mr. draghi:.her remarkable news which is the broadening of the assets we are purchasing to the corporate sector. all these actions actually complement each other, both increasing the amount of upward financing and making financing conditions easier for the whole economy. attacking different points of the real economy. and favoring the pastor from the banking system to the real economy. we do expect substantially easier financing conditions to the various channels. lending andcreasing increasing and the bank bonds refinancing. substantially easier financing conditions for the banks and for -- that are strong synergies between all parts of this package. the second question i can not sure i understand. pay the mro rate at the time of bidding. they pay zero now. if it were to change, they would pay at that point in time. -- i'mse they can also certain? it is not indexed. exactly. they pay the mro at that point in time. then they make even get a reduction of that rate. the maximum reduction would bring

mr. draghi has had since the whole qe adventure begin. t january, january 22, that is when draghi announced, i would do qe, the dollar -- the euro was at one dollar 16, it began at march the ninth last year. the gap between there and then was eight cents. we fell to 105 in march last year which was the lowest in 12 years. it was a different year as we approach december when draghi necessitated, we need more qe. that day, the euro was at $1.06, as you can see leading to today, since then, it has had the required effect. if it was a required effect in weakening the currency, the currency has risen through before yesterday to $1.10 and almost $1.12. the moral of the story is qe, when looking at the ecb, and recently in the doj history, does not seem to weaken your currency but that is not what they are intending. david: from being the coanchor to the neutral arbiter. -- mike, i handed to you with apologies to mark barton. congratulations. >> now we can unite our party between mark and i. david: still ahead, rugby has logged been -- has gained

mr. draghi is probably going to have to deliver more stimulus, and i think he absolutely should, the fact is this environment for the eurozone might be as good as it gets. 1.5% growth, hopefully 0% to 1% inflation in the coming year, more qe for the next few years. it's keeping spreads reasonably tight. but actually, if it looked like there was taper talk again, the prospect of the eurozone crisis could come back. in some scenario, maybe we get taper talk from the bank of japan. >> yes. i'm simply not smart enough to be able to see through what the longer term implications of negative interest rate environments are. i simply cannot figure out where we are in ten years or 15 years or 20 years if we continue down the path of stimulus and of negative rates. do we at all know what we're doing with regards to the ramping up of stimulus? i know we've been doing it for the better part of seven years, but when do we stop? when do we say the economy has to finds its own feet, they have to find their own solid ground to stand on? and if it's not working, it's not working and we need to do something

mr. draghi, if he is going to go at this alone?f he doesn't get banking, if he doesn't get a fiscal reality across europe? what is his best euro level? paul: i think that may be in the short-term, the ecb can be ok with the current euro-dollar level, but when you look at the long-term outlook, i guess you need to stay bearish. you have to look into what is the inflation outlook, and where did european inflation surprise to the downside? when you look into the growth potential of the european economy, that has come heavily down. you can estimate the growth potential between 1% and .8%. against that, you have pension funds and others which need to make 2.5%. the outcome will be that europe is going to become a major exporter of capital, and that means that the euro is going to become a funding tool going forward. you may compare that with the situation of the swiss franc in 2002-2006, and if that is right, then the euro is going to trade at parity, and next year, the euro-dollar it will continue its downside move. tom: hans redeker.

mr. draghi talks about exploiting the synergies, what does that mean? are a number of channels by which monetary policy as best to affect economic activity. one of those is the foreign exchange channel. cut your interest rates, the exchange rate goes down, it makes exports more competitive, so you get some economic use from higher exports and lower imports. that's the traditional approach of the ecb, bank of japan, and others. that is no longer -- scarlet: the ecb is not looking to target the euro and get it lower. guest: exactly. he saying we've done as much for interest rates as we expected. another channel for cutting interest rates and his more traditional when you are operating in a positive interest rate realm is cut the cost of borrowing. more projects look like they are a good idea. that is harder to bring off when you have negative interest rate power of is where the this program is, where they are going to allow the banks in effect to borrow money from the central bank minus 40% basis points. paid, butoing to get only if their balance sheet ex

