>> we are moments away from the closing bell. i am alix steel. you are looking at stocks climbing their way higher into the close. the dow up by about 64 points. you are also looking at s&p up by four points. let's just call it flat. the nasdaq reach reading that closing high earlier in the day.

the real story, the dollar had its worst day since the end of march. the currency market and on market shaken by what was happening in europe. i am joined by the managing editor joe weisenthal. the one stock that caught my attention today was wendy's. it announced that it was buying act stock. by did see an unusual pop wendy's. it goes to the thesis that we will see a lot of buybacks. goldman is looking at an 18% surge in buybacks. joe: charles evans tends to be one of the more dovish members. come laterkes might than expected. bund.al story is the

it was a massive move a few days ago. at one point today they hit 0.9%. the german bund was the safe haven. everybody was piling into it. people were wondering whether it would go negative. you see the chart today. we have solid inflation numbers. not solid, but inflation is starting to pick up in europe. there may be a greece deal. mario draghi coming out. people saw this as a pretty dovi sh press conference. was that thisy came on the day when they cut the forecast to 3.1% as opposed to 3.7%. we feel better, no more disinflation. joe: since when does anybody listen to them? alix: i do.

you were saying that greece is a very popular topic for today. we did not see any huge deals coming out. i crunched the numbers here and out at how much greece has been given in its second bailout over the last you years for some perspective. 7.2 billion euros, that is pocket change. that is like toilet paper money. they have spent all that money. just pay it, man. joe: it emphasizes that it is not just about the money. if it was about the money, there is a central bank that can print the money. the issue is, can the german government tell the taxpayers that they are going to mail out greece when the perception is that in germany, fairly or unfairly, greeks retire earlier than they do and have these great pensions. that is the politics angle.

then we are all in this together, we have suffered the last few years. we have all taken the medicine. if we change the rules for greece, then we change the rules everywhere. alix: we will be talking to an economist in a second. it blew my mind about how much germany may actually need greece. you take a look at the net .xports of gdp for germany they have really been increasing. germany once a week or euro. they do better in the currency bloc because they will not have to compete. they will have a lower currency. there is all kinds of reasons why greece should stay and get aid deal. speaking of carl, he is a guest of hours. at bloombergnomist intelligence. also joined by michael.

let's talk intelligence. we have the jobs report coming out. we have an ok adp report and a week component of the nonmanufacturing i s m. seeing trend like employment games based on the non-manufacturing i s m components. this is in line with consensus expectations. those are the types of payroll gains you expect to see an economy growing at about 2%. we are just muddling along. joe: will that be enough to get us down to full unemployment rate? >> that will drive the unemployment rate lower. it could push us close to a 5% threshold by september. the head is going to be cognizant of the fact that we

have rates at zero and unemployment at the level consistent with full employment in the economy. michael, what kind of volatility are you expecting coming into friday? >> not much. you get the first friday over the last month. the impact seems to be less and less. of that is that the u.s. markets have been increasingly operant by european events. whether that be good or bad. i look at that more to say, you have got to look at moving averages of these job gains. is the economy onto that solid, mediocre, that would allow corporate earnings -- joe: where do you see the u.s. economy going?

carl always comes on and says that we are disappointed. not a strong rebound like last year. michael: i think we are in a steady grind mode. one factor i like to consider is that there is so much interest rate sensitivity embedded into the economy that any increase that you get would re-smother any acceleration. and 2% big inflation round numbers on the 10 year treasury. that big round number is starting to be a multi-your framework. is a little bit of a different kind of jobs report coming out on friday. they wants in play, to keep 2015 in play. june is out of the picture at this point. the thresholds that have to be met are a little bit different.

we are watching the unemployment rate and the payroll gain. we have three or four more payroll reports. joe: we can ignore this one? carl: we do not ignore it, what we look at it through a different lens. thanks it tell us about the medium-term trichet three. what is worth watching is the jobs created. is it all low-quality service sector jobs or is it manufacturing and the construction sector? alix: it is about transportation, utilities, and service. carl: let's see the status of the rusty rust belt. alix: let's talk about china. vanguard is adding chinese shares to its emerging-market fund. this comes a few days before we i,e going to hear from msc

hearing about whether they will allow china into their index. when you look at china, what do you think? michael: the speculative fever there has been pretty amazing. china has been one of those markets. the equity market has often gone left when you expect it to go right. ande are some interesting constructive things happening in china. bubblishcept of retail shorting bubbles is everything. do you hear much interest in chinese stocks from your u.s. clients? michael: from a trading point of view. people saying, what is moving? you look at the charts and u.s. leap, placesst

like china and japan were rocketing. how that is for longer-term u.s. based investors is the question. joe: curveball time. some letter resigned. there are all its they have lower the odds that qatar will host the world cup. what do you think about that? will qatar lose the world cup? carl: i have a highly uninformed view on this. it was absurd for qatar to get it in the first place. carl: it depends on the investigation. go back to watergate. follow the money. too late to make changes for russia. billion will take $200 to build out the stadium and the rest of the infrastructure. >> that is infrastructure investment.

