increasing concerns over slower growth and increasing inflation. a preview of the key jobs report tomorrow in the u.s. looking for a small drop in unemployment rate. for a newsearch twitter ceo gains momentum and urgency. important meets today after the stop lunges over the past three months and investors had for the plunges over the past three month and investors head for the exit. good afternoon. i am betty liu. mark: i am mark crumpton. thank you for joining us on the bloomberg "market day." stocks rising for a second day. investors getting a break declines by china. taking a look at the boards, s&p 500 up over half a percent 1958. dow jones up over half a percent -- half a percent 16,400 35.

the nasdaq up about 9.5 points at 4000 759. energy stocks are rising with oil. some of the stocks include exxon and early oil. nymex crude is up nearly 2% at 4709. aent crude up just over percent. gold headed for the biggest decline in a week on the ecb news. it is down nearly a full percent at $1123 and $.30. $1123.30. bond markets i believe are still holding onto those gains they saw as well. the two year yield is down, as well as pretty much across the curve, maybe partly to blame when we knew -- normally do not pay that much attention to

jobless claims. we did see claims rise to an eight-week high. a little bit of volatility as we are rounding out the summer. in the currency market, that ecb moves a big factor in the euro and the decline to a two-week low. look at this deep drop right at when the news came out the sunk on the back of the revamped program. european central bank has cut its forecast for growth and inflation through the next two years at a news conference today in frankfurt. mario draghi said the euro zone economy will road just 1.4% this year. he also revamped quantitative easing measures. overall the monetary policy

measures we have in place since june 2014, we have clear support for improvements. mark: there has been speculation more stimulus is on the way in europe due to weaker commodity prices and a slowdown in trade. there is news about the malaysian airliner that disappeared. a prosecutor in paris says a wing part that washed up on an indian ocean island indeed came from flight 370, according to a french news agency. the wing was found on reunion island in july, the first trace of the plane since it vanished march 2014. betty: and corporate news, lineal medial will be bought for $250,000 -- $250 million. earlier we' spoke with aols's

ceo tim armstrong. correct online is changing to mobile. -- >> online is changing to mobile. around able to turn aol him and do a major partnership with microsoft, and the transaction we are just announced with millennial, all targeted at what will be a major fundamental shift in the way media and advertisement is consumed and monetized in video and mobile. of $1.75 perfer share is a 31% premium to millennials priced at wednesday's close. boeing with no net orders with the iconic jet. the airline canceling orders for four other planes. there has been little demand for four engine jets in the past several years. tesla's ceo elon musk says

will bemodel x delivered september 29. mark: a judge in california has signed off on a $415 million settlement in antitrust claims involving apple and google. plaintiff's claim those two and others conspired to avoid hiring. the judge ordered 40 million in legal fees, have of what had been requested. wanting to consolidate his hold over the brooklyn nets and nba team arena. post" says the russian billionaire is close to finding the nuts and barclays center. that is a look at the top stories we're following at this hour. coming up in the next half hour, we will tell you how jack wire wire -- jaguire

inventing the brand. serena williams one match closer to winning the grand slam. mark: we will hear from the ceo on that -- from the tennis channel on the rising cost of sports programming. betty: back to the big news from the european central bank as women talking about all day, mario draghi adding new flexibility to the quantitative easing program have dragged knowledge economic recovery in europe has been somewhat weaker than forecast. wanting to emphasize in the discussion we had today is , readiness to act act, and capacity to act. the euro dropped sharply immediately following the comments. falling to a two-week low.

