from bloomberg world headquarters in new york, good afternoon. i am vonnie quinn. julie: i am julie hyman. we will cover out of asia, london, and los angeles in the next quarter. u.s. stocks weighed down by oil today. crude at $45 a barrel amid renewed concern of an oversupply in america, and awaiting tomorrow's all-important payrolls report. says viacommalone is undervalued. the liberty media chairman says the battle for control of the company is overshadowing how great some of its assets are. julie: fbi director james comey, defending his recommendation against pursuing criminal charges for hillary clinton, telling republican lawmakers the inquiry was conducted by people who did not "give a hoot" about politics.

we are one hour from the close of trading, and let's head to the markets desk. we have seen a midday reversal today, and stocks not able to gain much traction. shery: we are still in the red, not able to turn into the green right now. we are seeing that investors are just looking ahead to the jobs report, the very important monthly report coming out tomorrow for us. we have the dow jones down 0.5%. the nasdaq unchanged at the moment. the s&p 500 down 0.4%. if you take a look at the imap function on the bloomberg, you can see that all factors on the -- sectors on the s&p 500 are in the negative. utilities leading the decline, down 1.9%. financials reversing yesterday's gains, falling about 0.5%. we are seeing financials now are at their lowest level since june 28, and of course energy following today, as we see crude trade around $45 a barrel right now, reversing previous gains.

if you look at the s&p 500, the intraday chart right their, you can -- right there, you can see we saw this reversal after government data showing we had more crude stockpiles than initially expected, or that they declined less than expected. we saw this reversal on the s&p 500 around 10:00 in the morning, and then we had been trending down since then, down 0.4%. take a look at what oil is doing now, because we are hearing from the energy information administration that crude stockpiles declined 2.2 million barrels, when analysts expected a fall of 2.5 million, so that report was out, crude slumping nearly 5% there. saysommodity merchant fund the best is probably over for commodities, as we see the brexit vote adding to global risk. they say oil will retreat further. we have seen copper falling also, and natural gas falling.

take a look at some of the decline is today, along with oil. exxon mobil down 1.8%, followed the most since the immediate aftermath of the brexit the. down 2.8%for chevron, -- 2%. t --ad news that ni nigerian militants attacked a pipeline. down the lowest since february. ofnie: let's you to check the first word headlines. fbi: the director of the defended himself today. james comey appeared before a committee, answering questions about the bureau's decision not to press charges against hillary clinton for violating e-mail protocols during her tenure as secretary of state. >> at the end of the day, people can disagree, they can agree,

but they will at least understand the decision was made and the recommendeation was made by people who did not give a hoot about politics, but cared what are the facts, what is the law, and how have all people been treated in the past? ramy: jason chaffetz told comey he is mystified by the decision. president obama said he's recent -- deeply troubled by the recent fatal shootings of two black men by police. he said the shootings are not isolated incidents and says "we have seen such tragedies too many times," and our hearts go out to the families and communities that suffered such a painful loss. the national insurance bureau in canada says damage from alberta ost $3res could c billion, the most expensive disaster for insurers in the country's history. the wildfires forced evacuation of 90,000 residents and destroyed 2400 buildings.

the blaze was just downgraded to under control on monday. as many as 50 pregnant women in puerto rico are becoming infected with the zika virus everything will day, according to the centers for disease control. the u.s. is considering -- asking the island to consider aerial spraying. monitoringalready 320 pregnant women in the country who have contracted zika. scheduled commercial service to havana, cuba from 10 u.s. cities won tentative approval today. transportation secretary anthony foxx says service will begin later this fall. it has been more than 50 years since the last scheduled service by air from the united states to cuba. global news 24 hours a day, powered by 2600 journalists,s and analysts in 120 countries. i am ramy inocencio. this is bloomberg. vonnie: let's get back to markets. a mixed day for stocks. investors are waiting to see how tomorrow's jobs report stacks up with disappointing numbers.

