day investors run for the doors. is a bloomberg special report live from bloomberg television and radio. ♪ live from bloomberg, i am scarlet fu. it was a turbulent day for anybody long in equities. the dow falling as much as 536 points. ended down 391 points.

s&p 500 losing 2.2%. the nasdaq losing ground, 2.7%, the lowest level since october of 2015. the damage so far this year, the major indexes have had the worst start to a year ever. the nasdaq off by more than 10%. joe: you see this in the shanghai composite, and globally. stocks in europe down 2.8%. down 2.5%. no help from quantitative easing. and ugly across the globe. down 4.8% today. this is not keep ending. we had touched below 30 and then we rebounded nicely. people thought this was the bottom, but not yet. as 29 earlier

today. an absolutely ugly day for crude. >> treasuries up for a fourth day. the 10 year yield, they fell below 2% to the limits and october. he can see that yields at 2.03%. some significant moves there wouldn't come to the treasury rate. scarlet: we want to bring in our next guest, and u.s. equity and derivatives strategist. when you look at the market parts we just reviewed, it seems like the moves to treasuries was not as the selloff in stocks. why is that? >> there is still this residual belief, and rightly so, that the fed is here and is going to in 2016.es but the bigger question is the question we've been answering for clients for the last week and a half now. the conversation has switched to are we or are we not going to go into a recession. scarlet: are we? >> we do not believe that we are.

we look at the strength of the , the weekly claims series has tended to spike before the onset of recession and that is very near a cycle low. the yield curve, although flat and having fun incrementally is still far steeper than what would normally be expected before recession starts. joe: when to the client questions start to pick up? >> about a week and a half ago. the last three days commit literally nonstop. you have this confluence of the things that we knew were known obviously china, this plunge in and the intent of the fed all come together at a time when there was uncertainty about whether to buy last year's , the deeper cyclicals. the same time, people were looking to trim some of the momentum leaders. scarlet: it is a bit of it on my from last year.

at what point do we chart a new course? the process of it. when you look at the latest readings, the public is now the --st ulla schmidt has been at least bullish it has been since the lowest 2009. that is the type of thing that signals the beginning of capitulation. >> either cutrer again. i like to see some skepticism in the marketplace. >> absolutely. thing -- it is worrisome in the immediate term, but we like to see this -- the vix decided to react more aggressively today in particular. joe: what do you make of that, that it took so long for the vix to take off earlier in the weekend last week while this ere was this intense selling? what you make of the fact it has taken a while for volatility to pick up? >> it has to do with the

deleveraging of those risk products that were moving volatility around as sharply as we saw in the fourth quarter. defendant rally in the market in october. a lot of people were caught offsides. could actually help volatility on the outside. integer member that in 2060 can be good see a lot of volatility to the upside. those products delivered, but now they are coming back. as the move is exacerbated those products are in play again. earnings intoing the fold, because that is when we get a fundamental look at companies. he gives us a sense of whether this kind of panic is justified or not. are we at risk of overlooking the fundamentals from companies because we're so concerned with the stock of china? >> we definitely are. the bad news is as earning season has gotten underway this week, we are expecting now consensus looking for a down 5% year on year for the fourth quarter. that is actually also the good news. we think that is feasible.

sentiment has been as depressed as it has become common his first two weeks when we look out over the next couple of quarters, we do not need to see enormous earnings between the us. we need to see visibility toward a growth cap four 2016. we are looking for 5% growth, we think we get it. >> you're listening to bloomberg television and radio, a special markets coverage all in that market selloff really want everybody who is listening on bloomberg radio. i wonder, speaking of the story today, and how warren buffett has been buying shares fell 66 stock, he is a big investor in it. over going to look back at this time and say this is maybe a really good buying opportunity? valuations have come closer to normal. >> you think so. if you look at where volume in the last several years you are toward the low-end. your below 15 times forward. that to us is very attractive

which is why at the end of the day you started to see more two-way price activity. people did start to buy. >> even ahead of a long weekend. >> that is right. and given the risk that china poses over the long weekend, that is encouraging. scarlet: in terms of levels, the s&p 500 declined to as much as 1857.83. you to go all the way back to the end of september when we hit the 1880 area, and then back of course to late august when got to as low as 1867. that has proven to be a support level for equities. will that hold? >> we believe it will, but what we would say there is that in the event it does not, the downside is likely limited to perhaps another five or 6% if you look at the history of past corrections within this market. the question really have to ask

