tv Bloomberg Markets European Close Bloomberg April 16, 2021 11:00am-12:00pm EDT
alix: live from new york, i'm alix steel. we are counting you down to the european close on "bloomberg markets." european auto sales soared more than 60% in march. the eu most probably won't renew contracts for the covenant indexing with astrazeneca and j&j, while german chancellor angela merkel pleads for more control. a strong china means strong european corporate earnings. you can really see that reflected within the market. the ftse 100 at one point crossing that 7000 mark. your stoxx 600 actually hitting other record, seven straight weeks of gains. banks and autos really outperform. you see some good numbers throughout the whole week, whether you're looking at
daimler or lvmh. all of that in part due to strong sales out of china. so time is doing well on a gdp basis -- so china is doing well on a gdp basis. you can also see that reflected in the bond market. a tiny bit of selling, with yields moving higher. germany with a safe haven bid, up by about two basis points. we had ferocious buying across the board. this want to touch on what is happening in russia. you have the dollar ruble now down by 0.1 percent. the ruble actually up despite u.s. sanctions. the market just does not seem to care, really taking that in stride. meanwhile, abigail, in the u.s., the data still comes in super stellar. abigail: super stellar. kind of a mixed day, but on the risk on side. let's take a look not just at the day, but the week. it is pretty extreme neri. your you have coinbase -- pretty
extraordinary. here you have coinbase, up 33% on the week. it went public on the nasdaq via a direct listing. well above what it was priced at, so big gains. also risk on, the nasdaq 100 up 1.2%. the first time we have seen that since october of last year. the s&p 500 up for a fourth week, the first time since august. so risk on, risk on. however, this is one of the nuances. the kbw bank index down fractionally on the week. that has every thing to do with yields, despite all of the strong reports from the big banks. yields down eight points on the 10 year yield, the most since december. that is helping out the nasdaq 100 because valuation concerns go away when the banking index is down. interesting week, but overall, risk on. alix: thanks a lot. breaking news, moderna is going to reduce vaccine deliveries to the u.k. and canada in april. so one of the mrna vaccines that
are currently available will be reduced in the u.k. and canada in april. younger cohorts are going to be able to get moderna over in the u.k. let's stay with the vaccine story and the eu. they will probably not be redoing -- not be renewing vaccine contracts with astrazeneca and j&j. joining us now, sam fazeli, who leads our pharma coverage for bloomberg intelligence. is this a good idea to not renew these contracts potentially? sam: well, at the end of the day , countries have to make decisions on a one by one basis as to how they feel about the risks they want to take, which are becoming more and more clear with regards to the vaccines, the adenovirus vaccines, johnson & johnson and astrazeneca.
so i think it is a reasonable step to take if you feel that you're are able to manage the impact on your economy, on your people, and what is coming from the other vaccines. alix: that is going to put the pressure on pfizer and moderna, and at some point, cureva. where are we on that? sam: let's not forget, there's a smaller company that is in the process of doing something that might result in a product by the end of the year, and the product from novavax coming up. but at the end of the day, if mrna vaccines are the only ones we are going to be using, then you are going to end up with a bottleneck, so that is certainly true. alix: cure back -- curevac
partaking variants into accounts -- curevac are taking variants into account with their trials. what do you expect? sam: all things being equal, you never know with vaccines. but given that pfizer/biontech and moderna both came out with similar efficacy levels, it would be a surprise if curevac came out with a different or much lower efficacy level. but let's not forget, the vaccine is being tested at a time where infection rates are different, where different strains are running year-round, and you have also got -- running around, and you've got it situation where the technology might be different. if we come in in the 75%, 80% range, that would be a homerun. alix:d to catch up. always good to talk to you, sam fazeli of bloomberg intelligence. for more on vaccine delays and what they mean for europe, judy dempsey, carnegie senior fellow
and editor-in-chief. always a pleasure to talk to you. how much further out are we going to have to push back the europe reopening/recovery if they wind up dumping astrazeneca and j&j, if they just wait for these mrna vaccines? judy? judy: sorry, yes? i missed your question. alix: i just said how much further is it going to push out the european recovery if they wind up dumping the j&j and astrazeneca and focus on these mrna? judy: yes, it is a great question. it is quite disastrous here. politically, this seems to be a paralysis in decision-making. secondly, there's a huge communications disaster over the astrazeneca vaccine because it has been proved that at over 60 or 70 years old, it doesn't matter. by the way, angela merkel has
got her vaccine with astrazeneca today. biontech is hopefully going to fill this gap, really pushing up the production. they've got a new production plant that's already started up, and they hope to roll it out over the next year. but it is becoming very critical here. we are in an election year. there's an average of 300 people dying every day. the infection rate is going up. somehow, there is total infighting, and no one is making solid decisions about a lockdown or where we go from here, so this is a big problem, not having the johnson & johnson and the astrazeneca fully on board. alix: it is interesting because if there is one country i would highlight is not doing that, it would be germany. so can you help me understand how the rising cases and death toll, how not having certain