our next guest says they might a market for optimism, strategist at cecil. break it down for us. the consensus is 180, and we have been hearing anywhere from 160 to 200. kevin: 150,000 to 200,000 would be reasonable given what we have seen in the data. but more broadly we look at a pickup in a variety of data points. not so much the jobs numbers, but if you look at the data, we saw some firming from the really weak fourth quarter and first quarter. we are far from a robust economy . we think maybe 150,000 jobs would be what we expect. julie: and is that enough to get stocks the leg up? in it has been remarkable, terms of the trajectory of stocks this year, in terms of the health of the economy for the balance of the year. so where do you stand on, say,

stocks, and where we will see them go in the second half? kevin: the stock market is fairly valued. that's one of the challenges we have right now. earnings, we will probably see weak earnings numbers this quarter, and i think it will be four or five quarters in a row we have seen declining earnings, which is driving stock prices. beyond that, the economy is growing, which is the good news, and here in the united states it is better than many places around the world and has been a bit of a safe haven, which is all helping equities. beyond that, we are missing stronger growth, in the domestic economy. vonnie: what makes you say equities are fairly valued? you late that out as unquestionable -- laid that out as unquestionable. some people would disagree with you. kevin: if you go and look at were equities are by market cap, it's at a premium to gdp. that's one way to look at it. and you would expect that to be overvalued. the thing that makes it so unusual,w e have -- we have so much of these alternative

assets, bonds, for example, with negative yields, and the world of valuations has become skewed because the bond yields are really the central price for all assets, and when you have such unusual things happening, like negative yields in the bond market, it is hard to put a fine point on what fair value is. julie: is there any number tomorrow that would dramatically change your outlook? yes, it's just one report, but so was the last one, and it seemed to change the fed's view. is there anything outlying that would shake you up? that: 100,000 to 150,000, divergence would be something that is statistically significant. we get very excited about the big number every month, but the reality is, it does get revised. unless we see something, say, 100,000, 150,000 off the mark, you should move right by it and just blended into the average.

but let's say you had a zero job growth. that would obviously be something that would have us pause. vonnie: did the month of june you saw the s&p 500 returned 1.3%, and treasuries returned 2.2%. where would you go, if you are looking for something this summer? kevin: we are still underweight on equities in our asset allocation models. on the bonsai, we like our yields -- bond side, we like high yields. we are getting incremental return by owning high yields. on the equity side, we tend to favor growth overvalue. within the entire complex, we like dollar-based assets,, because we think the real rates here are rising, the growth here is better, and that is helping relative to the world. nds. assets, high yield, a growth overvalue is where we would position a portfolio. there has been some talk

earlier this year about a bubble in high-yield, that valuations would become stressed, that if there is economic weakness they would be risk of defaults. is that still in effect here, or has that dissipated, as they look more attractive relative to other assets? kevin: we're back to almost the same problem we had with equities, because you have treasury yields that are very, very low, so the spreads versus treasuries are attractive. when we think about where the bubbles are, we are a bit more concerned about the treasury price than the high-yield. and if you look at just the price returns for treasuries, there are a bunch of services that offer that, and you are at levels you have never seen before. so that is a bit more of a concern. make things more difficult. vonnie: how closely were you watchingtifel yesterday when the funds in britain stopped people from

taking out money? is that something you are worried about? kevin: sure. one of the things we include in our surveillance of data is stress in the financial system, which manifests itself in all kinds of ways. when you have uncertainty like the brexit, you expect things to pop up that would be a little out of the ordinary. so liquidity issues which show up. that would be a form of a liquidity issue. so it does come into the research we do, and some of the analysis. vonnie: but not overly concerned? kevin: it is just one. it manifests itself in a broader array of those things, it would be something that would impact our outlook more significantly. but at this point, it's not terribly concerning, but we would look at that and see the spreads and other things, and if it got much worse, we would change your outlook -- our outlook. vonnie: kevin, thank you so much. still ahead, our coverage at of sun valley continues. liberty media chairman john malone tells bloomberg viacom stock is undervalued. fighto weighed in on the

over the company's future. ♪

julie: this is bloomberg markets. i am julie hyman. vonnie: i am vonnie quinn. time for the bloomberg business flash, a look at the biggest stories in the news right now. american airlines will be the first u.s. carrier to offer a premium economy cabin with more legroom. delta plans for a similar product. u.s. carriers are trying to catch up to foreigners, who already offer enhanced service. julie: boeing says it is testing new nonstick aircraft coaching,

