Strongso getting some data coming through and it comes to pending home sales. The month on month number blowing past expectations. We do better on a month by month basis of 8. 8 . That was well above expectations. That takes the nonseasonally adjusted year on year number two 20. 5 . This is a market that has come back in a really big way. Alix and continues to stay strong, like auto sales, undermining that fall off a cliff scenario. ,ast night, the highlights president trump, democratic nominee joe biden, which a debate, but turned out to be a boxing match. Everyone knows hes a liar. Pres. Trump you are the liar. You graduated last in your class. Mr. Biden you are the worst president america has ever had. Pres. Trump when needed, i wear masks. I dont wear masks like him. He could be speaking to hundred feet away from you and he shows up with the biggest mask ive ever seen. What is the Trump Health Care plan . Pres. Trump first of all, i guess i am debating you, not him, but thats ok. Im not surprised. The radical left mr. Biden would you shut up, man . This is so unprecedented. We have ended this segment. We are going to move onto to the second segment. Mr. Biden that was really a productive segment, wasnt it . Alix it was really unreal. Washington correspondent Kevin Cirilli was there. Usually, debates are where they present their platform, they present policy. They come back in four years and present the record on the policy. Nowhere to be seen with that last night. Kevin it was a mess. Lets just try to cut through all of the noise, and there is a lot of it cleveland, ohio at the first president ial debate. First and foremost, the last five minutes of that debate, really people should go back and watch because it really tees up a prolonged battle that could come after november 3. Couple that with the Supreme Court selection process, and this is really going to be a fascinating, prolonged electoral result that could last into december. President trump playing to his base. Democratic nominee joe biden trying to make appeals by going after the middle of working class voters, but he did so by disavowing senator Bernie Sanders, so does he do that with Political Risk of alienating the farleft . Will they show up for him in mailin ballots and on november 3 . And finally, where do we from here . Next week, salt lake city, the Vice President for debate. The week after in miami, cspans steve scully is going to moderated town hall debate. Independent voters in battleground states, people were just really annoyed and tired of the bickering and arguing they saw last night. Alix bloombergs Kevin Cirilli, thanks a lot. Also joining us is mark connors, Credit Suisse global head of risk advisory. When you have 90 minutes of them shouting overage shouting over each other, what deal even take away from that . Mark what kevin said earlier about noise, that is exactly what a trader does all day long is trying to find signal among the noise. Just looking at last nights example, and the markets, the signals are still there, but they are not daily signals. Of growth run trends outperforming value, even september, noise of the narrowing of market breadth that happened before covid and ,ven through covid even more so the trends are clear in the marketplace even amidst the political noise. So traders are keeping to their knitting. The macro funds are low to ground right now because of the noise. They are positioning inequities in the bottom quartile level. Long short funds still have their core positions intact. In tech. Emerging market funds are in china. We have seen positioning increase 60 on our book over the past four months in china. There on trade, etc. Noise is definitely the theme, trying to figure out what is what. Quartile have done a pretty good job. They are up 15 to 18 on the year. But the average numbers dont show that. Guy lets talk a little bit about volatility, which is a key risk metric. Volatility is elevated around the election. Did last night confirmed that that is the correct trade . Mark what i was talking about was trends, more somatic. You are pulling me more thematic. You are pulling me more forward to the here and now. Callolatility guru had a earlier today, the focus has gone from november, where there kink in the curve a the curve, and it has been pushed out to december. It has been pushed from the uncertainty of the outcome to the uncertain the of a resolution, the uncertain the of having an outcome at all. Are pushing the event out to december. People are worried about, again, noise and a lack of resolution if we have a tight race. Alix the pushback to that is that that is already priced in. Weve had a couple of calls for higher yield. That a democratic sweep could lift the s p. Our traders and investors looking at that yet . Mark they arent looking at a pop higher at all. Theres no positioning there. Theres no option positioning, books do wey on our see that debating trade. If there is a steepening, you will see equity volatility spike. If you are to look at the twostens curve over the past year, every time it pops up, there is a rotation. Like september of last year, and june of this year, and even into august. If that does happen, we will seek vol, but we dont. Do you guys think that we could have a 3 10 year this amount of debt, or is there a growth projection to have a tenure that does approach the 2 , 3 level . I dont think theres much out there saying that that is a nearterm possibility. Guy it will be interesting to see what the fed does with that, to see whether it would event that from happening. Lets talk about a move to the left. If we continue with the polling numbers at the moment, theres a possibility we could have a blue suite, with the presidency and the