is the secular bull market that we have seen since 2009 over? the past 25een in years is that bull markets have to 12anywhere from two month before the onset of a recession. given the fact that we do not see a recession, you are further gains ahead. joe: i want to give back to what you were saying about your clients asking you about the recession. through the cycles many times, where there are a lot of selloffs. those this time feel different in terms of the tone from clients? by the debt has been a theme for dip has beenthe a theme for years. is ae concern is that this knowledge that of which there is no real reference in history to buy -- guide ourselves by. earlier guests were saying that there has not been a recession

in the post-world war ii timeframe that has been triggered by international causation. 1997, 1998, with a credit happened and it did not because u.s. economy was self-sustaining and the consumer was confident. the consumer remain confident is one of the outstanding characteristics. joe: pimm fox is sending me a message, he has talking to howard marks it on tree capital. he said i have had a lot of holding cash, so i feel like a kid in a candy store in terms of putting money to work rate how much of your client assets has been in cash? again, part of the other reason that the vix has been a subdued as a healthy self week is because people came into the new year defensively position. from that perspective we do think that there is cash on the sidelines that can be put to work. joe: you mentioned that there is a time when global volatility could have caused a u.s. recession, but it did not.

the fed's action at the first sign of volatility, cutting rates and arguably a mistake. without people are saying there t anymore. does that make the situation different? this point the psychology has changed. what we want to see if the fed to be my cousin was at the september meeting of international development altering the pace of hikes. i think part of the rhetoric that we see this week about low oil is the subtle messaging that we do understand this. what you do not have in that with the central bank monetary authority, namely china, and the ecb. china has $3.3 trillion of reserve. they are coming down, it is no question about it. but that is a very big war chest to attempt to manage as profit. part of this is the confusion

that this is a process that is unknown to them and is evolving. scarlet: thank you for being with us. global markets across the world are selling off. and wifeexes far entering a bear market. -- far and wide entering a very market. find out what it equity globalist says can bring markets back from the fruit. our bloomberg special continues. ♪

>> welcome back to a bloomberg special report. scarlet: continuing our coverage of this volatile day in financial markets the s&p 500s

and the dow tumbling to their lowest level since august. the worst or two a year ever. we bring in our blackrock's chief investment strategist from san francisco. joe: thank you for joining us. the last week everyone was talking about china, the u.n., and that being the proximate cause of the volatility. it seemed less so this week the u.n. was not as volatile. what do you attribute all the selling to? is funny, i was writing my commentary, and that was the point i made. stock market data was a little more stable in china, the currency stabilized. there are things going on, which are normal but frightening. which is a reduction in earnings estimates. that is taking down some of the targets for 2016.

the second, which is a bit more troubling, is what is happening in the credit markets we continue to see a rise in default, a rise in downgrade. a lot of them is concentrated with energy around natural resources. the concern is that they will bleed into other sectors. if we see tightening conditions, that is a scarier scenario than we earnings for the chinese stock market. >> we can focus on the equity markets, but we have to watch the credit market for a closely. summary of the problems have been focused on the energy site to -- energy sector. you seeing any indication it is much more widespread? seeing a significant rise of the default. but it has been very concentrated in energy. there are some other pockets, but i would relate those two natural resources. what is happening is that you're having a divergence in the economy which is a bit troubling. the household sector looks ok.

the labor market looks quite firm. the of that, if you look in the manufacturing sector, these are segments that are overrepresented in the high-yield market. the trouble goes beyond energy, and we have had a couple of months in a row where the imprints have been contracting territory. industrial production falling. because the energy fall and energy is generating a cap drop in capital spending. that is affecting the manufacturing sector. scarlet: high-yield energy is the most problematic part of the high-yield space. why do wider spreads lead to increased defaults? lead to increased default, but they are canary in the coal mine, they are a warning you can see the spreads widen in advance of an uptick in default.

they're definitely tell you that they are going to go up. the good news is we are ready had a very considerable line against spreads. if you go back into a high-yield of 2014, the summer relative to where they are today, though spreads have more than doubled in they are already discounting a default rate that is consistent with the recession. on the times we do not get a recession, then we have a lot of this adjustment take place already. joe: i do not know if you know the question i asked the last yes, but he went to ask you to. how much of the concerns you think his anxiety about the fact that if there is a real slow down, if the global malaise comes to the u.s., there's not a lot that the fed can do? cycles, it seems unlikely to happen again. >> that is a very real part of it. we do not see the signs of imminent recession, but you have to take note of what is happening in china. the general slowdown. the commodity selloff is more about supply.