mr. draghi.confidence you have in his ability to get inflation back to his just under 2% target? christopher: i have confidence in his ability to do it. i do not have confidence he is doing it at the speed it could be done. that is not him personally. i know there is pressure from his colleagues in the council to wait. three years from now, they say let's wait. that is germany, for example. i do not agree. once they set a target of just thew 2%, they should hit economy until it gets there as quick as possible. the way to do it is through qe. through interest rates. i do not see the benefit of higher negative interest rates. it is an additional cost on bank s when we want them to expand loans. make low interest rate possible. if you pour money into the economy and by assets, that will have an effect on inflation expectations and on prospects. mark: great to talk to you. thanks for joining us. ofistopher pissarides these -- christopher pissarides of the london school of economics. since the start o

mr. draghi wanted to show, that the ecb is not out of ammo or instruments, they threw the kitchen sink at we will wait to see what the impact will be, but i would repeat or reiterate my point the witches we have had -- which is we have had five of these and one of them has been positive. you would hope the number five would be positive, but it might be time to start questioning whether, if you do in experiment and it produces the opposite reaction, it is time to start to question whether or not you are doing it the right way. scarlet: and the ecb takes action and of course it is not to the desired reaction in stocks, whether it is emerging markets, or the u.s. market. guest: the one line is -- the orange line is european stocks, so you can see again, the vertical lines with major policy action, you can see the first one, the european stocks go down. the blue line, u.s. equities, they are highly correlated, c can think of this as the anchor -- so you can think of this as the anchor. they underperform. whether you are talking about expectations or just talking about confidence, impact or ap

mr. mario draghi today. with is going to come back a big bazooka, but it was not and what happened in the market, we have in a massive rally in the euro. i believe we have a massive expectation and there is a walmart among investigators -- among invest -- there is a qualm among investors. this is what we have not seen that selling pressure against the euro. it is trading at a stout level. draghi is going to come back in the expectations are we 20ld have a possibility of basis point cuts, that is a hawkish stand by the ecb. we will see euro trading weaker and feeble against the dollar. how have the markets been reacting? >> european markets are treading water. and about 45 minutes. we will get details on this in just over an hour's time. marketssee where the are today. a small gain in paris and frankfurt. the markets will be having a busy day. let's go to ireland. impressive growth figures. the economy grew by 9.2% in the last three months of the year. irelandfull year, posted growth, confirming its position

mr. draghi, as the ladies have been saying have overdelivered on market expectations.staple token, he has stressed there is a shelf live life for easing monetary polz policy. so we're trying to work this one out and that's why we haven't seen a full blooded conviction rally across the markets today. i think the focus, like i said, is going to continue to be on policy, it will be on the fomc and the data and the pboc over the weekend. back to you now, ladies. >> sri, i know you're trying to sit on the fence there, but i think reading between the lines it's gold, i would say. >> okay. >> i think his body language wag saying euro/dollar. >> thanks, sri. great to see you. >>> let's get another look at some of the top stock movers. old mutual saying it will split into four different part, a wealth division ae merging markets, asset management and the group. the break-up should be complete by the end of 2018. the group also announced full year net profits of 614 million pounds on revenues of 3.6 billion. but it warns that 2016 will still be challenging. if you can see there,

mr. draghi and companies? will it come with unintended consequences as we talk about negative interest rates and the impact on the banks and the impact which we have seen on sharp relief with the japanese experience with their forerae into nerp policy. there's uncertainty on the policy front, in the political front, and the brexit issue. that will be the case up to june 23rd. a lot can happen there. when we talk about china, we have to continue watching the currency. this will continue to be the transmission mechanism that will color sentiment associated with the mainland china markets and what happens with capital outflows, and liquidity conditions. that's where we stand. back to you. >> thank you very much for that. >>> let's switch topics. the german finance minister told the bbc that a brexit would be poison to the british, european and global economies. he warned of the disadvantages the uk could face. >> translator: of course there are countries within europe that are part of the market but they have to

mr. draghi will deliver. will he be aggressive, or will there be disappointment like back in december? a lot of uncertainty. back to you. >> that's right, sri. markets taking a breather here. but the shanghai composite taking the china data in stride. burberry, one of the european companies we keep a close eye on, the stock in the news for a different reason today. shares moving higher this morning amid reports that they could face a possible takeover bid from a mystery investor. this investor has built a near 5% stake in the firm. hsbc, the custodian for the position, is not disclosing the identity of its client. it's thought rival luxury groups could be buying up burberry stock to capitalize on the recent fall in share price. >>> mean while, rwe has annou e announced plans to comprehensively restructure npower. they swung to an operating loss of 170 million euros in 2015 largely due to billing issues. overall, the german utility giant guided for lower profits in 2016 and posted a 5.5% drop in full-year earnings. we'll get into these results at 11:30 cte when we'll speak first on with

