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We welcome all of you worldwide. Good morning to Bloomberg surveillance. Right now we've got

futures at negative 311 over on the Bloomberg Terminal. We're down over 1,000 Dow points over the last 18 hours or so. We are thrilled to bring you this morning.

Jeffrey You, of UBS Wealth Management, of course, with his wonderful ability on correlations

of market, particularly back to foreign exchange.

Jeff let's start there.

What are the correlations in the market now that allow you to be long equities?

Well right now the lack of correlations you know between what's going on

on foreign exchange markets you know for example versus what's happening in

equities and a fin income the fact that FX is ignoring this which tells you, especially if you look at EM FX and the dollar,

it's been discounting, let's just say the divergence between US and the rest of the world already.

So I think FX traders are not too fuss about this.

Dollar EN, down too big figures, you know, from the highs, again, not too fast about this. Dolly end down to big figures you know from the highs again not too fast about it.

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