vaccines, and how the csu and cdu party split infighting is all interconnected? what is the significance of that for germany? judy: the significance is that germany has come out very badly dealing with the third wave. it was very good in the first wave and the second wave read everything was under control. the problem is that they didn't prepare for the third wave they knew was going to come. secondly, this is a highly bureaucratic country. the federal level is one thing. states are taking their own decisions. but it is highly bureaucratic, and in an election year, so many politicians are afraid to make decisions. the third thing is merkel did come out and say we need a serious lockdown for easter. everybody said we are not prepared for that. she apologized. easter was the perfect time to
do this lockdown. so we are coming into the third wave, and the blame has been passed around and around. it is quite extraordinary in today's bundestag parliament re-discussions. it was a blame game rather than taking action. i know so money doctors who had the astrazeneca vaccine, but because of the communications breakdown and because of the perception of it, people won't take it. so at the moment, more and more people are willing to get the virus, and the death rates will increase. this election year is totally leading to paralysis. alix: that is a big deal. judy: it is a huge deal. alix: so for a broader sense, how does that impact the europe recovery fund, which you could make an argument is needed even faster now if we don't have these vaccines?
judy: yes, there are two issues here. one is the economic recovery of europe, and the recovery will be slow. if there isn't a mass vaccination program, this is the first thing. secondly, the constitutional court will have to take questions on the european recovery fund. we have this in the pipeline as well. all in all, the sense of slowness comedy the sense of urgency -- of slowness, the sense of urgency, the sense of where we are going on this, it just hasn't taken root. it is very strange because germany of all countries, the biggest economy, the biggest member of the european union, it should be forging ahead and leading the push to get as many people vaccinated as possible. and guess what? look who the winners are, the united states and the united kingdom, who germany mocked just a couple of months ago. alix: we have italy increasing
their budget deficit, mario draghi talking about how they hoped to be financing with good debt, etc. who is going to lead out of this? judy: it is a very good question. germany will come through eventually, but there's already a huge dispute at the european union unhealthy borrowing rate for this huge economic recovery plan is going to be financed. we don't know this, but this squabbling at a time when the european union should be pulling together, it should be led by the european commission in brussels, and certainly pushed by president macron and chancellor angela merkel. but we don't see this happening, and we see actually the country a few months ago, when there is a fairly -- a feeling that europeans would pull together, now we seem to be all knowing our own way, and once again, the
european states are just looking after their own interest. at the moment, this is not very good news for the identity and the reputation of the european union, which probably will pull through, but it is going to cost an awful lot of social and palooka damage. alix: if it has -- and political damage. alix: if it has damage, what does that look like? if we are looking for a percent growth in the u.s., what is the reality for europe? judy: the reality for europe is this is going to be a very slow recovery. just look at the un-inflame at levels in spain, portugal, ireland, and britain -- the unemployment levels in spain, portugal, ireland, in britain, even though it is not in the eu. secondly, the training schemes for graduates don't exist. it is going to take a while to bounce back now, to get into the
bigger geo lyrical -- bigger geo palooka problems -- bigger geopolitical problems, against china. perhaps we see a big geopolitical tussle between the americans and germany, germany and china, because germany is now going to rely on china for growth and for its exports. the biden adminstration wants a united china front. we are in for quite an interesting transatlantic tussle , but the european recovery is not going to happen overnight, so there will be no summer vacations on the way. alix: i'm so glad guy is not here to hear you say that. he will be so distressed. thank you so much, judy dempsey, carnegie senior fellow. nonetheless, you've got record stocks again in european equities. the stoxx 600 is headed for its
alix: live from new york, i'm alix steel. this is the european close on "bloomberg markets." euro stoxx 600 headed for its seventh best weekly gain. he did have a helping hand from china overnight. bloomberg's emma chandra is breaking it down. emma: really a beast of a data dump out of china this morning, certainly when we look at the size of the numbers that came out of china. gdp coming in at 18.3%. of course, that helped buy that
big drop we saw last year as the global pandemic took hold. still a serious number in terms of growth, and what it indicates about what is happening in china. also, we got retail sales numbers out of china, too, coming in at a positive 34%. all of this portending to a huge rebound happening in china. this has helped lift stocks. you mentioned the record being set in europe and in the u.s., but those can also be applied to the rest of the world. looking at the msci global index here, that is also at a record high with a plurality of stocks trading above the 200 day moving average. we are talking about equity indexes, and we can also see the influence of china and the kind of data numbers we are getting out of china starting to have an impact on individual names, too. we are seeing that is earnings reports start to trickle in in europe. just looking at a couple of things dropped over the last 24 hours.