paint designed to make ice slide harmlessly off a plane's wing. dangerous buildup can make plains hard to control -- planes hard to control. mcdonald's has selected bidders in china for what could be a $2 billion deal. according to people familiar with the matter, mcdonald's is selling twenty-year franchise rights in china and hong kong. most mcdonald's restaurants in china are company-owned, and the chain eventually wants almost all restaurants there to be under local ownership. that is your bloomberg business flash update. julie: media heavyweight john malone has been piling up acquisitions of late. last week, lions gate entertainment agreed to buy starz. at the sun valley conference, he gave his take on the state of media m&a and the u.k. referendum. >> there's always m&a opportunities.

there are nine different companies i'm involved in, and they are always looking for opportunities. >> still lots of free radicals out there to consolidate? >> there are. not always big ones. >> what is your view on europe, given supposedly the cheaper assets there? is this something you would do, or some thing you would be put off by? >> cheap is a relative term, right? so, i think it depends on your longer-term view, i think. i think britain is going to be fine. i think the eu is going to be fine. i think there will be some banking capitalization issues that have to be dealt with. >> and potential monumental shakeups, with fire,, cbs -- viacom, cbs, the sumner redstone drama. >> i hope it all settles down, and everyone is treated fairly.

sumner has been a long-term friend and sometimes partner, sometimes frenemy, and you hate to see distress in a family situation. so i certainly hope it all works out for everybody's benefit. you know. >> would you be interested in -- >> they created some great assets over the years, and they are a very important part of our industry. >> would you be interested in buying the paramount stake, for example? >> would i? the theatrical side? no, that would not be where i would go, if it was my decision. they have some great assets. right at the moment, because of the turmoil, they are substantially undervalued. >> viacom? >> viacom, yet. i think they will straighten out. >> if you were a betting man,

would you expect a combination of cbs and viacom? >> well, les moonves would do a terrific job, if they wanted to go that way, in my opinion. he's an excellent operator. sh i have no idea what, what erri has in mind as a strategic direction. i have no idea what kind of estate tax problems they would ultimately face, and what they have to do to satisfy those. >> so i am sure, it's a complicated process. >> just to clarify, earlier when you were talking about europe, talking about itv. is the u.k. an interesting place to spend money? would you buy at the rest of itv? >> i personally think the u.k. will be increasingly interesting for foreign capital. theuess would be that

cheaper pound, combined with a more pro-business government, personally a substantial investor in ireland, and i worry the u.k. will start competing with ireland as the most business-friendly player. but, in all seriousness, i think the u.k. is going to be fine. i think the reaction has been way overblown, and i think this will create investment opportunities in the u.k. i think there's also a fair chance that they work out their eu issues and ultimately, if they don't exit entirely, they may have some kind of a special relationship, you know? rational people will ultimately figure this out. julie: that was john malone of

liberty media, from the sun valley allen and company conference. vonnie: more from sun valley ahead. ceoill see whether iac's agrees with barry diller that the industry has too few actual decision-makers. stick around. this is bloomberg. ♪

♪ vonnie: this is "bloomberg markets." julie: time now for options inside with shery. shery: joining me for today's options insight is scott bauer, senior market strategist at creating advantage, joining me from the cboe in chicago. thank you so much for talking to us. after the brexit vote, it has been all about political risk in europe. now,ound plunging right

falling for a third session after a brief rally. how are you playing this? scott: like you just said. it's really plunging right now, but is it plunging more on political rhetoric, like you talked about, or just because there really is something else there we need to look at? i'm looking at this area here of 1.26 in the fxb, the british pound etf, almost a no man's land, marooned on an island somewhere. you can look, there are some really good upside reward to risk option plays. i'm looking to august options, and if i look out there, the option market is pricing about a six dollars to seven dollar move in fxb, which could be to the downside as well, but the reward to risk on the upside right now is fantastic, so i'm looking to buy some upside call spreads, perhaps even the 1.29, 1.33 call spread, four dollars wide going out to august expiration. i can do that for about a dollar, maybe even less than that, and my reward to risk, i