senate falling to the democrats. At that point, do you think the ark it needs to price in higher taxes . Using the shift the market needs to price and higher taxes . How do you price that . Which assets do i look at to get the best reaction if that were to be the outcome . Mark when you talk about any type of regulatory policy, look at who the winners have been. That narrow group of mega caps that have carried the market, where if you do an equal weighted s p, you are approaching european return levels. So if you do have tax or regulatory policy that pierces the exceptional top five, top 10 names, you are going to have an equity market likely rollover. If there is uncertainty about that kind of margin, that margin growth that those companies have had, i think it would be a risk to the market for sure. Guy mark, thank you. We will leave it there. Greatly appreciate your time, as ever. Nice to have you on the program. Mark connors of Credit Suisse, thank you very much. Coming up for you, new York City Restaurants cannot accept Indoor Dining, 25 capacity limit. We are going to look at the impact of the pandemic on the industry with the ceo of the new York State Restaurant Association. That is coming up next. This is bloomberg. Ritika lets check in on the bloomberg first word news. First billed at the residential debate, but last nights debate in cleveland quickly slipped into chaos. Trump and joe biden battled over the coronavirus. Moderator Chris Wallace kept trying, mostly in vain, to control the conversation. House Speaker Nancy Pelosi is moving lawmakers closer to a luse on democrats stimu plan. The 2. 2 trillion measure [no audio] that would allow parliament to vote on certain restrictions before they become law. Global news 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. Im ritika gupta. This is bloomberg. Alix thanks so much. For the first time in three months, new york citys daily rate of positive tests is now more than 3 . This comes right is new York City Restaurants are set to return to Indoor Dining at 25 of capacity. Joining us with more is melissa the new York State Restaurant Association ceo. Thanks for joining us. Focusing specifically on the city, how many restaurateurs are going to reopen despite the fact cases arising . Melissa we dont know exactly how many are going to be reopening today. I think there are a number that have already been open for takeout and delivery and Outdoor Dining that are going to reopen, and there are some that have been shut down through this entire pandemic that are also planning to reopen. But until we start to see their doors open today and then welcome back people, we wont have a good count of exacting how many. Guy lets talk about breakeven capacity. We are going from 0 to 25 indoors. Where do you think the average restaurants breakeven capacity is . Melissa what they are telling us is 75 , but that is also, depending on what else they have going on. We do have expanded outdoor space in new york city that we didnt anticipate at the beginning of this. Foras been really helpful some of our restaurants. It takes all of these pieces working together. The delivery, the carry outcome of the Outdoor Dining, the Indoor Dining, to try to piece it back together. Alix do we have a sense of how Restaurant Owners are going to be thinking about Outdoor Dining when it gets cold . Anecdotally, i live in park slope in brooklyn. I have a lot of conversations with them there, and landlords are unwilling to put a lot of money for Outdoor Dining when there is so much insert. Melissa mayor de blasio so much uncertainty. Melissa mayor de blasio said there were additional guidelines coming for Outdoor Dining into the fall and winter. We need more guidelines on how they can use safety, used safely, what sort of enclosures we can have. We are hoping for that information so that we can move into the Colder Weather and continue to serve our guests comfortably. Guy in terms of what the industry now needs from government, the ppp loans, the money starts to expire now. What now needs to happen . What do you need to see at a state and local level and at a National Level . Level, at the national it is definitely additional funding. It is a top concern for our restaurants across the state of new york. We did a survey of members and nonmembers and found that there is going to be 64 who feel they cant make it to the end of the year without additional financial assistance. That was prior to the announcement about indoor reopening in new york city. , so wet is a big number are very focused on getting additional federal funding through a dedicated restaurant fund, additional ppp, grant programs. At this point, whatever we can take. We need additional assistance, and it needs to be financial help. New york city and new york state are not really in a position to do that for us, so we have to turn to the federal government. Alix do we had a read yet on total layoffs in the sector and how many have been brought back . Just because you are going to reopen doesnt mean youre going to have 100 of your staff. Melissa either 80 were either furloughed or laid off, so that is about 527 thousand employees. Throughout the summer, they have started to come back. New york city couple of months ago was at about a 30 prepandemic level of employment. We will have to wait and see what the numbers look like after we reopen in getting to october a little bit to see how it went for hiring in september. Guy other industries are trying to figure out how they can is testing to allow patrons to come back. The Airline Sector is looking at this, other sectors are looking at this. Is there any way that this could work for the Restaurant Industry . It seems weird to take a test before you are allowed