because that has been the trend all year long. the move higher in the dollars temporary. purposeday but it has a when you look at commodities. there is an inverse relationship when you look at the dollar in the dollar commodities. when you look at oil prices on the day, they extended their losses after the equal and 30 jobs report. they tried to make a bit of a comeback, but the end of the day down by better than 1%. for the week we will see it down at 1.6%. aroundd some stability $65 a barrel right now. for now, that is where it is that we look over to the metals. strong u.s. jobs report triggering the spike in the dollar. you see it across the basin presses metals. -- base and precious metals. those are today's market minutes. for more on today's market selloff, let us bring in cameron jim paulson. cameron, we spent a lot of time talking about the stocks. really, the movement here, we should be focusing on is moving rates. c

price they can afford there is a problem however the mexican government has charged the nonprofit group who built the network nearly one million pesos about fifty two thousand dollars to operate. you can make a thousand calls in a month and it won't generate any cost it's only going to cost you if you call long distance so i don't think it's for but as we say the government is the government and they're always trying to apply their taxes. through the mobile phone network to people of something this can finally contact emergency services. make long distance calls or simply order a cab members of low income communities invest their own money to create the network locally sourcing materials to build an entire communications infrastructure the result is mobile phone and internet services and almost ninety eight percent lower cost than other providers in mexico. the network is still new and far from perfect but locals seem thrilled to have any service at all for public workers like the user own network is about more than just connectivity it means the members of his community are being better served. the haka mexico a rare celesio known

peso and that is with the politics around the nafta trade deal. relationship the between crude and petra currencies. you notice that the relationship between oil and the canadian and mexicanis slightly weaker than the other two, which means that they are not benefiting as much from oil gains as their commodity currency peers. the outlook for nafta got mark urky after justin trudeau said canada is willing to walk away from a deal. if you want to stay on top of this trend, look at the next nafta negotiations. #btv 363.g 23. mark: christine always good at the labeling of her charts. vonnie: let me just check the labels. my label is not the best in the world. however, the chart is very good. i'm going to show you why a lot of people are calling this may be a healthy correction or maybe waiting on the sidelines. if you look back to 2014 and 2015 when we got the large-ish selloffs, some metrics were a lot weaker than they are. we have global stocks with the price of the msci world index and is down no question about it. on the downturn whereas back in 2014 and 2015, it really went through its 200 day moving average. the same for the price ratio to the 200 day moving average. ba

mexican president over the border wall. >> the wall is trump's new toy. he wants the toy for christmas. and he's not going to get it. mexico is not going to pay pesosll. it's simply not going to happen. >> congress might not either. >> exactly. so, $25 billion for the wall for what? it's a useless wall. because, 45% of immigrants come with a visa or by plane. that won't change. absolutely anything. trump had the opportunity to get a little bit of that wall. maybe 300 miles for daca. and, um, i wonder if this week he's going to do that. >> that's coming back. this next deadline, march 5th for the deemers abili dreerm dry to stay in the country. >> the president is making it clear he's not ready to move on this. i was in the cabinet room when he said to the democrats and republicans, you all come up with a solution on daca, even if i don't like it, i'll sign it. i went down to the signs. the president threatened a veto. >> daca, immigration, the gun lobby. president trump is in a unique position. we're going to do a trade. a little bit of the wall in return for dacca. the president is the only one to take the lead on that. he can't punt this to paul