it, which is unlike in previous slowdowns, is unclear what the fed will do. again, the fed could slow down the pace of typing in 2016, they could halted, they could even take back that one rate hike, but that will not make an enormous difference at this point in the cycle with their balance sheet already bloated, the ability of monetary policy to infect either the real economy or the financial markets is limited to relative where it was for five years ago. scarlet: of course, volatility is something that the federal reserve is keeping a close eye on because back in september they used volatility as a reason to not move. mohamed el-erian told us this earlier on bloomberg. >> we are in a regime of higher volatility with components of what i call and others have called volatile volatility. think of it as a squared. cause deleveraging in the system.

it will do so in the context of limited liquidity. iswhat people should expect more volatility, more ups and downs like we have seen this week with a buy to the downside until you can identify new buyers in size. >> i have two questions for you that you can hopefully make sense for our listeners on bloomberg radio and liberty. volatility, isn't that much more normal in terms of what we see in the markets? lastve guns foiled the decade because of what we have seen for a global monetary policy. should we see a little bit more volatility? >> yes we should. and we should see exactly for the reason you mentioned. this represents not an abnormal spike but a normalization. it feel so terrible because we're coming for a time when volatility was abnormally low i think as we will rely monetary and creditly, conditions normalize, it is to be expected that financial market volatility, equity market volatility is going to be

elevated relative to where it was in 2013 or 2014. scarlet: he made a good point yesterday about recession. even if we entered a recession, maybe we have gotten away or lost track of what a recession feels like because the last one was so devastating. you think that the scars of 2008 are still deep in people's skin and brains, and that to some extent is affecting sentiment that people have forgotten what it is like to have a normal recession and so they wait recession with crisis? >> i think that is true. but i also believe that if you really thought there was a recession coming, even if i was just general garden variety, and nothing close to what happened in 2000 eight committee would be more cautious on financial assets. the s&p 500 valuations have come down, but 16.5 trailing's earnings, edwin those estimates high, and particularly high if we're going to enter a recession, the probably have more downside.

risk is discounted, and reasonable to assume that they would be under some pressure. are you guys revising estimates at all for the s&p 500? >> you do from the middle of it because what you have to do is assume the earnings for 2016 are going to be a bit below. change from three months ago. scarlet: we have to go. thank you. we're coming back. ♪

>> at this point where using a an averageis sort of of the year and sort of midrange and its authority. but there are those searches about china and so forth. one of the things we're watching carefully is what happens when

the u.s. production is down about half a million barrels a day. not going down as fast as thought but we think as we -- as we see it goes down, it will decline. scarlet: a special report on bloomberg television and radio. that was daniel yergin talking about uncertainty in the oil market. the selloff led by the drop in crude prices. following as much as 6.5% to its lowest level since november of 2003. that is a fresh 12 year low. if you look at where we have gone this month crude prices have no plunged 20% in january. the biggest january decline since 1991. >> i was just looking at that. i cannot believe it was down that much this year. scarlet: are we seeing a

throwback of what happened in late august? joining me now is the executive editor of bloomberg markets p1 . >> it is still stuck around the 30 level. in august is shot up about 50 really quickly. i think we're not seeing a volatility event this time around. the selloff has been given that it has also been fairly orderly. joe: what are the theories as for why? thatr a start, some people -- say that investors have been better positioned going into the selloff rate we also have the issue of hedges. those hedges have been doing well. -- example u.s. had dreams treasuries are performing as expected during this selloff that makes it easier for investors to handle the sorts of issue of also have the not as much volatility selling by etf ndt piece which is good.

they had to come in and feed on each other. to what extent are those natural sellers giving run out of the market? >> people solve the interest rate rise coming in december. they. some of the volatility selling a little bit because you know what you move off of low interest rates the volatility is going to come back to some degree. joe: one of the things i recall volatility about, being traded specifically. we are seeing less of that this time around? >> every time there is a selloff everyone turns to the vix. it is in as the cause itself nowadays. there are so many products linked to it. traders using it for so many different things, including hedging credit. rathern make the vix

tricky to look at in terms of an indicator of actual market volatility. >> is there an indicator of consumer nervousness? day like august 24 against the when it overshoots it. scarlet: thank you so much. and a programming note. monday may be a market holiday in the u.s., but bloomberg television will be bringing you special coverage while global markets are open in asia and europe. you want to tune in for a special report. we will be back. ♪ we live in a pick and choose world.

