sinks to a 16 year low. futures are getting hammered. 50 futures down by over 200 points. it could get messy, the open -- let's get it for you with caroline hyde. caroline: this could be brutal -- $5 trillion so far wiped off market value since the devaluation happened in china. the worst week for the stocks. for four years. the dax -- 18% off previous highs, which means we will probably be entering bear market territory today. cap is falling by 3.5% -- this is painful if you are along with these equity markets. but it's not just europe -- this is the middle east, asia, across the board where we are seeing

the selloff's. -- selloffs. the euro is gaining strength, gaining momentum as the dollar falls lower. the bets are off when it comes to the federal rate reserve hike. many are feeling that lists in september will be have -- will have less than 30% chance. december, we are likely to see 55% chance of a rate hike, that is what the market is factoring in. people are delaying the federal reserve hiked because wha of wht is happening. keep an eye on some of these emerging-market currencies, because we are seeing the selloff continuing. the south africa is losing value against the u.s. dollar. we are still seeing the pain in the emerging markets, and of worst, commodities -- the bloomberg commodity index number wincing in 16 years. copper is continuing to trade lower. the lowest growth in china since

1990. grains are selling off, metals are selling off, because oil is selling off. and this, interestingly is blended -- the first time below $45 per barrel since 2009. clearly the market is worried about global growth, and we're seeing money moving into the havens. gold came up for a little bit. --ey moving into germany down to basis points. still some concern about what's happening in greece, of course, as the snap election has been called. i leave you with some equities -- a sign of growth. bhp, the world's biggest miner, up by 4%.

exposure -- but the largest insurer in south africa is getting beaten up as the south african continues to fall. jonathan: great work. it has been an ugly contest three minutes of the session -- the dax is down by three percentage points. conteste most ugly because it is even uglier in asia. let's get over to david ingles in hong kong. david: good morning, jonathan. go back to bed. ugliest day here in asia in four years. it tells you a lot when the outperforming today is down only 2%. the rest are absolutely hammered. i was doing some simple math just update this figure we have been following all morning. all monday in asia, we are looking across the board of at

least 1.2 trillion. wiped out, disappeared. certainly, japan is playing a big part in that, entering a technical correction. that market has been closed for about an hour now. shanghai composite is just closing up, down 8.5%. lows of the day were as much as 9%, and another thing and want to mention -- the scope of the selloff we saw here in asia today, that something we haven't seen in a very long time. 26%, 97% of this is trading lower, much lower. the philippines were down 7.5% having his worst in years. this statistic keeps coming back -- i'm looking across some of these markets. the worst day since 2013. what happened then? that was the paper tantrum. the malaysian ringgit, the

indian rupee all getting hammered. they are a three-year low. it's one of those days. you had hoped you stayed in bed. but we have to get through this until tuesday. jonathan: david ingles, so depressing. they give very much. let's keep it on china. the government says it will announce tension funds, failing to implement cuts to the bank of reserve. that speculated break cut that never came is perhaps the big one over the weekend. let's get out to nick. they didn't get a rate cut so i guess the question has to be asked? why didn't they deliver? nick: when you are looking at is a government on the knife edge between two choices. one is giving the market a greater hand and allowing the market to go where it will.

to other is to intervene either prop up the stock market or prop up the economy as a whole. they have had such a string of bad data. it is important to consider the fact that the shanghai composite, awful day today, that it is still up 40% in the last 12 months. there was clear evidence of a bubble. stocks were trading at about 60 times earnings, and that compares to figures. near 20 in the u.s. there is no doubt that the shanghai composite was in bubble territory, so we are waiting to see what the government will do next. jonathan: nick, what can they do? we get these little tweaks, allowing the pension funds to buy stocks for the first time -- that's not enough to lift sentiment. going forward, do we carry out these little tweaks? do they go big-time? -- the expectation

is that they will go big. this reserve requirement is really a key figure, so banks are required to hold a certain amount of cash in the reserve, that's well above the number in western markets. so there is a lot of cash still tied up in the system that could be brought into play. what you are seeing here is people want to signal from the government. what are they going to do? are they going to let this market run or are they going to step in. a previously said they would let it go below 3500 but it has gone well below that. the market is looking for some action by the government but it has got to be big. jonathan: great to have you on the show. joining us live from beijing. we are joined by the head of investments across bridge capital way. great to have you with us. the doomsday scenario -- everyone is talking about it. but when i look at monetary policy in china, that is not an

