Comes in. Lets take a look at the markets this morning. Abigail doolittle this morning. Abigail not a lot of reaction to the existing home sales. Trading largely unchanged, slightly to be up, similar to recent opens with the markets trading relatively flat and perhaps moving toward south of intraday volatility. The dow has flipped a twin small gains and losses, perhaps headed that direction right now. Almost in a refill into these markets as investors are waiting for resolution about more information on uncertainty around the Trump Administration and what could be ahead. As far as one piece of news that could be coming out today, theres a pretty big expectation that President Trump may sign twoxecutive orders to basically advance the construction of the keystone and a good access pipelines. The code access pipeline. On this we do have some of the Energy Related companies up including Energy Transfer partners. They have the 3. 8 l you dollar Dakota Access pipeline project in Energy Transfer equitys owns a stake in that limited partnership. We see a nice rally. We have a nice rally in natural gas. This does mark a pretty big shift from the Obama Administration around these oil and gas pipelines. We have natural gas up 3 . Row,econd up the in the despite the warm weather we are enjoying in new york. Vonnie we will bring it to all of our listeners and viewers when it comes out. I want to get more on bloomberg exclusive now on executive actions set to happen today. Advancing construction of the keystone xl and the Dakota Access pipelines, buffers, breaking news. Paul ryan has said he invited donald trump to a joint session of congress on february 28 will step the last day of february, to address joint session of congress. It will be trumps first appearance before congress and a chance for the president to lay out his legislative agenda. It is not technically a state of the Union Address since trump was just sworn in. Traditionally they are invited to speak before senate and house lawmakers. Paul ryan extending that. Nvitation to donald trump of course, he did it on twitter. I want to bring in a reporter at the white house. Let start with the House Speaker paul ryan invitation list of how unusual is this . How typical is this . A big morning at the white house. President trump is most likely going to be heading to capitol hill in february to make a joint address to congress. It will be the closest thing to his state of the union. He will be able to talk about his agenda in the first 100 days that includes everything from tax reform to repealing a replacing obamacare to repealing a number of different anulations it will be opportunity for President Trump to speak before members of congress. He will need both embers of the Democratic Party and Republican Party to get his agenda through. This will be an opportunity for him to make the agenda known to all lawmakers on capitol hill. Vonnie we are ready have a lot of actions happened by then, by executive order. Perhaps including something on keystone xl and the decoder pipelines. That is true. President trump is not waiting for congress to take action, specifically on the Keystone Pipeline and the dakota pipeline. These are two pipelines that have a block by the Obama Administration. President trump says he wants them to move forward and unlock some of the Energy Options that we have in the United States. Doesll be signing those it executive orders and the next hour. That is something the Energy Markets are celebrating. Vonnie what else are we looking for the president to be signing today . Most likely today, those will be the executive orders. And he will also be meeting with a number of leaders from the senate. Yesterday, he met with congressional leaders from both sides of the aisle. Today, senate leaders. He will be the senate to get his agenda passed. The senate is very much split between republicans and democrats. You will need some democrats to cross over to back his agenda. He will meet with leaders today and hope to get convince them about his agenda. Vonnie any signs so far or is it too early to tell whether there is going to be some collaboration and is congress . Yesterday, we started to see President Trump reach out to traditionally democratic constituencies. He met with a number of Union Leaders and that praise with Union Leaders, several of them supported his opponent in his president ial race. He is likely to continue to reach out to democratic constituencies and try to get them to move over to his side. Vonnie thank you for that. Mark . Mark lets check out the european markets. There i am. There you go. 90 minutes away from the tuesday session. Stocks, little change from the Supreme Court ruling 9 30 london time. Theresa may has received the backing of parliament for two triggers article 50. Articlee she triggers 50. There will be no need to get backing from regional assemblies. That is a big relief for Prime Minister may. Bull members be tabled . Without delay the triggering of article 50 by the end of march . This is the british pound index. Bloomberg british pound index, a gauge of the pound against its major peers, against a basket of other currencies. Thiswe rose, up, down, slightly lower. The concern is todays ruling isnt going to put a brake on brexit. Maye at worst for theresa article 50 will not be able be triggered by the end of march. That is the worstcase scenario. Sterling is falling today was to. Rexit will go ahead that seems to be playing out in other markets as well. Ftse. This is 9 30. Sterling declines and more small cap in the ftse 250 and ftse 100 rise. This is the 10 year yield. The yield was higher anyway. Inched a bit apples that came down. Rapidly roughly up. Not massive movements and markets today. I think investors are priced in the fact is approved court ruling would go against Prime Minister theresa may. Lets get tomorrow todays brexit ruling. Lets get over to anna edwards who is outside the uks of record. The significance of the ruling by the Supreme Court today. Anna thank you. Justice newberg come just two minutes into a six minute statement come to get to the part of the verdict of the Supreme Court today. It told us the Prime Minister had lost they would need to stick to the High Court Ruling of november. They would need to go to the houses of parliament to ask or get their sayso in triggering article 50. 