tv Bloomberg Markets Americas Bloomberg May 3, 2022 10:00am-11:00am EDT
alix: it is 30 minutes into the u.s. trading day on tuesday, may 3. here are the top market stores we are following for you at this hour. the global bond selloff rises about 3%. [indiscernible] investors are bracing for a 50 basis point hike from the fed tomorrow. russia dodges. [indiscernible] scotus shocked. the supreme court will overturn the landmark roe v. wade, which gave women the constitutional rights to abortion. according to an initial draft. president biden reacts and says he will work.
welcome to bloomberg markets. die, it is a tuesday before the fed wednesday. what was on the bond market this morning is quickly reversing. guy: absolutely. the data may be about to reverse that. it is a forward-looking indicator is what's happening in the labor market. the data we are seeing at the moment looks a little stronger, but maybe we all anticipated in fact, the prior number has been revised higher. this number comes through massively higher than anticipated. 11 million, 549,000. the market was looking for 11,200,000. as i said, that prior number has been revised higher. that does not speak to a softening labor market.
is that the green light for the fed to be more aggressive? i know we are only talking about 50% -- 50 tomorrow, but maybe 75 the next time around. kailey: you have the st. louis fed floating the idea of a 50 point basis hike. i spoke to an economist who said when you are skewed to the upside or downside, it is more likely that the fed would move 75 basis points than only 25. yes, their price for 50, but that doesn't mean there isn't still some room for hawkish surprises. guy: let's look at the other data point as well. [indiscernible] the survey number on that factory number is 1.2. all this data is significantly stronger than anticipated, which i think takes us on very nicely to the question of the day. kaylee may do this a little bit better than i am doing it. basically, 4% for the u.s.
10-year or we're going to go to 2%. the way we put earlier in our meeting was 1%, 2%, 3%, 4%. [indiscernible] mike, what's give you take on the data. this look like a pretty strong set of numbers. >> it is a strong set. the problem is that it is two months old. we don't know what we are right now. as long as the numbers hold up, the fed is going to feel encouraged the it can raise rates without really hurting the economy. if there are that many job openings, people can get jobs if they lose their jobs. the unemployment rate should arise very much has they continue to raise rates. that is the bet they are likely to make. kailey: let's talk about how this translates through to the bond market. essentially, the data is giving the fed clearance to be really
aggressive. is 3% were we stop on the 10-year or where do we go next? >> i think that eventually we are going to go a little over 3%. whether or not we're going to approach lee .5% or 4%, you would have to have kind of a continued perfect storm for that to occur. the market is think in, and my thinking too, is that where the process of peaking and a lot of growth momentum measures. like mike mentioned, like the jolts data, we are probably starting to peak. when that happens, you tend to get a stabilization in longer-term interest rates, even if the central bank and the fed continues to increase short-term rates. that is where we are going to see even more curve flattening. that is something that seems like risk markets like corporate credit and equities might not take very well as we start to invert the yield curve on the spot basis. guy: the market feels like it
has a pretty good him on the fed right now. we're going to get 50, than 50, the maybe another 50. a throw in the rba, which is a significant federal bank, priced significantly over night by being much more hawkish than anticipated. how big a risk is there with the market still underpricing the fed? >> i think it's possible. it's not so much whether or not we are underpricing the fed in totality. we are pricing between 3.25% and 3.5% terminal rate in 2023. i think it's about how you get there. you guys were talking about the possibility of a semi-five point eight is rate hike. i don't think that's in the cards for tomorrow, although it is certainly not a 0% probability. it is still pretty low. in june, if we see more data between the may and june meetings, 75 in june is certainly not out of the question. the market even now, there is a
one in three chance that the fed could go 75 at that meeting. it is the path that will matter from here for market volatility for the moment. kailey: to ira's point, it is not just about what we are seeing, but where they get to. are they going to go about mutual -- neutral and get more restrictive? jerome powell is a just speaking for himself, he is speaking for the f1 c. is there a real consensus on the committee around that idea? >> there's a basic consensus they have to get to neutral or little bit above it, but we don't know what neutral is, is the problem. the fed in the past has described as 2% to 2.5%. now, the people who have led the way in pushing the fed to go more, like jim bullard of st. louis, chris waller on the board of governors, have suggested that we may be looking at a neutral rate of 3% to 3.5% or even higher because the economy