can only lose a dollar, so if the british pound is not rally, if fxb does not rally, i know my maximum loss. but if we get the movie option market is expecting, and if it is to the upside, this will go to about 1.33, and my maximum gain is four dollars. fxby: we are seeing the plunge, and we have not seen it at these levels in a very long time, i think it's 2006, so are you saying we are bottoming out now? scott: what i'm saying here is, like i said, it's kind of in a no man's land, but after the quick and violent moves we saw, both to the upside and downside, after the sharp high-volume we saw, i'm seeing a lot of consolidation here. and seeing a base. maybe the trade is a little lower than here, but the technicals are telling me from what i'm seeing right now, in the way the trade is going, that there is a bottom, perhaps, forming right here.

nitrate is all based on the reward to risk, and it seems like the whole world is taking the short side of the pound, the short side of fxb, and that's why the reward to risk is so great to the upside. that's what i'm going to do. goldman andhery: deutsche bank and citigroup are calling for sterling to sink another 11%. your call on the currency? scott: i'm not going to discount what they are saying. my trade is not necessarily a, where is this going to be nine months from now, three months from now. this is strictly an opportunistic option play of where this could go in the next four to six weeks. so, do i say goldman and deutsche bank, are they wrong, that this thing could go down to 1.10? no. but the opportunity is there to make a very nice trade to the upside in the very short run here. shery: thanks so much for talking to us here. rkett bauer, senior ma strategist from trading

advantage at the cboe. vonnie: still ahead, we are counting to down to the close of trading in the u.s.. julie: we have a mixed picture with the major averages. the nasdaq is gaining ground, along with technology more broadly today. the dow and the s&p are still under pressure. utilities are really taking a tumble here. they have been out performers, down 2% in today's session. vonnie: telecoms as wellvonnie:. more from sun valley. us -- joey 11 joins levin joins us with his take on media. -- willie will be at th have jobs data tomorrow. this is bloomberg. ♪ julie: two

?c+sv worldfrom bloomberg's headquarters in midtown manhattan, you are watching bloomberg markets. i am matt miller. joe: and i am joe weisenthal.

matt: let's start with a check of the headlines. ramy inocencio is there. ramy: we go to capitol hill, and james comey is facing criticism from republicans regarding his criminalnot to pursue charges against hillary clinton. to applycolby: we try the same standard whether you are rich or poor, white or black, old or young, famous, or not known at all. i hope folks would take some time to understand the other cases. i understand reasonable people have questions. at the start of the hearing, jason chaffetz said he was mystified by the decision and also expressed concern that comey was creating a double standard. vermont senator bernie sanders is set to endorse hillary clinton on tuesday at a campaign event in new hampshire. alders tells bloomberg's

hunt that donald trump is a pathological liar and he plans to throw his full support behind electing clinton president. president obama is on his way to poland, preparing for his final nato summit. on the agenda, the middle east refugee crisis, global terrorism, and russian aggression among other challenges. leaders will gather in warsaw for the meeting, which starts tomorrow. the race to succeed uk prime minister david camera is down to two candidates -- theresa may and andrea leadsome. the second vote eliminated michael gove who came in last. gove tallied 46. a new leader will be declared by september 9. an anti-terror law signed by vladimir putin is joining criticism for eroding civil liberties. the law compels russia's phone companies to keep recordings of users calls and internet andvity for six months,

among the critics, edward snowden. global news 24 hours a day, powered by our 2400 journalists and analysts in more than 120 countries around the world. i am ramy inocencio. this is bloomberg. joe? joe: markets close in under 30 minutes. let's go live to the nasdaq with abigail doolittle. abigail: it is turning out to be a down to the wire day for the nasdaq's. will the nasdaq follow the dow and the s&p 500 lower, or can it hang on to the games. we will knows. let's look at a couple of the winners that might help the nasdaq out. we start with shares of the biotech company surging all day on a report earlier saying european drugmaker roche could be interested in a multibillion-dollar acquisition. sources close to the matter say a potential deal could happen

