rupert harrison of blackrock still with us.political risk, french elections which may see marking the pen coming to a second tour, are the markets pricing and more political upheaval in europe? rupert: following brexit and donald trump, there is a higher political risk premium. with the italian referendum specifically, everyone is positioning for a no vote so a yes vote would be a short-term positive surprise. there is a question about whether political risk in europe is being perhaps overestimated. it is very easy to draw a parallel from brexit and donald trump to say therefore we can make no forecast about political events, pulling is junk. -- holding is junk. -- polling is junk. these were just close elections. most people in europe look at marine le pen and france, that does not feel similar to donald trump and brexit, the kinds of margin in these polls are 20 points, 25% differences in the head-to-head which is very different. if you are looking for a place to take risks, perhaps there is a premium you will pay on european

tomorrow, rupert harrison of black rock on his brexit.s is bloomberg. ♪ bbg-110516-0730-sg. ♪ jonathan: good morning, from new york city. it warm welcome to "bloomberg tuesday," on this november 22. in the market, futures a positive 52 points, the dow up six points on the s&p 500. loweracross the periphery in the united states. treasury yields go lower, down by three basis points. the dollar-yen, a marginally weaker story. -- david:t you need here's what you need to know at this hour, party like it's 1999. equities rally to all-time highs for the first time in 17 years as commodities surge. death, taxes, at a rate hike. the market is certain the federal reserve will move next month as the implied probability gets 100%. and donald trump targeting trade.