choose, choose, choose. but at bedtime? ...why settle for this? enter sleep number, and the lowest prices of the season. sleepiq technology tells you how well you slept and what adjustments you can make. you like the bed soft. he's more hardcore.

so your sleep goes from good to great to wow! save $1100 on the i8 mattress with purchase of sleepiq technology and flexfit3 adjustable base. ends monday. know better sleep with sleep number. scarlet: this is the bloomberg markets special report on

the market selloff. on this friday we saw the dow falling as much as 536 points. it closed off its lows, losing only 391 points. the nasdaq closed as its lowest level since october 2014. what was the cost, what were the catalyst? china was one of it. the shanghai composite index declined from its recent teichman meaning it has entered a bear market. it has borne the brunt of a lot the rh ing pressure economic data that could more pressure on equities. joe: it will be an interesting weekend. the selling was not confined to the u.s.. check out a one-year chart of europe.x 600

down 17%. people will really excited about european equities in part because the ecb, unlike the festival was doing qa. they were supposed to have this divergent rotation into your. but as you can see europe has been totally smashed like everyone. arelet: those equities flowing in at the expense of the united states and emerging markets. >> we want to write ninth everyone listening to us on bloomberg radio, and what you some bloomberg television, let's talk about the energy trade today. crude oil dropping another 5%. we are down about 20% already in 2016. the stick a look at the treasury trade because despite a lot of volatility and it sounded good heart and we did see some movement in the treasury trade. .ot equally as so that 10 year yield did dip below 2% in today's session. is the looksee that

at the 10 year in terms of the trade we have seen today. scarlet: let's continue this coverage of the volatile day in the markets. we are joined by the senior investment strategist at charles schwab. at the sentiment in the market, we had an earlier guest speaking about how the pendulum has swung too far from too optimistic to two pessimistic because economically the united they still looks to be in fairly distant -- decent shape. it's not causing this massive drop? >> it has been a lot of things. back and have the effect of exacerbating moves in asset classes beyond what the fundamentals suggest that is of course tied into the behavioral side of the market sentiment, as your questions started. there are a lot of ways to measure investor sentiment. good look at what investors are actually doing critical the fund , who, attitudinal measures are investors intelligence, call

ratios, you name it. swung extremely quickly toward extreme pessimism. that can establish the opportunity for a short-term bottom. but you can spend some time in those levels. in terms of what investors are doing, i think the fund flow data has been starks with entire bull market. it shows how skeptical investors have been. in the last couple weeks, on an annual basis we are looking at a fund flows as significant as what we saw back in 2009. we were talking to julian emanuel who said in left we can have his client has started to get more concerned about asking this question if we are in a recession. we are looking at what retell investors are concerned about. are they asking the same thing? >> they are. that is certainly a common theme of questions. maybe more than just are we getting a thession, probably will

weakness that we are clearly seeing in the manufacturing and industrial side of the economy we could argue we are already in contraction likely defeat over to the rest of the economy? our answers that recession risk is unquestionably up, but many leading indicators say they are more market-based as opposed to economic based. our view is that already -- although recession risk is a common is comfortably below a 50-50 proposition. we think we will come through this without an economic recession. if without one in the near term it would be the first time in history that the leading indicators did not decisively roll over and give you a little bit of an indication that it was coming. scarlet: we had however, the chairman of cap altria group of bloomberg go this morning. >> the market is manic-depressive and it comes from seeing only positive to .egative

you get these enormous swings of sentiment. scarlet: that was howard marks oaktree capital talking about the manic market. do you agree in terms of his assessment of what is going on in the market? >> absolutely. it describes our changes in investor attitude about the market. you have this baseline of optimism and you grow into some great optimism and enthusiasm euphoria. have -- and then when you roll over into a depression,you do despair, and then panic. we are ricocheting back and forth between enthusiasm and panic. there is none of that gray area in between that you normally go through.

i completely agree with his assessment. joe: on this behavioral question you mentioned earlier that the flows you are seeing are flows we have not been seeing since 2009. do you have any favorite indicators that you like to look at that would tell you that these are the types of things that you see when you are getting close to a bottom? >> terry bowden tilted of indicators, if there was one perfect basket told you, when we be really happy? -- there are a lot of indicators, and if there were one perfect basket that told you, we would all be very happy, yes? stocks cantage of you name it, it is a very large toolbox. many of the technical indicators that you look for, and if you go to at the sentiment indicators, it's just you may be starting to pickup.backbone if you look at the flush flows that we saw in august when we

