in this instance, going through the next round is sarah ponczek. congratulations, sarah.ur brackets on the bloomberg. it is so much fun. a lot of us build out brackets. good, but far, so only in one of the conferences. melting away fast. checking u.s. markets, we have stocks higher. do not forget to watch for that option at 1:00 eastern. mark: i am mark crumpton with bloomberg's first word news. house lawmakers are slamming plans by the pentagon to use military funds to paper a wall along the u.s. border with mexico. adam smith, a democrat from washington state, called the move both unbelievably irresponsible and says the defense department is treating the military funds as a piggy bank where "you can simply go in and grab money for something it."you need china has suspended its so-called airworthiness certificate for the boeing 737 max 8 jet. review anment will proposed software modification before determining whether the plane is safe to fly after two weeks of crashes. the potential hits comes to bowing a day after china ordered $35 billion worth of airbus a320s, most f

now for more market analysis, let's bring in sarah ponczek. joking about how it has been a multiple first quarter but it has been. every industry group is about to finish in the green. sarah: everything is higher. every industry group. if you look across the board, the world index having its best first quarter since 1998. caroline: 1998? sarah: 1998, yes. it is not just stocks. oil, best quarter since 1999. investing, great credit, high-yield credit. best score since 2003, so it is unbelievable when you lay out the records and these years. it has been a very long time. joe: so i joked that may be part of this rally was people at the end of the quarter feeling like they need to put into something, but if everything was up, how was exposure to it? people were under positioned everywhere you looked? sarah: it is interesting because all quarter long we have been hearing that people are not in this market, people are under positioned. it is the unloved rally like the unloved bull market. i was discussing this this morning. i think it is interesting

our thanks to sarah ponczek and sandip. thank you so much. sandip: great to be here. caroline: let's bring you breaking news because gamestop has a new ceo. google gets in on the action when it comes to gaming. the consul, could that be eroding? down by 1.4% now. they named george sherman to be the ceo. they had an interim ceo of shane kim, who has been there since may 2018 and director since july 2011. george sherman is the chief executive officer. scarlet: bouncing off the bottom a little bit there but still bouncing around. that does it for the closing bell and for me. "what'd you miss?" will be looking at biogen's alzheimer's treatment setback. this is bluebird. -- this is bloomberg. ♪ ♪ caroline: live from bloomberg world headquarters in new york, on caroline hyde. the is a snapshot of how markets closed up on the day. it was a tech outperformance. joe: the question is, "what'd you miss?" caroline: winning streak. nike has talked earnings 93% of the time the last couple years. plunge. wiping more than $18 billion off of its market cap. plan b. eu leaders giving t

still with us is sarah ponczek and our guest. talking about the decade we have now hit in terms of the anniversary of the bull run and the slot is a superstitious market. made great reporting on basically what we should have been in if you are going to win. sarah: we did a thought experiment and thought it would be interesting to do a risk off of research experiment. they created a god portfolio and the idea was if you had perfect 2020 hindsight, held the best-performing stocks now from the own i'm bottom. -- the 09 bottom. 100, the idea is that you would held that she exact sciences up over 10,000%, netflix, and although your portfolio may have returned 7500 percent, there still would have been short-term period's where you would have been underperforming. joe: so long periods where you would lose to the market. sarah: exactly. this god portfolio had a drawdown six percentage points more than any drawdown in the s&p. at the same time, you would've been underperforming in 2011 by 10%. joe: this is important if you are a manager w

sarah ponczek as well. lululemon shares surging. the announcement of a buyback. that does it for the closing bell and for me. we will be keeping a close eye on the u.k. parliament as brexit debate rolls on. this is bloomberg. ♪ ♪ >> live from bloomberg world --dquarters in new york here's what happened to new york stocks. a down day money going into bonds again. briggs it means exit. theresa may says it she plans to step down once a divorce --eement with brussels is driving down yields but are we recession?to we discussed this with academics and analysts weighing in. currency crunch, turkish asset tank. it backfires before an election that will -- president or wants -- let's talk about prime minister may's decision in her last-ditch briggs it deal. let's get out the guy johnson. we understand she is going to step down. she has got to get her withdrawal agreement through first and will the speaker allow that? guy: a number of questions surrounding theresa may's withdrawal deal. it has already been voted down twice. finalng the dice for a time this evening saying s

