Also, the Capital Management founder as well. We still waiting for world bank headlines, which i dont think in the meantime we are working it out. We are chatty, trying to figure this out with the delay. We will bring you them as they cross. Now we want to bring in michael spence. Spence, it is a pleasure to have you here. You have written quite extensively over recent weeks about what covid and the recovery of the pandemic looks like. Now in the u. S. , streets are literally burning how do these to reconcile themselves as they we try to recover . It certainly wont help on two counts it wont help with economic recovery, and secondly, although i am no scientist or epidemiologist, a number of them are saying we could, as a result of the very large demonstrations, have an additional outbreak which would require policy action to contain that, and that, in turn, would have an adverse effect on economic recovery. That is not the main event of these protests, obviously, but the side effect might be to delay the recovery. lets talk about the wider implications of this as well, michael. We find ourselves in a situation where it is likely the economic response been delivered by governments, not just in the United States but around the world, is likely to further extend the economic differences between the rich and the poor. Ultimately, have we felt the full effect of this yet . Do you think that these kind of demonstrations, while they are driven by race at the moment in the night of states, they are likely to become more economic in nature . Michael well, it is possible, guy. I dont have a good feel for that. The patterns that we are tracking and are going to see in countries other than the developed countries are going to be different than what we have seen in europe and america. They are going to be much less attractive. I think these demonstrations, which have attracted a great deal of attention around the world and concern, are mainly matters of concern because of, you know, lack of leadership from the United States. I dont think there is a direct spill over to the countries that are the most vulnerable right now who are basically not containing the virus, and having too, because of lack of start to, having to open the recount the economy up while they are still in the dangers on. Projectael, i read the syndicate piece you put out yesterday and you talk about the fact that maybe being at states is maybe on the right side of the dotted line in controlling the virus and you have similar numbers to the cbo, the congressional budget office, in terms of just how big of an impact this is likely to have on the u. S. Economy. This is depressionlike levels you are looking at in terms of the economic damage that is going to be done. That is likely to have some sort of social impact, particularly with the policy response coming from institutions like the fed will rescuewhich the Financial Markets and insulate the richer portions of society from the effects of covid19. Michael guy, i think that is essentially accurate. This is going to be a difficult recovery. A consensus view, i think, will be that it will take us until the end of 2021 if things go reasonably well to get back because there is this lingering risk in the system that will cause the sectors that require contact to recover very slowly. But the big worry is that a difficult situation with respect to the distribution of income get worse,nity will is getting worse as a result of the virus. Unemployment is tipped toward the lower end of the income distribution, tipped toward women, blacks, latinos already, and the hope is that the implementation of these very mainlyupport packages from the federal government will mitigate that effect to some extent so that we dont worsen the situation with respect to social divisions as we are already in a very dangerous situation. Longterm is the damage, and just for a second focus on the u. S. With the congregation of the riots that we are seeing what is the longterm damage that we are going to see from all of this . Michael i think the longterm damage is just plain big. A will probably have onequarter drop around the order of 25 to 30 , Something Like that, and then a sevenquarter recovery. Even it when you are being optimistic, we will lose output in income something on the order of one quarter or more of a full years gdp. Gdp as i said taken, these riots, if out of hand, will basically Cross Cross Cross cut and recovery,he economic but the thing to think about is worse it will exacerbate the social divisions that we already have. So, you talk a little bit about this earlier, but the longerterm application is higher taxes, corporate taxes, personal, individual taxes, no matter what and who wins the white house in november . Is it continuing social welfare programs . Republicans against that in congress. How does this play out in a policy level . On a policy level . Michael there are different in areas. Yes, we will have somewhat higher taxes, but the way we are going about this Central Banks have reversed course and are engaging in aggressive monetary easing, which means wet the burden of the debt are incurring, which is significant, is manageable as long as they keep doing that. I think what we are trying to do is not, sort of, fix everything years next two to three with higher taxes, but spread it out over time, and if we go back to reasonable growth patterns, we can actually do that. I think it is actually the right strategy. In an economy that has been battered, a sudden increase in taxes or trying to fix or reverse the pattern of incremental death and accumulation in a rapid manner is a good strategy at all and i would expect there would be some kind of general, bipartisan agreement on that kind of thing. Where there will be disagreement is on the question of what did we learn and what we have to do to our social safety nets, broadly speaking medical, educational, you know, income