Think we are pretty consistent in saying we are working every week really closely with the house and the senate. Plan. Ave a joint when they release the combined plan it is going to get past, it is going to get passed by the house and the senate. It is our focus to get that done this year. It is critical to the economy. Administration is committed to unlocking the economic capital needed to create jobs, improve wages, and getting growth above 3 . It is a sign of the trump familys growing influence over foreign affairs. According to people familiar with the matter china has invited ivanka trump and her husband, white house adviser jared kushner, for a visit later this year. Prepare for ahelp visit by President Trump himself. Protecting Financial Services at the heart of his plan for brexit. Mention howl speech, he says breaking up Financial Services, such as derivatives and lending would hurt both the u. K. And eu. Controllingom that is the latest from bloomberg. I am mark crumpton. Julia im julia. Scott of thing im scarlet fu. Joe im joe weisenthal. Giving u. S. Stocks retreating from alltime highs. Joe what you miss . s got a thing we will look at three charts that will give you serious pause. Announce itswill decision on whether to include chinese mainland stocks. We will bring you that right to live. Maybrexit negotiations amend the attention of the euro elite but greece is still in a painful bailout. We will speak with that countrys economy minister during the sour. During this hour. Toward the close. Abigail doolittle is standing by. Abigail bank abigail we are looking at major declines heading into the close. A bit of a flipflop earlier. The dow did put in an alltime high. Nasdaq about 2 10 of 1 down. All of these averages are near session lows. It is worth noting for the s p 500, only two of 11 sectors are higher. Lets look at the best, health care, that is s p 500 health index, putting in an alltime high, rising for a third day in a row. Being helpedeld out by biotech and pharmaceutical sector. The hospital, the bloomberg hospital index. This come a Bloomberg Intelligence analyst told our team earlier, he thinks it is a Senate RepublicanHealth Care Bill. We did have sent majority leader Mitch Mcconnell, this afternoon saying we should discuss a draft on the build thursday. Turning to what is really dragging on the market, energy. Four out of the last five days. Scarlet was mentioning a bear market. The dollar is trading higher, putting some pressure there. There is the worst sector for the s p 500. It is dragging on the emerging markets. Down 1. 5 . They are sensitive to commodities. If we hop into the bloomberg quickly we will see this is an exception, this is a year to date chart. Up about 9 on the year. The emerging market etf. Up 17 and very interesting the big split happens to be around the first version of the Health Care Bill in the house. Just a siddons they are perhaps but nonetheless an emerging market on the year is outperforming u. S. Stocks in a big way. Scarlet thank you for that set up. We are going to stay with emerging markets. Argentina has made quite the come back on International Markets after spending 75 years of its 200 years in existence in default. The government sold 2. 7 5 billion of 100 year bonds. What is that signal about global emergingmarket assets . Marketsead of emerging strategy, when as abigail is just showing us there was a lot of money and attention going to emergingmarket stocks. Influencers are certainly high and spreads are very low. Conditions are ideal for argentina to solve this kind of death. What are the risks . This kind of debt what are the risks . Guest the risk of complacency. We are in a low volatility global backdrop right now. Pushing money out into markets. Buyer it is tough. What could possibly go wrong . 100 years, that is pretty extraordinary bond maturing in the year 217. Probably none of us are going to be allies unless theres some sort of medical breakthrough. Story or aargentina global appetite for yield story . Argentina has come back very strong. Has had decades of economic mismanagement and bad policymaking. Its a great story. Obviously what markets and investors are forgetting are when you go out your taken on extra risk. Im an old timer. Plentifulen this global liquidity. Something happens, whether it is a shock of some sort. Shrink. D to 8 yields where it comes in. In the heyday in the 90s, we talk about double digits, 12 , 14 . To back our expectation on a fair yield. Sort of the bad byproducts of this qe. Zero Interest Rates in the u. S. And ecb. Very rd is we have to be aware of it. What the fed is doing with the fed raising Interest Rates. Of some at the behavior of these emerging markets and even in that kind of environment , feel free to lower Interest Rates. It would be an ultimate nono. Rising Interest Rates in the fed. Massive to emerging markets. The rest of the world is still pumping out liquidity. The ecb is doing qe. The fed is withdrawing stimulus. In general countries compete for capital. Reward. Risk right now liquidity is plentiful that we dont have to worry about malaysia having to get more capital in. We are talking about ecb removing qe next year. We are reaching an inflection point. I dont know when that Tipping Point is but im pretty confident it is out there. There is a huge distinction between removing accommodation and actively tightening as well. I want to talk about that liquidity because every but he is keeping and i on this afternoon. Theave been focusing on return of mainland or the chinese stocks. I want to mention argentina before we get there. Could return to emergingmarket status as well. If you look at the positioning of emerging markets, you can see that Short Interest has been going up in this etf. There is this tendency to pile in before the announcement and selloff when you get the news. Kindabout longterm what of demand that would mean for argentinian assets overall, whether it is currency or response. He has basically gotten pushed down in the front here in the first place. Ifould be very surprised that is not emerging tonight. It is sort of part and parcel the chicken ndx. To me they are going in because of the mst. Undertaking the performance that needs to be done to put the economy back on track. The 1930s, one of the top five, top 10 global economies. Back on the path. I hope the rest of china duet 4 30 this evening. What would be the significance if finally china gets the nod on this . Guest what they have proposed would be a 0. 