U. S. Trading day. Lets check in with julie hyman at the markets desk. This is not the outcome that most people would have expected in terms of the markets. When we saw the news there was no agreement in market. Stocks rising to the highs of the session, particularly the s p and the dow. I just looked at an intraday chart. Here you have the s p 500 and here you have oil prices. We have had some analysts coming that someicipating investors would want to buy the dip today. There is also news that there is an oil strike in kuwait cutting that production by 60 . You can see it is climbing by the highs of the day. The movement in brent is even more remarkable because it briefly turned positive and is only down by a quarter of a percent. Energy is actually the best performing group. It is up more than 1 . Kind of an amazing turn of events as we see most of the groups actually turned green. If you take a look at some of the best performers within energy. You might want to call and selectively make some purchases. Alix all of that kind of helping. Also that every all is weakening the real is weakening. Every time incrementally it seems that Dilma Rousseff gets closer to impeachment we have seen the brazilian currency rally. Not the case today. The dollar up nearly 2 versus the real. The Brazilian Central Bank has taken steps to weaken the currency which appears to be working today. We are also seeing a decline today. Theres also the idea that whoever reset Dilma Rousseffs successor is will resetting challenges the economy. The dollar down 9 versus the real. If you look at the advance since the lows in january, its about double those gains. The pause we are seeing is on the back of a significant performance. Thank you so much. Alix lets check in on the bloomberg first word news. Ted cruz says he has zero interest whatsoever in being Donald Trumps running mate if trump wins the republican president ial nomination. Senator cruz told Good Morning America that one of the reasons is that if trump is the nominee, Hillary Clinton wins by double digits. Arguments have ended up the Supreme Court in the fight over president obamas move to stop deportations. More than two dozen states argue that the president has gone too far. Questioning suggests the judges are divided. The 120th Boston Marathon is underway. More than 30,000 people will be participating in the annual event. Athletes begin the 26. 2 mile run to bostons back bay. Its also the 50th anniversary of the first woman completing the course. Millions of taxpayers face a midnight deadline to file their tax returns while millions of others will ask for more time. Deadline today was delayed three days beyond the traditional april 15 deadline because friday was a legal holiday in the district of columbia. Im mark crumpton. The weak dollar is fresh air for emerging markets. Outlined his positive representation for emerging markets during his sevenyear tenure at jefferies. Looking back at the history qe driven was a trade. Almost a dollar give valuation that was going to take away from emerging markets. You at the europeans and the japanese doing similar evaluation trades. That forced emerging markets to do some pretty ugly things. They just dont do it with the same amount of credibility as a developed market which made us very nervous about their ability to deal with what was going on in developed markets. Bit here is that if we call off the Dollar Strength move that has come in to really impede emerging given their dollar liability and the fact that the europeans and the japanese are still doing devaluation offtegies, if we call that for a little while which we have done since february, we give the emerging markets kind of a breath of fresh air. Janet yellen and particular is not interested in seeing a dollar rise which would force a chinese break of the peg and another look at what we saw in august. Is it essentially a macro trade . Yes. Does that mean you believe it will continue . I believe it will continue through the election. If we were to get significant Dollar Strength going into the summer months and we saw a continuation of what we saw through last year when things got messy in the summer and again in january, we would have the chinese react to that. Because they are technically stuck on the dollar. For them, donald strength means unless they break. Unleash a huge tightening in the Global Financial conditions. Detente of we wont strengthen the dollar is a nice equilibrium for the moment. Particularly if you dont want to have a big correction in stocks or unwieldy set of action. If we went to the fringes of the Political Party in the election would be less advantageous for the Federal Reserve given that they are not so light on the fringes of these parties. How does this look from london . Is just a weak dollar trade, why is this the best way to play the weak dollar . Adjusting with the s p which we have been recommending for this year. We are going to run the u. S. Economy. We are going to run policy for the u. S. In a way that is not really right for the u. S. But right for china and the u. S. Together. I think that sort of start stops around in the end. That was jefferies chief market strategist. Scarlet he was asked about the failed oil output talks in doha. I definitely think the fundamentals matter more than the deal in doha. How do you think about the overall dollar policy impacting your view on oil in the sense that if we are to see a weaker dollar and a Federal Reserve that stays pat for a while, does that affect both the demand side and the supply side on the oil because you could make an argument that it could really be quite good for the demand side especially coming out of emerging markets. It could lead to global harder toseeing it see the Development Costs being lower as