support, when you get clobbered by unanticipated events, and there, i think we will see divisions that are hard to predict at this point how they will come out. Guy michael, you talked in the article that you wrote that i referenced earlier about a sshaped recovery. Financial markets are looking through covid19 and the effects it will have on the economy assuming we will get a vshaped economy, looking through the racial tension we are seen in the United States. Not seen anything there could derail the recovery. What is your assessment between the gap in the data you are seen, the realtime stuff, the mobility stuff you are looking at, and what you see in terms of Market Pricing . Michael when you add everything up, i think the markets are missing some things. I mean, our relationship with china is deteriorating rapidly. The way they Global Economy is put together it does not have much governance structure that is highly legitimate left. We have a difficult economic recovery over, at least, you know, the better part of two years to get out of this. So, i can think of reasons why the markets might be disconnected to some extent we have very low Interest Rates and there therefore very low discount rates. Some of the Market Indices are heavily weighted toward companies that are doing quite , in Digital Companies this environment, even experiencing accelerations in their businesses and their business models. So, there is some reason to think this, but i would not i am not counting on the markets acting as if there is nothing the dangerous going on in economy and in the society, at least not indefinitely. Michael, as i say, the markets are looking for a vshaped recovery. Sshapedd about a recovery. Walk me through what a sshaped recovery ultimately looks like. Michael the pattern we are already seeing is a very sharp drop in the navy, kind of, bottom, you know, flat, and that is the period where an control virus is brought under control, and there might be some bumping us bumping us in what im about to say. Then something start to recover very quickly. It starts to look like a you a u. I would find it argue hard to we will have a vshaped recovery. The closest anything has come to it is china, and it does not look like a v. There are sectors that will have a hard time coming back and they will linger into the future. Ofe we get to aspects retail, big sporting events, International Air travel, and things like that, we at least have considerable uncertainty about whether or not we can complete an accelerated recovery. That is why the u does not look like a u on that side of the outer end of the Recovery Period alix something we have seen period. Alix something we have seen is how Different Countries are doing with all of this europe rely on a social and Health Care Safety net, where the u. S. Does not have that, approaching a different family, funneling a lot of money through banks. Which country will do better when we come out of this recovery based on the policies they implemented now . Michael well, you are basically right, but europe has a rather diverse collection of experiences so far. What you described his in the north it consisted of some countries that got on this reasonably quickly. The vast majority of countries, the virus is out of control highly targeted containment policies were not going to work. That is true of the u. S. That is true of where i am in italy. We had a serious outburst and we have had a long period of locked down to get the virus under control. Some of the northern countries have lockdown and closed businesses to a lesser extent, and relied on an a combination of social distancing behavior, and that seems to have worked reasonably well. The jury is still a little bit out on that, but that seems to have worked reasonably well. The only economies that got on this fast enough to stop it at the start or near the start were a small number of asian economies taiwan, hong kong, singapore, korea, sort of, after an initial outburst, but the rest of us had a virus spreading invisibly before we really got on it. So, i think, in terms of the policy response, a number of European Countries in the past sort of,ave used, support to companies to maintain their employment. I think that is a relatively good policy if you have good systems for implementing it because it means you dont really lose jobs, or you dont lose as many jobs as you might, but that is not the approach we have in the United States, and you cannot just make one of those up overnight and have it go very well. Michael, we really appreciate your time. Thanks for joining us. Seel be fascinating to italy start to open up its Tourism Sector and its monuments over the next couple of days. Well talk about that tomorrow. Atlanticpence, general. David malpass of the world bank will be joining bloomberg tomorrow at 8 00 a. M. New york time, 1 30 p. M. In london. Looking for to that conversation. Tox we want to toss it over invest talks. David westin sitting down with the securities and Exchange Commission chairman and he asked him about chinese equities. Lets listen to his response, any risk posed to investors. And psa will be inspections of audits. The bedrock of our system is good financial information. This asymmetry, you can call it an unlevel Playing Field with chineselisted companies versus other countries from nonus jurisdictions has gone on for too long, and first step, lets make sure investors understand it. Second step, and the administration is now looking at this, senators kennedy and van hollen have a bill that has a sensible approach to this, which is give people time to level that asymmetric, unlevel Playing Field. Now we know about it. Now we have to figure out what we are going to do about it. David is disclosure enough in the situation as a practical matter . There are proposals on the hill, and i think the rule is if you dont not allow access for three consecutive years you get delisted. Do