let's get more insight into apple's push into services with kirkpatrick, and sarah ponczek.ve tons of news, whether it's magazine subsections, credit cards. maps,o know that apple they say, is the most used app on ios. what is the most important thing to you? david: the way they are talking about the credit card is quite a surprise. no fees of any kind including late fees. even we were discussing here on the set, they announced it will give you more information about the transactions on your statement that any credit card ever has, because they will leverage apple maps. so they will show you exactly where each transaction happened. for me, that may be a reason to use it. we all again these things -- where did i spend that? how did we spend so much money? the fact that apple is taking this enormous financial and technology competence and applying it for a credit card. we have had apple pay not really take off the way the company wanted it to for several years. i don't think most people use it that much. now it will take up with this card i think. amanda: serra, one of the pow

joining us is bloomberg sarah ponczek from the united states and christina in london.et me start with you. european markets are finished. the quarter is over. we are now looking to figure out where will you will reallocate capital for the next quarter. how useful of the guide has this quarter we've just been through, which has been incredibly positive, you can wrap up your books and say i'm done for the year, what will guidance be going forward? >> it depends on themes that will last from the first quarter through the rest of the year. while it is a positive story in europe you did highlight there is one problem child in europe which is european banks and that has to do with the macro picture in europe owing to the european central bank still staying accommodative and yields in germany turning negative over the past week. these are not great stories for banks as a whole on the broad picture. then you have these interesting credit stories going on, individual banks. this is one theme that may hold back your throughout the rest of the year, even though we may see more of

still what this is stephen and sarah ponczek. stephen, you will watching remain start and nodding your head to the tenure performance of the s&p 500. is thatis interesting you have tripled the performance in u.s. stocks many non-us stocks. economicpted recovery, a better monetary policy for the most part, qe was extremely effective, but from the very bottom, you can see a representation of em, no qe in emerging markets. this is at massive performance differences across the world. when we think about the stock market and where is it going, you will see valuation differences and differentiated returns from here. i'm not saying over one month, earlier on somebody -- earlier on, somebody said it was earlier off, but it was three days. we have more breaking headlines. this is coming from the likes of -- joe: the berkshire hathaway. haven is going to be what that joint venture to control health care. it was announced last year and no one knew what they were going to do or what it was going to be. at least we have a name and the goals a

shery: sarah ponczek with the latest on the market. prime minister theresa may's hopes of finally driving her battered brexit deal through were dashed when the speaker of the house of commons refused to allow a vote. the bill was not sufficiently different to come back to parliament. kathleen hays has been looking at what this means with brexit just around the corner. i cannot imagine this being the end of the road for theresa may. she has survived so many were deals. kathleen: think where we were 24 hours ago. and philiprviews hammond saying there are some signs of pro-brexiteers coming around. theresa may writing a sunday article saying we have to go through a long extension if you don't get on board with my deal. that was yesterday, this is today. something theresa may did not expect to see when she got up. the speaker of the house of commons john barco has torpedoed her plans for now. invoking the rules that the same bill cannot be put to a vote. it has to be significantly changed. he says it must be fundamentally different to go u

anthony ofus is america rise financial and sarah ponczek.the s&p 500 close above 2800, i pulled of the vix which is at a 13 handle. it has gone down, the lowest level since october 3, 2018, before the selloff in the fourth quarter. sara was reminding us that today's games feel large because we have seen these modest moves early in the week and in the past few weeks. is volatility muted for now? have we entered a new volatility regime where you don't see big moves anymore? anthony: no. wrongould be the approach. volatility has been muted because pessimism was so extreme in december. as we worked that pessimism off are probably, we at fair levels in the stock market based on earnings, trade, and expectations for interest rates are. we are in a good spot in the markets, but as you go further out and look at possibly s&p 500 in q1 for , the macro data will be more influential on the markets so i think volatility can move higher, but i do believe we are in a good spot with stocks. youou are in a good -- if are an investor, having exposure to stoc