they saw the last several months. Costs saw Development Fall by about 20 . Could that reversed if that result ofverse as a dollar weakening it could essentially lead to even higher cost of production Going Forward. What kind of weakening would we have to be talking about . It would need to be a sincere weakening. It also comes back to the issue of what is driving what. Isnt oil driving the dollar or dollar driving the oil. It is very much intertwined. Oil moves for supply reasons, that will obviously rebalance the oil and dollar relationship. We also think that correlation is likely to break down a little bit. One thing we havent discussed is what this morning means to people who are u. S. Shale producers hanging on by their fingernails heavily indebted. What has this done to them . It has been a nice recovery in some of the highyield names. There was hope more in the u. S. Than anywhere else to get something on the books that would either increase the demand side or stop the supply side. I was kind of coming at it from the demand side when i asked the question, is there a lurking increase in demand that we are not necessarily taking into account that comes through from a weaker dollar and a stronger china and stronger u. S. . Really good question. There is certainly that possibility. India and china are very strong sources of demand growth this year. Should the dollar continued to weaken alix that was michael in. On oil have much more and commodities when we speak with ed morse. Scarlet up next, Dilma Rousseffs presidency in brazil is hanging by a thread. The senate prepares to vote. Alix youre watching Bloomberg Markets. Im alix steel. Scarlet im scarlet fu. Is running rousseff out of options. The lower house in congress voted in favor of her impeachment. Scarlet her prospects for survival are not looking very good at the moment. Mark joins us from sao paulo with more. Marco joins us from sao paulo with more. Everyone thought this would be the case, but the brazilian real is not reacting how you would expect. The markets have already reacted. The level we see right now actually reached at 3 45. Almostis currently at 3. 50. Much of the pricing arathi happened. Already happened. Things now are really getting into place given the possibility of the new president. Leadsregardless of who brazil, we still have an extremely high debt to gdp ratio climbing near 80 . Does any kind of government have any hope in helping brazils economy . The first thing to tackle fiscaloblem is to reduce from the 2 gdp level to the 0 in 2017. The ratio at 8 . More than that, the new president would have to come up with reforms in order to speed of growth in the long term. Thats the way to tackle it. Mainly through the Social Security reform. We also need to talk about the reaction in credit default swaps. Climbingnly has been but it has come off its worst level. Expensive to ensure the projected spread shows a platitude plateaued development. Pretty steady rise back toward even but its based on a lot of hypotheticals. Yes, of course. The first thing that we mentioned for this line to become even would be first to tackle current expenses of the government. First i mean the Social Security expense. The rules of the minimum wage and how it affects Social Security. And for current expenses and what you call mandatory expenses in brazil. As a percentage of real gdp growth. These two measures would at least guarantee that the fiscal deficit would be zero in 2017. And this would stabilize the gross to gdp ratio. Alix will the central bank be able to cut rates . It seems like thats what the market has been betting on. Do you foresee an ability to cut rates . No, i dont even know who the new central bank is going to be. Whos going to be the new president . Whos going to be the director of Monetary Policy . If youre talking about the central bank that is currently running, ok. We could talk about some reductions in the end of the year. The new central bank and depending on the new minister of finance would really fight inflation more boldly. Thank you for joining us, Bloomberg Intelligence economist who covers brazil. Alix earlier today, richard of sreed the president kumar Global Strategies compared brazils challenges to those of argentina. A governmentw as doing all the right things and maybe has 18 months to prove to the people that the medicine theyre being asked to swallow is going to be worth it. You will begin to see improvement. Argentinas economy is down about 2 . Brazil has not even begun the transition. Let me give you one example about the dysfunctionality of brazilian politics. In their congress there is no threshold for political participation. There are better than two dozen parties. Aagine trying to govern with coalition that has to be framed with more than two dozen parties. You cant make the government work. You have the state owned company that is just corruption on steroids and youve got a political culture that is deeply flawed. This is the rally, the success. Strong real. I completely missed the miracle that was mr. Lula. This is the backdrop to a commodity implosion in a global economy. Unlike me, you have been dead on about the slowdown. Is the backdrop to brazil continuing p. M. Slowdown and for that matter a possible global recession . Isi think a global recession very much in the cards. What you had is a big rally of 25 percent in brazilian equity prices in the First Quarter. Realave also run up in the Dollar Exchange rate coming from the expectation that Dilma Rousseff would be impeached. That has not happened. We wake up and face reality. Changes there are two problems. One is the corruption involving petrobras. Election in if the 2014 was itself fraudulently obtained in terms of making up fiscal data ahead of it. In my visit recently to