into a restaurant, but is there anything to be done that would allow extra capacity to come on stream . Melissa i dont know how long the test results would be good for. I guess that would be my question. If you tested negative two days ago, are you still negative . That would be an interesting question for us. We are going to have to take temperatures of our guests coming into the restaurant today. That is the first time we are going to be doing that for Indoor Dining in new york city. We are going to have to have people understand that and be patient as we move forward with that process. Alix when i go into a restaurant, if i go eat indoors on the weekends, what is it going to be like for me when i go there . Goinga hopefully you are to see everybody wearing their masks, waiting patiently, social distanced. We are going to have to ask you to take your temperature. We are going to need at least one person in your party to provide us for information so that we can contact trace, should there be any sort of exposure from someone else in the restaurant. Feweren we also have tables, fewer chairs. You are going to be spaced out. You are going to need to stay seated. These wear your mask whenever you get up to move around the restaurant. It is going to be a different experience, but hopefully you are still able to enjoy some great food and service. Guy we are going to leave it there. You very much for your time, melissa. Thank you very much indeed, the new York State Restaurant Association see you association ceo. Job losses keep mounting for the Airline Industry. We will discuss the outlook with ben baldanza, former Spirit Airlines the. Airlines ceo. That conversation is coming up. This is bloomberg. Guy 22 minutes past the hour. This is bloomberg markets. U. S. Stocks moving higher off fresh stimulus hopes out of washington, d. C. Richmond fed president Thomas Thomas barkin spoke to bloomberg. Naturally you would expect to see that recovery be a little more gradual. Where i see the real challenge now is getting the last 5 of americans back into the workforce. That is where ive got my focus. Is that going to happen . What are ceos and Business Leaders telling you about their plans to hire and to invest, does been more money . To invest, to spend more money . Theres a lot of uncertainty about the virus, and also what demand is going to look like next year. All of that, richmond fed president Thomas Barkin speaking of the economy, as we got a new round of layoffs from disney. These are really serious numbers, 28,000. A lot of them were parttime to begin with. Then shell pulling forward 9000 job cuts. For disney, when you have the parttime worker that was actually started to recover, you see that tick moving higher, does that rollover . What is it due to fiscal stimulus . Does the conversation change because of those layoffs . Guy we will be talking about airlines in a few minutes time. Those furloughs could come into force over here in europe as well. Lookingtal potentially at 30,000 job losses as well. These are big numbers, as you say. Various sectors within the economy. We have just been talking about the Restaurant Industry as well. It is probably something that is going to become a force over the next few months as we go through the winter. Job losses front and center right now. The adp number today was better than anticipated, and it is going to be interesting to see with the jobs numbers look like on friday. Alix which is interesting because it is the last jobs number before the election in the u. S. It wont be reflect of of, say, disneys 28,000 workers, so how does trump move the narrative forward in terms of taking credit for a stronger market when we are getting these headlines, even though they are not get reflected in the numbers . Guy selectively, i would probably suggest. I look forward to hearing what mr. Kudlow has to say on what exact leave the unwomen story looks like a word what exactly the unemployment story looks like going forward. It is the story of trying to get back to those precovid implement levels. The last 5 is going to be really tricky, but that is a really critical part of the economy. You cant get back to full employment you cant get back to close for employment, that is going to be a big drag on the u. S. Economy. It is likely a similar story in europe, where we are starting to hear that the big slug of money that we thought was coming in terms of the Recovery Fund, that is not a done deal. I think the market thought that was a done deal. That is a big factor when it comes to unemployment. It goes to this idea that companies are really struggling with the uncertainty. Do you employ people at a point of such huge uncertain, particularly when we heard about the signal and the noise earlier on . So much noise, so Little Signal at the moment. We will focus back on the Airline Sector in just a moment. Ben baldanza, former Spirit Airlines ceo, will be joining us to talk about what is next for that sector. This is bloomberg. Guy live from london, im guy johnson, with alix steel in new york. This is bloomberg markets. Eight months into the global pandemic, and it seems like there will be no quick comeback for the Airline Sector. Baldanza, now, ben former Spirit Airlines ceo. What thek about industry does next. The notices have gone out. Thousands of jobs are at risk. The job protections that went with the c. A. R. E. S. Act money expire as of tomorrow. Do you think we are going to see huge numbers of involuntary redundancies if congress, if washington does not step up in short order . Ben thank you very much for having me. I think if congress doesnt step of the payrollab protection program, i think you fromsee very large layoffs many major u. S. Airlines. Every