from bloomberg world headquarters in new york, good friday afternoon. i am scarlet fu. >> i am angie lau. we are covering stories from rio de janeiro to washington to beijing this hour. here's what we are watching. better than forecast jobs data sending u.s. jobs -- stocks to a new record. the latest jobs report will test donald trump's pitch to make america great again as he relies on economic advisers to carry his message forward. angie: to the copper market we go. goldman sachs sounds the alarm for the price of metal to fall below 4000. what we should expect a supply storm, and how to prepare for all of it in this hour. scarlet: we are halfway through the u.s. trading day. let's go to the markets desk,

where ramy inocencio has been tracking the followed from the better-than-expected jobs report. ramy: looking at where we are right now, we are just off of session highs. i want you to look specifically at numbers for the s&p 500, as well as the nasdaq, on pace to close at all time record highs for both indices. the s&p 500's highest previous therd high was 2175 and nasdaq was 6218. we are still 90 points away from the dow record high, but still up by more than 150 points on the day because of that stellar jobs report. function,e imap looking at the sector health of the s&p's 10 sectors, seeing broad rallies across the board. utilities and telecoms are laggards, but financials saw the biggest jump, 1.65% because of

what happened with the jobs data consumer discretionary. information-technology up 1.1%. take a look at a deeper dive into financials. across the financial board, it is in the green. financial up 4.4%. bank of america and citigroup all up, seeing their biggest jump in five weeks. scarlet: another group prominently in the news today, health care. ramy: but looking the other way. talking about all the screen, there definitely is negativity in the health care sector. let's look at bristol-myers squibb and merck, these two are moving in tandem with each other. the news at of bristol-myers squibb is that its lung cancer drug failed in a late stage trial. that's why shares or falling. merck competes with bristol-myers squibb in that same area, and for its drug it

has seen positivity, which is why shares are up nearly 7%. let's move on to know nordisk. this is the world -- novo nordisk. this is the world's biggest insulin maker, with a 50% share of the world's supply, but insulin shares or falling in shares are looking at the biggest drop in the last three and a half years, down more than 10%. finally, let's look at earnings regeneron and x-ray, both shares at their lowest in the past few weeks. scarlet: good stuff. thank you so much. let's check in on the bloomberg first word news. mark crumpton has more from our newsroom. mark: there is a racial divide among young americans over hillary clinton's use of a private e-mail server while she was secretary of state. most young whites say she intentionally broke the law, but young minorities are more likely to give her the benefit of the doubt.

the new poll of young americans 18 to 30 also finds both mrs. clinton and donald trump are viewed negatively by a majority of those surveyed. mr. trump has unveiled his team of economic advisers, including john paulson, a hedge fund billionaire, dan kowalski, former staffer on the senate financial committee, and trump's national finance chairman. another victim of the attack in nice, france has died, bringing the death toll to 85. a 56-year-old man wounded in the attack died in the hospital. his wife and their 13 were also killed when a truck driven by a tunisian man barrel down the same promenade on july 14. islamic state has claimed responsibility. secretary of state john kerry is going to turkey sometime this month, according to turkey's foreign minister. relations between the u.s. and turkey have been's trained --

have been strained over the possible extradition of a muslim cleric accused of masterminding the possible coup attempt. global news 24 hours a day, powered by 2600 journalists in 120 countries. i am mark crumpton. this is bloomberg. scarlet: the u.s. posted another strong month of job gains. payrolls climbed 255,000 last month, exceeding economic forecasts. wages also went higher, which might. -- which mightld bolster probability of a rate hike this year. joining us is carl riccadonna. for a second straight month, you and your economists were not able to get anywhere close to the number we got. what happened? carl: it's exley three-month, because no -- it is actually three months. so something unusual is happening here. we have to step back and look at the broader trend, to get a

sense of what's going on. if you look at six-month and 12 month moving averages, you can see that there is some response to the sluggish gdp growth we have seen. as strong as today looks, and last month as well, the actual average is moving a little cooler, so there is a bit of a downshift taking place. angie: of course, in this political election cycle, jobs are the focus. underemployment actually is rising. could this be a sign that, sure, there are jobs, they are just not the kinds of jobs people want? karl: that's part of the story. as you increase hiring across the spectrum, there's high-quality, high-paying jobs, and also lots of lower quality jobs, and people who can't find full-time employment. janet yellen looks at this as evidence there is still slack in the labor market.