emergency monetary policy setting, with rates around 5% in rrr at 18.5%. when does it become one? >> well what we saw in the close today was that there was some intervention the chinese government. that is what i heard in the news. clearly, if you look beyond the headline, things are happening -- there is a mention of the -- they can only use the land as the ownership that they had. w --you mentioned just no there are some things happening. it is difficult to say whether they are in a panic mode or not, but even the rrr cut, which was a rumor on friday, didn't come through. that, what we are seeing in the chinese market is very difficult to say. move if youve an 8%

have institutional investors -- jonathan: i have the dax on my screen down by three percentage points. 2014, andto october, we talk about whether -- is this an october, 2014 moment or something bigger, so the more significant? manish: this is definitely a we have seen a big crisis. about what'sk happening in the economy. of course we know that central bank liquidity has been what investors have been buying in. but we haven't seen much on the fiscal policy. in the short term you can have growth driven by demand but in the long-term it is all about supply. that is something we have not seen -- in this country, we are

seeing been doing a great job. you willt some point have to respond more than monetary policy. jonathan: well we are waiting for fiscal policy, we are waiting for monetary policy. the big take away from last week is that we have what was perceived by many as a dumb percent of federal reserve minutes, not enough to turn around this market, to stimulate a rebound in the equity market. it was written over the weekend -- can theyal banks remain a central stabilizer? manish: i think they can, because we underestimated the power of the central bank. in fact, i would say that even if there was an early rise in september -- and i think there could be one -- what you really don't want is a big job support, which makes you think another one is coming in december. to your point, i think the central bank can control that,

but i have been disappointed and we can't wait for that. jonathan: what am i waiting for to pick up the pieces? day,for a 10th straight attacks and their market territory -- delay weight first jackson hole? manish: no, i don't think so. like i said -- 10% is overdone. equities, 15%.he if you miss the rally last time, this is your time to pick it up again. the european economy is much better. it is moving out of the emerging market, and look at the eurozone trade surplus numbers. scenes --k behind the i called the yuan flu. people are trading on the top headline -- people are ignoring the basics of the economy.

are you ignoring the fragility of some of these indexes? the s&p 500 -- it was doing ok, but beneath the index, you lift the lid and look at the movers, there are only five or six stocks keeping these indexes anywhere near the green. the fragility as been for a while -- what is that return? manish: you are right because all of these stocks came into selloff on friday. but we have seen the market -- if you are upgrading your iphone, the s&p is up and people are buying once again. you pick up and you buy your goods again and you get investment in the market. jonathan: the south africa share index fell the most in more than five years, a brutal start of the session. manish will stay with us. coming up, emerging market currencies get hammered and none

are spared. political risks, tensions on the korean financial. another election in turkey. and a bloomberg commodity index sinks to a 16 year low. 3% 13x is down by over minutes into the session. ♪

jonathan: good morning, i'm jonathan ferro live from london.

it's quarter past the hour. stocks are pretty -- let's bring up the index for you. the stoxx 600 down by 3%, the ftse trading below 6000. we are coming back a little bit but we are still down by 2.6%, and on a 10 day losing streak. the dax is down by 10,000 points, in bear market territory. the shanghai composite -- look erasing aown 8.5%, 60% rally for 2015. switch of the board and check out the other asset classes. morning,ger euro this training just below $1.15. we will talk about this in just a moment. crude is south of $45 a barrel for the first time since march, 2009. -- bloomberg commodity index march, 1999 was. unreal stuff.

a 16 year low. let's get you up to speed up the top stories. the global stock selloff continues -- the singer composite down 8.6%, its biggest drop since 2007, erasing all its games in 2015. japan's a stock fell the most in two years, internet correction. the bloomberg commodity index slid to the lowest levels of 1989. results, after iron ore prices drop. the stock is trading down by more than 4%, the biggest fall since 2008. toyota shares plunge the most in 18 months after the company confirmed its biggest production line in china will stay closed for two more weeks because of the deadly explosion. toyota's chinese affiliates say operations will only resume when it can confirm the safety of its employees. the blast destroyed nearly 4000 vehicles.