has changed. that is the question. that will be the driving question for jay powell tomorrow, as people try to figure out how much the fed is going to move each meeting. now, the base case is going to be 50. markets will be adjusting up and down over that limit. they will try to figure out only what the fed is going to do, but then what the subsequent data will tell them. guy: ira, they were talking about where inflation needs to get to for the fed to relax. they talked about it being close to or around 4%. the fed can kind of start to ease off a little bit, calm down a little bit if we get 4%. what is the market pricing, in terms of expectation later on this year? there are some data points that might point to the idea that inflation comes off mechanically, but then starts to re-accelerate again. what is the market thinking about when it comes to
inflation? what does it look like toward the end of this year? >> the implied forward rates for cpi are for a little over 4% for this year. going down toward three point -- 3% to 3.5% to 2023. keep in mind that that is still well above the magic number that the federal reserve continues to talk about. the federal reserve will probably continue to be hawkish even into 2023 even if they stop hiking. if there is a real acceleration, we will continue that hike if we have to. is that going to happen? it is hard to say. we are talking about 18 months or 20 months out. there is a nonzero risk of that. i think your base case scenario still has to be that inflation comes down. at some point, it stabilizes. the risk for the fed is, how do they communicate if we stabilize at 3% or 3.5% inflation because wage gains continue to be
reasonably good and we have modest supply pressures? that's an environment where the fed kind of has to rethink its whole communication strategy. they can't say transitory, they can't say that we are going to hike forever. kailey: last question. how important with the balance sheet be tomorrow? how much room for surprise is there around qts? >> there's not much room around the details or even the start date it's expected to be in june. what we don't know is the impact it's going to have on the markets. it's only the second time we've reduced a balance sheet. we have reduced it too far. and we saw market start to back up on the short and. that will be an issue for the fed. does this do the same thing? they think the reverse repo set up will take care of that problem. does it start to raise interest rates at the long end? there are forecasts it would be the same as a 25 day hike or could see as much as a 50 point
-- 150 point basis hike. the issue going forward is people watch what happens in the markets in reaction to the balance sheet. kailey: michael and ira, thank you both so much, as always, for joining us. coming up bulls versus bears. the market seeing a perfect form of negative pressures. we will see what morgan stanley says about that next. this is bloomberg. ♪
kailey: it is a battle between the bulls in the bears. morgan stanley's mike wilson sees the s&p 500 falling in the near term, potentially as low as 3460. jp morgan says negativity in the u.s. stock market has become so overwhelming that rebounds may not be far off. with us for more is katerina simonetti. clearly, your colleague at morgan stanley is the one on the bearish end of that sector. where does that downtime come from? >> thank you for having me on. it is the perfect storm of negative pressures on the
market, when you think about it. we have inflation, which is at the 40-year high. it is pretty profit ability over the companies. we have the federal reserve, which is aggressively raising rates, which is a solid strategy, but is perceived as negative by the market. and we have the geopolitical risk by the situation in ukraine, which adds a huge element of uncertainty. with all of this, we are finding ourselves smack in the middle of the bear market. but our view is that the market cycles in general are getting shorter. what this means is that as we see the negative earnings revision continue throughout this year, what is going to lead to eventually is this normalization that we are looking for and perhaps it will serve as a catalyst for the next bull market. our view is, yes, very bearish. at the moment, we do believe
there are some more downsides to the s&p 500, specifically at this point. we are down about 12% paid we think there is an additional 7% or 8% that we have to be ready for, if this is going to continue a difficult decline. this is not going to last for long, in our view. guy: that gets us around 3800. you talk about the far cycle. how quickly do we get this? a lot are sitting with the sidelines here. there try to figure out how much they're going to work. you think the pendulum could swing even further than that? where shall i put i got, dry at the moment, ready to deploy, back to work? >> well, guy, as you know, the timing is so difficult to predict. we don't expect the cycle to be very long, but there is another side to this equation. we have inflation at 8.4%.