joining us as the head of fx strategy at bnp paribas. is it enough? is what he has announced today and put forward enough? -- it is more of a promise. he has made it clear with the ecb is not happy with how inflation expectations have been progressing. they will act aggressively if things do not get better. mark: he did say the program provides efficient flexibility in addressing signs, and duration of the program. he is pretty confident it will work. >> i think is confident they can do more if they need to. we think december is the more likely timeframe on went they will deliver on what he has suggested and deliver the asset program and speed up the purchase of programs. flag: wasn't the red

raised about global deflation and what does that mean for other central banks, particularly us? >> that is a good point. we thought the fed would be hiking, east eb would be easing more. as you mention, global this inflationary pressures have shifted the outlook for a lot of central banks. the fed less likely to hike as soon as people thought. but the ecb is doing more than people thought. the ecb is doing more work and everyone is a -- responding to inflation. that ecb inflation target 2% just like the federal reserve. is there a wrench in this gecko code falling oil prices drop the number to go to the negative? >> absolutely, and i think he gave us the indication that is a possibility. they are more worried about a move low work rather than one-off oil shock. theove lower rather than

one off oil shock. even if it is oil doing a lot of the work, it moves the ecb closer to doing more easing. been: we know china has off, and they are off because of the military parade, but how does this then put into the context of china and devaluing the currency? where do they stand on the track of more moves , given what we are seeing in europe? it clear, ifmade the dollar a higher, dollar-china will be part of that story. dollar has been sideways lately, but with this move, i think what the market comes back monday, they may be looking for the chinese currency to weaken a bit more against the currency. --mark: how much is he paying attention to what is going on here? i think it might benefit, and

he knows this. they were hoping the fed would be ready to go by now and that you would be getting the policy to virgins it to push the euro happened.has not -- policy convergence to push the euro lower. mark: a lot of people telling me they think the move in september is off the table given the volatility recently in the market. you, less likely to see a move in september given everything that has happened. in fed less likely to move september. that may mean the ecb has to do more sooner and ease to keep the euro from strengthening versus the dollar. betty: we are all focused on the fed and the first move, but on average when the fed to, the expectation is we may see six months before the next move. now something it may longer than that.

the swaps market indicating a 12 month move. what is your view on that? our expectation is that the fed does not move in september, they will. we do not think it will be just one moves and done. betty: three months sounds relatively fast to me. >> and past cycles it has been almost every single meeting, and they want to send a message there is no preset trajectory for hikes, and that is important. this volatility we have been seeing since last month, since the chinese action on the greece offhas gone the front page. is greece still a concern? managednk recent is a concern at this point. it is below the radar. if it started to create systemic stress, it would be an issue again. they have been so saw -- so far successful and seems as if it is not reaching of boiling part for

markets at this point. betty: was anyone pricing in this move by the ecb or even what happened in china? >> i think people were expecting the ecb to be more dovish, and they were. i think this is not so different from expert patience. on the china side, that the surprise. to -- i think this is not ex so different from --not so different from expectations. the head of fx strategy of bnp paribas joining us in studio. thank you. betty: still ahead, stocks are higher for second day in a row mark. mark: wemark: will look at some of the day's big movers when we continue in just a moment. ♪

betty: welcome back to the bloomberg "market day." i'm betty liu here with mark crumpton. break,s we were going to two days in a row. days in a row but well off at the lows right now. is on the dow this morning. i was pretty psyched about gaining back everything we last monday. it does not look that great heading into the afternoon. the s&p 500 down more than 1%. now it is only up 2%. the nasdaq is actually negative right now. i will show you the reason for that. verizon,ck it off with

an interesting story, actually raising the dividend and paying 250 million dollars for millennial media ad network. here you see verizon up about 1%. from the.7% increase last dividend. not a huge move, but in a .ositive market we see twitter putting up gains as much as 4.2%. right now coming back down but still up in the market. he is moreid constructive on the company after the big year today decline. twitter has gotten absolutely crushed since the ceo left before the board pick the candidate to replace him. he once to being ceo but wants to stay at square. the board does not want him to companies.oth

today twitter aiming a little bit. take a look at a trio of stocks that are heavy, exciting and popular. apple coming down today. the volatility has been incredible. right now we are losing 1%, which is a hughes weight on the nasdaq. 100.f the nasdaq -- which is a huge weight on the nasdaq. netflix coming down even though it just opened up in japan and plans to be worldwide by 2016. a price target increase from piper jaffray. happeningood things with the stop by getting killed because apple they come and eat

it lunch. gopro, the chipmaker that helps power some of the products had about outlook for the quarter is really late on the shares. >> matt miller in the newsroom. >> a look at top stories. first-time claims for an appointment benefit of more than expected last week. the start of the new school year may lead to volatility in the jobs data. claims are still below 300,000, which indicates employers are holding on to their workers. >> market turmoil did not keep the biggest part of the u.s. economy from moving ahead. service industries are growing at nearly the fastest pace in a decade according to the isn nonmanufacturing. betty: consumers grew less confident in the economy last week. the bloomberg consumer comfort index dropped slightly from the week four. surveys were the done during the market selloff. you can imagine that is why. coming up, forget the shaguar.