mr. draghi.rack record is one thing, going back over the years, but the scope and the tools and the potential to do something in the market is still enormous. i am of the opinion that you do not bet against draghi. hans: so, when you look at potential ways they could surprise, are you looking for increase in an size in the asset purchases. >> it is complicated. the quantity of money, as you mentioned, in terms of how much they buy each month and which types of bonds are eligible, all of that can be adjusted. it has been mentioned that capital could be looked at at some point in the future. but on the rates they are reserves,or the the tiering would allow that to go much lower, if they so chose. guy: does he care about protecting bank profitability? >> i think by going gently they can actually deal with both of these challenges. it is quite clear that bank lobbyists will be putting pressure on the ecb not to go too far and too quickly. thatng does provide opportunity. we have a year or so of data

mr. draghi would feel. i would leave that to you. normally i am the one that offends them. how we wait with the central bank -- john williams is not a voting member. how much should we wait with nonvoting members? do we somehow discount their views because they are not voting? simon: it depends on the track record of what they have said. how accurate has that been? they aren't nonvoting then they are not going to have too much effect. it is interesting to take lots of different information, but you have to decide what do you focus on, give credibility to and discount. -- i've much of your seen a couple of headlines so we will come back. egypt air is confirming that flight ms 181 has been hijacked. we will see a statement come through shortly. let's talk to our middle east editor, elliott golf can. kine.liott got was an: wednesday and it internal flight -- we understand it was an internal flight from alexandria to cairo. the plane was hijacked and landed in cyprus. read about an hour ago. there are different reports coming out -- cyprus right about an hour ago. there are dif

mr. draghi's speech. .he intervention it should have a broader effect across the risk markets.is good news for the market. not for liquidity. s should shrink. i also you think it will affect junk. it goes down across the range. r: the intention was to revive the growth. we got a great story on bloomberg that says it is all very well to make arlene cheaper, but you can't force committees to borrow. it is all about confidence. as one company has told bloomberg news, what you don't want is a load of cash sitting there. simon: that has been the big question throughout the recession. you can give negative rates and you can encourage as much lending as you want, but wide why want to borrow unless i can sell more of the widgets i am producing? there lies the problem. they are trying to garner and to generate that level of economy. which clearly, draghi is trying to do. crowding out potentially into high yield. we saw a huge rally yesterday. at the end of the day, trying to generate that level of growth and activity and inflation over an long-term is more than extra 20 billion is going

mr. draghi previously state. this coming after the g-20 meeting in shanghai.o you think there was some sort of implicit agreement to the to get involved in some sort of currency war here? >> i think we have every reason to believe there was indeed some form of agreement among the major central banks in developed markets. one thing that strikes me is the fact that the ecb did not follow suit on the bank of japan's two-tier scheme for negative deposit rates as announced by the boj in february. that at the time was perceived as a fairly aggressive move on the part of the japanese central bank. the ecb did not use the same tool in mitts marat its march m. if you read the publication, they formally confirmed that they will not pursue competitive devaluations with of their currencies. so we are now in a new situation. expect the euro to stay around its current levels. i don't think the euro will go much further down for the remaining of this year. >> you could argue that's not very good news for the ecb. we have to talk about their other measures to boo s ts to b he

mr. draghi next week to make their assessment and we will see what they do.one of the things they will want to have lower. qe.s extend -- perhaps extend qe. guy: raising rates will have a positive effect. interesting point. someone said that to me about the u.s. as well. richard, thank you very much indeed. we are going to be talking to audi ceo live from the geneva motor show. stay tuned. that is coming up next on the pulse. which today will not be with francine lacqua. it will be with me. i will see when a moment. ♪ guy: barclays confirms it is selling its african business. the share price down more than 5% this morning. glencore posts a 69% slump in profit. -- stock reverses its commodity prices have hit bottom. fresh figures from china paint a picture for the world's second-largest economy. alan greenspan tells us that china's economy will slow further.