you need that kind of power . Jay first up, disclosure, but i do think we need to do more to level the Playing Field. The bill mentioned is a sensible way to look at this if you are going to do more because it gives people a period of time to level the Playing Field. I am not a guy that wants to take precipitous hit the nail on the head with a hammer tomorrow, but i like the way they have approached it. Of time toperiod come into compliance, and if you do not, it is time to take measures just beyond disclosure. David from your having watched this over some period of time in an all you do not want to name individual company so i will not name individual companies, but is it across the board with chinese publicly traded company, or is it smaller upandcoming once as opposed to the big, Mega Cap Companies that we all know the names of . Jay you bring up a good question. It applies in every market. Financial controls, procedures and the like are different for Larger Companies than they are for Smaller Companies, and there are a lot of Smaller Companies that have operations in china that are listed on our markets. Investors might look at those ,ifferently from the multicaps or for Stateowned Enterprises. I am not an expert on international investing, but i do know enough that you should look as a to go jurisdiction in a monolithic way. You should look at that whether you are looking at a smaller company, an International Company that derives a lot of revenue from outside of that jurisdiction, or Stateowned Enterprises that has its own risk and reward profiles. Y, do you talk with are counterparts that regulators. There are those that have said we want to open up the securities markets. Is there any prospect of that conversation coming about . Jay we do talk. I talked to my counterparts around the world. I have sent tog them that their is a problem that needs to be addressed. I hope it can be. David are you hopeful . You think it will be . Jay i am an optimistic guy, but i am optimistic because i know that at some point hope is not a strategy pdf to do other things as well. Strategy. You have to do other things as well. David i think you said it is a sensible way of approaching it is it doable, something the fcc could enforce without too much difficulty . Jay yes. It is a sensible piece of legislation, and it captures the issue in a way i try very hard not to Tell Congress what to do. It is the other way around. They tell me what to do, but this is a very sensible way to approach a problem that has been around for a while. David another subject you have talked about, yes g environmental social governance issues, and there are other people that say there should be a different measure of disclosure and investors are taking that into account. Give us your thoughts on what the fcc can, should, or should not do to really facilitate investors understanding the e, s, and the g. Cases, itch of those goes back to materiality what is important to a capital allocation, whether it is do you have a well functioning Audit Committee . I want to know about that if i want to note will i allocate my capital to you. If it is in e, and you are in a particular sector, whether it will be regulation and the like, how are you planning that question mark how you deal with current regulation . How are you dealing with customer preferences and the like. There is something that troubles me, david you and i have talked about this and that g together. , s, and they are different considerations. It troubles me when there is one overall esg rating. When you go back to my study of wonomic days, can arrows the nobel prize for a bodywork, but one thing was ordering preferences in that way does not really work. It is particularly hard when you order preferences against things that are unrelated to each other, so a single esg score, i am highly skeptical on whether that gives individuals the information they need to make that kind of decision that they need they want. I am invited portfolio managers, and i want to hear from people who look rigorously at these issues and allocate capital accordingly as to how we can better guide investors to what is an effective way to look at an Investment Decision in that area. David i am not one to argue with ken arrow because i am not that good, but let me focus on one aspect, social because in the midst of the pandemic and the shutdown, it has come to the forefront, and a lot of discussion is we want to invest in a company that is a proper citizen amatrice their committees well and is supported. Is there a way of comparing social across companies . Inet me say two things my experience, david, and i have been lucky enough to see a lot of really wellknown companies well i can run companies. I have not seen a wellrun company that did not have its employees and other constituencies front of mind. How are we developing employees so that they are better, the company can be better . For each sector, that is a very different analysis. If you are in the hightech sector, it may be around engineering and engineering education, and how we bring people on. In other sectors, bigbox retail, your employee mix, the skills you need, and the skills you need to advance are different. So, a single metric across those things is quite difficult in terms of how are you investing in your people. We have a pending will making. Im careful not to get into that, but we are trying to move this forward. Tell your investors how you do look at your people, and how you look at raising their value for your company and raising the value for yourselves. If you look at Balance Sheets of companies today versus 30 years know, the value of employees and intellectual property 30 years ago was 10 . Now it is 30 . Understand atld how companies are looking to cultivate that value and increasing that value. I fully agree with that. You have been listening to clayton, the chairman of the fcc, speaking to bloombergs david