that is negative fallout as well as all of the tourism revenue. there is no good multiplier from building a bunch of stadiums that never get used? alix: if you are looking at the qatar stock market, what do you think? michael: i would probably continue to do what i have been doing, which is avoiding it. alix: thanks so much. carl, always a pleasure. michael, you are sticking with me. what the global bond route is telling us about u.s. stocks. we will tell you more about that and what it means. ♪

alix: welcome back to the bloomberg market day. years of decisions over the world cup's location and who will get the broadcast rights were steered by bribes and kick ax. -- kickbacks. he and others on the executive committee agreed to accept bribes with south africa as the site of the 2010 world cup. he said the choice of the 1998 tournament in france also involve bribery. blazer pled guilty to 10 crimes.

more than a dozen soccer officials and middlemen were charged with corruption at the highest level of the sport. an agency official reefed on the matter tells the sec has ruled cable providers including raise customer rates without approval from local governments. despite opposition from 5-0dcasters, the scc voted four taking over local packages. cable companies look to escape local rate regulation. there are concerns that ukraine is heading back into full-blown war. 15 people and a territory under their control were killed during a battle. the government and rebels have

accuse each other of sparking the latest rounds of unrest. a cease-fire deal was reached in february. that is a look at the top stories this hour. we are back focusing on markets. the chief global strategist, let's talk about what is weird. bond routes, how does that make them? michael: having this conversation a month and a half ldo, anytime that bund yie started spiking up, that got our starting to spike up. 2.0 from two years ago when our rates went up. yields literally doubling. our 10 year treasury went up just this week. .45's.s are up

to a certain degree, currencies are much more than rates when it relates to equities. the u.s. dollar freight train has been a huge dynamic in the markets this year. recently, it started getting some renewed strength after it expected consolidation. that started to put yet another fear cloud over the market. with the euro climbing higher, the dollar.d on that is a basket of currencies, but dominated i the euro. looking much tougher for the bulls to get behind the u.s. dollar. large cap earnings. arguably, liquidity and global risk. alix: we wind up having a little better economy in europe.

the grease resolution. doesn't that end up pressuring mario draghi to ease more? he does not want a really strong euro. michael: he does not. i expect the euro to be range bound. at what level does mario paint to do something? we are going to keep firing that bazooka through the end of 2016. any equity market or risk market here if you are bullish. degree.s that up to a you were touching on it in an earlier segment. his plan is starting to work. it is taking some deflation scares off the table. soften the german

hard money stance that they have been battling for years. that gives him some flexibility on the road if he wants to take his qe game up more than he has pledged. going to see range bound trading for u.s. stocks, we will not see any return? michael: i do not think so. kind of way.cky alix: it almost feels like a five-month august. here, creeping higher. perhaps into quarter's end. people realizing they may be behind the edge mark. you have that strong dollar and the rate shocks are behind us a little bit.

alix: good perspective on this confusing day. good to see you. coming up, we will have details on the unsealed court document involving fifa official blazer.

alix: more developments in the ongoing fifa scandal. former official chuck blazer kickbacksbribes and steered decisions for years. joining me now on the phone with more from rio de janeiro is the person that recently wrote the cover story for "business week" on the outgoing fifa president. what has been your impression going through these courtroom documents? >> nothing outstanding given

what happened in the last week. particularly the indictment was incredible. this gives some context and some color to it. blazer was a colossus in north american football and a north american executive for so long. he was brought to his knees in a common courthouse. money laundering, tax evasion, racketeering. it looks like he has cooperated and brought others down with him. 's executive committee agreed to accept bribes with the selection of south africa for the tournament. have we learned anything about russia and qatar. tariq: no. the 1998 world cup that was eventually won by france, that was held in 1992. blazer makes reference to that

race being tarnished with bribery as well. he was part of a group that took a bribe from the moroccan delegation that was bidding for that world cup. to the outsiders and to the people watching this, world cup, the most attack either event it sports, the thing that gets everybody's heart racing. it is cold hard money that goes into where these world cups are held. these guys are seeing another payday. alix: at what point does this come to seth's door? why was he subtly reelected on friday and then he suddenly resigns on tuesday? in between that time, we had the a new -- the news of the alleged 2010 private in south africa. the bride of a senior fee for

--fifa official. we are told that was his second in command. he has denied that. that is second to the president. the fbi has done these cases before. they probably hope that they will get more out of the people that they are rested. that these two more people than the outgoing fifa president. knowledge, on your what is the biggest outstanding question to you? tariq: the biggest outstanding question is looking forward as well. you mention russia and qatar. these world cups are still to happen. both countries are spending williams. $200 billion. we are seeing in these documents that every time there has been a world cup bidding process, or

have been allegations of bribery. chuck blazer was involved in at least two conspiracies. he was involved in russia and qatar. we need some clarity there. alix: according to chuck blazer, this has been going on for two decades. what is the chance that this probe is going to do the trick or is it doomed to this kind of corruption? tariq: we are talking about fifa . fifa is a synonym for lots of things. this is corruption in the world of international foot wall. in south america, in north america, that is in the indictment. we have seen corruption in asia and africa. this is both local and international. we are seeing football

administrators take advantage of the popularity of the game and the riches that he -- that it brings and tried to line their pockets. fifa needs to take a good look at how those federations are rn. alix: thank you so much for joining us. ♪ . .

announcer: from our studios in new york city, this is charlie rose. begin with henry kissinger. may 8 marked the 70th anniversary of the id.. world war ii allies commemorating nazi germany's unconditional surrender. henry kissinger fled the nazis and return to europe with the u.s. army. i spoke to him about his experiences during world war ii at the museum of jewish heritage in new york city. here is that conversation. that me started germany, about growing up. what was it like for