share, $130 and $150 per suggesting the shares of biomar in could climb close to its record high. turning to technology, also hire all day -- western digital. yesterday, after the close, they revise their current quarter forecast higher, basically taking those numbers of nicely. plus they announced they would put a new cfo in place. he will start on september 1. on this positive report out of western digital, seagate allergy is also trading higher, as is chip maker micron. joe: what links these companies that they are all three higher? abigail: good question, and there are a lot of similar is, but it seems to a type of flash memory, and relative to the revision higher, western gave few details, but it does give indication that it is related to

the acquiring of sandis. this could reflect a recent pricing.nand all of these stocks were down last year, down this year. d had been made long-term trough. recently, around may, it started to spike higher. it could give investors hope there might be a turnaround ahead for some of these companies. joe: abigail doolittle at the nasdaq, thank you. matt: let's head to sun valley, idaho. levin ofa is with joey iac. thank you for being here. your subscription-based model. are you doing with advertising, finding more -- resources question mark --sources?

mr. levin: no, we are not. part of the successes we do not to interrupt of advertising and cannotrs appreciate that think that is a meaningful differentiator in our platform. if we think about everything, and we continued to think about advertising as a model, but right now we are focused on the phase. talking about consolidation in the media landscape -- fewer movie studios, for instance, and they could be a good thing for folks like you and content creators. how will you harness that -- make it something video is able to capture? mr. levin: there is already, will continue to be consolidation, but there is also a huge community of video creators, filmmakers that are on their own and that are not represented in that community, -- asre not as consolidation happens it might be harder for them to get onto those platforms, so i platform

like vimeo is phenomenal for them to bypass the into structure and go direct to the audience. that is a we are trying to enable. david: what kind of content do you see being created. you have short videos. you see folks creating series, doing more in the future? mr. levin: absolutely. "high maintenance" is a great example. that started on vimeo. it was a series. they financed it themselves. we help them with financing. it developed a great audience, and it has moved on from vimeo to hbo. it is a great success story in terms of people starting from scratch, starting from nothing, and creating a narrative series, having that go on to continued success. feel a lot of that happening. people under the word saturation. does that worry you -- if you have this egalitarian structure, anyone can make content, there might be too much of it?

mr. levin: we think about that a lot, but there are still only 24 hours in a day, seven hours in a week, and however in many hours -- and however many hours is going to be use for content consumption is a finite number. it may grow, has gone. it is easy to consume content in the subway where you are not used to doing that. no matter how much content is out there, there are only so many hours and eyeballs to watch them. you have to differentiate. back toircling advertising, talking to some attendees about trends, where you think we are headed into as of how people advertise given the models you're talking about? mr. levin: the number one thing you never ties in right now is data because it has done so much better and so much more accurate. we can reach you in a certain publication, or we can reach you in another publication, and that other publication is the same you we are trying to reach, but --might have a meaning the

meaningfully lower ad rate. ultimately, thanks ballots out -- things ballots out because of what i was saying -- there is a fine time you spent consumer-- consuming video. david: this is not a genius observation, but it strikes me you would have a lot of data and that would make you attractive and in a better position than traditional content providers. mr. levin: we do, and i think about some of the other properties -- we talked about "daily beast" a while ago. they benefit from stand-alone content and the data we get from other properties that better slice our audience to know who they are and what they are registered in, and advertisers appreciate for -- that because it converts for them. david: you have been compartmentalizing, i was the reorganization going, and what are the goals? mr. levin: we are very early, and our publishing business has been in a rough period, and we

just have to do some retooling there. we are the middle of that retooling right now. a lot of that was legacy issues that we dealt with for a while. i think we have some unbelievable properties there like "daily beast," dictionary.com, about.com, which we are now vertical lysing -- there are a lot of things that will be interesting. we are very early in that retooling. david: iac has been a fairly inquisitive company. when you look at potential takeover targets, broadly speaking, what you look for -- what is a sign of a company that might be a success for you? mr. levin: i think we meaningfully favor acquisitions where we already have a position of strength -- in dating, for example, we have been acquisitions and we can do that because we can be the smartest people in the room when we do and i position in dating -- dating. that is not because we are the highest iq or the best

