[bellringing] u.s. stocks alix: falling. joe: but the question is -- "what'd you miss?" earnings fever. as slew of reporting in a moment. alix: when do we get lower gas prices? joe: and it is all about finland. yes, finland. why finland really matters to all of us. the s&pu are looking at closing at its 50 day moving average. you're also seeing the dow turn negative on the year, joe. joe: the benchmark oil in the u.s. officially going into a .ear market

we have talked about the bear market. some of these levels are arbitrary, but there we are. the lowest percentage in eight months, meaning there is not a lot of breath, there is not a lot of oomph. joe: the market is looking kind of squishy. alix: squishy, yes. couple weeks ago when all we talked about was the china crash and the government and the regulators through everything against the wall to turn it around? they kind of succeeded. check out the shanghai composite. still a long way to go. still pretty impressive. delay,accompanied a shortselling, they finally have

a rally on their hands. deep dive we take a -- one second, when i get my computer running -- eight deep dive into where there are lower gasoline prices. aah. overare the lower prices the year. as joe said, we are around $50 per barrel. take a look at gasoline. still up by $2.77 a barrel. so, what gives? where are the lower prices, man? joe: where is the demand? alix: there is a lot of demand ,hich keeps the prices higher but it may trickle through. had morris, the global head of commodities research at citigroup. that "bear market"

we love talking about. we are seeing commodities everywhere -- oil and think and milk and copper -- what is your grant. to suggest why they are tumbling? cyclical factors in the global demand growth. the only bright lights are andly the u.s. and india the emerging markets are not seen positive growth. the other part of it is more secular a longer-term thing. we had high prices find more copper, finding more or. it is secular and cyclical coming together at the same time.

we looked at growth versus the commodity index, and it looked like it was stagnating, but the commodities index keeps getting hammered. which one is right? are commodities done or is gdp set for a fall? guest: you could say that one is leading in one is lagging. if gdp were to come up with couple points, we would still have oversupply. we have record level inventories and record level refinery runs and we cannot the plea be inventory of crude oil. is for the u.s., canada, and the global markets.

joe: how much does the fed have to do that? is that a big factor in what is causing this money to rush out of commodities? guest: it is a big factor and it works at different times in different ways. certainly when the expectations are they are going down, then you do see this incredibly dramatic negative correlation between the u.s. dollar rising in commodity prices falling. we do not see it the other way. it's not a to a flow. we have the rate hike and a second one after that. that one of the shaking out the fundamentals guys or is that a way to look at the regulators? guest: it is good to know what encourages them, where that flow is coming from?

but i think it has been usurped by financial close. in many ways what we are seeing in the selloff is a return to where the market should have been. if there had not been a little bit of euphoria -- we saw the passive index investments by pension funds increasing through the first half of the year, and only in july we saw two months of outgrowth. that goes into buying contracts for everything from week to oil. -- from wheat to oil. other financial close are peculiar to commodities. there is another correlation. as counts in the oil industry go down -- there have been a lot of factors . the etf flows have probably been the biggest one. a year ago, there were 15,000 contracts for oil backed etf's.

now it is more like 5000 lots. that is a little bit of froth. i think part of these selloff is really getting back to reality and part of it is there a really bearish signals from the marketplace. talk about those more. the key driver was the flowing economy. it did just turn positive. what do you think? will we see a downturn in the global economy, or could we be surprised on the upside? guest: all i know is what citi economists have done and what they have done for the hearst i'm in a couple years is raise the gdp growth a little bit too 2.7% this month. whether we keep doing this at an aggressive pace -- joe: we might see a little growing in the global economy? guest: we might, and given what the government in china is doing

, some of the markets are little strange, but we might see more growth out of china toward the end of the year as a result, and that could be positive. alix: talking about china and growth, i have to bring up goldman sachs. and thee down graded forecast for the next two years. basically due to oversupply and not enough demand from china. would say we have a 180 degree different view from the one you just per trade. i think the copper herbal market is one that will emerge by the end of the year. the drag on the market was corporate news today. news about cutting back on capital programs. saying shut-ins in production. will accelerate by the

end of the year. we will take the copper and a bunch of ways. it is positive for white goods. dishwashers, washing machines, cars to some degree. we think the major longer-term factor is redoing the power grid in the country as they try to make it efficient. the transmission grid being rebuilt, and that will be a longer-term bullish copper story for the rest of this year. we have this approaching the unanticipatedan selloff. 6000 on we will see copper before the end of the year. alix: that is a great call.

just one minute. we want to go to the breaking news desk. yes, looking at earnings per share, they came in at $.19, with a loss of $.14, in fact. looking at revenue, coming at 22.9 billion dollars. so, that beef fat. those of the numbers crossing the bloomberg terminal. looks like a beat on epf and revenue. generating more than $6 billion in annual sales. a significant jump from the third quarter two -- two the third quarter from the second quarter. joe: this is one of the most sixes -- significant stores out of amazon. oil, copper, gold. what commodity should we talk about more? the links in the market

was really palpable and we saw different trends emerging. we thought that weather conditions in the world, particularly the el niño effect was not going to be there, so we saw a time to start shorting cocoa, and we still have that. alix: so great to have you here. you are my commodity superstar here. ed morris. won itsing up, uber biggest battle yet, defeating new york city mayor bill de blasio. who is the other loser? we will tell you after the break. ♪

alix: i am alix steel.