mark: the company slashing prices and rolling out cheaper cars. a cheaper jaguire. we have to see this and so do you. ♪

mark: welcome back to the bloomberg "market day." i am mark crumpton here with betty liu. guire cutting prices and rolling out to new work lower-priced vehicles today. mark: the road ahead is still bumpy. the automaker risk watering down the brand known as the carb -- rockr rock star stars and royalty. that does not tell the whole story. they arehis about? >>

going for volume. they want to be relevant again in a way they have not been for years. they simply have not been making the cars people want to buy. largeave been great at sedans, something people just are not into these days. about half the luxury market is suv's right now. about a quarter is small sedans. tell us about these new models. series,of like a bmw 3 by far the best selling luxury car in the market. it is an entry-level suv, 3 orthing like the bmw s mercedes has about a dozen of these now. i don't know about you, but growing up in the 90's -- mark: thanks. considered luxury but not

so well run car, right? pretty unreliable? serious reliability issues, and they acknowledge this. it has a five-year 60 mile from -- 60 mile warranty plan. it is about 10,000 miles further than most competitors. they are hoping to take away any reason to not buy one. mark: this is all about millennials, isn't it? >> they want younger buyers for sure is. it is all about families and the heart of the market is different. they like to get people in there sooner and trade them into the bigger sedans as they get older. mark: once they get their hooks in the, they want to keep them what are thetty: right now there are

about 80,000 cars globally per year, which is not a lot. mark: look at the chart. uire sales versus land rover cars. >> very telling. they make suv's, which people are into, and they are at a very high price point. that brand has been going to investors for them. mayy: not a lot of people remember this, but they are owned by the company in india. they want toevamp put together, but how much has it changed under indian ownership? >> the executive say it has really been a blessing. they used to be owned by ford, and not only did they have reliability issues, but did not under detroite motor ship.

they have bankrolled them and put a lot of money into it and committed to it. everyone who works there says it has been a great thing. stung byy are still what happened in the late 1980's when ford was a part of this and they felt this was a jaguire and not something that comes out of the victory. tell us how much they lost and what the purists thought? >> it is headquartered in england, but it has been through detroit. the idea with being owned by a large conglomerate like ford is they can use some of their parts, make it more efficient and more profitable. purists hate that. that paints the product they see as wonderful to begin with. warrantyre is a new land involved with this.

in way to get people to stay with the brand. likes it is great, six years, 50,000 miles. it is standard on all the cars. the danger is tons of brands are trying to do this. f, volvo. -- cadillac, volvo. betty: how much edge can of warranty get you? thank you. mark: his stories at bloomberg.com. about to get a lot cheaper. thank you. betty: i am going to be leaving you here. mark: yes, you are. coming up in the next half hour, live sports. they draw huge ratings that command huge prices. ♪

this is a great place to work. not because they have yoga meetings and a juice bar. because they're getting comcast business internet. comcast business offers convenient installation appointments that work around your schedule. and it takes- done. - about an hour. get reliable internet that's up to five times faster than dsl from the phone company. call 800-501-6000 to switch today. perks are nice. but the best thing you can give your business is comcast business. comcast business. built for business. mark: welcome back to the bloomberg "market day." i am mark crumpton in new york. taking a look at the top stories crossing the bloomberg terminal. king solomon of saudi arabia