brazil the point is to make it distinction between the two. If you call an election sometime both removed from office. I think for investors that would be the ideal solution. Haass. that was richard up, check out this chart. Todays mystery stock should be no surprise to the young heart. Or at least to those frozen in their youth. We unveil our mystery stock next. Scarlet this is Bloomberg Markets. Im scarlet fu. Alix im alix steel. Scarlet julie hyman has the big reveal of our ministry stock. The clues are young at heart, frozen in their youth, worth grabbing before it rockets even higher. Julie hasbro. Of the actual toys based on frozen, star wars, etc. Coming out with earnings that Beat Estimates by a pretty wide margin. The stock has done very well this year. Its up 29 and a lot of the game is coming today. We are seeing the stock rise in response to these earnings. Hasbro shares are also trading at a record today. Mattel shares have also risen by the same amount today. The boys and girls category did well. Both benefiting from the sort of princess and frozen category and the star wars toys. Today is also on the move due to the jungle book and its big Opening Weekend. Beingition to that it is upgraded over a pivotal based on that upcoming opening of the Shanghai Disney resort in june. Those shares up by 3 . Scarlet that is the movie i would be more likely to see. Alix coming up next, ed morse will be talking on the failed talks in doha. Much more coming up on Bloomberg Markets. Alix live from bloomberg World Headquarters in new york, i am alix steel. Scarlet i am scarlet fu. This is Bloomberg Markets. Lets begin with headlines from number first word news. Mark c. thank you. Hillary clinton and Bernie Sanders are backing legislation that would allow americans to sue saudi arabia over the 9 11 attack. The bill is proposed by the obama and administration, but is important to families of the 9 11 victims. Saudi arabia is threatening economic retaliation if Congress Passes the bill. Much of houston, texas is underwater after a storm dumped 16 inches of rain in 24 hours. Schools and to the offices are closed and for the offices closed. The mayor is urging people to stay off the roads. At least 70 subdivisions have reported flooding. We now know the winners of the Boston Marathon. Closed and womens championship were taken by ethiopians. A field of more than 30,000 in thepants participated event. This is also the 50th anniversary of the first woman to be just a indie contest. The death toll is rising from the earthquake in ecuador. The magnitude 7. 8 quake was centered about 100 miles from the capital of quito. Some coastal towns were devastated, and many people were in collapsed buildings. In japan, the death toll has risen to 42. An explosion on an empty 15 peoplebus injuredchampionshn in a nearby vehicle. The cause of the blast was unknown. Initially called the blast a terrorist attack, but all options are being examined. Global news 24 hours a day, powered by our 2400 journalists in more than 150 news bureaus i am mark world. Crumpton. Affect to you. Lix thanks so much talks between the Biggest Oil Producers unraveled at doha this week after saudi arabia and toer nations refused eliminate supplies. Iran was not even there. Scarlet elliott, many people a deal wasent that imminent, heading into the weekend. What happened in the last 48 hours . Elliott i suppose the notional of the iranians put a downer on things. The Oil Ministers arriving here from all corners of the globe would not have come here if they did not have some hope that an agreement could be reached. We got word that a draft oneement had been reached saturday. The saudis, venezuelans, all on board. Some ministers wanted to change things right at the last minute, before the meeting was due to begin. That is when it became apparent that it would be hard to reach an agreement because it went more than 10 hours beyond the scheduled finishing time. The Russian Oil Minister refused to blame iran. I think we have not reached expectations that we had when we prepared this meeting. How does the country that does not participate in the meeting be the reason for not reaching an agreement . Iran did not participate. This is an issue of the largest member, saudi arabia. Elliott although iran was not here physically, they were certainly here spirit. Their wording of any agreement says it will only come into effect once the iranians come on board. That is what suffered this deal ultimately. Alix i cant help but wonder the distinction between the Saudi Arabian minister andy deputy crown prince, and who actually is dictating oil policy right now for saudi arabia. Elliott i dont think anyone has any doubts anymore that it is the deputy head prince. I dont think the timing was coincidence coincidental. Will berated that they freezing oil at that for everyone. Im sure some are guessing that that was designed as though iranians were not going to show up in the first place. As i say, if they did not have any hope that a deal could be reached, the Oil Ministers would not have showed up. Some are suggesting that this is quite embarrassing for the saudi oil minister, who has reigned. Upreme he is more than 80 years old. Perhaps there will be suggesting that might be time for him to hang up his boots. Scarlet thank you so much for setting the scene for us there. Doha sent oilin prices plunging almost 7 , but they have made their way back. It is trading just over 43 per barrel. Ere joined now by ed it is very curious, the reaction throughout the day, why arent we down 10 . This is another event that happened, the disruptive supply thousands pulling of barrels out of the market. That is much more than could have been accomplished at the doha meeting. We think that the strike the cause this pullback