mr. draghi.japan -- does anyone have control of their destiny if they go to ever further negative rates? dominic: yes. they clearly have control. it comes back to the same issue. if prices really are falling and nominal growth is stagnant -- tom: they have got to go there. dominic: negative rates as a fiscal policy, where you tax in order to bailout debtors, the issue becomes very political. the germans do not want to be taxed in order to pay a bunch of debt to some italian bank, so that is where it becomes an issue. in the u.s., ironically, you could argue a lot of people would like to see the savers get taxed to help the guy who has a very large debt. you could also do it through wealth tax. tom: but this is absolutely critical. it is negative rates another round of the plutocracy speaking? is it the elite saying that we make the rules, we are going to negative rates, and the hell with the public? how can a saver make money on a negative rate? dominic: negative rates arman of the most -- negati

mr. draghi with chair yellen on wednesday.nkage of chinese activity with what we will see with the bank of japan tomorrow? i think the big thing his comments and the securities regulator at the same time on saturday. he came out and said listen, when the market gets choppy, we will intervene. what bigger signal do you need that this government will take its time shifting from estate-controlled that from a -- from arolled state-controlled economy? translated as a floor on this market. that is why you are seeing the moves today in the shanghai composite positive territory. francine: where do you see the most stress in economies? is in mortgages, that loans that may be have been taken out by authorities? where should we be looking to make sure this is handled in a way that will create shocks? nick: the big issue here is their official nonperforming loan ratio for the big banks is low, but when you look at the wobblier loans, and the gray -- that isis 3% three or four percentage points higher. you look at these banks and you think

mr. draghi's moment. that's the story across the equity markets.teresting are the big moves in the currency space. we have been talking about this all day. it's a surprise move that will take it down further. that's a move in the kiwi dollar. we're looking at record low yields for the new zealand government. the other news we have in asia -- bank of korea on hold. the currency is strengthening and yields are on the way up, firming up at 1% against the u.s. dollar. 1200 at the moment. quickly, let me show you where the bond markets are. we had a bond auction in japan -- $22 billion for the five-year bonds. it drew a record low average y -.142%. that investors think yields in japan will continue to fall further and further and further below zero. negative interest rates abound. thank you. talking of negative interest rates, it is decision day for druggie. -- fo rdraghi. aghi go will resident druggi a year and a day since it started its unprecedented bond buying program. it is still struggling to reach its inflation goals. here is what some experts ex

mr. draghi faces today. sweden is worse. japan, slightly negative in a two-year space.olatility, that is what we're seeing today, as the stocks in europe were higher than they were lower and now pretty much flat. basically, all expecting a policy update from the european central bank had mario draghi. what he will do will have an impact on everything. worried, tom, because a lot is priced in and they're concerned just like december, he won't deliver. i want to show you gold. on it, it isan eye probably our chart of the year. tom: big debate about bull or bear market. we have three bonus rounds. great britain, france, germany -- germany has really outperformed. that is the backdrop as mario draghi speaks today. francine: this goes back to the brexit debate. you can see the chart, your red chart, the u.k. and the most anglo-saxon, flexible labor laws. that is what people are worried about, if they exit, what does it be for the rest of the country? on my chart, you can see the spike right here is a lot higher than in december when draghi disappointed. watch out for that. t

mr. draghi tomorrow. elsewhere a lot of other indicys still very tentative.f you look at japan for example, japan was down again today. it's almost 10% off its lows. it did come off the lows but it's still down 12 1/2% year to date. a lot of sideways movement in the last few days. same thing with china. china's not doing much. remember, they hit a 52-week low. that's a 52-week low at the end of january and you can see they're up 4%, 5% or so. a lot of sideways. and maybe that's the best we can expect in this environment. maybe here in the u.s., 2,000 right now which is roughly where we're sitting could be the best we can possibly expect. so, guys, i think right now until we get clarity on what the central banks are doing. sideways consolidation would be the best that's happening to the markets. right now, the dow. 68 points. >> let's get over to chicago and check in with rick santelli this morning. good morning, rick. >> good morning, carl. fin and wile. that's the only phrase i can think of. when i start showing you these charts, you'll know exactly what i m

mr. draghi did today and how do you think this will play out. >> i don't think it is a big change.to negative .4%. more of a symbol for the european community that they're going to keep rates low. i'm just not a fan of artificially low interest rates. i think you use them short-term or long-term, you build a bubble, you don't know what it is and you have to undo it some day, i think. i've been saying that for five years. >> we don't really know, do we, whether negative interest rates achieve the desired result, which is to force capital to work. >> we don't. and you can even see in our market here, we had a big run-up in the market and people could have said it was the interest rates. they adjust back to that they think earnings should be and -- >> would it be good for your business your company, if interest rates in the u.s. went up a little bit? does it help you? >> it helps us and clients. so 100 basis point rise in the overnight rate is worth about $160 million pretax to us, assuming we give 60% of that rise to clients. it is good for clients too. >> 1 percentage point higher r