currenciesg-market at their lowest levels. kazakhstanwe saw abandoned its exchange rate -- we spoke with the nation's prime minister who says other oil producing nations will not be far behind. >> we have been learning, experience from other countries, like australia, canada, like chile. but the movement was inflation. i think we can reach the goal of free flow of the economy. i personally, strongly believe that the central bank should fall that direction. jonathan: for more, let's bring in the bloomberg strategist. mark, how far can this go?

talk to me about some of the levels we have artie broken through. mark: good morning, jonathan. at the moment, all the markets are suffering indiscriminately, as price seems to be the main fundamental. i see a can go quite a bit further. we have august summer liquidity -- a lot of places are on holiday -- and prices the dominant factor. at some point, we will start differentiating, but it is too hard for investors to step in. jonathan: what a look at drivers, i go back to 2013. the big difference between now and 2013 is we are talking about rising treasury yields. do we have to take less of the u.s. centric view of the world to see the drivers? mark: 100% right. in the last few weeks we have been really focusing on the imminent said hiking cycle. walking in this morning, the september hike is pretty much posted but they keep moving it

back is the risk immersion gross. it has very much focused the commodities story. that has always been a negative but it is the one big driver now. jonathan: differentiate, if you can, when we pick up the pieces and break down. which currencies by the resilient ones and which ones are more vulnerable? mark: ironically enough the best stories are in asia. countries like india has growth. the collapse in commodities is a boon for them. same for the philippines. it is also a commodity importer. but again, he can't get into than you but they are good fundamentals. on the negative side are commodities exporters like russia and columbia, who suffer from growth problems. that is probably where the main differentiators life. jonathan: thank you very much for joining us this morning. let's continue the conversation

and ring in the senior director, us. with price movements, these are very different looking treasury yields -- to a have to look at this a lot differently? >> i think yes -- a number of things are different in terms of the applications about the fed and what they are going to do. at this time we are anticipating what's coming up but the timeline is much closer. back then it was much more of a surprise. anticipationt the is priced into the market, but that doesn't mean we can ignore all the other growing problems. jonathan: when i look at the dollar and the dollar versus g 10, a very different looking dollar. the story right now is that this has nothing to do with the dollar and this is just a china trade. manish: i would agree with that

because look at euro-dollar. seen -- with this, the imaging market has a lot -- it's not quite 1997 where you would pay for the dollar and everyone took the pay off, but that is what's happening with the yuan. it's not quite that dire. especially in india, it's a very minor current-account and low commodity prices is going to kick in. the balance sheets i think will do much better. marcus mentioning going forward -- when we try and differentiate between these different currencies, we are moving from the fragile five to the vulnerable 10. when you move away, has the story changed from the current

account deficit story to just the commodity producers? the proxies for china? phoenix: yeah. i think it's largely the em effect story. balance very much on the we expect that pain to continue with the domestic economy slowing down, because of decreased trade to china. jonathan: the backdrop to all of this is the commodity rep. -- route. when you look at court government bonds, is a bond yields going lower? manish: yes. looknk it's true -- if you at the emerging-market bonds, even they have suffered. for me in emerging markets i am not doing much, and you pick your country. for your pick individual countries, but not by a market complex. especially because you see the fed will respond and i think they will still raise rates.

there is still more to go. jonathan: phoenix, going forward, what's remarkable is that the security has always been there but if we are looking for a catalyst in the most recent route you would go for that devaluation in china and what the pboc did. chinahe last few years, has acted -- together with the dollar, an ever stronger yuan, china and what they have done -- they have come out and said we are going to pressure ourselves anymore. phoenix: i think it is a pretty complex story. they are trying to address some of the internal issues and release some of the steam. the same time, providing a certain amount of stability so that the market doesn't collapse. but i think it is a very tenuous balance they have to try to reach. we had investors on the other hand really nervous about the over valuations we see in the chinese market. that is going to continue to

provide downward pressure alongside slowing chinese growth. jonathan: they question a difficult to answer -- but is the pboc going to lose control? phoenix: yeah, that's probably still a question to be determined. we don't know enough at this point answer that question. route -- theig em argument, and we all discussed whether this would push the fed back -- is that what i'm going to see here? manish: i think that in september they will raise, because it is believed that the unemployment rate is lower and jobs are kicking in that will conflate. a september race is not about inflation numbers, it's about -- one final point on china. you have seen the prices, properties 15%. the gdp has been down consistently and if you get that an account you might see a q4