participation rate remains unusually low, so i don't think she's particularly concerned, looking at a report like today, that things are getting ahead of and that fed is possibly the economy is overheating. aboutt: you were talking the six month moving averages showing a downshift. if that's the case, the rise in personal income, is that ephemeral, or is there a delayed reaction to that happening? arl: labor inflation is lagging economic indicator, so what it looks like, and i have said this time and again to you, you only get to see full employment in your rearview mirror, set out we are starting to see the flickers that indicate that maybe we are very close to full employment. you see the unemployment rate hovering around 4.9%, not able to break the low that for any sustained time. similarly, the participation

rate seems to now be hovering at that current level. that gives me some optimism that we will see more wage pressures. now, if we look at average hourly earnings, it really has been range bound. we are at the top of the range, but not breaking to new highs, and i suspect we will see over the course of the second half of this year, and that will provide a critical pillar of support the consumer spending, which is really the sole driver of economic growth. that was true in q2, and q2 gdp, the composition of gdp provides a template of what we should be looking at at the second half of the year. angie: and how critical is that, you know, that pay rise, that breaks that level, as you said? how much of it, as well, is seasonal here? students, even political workers hitting the pavement? carl: there can be some of the

impact, but consumer spending, with a 4.2% growth in the second quarter of last year. we need to see very strong retail sales numbers over the next couple months to have confidence the economy is pulling out of this morass it has been stuck in for the last several quarters. along with employment numbers today, we had trade figures that tell us the gdp will be even weaker than what we saw initially for q2, 1.2%, and the latest numbers are pushing that probably below 1%. scarlet: so with this mixed bag, give us your best assessment of how janet yellen will characterize the economy when she speaks in jackson hole? carl: i think she has to recalibrate expectations, because the september meeting, we will get the new economic projections, and i think the fed has to continue to back away from rate increases. they started at the year saying four, and two meetings ago they

signaled two, so in september we will see that the clock, the shot clock has run down. there is not time for two rate increases this year. september is not relist it. it is too close -- is not realistic. it is too close to the election. even if gdp rebounds, we will not have confirmation of that in time for september meetings, said she is looking to guide expectations down, prepare for forecast downgrades. after all, the fat is looking for 2% growth this year. given what we saw in the first half, we need to see an acceleration to 3% gdp growth in the second half of the year. that is a tall order. scarlet: thank you, carl riccadonna, chief u.s. economist for bloomberg intelligence. coming up, the royal bank of scotland posts a huge loss. we'll hear from the cfo of that t and record low interest rates are shaping the bank's outlook. this is bloomberg.

angie: you are watching bloomberg markets. scarlet: it is time for the bloomberg business flash, a look at the biggest business stories in the news right now. jeff bezos sold one million shares of amazon.com this week for $757 million, according to a filing with the ftc. his sales to 1.4 billion this year. shares of the online retailer are up 13% this year, making personhe third-richest on earth according to the bloomberg billionaires index. the u.s. is asking a federal appeals court to reconsider its a $1.3n to toss out

billion judgment against ankara america's countrywide unit, claiming they overlooked a wealth of evidence. the government won the award after a 2013 trial where jurors found the company defrauded financiers freddie mac and fannie mae by selling them thousands of defective loans. royal bank of scotland is posting a larger than expected loss in the second quarter. weighing on results, litigation expenses related to a lawsuit over the 2008 share sales. they are halfway through a plan to shrink the former global titan into a domestic lender just as the u.k. economy is under pressure following the brexit vote. angie: let's take deeper into what is driving the weakness at the royal bank of scotland. manus cranny sat down with the company's cfo, ewen stevenson, to talk about its future. >> >> we are a very liquid bank >>. our loan to deposit ratio is 92%. we are the fastest growing in

the u.k. manus: but it's going to squeeze your numbers. >> it will squeeze us, it will squeeze the interest margin, but will it help us lend more? no, because we have already been lending at a decent rate. manus: does the governor get that message, that it is a demand problem, not a supply program -- problem? >> every bank is different. for us, it is more of a demand problem, not a supply problem. the new other banks, lending facility will be helpful. a cut?will you look at >> we will look at all of our problems. manus: you will go on? >> we will certainly be looking at it. >

manus: we are heading to a zero interest rate world potentially in the u.k.. how are you going to do with that? how are you preparing to deal with 0%? >> as you saw a couple weeks ago, in terms of terms and conditions we have put ourselves in a position that, if we needed to come and we hope we would not need to, to be able to look at how we get to a fairer balance between our customers. we have about 85 billion pounds bearing onrest demand deposits. that is a tough place to be in a zero interest rate environment. i think we are heading into an environment that is structurally lower, in terms of profitability, for the large u.k. banks, and going to make it banks.for sub scale

manus: can you tell me what's going on in the u.k.? is the demand dropping off? the data you see since the 24th of june, what is it telling you? >> we are the biggest commercial bank in the country, and we have seen for some time a slowdown among our corporate customer base, selling decisions to invest in people, invest in plans, continuing after the referendum vote on the retail side. we have seen a drop off in mortgage application volumes. there is definitely a slowdown going on. manus: would you call it a recession? >> i would not. when you look at the numbers from mark carney yesterday, we were quite pleased. the numbers were broadly in line with our own estimates. cfo ewenthat was rbs stevenson. still ahead on bloomberg markets, as donald announces his economic advisory group, we will

take a look at some of the company that he kept before he was the presidential nominee. this is bloomberg. ♪

scarlet: jill stein, green party presidential candidate, will join bloomberg from the green party convention in houston on her attempt to win senator sanders supporters. and a donald trump advisor will join us from washington for his take on the jobs report. both conversations begin at 2:00 p.m. eastern donald on politics, today announced his economic advisor group, including steve

roth, harold hamm, and tom barrett. who trump surrounds himself with is one of the top stories on the bloomberg, called "the company donald trump keeps." joining us is the article's author, tim o'brien. tim is also the author of "trump nation." we need to give full disclosure here -- tim: donald suit me in 2006 over the book for libel and lost that's it. scarlet: -- lost that suit. scarlet: but you had many conversations, and were able to see who he kept company with. what is the take away? tim: the thing to remember about donald trump, he's not a guy with fortune 500, blue-chip business relationships. he is a streetsmart real estate developer. he was in atlantic city, a new york -- in new york real estate in the 1970's. scarlet: a rough-and-tumble world. tim: lots of developers had to intersect with tough guys.

