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00:00Good morning Dani. That's a Bloomberg scoop on the cup but the pressure is in number 10 and these markets it's the affects prism that has the beauty of all. Good morning. It's remarkable Manus. Good morning to you to see. Effects volatility ratchet higher to look at bond volatility ratcheting higher and yet everything is peachy and sanguine in stock and land price. Some of it has to do with the commodity complex rolling over that giving stocks the go ahead perhaps this hope perhaps foolish hope that the Fed would pause. Let me take you into this morning's markets because we continue to see this rally continuing for what would be the third day of this week at least the third day having U.S. stocks participate. Of course it was a holiday shortened week for them. Even the footsie one hundred is rallying up one point one percent. Of course politics perhaps not having to do too much with where equities are going with the pressure on for both Joe. Well we're looking at gains of more than 1 percent for most of these indexes. S & P 500 futures perhaps a little bit weaker. We've seen some back and forth with the bond market with the FOMC Fed minutes yesterday saying that they are willing to go out. If they're willing to go out it's stronger as well. We saw 10 year yields those moving higher some more hawkish type pricing into the market. But overall Magnus it does seem one where despite some of the turmoil despite some of the economic fear in this market we are happy to buy equities. We are happy to buy the dip at the moment. Yeah well maybe that's part of the value narrative from Mohamed El-Erian that he referred to. Yes. Killing me softly. No not me to you. It's not the dollar. The dollar is dragging a little bit of risk out these markets as well. It's added pressure on the oil market. Oil is dying at one juncture. WTI is down by eleven and 12 percent for cash is what we were. Let's have a look at the board. Oil has got a small reprieve the third largest drop this week on one day. We're down 10 bucks in Brent and March 2s exploded last night by 18 basis points.

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Daybreak Europe Open: Bond Volatility Ratcheting Higher

Dani Burger and Manus Cranny open "Bloomberg Daybreak: Europe" discussing commodity complex rolling over. (Source: Bloomberg)

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