less jobs of forecast, wages are up. we hear from bill gross. betty: the manager in that has european leaders searching for answers. we ask what the eu should be doing about the syrian refugees flooding into europe. >> is the job report and falling and implement rate enough to warrant the interest rate hike? we hear from alan krueger. ♪ olivia: good morning, i'm olivia sterns. brendan: i'm brendan greeley. we are 90 minutes into the trading day, we begin with a look at the markets out. u.s. stocks, mostly read today. -- red today.

unemployment dropped, the numbers were less than forecast. they tend to revise up for august. the markets were not concerned with the possibility that revision, they are concerned with the reality of the number. , then as aes down down. olivia: we are off session lows, it is the friday before labor day. all 10 sectors in the s&p are in the red, energy and financial stocks are as well. let's look at the treasury market on the heels of this morning's jobs report. you can see a bit of selling on the short end of the curve, the year it on the -- yield on the two-year up, the year of -- yield on the 10 year is down. let's get a look at the top headlines. we haven't seen it unemployment rate is low in more than seven years. last month the jobless rate fell by .2% to 5.1%. that sounded pretty good. the federal reserve considers that, leaving many to speculate that interest rates may be raised in just a couple of weeks.

jobs ins added 173,000 august, fewer than economists had forecast. by the numbers, the economy added more jobs than the labor department first reported for june and july. richmond fed president says it's time for the fed to end the era of zero interest rates. in a speech this morning in richmond, he says the labor market has improved and short-term inflation is near the fence targets. i'm not arguing the economy is perfect by any means. but neither is it on the ropes. requiring the stimulus of low monetary policy interest rates to get it back into the ring. it's time to align the monetary policy with a significant economic progress that we have made. olivia: he is one of the voting members of the open market committee. he did not say whether he favors raising rates at the next meeting in two weeks. the father of the boy in the photo shared around the

world showing his body wash up on the beach is back in syria. he is the only survivor, his to tell their sons and his wife drowned while trying to reach a greek island. the man does not plan to leave his homeland again. in kentucky, a gay couple got there marriage license. the deputy county clerk issued a. in jail for contempt of court. her husband says she will stay in jail until there is a law allowing cloudy kirks to refuse to provide marriage licenses to gays. fans, was tos," the new movie went on sale at midnight. fans lined up outside the disney store in new york's times where. awakenss: the force errors in december. those in the top stories this morning. olivia: in the next hour on the "bloomberg market day," europe faces an unprecedented migrant crisis. hundreds of thousands of

refugees are fleeing war and poverty in the middle east now. they are not receiving a warm welcome. economists say they are an economic benefit. policymakers are waiting when to raise interest rates. jobs datat will the have on the decision? we hear what alan krueger has to say. and how not to make a market selloff even worse. 140 words you should never say to a market reporter. we will tell you what they are. brendan: more reaction to the jobs report. earlier tom keene discussed the numbers with bill gross. they asked what matters the most two janet yellen. bill: what matters most our financial conditions. she wouldn't plays that a number one in a press conference. i think she thinks the growth is fine, unemployment is pressing limits and inflation ultimately will move to 2%.

what she is concerned about our imbalances and financial conditions, that means stock prices, the yield spread, money moving into various asset classes that suggest some type of potential bubble. financial conditions are the key for her fed. and perhaps the fed of the doe. tom: what do you think you have perspective?ss's phil: it's hard to call the end of the bill market -- bull market, and to speak to bubbles. is a speculative fervor in markets and the lack of liquidity. we can't leave for the bathroom and come back without the market having moved by 1% upward down. -- up or down.

that indicates markets are certainly not stable or study. they may not be overpriced necessarily, but they are volatile. volatility itself is something they want to zero in on. tom: of all the things you mentioned, if the fed moves or doesn't move, does it affect those things? or we talking about volatility until they do? bill: it depends on how they move. it depends on the press conference in september, where the plan is supposedly laid out. they don't want to make it conditional. but they know they have to make it somewhat conditional in order to dampen volatility. they will listen to janet yellen very closely. i think they are one and done it for six months. i think that's all they can do. i think of any other language pops up, it's going to see more volatility. tom: are you convinced they're going to raise rates on subject 17?7 -- september