when you think about the cash that investors have sitting on the sidelines and the negative set of this inflation by 8.4 it is having on the purchasing power, we are not doing ourselves any favor. we have to find alternatives. i know that seemingly, it is so scary to buy into this market, but it might be the best course of action, especially one that pays hired dividends. guy: i've heard plenty about cash and how inflation is going to erode that. don't want my money to be further eroded by stock market decline? you're talking about it going down from here. why isn't cash a better alternative than being in a falling market? >> because of the timing, it is so difficult to predict. one of the best strategies here to deal with this is dollar class averaging. in the long run, any type of
investments here, especially in the sectors that pay a higher level of dividends, the difficult part is, when do we make that investment? the best course of action is not to make an entire move at the same time and invest all of our cash, but do it gradually over time. we think we are at this bear market requirement. it is going to continue. eventually, we will get to a deeper down level s -- of s&p 500. in the long run, it will present a great opportunity. kailey: so, if you want to be invested, cash is not the place to be. where are the safe spots to put your money? the portfolio was toast in april. >> it's a big challenge. it's not often that we see both stocks and bonds being down at the same time, but it also gives us the opportunity to pick up some really high-quality investments as the prices that are generally low the average. they look significantly more
attractive than where we saw them even last year. when you look at the market and the opportunities, at this point, we believe that these are much better positions. the specific sectors are health and within that, large pharmaceutical companies. our position very well in this post-covid environment, real estate, these specifically are viewed as inflation hedge. utilities, any type of high-quality dividends paying place would work really well because we have to look at this market and we have to look at the investment portfolios through the prism of income production. what can we generate an income to get us through this volatile, nerve-racking market? we would caution investors trading into the fears.
[indiscernible] it guy: when the market blossoms, does it come up again, does it stay there? i'm wondering what the second leg of this is going to look like. we are going down pretty far. is it going to be a v shaped recovery? what kind of recovery shall be expect in these markets? >> the requested here is, are we going to have an economic recession? it is hard to be seen. in our view, we are looking at the next year. we think it seems unlikely. we actually think that we are not going to have an economic recession. in which case, we will start seeing the beginning of the bull market perhaps even toward the end of this year. there is the possibility of recession, because we are dealing with supply chain interruptions, we are dealing with all of these uncertainties that are on the table right now. the possibility of recession will become more prominent than where it is now.
mellon. they forward the payments to the paying agent. in this case, citibank london. citibank london had had the funds. in order to the make that payment, they needed to get approval from the u.s. and u.k. providers. apparently, they got that approval, because moneys are now hitting client accounts. a payment has been made, they have not defaulted. let's be clear, the bonds earlier this week, talking about the 2022's, or trading at $.20 on the dollar and now they are trading close to par. what is interesting [indiscernible] they had been pricing in a probability of default within one year of 99%. now, that is down to below 50%. that default risk is getting pushed back into the future. if you look at, for example, the dollar ruble, if you are going to use that is any sort of proxy, it is certainly appreciating. i think markets are getting more culpable with the fact that russia might continue to kick
the can down the road. kailey: to that point, russia headed jump through a lot of hoops to make this happen, including capping its dollar reserves. how long is it realistically going to be willing to do so? >> now, we're getting to the crux of the issue. these funds had to come from a nonsentient account. citigroup needs to finance -- needs to verify that. that whole process is cumbersome. it takes a lot of time. the question you're asking is the right one pair at how much longer can putin and russia really want to play this game with the west? in the west, we certainly know that on may 25, basically u.s. investors cannot accept coupons from russia. it is inevitable. at the end of the day, prudent and russian want to force the u.s. into an issue where it will not be on them, it will be on the united states. that means somewhere further on in the future, the court system is going have to say, wait a second, with this capacity or willingness to pay on the part of russia or were they first -- four they forced into default by
the u.s. government? that is where we are right now. guy: you talked to a lot of trading desks. what is their expectation for what the move of the u.s. government here is? they say it must fail. how did they make him fail? what needs to happen here? it is just about working. why is it still working when the political narrative is that putin must fail? >> it depends on how we define fail. for me, most of the investors i speak to think the default in russia is imminent. there is really no getting around it, it is going to happen. yes, it might be forced by the united states government, but at the end of the day, they really believe that given the fact that with $600 billion in reserves russia has, half of it is frozen, much of that is in gold and non-fungible easy ways to pay. it is going to be a very difficult thing for russia to make those payments. if russia can prove that it was forced into default, legally at
some point down the road, far be it for you and i to judge. i think what we now have to focus on is what's coming up next. we have victory day, a lot of parading in russia about how great the country is. what does that mean for ukraine? then, we look to make 15. that is when those gas payments that are supposed be made by rules by importers, we will see whether or not that happens. then, may 25, when u.s. investors can no longer receive coupon payments from russia. at any given point in time, we have seen issue drop. kailey: damian sassower of bloomberg intelligence, thank you so much. coming up, we will ship from russia back here to the u.s. and the federal reserve. transitory interest rates improved by more than two decades. [indiscernible] this is bloomberg. ♪
kriti gupta is cracking the moves. not getting a clear week from the equity market today. >> you, me, and all investors on wall street. a little bit of caution, totally normal head of fomc meetings. we tend to see risk update before a decision. the fact that we are .3% in the green is pretty significant let me know a lot of moves can happen in the last hour of trading, and that is where you see a lot of people cash out. seeing a little bit of pressure on the nasdaq 100. the place of underperformance has been tech, so the nasdaq 100 will be that clear margin. the 10-year yield, five basis point move lower is nothing to stop at. a bid into treasuries. well that continue into the fomc meeting tomorrow? a weaker dollar likely following that interest rate. all likely to change tomorrow as we get those fomc decisions.