l'oreal sales coming in really strong today, but helped by a 38% sales increase in china. the incoming ceo pointing as well to the travel island within china. there's a number of chinese able to travel during the holidays and spend duty-free, also portending to what might happen with international travel as it opens up and the impact that could have on the kind of names like l'oreal. also looking at dime. dime -- at daimler. daimler owns mercedes-benz. they are coming in with much better earnings than expected, up 60% in the first quarter. alix: perfect set up. really appreciate it. going us for a deeper dive is max kettner -- joining us for a deeper dive is max kettner, multi-asset strategist over at hsbc. do you by the rally -- do you buy the rally? max: i buy it, absolutely.
what we have heard over the last couple of months is the disconnect between economic reality and financial markets that simply doesn't exist. the reality is if we look at economic surprises, cumulative activity surprises in the u.s. in particular, the last 10 or 11 months, we have never had in the last 20 years a period of such strong activity of surprises like we have had in the u.s. if we factor in pmi, global manufacturing pmi totals, this looks like it is going to continue at least in the near term. i would rather still be buying it because we do see now some of the fiscal stimulus pent up demand and frontloaded pent-up demand really coming through. we are still underestimating how
frontloaded this pent-up demand is and how strong the numbers could be. alix: i was talking to jan hatzius at goldman, and he was saying where he sees a really big mispriced is where he expects european growth to go versus where the market is pricing it in. we are not pricing in the recovery we are going to see. do you agree with that on a european equity basis? max: i tend to agree. i think what we heard in the previous segment was an awful lot of bad news for europe and for the eurozone in particular. if we know one thing, it is -- for example, you are showing the dax right now. the actual tracing is not as horrible. i would argue what we see, particularly in the first quarter in eurozone equities, was that earnings have recovered and earnings revisions have gone up drastically higher in the euro zone, particularly because
we have seen some weakness in fx. effectively, some of the disappointment came via a weaker euro, and that is obviously helping the revenue exposed eurozone earnings and corporate. i tend to think that from q2 to q3 onward, we see better growth numbers out of the eurozone and perhaps some negative surprises starting to come in just because expectations are so much higher now. actually, the trade has lessened in equities, but more in fx, going long the euro against the swissie, against sterling as well. less so in the equities space. alix: so talk me through what is the best trade to put on, and how high can the year ago that's the euro go -- how high can the euro go. max: what we have seen over the
last three or four months was much better relative growth expectations of the u.s. versus the euro zone. if we see some convergence between the two, i would argue that the first place this is priced is in fx. you buy the euro not only against the dollar, but more against the swissie, more against sterling. the other place where it could play a bit of a role is perhaps bund spread tightness, further tightening of peripherals. it is really less in equities because the problem in equities is as soon as we've got a stronger euro, as soon as we got stronger fx, it immediately feeds through into relative and worse relative earnings revisions in terms of the euro zone against the u.s. and other dm's, and that is weighing on eurozone equity total returns. so you probably want to put it in fx or in rates, probably less
in equities. alix: if you did put it in equities, where? max: i think the u.s. japanese equities are great because it is so exposed to the weaker yen. and i think u.k. equities still make sense in the near term because they do provide the cleanest indirect exposure to cyclical commodity prices. see a bit further room for them to rally. alix: max, good to catch up. max kettner, hsbc multi-asset strategist joining us. this is bloomberg. ♪
advantage of the current rules stay in effect because they tend to have more outside seating than restaurants. plus, pubs could use the help after steadily declining over much of the last decade. and by the way, throwing shade here, guy johnson apparently was in pubs. i asked for pictures. he did not send them. i assume that means he got some pretty big pints. we have record highs on the equity markets. the ftse trying to stage a rally here at the end of the session. we will break it down. this is bloomberg. ♪
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good gdp data in china and the bleed through we are seeing in the equity market. global stocks hit a record, european stocks hit a record. seven straight weeks of gains. we've not seen that since may 2018. the dax outperforming in europe. dime are, super good earnings. yet the exposure to china on industrial basis. ftse no slouch. up over 7000 for the first time since earlier in 2020. that has been driven by the value trade. if things are getting better, what does that mean for the u.k. ? i would pay attention to what is happening in the 10 year in italy. up about two basis points. mario draghi says we could see reopening in italy and it will be driven by good debt, probably trying to make everybody feel better about a huge budget deficit, the most since world war i cured let's see the effects all of that has on the indices in europe.