bill: i think china and global conditions of the dominant factor, otherwise it would have said yes. i think fisher and yellen and maybe even deadly -- their fingers are itching. they want to normalize to the extent they can. they also want to try out the fancy new system they have got, with a think they have in terms repo and paying on overnight bank reserves, to see how they confess that in a system -- in a systematic way that produces a stable, overt money market rate. because to experiment, at some point down the road, they may have to really put it into effect. this is a trial they want to get going. tom: let's get down to the money question. when you are reading -- leading the rest, would it be a mistake

on september 17 for the fed to raise rates? and: i think probably now, i would point to inflation. i'm a person that's more persuaded that deflation is a greater fear that inflation. central banks and the fed certainly have historically been whating upward, and that's their will be biased towards. i'm not expecting deflation anytime soon in terms of an overall number. you see it in oil and commodities. it seems farcical to me to raise interest rates in the face of 2% inflation,s than 1% and a strong dollar. the turmoil in the global emerging markets and so on. tom: what we get out of zero interest rates except more distortions in markets?

you get nothing, you get negatives like you said, distortions in terms of business models. insurance companies can't live at these rates for longer, pension funds -- as we are beginning to see all over the country, can continue to live without earning 4% to 6% in their bonds. a percent to 10% on their stocks. negative consequent is in terms of the overall economy. gross,: that was bill from janus capital. olivia: still ahead on the "bloomberg market day," -- we are having trouble. has a's migrant crisis terrible cost, but could it have an economic benefit? we look at both sides, next. ♪

olivia: welcome back to the "bloomberg market day." i'm olivia sterns. brendan: i'm brendan greeley. matt miller, what's happening in the markets post job numbers? matt: they are falling. it could be 120% inflation is made the market think the fed will more seriously consider raising rates in september. the s&p 500 now down at session lows off 1.4%. points, thethe 259 nasdaq off a little more than 1%. if we close here, the s&p will lost -- have lost more than 3% this week, the second worst week of the year. over the last 12 days, we have seen six declines of more than 1%. seen january, we've only 10. it has been bad, let's just say.

here's the s&p since the u.n. devalue's in china. it let it devalue about 3%. since then, we've seen the s&p fall 8.5%. 469 stocks out of 500 on the index fall. 200 have fallen more than 8%. almost aen a rough month for the s&p. i want to give you some of the biggest losers. numbersof disappointing out of macau, where he gets a wynn is that a, drop of 34%. netflix has gotten crushed. 10, it has come edition from apple that we continue to -- competition from apple and hulu.

people have concerns in the form of how it's going to globalize, how much that's going to cost. as a result, it's dropped down to almost it's 100 day moving average, 97.9, it's a palindrome. 97.79. wrap, check out my terminal. i have a cool screen that shows the field and onto levels -- fi bomachi levels. if netflix falls below 97.79%, the next few been on she level is 98.3. i will be the next support if you believe in that kind of stuff, which i don't. olivia: you don't believe in technical charts. i'm impressed. you know what else is a palindrome? something else you like a lot. racecar. matt: that's true. it is. thank you. brendan: they make racecars.

top stories across the terminal will now, hillary clinton be walking a tightrope when she campaigns in puerto rico. the u.s. territory is struggling with $72 billion in debt. the governor says cannot be repaid. clinton is in favor of letting puerto rican agencies file for bankruptcy, as is the case with states. that may alienate creditors of hedge funds, many of whom are clinton supporters. blackberry agreed to buy one of its competitors in the mobile device management field. the canadian company is buying good technology, they make apps for employees working securely on personal phones. blackberry pays for $25 million. blackberry used to be the world's leading cell phone market. microsoft may span several billion dollars to remake the headquarters in the seattle suburbs. microsoft get away from private offices and have more open spaces. the goal is to posit more collaboration and attract young engineers.

those are some of your top stories. olivia: the migrant crisis is pushing europe's asylum system to the breaking point, pressuring leaders to come to a agreement on how to find food and shelter for the hundreds of andsands of men and women children who are fleeing conflict in the middle east and africa. david cameron has yields in the pressure, saying he will taken thousands more syrian refugees. what kind of economic impact will this have on the u.k. and the eu at large? olivia: to help us answer that is iain begg, joining us from london. and susi dennison, senior fellowship on the council of foreign relations. she joins us via skype from france. thank you for taking the time to speak with us. have all woken up to some terrible images this past week, focal points. the terrible image of the toddler washed up on the beach in turkey, and the horrible story of the truck in austria