negotiators, but we know the business backwards and forwards, inside and out, and we know what is going on and what is lucky to go on in the is this -- where the bodies might be buried, things like that. we try to lean into positions of strength, going back to travel. we have a position of strength in home advisor right now. we can lean into that. that is where we will meaningfully favor capital. we keep our eyes open for new bets, and some of those workout. david: a last question about the brexit vote -- i imagine you are watching closely. what affect does it have for someone in your line of work? mr. levin: first of all, it sounds to me -- i don't know anything -- david: some modestly -- modestly. mr. levin: the beginning of a negotiation, not the end, and even in that, a lot of our businesses are local or hyper-local. they are happening on individual zip codes or blocks. dating, marriages, things like

that can happen cross-country, but mostly they are happening within those communities. the thing i think about is whether there is an impact on the broader economy, broader economy of great britain, things like that, how that might impact our business, but because of a thing is happening within local communities, i worry a little bit less about it. david: thank you very much. back to you. joe: david gura in sun valley idaho -- sun valley, idaho. thank you. matt: coming up, all eyes on tomorrow's jobs report can we look at whether the job market is headed higher. this is bloomberg. ♪

matt: this is bloomberg markets.

i am matt miller. time for the bloomberg business flash. with department of justice officials, trying to win antitrust approval for its takeover of umana according to people familiar with the matter. the meeting comes to weeks after a similar doj session with anthem and sigma pursuing their own merger. anthemicials worry the -sigma deal could stifle competition. wendy's says hackers were able customer debit and credit card information at more than 1000 u.s. restaurants, far more than it originally thought. the hamburger chain says some cards were used to make fraudulent purchases at other stores. wendy's first report of the hack in january. nadella iseo satya reorganized -- we organize his

management team. turner is leaving the company after more than a decade. he will become the chief executive of cedar dell -- citadel. instead of naming a successor, he is appointing to executives to give you the responsibility's. that is the bloomberg business flash update. joe: payroll processing company adp says business added 172,000 jobs in june, and it could be a good sign for the report tomorrow. economists are pretty get a rebound from the previous disappointing months, but rigas and when june shows, the last five years have seen a steady decline in the jobs report, so does that mean the jobs market is close to fully healed? let's ask william spriggs, the chief economist for the afl-cio. 4.7%.oyed rate at from your perspective, does this mean the labor market is close to full employment? mr. spriggs: no, it doesn't.

we have quite a bit of slack in the labor market. the u.s. supermarket has not been performing well when it comes to labor force participation. that is because wages have not picked up as much as we would like at this stage in the recovery. so, while we are on a record straight up straight months for job growth, we still have quite a way to go to catch up to where we were in 2007, and more importantly, to catch up where we were -- with where we were in 2000. joe: one of the big sources of anxiety for the labor market has obviously been wage growth. by most counts, it has been disappointed -- disappointing since the crisis. is this a problem for the fed to sell, or is there other policy out there, something more for congress to do that would be more effective in getting more money into workers pockets? do spriggs: well, we really need to see a physical response. congress took us in the wrong direction and arguing for austerity when they did sequestration. that was poorly timed. it was before the recovery had a

full chance to take old, and congress has to remember they are the other partner in our national policy of full employment. so, we make janet yellen, the chair of the federal reserve board of governors, come before congress to talk about what she is doing about full employment, but it is equally the responsibility for the house and senate budget committee to make sure they are doing everything to stimulate the economy. the report for the economic outlook it released in june pointed out the world was facing a problem because we need a coordinated fiscal stimulus. what we are currently doing with relying only on monetary policy is, sort of, stealing jobs from with ther, as we see dollar rising to very high levels. that hurts u.s. trade policy. matt: i am glad you bring up the

global picture, because i wanted to ask a few about a global issue that it looks like we are seeing, or at least some economists are pointing to -- a trend for populist movements around the world. wealths to be driven by inequality, or income inequality. do you see that as well? do you think that is the kind of thing that is behind, for example, a brexit vote, or a donald trump candidacy? mr. spriggs: well, it is a key element. it lets right wing extremists take advantage of it, and we see that in europe, the rise of the extreme right, as we see here in the u.s. with donald trump. problem,s a real because this willingness to rely only on monetary policy and not to use the fiscal space that is available to governments is creating a level of unemployment that is unacceptable, and you are seeing the pushback from people.