westin. If you want to carry on listening to that, really easy, hit live go on your terminal. You will find it as a live event. Plug yourself into the conversation. Well worth listening to. In terms of what he said, it was interesting i want to backup a little bit when he was talking about china and the audit and the fact that the lack of transparency of Chinese Companies, it does not create a level Playing Field. He talked about Senate Legislation being sensible. Clearly there is a big push that is likely to have a big impact on some of these Chinese Companies listing in the united alix. , alex alix and i wonder what the trickledown is to the overall tech rally. The big guys in tech supporting everything and the nasdaq, when you kick those guys off, what do we see this rotation to cyclicals and value stocks. Guy the numbers were saying we can circle the boxes and make sure we maintain the listing. I am wondering if it will be the Smaller Companies. It is not put extra pressure on them. Rally that the tech has driven everything is low carbon footprint. That a littlebout bit later on as well. Alix and we were talking about esg with jay clayton, but it also brings up the dynamic of Companies Even with the social unrest, how to do with workers going through this. Really feels like it is playing out with the first back. Jam how do you think the gapi onedo you bridge the gap the flipside, twitter, is front and center in the line of fire. Hopefully we break all of that down as we digest these macro headlights with policy indications. Coming up on this program, emergency emerging markets are in focus. The dollar continuing to week we can. We will break that down with david ferrell. That is coming up next. This is bloomberg. Alix i am alix still, joined by guy johnson in london this is bloomberg markets. The big overarching theme is the weaker dollar story how much weaker can it go, how long can and ignite with appetite . Thats break it down with 1 lets break it down with diego pharrell. Always good to catch up with you. What is your understanding of the weaker dollar which will then lead to how long all of this can really last . , thanks for having me. The dollar has been on a structural upswing, i would say, at least in the Global Financial crisis, and part of that has been that the u. S. Has been the place to invest based on the fact that no matter how many problems you could have here it looked like parts of asia, japan, in particular, and europe was not a place where you would like to conjure money. The dollar has been 30 stronger compared to the euro. Nobody has been claiming that from a technical standpoint the dollar was not overvalued, but between the fact that it was the best place in the u. S. To invest , and now with the coronavirus on the global panic, the dollar remains strong. Once the panic subsides, and now you get europe getting the Financial Rescue package of 150 billion, i think for the first time you can see a reason why the dollar might finally we can we can can trade more in line with fundamentals, and that would be very good news for emerging markets. The dollar goes down, walk me through what you buy on the back of that, because last month we continue to seek outflows from em. If we continue to see dollar weakness, and we still in the early stages of it where would you put money to work . Diego clearly, fx. Reboundeds to have onethird of the losses and it has a lot of room to continue going. Places like russia, mexico south africa, seem very attractive on the currency standpoint to be long the currency versus the dollar. Credit is also structurally cheap, but in the line of priorities i would start on the fx and move on. The one that is not recovered his highyield, but clearly you have a coronavirus situation developing and a lot of these countries. And who will be the countrys more affected or less affected is yet to be determined. That is why for that type of analysis, it is a bit too early. Now the macro trade, i think, is the one that is more relevant and fx is king in that sense. Alix doesnt it matter why the dollar is weaker . Isnt it we are reopening and we are pricing in some kind of v recovery which should be good for growth in emerging markets, but it tends to overlook the idiosyncratic issues in emerging markets like venezuela, brazil, or even india. Something does not make sense to me. That is a very good point. What i like about emerging markets is youre going to have the talent of dollar weakness tell when the weakness, and with aly Global Recovery huge dispersion of performance among countries. That means it is a very unique time because you are going to be able to not only have the tailwind helping certain countries, but other countries struggling. Want in termsou of the ability to generate alpha. You are going to have countries andg very well, very bad the initial stage is everything based onrather quickly the selloff we experienced in march, but after that, it becomes the issue of relative selections on what makes sense or not, and all that depending on what happens with coronavirus, and what is the countrys reaction, the policy reaction to that. Break it down for me on a regional basis. One thing that is creeping up the agenda is the battle for the u. S. And china and that has dominated the agenda over the last few days. Im just kind of wondering how that ultimately impact how you distribute money in the emerging markets. Moneyook and see less might flow into china because of this, avippening with underweight china because of this what td walk me through how you see that dynamic developing. Togo it was interesting look at what happened in this crisis. China was in a completely the economict of cycle, and that allows them to really make huge investments and on the back of that there was huge commodity demand. It was very bullish for emerging markets. Be withes not seem to that type of room to maneuver now, and that might be part of