autos and auto parts up over 2%. good numbers from daimler but new car registrations rising 63% in march. you had italy and france leading the sales in the first quarter. banks also up over 1%. banks and the u.s. report amazing earnings and nothing winds up happening. in europe you have yields continuing to move higher. showing you over in europe. basic resources doing well. your reopening, you will feel good about oil and copper. copper having one of its best streaks for the commodity in a while, also oil separate, best week since or early march. i want to point out where we are seeing consumer stocks. retail stocks up over 1%. l'oreal having super solid sales , rising the first quarter. let's take a look at some of the
individual names. l'oreal down 2%, but sales did rise in the first quarter. demand from china with a 10% jump in organic sales. hello fresh down 2% despite the fact the first quarter saw "a massive beat." deutsche bank saying it is definitely a buy. berenberg agrees. is it a by the rumor, sell the news kind of thing. dime are up about 2% -- dime up about 2%. china a huge part of that. we will break down whether it is able to continue. matt miller spoke the automaker ceo and they talked about how the company is committing billions for its electric rush. >> the five-year plan daimler signed off on just before christmas has an r&d and budget of over 70 billion.
needless to say the lion share of that is going into new technology. alix: joining us is horst schneider, bank of america head of european auto research. he has a buy rating on dime lark. before week -- on daimler. can they put up the same kind of numbers for the rest of the year? horst: that is at least our forecast. q1 has been exceptional. you cannot assume the margin continues to be strong. i will say q1 was little better-than-expected bias. that raises upside -- better-than-expected by us. that raises upside pressure. as long as inventories are low and china keeps being strong, any q2 should see a slight volume uptick and higher volumes. at the moment i cannot foresee
the numbers come down short-term significantly. i would not be surprised if numbers, in q2. alix: walk me through how they fit into the supply exchange shortage for chips, how is their inventory, how will that impact? horst: daimler says they are not that much impacted by that. it seems they have the situation under control. the way the company handles the situation is they produce more of the high end cars and more businesses to make more money. i think the shortage at the moment triggers the kind of product that no one has the estimates. with sales shortage you do not keep -- you do not need to give any reasons. with the way daimler gets along and higher priced one by one to the probability. alix: let's talk about that. part of what helped daimler was
they had higher market vehicle sales. how does the chip lay into that and how they sustain or not? horst: i think they had some marginal problems, but not as much as other carmakers. i am not aware daimler has long shot passenger car plans. in terms of the volume impact, that was still quite low. if you do not produce -- that eludes the margin and you dump -- you jump to the higher end and that improves the margin. i think it is a benefit not just for dime are, a benefit for the industry -- not just for dime. -- not just for daimler, a benefit for the industry. alix: if you are to be ranking european automakers, who is in front right now? horst: first of all,
shorter-term, i think the ev gain gain does not matter the much because sales volumes were low. at the moment, i think ev's -- that is the main concern at the moment. shorter-term what is important is regional exposure, segment exposure. in the covid-19 crisis, some people got poorer but people also got richer. companies like daimler, bmw, they benefit from that. there companies got richer and they can buy larger cars. that also depends on which region you sell the car. in china the margins for cars are two times or three times higher than europe. what also matters is the
carmakers strong in china? if the carmaker is strong in china the numbers are all medically high. what matters is can you sell -- are automatically high. what matters is can you sell pv's at a profit? also is the car attractive enough. a lot of people do not buy the tesla because it is the cheapest, they buy it because it is the fastest car or has the best range. here there is catch-up potential. alix: how does daimler play that card? where is their ability to play catch up versus a volkswagen? horst: these are different. keep in mind volkswagen is still a mass-market carmaker. volkswagen is the largest carmaker in the world. if you serve the masters you offer the car at the midpoint of the market. daimler has adopted strategy for
