"bloomberg markets." ♪ mark: we are going to take you from new york to london in the next hour, plus covering stories out of washington, amsterdam, and paris. hero the top stories we're following on the bloomberg today and around the world. all the focus here in europe on marine le pen french presidential race. are investors listing another risk spot? we will discuss whether the populist movement will take hold in the netherlands. vonnie: investors are waiting president trump's big speech to congress t tonight. will he unveiled details on infrastructure spending? toys for the biggest growth this year. we will speak with credit suisse on its latest report on where hedge funds are putting their

capital. mark: have a look at where european equities are finishing right now. function. is the february, the in best month since december. , theauge, the benchmark stoxx 600 is up by 10%. every industry group is trading higher, led by tech and auto. an interesting chart about russia. the trump trade sent russian stocks to record high fast. the index are more than any other stock gauge in the world in february. ottoman -- octomom deflates under sanctions from trump and a further sign investor interest is starting to sour. the world biggest etf that tracks russian equities logging

its largest outflows in nine months. a slowdown in the pace of games and brent crude after surged at the end of last year, making stocks of russian energy companies among the worst performers this month. slumping tok gauge the worst month since december 2014. among major global markets, china h shares holding the best crown for february. climbing almost 6%. sinceonthly advance august as inflows from mainland investors have stabled the yuan. the top performer with a 25% surge. let's finish off with the gold in euro. it is the highest since september on election risks. those are here in europe, the

netherlands, of course, france, germany. euros this month by 5%. look at that trend up in euros. julie, how is it looking there? julie: little change. this is what we have seen for the 55th straight session. stocks have been fluctuating between gains and losses, particularly the dow, which has been trying for its 18th straight session of gains, which would tide the longest street going back to 1987. this streak of records that we have seen for the dow has been somewhat lackluster. sinceonly up 4% in this passed freaks that have seen 9.5% gains. look at the bloomberg aji #vtb #btv 6343.mberg g you got the daily movement here and the yellow line drawn to

smooth it out. we are at record lows here. if it feels like the dow was going where stocks are going sideways, it's because they are. we are seeing these very small daily movements not just in the dow but the s&p as well. just taking the dow as an example. if you want to find bigger movements, you have to go to individual stocks. that are plentiful big movements. target is the big example today after the company's earnings missed estimates by a pretty wide margin. only 35% of u.s. households shop at the store in december compared to 53% who did so way back in december 2007. target says it will be changing its strategy like walmart and introducing new brands. will helpoping that the stores and kroger shares trading larger today. we are seeing strength and commodities today except for oil prices, which are pulling back. we are seeing gold prices higher and corn is the stai stand out

as we see the biggest gap from consumption to production in eight years according to bloomberg intelligence. one uparly 3% to -- nearly 3% today. vonnie: president trump's highly anticipated speech before a joint session of congress tonight. bloomberg's chief washington correspondent kevin cirilli is on capitol hill with what to the executive editor john fryer joins us in london on what the global investor community wants to hear. kevin, why should we get details when donald trump has gone quite alright so far without giving details so far at least for the markets? kevin: the pressure is on the president tonight to win over republicans who are growing increasingly anxious over a like a policy specifics coming from this administration. expect them to take a position on controversial republican issues such as the border adjustment tax and where

he lies with that. ranging fromissues national security to immigration reform to tax reform to the regulatory policies, look for him to get more specific. that is what this republican congress is looking to hear as they begin drafting the policies to enact his legislative agenda. vonnie: but become next to you in london. is the u.s. audience, but there's an international audience tonight as well and a big one. what will they be looking for? john: the first thing that people will be looking for is clarity. there have been to donald trumps we heard from since the election. on the one hand, we heard from his dealings with theresa may and from vice president tense's shipped to europe, there is a conciliatory side that sounds like a traditional president. on the other hand, when you look