recovery. it's not all as dyer. -- dire. jonathan: sticking with team september. thank you very much. manish, phoenix. coming up, we talked politics and the market. greece heads back to the polls will tensions flare in korea. we will bring you the details after the break, 26 minutes into the trading session. drink up the equity board for me. the stoxx 600 down. we are down by 2.73%. the shanghai composite is down 8.5%. a quick look at the other asset classes -- a stronger euro, a weaker em effects. and bloomberg commodity index are at a 16 year low. stay with bloomberg. ♪

jonathan: good morning and welcome back to "on the move." my pictures of hong kong on the screen. thehot thing is down, -- hang seng is down. attend a losing streak, down 2.5% this morning. low, low, low. switch up the board quickly -- the other asset classes. crude is at $45 per barrel for the first time since spring, 2009. it has been that long. a lot of stock movers out there and a lot of red. caroline hyde has the story. caroline: brutal out there.

every single industry group is collapsing at the moment, everyone is underwater when it comes to their share prices. prices are down 10% at the moment, double the pain compared to the rest of the market. most industries dropped by 3% but the miners are down by 6%. tall oil is down as well -- tull ow oil is down as well for the first time since 2009. these are big sectors, as well -- a significant fall -- there is just one stock among 600 that is in the green and it is this 1 -- abongoa. it is managing to keep its head , securing a new contract. a major shareholder, and it has been repaying a loan.

but even that tends to go into the gray. every single stock is falling this morning. jonathan: thank you very much. markets plunge in volatility and political tensions on the rise, especially in the korean peninsula. talks between the north and south continue after the exchange artillery fire. the north stepped up the mobilization of its armed forces. peter has the latest live from soeul. how long these talks go on? peter: nobody knows. they have been sequestered in that small office for more than 24 hours now. they were ine, there for four hours until 4:00 in the morning. i think this sense is that they want to get something resolved, and nobody is going to leave that room until it is. jonathan: talk about the market impact with me. the market impact in europe -- a messy one globally. localize the story for me.

peter: definitely. years --lowest in four the weakest in four years, the local stock market is down 2%, probably the weakest in two years. the whole emerging-market issue with china and of course there are tensions among the border. whammy going on here for the markets in the currency. jonathan: quickly, those who skin the headlines notice that the bank of korea that yesterday and again this morning. when they meet in a talk about the tensions we are talking about, how seriously should be be taking them? seriously. they keep saying external factors that are impacting the market, and therefore they need

to do something. there was a suggestion today by some traders that they may have taken some action to keep it som weakening further -- that's two emergency meetings yesterday and today -- seems pretty serious to me. jonathan: thank you very much for joining us. political risk over in korea and in greece -- another eventful weekend after alexis tsipras resigned, triggering likely elections. syriza has split and all parties are lining up for ago. we are joined live from athens. the big question is how we expect this to play out. it is pretty straightforward, isn't it? >> well, it looks like it. is the second-largest party in a have three days to form a government. and looks like they have failed

and they will be talking to the president shortly. but it goes toward popular unity, the newest anti-austerity political group, a spinoff from syriza. they will have three days under the leadership, the former energy minister, to try and form a government and that is almost impossible, but they will use that time in that oxygen of publicity to get their message out and to form some kind of political structure ahead of what's likely to be an election on september 20. that is where we are. thursday is when the president is then likely to dissolve parliament, if popular unity fails to form a government. an interim government will be put in place, campaigning kicking off thursday or friday. just a comeback -- i know you spent the weekend with two of the most radical parties

in greece. can the far right, can these radical parties make a play for power? yeah, that's genuinely concerning across the political dawn, thethe golden far right party will increase its share of the vote. we spent saturday with them, with the third highest-ranking member of the party. we were taken into their headquarters, banners hanging on the walls. they gave a speech that basically launched, unofficially, their election campaign, and they are hoping a number of factors will play to their favor. one, the immigration crisis that greece is facing on its southern island. two, austerity measures that are going to come into force as part of this third bailout, putting more pain on greeks. and the centrist movement from syriza and the new democracy parties, moving space for the golden dawn. tom mackenzie with the