2025, to say for us market share does not matter that much. we are willing to give up market share. what matters is adopt the custom and pay the right place. -- pay the right price. they want to sell more cars on the higher end. they want to create a product that people say regardless of the price, i want to buy the car. they want to charge premium prices. the price sensitivity is not that high. volkswagen, the price in to see is higher. alix: which one will compete more with tesla? horst: that is a question. to me tesla is still a premium carmaker so tesla, you saw that also in the u.s., is taking market share from premium carmakers. if you listen to the conference
calls of elon musk, he has said he wants to become also a mass-market carmaker. he is not happy with just 1% market share. i think tesla wants to convert from a premium carmaker into a mass-market carmaker. therefore sooner or later it becomes for everyone. at the moment it is premium, but it becomes a mass-market car by 2025, that it is becoming a competitor for the others. alix: really good to catch up. horst schneider of bank of america. thanks for joining us. breaking news in terms of russia and the u.s. russia's foreign minister speaking at a moscow briefing. he says russia will sanction eight u.s. officials in retaliation for the u.s. sanctions we got yesterday. in terms of the market, nada. dollar ruble at 75.74. seeing a stronger ruble despite
the sanction words of war being thrown about. it goes to show that perhaps it could have been a lot worse and that is what the market is reacting this he least bad of all of the potential options. in the equity market is closed up, it is friday. we finished the week, stoxx 600 up for a seventh straight week, the longest week since 2018. telecom and insurance are the only ones pooping out, and the cac 40 up .8%. the dax outperforming from its exposure to china as well as for daimler. the return of the retail investor is not just a u.s. story. we will speak to the ceo of the warsaw stock exchange coming up next. this is bloomberg. ♪
1:30:00 new york, 6:30 in london. this is bloomberg. let's check in on the bloomberg first word news. the european union probably will not renew its coronavirus vaccine contracts with astrazeneca and johnson & johnson. that is according to france's industry minister. both vaccines have been late career blood clots. the eu has already started talks about contracts with biontech, pfizer, and madonna. in a honk -- and moderna. in hong kong, -- was convicted of attending two unauthorized protest. authorities have been pursuing cases against hong kong's most high-profile dissidents. china criticize the u.s. record on global warming today. climate envoy john kerry was in
shanghai seeking greater cooperation on the issue. china said the u.s. was responsible for the world not setting targets set by the paris agreement in 2015. president biden is trying to establish the u.s. as a leader on global climate action. it will be all about china today when president biden meets with japan's prime minister. this will be the president's first in-person meeting with a foreign leader since taking office. china shadow will loom large almost every topic. the two are expected to discuss human rights, taiwan, and supply chains, amongst many other issues. global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. i am ritika gupta. this is bloomberg. alix: retail traders could be back, or maybe they never went away. a new report from jp morgan found the options trading has bounced back following a dip in march. who is driving that? do it yourself investors.
it is not just the u.s. in the stocks on reddit or on robinhood. it is across the globe. poland is seeing significant volumes on small biotech and gaming names. ideas for the traits are often seen in poland's version of reddit. for more on the trade, the warsaw stock exchange joints me now. the exchanges also celebrating its 30th anniversary. thank you for joining me. >> thank you for having me here. alix: the trend in retail we think is very u.s. focused. what have you noticed? >> retail investors are key to our volume, around 25% of our trades are done by the retail investors. it is up from 12% in 2019. tremendous interest in the biotech and intraday traders. it seems like people have more money and more to spend on the
exchange and more time to trade. alix: what makes you think that will continue. marek: since a return to what we have seen in 2010 and the 1990's, we are classified as a developing capital market. still the share of the retail investors throughout will be high 10% or 12%. it has doubled. social media it soon publish a support -- a report that shows if you look at the social media and the sentiment, you can forecast the returns of stocks. it is a new generation of investors showing us from the younger generation, a lot of social media, official investment clubs, and talking for high-risk risk and high return stocks. alix: in the same vein, the other popular trend in the u.s., spac's.