2. 5 hours ago, we heard from the brexit secretary who stood up any house of commons and gave the governments reaction. This is what he said. This government is determined to deliver on the decision taken by the people of the United Kingdom and the referendum granted by this house to leave the european union. We will move swiftly to do just that. Say he also went on to there will be putting before Parliament Something that is very short bill. The legislation will come within days. The reason is it is about trying to stick to the timetable. They said they want to stick to the march deadline, selfimposed deadline of march 31. That means trying to get things moving as quickly as possible. They will be hoping for as few of them is as possible. However, it has been said 55 50 will be tabled. Have their democrats amendments. It will not be entirely smooth sailing for Prime Minister may. Mark that is the key point, isnt it . Brexit is going to happen and that is what seems to be reflected in the pound another u. K. Assets. To what extent can opponents of brexit derailed the process, ensuring they have more of a say in the brexit negotiations . Anna that is crucial. I spoke to senior labor politician or he does hillary and he said it is not about it is about the will of the people. Even he suggested it was going to be possible for the government to stick to the timing, but others might not want to. The s p with their 50 amendments, the leader of the s p disappointed as a print court did not find there was a need for the government to consult the ministrations in edinburgh and belfast before triggering article 50. He was quick to point out she was quick to point out that scotlands voice is not being heard. Scotts must choose if they want to take more control. Is that suggestion this moves up closer to an independence referendum in scotland . We will have to wait and see. Certainly, there will be disappointed that some of these regional bodies will not have their say. The Supreme Court possibly keen to avoid giving them some sort of veto over the westminster government. Mark thank you for joining us for the moment, anna edwards, bloomberg tv reporting from the u. K. Supreme court. We will have an interview later. The case against the government coming up in about 20 minutes time. Newse i want to reiterate that we got just moments ago from washington House Speaker paul ryan, inviting donald trump to address the joint session of Congress Taking place february 28. It is not a state of the union because the president has just become the president , but it is similar to it. It is a tradition. Said berry 28, that invitation going out on twitter. This is bloomberg. Mark live from london and new york, i am mark barton. Vonnie this is the bookmark its. Bloomberg markets. No shortage of news for investors to digest today. Joining me now is the chief Investment Office of global credit. Every thing that happened this morning from the Transcanada Pipeline potentially going ahead today are getting approval at least from the president of the Supreme Court decision in the u. K. , what do you find most interesting for credit markets . The first place to start, there is a tremendous amount of change going on. A lot of uncertainty around policies and things that have worked for the last several years, yet to start questioning. I think that is an appropriate time to start looking at your fixed income allocations and asking the questof, aryou really exposed to policy changes in a place like the u. S. . And what u do about that . Vonnie do you look at real yields for nominal yields . Do you decide there is no value to be had here and you need to go to the more junky space . A couple of things to look at. First of all, yet the look at real yields because at the end of the day, that is the type of return youre going to receive the between the currency and the actual bond. We are seeing opportunities across the space. A lot of the currencies have cheapened up over the course of the last several years. Unlike countries like the u. S. , the u. K. , countries are going away from populism. Vonnie hold that thought. We just want to show you some live pictures. Automakers walking to the podium having met with the president. Lets listen in. We employ many people across america, good paying jobs from the people that work in our factories to manufacturers that support our plants with parts to our wonderful dealers who are literally in every humidity across america who helped sell and service our vehicles humidity across america who helped sell and service our vehicles. We are very encouraged by the president and the economic policies he is forwarding. I would, yesterday the president s decision to withdraw from the tpp. We have been very vocal both as an industry and a company, and we have repeatedly said the mother of all trade barriers is currency manipulation. In meaningfully dealing with that. We appreciate the president s courage to walk away from a bad trade deal. I think as an industry, we are excited about working together with the president and his administration on tax policies, on regulation, and on trade to really create a renaissance in american manufacturing. Mary . Huge nk there