With Bloomberg you get the story behind the story, the story behind the global birth rate,

behind your EV batteries environmental impact, behind sand. Yeah, sand, you get context.

And context changes everything. Go to Bloomberg.com to get context.

This is Bloomberg surveillance.

Those on the East Coast wake up every morning trying to extend their business franchises.

Those on the West Coast wake up every morning trying to destroy those franchises.

In an environment where everybody's yield hungry, if you're getting something with almost no coupon and particularly with a long

duration you're just buying volatility.

When the US markets done well EMs have outperformed and in periods where the global markets

have had a week a year E.M.

have underperformed.

Bloomberg surveillance, your link to the world of economics, finance and investment

on Bloomberg radio.

Good morning everyone, Michael McKee and Tom King, Bloomberg surveillance worldwide.

We say good morning to Paris, listening on Bloomberg Radio Plus, and Bloomberg.

com is all on Algeria with us with the OECD and we'll get to the Secretary General

in a moment with an important new initiative

on cities.

McKee is gone, gone, gone,

Ridd Holes is here, here, here, that's a good thing,

Barry, Rid holes.

Good morning.

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