at his inauguration speech where he talks about america first, if lastook at the cpac speech week, there is another side that looks like the donald trump who campaigned, pushing for protectionism and all those things that worry international investors. the first thing first and foremost that investors will be looking for is a sense of clarity and a sense of what kind of president we're dealing with here. mark: especially europeans. he has been outspoken about the eu project itself. if you are a european leader listening in later, what are you hoping to hear? john: you are hoping that he will repeat a lot of the reassuring words we heard from vice president pence in munich two weeks ago. the fact that nato is essential to his vision for security. they want to hear him being tough on russia. of power in europe are bringing se cymer questions to -- similar questions to the ones in washington about how

closest ties are to russia. nato and russia -- those are the things people want to hear more about. come can president trump back the sense that there have been few achievements in the last five or six week? s? kevin: nancy pelosi, one of the top democrats in the house, has said that there has been little that this administration can point to in terms of job creation. the white house pressing back on that, saying his the regulatory policies havery been more progrowth and pro-business. tonight he will call for a $54 billion increase to u.s. military spending. he's also going to call for cut sticky agencies, including the environmental protection agency as well as the state department. that we arelans going to get details on tonight, according to the white house, is infrastructure spending. that is where this could get interesting with his relationship with the various factions in the republican congress.

and economic stimulus, whether or not there is appetite for that in the congress, remains to be seen, particularly among tea party conservatives. vonnie: john, the president yesterday said he would give details on the budget tonight and that it's going to be a very safety conscious budget. what art middle eastern leaders going to take away from tonight's speech if he does talk about terrorism and the idea that we are also may be getting another immigration order this week? john: certainly yes, that was the failed attempt to get the ban on travel from seven muslim majority countries. it did not go down in the middle east well whatsoever and there is an expectation that we will get a second run of that from president trump. certainly middle eastern leaders will be listening to that. it's also important not to forget asia here.

obviously china has been one of the top diplomats to washington last week and over the weekend. closely to then president's speech to hear any sign that he is serious about putting tariffs on china's imports. i think that is the other big red hot issue that international investors will be listening for tonight. mark: interesting comments from the former prime minister advising theresa may to be wary of president trump. obviously we have the special relationship. that stood out among many other comments. john: that's right. theresa may is in a very tricky position here. she's about to trigger article 50, which is very difficult negotiations for the european union, which you could argue the eu holds a lot of the cards. doing a trade deal for the u.s. is important to her. show the europeans i'm not completely isolated and alone here. i've got this free trade deal with donald trump.

the former prime minister is right up to a point given the fact how unpredictable president trump is, but at the same time, there is an opening there for her in terms of this relationship with trump. she probably needs to double down on it. vonnie: thanks to john fraher. he is coming from london, of course. also, kevin cirilli on capitol hill. a reminder -- you can watch president trump's speech live in full on bloomberg tv tonight. our special coverage begins at 9:00 p.m. eastern in new york, 2:00 a.m. london time. mark: let's check in on first word news. courtney donohoe has the latest from the newsroom in new york. ourtney: house speaker paul ryan says it doesn't concern him that he has offered more detail plans to fulfill his promises "because i see him as was a chairman."

he also says we need more answers when it comes to russia. >> we think we need to do an investigation here with our intelligence communities. there's one thing unique about gets into the it methods of collection of intelligence that is very sensitive. it is the most sensitive tool in our nation security toolbox. aat is why ou we have community of men and women in congress who got to the process of understanding those tools. courtney: ryan says we need to make sure "nothing happens that shouldn't have happened." attorney general jeff sessions warns that the u.s. is facing a new dangerous trend in crime. he says it requires more support for law enforcement and tough measures against criminals. sessions maintains that crime rates are moving up, even though he acknowledged that they remain near historic lows across the country. south korean prosecutors have been delivered a blow to the country's largest conglomerate. -- they have booked the