situation in greece -- thank you very much for joining us. meanwhile, turkey has failed to form a coalition government, which means voters will be heading to the polls for the second time in less than six months. a new election is expected to be held in november -- let's bring back phoenix kaelin. phoenix, we were talking about the consequences of what's happening in greece being obvious but the consequences of what's happening in turkey are also obvious. no one expected the coalition and we have another round of elections -- why will this be different? thenix: well, right after june 8 parliamentary elections, there was a lot of optimism from various analyst about potential thattions forming, but was surely dismissed. it has been kind of a heartbreaking situation to watch as these coalition talks collapsed, and there was really sogood bargaining happening,

in terms of what is different now -- not much, and that is a real shame. we have pulls out of turkey showing that the dominant party is unlikely to regain parliamentary majority, and that means they won't be able to regain single party rule. we have as long, protracted period of clinical uncertainty where turkey doesn't have single party rule and can't manage to cobble together a coalition. jonathan: we have been talking about this brought ems tax story. the political dilemma is just another consequence as the dollar goes to record high after record high. how much worse can this get? phoenix: i don't see any stopping point here, and for me that is the key reason why we have a long dollar trade.

there is no political backdrop, there is no monetary back slot position for this depreciation. it is a one-way road. jonathan: earlier in the year we witnessed some fascinating political pressure coming from the government to the turkish central bank. how did that develop and at what point does the turkish central bank you to start thinking about coming out with a rate hike? and a three-part question -- will do anything? the first part -- yes, we have seen more political interference. we had hoped that after the elections, losing opportunity and power in the public opinion, that they would understand that they need to scale back on their interference with monetary policy, but we have not seen. we have seen various advisors coming out, advising the central bank of what to do on monetary policy, advising against raising interest rates.

those have been adverse factors on the currency. in terms of what the central bank is likely to do, i think they really want to stay out of an attack target for these political parties during this elect oriole. oriole.elect they will do everything they can outside raising interest rates explicitly. i don't think those measures will be sufficient to stem currency depreciation. in terms of an emergency rate hike, that may be the way things are headed if the depreciation continues. jonathan: final question -- what is the pressure point? 3-2? 3-5? i will point to they have to come out and give them no choice? phoenix: i don't think there is an explicit number.

there is also a contradiction between the political philosophies floating between the government and the central bank, in terms of the government saying that, actually, we should relishes currency, relish this weakness, because it will be a boost to competitiveness for the export sector. so we have some conflicting ideologies. if things escalate so much that we get to 3.5 against the dollar within the next couple months, that is a serious concern. kaelin, thanknix you very much for joining us. the dollar's trading just below three, getting punished once again, the dollar up 1% against the turkish lira. story -- the bloomberg commodity index, a 16 year low. turmoil in global markets,

turmoil and commodity markets. we will break down the oil market and where we go next after the break. ♪

jonathan: good morning and welcome back. 44 minutes past the hour -- let's get you up to speed on the top stories. the global stock selloff continues, the shanghai composite closing 8.5% down, its biggest drop since 2007. it erases all of its gains for

2016. topix and the bloomberg commodity index reach lowest levels since 1999. reported a four-year profit of 88%, missing analyst estimates, this coming after iron ore prices plunged on a global slowdown in china. the stock is trading down by more than 14%, the biggest fall since 2008. and toyota shares plunge the most in 18 months after the company confirmed its biggest production line in china will stay closed for at least two more weeks because of the deadly explosion. toyota chinese affiliate say operations will only resume when they can confirm the safety of its employees. the blast destroyed nearly 5000 toyota vehicles awaiting delivery. back to the commodity story -- , sinking tocrashed the lowest level in 16 years.

oil is sliding below $45 a barrel for the first time since 2009. for more, javier joins us. i am looking at the oil story ,ver the last couple months throw emerging markets, is it still a supply side story? javier: pressure, the american markets rallied in for sure china is piling pressure on oil prices to go down, but they oversupplied it. too much supply, for opec and saudi arabia. iran really wants to come back as much as it can, and that is really driving the prices. jonathan: another reason -- oil just keeps going lower. how realistic is it that they can move the dial in terms of global supply? javier: later we are expecting a movement around late year, early

next year. they could increase production very quickly. only two or three months ago, you were thinking about maybe 200, 300,000 barrels. now they are getting more optimistic that it is doing its homework. sanctions have lifted to repair the oil fields in the moment they are lifted it could really ramp up production. jonathan: a big difference between now and january. the curve looks a little different. javier: it looks very different whatu look at the back -- has changed dramatically since the beginning of the year is not butprice of the very front, the view of the market. january, the markets were going to go back to 75, 80 or higher. today the market is beginning to inc. that we will have $50. jonathan: a bloodbath for any commodity hedge fund. what is hurt more -- the move