airline has been working with their employee, trying to get voluntary cut acts, maybe stepping back for six months or so, maybe retain their seniority and come back when the demand is back. But to the extent they have not been able to do that, they will either have to furlough or lay people off. Others have made agreements with some of their pilot groups to not lay off in exchange for some agreements probably for a little less pay or changes in productivity. So the airlines have been working to try to minimize the amount of people that would have to be involuntarily laid off, but i expect he will have to see pretty large numbers if the payroll protection is not extended. Alix what confuses me is there is still a narrative that the airline has gotten more money than hospitality and other forms of leisure. You also have airlines being able to tap the debt. Gives . Ben the issue is really interesting. The airlines have been able to cap the private markets for areidity, but this grant we talking about is really about keeping people employed. Airlines could self help and say we are going to lay off a lot of people we dont need right now because we are flying only 40 to 50 of our capacity, so we dont need 100 of our people. They could do that and still tap the private markets to see if they could restructure their fleet and handle other working capital leads, things like that. Idea of the payroll protection was to keep people employed so that they could stay current in their roles, such that when there is a vaccine or maybe with a new election or something that gives people confidence to fly again, if that is relatively soon, the airlines could come back quickly. Since airlines are a fundamental , they have economy such a catalytic effect on other be a firsty tend to reason that the government looks to support that industry versus other hospitality. You dont stay in a hotel if you dont fly there. The data out of europe suggest the winter is going to be tough, and it seems it just got tougher in terms of expectations. Is that what you are seeing in the United States . How long can the airlines last between tomorrow and having to make these redundancies, given the out that they now face . Guy that is a terrific question. It tends to be a Business Travel dominated order, with the exception of the holidays at yearend. There isnt that much Business Travel slang right now, so the real question is, is Leisure Travel going to be able to fly again in the spring and next summer . If that is the case, i think youre going to want airlines in europe and the u. S. To be ready to put that capacity out there to be able to spur the economy to do that. If you believe that 2021 is going to be lost for Leisure Travel, whether there is redundancy doesnt matter quite as much from an economic standpoint. Alix we talked about different ways of trying to make deals with workers, etc. What about different ways of monetizing or getting some securitized loan, like using your points system or something that you have . Who has the biggest strength in that, and how many more levers are there left to pull . Ben you see airlines trying to pull all of them right now. Delta airlines did a 9 billion Loan Guarantee against their sky mile frequent flyer program. Airlines who own airplanes out right are working with aircraft lessors to sell that aircraft back to the lessor and lease it back so they get the cash for the sale, but they keep the plane. They are looking at whether they can use International Routes authorities that might be restricted or slot in restricted airports. So every asset, tangible or intangible, they are working with the private markets to say, how can we use this successfully as collateral against the liquidity guarantee we need . To is Rapid Testing the way open up International Routes again . How difficult will it be to get some sort of commonality between nations, and how rapid do you think the testing has to be . Ben Rapid Testing will be terrific. I know there are a number of things being tested in the market right now. The most exciting i saw his by a Company Called recover, which is in the final stages of testing but would be a fiveminute saliva based test, which would be really terrific. That would be something that you might be able to practically do on longhaul flights to everybody before they board the flight. If we get the sort of fast testing in the five to 10 minute range, i think testing for flights will increase a lot of confidence in the consumer that they are boarding a plane where the people arent infected, and they are not going to be at risk on board. I think that is a really big deal, and a combination of a vaccine and good testing are real keys to that consumer confidence. Alix who pays for that . Is it the airlines who are already super strapped for cash anyway . Does it have to be airports, the tsa, a Government Initiative . Ben that is a great question. I hope the answer is we get it done and then decide who pays, rather than the other way around. Customers pay for security charges on their tickets now. Charge what is called a passenger facility charge at the airport. You could add a small dollar or so charge two tickets to say your testing charge, which would hopefully be a temporary charge. They are ways to either find that through government or through the airports themselves, or maybe a collection of all three of those. The important thing is i would think that the airports, the airline and the government all on people to feel confident flan, so lets get the tests and we will figure out how to pay for it. Guy ive spoken to a bunch of airline ceos over the past couple of days. The most optimistic was at lufthansa. He said he thought we could have north atlantic routes open by