joe: i'm joe weisenthal. "what'd you miss?" for the break we said that mayor bill de blasio was not the only one to lose to uber. joe: you can see the big drop-off from the open. is not pretty. medallion, they've make a lot of money that way. i love there is a public play, the flipside of uber. get to the top stories this afternoon for you. at&t is topping estimates in the second quarter, the company posting earnings that were a nickel more than expected. 's $66 million directv deal is expected to close this

afternoon. the fcc chair has circulated a ruling to approve it. the nikkei is buying "the financial times." it is the biggest overseas acquisition by a japanese publishing company ever. they have a circulation of 720,000. digital subscriptions make up 7% of the total. alix: if you ever wanted and body, there is an affordable way -- wanted an audi, there is an affordable way. models start at 88 grand. joe: now to fill in. yes, finland. people are talking about it for different reasons -- it may not have greece's debt problems, but it's economists -- it's economies are inseparably

linked. look how it is underperformed compared to its neighbor sweden since the financial crisis. alix: lars christensen joins us from copenhagen. thank you for staying up so late for us, lars. joe: simple question. what is the matter with finland? you better ask yourself what is the matter with euro. finland is the poster child really of europe. right thing.s the in spite of that, it is doing very bad. to me, what is wrong with finland is euro membership. joe: you say they are doing the right thing. what is it about the euro that is keeping finland from thriving? to have a functioning currency union, you need to have not too many symmetrical shocks. we have had three of those. we had the cable industry and serious trouble.

and we had the problems with russia, a trading partner. those are serious shocks. it is a combination of symmetrical shocks and euro membership. alix: lars, does that mean finland should leave the euro? do not thinkinly finland should have joined. leaving is a completely different question. i do think there is a way out for finland, staying in the euro area, but they would need to continue on the road of quantitative easing. and furthermore, we need serious reforms in finland, particularly in the labor markets which are stimulated by collective bargaining. the finnish prime minister was out basically begging the labor unions. joe: lars, you mentioned three

really big things buffeting the nish economy. nokia, the paper industry, and then a larger worship another exports are for russia. these are three things. you are saying that if finland were on a different monetary system it would be able to account for these things? obviously, these things would be bad no matter what. thethe consequence -- been suchrk, at there a thing today, would be 30% weaker, and the economy would probably be a lot more viable. joe: but sweden did not have the

nokia collapse or anything like that. couldn't that extreme the main difference? lars: it could. but you look across the region. norway, iceland. the euro members are free floaters in the nordic region. i think there is quite a clear picture emerging. the euro members have been suffering because they have not been able to provide additional monetary stimulus for those economies in the nordic region. mentioned theou tigers. should denmark remove their pegged t to the euro? lars: i think we need to have in our country much more serious conversation about whether

peg fulfills the objective a used to. i would lean toward being better off going with sweden or norway. alix: thank you for joining us. lars: thank you. joe: meanwhile, amazon. is soaring in after-hours trading. estimates coming in at $.19 per share, a loss of $.14 per share was expected by analysts. on spain'sve a chart unemployment. you do not want to miss that. coming up next. ♪

alix: i am alix steel. joe: and i am joe weisenthal. "what'd you miss?" chart.ut this spain's youth unemployment. 50% for thelow first time since 2012. the mind blowing thing to me is how high this is. it is still extraordinarily high. for all of the talk about spain recovering. alix: scarlet fu is with us for more on what we may have missed --the most important numbers. about growths all rate for amazon. profitability is secondary. yeah, they made profit, but previous to that they reported a loss in two of the last three quarters into at the last three years. basically the stuff amazon sells, the themes have been decelerations. 20%.

a long way off from the high of 72% in early 2010. you see the growth rate falling below 50%. it really has not let up. we did see a pickup in the latest quarter. any retailer in the world -- scarlet: that is blockbuster growth. it did accompany a 7% of their total revenue -- what did we learn? scarlet: this is what surprised people the first time around. if we could pull that chart back up again, what is interesting, as it has grown, the margins have expanded. billion.n, $23.2 there's a lot of questions about the margins as they continue to grow. this is a business driven by price decreases. amazon has the best service in terms of security. customers like netflix will not

necessarily switch over to google because they are happy with the service they get from amazon. blownf a sleepy stock is up in after-hours. they say anything else interesting? -- obviously, the stock has gone up in after-hours. look at the pe ratio of this stock. it is all about what the company deploys in terms of investments. especially if you look at the cloud business. alix: good stuff. thank you. i totally appreciate it. i do want to talk about two other earnings that crossed after the closing bell. atst, starbucks, coming in $.42 a share. but really, it is all about those comps. mobile same-store sales were up 7%. that beat analyst estimates. a big boom for the stock. and visa is also killing it, 25%.t rising

this is a good earnings day. joe: solid. all right, we will be right back. ♪

alix: i am alix steel. joe: and i am joe weisenthal. "what'd you miss?" alix: oil and gas prices. take a look at my terminal. these are two natural gas prices -- this is millennium and natural gas -- you can see bam. $1.20. at henry hub, not so good for profits. joe: probably not. another thing you do not want to

miss -- the beginning of every pmi numbers, manufacturing date around the world. we get these previews. we get these previews. onight we get ♪ ♪ ♪ get excited for the 1989 world tour with exclusive behind the scenes footage, all of taylor swift's music videos, interviews, and more. xfinity is the destination for all things taylor swift.

emily: amazon shares spiking after-hours. the secret behind jeff bezos' surprise -- profits up 17%. i am emily chang. this is "bloomberg west." pandora shares also rallying after-hours. the company optimistic. at&t looking to drive growth. we will ask former fcc chairman bob dow list they