that was found with 71 bodies. we see the terrible scenes at the budapest train station. those are anecdotes. described was the size and scale of the crisis. ian, let's start with you. now seeing hundreds of thousands of would-be arrivals in europe. it's a mix of economic migrants and refugees. people escaping onerous regimes. they want to cross into europe, they are paying people smugglers for the most part to bring them in. the result of this is the particularlyries, hungry, greece, and italy, are being swamped by the numbers that are arriving. relates first was security problem, second to a humanitarian problem of how to deal with what our unprecedented numbers for the last few decades. it is costing the greek government extensively. the italian government is pleading for help. only the germans are saying we

are prepared to do our best to deal with this. brendan: susi dennison, which of these european countries has the best record of actually taking in either economic migrants or political refugees, and integrating them? susi: the two things are very distinct. if you look at asylum applications that have been accepted between 2011 in 2014 from syrians, across europe, you will see that only sweden gets above 0.5% of the population in terms of what they are taking in per capita. germany a second after that. those are also the two countries that potentially have the best record in terms of integration. although not without their own problems. we've seen backlash in both sweden and in some communities in germany. the rising numbers of refugees

coming in. if you compare these figures with non-european countries, particularly the countries bordering on the conflict in syria, lebanon, 27% of the population of refugees, jordan, 9%, turkey, 2%. there's no comparison in the terms of numbers we are dealing with women in -- within europe. it's a political crisis rather than an economic one. olivia: that brings me to the next question. you mentioned grace. people express -- gerece. but theypress simply, are in their own debt crisis, they say they cannot afford to welcome thousands of refugees. can your before to take these refugees? iain: collectively, yes. the number relative to the european publisher not that great. europe as a whole has a population of over 500 million.

with as few as one million economic refugees and migrants, that is a pinprick. people arriving in greece should be registered in greece. in principle, they are free to move to other countries. that's what's happening in hungary, the hungarians are , you mustthe people first register before you get on the train to germany. where the migrants want to get to his germany. austria, sweden, the richer countries in the eu, not the poor ones. there's a processing cost, and where the people arriving have to be accommodated long-term. they're very different costs that might arise. precedent ofn other political catastrophes that created a flood of refugees like this, how many of these refugees can we assume are ever planning on going home? susi: it's a very difficult question to answer. refugees are very different profile to other groups of migrants. a lot will depend on whether or

found to the are conflicts and problems they are fleeing. there's been a real dearth of you play in cash european political energy in that aspect. speaking, i think that among the refugee population, you tend to have a higher proportion were working age, and therefore able to make economic contributions. and -- i think you probably also tend to have a high proportion who do end up staying. they are trying to build a new life, by definition. that's not necessarily a bad thing. long-term, we could see a positive contribution for the european economy. from such a culturally diverse group of people, as the refugees that are arriving on our borders at the moment. olivia: do you agree?

populism is on the rise in europe. the thinking or criticism is that all of these immigrants are stealing the low-wage jobs. is that true? iain: on the whole, it is not true. there are different categories of migrants. you have asylum-seekers who are fleeing oppression, that's the case in many of the syrians who are trying to escape from the syrian areas where government forces are bombing them. they would go back if syria were stabilized. you have people come who they want to work, in what they see as a relatively prosperous labor markets of europe. in a contributions. -- they make observations. they tend to be confused with internal eu migrants. take the example of the u.k.. there's been a huge discourse about too many lithuanians and

central migrants arriving in the u.k.. it's inflated with popular perceptions that people are trying to get into the u.k. are also the same phenomenon. they are not. there people coming for the rest of the world. and they want to work. that has been the key aspect. ,f they work, they pay taxes the benefit economies to which they arrive. olivia: that's an important distention. there is an eu leaders summit today, several more meetings that will try and tackle this over the next couple of weeks. what is the most urgent single thing that european leaders need to do to respond? first is to accept that they need to share the burden. it can't all fall on either border states where refugees arrive, or the states they are choosing. europe as a whole needs to accept that and step up to it. a fair andolved in reasonable distribution of the refugees arriving now.

including financial support from a central fund for the communities who are going to be receiving people. then alloesn't happen, states will lose based on their neighbors commitment to freedom of movement within europe. that can have a real economic cost for europe as a whole. the second thing i would say is of the upcoming summit, the focus needs to be the refugee crisis, not the broader questions of the economy. olivia: i apologize, we've run out of time. hopefully we can get you back on next week. thank you for both of you. iain begg and susi dennison of the european council on foreign relations. ♪ we live in a pick and choose world.