fact ahead of samsung on bribery charges. lee is accused of directing tens of millions of dollars to an entity controlled by friends of the south korean president. the britishe, brexit minister urged his colleagues to prepare for the possibility that there will be no divorce deal with the european union. david davis called that an unlikely possibility, but he says it's important that departments understands the challenges of negotiating an exit from the eu. global news 20 for hours a day to by more than 2600 journalists and analysts in more than 120 countries, i'm courtney donohoe. this is bloomberg. vonnie: coming up, credit suisse is out with its annual hedge fund survey. why investors are expecting this year will be better than last. this is bloomberg. ♪

mark: breaking news out of burberry -- gbl reporting a 3% stake and the u.k. luxury goods company. up by 4% on the revelation of that state. i can tell now and you that is the biggest gain since july 13, 2013. you can see the full screen on my right. there is a wonderful function that looks at the individual shareholders. capital group has 5.7% outstanding. black rock 5%. gbl will be one of the biggest in the of burberry stock top 15. burberry says it's business in the asian region enjoyed a successful boost at home in the u.k.. big news just breaking. a 3% stake in

burberry, sending shares up more than 5%. vonnie: not quite an all-time high, but it's only been higher on one occasion back in 2015. hedge funds on our radar now. a new survey out from credit suisse sounds the overall sentiment is positive. returnss are targeting this year and 80% of investors say they would maintain or increase their hedge fund exposure. for all the chatter of declining investments and pension funds, you are anticipating or your survey indicates in anticipation of inflows of more than 3% this year. >> that's right. there were a lot of headlines this year and there were many investors who were underperforming to a certain extent. if you look to the broader reasons why hedge funds are included in portfolios, you

have lower volatilities and other factors that go into those andsions good investors institutions take a longer-term view. they so far remain very committed to the space. vonnie: the average game was 2.5%. why the increased to 7.2% this year? think: certainly they with the new administration that there may be opportunities for various types of dislocation. some viewed the opportunity for rolling back financial regulations as an opportunity. i would say the vast majority expressed the view that increased volatility and less correlation -- remember we have a fed coming off of very aggressive few years in terms of flooding the zone with liquidity. so that has driven correlation up. now at a lot of investors feel that correlation is on the

decline animated better opportunities for hedge funds and stockbrokers in particular. vonnie: a tough weekend for hedge fund managers if they cared what warren buffett said. he excoriated hedge funds and we have a quote from his annual letter. he had this to say, wall street is charging high fees and it will lead to profits for outside managers and not the clients. does anyone put stock in that kind of sentiment? robert: what we are hearing from managers and investors is there hasn't been and continues to be a response to the institutional investors in particular who feel like the alignment of interest has been out of whack. i think there has been real progress if you look at the survey. we saw that 61% of investors we queried now say they have included things like incentives, high watermarks, other types of lighting -- sliding asset fee scales, fees that reward

investors for longevity. discussions seen around a deferred crystallization schedule. there is a response from the industry. i would argue that we are probably in the early to mid-innings. i do not think we are done, but i do think you have seen hedge funds move toward the center and that is what institutions have been asking for. vonnie: three out of every four of those surveyed say they have a discount of these in general. why the fascination with the new hedge funds still? something with 44% of respondents wanted to invest in a startup fund. robert: i think there's always interest. interest doesn't always translate into allocations and the amount of allocation ultimately decides what successful. always from a fiduciary standpoint the view from institutions that they want to be on the lookout for the next potentially great manager or the next potentially great strategy. everyone says they will look at startup hedge funds with a

smaller set up that actually pulls the trigger. vonnie: let's talk about strategy appetites. we have a graphic showing some of the top strategies at least intended for this year by those who responded. toy 6% are looking at global macro discretionary. -- 26% are looking at global macro discretionary. emerging-market equity is also 18%. beent: investors have interested in the ever so fine away from broader equity markets. what you see at the top of the list is global macro. global macro managers tend to have more arrows in the quiver. if you see global opportunities, they can be played from not only in equity standpoint, rates, currency. global macro traditionally is viewed as a way to capitalize on more potential dislocations. that got fixed income relative value, which we have not seen in the top three for some time.