let's talk about real rights. as we see the moves in the 10 year, the real yield, taking out inflation, is actually positive again. we saw it dip again as we saw the 10 year nominal yield hit 3%, but the question is does it stay positive? what are the questions for allocations when it comes to the bond market in particular? let's talk about the movers in the s&p 500. not a ton going on, but underneath the hood, western digital talking about a potential spinoff. activist investors pushing for that. it looks like investors are buying onto the idea. the real one i want to get to here is amazon down .2%, despite winning that union attempt in new york. that was supposed to be good news for the labor market policy, but you can see underperformance and amazon. speaking of underperformance, let's talk about one of the major scares happening
overnight. alibaba. we saw the swedish stock market kinda ripple across european stocks. overnight in asia, there was a report that jack ma or potentially somebody with a surname ma was being apprehended by authorities. it turned out not to be jack ma, so you saw that recovery. as we talk about tech underperformance, a question if that shows up in overseas trading. guy: it shows you how markets are incredibly nervous right now. thank you so much. let's get back to what could he was talking about with the federal reserve. policy makers be two day meeting today, we get the results tomorrow. the central bank is expected to hike rates by the most since 2000, 50 basis points. but the market expects 50 basis points. if we get 50 basis points, is that dovish from the market
point of view? some are talking about maybe 75 . joining us to discuss is the chief economist at berenberg, holger schmieding. if we get 50 tomorrow, is that dovish? holger: it may be slightly dovish but it is so much expected, that should not be a major market reaction. the market will listen closely to anything that could give a point to what the fed does in june, what it may be doing thereafter. of course, in these uncertain times, you may not get much clear guidance. that is what the market will look out for, any guidance on what happens next. kailey: in terms of the guidance looking out forward to where they should end the year, there seems to be consensus that they need to at least get to neutral, maybe slightly above it. where is your sense of how far above that they may need to go? holger: neutral is a very elusive concept. i would say something close to
3% is probably neutral. but whether the fed should get there this year will depend on circumstances. it is quite possible that the fed should eventually go above that. we are looking for 3.75 by the end of next year, 2.5 etsy upper end of the fed's target rate at the end of this year. 3.75 toward the end of next year . guy: does the fed need to retake the narrative back from the markets? at the moment it seems to be chasing the markets. we talked about 25, the market had already priced in 25. we talked about 50, the market is there. we talk about 75, the market is already pricing that in for the next meeting be on this one. how does the fed get in front of the market? holger: to some extent you could say that the fed should not be unhappy if it's decisions are no longer a surprise.