christmas on a selective basis. Ers are still adjusting others are suggesting that Rapid Testing is the way we ensure we have a good summer, which is quite a way away. What is your assessment of the timeline on this . I would like to think there are going to be people willing to fly at this point in the holiday. I dont expect really Strong Demand for the fall. I know people are thinking about what they are going to do with the Christmas Holidays or in the u. S. , things like that. Theres a lot of trouble that is not going to happen that otherwise would have. I think the thing for leisure is to think about spring time, which would normally be spring break for kids, and next summer. Point. The real tipping if the Airline Industry loses december 2021 for leisure, that would be very difficult economics for the Airline Industry in 2021. So we are going to know that probably sometime around january or february, how the spring is booking, and how the summer is booking. That is how we will really know what 2021 is going to be like as beingally see that the to been going. Alix we will see what happens with these. Thank you for joining us, ben baldanza. We will speak next with kathy matsui, Goldman Sachs japan vice chair. This is bloomberg. Ritika this is bloomberg markets. Coming up, we will hear from these interview partners cofounder at 10 00 a. M. In new at 12 00f huck p. M. In new york. This is bloomberg. Lets check on the bloomberg first word news now. Im ritika gupta. Last night president ial debate in cleveland made one thing clear, the two candidates cant stand each other. Mr. Biden Everybody Knows hes a liar. Pres. Trump no, youre the liar. You graduated last in your class. Mr. President , can you let him finish . Mr. Biden he doesnt know how to do that. Pres. Trump youd be surprised. Go ahead. Mr. Biden you picked the wrong guy at the wrong time on the wrong night. There is no manifesto. Number 2 pres. Trump he just lost the left. You just lost the left. You agreed with Bernie Sanders on a plan. Mr. Biden folks, do you have any idea what this clown is doing . Moderator Chris Wallace of fox news try to stay in control, but had little success. Senate democrats want to Supreme Court nominee Amy Coney Barrett to promise to recuse yourself from cases related to the 2020 election. President has said the court might decide the outcome, and he expect her to break a tie. Stanley is countering fears that the coronavirus will crush demand for office space. Bloomberg has learned the bank has begun looking for a major new headquarters in london. It is assessing options for a potential move from its current premises in canary wharf. Morgan stanley will likely focus on options in the same neighborhood or in the city of london. It once at least 600,000 square feet. Global news 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. Gupta. Ika this is bloomberg. Alix japans rebound is shaping up to be weaker than expected. Tory output re output increasing. Joining us now is kathy matsui, Goldman Sachs japan vice chair and chief of japan equity strategy. You have been in the markets for the better part of three decades , and it feels like we are at a real Inflection Point when it comes to covid, a shift in power where you have the ability for more reforms, as well as more deregulation. How are you looking at the japanese equity market right now . Term, we the near believe that the market is likely to be essentially rain bound essentially range bound. There is growing expectation ist the new administration going to execute additional reforms ranging from creation of a Digital Agency, continued revitalization of rural japan, but also putting pressure on mobile telephone operators. On the other hand, there are a lot of external headwinds or uncertainties on the horizon. Of course, the u. S. Prison to elections in november, but also, how is covid going to evolve as we the winter months . The creation of a vaccine and distribution of a vaccine are we have ng area are still looming. We believe the worst is over for japanese profits. The market is much cheaper than the u. S. Right now, and we think theres some very attractive stocks within japan. Guy lets talk about the dx program, the Digital Program that seems to be one of the early stories within the new administration, as you point out. Who will be the beneficiaries of that . It is still unclear because the government has not yet laid out the specifics of what this new Digital Agency is going to be, but clearly they have talked about the lack of efficiency within the government itself. They have also talked about how japan really needs to get up to speed at promoting i. T. Personnel, Artificial Intelligence engineers, and the like. Term,nk that for the near it could be positive for i. T. Capex related stocks. Whole hostrage of a of Services Companies in japan. We think that sector looks very interesting. Alix how does that fit into trade narratives in asia, as well as with the u. S. . Suga i think for now, the administration is going to maintain the same platform strategy when it comes to trade as his predecessor, shinzo abe. Mainly that, at the end of the day, japan is all about multilateral negotiations. Theou know, you have dropping of the ppp. Japan went forward with that. I believe that japan will also continue to work towards tightening the relationships between itself and its asian neighbors. Trade willree continue to be the mantra of the suga cabinet as well. Guy how popular is he, and how big a risk is there from an investor perspective that he decides he needs his own mandate and cause a snap election and calls a snap election . Kathy as with most Leadership Transitions in japan, he is enjoying a spike in popularity for his cabinet, but as