again from an investor standpoint, we are told that investors view this as a way of insulating themselves in a rising rate environment and also a way to capitalize on dislocations. vonnie: it's just another instance of the divergence trade, right? robert: exactly. vonnie: it's interesting that emerging markets are number three, but short bias is number 33. you would think with fairly valued rich countries that there were be opportunities. robert: reading between the lines, i think what we are hearing from investors is that there is some dissatisfaction with broader fundamental approaches, more general market approaches. if you look at some of the top ranked equity strategies, you would see things like quantitative market neutral. you would see things like financial sector funds, health care. investors appear to be saying we have got enough exposure to some of the broader more fundamentally based strategies. we would like to zone in now on where we think the opportunity set will be going forward. vonnie: last point i would like to make is that develop euro is

supposed to go down by a lot this year. 36% were interested. again, these are surveys. robert: still positive. vonnie: we will have to have you back in the year. the chief investment officer of the dutch lender. are investors focusing too much on france and not enough on the dutch election? this is bloomberg. ♪

mark: live from london, this is the european close on "bloomberg markets." just about five minutes away from the end of the tuesday trading session here. vonnie: in new york, i am vonnie quinn. cigna jewelry shares are halted right now, having dropped substantially. there are reports from "the washington post" of arbitration

and shares her halted after dropping 8.3%. mark: the big news here on burberry is that the richest man in belgium, his gbl body has reported a 3% stake in burberry, the u.k. luxury goods company, sending shares up as much as 5%. it is the biggest gain since july 13, 2016. shares now are the highest since may 2015. we await the trump address to congress later. this caution in the markets today. this is bloomberg. ♪

mark: live from london and new york, this is the european close. stocks finishing the tuesday session higher up by a quarter of1% after a period

declines, the longest since november. that stoxx 600 down a quarter of 1%. still up by 2.7% in february, the best month since december. up by more than 10% since trump's election. slumpingunexpectedly to 1.4%, ending months of acceleration as you can see clearly from the chart. 1.4% from 1.6% compares with the median forecast from economists. food and energy prices record of the biggest year on year increase in prices. inflation has been slowly gaining pace across the euro area. that is likely to confirmed by data later this week that should show headline inflation up at 1.9% below the ecb target. core inflation still staying well below the target level of .9%. that is inflation and france.

iron ores rally has been strong. poised forerial is its best monthly run in five years. limited benchmark heading for a third consecutive monthly increase and it has lifted prices to the highest level in more than two years as analysts and miners themselves have hinted words of caution. they say the market may come under pressure in the short-term. australiaf governor says this won't last. pretty quickly, u.k. concern consumer confidence weakening as weak paid growth shows the index remaining below zero for attemp a 10th month. vonnie: i like that -- poised like a panther.

for now i will speak with regular old one which and the vix is a little bit higher. a little bit of the free fall in the market before tonight's speech by donald trump . nevertheless we can't ignore it. it is below 12 and that is the first time we have seen this in many sessions. the ruble is diminishing hopes that sanctions will be lifted in russia. a big chunk also coming off today explained with ruble weakness. the mexican peso has crossed 20 for the first time in a left. while. we have all the indices lower in the u.s.. abigail doolittle will tell us more about that and some of what we have looked at and currencies. wti crude is lower today. still around the $36 a barrel mark. interest rates are interesting to look at. tonight this will be a big indicator post speech of what investors are thinking. the yield on the 10 year at