of course, they have been falgged in advance, but you are right. the fed is probably paying too much attention to markets, should communicate more clearly, first, that it is behind the curve. they should sort of admit that they made a mistake by not starting the stimulus unwind much earlier. and they should give us a clear indication of what their objectives are, especially how far they expect to go. we have the dot plots, but there's a lot of back-and-forth. it would be good if the fed would be a bit more clear. kailey: you mentioned the stimulus unwind. part of that is not just the rate hike mechanism but a shift to quantitative tightening. what are you expecting to hear around the balance sheet tomorrow? how much room for surprise is there within that? holger: once again, i think what
the fed will likely do tomorrow has been flagged very well in advance, probably from june onward, reducing their balance sheet by about $95 billion per month, $60 billion of that in treasuries, the remainder in mortgage backed securities. they may be getting toward that. that has been flagged in advance. what is unclear is any indication as to how far the fed would want to go in the end. although i would have to say, it would probably not be wise for the fed to be too specific. we will have in a while to watch how the economy reacts to this unusual thing, mainly quantitative tightening. hence, the fed should give us as much guidance as they can about what they try to achieve. they should give us good guidance about what is ahead in
the near future. but as to the end point, they probably have to be a little bit vague, and that goes for how far this quantitative tightening should go. guy: is the current inflation we are seeing a monetary phenomenon? holger: in the u.s., the current inflation is mostly the result of excessive demand. more precisely, excessive demand that came from fiscal policy to which the fed did not react in that sense, the u.s.lha inflation is very different from european inflation. on the european side, we only have so far inflation that is imported by energy prices, food prices. in the u.s., we have mostly domestically generated basics coming from excessive demand, from the government, from consumers, and from the fed that did not go against it early enough. kailey: excessive demand colliding with unavailable
supply given the supply chain challenges out there. in particular in places like asia. i wonder how you look at china? we saw a really bad data coming out overnight when it came to manufacturing and services over the weekend. is china a bigger risk to the u.s. economy from a growth standpoint or inflationary standpoint, given how it feeds into the supply chain issues? holger: it is difficult to untangle that, whether it is growth or inflation. if there are supply chain shortages coming out of china, it means our consumers will have to pay more for the things that come from china and less is available. it goes into both but probably on balance probably more into prices, especially in the u.s., and it does into growth. guy: you spoke about imported inflation. let's talk about the value of currencies and whether they are starting to be a problem.
whether or not the value of the dollar is starting to become a problem for the global economy. if the fed goes 50, 50, 50, maybe even 75, will we see that problem exacerbated? when does the dollar become a global problem? holger: there is no clear answer when it becomes a global problem because it differs a lot by region. in japan, we have seen raised eyebrows to the week yen. -- weak yen. japan's extremely low inflation is usually not a problem. in europe, it is not a significant problem that the dollar is a bit stronger. it doesn't add much to euro-dollar inflation, maybe 0.2 percentage points. but for some emerging markets, this could be a significant problem. if you have borrowed too much in u.s. dollars and don't have enough export earnings in u.s. dollars, but we are seeing in
the stronger dollar and in the fed rate hikes is potentially a significant problem for, not the global economy, but some parts of the global economy, especially emerging markets. kailey: holger schmieding, thank you for joining us. protests outside the supreme court following a report that it is on the verge of overturning the constitutional right to an abortion. how that decision could reshape the midterm elections picture with terry haines, pangaea policy founder. this is bloomberg. ♪
meeting with vladimir putin to broker an end to the more. the pope says he has not received a reply. he says i fear prudent does not want to have this meeting. he says he is not currently planning to visit kyiv. president biden's top trade negotiator said that -- it should be examined as part of a look at border crossings. beijing is going to extreme lengths to avoid the coronavirus. the capital has ordered repeat testing of most residents dining in restaurants. authorities are trying to avoid the lockdowns that have led to chaos in shanghai. 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. kailey: there is a report the u.s. supreme court is on the verge of overturning roe v. wade, the that legalized abortion. that prompted protester to turn out at the court monday night. politico said it obtained a draft majority opinion from justice samuel alito. joining us from outside the court is annmarie hordern. two issues here. the indication that roe v. wade would be overturned but the other fact that this draft was leaked in the first place. we are hearing from mitch mcconnell who said justices must be able to deliver it with privacy. that the leak was intended to sway the outcome. what is the feeling in washington right now? annmarie: two big shocks. one, you have this draft, which seems unprecedented, from the supreme court. this is very much an institution in the united states that relies on that secrecy, doing their
work before the decision is unveiled. that is one part of it. the second part is this is just galvanized many in the democratic party and on the left. there are protesters behind me at the supreme court, they were there last night, they were there this morning at 9:00. this morning, we heard from the president of the united states. the issue is what this means for november and the midterm elections. the president talking about the fact that this is a basic fundamental right. it has been the law of the land since 1973. he says if it is overturned, it is up to elected officials and voters to go out and vote for those elected officials in november. we have seen this become such a big issue on the right and left. this will likely drive a lot of those campaign dollars for the democratic party. when you thought inflation would be the biggest issue this november, abortion can potentially equipped that. guy: do we know who leaked it,
and why? annmarie: we don't know. i did see an interview this morning with a reporter from politico talking about the fact that he does believe this is authentic. he did make the point that this is from a fluid document, this is from february, this was circulating among the justices, they were adding in their opinions. we also don't know if the document has changed since february. we don't know who the leaker is. but devon of that part of the story is incredibly unprecedented. guy: annmarie hordern outside the supreme court, thank you. exploring how this debate could reshape the midterm elections toward the end of the year. we are joined by terry haines. your first thoughts when you saw the story, what impact could it have? terry: my first thought is, it is appalling. it is an attack on the supreme court itself as an institution.