will meet with president obama on friday at the white house. they want to know how the u.s. will make a ron potter -- iran honor it side of the bargain. on the political side there has to be a continuous understanding as to what happens to iran. now there is an agreement and the saudi side as well as the rest of the gulf needs to be reassured that if the u.s. sees a violation, as well as the west will act and will take measures, and then there has to be the security aspect that the u.s. will provide and protect the region. something it has done in the past. that needs to be a reassuring point. king solomon took thrown eight months ago. he was scheduled to visit the u.s. and month -- in may but postponed due to the iranian

nuclear talks. has -- after she refused to issue same-sex licenses to couples. the judge told kim davis she will be jailed until she complies with the order to issue new licenses. she said thank you before she was let out of the courtroom by a u.s. marshall. she was not in handcuffs. davis has refused to issue licenses -- licenses for two months. she said her christian faith should exempt her from signing the licenses. republican presidential candidate jeb bush wants to eliminate " worldwide taxation of income" and also wants the ..s. tax code rewritten he says he will outline his tax plan wednesday in north carolina. the republican national ammittee is issuing challenge, and it is apparently aimed at donald trump. mr. trump meeting at this hour with the rnc chairman.

he is asking trump and other republicans and other presidential hopefuls to promise they will not pursue a third-party candidacy. speaking of donald trump, the pga of america while not old the grand slam of golf for the major championships this year. it was slated for october. they agreed to move the event after the republican presidential hopeful came under fire for comments of mexican immigrants. he elected to cancel due to timing and logistical challenges. those are your top stories at this hour. coming up next half-hour, twitter's board meets today as the search for a new ceo gains urgency. the latest under who is -- the latest under who is under consideration. the latest jobs report out friday. a preview and what the numbers could mean for the overall u.s.

economy. -- arematches are up underway at the u.s. open. --er federer and andy murphy andy murray highlight the schedule. earlier brendan greeley and david westin spoke to ken solomon and asked him if there would be avoid in tennis after williams retires. inhere would be a void tennis after williams retires? >> there would certainly be a void. not sure when serena's going away, but i do not think so is the short answer there. a tremendous amount of personality in this game. >> a tremendous comeback story. terrible physical injury she almost did not come back from. >> here she is giving us a ton of drama. down in the first set. classic serena this year.

you it ism will tell remarkable she continues to win, not necessarily playing her best tennis that refuses to lose is what more people say than anything. she is a remarkable individual. at the top it is rare because of all the countries that want to be there. look at baseball today or basketball. not like anything is american. talking about the business. you did not pay a set of to espn this year, and because you decided to do, is that the fancy way of saying it was too expensive? >> we have an ongoing annual relationship that goes espn. the air with it is huge. ,ome would say it is unruly which is why we exist. when it came to the open, we are doing three hours live coverage.

a three hour pregame show. a whole host of incredible personalities. coverage, but it must have been a little painful. i was at abc when we gave up monday night football. it hurt. 2009 and we came in with cbs, it has been a three network venture. this year at two-legged stool in that if you are tuning in any time for 12 hours a day you will see it on espn. you can see it on tennis channel. this past year you had tennis channel plus. you have apple on roku and now amazon. tennis channel everywhere, which app by yourn my instance. i recommend it to anyone who likes tennis.

what is digital doing to your business? >> it is an advantage and opportunity. for 10 years he is in building the business. i wanted to catch up on roger match.'s last i was watching that this morning. digital is the trojan horse, and we are winning in that. >> can you monetize that? >> we're monetizing it right now. yeare getting $79.95 per who say that is so cheap for 600 plus matches. that is a bargain. >> call the time of death. when du move beyond cable? what is the year? >> i don't think that is happening. -- when do you move beyond cable? david has been in this business longer than i am and better at it than i am that i truly believe it is a symbiotic relationship between a linear

network which will continue to live on the cable platform with the spokes going out to other median. we have partnered with the cable guys to say we are building an over-the-top that form because we cannot fit it all on one channel. mark: that was the tennis channel ceo, ken solomon, speaking earlier on bloomberg television. for more, we bring in paul sweeney, director of media research. thank you for your time. just how expensive is it? has been arogramming story every year. every year we seized for its rights, for renewal, there is a bidding war against the broadcasting cable networks and we see these huge increases. not just the nfl that baseball and golf ball. sports rights have gone up in value because most media executives recognize in a world where we have so much more choice, so much proliferation of

channels, sports brings people together. westin was at abc when they decided to drop monday night football. at what point does this become this ishibitive? >> been a business that has more or less pay for itself. they like to say we saw a lot of advertising against the sports rights and are able to charge a lot. espn six dollars per subscriber per month, which is extraordinary. they also get the promotional value. there is a lot of value but concern is building in the media marketplace. investors are concerned the infrastructure of the media business is starting to fray a little bit. mark: can we bring that chart up again? espn is clearly leaving everyone else in the dust.