is a theres a huge opportunity working together as an opportunity with government that we can do to improve the environment and safety and improve the Jobs Creation and the competitiveness of manufacturing. Were looking forward to all of the elements that mark talked about to do that. Any specifics on regulation . Given the concerns about him tweeting and sometimes challenging you . Vonnie you saw some of the major automakers from the ceos , speaking about their meeting with president donald trump. Talking about tpp and how he had the courage to walk away if it is not working. Lets return to ashish shah from global credit. Em,are starting to look at brazil, mexico, and turkey. We saw Bank Intervention in turkey. Anything give you positive that those markets . In mexico and turkey, both are going to real challenges. The currencies are getting cheap. I think when you look at across the world, yet the balance out the violation with the policy direction. In brazils case, 12 months ago, 18 months ago, this was a country that was really challenged, had gone to a lot of populism. They are finding austerity domestically. That is helpful to the bond market. Use all the Central Bank Cut rates 75 basis points. When youre thinking about bonds, you have to think globally. Those cuts occurring there are very different from the tone we are seeing in the u. S. Where the fed is raising rates. Mark you say europe looks attractive to the u. S. Youre looking at euro denominated debt relative to the u. S. Just elaborate. Sure thing. The nice thing about europe is it is earlier in the cycle both economic and credit to the u. S. That means it is still going through a healing process that is not later in the Economic Cycle where unemployment is superlow and the ecb is hiking rates. Frankly, it is still in quantitative easing. That is a really good thing for financials. It means, like the countries forselves, have opportunity return. We love credit in europe. We are finding great opportunities there, particularly in at1a. Using get 6 , 7 yields. You can hedge them back like we do in the global bond fund. You can add in another 2 . Really attractive returns that are available in the bond space that are not particularly sensitive to Interest Rate rises in the u. S. That is the key, diversify. Mark youre saying you like high yields, but avoid cccs. Why is that . We think you have to be more selective in the lower quality parts of the market. But we are actually finding interesting opportunities there. The overall sector of triple cs yield around 10 . That is in attractive yield. That is not a bond in the way you think about duration. That is really in equity opportunity. Given some of the areas of growth in the markets that some of these copies are quite attractive, but we do think you have to become more selective because unlike 12 months ago when yields were double that, could havend you basically bought everything and found a good return, you have to be more selective in todays environment. Vonnie what happens when the fed raises again and how many times does it raise this year . I think were still in the two raises year to date, possibly three. You would have to have a lot of things going right to get to that three. I think chair yellen has highlighted that she is willing to let the economy run hot. Twoong as we stick to those races, i think youre fine. I think the risk we see and all of the change is that stepping on the accelerator late into it Economic Cycle when unemployment is very low can be damaging to all risk assets, as well as bonds. That is something we have to watch. The fed starts hiking faster than the market expect, you will see both stocks and bonds come under pressure. That is why it is so important to globalize your bond portfolio because, you know what . The fed can be hiking at the same time you can never does have other Central Banks keeping rates low. Mark what about a china deceleration . China deceleration is very much on our radar screen. You may have noticed that china raised rates overnight briefly on one of their measures. They have a real set of asset bubbles that they are trying to contain financially. We dont think we end up seeing a hard landing in china, but we do think growth ends up being a lot lower than the market expects. And that is going to create a balance point to the stronger growth you are seeing in the u. S. Coming europe, and in japan. Bonds, think about everyone is afraid of rising rates. The reality is, if rates rise slowly, youre still going to earn a very good return in the bond space. Growth shots of a downside are what you own bonds in your portfolio. Mark ashish shah, thank you for joining us from global credit and head of fixed income for ab. Segment. Our etf etfs did extremely well. 2017 with growth of performing value your today. Here to tell us more about the two strategies, abigail doolittle. Thank you. As i do and growth etf sounds oldfashioned. How do they connect . If you look at the whole smart data space, value and growth etfs comprise about half of the smart data space. Even as you say, theyre much older than even the term smart data itself. Force is in smart data. Abigail how have they managed to stay around for so long . Strategies that investors are familiar with dating back to actively managed funds. A lot of smart data etfs are trying to convince investors there is another way, whereas value and growth etfs has sort of replaced active management to some degree with a sort of lowercost strategy. Abigail what does the performance look like . Value really took off after the election, up more than 8 at one point, the iwf. Growth underperformed. Changed now. People are looking for the shift between the strategies. I think was more happenstance this time. If you look at the value etfs,