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so your sleep goes from good to great to wow! only at a sleep number store. time is now for the biggest sale of the year, where all beds are on sale. save 50% on the labor day limited edition bed. know better sleep with sleep number. >> welcome back to the bloomberg market day. i'm brendan greeley. president obama is meeting with saudi arabia's king solomon.

king salmon wants to make sure that the u.s. forces them to live up to the agreement. there is concern about the problems iran could cause when the sanctions are lifted. it is the most that vice president joe biden has had to say about publicly running for president. he says he is not sure if you will enter the race. he spoke at a synagogue in atlanta. this is what he said when he was asked what it would take for him to run. whether orent biden: not my family has the emotional energy to run. that isht think that not appropriate. biden's son died earlier this year. nissan is announcing a recall. it needs to fixed 300,000 virsa and virsa note.

the pedals could catch the shoes of the driver and cause accidents. sales of barbecue grills peaked in 2007 and fell for three three straight years. those are your stories of the morning. market is closing in europe. for the latest we go to mark barton in london. reportingpean stocks for the fourth week in five. investors are none the wiser about when the fed will hike interest rates after today's mixed job reports. chinese markets will close race second today, no prizes out of the world's second-biggest economy. the stock market in hong kong fell for the seventh consecutive week. that is the longest losing streak since 2008, setting the tone for european markets. for twowas notable

reasons. factory orders fell more than anticipated, signaling a bumpy economic environment. the dax witnessed a death cross. for all of you tech geeks, that is when the 50 day moving average falls below the 200 moving average. that is a bearish signal, believe me. here are the moving equities on this friday session. l'oreal, the world's biggest cosmetic companies down by 3%. it expects to grow the market for cause medics, adding to concerns about a slowdown in china. one of the world's biggest whining companies, they sank the most as an industry group this week in europe. this is the biggest decline in europe today. 7.5 reset lower because of percent about -- 7.5 lower because of concerns about china. this is one of the biggest decliners in europe. the spanish renewable energy is rising today. it shrunk by half this year.

it is working to find investors for its plans capital increase, and very quickly, this is the tone of european markets on this friday session. down for the day, down for the week. it is all about china, we are still in the unknown about the u.s. interest rate hike as well. coming up on the bloomberg market day, a new study finds there are exactly 141 words you should never say to market reporter. many begin with the letter b. we will discuss how restaurants are using dipping options to attract picky millennial diners. star fantasy sports draft teams. we will look inside the company's playbook at 1:30 pm eastern time. will they or won't they? that is the burning question on everyone's mind regarding the

fed's forthcoming decision on rate hikes. the former white house economic ripkenn and ceo jack talked with erik schatzker. here's what they had to say. >> i think they will move slowly. i don't think i would say one and done. it will be data dependent. we will see one of the more gradual increases. monetary policy will still be very accommodating for the u.s. economy. >> i would agree with that. this will be a slow process. slow in terms of the amount and rate increases, and how much of the rates themselves are increased. i worry if they do not do something in september and october, it is next year. i do not think that the fed wants to actually impose another variable when it comes to rebalancing a portfolio around cash movements, etc.. so, they have their chance in september and october.

use wage numbers that were pretty good. it gives them an excuse to raise the target rate, the effective rate may turn out to be lower, but i think that they have a good excuse. : we're talking about the voting members of the foc, the fed may not want to muddy i natural markets. in some respects, dodd-frank has ordered them to be stewards of financial stability in ways that they were not before 2010. >> they also do not want to be cowed by the financial markets. it is important they make decisions on what is best for the real economy. if the volatility settles down and does not look like it will cause a systemic risk i do not think the movements in the markets will affect them all that much. saying there are reasons to be optimistic about the pace of recovery in the labor market and economy based

on what we see inside the report, not the headline number, 'hich missed economists expectations. if the fed was on track to raise on september 17, is this a strong enough counterbalance to the turmoil that we have seen in financial markets over the last couple of weeks to keep them on track? >> to me it would be a good sign if the fed starts raising rates. it is an indication they believe the economy is on track. it is time to move toward normal, whatever that will be. i agree with alan that it will be a slow process. there is a lot of reason about why this ought to happen now. erik: let's put that into perspective. it has been an awfully long time. just because it was a long time, does that mean we need to to hurry up and get on with it? >> we are the same levels that we were at the start of this. are we in the same economic