3.24% right now. abigail doolittle has an in-depth look at the dow. abigail: it is all about dow 13. canada doubt put up its 13th up day in a row, matching of the longest streak since 1937? the 12 in thes road, matching a street back in 1929 and 1970. the fact that some of these streaks came back in 1929 when inre was a crash and an 1987 is causing some chatter for investors to wonder whether or not these could prove to be somehow bearish. there should be no mistake made. the composition of this rally, up 4%, is very different than back in 1987. we hop into the bloomberg and take a look at g #btv 6346. and white, we have the dow back

in 1987 and here's the 13 day when he street. it gained 11% in that time. here is the dow at 4%. much more acceleration that led to gains ahead of that crash. the is very different time periods and they should be treated as such. there's also the possibility that the march fed meeting is now live. we take a look at another chart on the bloomberg and this is g #btv 6347. this chart suggests that we are really not too close to investors thinking that there could be a rate hike. white is back in december of 2016. three weeks into that meeting, there was 100% probability that investors thought the fed would raise rates. they did do so for the second time in a decade. it has gone up quite a bit and the past month. even so, not anywhere close to where we were last december. vonnie: gaining a little bit of steam though.

it went from a couple of economists suddenly to 50% even. abigail doolittle, thank you very much. let's check in on the first word news. courtney: the u.s. president trump says he believes his predecessor is riling up protesters against his administration. he pointed the finger at former president obama in an interview that and today on "fox and friends." >> i think president obama is behind it because his people are certainly behind it. some of the leaks come from that group, which are very serious leaks because they are bad in terms of national security, but i also understand that politics. in terms of him being behind things, that's politics. and it will probably continue. courtney: meanwhile, president trump is expected to outline his vision for the country tonight and a speech before a joint session of congress. the speech begins at 9:00 p.m. eastern time and you can watch it right here on blumer television. news forgood and bad

american taxpayers when it comes to the internal revenue service. the agency is conducting fewer audits because of years of budget cuts. the irises focusing on those who are wealthy or have complicated tax situations. agents or try to squeeze more money out of each audit. malaysia plans to charge to women in the murder of the death of the half-brother of north korean di dictator kim jong un. one is from vietnam and the other is from malaysia and they could face the death penalty. can was poisoned by a powerful nerve agent that they say was provided by north korea. germany's challenging lufthansa right in its own backyard. ryanair will more than triple the number of planes that it has based in the frank for airport next winter and they will add business-oriented flights to places such as london and milan. global news 24 hours a day powered by more than 2600 journalists and analysts and

more than 120 countries, i'm courtney donahoe. this is bloomberg. mark: let's get back to the markets and take a look at europe's biggest risks right now. did hdier now is duret. the more pressing concern is the dutch election. how are you guessing the vote next month? didier: i think for the moment the european market is also under the spell of the trump affect. still athat is prevalent fear that that outcome may come. if you look, there's not some form of sovereignty that is linked to this election. the election is happening in an environment and a country where there is a system so the risks are rather low for the european

project co. the risks are probably higher for the french election, where the stakes are of course more striking. for the moment, i think the markets are very much focused on what is going on on the other side of the atlantic. this is a big moment for president trump. the presidency has the initiative when it comes to the budget and we can expect clarifying the landscape. mark: are you taking hedges to protect against adverse political outcomes in the upcoming elections in the netherlands and in france? didier: yes. from the asset location perspective, the best hedge is geographical diversification, meeting adding a widespread exposure in the u.s. market as well as other developed markets is a

sufficient hedge. just before ange election, it's always very expensive. we do not recommend this perspective, but i think the overall resilience that you have in as the location -- asset location should be able to handle the risk we are facing. mark: we have a story on the bloomberg today that talks about the dutch election and it highlights the point that you made that they will not be able to form a coalition. if the party does better than expected, that could have a knock on effect for the french election, which of course takes place after the dutch election. considering that his party could perform better than expected? yes, a coalition will not be made, but it might have a knock on effect when it comes to people who might perceive the

risks in the next election we care about, which is the french election. didier: first of all, we should of anize the result extreme party can be higher than what the polls suggest because there is a hiding behavior from ate. elector i think it makes sense to consider the result in what could be hence of the french -- election.he french the stakes are high, but there is a great recommendation of monks the people to go and vote. it will probably be the highest turnout we have ever seen in the french presidential elections because people are really motivated and engaged to go and vote. the winner will be revealed and the possibility is open because it is still very long. mark: trump speaks later. investors eagerly awaiting to hear the substance of his