had that correction, we are seeing some similar metrics. but it is never that easy to make those calls. part of the reason why we do not all ofort-term timing the market is it is virtually impossible to do. you are starting to see some of them, but what i be on here saying back up the truck, start to unload equities, no. how it works is have a lot of money in cash. he is excited about being able to put money to work at this point. valuations have come down. you know what your clients are doing, what your customers are doing. have they had cash positions that have been sitting on the side and this will be a great opportunity for them to come in? >> really depends on the investor. 2.5 trillion dollars in client assets, our clients run the gamut from a conservative to most aggressive investors. to the extent they are following our advisors strategic asset

allocation models, it is going vary is to that cash cushion. the opportunity presents itself, even to investors who are not the anything cash cushion. if you take a disciplined with one you come o that does rebalancing. the movement that that can trigger allows you to take advantage of opportunities like this without having to make some timing calls. it is more nuanced than that, and investors are served better by taking a disciplined approach with rebalancing of the key component to it. scarlet: we were talking earlier about how investors might have been pulling out because they do not want to be long before a three day weekend. there china policy risk right now because you do not know if the bank might do something or put in a new measure over the weekend. china,elect data out of

retail sales in fourth quarter gdp. what will you be looking at on monday when u.s. markets are closed, yet the rest of the world's trading? >> exactly that. the correlations have been quite significantly higher than what we are normally seeking. it is not just across asset classes. it is within asset classes. of that ist example china trading. the correlation between the s&p futures and the shanghai exchange -- shanghai index, has really skyrocketed quite high. that is not because we are more economically tied to china that we have been in the past, the interesting thing about that increase correlation between our the correlation between the chinese stock market in the chinese economy is virtually zero. the relationship between us and china is relatively low from a trade perspective. we have these highly correlated markets. what theo react to

market is sure is doing and china is one of the smartest is your. you can go back a few years and watch an era where the future would react to what was happening in greece and yes we are in that kind of connected market right now, so unquestionably those of the markets we will look at to get a sense of the open on tuesday. joe: using a we would watch these days in the immediate postcrisis era where all of the markets in the world would be up or down, but in the shanghai composite would just be doing his own thing completely separate. what do you think explains the growing linkage? much more we're globally interconnected world. but i think it also has to do with the players in the market. are in a verye we momentum driven market, and momentum driven strategies have outperformed every other kind of strategy. this is not just in the u.s. stock market were needed to follow the names that had momentum, it goes much more broadly than that. it goes to some of the most dominant players in the market because they are momentum driven

and they feed on that. they exacerbate moves in one direction or other. those do not tend to last forever. we are not eminently at the end of this one. it belies the change in fundamental relationships between countries, regions, among asset classes and it is the environment we are in. >> it is what it is. thank you for joining us. note, weprogramming will be bringing a special coverage while global markets are open in asia and europe. to the six :00 p.m. sunday until european close at noon. special coverage begins on monday. >> we do not have it covered. a quick reminder what happened today. there was nowhere to hide in u.s. equities. all turning down. th 80% of theg wi

s&p 500, and it was the usual suspects. some of the decline last year. stick around, we will have more on this monumental selloff on bloomberg television and bloomberg radio. ♪

a bloomberg markets special report on bloomberg television and bloomberg radio. to forget if you're trained to be long in this market. the dow on page for its biggest monthly decline for more than seven years. is fueled by a number of reasons, a wall of worry. china's slowdown, the

plunge in prices. and the continued sluggish economy. scarlet: next guest says the s&p 500 is approaching what many investors believe is a line in the sand. here toan is now talk about this. levels is a fascinating during the august talks. the selling stopped and the market turned around. today we did the lowly. p below it. we rebounded and closed above it. it looks at least temporarily like what they would call a support level. support levels can fall by the wayside pretty quickly. but if you're looking for one bright sort of silverlight and of today's cloud, at least we closed above that level. through the day we were actually allr -- back to the list the way in october 2014, which is not that much lower.

there are two lines in the sand that are close together. again, you never know how permanent a support level is. but it is something everyone a littleand at least --erning know about comforting to know got back about it. what is the thing -- he saying? programslly automated that takes momentum. q behind. but doing well, short on the stocks that are not. other strategies, volatility targeting, where you reduce positions and leverage rather on volatility index up. air t, you adjust your exposure

to stocks and bonds. it is considered actively manage product, but it is automated reactions to signals in the market. his expiration for a lot of the volatility in august with that this stuff kicked in and really accessible in the moves -- exacerbated the move to the downside and upside. there is a little bit of that going on. there are other things in play obviously. share buybacksr is a big deal. that was not during most of the bull market because it were plenty of other people buying. as we flatlined out and aggressive buying interest little, i next became more important. it is something to consider. scarlet: going back to the carnage of the last couple days the russell 2000 has entered a bear market. we do not talk about it as much as we do the s&p 500. a couple of the groups we monitor have been struggling.