5 increase. They kind of dialed it back. Increased by five percentage points. It is not a huge amount. It would be a net knowledge meant the china continues to move china continues to open up its market. It is almost 5050 because there are three different areas not fully addressed. Some suspense on the show. Global head of emergingmarket and strategy. Julia coming up, what is next for the Greek Economy. We will talk to the Greek Economy minister about the biggest headwinds and where he sees opportunity for redemption. From new york this is bloomberg. Julia greece will need Additional Debt relief to gain the trust of investors, even though it exited a lot with a 10 billion cash offer. That according to the European Commission and a roth support roth report obtained by bloomberg. Greeces economy minister joins us now in an exclusive interview from washington. Thank you so much for joining us. The European Commission still saying the country needs debt relief. Your government saying this has been crucial for the economy to see some kind of turning point and really accelerate. Itmust be frustrating that is not going to happen in terms of discussions until next year. Guest we just completed the and what isw, decided is certain opportunities for greece. It provides a roadmap to fiscal balances. T provides debt relief it provides a plan for investment and support for accessing the markets. I think we are looking to greece for a road to recovery. Results, wearter will see all the trends are positive starting with the industrial production. The exports have been dramatically increased for the first three months of the year. On theall i think we are road to recovery. The imf and the government which givenund 2 , most likely context in the u. S. And other people who are very much interested look like its achievable and we would be there. How important is it that to thegets access European Central banks Asset Purchase Program . Do you believe that is essential for investors or will they invest in greece without it. Is morenk the access symbolic in nature them actual credit. Limited to how much credit we can get through a qe program. Its a decision done by an independent institution. I believe based on the expression of interest i have seen, greece will be able to access the markets, even without with the election of Emmanuel Macron and france there has been about europeism continuing along reforms, perhaps down the road some shared the school responsibility. About thestic are you eurozone in terms of resuming that path forward . Are veryk the voices welcome. The eurozone has some difficulties facing it. What macron is suggesting and what others will probably continue to suggest is something for the improvement of the architecture of the eurozone. Now than iptimistic was before without the election of mr. Macron. This depends on the elections of germany. I think there is a realization that things have to change. Even indicated we need to have our own european imf. So we do our own things about of solutionsnce that we perhaps do not know as much about the eurozone. You mentioned greece should be able to access the Capital Markets without qe. When do you think greece may be of of go back to the Capital Markets with a bond issue . The expectation is by the end of the year, the end of this year the beginning of next, as you see the spread is dropping dramatically. As well as the 10 year bond. It depends where we are after the program begins. The secondquarter growth rates because of tourism and other activities that take place. I believe at the end of the year we will be ready to go in the markets. Given their support from the European Union in terms of the cushion, i think we will be ready to do that then. Julia critics at this stage say the government pushes it right to the last moment to enact the kind of reforms like tension, like labor reform. There still seems to be an element of distrust in your administration. Does that frustrate you . This government has found so many structural reforms. The fast and exceedingly large number of reforms. There are only 24 remaining. I think the proof is in the pudding. I believe the realization will come that greece is normal. Greek economy minister, thank you very much. The bloombergr business flash, a look at the biggest business stories in the news right now. Ford has scrapped plans to build a small car in mexico, opting to import vehicles from china instead it that starts at the second half of 2019 and will face 1 billion. The odd makers investing 9 million in upgrading its kentucky truck plant to build and navigators. The move secured 1000 jobs at the louisville plant. The winning streak has come to an end. The Investment Firm hosted a 33 drop in bond trading revenue, fixed revenue fell to roughly 158 million with total trading declining 7 . Big s conclude how if the billionaire steps down next year as chairman of pk Hutchinson Holdings the empire includes telecom, retail and poor businesses. The wall street journal faced the elderly sat down by july when he turns 90. 