address to congress later. what is going to provide further upside for equities from president trump later? are we going to get more detail? think the way he he sees the tax cuts will be the highly watched element. how he will try to compensate that with the budget will be an interesting element. the key variable to follow is the bond market because the bond market is highly sensitive to issuance. so far, we have seen a stabilization and the u.s. bond markets. the u.s. bond markets is most satisfied with very low inflation numbers, at least with headline inflation. we can expect a continuation of the trump momentum in terms of policy formulation that can provide a good confidence level

from the investor and a confidence level from the consumer. i think this is only the beginning. mark: give us a break down. i'm looking at your portfolio action. be exposed to the cyclical momentum in i.t., industrials. that is where the sales growth. break this down for what we should be investing in right now. didier: it is probably the reverse of what we had before the u.s. election. before the u.s. election, the core the portfolio was in the cyclical element and now it's the other way around. you need to be building your core portfolio around cyclicals and industrials and i.t. where you can expect double-digit earnings growth for this year . you can try to find excursion in the defensive sector where you can have face strong dividend yields for the income. you can find that in consumer

discretionary, although the price earnings are pretty high, but also in health care. mark: always good to see you. duret, thank you. bloomberg will be launching a brand-new show on fixed income called "bloomberg real yield." it as every friday :00 p.m. east -- it airs every friday 12:00 p.m. eastern. don't miss it. vonnie: i won't. i will be right here. house speaker ryan has forged known expected alliance in his efforts to sell a tax plan to the white house. we have details next. this is bloomberg. ♪

mark: live from london and new

york, i mark barton. vonnie: i am vonnie quinn and this is the european close on "bloomberg markets." that to u.s. markets -- back to u.s. markets. house speaker ryan has won an unlikely ally to save his tax plan and that ally is steve bannon. he is probably the most enthusiastic backer of the plan, which is facing strong opposition from the energy and retail sectors as well as in the senate. bloomberg's and adjutant joins us now from capitol hill. why on earth is paul ryan courting steve bannon on this? anna: on every policy house republicans are try to push through, it is important to get donald trump's year. the way to do that is to get to his closest white house advisers. steve van it is probably the most powerful of those, so getting him on board is important for his adjustment plan. vonnie: according to our reporting, the plan already has

several backers including stephen miller, reince priebus, and wilbur ross, and trade advisor peter navarro and maybe even jared kushner. anna: there's been an uphill battle to get pushed in congress. there's a lot of house and senate republicans who are very wary of the border adjustment element of ryan's tax plan. the more people in the white house on board and the more people that are convincing donald trump that this is a good idea, the more chance paul ryan hasn't actually getting this passed. vonnie: but will he have to give bannon in return? anna: he has been very couple mens rea donald trump. almost every opportunity he gets, he praises the president. he talks about how do donald trump will defer to paul ryan on policy issues. he says he's been doing a great job and i think there differently trying to play up this friendship. vonnie: is ryan and competition in gary cohn and ryne is trying

to get on a tax plan that gary cohn has a different idea about? anna: house speaker has also with gary cohn, but they need this border adjustment element of the tax plan, which is very controversial, in order to pay for the tax cuts. a lot of people are on board with the tax cuts, but it has to be legislatively neutral. to do that, you the border element. vonnie: steve mnuchin says he has concerns about the border adjustment tax. is there potential for the tax 20% bute as high as something a lot lower like 5% or 3%? anna: 20% would be the new corporate rate under paul ryan's tax plan. we've not heard about details on what could be given in a compromise. 20% is not an arbitrary rate. it would be the new corporate rate. paul ryan says they will work meanse ways and