annmarie did a fine job of covering the rest of it. any person interested in making sure that the institutions in this country are as strong as possible should be appalled by this. it is unprecedented. it is wrong, and i hope it will be prosecuted, frankly. beyond that, you have the situation where it is a three-month all draft opinion. it strikes me as a very purest opinion. you don't know anything about the supreme court's liberations now than you did before. did alito do this himself, did the chief justice ask him to put up a purest position of getting rid of roe? did he ask other justices to do the same on their views? trying to find out how to knit the court together on a view. we will not know any of that.
finally, the political impact is simply this. there are lots of folks who are dedicated to try to make the most political impact out of this as possible, both on the right and left. but i would caution that you have two things going on. if you feel really strongly that this issue is your top issue, you have likely picked a team already. that said, there is one out of six undecideds according to most polls. that may sway people a little bit. will this remake the midterms? i doubt that right now. kailey: what you are describing is an american which there are two teams, one on the left, one on the right, pretty polarized in either direction. is this midterm election and the presidential election in 2024 going to be more about culture more than policy?
terry: to some extent it's always about culture wars. those are important things. they affect how people think about what goes on in washington, who they elect. at the same time, but we have seen over the past many months, is a world in which the vast majority of voters, however they describe themselves -- right, left, centrist, whatever -- are focused on economic issues of all kind. focused on inflation, gas prices, very focused on frustration that washington is not doing enough about any of those things. i don't think that changes, frankly. whatever happened with the roe decision, probably one of the last decisions in late june, i don't think that completely remix the midterms. does that instant people on both
sides to come out more than they otherwise would have? i think it does. but i would be very careful about deciding that it will have an impact one way or the other, not least because -- democrats, team blue is strongest on the coast. a vast majority of voters frankly already have public officials that believe as they do maintaining roe, maintaining the rights conferred there. but it plays very differently in the heartland. guy: are the institutions of america becoming more political? if that is becoming more political. the court feels like it is becoming more political. what are the implications if that's the case? terry: i think the institutions have always been political. the famous, humorous mr. dooley
said over a century ago the supreme court follows election terms. i can give you examples of how that has turned out to be true. the fed itself is political. they are not an unelected fourth branch of government. they evolved from the constitution. one reason for the modeled fed response right now is underappreciated in the markets, which is the majority of fed governors are not confirmed or reconfirmed. these people have to proceed very cautiously on a lot of this stuff. they will have to continue to do so. do i find that the institutions, political institutions, governing institutions in this country are more under attack? yes, i do. january 6 one an attack on the united states capitol. we have had many push/pulls from
the edges of both political parties on the presidency, on all three branches. this is a time of hire politicization, certainly. not unprecedented. old enough to recall what happened in the 1960's and we were trying to impeach the chief justice. this is by no means unprecedented this sort of hype, passion. kailey: terry haines, thank you so much for joining us with your thoughts on this. really appreciate your time. this is bloomberg. ♪ ♪
we are seeing a positive bid. 444.81. bund yields are catching a bid as well. 3% on u.s. treasuries. catching a bid now. german bond yields are once again in the green. euro-dollar, two hours ago, we saw donna weakness peeping into the market. not pushing sharply higher but 1.0539. we will talk about all of this when david herro, harris associate cio. this is bloomberg. ♪
the countdown to the close of right now. >> the countdown is on in europe. this is european markets the with guy johnson and alix steel. ♪ guy: 30 minutes until the close this tuesday. let's talk about the price action. european stocks are up. london is playing some catch-up but still flatlining. the stoxx 600 is up. 445. the german bund at 1% at one point. since then, bonds have been catching a bid. even the euro is catching a bit today. 1.0539. we are up by 0.3%. maybe a bit
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