let's bring in stephen gallo. stephen, good to see you again. when you look at this conversation around how brexit i don't think people expect the u.k. decision is going to change on brexit as this is still a very live debate for you in the market, or just wishful thinking on the part of some people who don't want to see brexit at all? say the odds of a soft brexit have increase, as just how you qualify that soft brexit. let me just say first that we revised down our outlook on cable as result of the election last week. one reason for that is the political risk premium for domestic politics, but here are the other reasons. before the arms -- two for the author higher of a soft brexit, are negotiating cards were stronger in brussels. anna: because of her majority back at home? stephen: because of her rhetoric on brexit, because of the negotiating styles you want to strike with brussels. anna: because she was compared to say no deal is better than a bad deal. absolutely. before we thought that might of been more progress towards getting a deal bec

joining us now to stephen gallo. stephen, for some people it is news that you put a bid on the euro road. for other people, we have heard hiis from president drag before, haven't we? stephen: i don't think much as changed as a result of what mario draghi said today. the important thing for the ecb is very much a key variable in this situation is the currency. if the ecb is very actively hawkish, they risk creating a buying frenzy of euros. i think they are very mindful of this risk. if you look at five-year forward inflation swaps, there's a pretty neat tie up between euro-dollar and inflation expectations, meaning that a stronger euro fuels market expectations of disinflation. they do not want to be in a situation where they are making a difficult situation worse. they should be looking through elements of inflation that are temporary in nature. there some types of disinflation of the central bank cannot control through demand push inflation or creating stronger domestic demand. they do not want to make a difficult s

e a stephen gallo's, line, of war may be created. alexander floor?ing, time for a reprieve, time just take stock -- time to take stock. this is a british issue, not a global issue. u.k. market open is up next. that is it from me and anna. ♪ ♪ guy: welcome back. you are watching out u.k. general election special. the story has been going on throughout the night. i am in london. i am alongside matt miller who was at credit suisse. john sparrow has arrived in the u.k. to walk us through what he is getting in terms of the market reaction. he's going to be joining us to be joining us throughout this conversation as well. we are bringing together some of the best minds we have a bloomberg. we are minutes away from the european mop