position as we were when we actually needed to do something? the answer is, no. you need to get on with something. did the fed visits one-off opportunity earlier this year? and a lot of people say that april and june is when the fed should have taken action. >> i do not think it matters that much if they are talking about two or three months. i would rather them air on the side of being too late rather than too early. it will be hard for them to go back to an accommodating policy if we hit a slow patch. are withok at where we inflation, it is different than where we were he for the recession. it is a somewhat different environment and the rest of the world is in a different position. on the other hand i think the economy has progressed enough that we have the luxury of thinking about normalizing monetary policy, and frankly, that is a good problem to have

compared to what the rest of the world is facing. erik: where is the inflation? you have average hourly earnings slow3% year on year, progress in that direction. shouldn't some of this, and the slack being taken up in the labor market, translate into a little bit of inflation? >> i think inflation will move toward the fed's target. the phillips curve exists, but it is not that steep. we will see inflation start to move up as wage growth puts pressure on costs and that filters through in higher prices. >> they were speaking on bloomberg television. still ahead, the power of words. the 141 words that cause selling in the stock market. bloomberg market day. ♪

brendan: i am brendan greeley. we will look at the top stories right now. the u.s. economy reached a milestone. the number of people with full-time jobs set a record at 122 million. that was set a month before the recession started. part-time employment fell to the lowest levels since 2011, the jobless rate is 5.1% in august. senior bankers will fill the pain. the british bank may cut 115 managing directors. 1/4 of those holding the title. sub will not only be

the first expensive, but also the fastest according to bentley. it will be faster than porsche's cayenne turbo. it will set you back $200,000. carlin, a famous monologue about 7 words you cannot say on television. there are words that should not be used around business journalists. i would start with, yes, i'm willing to talk to you. these are words that if you say them you will make the market freak out. i'm sure freak out is also one of those words. here is mike reagan. on the list, i want you to read a couple. they do not symbolize the stress. they all mean something like, confusion. mike: irrationality is what the researchers in switzerland called it. these are the words that i read

in the reader feedback to me. words like foolish, insane, daft.ess, capricious, brendan: daft? really? mike: you do not want to bring daft punk into the markets. brendan: help me see the correlation. mike: what they did is they created a web feed, the at thecs in switzerland university of geneva and another university -- the idea was to quantify when the news and commentary about the market becomes marked with irrationality. there is a lot of financial lexicon lists that have been developed by academics. there was not an irrationality lexicon.

they created it on their own. they said they were open to suggestions. started, basically -- if there is a standard deviation move in words what it does to the markets. statistically significant in the markets. lower stock returns and increasing volatility. tell you exactly what stocks to play, but they give you an idea. small stocks react more strongly to irrationality than larger stocks. we are trading on straws to begin with. sentimenteflects the in the market, anyway. people are using these words where the market is being more irrational. what follows is they say it is usually not an immediate effect, it is three days later. what is fascinating is the spread between words that are positively correlated to irrationality, meaning that if

the irrationality index gets higher they move more, and negatively. there is a 10% spread between the two. the smaller stocks, the value stocks, they tend to react to words like these and do worse than the other extreme words. brendan: do i correctly see "bloomberg news" in there? mike: that is funny. that is just because when you print it out. thatan: oh i thought bloomberg news was in there. institutional investors do not trade this way and individual investors do? far, they did not get that but they did heavy lifting statistical work to make sure that they are isolating the right thing. it is not an effective other things in the market. far be it for me to judge, but it sounds like they put a lot of thought and analysis into this. brendan: confound, confounded,

confused, crazed. to me that says the most dangerous time is not want people are scared, but when they are confused. when they look at the market and say it does not fit any patterns, i do not get it. mike: my favorite word was bonkers. if people describe the market as bonkers lookout. childish is another one. ignorant, illogical, incoherent. that describes my children. trading strategy you could base off of this? i imagine that you could. you can model this verse is report in how they did it. the thing about strategies like this, when it is only open and everyone knows, everyone is trying to game it. the effects may not last. do this because we are in the financial news.