what kind of spac do you have over there, how does it work, do you expect that to continue? marek: spac's are quite new for us and europe in general. the first spac in the continent was 10 years ago. we had very strong price equity industry fostered by the state. not only general partners but also limited partnership. actually give the retail investors access to capital and private equity investors and public companies in a cheap manner. service in the mix of private equity venture capital funds are served by large institutions plus a little bit of a retail investor joined by a stock exchange. this will continue because it is
a little bit of a challenge for us in spac's due to some regulatory constraints and also limited access to shareholders assembly. they are not ready to participate. it does not make sense for us to have spac's. it will be structured classic private equity venture capital. alix: do you think the rule be changed to make spac's more appealing? it looked like the u.k. was thinking about something like that. or are you like things are the way they are? marek: i think there will be first a polish version of rates, and then in the second layer there will be spac's for the companies, the local brokers are calling for the change in regulation and the manager of finance is not saying no, but i think it will take another two or three years until we have proper regulation. there is recent reverse ipo so
the companies were merging together. it is an unofficial type of spac. as long as private equity venture capital is felt with the dry powder so they have money to spend, companies would seek financing through them. alix: there point. the other thing we saw -- fair point. the other thing we saw in the u.s. was coinbase and other ipo's rivaling traditional exchanges for trading digital assets. how do you view this space? what is it like in poland? marek: in poland we have bella doubt -- we have well-developed industries, gaming. we have over 60 companies listed on our venue. a clear market leader in terms of the companies listed. we also developed a platform for fundraising, not for the company
, but for the game title. there is great interest from the investors who invest in particular video games, not the studio as a whole, it is also a great marketing tool, because if you invest in a game you want to try it out, so you build a community. i think this will be in the digital space, the gaming industry investing, that is a flourishing industry. the future i see no limits for the digital assets. even piece of art or racing horses, or a platform blockchain based. the polish crypto exchanges were moved away by the regulator to malta, but there is a famous name that is in europe that was first founded in poland. there is still interest investing in crypto assets, but more interest we see on the gaming space. alix: really interesting.
ritika: it is time for the bloomberg business flash. in china a financial regulator says operations at her on asset management are normal and the company has ample liquidity. those are the first official comment aimed at easing concerns over the health of china's largest bad debt manager. huarong jolted credit markets
after failing to reach a march deadline for its 2020 earnings. publicly listed companies in the u.s. have taken a small step towards addressing diversity in the top corporate ranks. they have more than quadrupled latino executives. about 82 latinos joined the board of public companies in january and march. that is up from 19 appointments the same period a year ago. states and organizations have been pushing big companies to improve diversity. that is your latest business flash. alix: thanks so much. next week, gear up, gets week, -- get sleep, go home. later today president biden will host a joint news conference with the prime minister of japan. saturday prince philip's funeral will be at the chapel in windsor. next week we have serious earnings. tuesday we have johnson & johnson and lockheed martin. also netflix plus apple's first product unveiling of 2021. thursday a big day. earth day and president biden's
virtual climate summit will be kicking off. thursday is also ecb day plus earnings from credit suisse and intel. basically will not sleep or does go to three days. get to sleep over the weekend. in the meantime, harvey pitt will be joining david westin. former sec chair joining balance of power on bloomberg television and radio. if you're in the u.k., tune into bloomberg radios the cable show at the top of the hour live on the bloomberg and digital radio. if not, have a wonderful weekend. catch you monday. this is bloomberg. ♪
david: from bloomberg's world headquarters in new york to our tv and radio audiences worldwide, welcome to "balance of power," where the world of politics meets the world of business. i am david westin. united states is today imposed sanctions on russia -- that is the wrong prompter. let's get a market check with abigail doolittle. there is movement around but does not seem as dramatic as yesterday. abigail: i would agree with that. wrong moves on the day. of more interest is the week. a fourth up week for major averages in the u.s.. the first time we've seen that with the nasdaq going back to october. that is certainly risk on the neat the surface, it is super interesting. you have the nasdaq 100 and technology up on the week, but you have the banks down. that has everything to do with rates being down. the 10 year yield down for a second week in a row. it takes the pressure off evaluation questions around tax and it weighs -- around tech and it weighs on the banks overall. also interesting is on a weekly