from june of last year or the move from april through now? is that the move that has really caught everyone off guard? most hedge funds -- javier: most hedge funds have a terrible month of july. year of real bad news for hedge funds. it is difficult to find any hedge fund that is doing well in this environment. jonathan: the bloodbath is down several percentage points. we would be talking about central-bank action off the back of this, tongue-in-cheek, people throwing around -- when we talk about oil are we talking about emergency opec meetings? javier: well they are asking for one but the key question is -- do you need equanimity in the cartel to have an emergency meeting? that means saudi arabia has to say yes, and right now they have

no incentive to say yes. america's car-mart -- to change policy? it's not up -- as much as i would like to go to vienna, it's lovely this time of the year, i don't think we are going to going to be there. the next meeting is december, so it will be december. jonathan: a cold meeting. it's all up to saudi arabia and it doesn't look like it's happening. think you for joining us. $44 a barrel -- after the break, we will wrap up the action so far this morning and tell you every ring responsible for the rest of the trading week. ♪

jonathan: good morning and welcome back. shaping up to be another big week -- let's get an update so far today with caroline hyde. caroline: we have already seen the worst week of stocks in four years. we are to check in on the stoxx 600, the dax -- we are now in bear market territory when it comes to the dax. we are seeing significant moves across the board, not one single stock is rising on the dax. meanwhile, those that play into the infrastructure build. many feel cement could be hit by a slowdown in global growth,

utilities being hit as well. not one single stock is rising on the cac. it really is the miner bearing the brunt. -- wene stock is rising -- oilll seeing the ftse stocks in mining stocks being dragged lower. fair market territory for the dax, lower on the stoxx 600. we are seeing moves in the effects, up by almost one percentage point -- why? because of the dollar. people are recalibrating when they think of federal rate rise will happen. , only 20%, feel it will come in september. before it was a majority. now we are seeing a change in rates,eral fund futures which protects when we may see rate rises. the dollar is rising and i want to focus in on the dollar moving lower.

of course meanwhile, you are looking at that mining selloff, copper off by almost 2.5% at the moment and oil below $45 per barrel. this is a selloff of anything risky, as money move into the u.s. treasury. jonathan: caroline hyde, thank you very much. a busy session for the first hour of trading in europe, and a busy week ahead. tomorrow we will get a reading of german growth and the business confidence survey. jackson hole kicks off, everyone looking forward to that stanley fischer. friday, u.k. gdp as well. a little bit of data, speech, and a lot to watch. manus cranny of bloomberg tv is up next. you've got a whole host of equity markets in correction. you have a correction of what a bear market actually is.

phil bladen seems to think it's about a capitulation of sentiment. nobody is able to make demonstrable cause -- they want to take risk away from the table. but if you look at two numbers -- one is 1 trillion and one is 16 -- what do they mean? one trillion is amount of debt issued by the chinese institutions. 16 is the relative strength index of the hong kong stock market. the pace of declines in hong kong's is the fastest since 1987, according to the ors. crude oil is oversold, deeply oversold. the dax is oversold. the bloomberg commodity index is viciously oversold. jonathan: according to the -- manus: well, the hero is overbought. i don't know why you getting so picky with me. i merely stating fact. i am merely stating fact.

$5 trillion has been wiped off the equity market. the question you have to ask yourself is this -- whether equity markets have raised themselves sufficiently for a dramatic slowdown, which you have not been told about in china. investors are throwing everything but the kitchen sink at holding up in equity market. jonathan: final question. is it october, 2014? is it the summer of 2013? is it 2011? or is it something worse? the asian currency market -- will the fed a brave enough to raise rates? there is a window -- september to december -- and if they don't go, you are toast for another couple years. jonathan: that's a big question. manus cranny in france we look walk coming up. that's it for me. the dax is down a 2%, coming off the lowest.

in 15 seconds, manus cranny and francine. best of luck for the rest of the day. ♪

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francine: of the equities bloodbath deepens. the dax nearing a bear market. thes: chinese stocks slump lowest since 2007. south african index falling to the most in five years. crude dropsent below $45. a 16 year low. ♪ francine: welcome to the "the pulse."