what we saw the s&p 500 was .npatient, it was insane look at dow futures, my lord, ludicrous. still ahead, chain restaurants want to draw in millennials. they believe the secret is in the sauce. we will look at numbers from europe, they are jittery, i'd would say mike reagan. manic even. ♪

brendan: it is almost noon and i am almost hungry. i'm thinking about where i will eat. the restaurants that are trying to get me into the door believes that my decision could depend on the sauce, and not in the way that you might think i'm using the word. betty liu has been studying this annulment on. betty: you can change your whole

look if you change your tie, maybe. brendan: i just started wearing ties, but continue. betty: this is a cheap way for fast food restaurants to allow you to customize your meal. customization is the word of the day. i know you like going to fast, casual restaurants like triple play. they have been about customizing and tailoring -- restaurants like chipotle. they had been about customizing and tailoring their food. they are experimenting with sauce with mountain dew in it. popeyes red hot honey sauce. chick-fil-a has a spicy sauce made with some -- made with sriracha. to the: you have been mcdonald's headquarters and the test kitchen. you know how difficult it is for

them to turn that the battleship -- it seems like when they're looking at hemorrhaging customers they will fix it with sauces. don't they need to fix it with more on the mental to what they do? betty: like fix better food? this is a problem that mcdonald's has had. it may be twiddling around the margin, but sometimes the little things can make a big difference. if it will add different flavors, they hope that this will bring more -- millennials that would not stop at kfc may stop because they have the new sauces. aillennials are the srirach generation. they like for flavors and spicy. none of the bland vanilla stuff like you and i grew up with. what is an easy way to add chicken tastier? add sauce. brendan: can we look at one of these companies that say this

works, that is why others are doing it now? betty: this variety that you see internationally -- like mcdonald's has many different sauces.d varieties of when you go to asia, germany, or -- but they see that tailoring it to local tastes and adding ingredients distinguishes them from competitors. why not take that same idea here? fasti want to tell you, casual sales are up to 13%. i know that you and your brood have contributed to that. fast food restaurant sales are only up 2.3% last year. myndan: as a report from brood, there is not much you cannot fix with a little bit of ketchup. we will talk about today's auction insights. matt miller, what is going on? at how thet to look majors are performing to show

albert -- show our viewers how bad this week will be before they head off to their labor day vacation. the dow jones is down 200 39 points. i say that, but if you are short this market, you will have a fantastic weekend. and a lot of people are short. the s&p will close down with a loss of more than 3% for the week if we close at these levels, the second worst week of the entire year. options.k joining me is mark sebastian, the managing director of -- what are you thinking about? are some people going to have a decent weekend over labor day? of a lot ofot think good reasons to be long in the market. the only thing that sounds more disgusting than a mountain dew based sauce is a long future. we're going to talk about the futures. they are in backwardation.

that means the cash fix is if premium in september, october is trading above november, and so on. historically, since the vix listed in 2000 four, when it is in that state of backwardation, it is extremely negative. if all you did was go to cash enter backwardation you double the s&p 500, may be more, depending on the use to get into cash. there are a lot of reasons to not like what is on the board. the fed is still leaving so many questions in the air. i would like to see them rip off the band-aid or say we are not raising rates rather than whittling around. onalso have the title open monday. no thanks ongoing long into the chinese open on monday afternoon after it has been closed for

three days. there are tons of reasons to be worried. matt: let me ask you quickly your take on the jobs number. you think this is a sign the fed has more or less ammunition? mark: i think it is a split decision. the number was a little soft. the employment -- unemployment rate went down and the wages rose. most compelling is the rise in wages. a lot of people have been lamenting that we have had job growth but no rise in wages. it is significantly better than we have seen and the last few months. if i were going to lean one way, i do not think they should, but i think they are leaning toward doing it, especially with what the fed governor said this morning. what is your trade into the weekend? mark: i like going long into the weekend. with expiration. the trade that i want to do is i september 25,e

3037 call spread, i paid about $1.50 on that. you get a little more followthrough, which we could see on the close. that trade can make a lot of money quickly. from a risk-reward standpoint it is inexpensive. there is a strong chance that monday could be ugly in china. tuesday morning opening here could be rough. matt: we talked about vx x earlier. so much. mark sebastian of options pit. more bloomberg on the other side of the break, stay with us. ♪

brendan: good afternoon. it is noon in new york, midnight in hong kong. >> welcome to the bloomberg market day. 170 3000 jobs as

the unemployment rate dips to a seven-year low. we will talk to former pimco ceo mohamed el-erian. thousands of refugees are locked with a standoff in hungary and others are walking to germany as leaders fight over what to do. cameron said his nations will accept thousands more refugees. with the david miliband, the president of the international rescue committee and a foreign british foreign secretary. -- and a warmer british foreign secretary. british foreign secretary. ♪ brendan: good afternoon, i am brendan greeley. betty: i am betty liu. you have all of the indexes down right now. we are bouncing along our lows of the session. the dow is down by 2