you ,oint out, there is a risk probably 50 to 60 probability that he will call early elections to secure a mandate within his own party. The risk is that the election does not go well, in which case is term will essentially only last one year, and then we will nextanother election september. However, if the gable turns out to be the correct call for him,e could solidify his position and then secure another three year typical term. So a lot is on the line here. If he wants to take advantage of the rising popularity for the very fragmented opposition which is trying to scramble to galvanize itself, it may take some more time for them to do so. Alix you have been on the forefront of womenomics in japan, framing that pillar for shinzo abe. You wrote a book this year on how to nurture female talent. ,e talk a lot about the u. S. Women are suffering most from the pandemic. They have to quit their jobs to stay home with the kids. How is that playing out in japan . Can you give me the perspective of what that does to growth and your Investment Opportunities . Kathy sure. Quite similar to what covid has done to females in the United States and other jurisdictions, it has happened in japan with women of course working from home, but with the added burden of their children within the home as well, given that schools have been closed for an extended period of time. And of course, women are overrepresented in the industries that are hit hardest by the pandemic. On the other hand, the advent of widespread work from home telecommuting, something that i think has been talked about a long time in japan, but really wasnt limited, this has really turbo boosted that direction forward. I think for women and for many minority groups in japan, this has actually proved to be a silver lining. From homew that work can work. People are boosting productivity. It is not the ideal situation for everybody, but for those who ,ave to commute long hours there is talk about increasing womens part of his womens participation. But we do need more leaders. I think they will try to continue to push on this agenda forward, which probably will continue to see those related companies and sectors of the market benefiting from outsourcing opportunities to thriveho within the economy. Me we are seeing thrive within the economy. We are seeing a lot of interesting new startups as well. Guy thank you very much for your time. , Goldman Sachs japan vice chair. This is bloomberg. Alix live from new york, im alix steel, with guy johnson in london. This is bloomberg markets. Joining me now is mark rossano, c6 Capital Holdings founder. We did see a pretty substantial draw, but there is a build over in cushing. It has been a weird quarter. Where are we in crude . Where is the biggest weak point . Mark it is a great point. You look at this draw, you have to get a little nerdy about what the numbers all mean. We had something that was a low bit larger when you factor in the petroleum reserve, where we actually had a draw of about 3. 8 lien, but the interesting fact is gasoline. We had a little bit of a build, really driven by imports, and the fact that distillate and get fuel is being rerun through the refiners because they are trying to find ways to just make any. If you look at demand and where demand is, it continues to be weak across all of the products. Where are we in terms of refineries and Capacity Utilization . I understand we are around 75 . Is that number going to continue to pick back up . On, howers come back are they having to adapt more broadly to the environment they see in front of them . Mark the crude utilization rate went up to about 75 because we had the continent coming back after some downtime. So if you look at how this is going to go through the remainder of september into october, we could see some drift lower and coming closer to 70 to 72 . When you look at the crude draw, we had a decent spike in exports, which is going to fade. We had exports at about 3. 5 million a day, and that is going to see pressure, especially as we have nigeria increasing through november, iraq with more crude on the market, libya coming into about 350,000 barrels by the first week of october. So these types of things will really put weight and pressure on cushing. Alix just to jump in real quick, mark, are you still selling oil here . Mark i am. I think we still have pressure to the downside to something closer to about early five dollars at the about 35 at this point. Guy on that note we believe it. Mark, thanks so much. What have we got coming up for you in the next hour . Nyse president Stacey Cunningham is going to be joining us. Volker welland is also volker land is also going to be joining us. Plus, it seems like maybe this rescue fund in europe is may be not like the done deal we all thought it was. Lots of conversations coming up. This is bloomberg. Guy live from london, im guy johnson. Alix steel is a new york. We are counting you down to the european close on bloomberg markets. Germany says delays in formalizing the Eu Recovery Fund are now most likely unavoidable. How big a risk is it that this Recovery Fund doesnt get over the line . Christine lagarde making it clear that the ecb will do whatever it takes. Weve heard that before, havent we . Will she succeed . Judging by inflation prices, the market has serious doubts. We will talk about that in just a moment as well. Job cuts continue to mount in europe. The engineering giant continental laying out a Restructuring Plan that could cost thousands of jobs. Shell is going to cut 9000 jobs. Disney will slash 28,000 positions. Lets talk about where we are with the market story this afternoon. Equity market and focus. Really a
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