>> what it tells you is sports dominates the ecosystem. the reason they are allowed to charge so much for the cable network, because people like it and want to watch it, and number two, they have to because they are paying these huge milk -- multibillion-dollar rights fees, so they need to recoup the cost. at the end of the day it is all about demand, audience, and espn extraordinary large audience historically. we did see a decline in subscriber base, which really spooked investors. is this why the u.s. open, the home was cbs, and now it is he is. is espn?-- and now it >> what they are finding is some of the sports rights are not worth it anymore. we are starting to see more sports go to cable, particularly to espn, the nfl being most

notable. we also have fox. they are in the business trying to compete against espn, and they actually have the deep pockets to get it done. we still in a marketplace where is the -- where there is a tremendous amount of demand. some investors think this might be the top. mark: who is being left in the dust? >> i think some of the broadcast networks are trying to figure out where they fit in the sports framework. so much inventory, so many games and so much content on cable and now potentially over-the-top direct to consumer like the tennis channel. some of the broadcast networks the economics of big sports packages. mentioned, you have to have the pocketbook to do that as well. paul sweeney, thank you. still ahead, china hosts a massive military parade commemorating victory in world .ar ii

besides remembering the past, the parade is a way for china to showcase the military might. we will get the latest from the parade route next. ♪

mark: welcome back to the bloomberg "market day." i am mark crumpton in new york. a check of the headlines. save the rally is the expression or what you could say for what traders are doing. we were up 170 points at the highs of the session, now only of 40 points. the nasdaq has turned lower. take a look at the terminal and i will show you volume breakdown by sector. financials, utility, consumer

, consumer.t. discretionary down on the average 20 day volume over the past 20 days. ofost all of them are 20% volume the past three weeks. gaining sectors materials and industrials as far as actual volume. they are not gaining as far as share prices. take a look at energy trade, still of .2%. oil has turned around as well. look at the crude trade, a big spike this morning as mario draghi came out to say you know what i am going to do anything i can to push up asset prices because i am terrified of deflation. now it has come off and that is why you see energy down as well. still up metals go,

and copper doing christ -- doing quite well. markets come down. futures come off. you would think they would buy it because we will run the printing presses even longer. that is when gold bugs like to buy the precious metals. the dollar has been boosted. gold is priced in dollars. the sidelinesg on to see what the jobs numbers bring. we are x-218,000. a lot of people taking their labor day vacation early. just not a lot of volume in the market. matt miller joining us from the newsroom. mark barton has details from london. mark: european stocks rising for a second day, investors enjoying

breather from china's -- from china. the market close to commemorate the end of the second world war. , theension on mario draghi birthday boy. he did not disappoint. he brought gifts instead of receiving gifts. he now said the ecb can buy a higher proportion of euro member debt. he also cut inflation forecast. he cut growth forecast citing the emerging markets route as a threat to expansion. the euro fell. stocks rose. green across the screen. it is clear what happened because of mario draghi. awaiting the u.s. jobs report friday. here are some of the big individual movers. europe's discount carrier raise the full-year guidance. another company in the news. according to a french newspaper, considering starting a low-cost

carrier to be a competitor of the stock right here. apparently bank, cutting at least 10,000 jobs. when will we hear more details about that? that is according to people familiar with the discussion. the stoxx 600 up by 2.4%. i wanted to show you the mario draghi impact. he cut and nation forecasting growth forecast, but he adjusted the qe program. that is different for the birthday boy. back to you. mark: in asia tanks rolled through to commemorate the end of world war ii. the chinese president told the world the nation was committed to peas that announced the biggest cut the biggest cut in decades. >> i am here reporting outside