mr. draghi. the market expectations from two inches on february 11th, right now today, to 10 feet high in terms of what draghi is expected to do. but the u.s. financials, acg analytics put out a nice report, if donald trump moves to the center, to the center on the financials in too big to fail, which we think there say decent probability he might, that's going to really shake up the u.s. financials and it is a black swan not many people are talking about. >> thank you. david seeburg and larry mcdonald. >>> news alert, guys. friday baker hughes rig count data. down for 11 weeks in a row. the number of oil rigs falling eight. total number of rigs, 13. eight of those were oil rigs. we are not 489 oil and gas rigs in the united states, guys. if we lose one more, we will be the lowest rig count since the numbers began being tallied in 1948, that's according to standard charter bank, 488 operating rigs in 1948, we are at 489, so we're down from the 11th straight week. >>> all those lost oil rigs have a

mr. draghi that if nobody was really doing any massive investments and borrowing to make a play on the economyu really think that they made that decision because rates were too high? negative, them to snap, i will go make that investment right now -- i don't think that is how it works. we will come back to talk about more high yields, but these at the stories that matter to the markets now. much more ahead on "bloomberg ." about thatk more in the next hour. ♪ vonnie: i vonnie quinn with the latest business flash. applications down for the third straight week in the morgan bank association says applications the 1%. lastly, there are down more than 3%. refinancing also go. average rate for a fixed rate 30 to 3.49%.has gone selling out lending obligations. expected to happen in the third quarter. the process of seeking a waiver. liant said they would delay the year financial statements. they are facing investigations. that is the latest flash. fromabout 14 minutes away the open. let's get you up to speed on features. 14 points up on s&p 500, closing at a high yesterday. dow jones up 111 point

mr. draghi started speaking and measures of bank credit performed strongly. banks will be able to replace expensive bond financing with long-term loans from the ecb. if you're an italian bank and you've been frozen? wow! i mean, you know, these countries' banks, they are solvent, but they're not really doing anything. he's forcing their hands to do something and making it so you can get cheap financing. i don't know. i mean, the guy is doing everything. he's doing everything except for buying the wallpaper -- what was it, the wallpaper? >> wallpaper for your house, yes. if you need new wallpaper in any one of your new homes -- >> he's not an elected guy. yes. >> wallpapering all your homes could actually add up to something. >> that would be an economic expansion for many different countries. >> yes. >> but this is a very, very big deal that is not going to have any impact on the united states, other than negative. but you know what, people buy futures because they see the futures over there, they think whatever's good there -- >> we're going to have the conv

draghi whaty, mr.o huffing and puffing and will have an impact on the market in the next two weeks. there's not much he can do. the head of the swiss national bank said there is a limit. these negative rights has to make money and they will end up raising more interest rates. the rates are not the problem, it is structural reform on the fiscal side. draghi himself said this. he hates the euro being as strong as it is and is trying as desperately as he can to weaken it. i think his ammunition is limited. vonnie: what do you make of the recent dollar move? do we see the dollar strengthening? axel: we have been told that the dollar will go through the roof for years now. there's a lot of good news with pricing of the dollar, even as expectations have receded about the fed tightening too much. i don't see how that will play out. as risk assets were popular, the dollar was rising. normally, it has been falling. the euro has been a main beneficiary. that theme plays well into major markets. emerging market c

mr. dramario draghi an incredibly surprise rather than drive down the currency just sell the currency.hock. again not a forecast. but that's the objective function is to drive down the currency. that's trying to steal aggregate demand from the rest of the world which basically what the world needs is a big fiscal expansion to expand everybody's aggregate demands. not a good policy mix. >> what do you think happens in terms of what the fed does next? we're watching this so closely because we figure that the fed is kind of hamstrung by what the ecb is doing. is that fair to think? is it the right way for our central bank to be reacting? >> i think it's fair but push back on the word hamstrung. i don't think the fed is hell bent on raising interest rates. >> a lot easier if we weren't worried about the dollar rising so dramatically and that in turn impacting our economy. >> i think that's true. i think that's one ambiguously true. i think the fed wanted to get off of zero. that was a big important issue. when i was here with you last summer i called it the coming valecdorian of getting of