committee to work out the transition to make it less scary for some of the companies and groups that have come out in opposition to this plan. vonnie: that is the corporate income tax we are talking about their. that is an editor in bloomberg news reporting from capitol hill na budgetsand reporting from capitol hill for us. mark: the parents of snapchat plan to present the want to two dollars above the marketed range according to people familiar with the process. the order book for snap closes at noon and the shares of the price will be posted tomorrow after the markets close. they were hoping for a valuation of about $22 billion. maker inst jet engine europe is freezing salaries for managers. is targetingoyce cuts after sales were hurt last year. there has also been a slump in the ship engine business

link to the falling oil prices. london rules that require drivers to have basic english skills. the ridesharing company told the court that 40% of its drivers would fail the regulators english test. uber says passing a written exam has nothing to do with communicating with passengers. regulators are also seeking round-the-clock call centers. that is the latest bloomberg business flash. be otc -- battle of the charts. markets looking ahead to president trump's address to congress later. we are taking a look at the state of the sectors. this is bloomberg. ♪

mark: getting breaking news. its stakening to trim

in the plastics maker after the valley of the holding sword after a spin off. process of securing orders was starting today after the market closed. the shares are to be allocated tomorrow. retain a majority holding in the company after the latest transaction. bloomberg on the 20th of february said that code vestro's earnings growth was expected to slow. battle of the charts -- let's look at the big chart of the day. the mess telling -- most telling charts of the day and what they mean for you, the investor. you can access the charts on the bloomberg by running the function on the bobbie rees screen. -- the bottom of the screen. joe is kicking it off today.

joe: looking at those who may be expected to benefit the most from repatriation. the white line is the basket that we have made a bloomberg using the terminal. the companies in the s&p 500 that have the highest percentage of unlimited for markets to market value. really since the beginning of 2016. you may be thinking the story here, but not so fast. looking at the two ratios of the two lines, the ratio is the lowest down here in the corner. it is the lowest since the start of 2016. what this means is that this is a group that has done really well. people have been buying it on expectations that these stocks will rise on some sort of tax holiday. with its underperformance relative the s&p 500, maybe there's a little bit of room to run. you can find the chart at g #btv

6349. mark: that's going to be a tough one to beat. vonnie: it is. joe is a winner today because -- excuse me. he is a winner because i used his data to make up this chart. i've s&p 500 here and you can see the white dotted line showing us how far we have come and the last year. look at sectors that have outperformed by a longshot the s&p 500. they are obviously financials and the infrastructure sectors. retail has gone up as well, but not as much as the s&p 500 and the same for health care. you can see the stakes that are being waged on tonight's speech. we will have to see what happens because certainly investors are betting in one direction. you can see that and joe story or on my chart g #btv 6339. mark: joe, you provided the data

for vonnie's chart. you gave your own chart as well, so i'm going to be a bit different today. which chart of yours you want to win? joe: i'm going to pick my own. i'm not biased, but based strictly on merit, it was the superior chart today, but bodies was also awesome. you can't go wrong. mark: joe, you would with your chart and not vonnie's chart. have a look at what happened to european equities today as we await the big speech later today by donald trump. investors caution. we will have it live for you on bloomberg television. stocks ending that losing run, the worsens november. -- the worst since november. this is bloomberg. ♪

vonnie: it isn't in in new york and 5:00 p.m. in london and 1:00 a.m. in hong kong. i am vonnie quinn. welcome to "bloomberg markets."

♪ from bloomberg world headquarters in new york, we're going to take you from washington, d.c. to mexico city and los angeles in this hour. hero the top stories from bloomberg and around the world that we are watching. u.s. stocks are taking a breather as investors await details of specific policy plans from president trump's first speech to congress. among the biggest losers today after the retailer says sales and margins will be affected by price cuts. in politics, president trump is under increasing pressure to deliver clarity on promises to bring changes to health care. , the tech system, and immigration. leave a look ahead at his address -- we will look ahead at his address to congress tonight. jpmorgan raises its forecast for its return on equity in its investment bank next a higher