the, sort of, aggressive policy actions that the government is taking. The wholey, investment scenario in china pretty, but they bullishness i feel about emerging markets has to do more with the volatility and the dispersion of returns than thinking that ok, you can go into any emerging market index and it is going to go up a lot. I think ultimately what you are going to see is that countries with proper management and policy reactions to what is going on are going to be very successful, while others are going to be in a lot of trouble. In that context, i think the china story is not going to be as dominant as it has been in the past. It will be dominant in terms of global headlines, and it affects not only china, but also the u. S. In a what is interesting case study right now is argentina because in terms of the pandemic, they are handling things very well they were the first latin america nation to shut down. They were super early they locked down when we locked down before cases spread, but then they have this debt restriction that keeps getting pushed off. B,do you like argentina, what is the base case for recovery here . Diego i might disagree a little bit with you because i think that yes, they reacted quickly, but i do not get a sense that they reacted with a plan. I always view all these lockdowns as essentially a time towhich governments can use strengthen the Health Infrastructure and develop a plan to get out, and what you see now is this is a country that are obviously entered the quarantine, and they dont seem to know how to get out. I dont think they had any plan. Any, atthink there was any point, a plan to figure out the day after, and the Economic Impact is really, really serious in the country. There i am seen a country like ecuador asking for a standstill it makes more sense. I do not think it is neutral whether your gdp drops 10 , 5 , or 2 , in terms of what type of agreement you can offer to a bondholder, and this is why i think this is really very poorly timed as a restructuring proposal, and it is hard to believe it will be good for the country mediumterm given the uncertainty. Great to catch up with you today. Thanks for sharing some of your time with us. Ferro, thank you. Next hourly will speak with mobius Capital Partner founder mobius. Ner, mark lets catch up on all the other news you need to know about you need to know about right now. President trump has made it clear he is running out of patience over several days of protests, calling on governors and mayors to dominate the streets, and if they do not do the job he is threatening to deploy the u. S. Military. The president moved across the street to st. Johns church, which had minor fire damage. The leader of hong kong blasted the u. S. In what she called double standards in the way it handled protests. That, lam said administration of oakley support the violent demonstrations in hong kong. The Chinese Government is facing renewed protests. France says the recession will be worse than anticipated. Will shrinkeconomy 11 . That means france must continue with emergency support, probe is this reform and no tax expected choke off growth. Letting thousands of high income individuals duck obligations. The most 880d thousand highend people did not file returns from 2014 to 2018. That cost the government more in taxes. Illion global news 24 hours a day on air, powered by more than 2700 journalists and analysts in more than 100 countries. Im ritika gupta. This is bloomberg. Guy thank you. Markets very much looking past the social unrest in the United States. We will have more analysis on what is happening here. This is bloomberg. A city ortrump if state refuses to take the actions necessary to defend the life and property of their residence, then i will deploy the United States military and quickly solve the problem for them. Alix that was President Trump speaking yesterday following another day of unrest in cities across the u. S. He will also be visiting Saint John Paul ii National Shrine in washington this morning. How do markets view it they dont view it at all. We are joined by teen afford him. Damien hirst is a political advisory and boutique firm. Markets care about the riots in the u. S. . Tina i think first of all we should bear in mind the historical perspective. Periodically have social protest as well as gun violence, and i think for investors that is, kind of, priced into the way the u. S. Operates, but the second and most important reason, the macro explanation for why markets do not react is the expectation of more Central Bank Action and fiscal stimulus. In that sense, they are probably justified in expecting that. We have to remember this is happening against a pretty backdrop. Acro guy does how does it affect the november election does it change anything with respect to your outcome . Tina that remains to be seen. You played a clip of the promising dominating the battlefield, military terminology, threatening to send out the National Guard it states cannot take care of this. The president is clearly doubling down, and i suspect he is trying to take a page out of nixons 1968 election playbook response as a candidate challenging hebert humphrey was to advocate for law and order be the candidate for pushing back against the violence of 1968, and of course that worked for nixon, but nixon was not an incumbent, and President Trump is, so he runs the risk of being blamed for this violence. There is a good question about whether President Biden offers an alternative. Of course president obama, with whom biden served, did not get applauded for his own handling of racial violence in ferguson in 2014, and the whole black lives Matter Movement came about under obama, but it raises the next in question about whether the public believes that trumps use of law and order is the right way to quell these protests with more violence, or whether the question that joe biden asked today at the speech he