32 point 5 billion, second only to jack ma. That is your Bloomberg Business flash. Scarlet for a little more context, this is rich go on the bloomberg. And number 22 globally you get a snapshot overall, including his nickname superman for his business acumen. The fact he is number one ranked in hong kong. When you look at net worth uplysis, tk hutchison makes almost half of his net wealth. Then you have this purple slice here, Property Development also a big source of his wealth. Rich go on the bloomberg. Next, crudes leading to a 10 month low entering a bear market, more concern the global glut will this is bloomberg. Joe im looking at a technical chart i saw from mark rant at hilltop security. You can see breaking this green channel, some moving averages. Oil just over 20 down from a high. So much opium is pumped right now. This is the fourweek trailing average, which smooths out numbers. Earlier this month the buildup forhed 1 reached a high 2017. Its really true that opec cuts are not having much of an impact. Julia i tracked a chart at the highyield energy index. The you remember when everyone was concerned about the exposure of the debt within the energy sector, some of the smaller names in the shale players. I tracked back when oil was down around 43 dollars per barrel, and look at where the highyield energy spread is at. What this shows is that wereyield energy spreads 250 basis points whiter when oil was left at these levels. Scarlet complacency seems to be a common theme. The market closes next. That close is next. The dow and s p retreat from the record highs. From new york, this is bloomberg. Julia whatd you miss . U. S. Stocks dropping as oil slides into a bear market. Fed officials continue their rhetoric. I am julia chatterley. Scarlet i am scarlet fu. Joe i am joe weisenthal. If you are tuning in live to twitter, we want to welcome you to our closing bell coverage. Scarlet we begin with market minutes. The dow and s p retreating, pulling back from record highs made yesterday. Offaq, the lead reporter, to the downside 0. 8 percent. Alas is intensifying its trading came to a close, with indexes finishing at session lows. In terms of Industry Groups, we have been talking about the drop off in oil prices 10 minutes ago. Energy stocks among the big decliners, off by 1. 2 . Four Industry Groups losing more than 1 . A sizable move after a period where many did not move much. Joe especially around securities. Scarlet discretionary contains retailers. Amazon announces it will enter the subscription business with retail apparel. That is of concern to retailers. Rig off of individual, by the most the lowest since almost 1995. The drop today, 2. 4 in tandem with falling oil prices. At the lowest level since 1995. Comcast has its worst day since february of 2016. Craig moffett said cable shall rally. Es had a recent the market no longer views Cable Operators as contrarian investments. Chipotle losing more than 7 . Higher advertising and cybersecurity costs eating into its margins. A company that is still struggling to get back on track from its food disease outbreak. s biggest gain in a month, up more than 5 after a rival that competes with its did less wellver, than expected in a trial. Joe Government Bond market yields lower today, sitting with the risk off sentiment. 2. 16 . A bit of flattening in the curve. Which brings us to a bigger term perspective. Here is a chart of the 530 spread. Im not suretoday, where closed, but the lowest level since late 2007. You go really far out on the curve and see an incredible amount of flattening. Incredible chart. Julia it is. The losses we are seeing an basis points, not impacting the dollar, rising a second day. The pound helping that rally. A postu. K. Election low. There was a survey on how they thought brexit would play out. Turous, drawn out in negotiations with delays. That is the likely scenario. Bit bank ofm england governor saying it is too late to setback trade policy, even with the concern of inflation, given the outlook for brexit. I want to take a look at the commodity area. Defensively, in light of what we are seeing in oil. Some of the steepest losses for the ruble. Joe speaking of those commodities, lets take a look at oil and gold. We talk about oil entering the down 2 . Et, below 43 a barrel at one point. Here is the chart, it is really ugly. Rising supply out of libya, the u. S. It is taken the wind out of the sails of that opec cut story. Everyone is focusing on the supply side of the picture. Good if you were a driver, but not an oil producer. Julia whatd you miss . Senate republicans may be asked to vote on Health Care Reform next week. Many have not seen the bill despite Mitch Mcconnells comments earlier today. I expect to have a discussion draft on thursday. We will go to the bill once we get a cbo score. Julia lets bring in a bloomberg reporter from capitol hill. All of the secrecy surrounding this bill has literally enraged the democrats. But many of the republicans have not seen it, either. How can we vote on this next week . We are seeing rand paul, who took a copy to the house side, when that bill was written behind closed doors and now saying the same thing. Many are complaining about the process. The chair of the finance committee shouldve seen this bill said, i have not seen it yet. The question is, how can you vote on a bill if you do not know what is in it, what objections you will have to it . That is the question Mitch Mcconnell has played. We have to vote on this before the joint recess, or do we wait and worry about senators going home, coming back, finding out that americans know what is in the bill, they are not happy about it . Joe lets talk politics, a big vote happening in georgia. Explain what we should watch for and how does the result tonight impact legislative tasks Going Forward . Arit it will be a close, close contest. Pulled show it is within the margin of error. George is a state that takes a while to get votes in, so it will be a late night. In terms of what this election means, it is not going to change the control o