michael metcalfe, staying with us.p next, the chancellor of the exchequer tells an audience that britain has got its mojo back. ♪ >> my message to you on this visit to new york is that britain has got its mojo back, and we are going to be with you as we reassert western values, confident that our best days lie ahead. a very happyt was chancellor george osborne speaking in new york. he said the u.k. stands ready with the u.s. to reassert western values. he also spoke about britain's relationship with the european union. >> britain is not part of some of these central eu projects, like the single currency, the euro, nor indeed the common border area. has devised,union, does not really provide for a large member state, the second-biggest economy in europe, the second this contributor to the eu budget, sitting outside of these central arrangements, and yet that is the settled role of the british people. we need to make sure these arrangements work better for britain, and indeed work better for those who are trying to make

guy: let's talk to michael metcalf. strategist.l market we thought that oil was stabilizing. g. commodities continue to get pushed down. where is the bottom? michael: it's clearly not here. i think there was some expectation that perhaps opec would have done something with supply, and of course, they haven't. that has kept the pressure on. tie it in with the weakness in the chinese data overnight. there is an element of demand, which is also soft. i think this is not necessarily that great for the global outlook, and in terms of inflation, we thought we were just getting excited about inflation coming back. if oil keeps falling, that's not going to happen. jonathan: we are going to have a conversation about that with you . . looked at the lack of deals the sharp-lg deal, it's a most one third of the volume. these guys want certainty. they don't have that now, do they? there are people talking about 20. when do you start to see the deal volume pick up in the energy sector? michael: the one thing that gets me, six months ago, we are valueg -- were looking at in energy stocks. as