just gave is this who we are as a nation, real really moves people. Up that we dog have protests, gun violence it is really unprecedented. New york city has a curfew. We tried that once. Seen this since the 1960s, and many investors, including myself, were not alive at that time. What do we need to think about Going Forward to understand how we are taking about this, either in the election, portfolios, or the recovery coming out of this pandemic . Tina a key variable in understanding what happens with protest is really where public sympathy lies, and that leads us to the electoral outcome. If the u. S. U. S. Public continues to be sympathetic toward the protesters and to not believe the route President Trump is advocating is the way we should be going, you could see a biden presidency, but markets would be concerned if it was a more democrat then joe biden, the stakes have somewhat declined. 1968,ow, with regard to the protests in 1968 were much more violent. There were dozens of protesters killed, and of course, most notably, in 1968, the assassination of Martin Luther king and Robert Kennedy junior after he had won the democratic nomination. It was a truly cataclysmic year with longterm consequences. What else might happen as a result of protests they are not likely to move markets in the short term. You see the chinese are trolling the United States, suggesting that the u. S. Loves protests if they are happening in hong kong, not so much if they are in the streets of new york city. I think there are probably also more talent risks around the election outcome. Guy lets talk a little bit about what is behind all of this. Clearly, the spark was a racerelated event, and that has been a major part of this. Is it possible to tease out whether or not there is a, kind of, covid, economic effect to of this, and if there is, the you expect that element to get bigger and potentially spark further riots as it becomes clear that income inequality is only likely to grow, not diminish as a result of the covid crisis . Well we dont have a lot of cases to try to get at that point quantitatively. I always try to return us to a period that we do remember, the Global Financial crisis and the eurozone crisis, where we saw an advanced economy take a massive gdp, the biggest outside of what time in modern history. Did we see civil unrest in spain or greece, which lost 10 points . No, we really did not. We saw the rise of nonmainstream political parties. Unrestnot see massive and we saw other consequences of Major Economic hardships and dont get me wrong. Alcoholism, death, despair, and all these kinds of things. The difficulty with the u. S. Case, of course, is we only have the two political parties. There are not these other nonmainstream parties for people to go to. I also was thinking about the occupy wall street movement, which of course fizzled out, and maybe brings us back to your point, but occupy wall street did leave us with one important message, and that is the idea that we are the 99 , and putting awareness of income inequality from frankly the bottom of what most americans were concerned about to something closer to the top, and this issue of not just racial injustice, but of what sort of country the u. S. Wants to be at a time of the death toll from covid is problematic. Guy we will leave it there. Thank you for spending time with us. Tena for him. Fordham. The president will meet with advisor soon to discuss a new relief bill. The president is expected to speak shortly as well. This is bloomberg. Guy from london, i am guy johnson with alix steel over in new york. Trump is likely to have a meeting the president is likely to have a meeting this week on a new relief bill. In germany, we have Angela Merkel tie with their partners over a 111 billion not really billion dollar relief bill. Essentially pharma Financial Markets are look into a lot of the trouble because they are being supported by Central Banks and by government fiscal action, and that is allowing them to look through some of the trouble and the disturbing pictures that we see on our tv screens right now. Alix and i feel like the narrative changed in the last couple of weeks as you had on comingrkel and macr together, even if the number was not that big, but a green on something was a step forward, especially if germany is going to ease the restrictions on their budget. These headlines come fast and furious as President Trump is trying to reset the narrative from covid when you still have public and pushback on extending benefits. Developmente is a for we are going in Different Directions and we will see how we can recover on which is the right one or come guy it will ultimately be the. Ed it is amazingly powerful right now and it is generating this disconnect between economic reality and Financial Markets. The gap is just enormous. The central bank is sitting there you have the ecb on thursday it will power ahead with more purchases as well. The central bank continuing to drive what we are seeing on the screen in front of us. Emergingmarket Central Banks totally on board as well. They are also cutting rates. We will break that down with mark mobius. He is coming up at the top of the hour. His take on the weaker dollar and how you invest. He is optimistic. This is bloomberg. Alix live from new york, i am alix steel come joined from london by guy johnson. Welcome to the european markets close. Risk rarely is the name of the game and weaker dollars, as we had to close. In the United States, the s p is trading higher. We have seen less of a Strong Performance from the nasdaq. Nevertheless come the weak dollar is the same. Its amazing the impact it is having around the world. Ying everything despite what is happening everywhere around the United States. 4 . Up by nearly the pound, trading higher on good news on brexit. Crude is up nearly 2 . This is kind of a story that flies in the face of everything happening. The data