mario draghi and his fellow policy makers will ignore mr. greenspan's concern. there is not going to be plain sailing for mr. druggie. raghi. mike: we have seen a lot of volatility in the european bank stocks after negative interest rates were adopted and push down even farther. we'll have that kind of effect if they go even further and how will it impact overall financial transmission function of banks in the eurozone? negative rates work if you are a small country like switzerland at driving currency away. other than that, it becomes a beggar thy neighbor currency policy. while it works for some countries, it will not have a lot of additional help for others like greece perhaps. it is going to be controversial going forward. vonnie: that was just a fraction of the interview. michael mckee, thank you so much. with formerw there fed chairman alan greenspan, look for it on our podcast of section. mark: we are in an hour and 18 minutes away from the close today. stocks are rising and rising for consecutive day. it is the longest winning streak since october 2015.

youou are mario draghi, do say negative rates -- do you need the confidence, to give confidence to consumers that you are there? that you are there and you will it?ort jim: mr everything he can, but when -- draghi -- the last part about the labor market is why you have buoyant employment in germany and in britain, but you have quite bad unemployment italy, andance, spain. spain is taking steps in the right direction, but there is not much going on with respect to france and italy. do whatre france you you can and advocate something more constructive elsewhere. if you are janet yellen how do you respond? of thethink the strength euro and the yen against the dollar, the fact that upward pressure has gone off the dollar, takes some of the pressure away from the u.s. economy. for u.s. domestic condition, maybe the fed funds rate at the end of the year should be 75 basis points. strong dollar,e it could not. peter: two things. one, the negative reaction to yesterday's backed by mario draghi is overdone. tro2 is an important extension of what he is doing, which is raising credit growth for the european economy, and that has been a significant plus. the fact that

draghi's latest policy plans, there was plenty to discuss and analyze on bloomberg television. stephanie: mark carney's testifying before lawmakers. he said the boe will avoid telling people how to vote in the referendum. mrcarney: nothing we say should be interpreted as making any recommendation with respect to that decision. stephanie: can the bank of england avoid swaying voters? >> he does not want to be seen as saying brexit would be a disaster. he is trying to fix the situation. he almost lost his patients a couple of minutes ago. he is asking him, you have a selective memory. there is a risk to financial stability. he is talking about brexit. >> is this just political theater? >> it's a little bit of political theater. people want to understand the implications of what a brexit would be. tom: what's the dynamic you see in london? >> you see people playing on their frustration of what's happening in individual countries and people play in it. you see what's happening here with the rise of donald trump. the same thing is happening in europe. >> free movement across borders within europe was central to the original eu. let me give you some numbers. 2.4 trillion euros a year moved across borders within

mr. kuroda in japan. perhaps some relief there, sara, as a result of failure to get things going? >> all you hear about is the question of failure. the question is what mario draghi does. they're expecting a package including an expansion of quantitative easing. how the market judges that with the rejection of the interest rates that we saw from japan. >> what's it going to be? what is he going to add in to this special sauce that i don't know about? >> exactly. and you have before they went into the silent period. it could lessen it. so actually, yesterday, you saw the banks rise here, you saw the banks rise over 3% in europe on the belief that negative interest rates are less likely to be perhaps as easily pushed forward by the ecb. that's very important. >> and dimon says it's not going to happen here. and janet yellen if there are any questions doesn't know if it's yet legal the last she told us. >> all right. well, listen, the business world this morning, of course, reacting to the energy titan audrey mcclendon. good morning, scott. >> good morning, david. they call yesterday's news heartbreaking. it is widely believed that ward and his company may have been

draghi. john: i will go with matt miller based on next week. policymakers are not out there the same way they have been. this time it is mr. and mrs. market.h matt loved julie's chart. that will do it for today's apple of the charts and you can get these charts on your bloomberg terminal. ♪ john: stocks are rallying. u.s. futures point to a higher open. as a string of surprises that sent shares down 18% yesterday and one analyst still thinks it's a buy. hour is theor the chief math growth strategist and his views in the credit cycle with negative rates and the u.s. elections. ♪ ♪ 30 minutes from the opening bell in new york city. i know you hate it but there is enough negative news to take your pick, china, the earnings. stephanie: i will find positive revenue was down for february but it was more of a positive. fiat/chrysler, sales were better. so there that far out are bright spots. john: that's why you are here. david: we are waiting for the big hearing in washington about apple. 29 minutes away from the open so let's go to matt miller. are up 15futures points right now and the dow jones futures are up more than 100 points and the nasda