of the square and the heart of beijing with a victory parade is literally rolling by here. here we have the tank and artillery of the people liberation army as they celebrate the seven needed anniversary of the ending of world war ii. -- 70th anniversary. showing unity to the chinese people. debate ande nationalistic towns. sending this to the region that china is a unified power and it will be a force to be reckoned with. 12,000 chinese soldiers participating here, along with 1000 soldiers. about 30 world leaders rrp or watching the parade, including vladimir putin. also, the south korean president. the united states is not

participating at a high level. is one that here military experts around the world have been waiting to see. that a long-range missile many defense experts say is an aircraft carrier killer. it can take out the aircraft carrier with a single missile strike. this harkens back to the olden days with a parade of military hardware. it is not archaic at all. it is china's way of showing it is modernized, the military is modern and can go toe to toe with the biggest world powers militarily, economically and politically. now taking a look at some of the top stories we're following. the green giant not so jolly for general mills.

the company says people are not buying frozen and canned attachable's anymore so it is foods for $765 million. general mills says it is working to shut mature brands in favor of items that appeal to modern case. crediting -- cvs taking for a drop in smoking. a new study shows the move reduce the purchase of cigarettes by 1% in 13 states. earlier this week the cdc said the smoking rate dropped to 15% the first quarter of this year. getting into request from will offer online tv without commercials. it will cost $12 per month. netflix and amazon prime video are advertisement free. twitter's board meeting today to talk about a search for a new ceo. that is next.

look had to break, take a at the one your chart of the dow jones industrial average. the high was hit on may 19, but look to the right of your screen , the low on april 25 -- august 25 of this year, just a week ago. all of the turmoil, china revealing the markets. right now the dow jones up almost a third of a percent. stay with us.

betty: --mark: welcome back to the bloomberg "market day." twitters board meeting today to find a new ceo. the stock higher but investors are getting antsy in the three months and the company search started the stock has taken a dropping about 20%. emily chang joins me now from. what more do we know tha? seems jackinly

the primarying as candidate. we did interview a few others, ceo of of cisco, and the cbs interactive, but what it is theo be shaping up as outsiders do not believe they are being seriously considered for the job, and it looked insiders and outsiders think that's jack dorsey hasn't locked up. there is a hugely complicating factor in the sense that he is still the ceo of square, and square has filed to go public, and if he leaves it could be devastating foursquare, dentist dating for employees, and the board has already said they want someone who can be a full-time ceo, meaning they cannot be ceo of another company. if still remains to be seen how this will shake out. know what the ultimate decision is going to

be. mark: time is of the essence here. twitter does not have the luxury of drawing this out. they want answers now. right, and we're talked to investors who say we do not necessarily need an answer but need an update on how the search wais going. it is more important to pick the right ceo and not rush the process. losing, twitter is people. they just did a reorganization inside the product department we learned about yesterday. we'll will focus more on the bigger picture, but product is a huge area of focus for jack dorsey. he is been clear the product needs a lot of improvement, and they have a lot of work to do. mark: how are they going to fix y: goodre price?emil

question. a lot of it hinges on project lightning. the idea is to make the most influential tweets more influential whether you are logged in or log out. they have a huge team working on this. cady stanton would be helping to cure rate these. they would be curated by humans. during the super bowl you see the most popular were most important week. on this.hinge we have not seen it yet and do not know when it will be unveiled. mark: emily chang joining us from san francisco. for in to bloomberg "west" more on the twitter ceo search. bloomberg "market day." continus in just a moment. ♪ we live in a pick and choose world.

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market day. mark: long beach handles about 20% of the tonnage entering the country and we will talk with the ceo. olivia: and with president obama set to reinforce an historic accord with iran, we will tell you what this means economically for the u.s. worthour sports contract the astronomical costs? ♪ mark: good day from bloomberg will headquarters in new york. i'm mark crumpton here with olivia sterns. i think we can say that today was about mario draghi. europeanhe ecb moving markets and we have a little bit of a move in