>> all caps are the canary in the coal mine for a lot of people. the soldiersee marching with the generals, and they are kind of marching off of a cliff right now. it makes people worried that the generals will be next. the consensus was sort of that financials were attractive because of the interest rate. -- they were considered let people think that small caps are the place to be because the shrinking dollar does not have is a big effect on the desk strengthening dollar does not have as big an effect on them. both the s&p 500 and the small caps are fairly tightly correlated to the judith bogner market. with this even more so. the dependent on that funding for growth. him scarlet: thank you. on our bloomberg markets special on bloomberg radio and television ahead. ♪

scarlet: let's get one less take on today's volatility from our stockmarket reporter oliver. today'shoughts on decline as the traders pump up the volume. when we found? >> volume has been high, so --body who wants to say that there has been quite a bit of conviction. we have been starting these days off with the market poised to say another date open, time to sell. it is a different vibe. look at the different sectors, the volatile sectors, of course there is energy as well. it is the most volatile in terms

of the day-to-day swings. but if you actually look across the board in the s&p, v sectors are moving a lot. but the ones most important things is when you talk to people in the market, the fact that stocks have been selling off, a lot of been up in the discretionary names, some of the favored names, a lot of momentum names. we see that when there is larger risk often in general. on wednesday, it was not energy sector down.c - when people start to say these are my favorite stocks, but i have to get rid of them, it is not a great time. joe: this big selloff, how is the valuation debate changing? >> there are a lot of people right now who stay without the bull market. crusadinghe worrisome acids are getting a little bit inflated here. the fed has kept low interest rates for so long we are unreasonable.

now they are using this decline of the past two weeks as a rallying call. they may turn out to be right, but i think you are at this point where people are starting to wonder whether or not that is true. if this is the type of move after a quarter basis point hike, how healthy can things be in the underlying fundamentals? scarlet: and that causes a lot of people to question whether the fed will move again. thank you so much. we will be right back. ♪

scarlet: this is the bloomberg markets special report. as we wind down of special particulates give you a preview of what is ahead for next week. on sunday the last democratic presidential debate before the primary voting season. on monday u.s. markets will be closed for martin luther king

jr. day. ,uesday brings a big day china's full-year and fourth-quarter gdp numbers. wednesday could kickoff for the world economic forum. latestn thursday, the decision on ecb monetary policy. that is your global week ahead. you find something we missed? about that to talk wednesday, the bank of canada rate decision. one of the stories this week in market is that the canadian dollar been absolutely getting smashed. during this week, canada is exposed to oil, they have really high real estate prices, the markets have been really dramatically increasing the expectation that there is going to be some sort of think of canada rate cut. if you look at the measure of canada's policy rate is going to be.

you can see clearly how much rate expectations have collapsed , even in the last week. there has been a dramatically pricing of forward policy expectations in canada. the neighbor to the north of the u.s. one of the most important stories that may have gotten overlooked amid all of these stocks. do not forget corporate earnings. we will hear what seagulls have deciphered that will be crucial to investors. joe: maybe that will help those share ba buybacks. scarlet: u.s. markets are closed on monday. bloomberg television will be bringing a special coverage on the global markets in europe and asia. tune in 6 p.m. on a sunday, until noon on monday. we live in a pick and choose world.

choose, choose, choose. but at bedtime? ...why settle for this? enter sleep number, and the lowest prices of the season. sleepiq technology tells you how well you slept and what adjustments you can make. you like the bed soft. he's more hardcore.

so your sleep goes from good to great to wow! save $1100 on the i8 mattress with purchase of sleepiq technology and flexfit3 adjustable base. ends monday. know better sleep with sleep number. emily: i am emily chang. greece and defiance in display in jakarta.

demonstrators about not to give in to extremists. a medical investigation underway in france. one man is brain dead and three others facing possible brain damage after volunteering to take part in an experimental drug test that went wrong. the drug trial was testing the new painkiller compound. taiwan could soon get its first female president. voters go to the polls on saturday. here in the united states, rescue teams are searching for 12 marines missing at sea after two u.s. marine corps helicopters collided thursday night. the coast guard continued the search. the choppers went down about two miles from the north shore.