and it creates a high level of inequality. it disadvantages labor, because at high levels of unemployment, it is very hard to get sustainable wage gains. matt: are you concerned, though -- i can understand seen a brexit as a symptom of the inequality problem, or donald trump as a system -- symptom of that. are you concerned about the kind of, bush-clinton, bush-clinton policies being continued, and driving that inequality further, further apart? mr. spriggs: well, we certainly hope we don't see a continuation of policies that got us here. they are 30 years in the making. so, we hope we are going to see a new examination of policies. we are going to have to do some things we have not done before because if you want to correct the level of inequality, you have to pay a lot more attention to what happens to the labor share of income, and the labor share of income has been taking it on the chin for all of this

century. so, we're going to have to see increases in the minimum wage, increases in the ability of workers to organize, changes in the way we shape trade policy so that it is designed to really raise wages, and to promote u.s. employment, not relocate u.s. employment. so, these are some of the changes we are going to have to see. we think hillary clinton is going to deliver that. these are the kinds of changes we have to see starting to come now. joe: real quickly, what would you like to see from the fed at this point? fed, iiggs: well, the think, is doing a job of monitoring how the economy is going. it knows the headwinds we face because of the strain -- strong dollar and the uncertainty the brexit is causing. the lack of investment that will take place in europe is hurting u.s. exports because we export capital goods, and those things have been down recently.

the problem with china's dumping of steel globally, aluminum globally, these are causing problems for us as well. so, we think the fed is doing a good job, but it needs its partner of fiscal policy could we need to see if the structure investment increase. joe: william spriggs, chief economist at the afl-cio, thank you very much for coming on. markets,t on bloomberg what google searches tell us about brexit fears in the u.k. this is bloomberg. ♪

matt: this is bloomberg markets. i am matt miller. we are going to chat about a couple of charts now, and i teased google. i don't know what this is. joe: bloomberg intelligence analysts came up with a fun chart looking at the number of google searches based out of the u.k. looking for the word "recession" that really caught my eye. here we go.

we have a chart. after june 23, there was a huge search, relative to normal, in people searching for the word " recession," but the good news is that has come down lately. i wouldn't want to say everything on one charge of -- chart of google searches. matt: i wanted to say that was "guardian" journalists. joe: it is down a bit, so at least by one tiny measure, some of the anxiety might have eased a bit. just one measure. matt: i have a chart that is also british in nature, the ftse gadfly, they put this chart together and put it on the terminal this morning and what this shows is the dividend payout ratio of all ftse 100 companies, and you will notice in 2015 at climbed above 100%. this isn't dividend ratio to share price. joe: two earnings. matt: dividend ratio two

earnings, exactly. this just shows you that for the first time since 2008, ftse 100 companies are 10 -- paying out more in dividends than they are taking in earnings. the risk there is a have to bring down their dividends and payouts because unless they boost earnings -- joe: a lot of those ftse 100 companies are international commodity companies. matt: exactly. but those are exactly the once -- bp, royal dutch shell -- companies that have massive dividend ratios, you know, compared to their stocks. we're talking about 6%, 7%, even sometimes in the double digits, but then the question is can they keep up the dividend ratios? you don't want to get your fingers burned by saint 13% return -- i will buy that stock, and then they cut it. joe: you could get steamrolled if you can stomach the deal if people bought in february. the world was coming to an end. matt: i don't have the stomach. joe: not surprised. matt: i'm very timid.

that is it for bloomberg markets. "what'd you miss?" and the market closes next. with the major averages with just four minutes to go until the bell rings on the new york stock exchange. ♪ . .

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joe: we are moments away from the closing bell. matt: i matt miller. scarlet fu is off today.

ringing] ell u.s. stocks closing slightly lower ahead of the jobs report. oil false 5%. joe: but the question is "what'd you miss?" matt: all eyes on tomorrow's u.s. jobs report as the federal reserve looks for clues on the next policy decision. joe: theresa may and andrea leadsom are set to face off for the battle for prime minister. and we look at the brexit impact and what it could mean for london's financial hub. let's kick it off with our market minutes and we have gains on the nasdaq today, although the s&p and dow jones came down and did not ounce up as we saw yesterday. joe: pretty