the interesting thing about trump, he has chosen even in the face of a lot of evidence his business partners have unsavory ties, have clear organized crime ties, other problems in the past, he has chosen not only to continue doing business with them, but to develop intimate operating relations with them. scarlet: hasn't this kind of work in his favor? since this is really an election that is based on antiestablishment, anti-wall street almost? tim: i think there's a clear difference between antiestablishment and working with people who have dubious backgrounds. he went into atlantic city, initially in a real estate partnership with individuals who had organized crime ties. the trump soho hotel was built one a trio of characters, of whom had been convicted first d had run aassault an

boiler room operation with individuals with organized crime ties. i think that is not antiestablishment. i think that gets to questions about his judgment. this came up in recent weeks, how good his donald trump's judgment? is he willing to sully his reputation, or his business relationships, to make a quick buck? scarlet: one could argue that everybody has these relationships in their closet. tim: do they? i think this is an unusual moment. i don't think anyone else running for president of the united states has a history of dealing with organized crime. scarlet: we did not know about the organized crime links until years later. it may not have been apparent that he was in business with them at the time? tim: no, it was, and he knew it. fbicknowledged it to investigators when he was being licensed to run casinos in atlantic city, and continued to do business with those people. they worked with him when he developed the grand hyatt in new

york. more recently, the trump soho opening in 2010, when we deposed at that .1rly knew of his key business partners in that you had organized crime ties and he continued to do business with him. i don't think we can say there's a lot of people in business who choose to do business with people of questionable backgrounds. i think trump really stands out as somebody who has exercised uniquely poor judgment. scarlet: does he still associate with them? tim: currently, right now, i don't know. i know that in the soho hotel, he maintains his relationship with that individual for years after it was very obvious that person was someone who other business people might shy away from. angie: you had interesting things to say about steve ross, who is amongst his team of advisers. they have an interesting history, i guess, one that makes it curious --

tim: steve ross was a big backer of jeb bush early on, in bush's campaign and right up until, i believe, jeb bush left the race. authenticallyan well thought of major developer in new york. he's actually completed the kind of projects that trump says he has that hasn't really. donald will say he's the biggest real estate developer in new york. he is not. steve roth and vornado can lay claim to that. trump is very competitive with other real estate developers. there's very few of them he has a kind word for. i think he and steve roth have been very competitive in the past, but apparently times have changed. scarlet: among the other advisors will be harold hamm of continental resources, and tom barrett of colony capital, and

donald trump will be giving an economic outline of his plan on monday, bringing that to you when it takes place. what do you expect to hear from him, when he does speak? tim: on monday? i think he has, november is not very far away, and he really has to start to move toward giving voters clear, a clear sense of what his political and economic platforms are, moving away from all of the mudslinging around his critics, because it's only hurting him. scarlet: tim o'brien, bloomberg executive editor. tune in at 2:30 today for trump's senior economic adviser, on bloomberg markets. up next, july jobs data came in st estimates.omi and have to move on a rate hike? -- enough to move on a rate hike? ♪

angi life from bloomberg world headquarterse: in new york. scarlet: this is bloomberg.

bloombergt with global news. mark crumpton has more from the newsroom. mark c.: trump tweeted this morning, the plane i saw on television was the hostage plane in geneva, switzerland, not the plane going to iran. he said wednesday he saw video showing the money being delivered. his campaign said on thursday that it was incorrect, yet, trump repeated the claim hours later. schultz hasrman already left her job as chair of the democratic national convention, now she is trying to save her house seat. she is in a tough fight in florida against a candidate who is backed by bernie sanders. raised over $2 million,

unprecedented for a new candidate. new information about the missing malaysia airlines flight. for the first time malaysia is one of the that pilots had targeted a course on southme computer to the pacific. former brazilian olympic medalist carried the torch at the christ the redeemer statue today in rio. site is one of the last destinations for the trophy before it lights the olympic cauldron at tonight's opening ceremony. global news, 24 hours a day, powered by more than 160 journalists and analysts in more

than 120 countries. beie: many brazilians will floating on air today with pride, meanwhile, stocks in the country look like they may be floating a little too high. i want to take you into the bloomberg and take a look at the one your performance. there you go. it is right now rising to the highest level since may 2015. there you see it. check out the 15% gains here over a year. at the bottom of the january low, it has actually risen 54%. in dollar terms, it has searched this year. most in the world. that is a curious thing. i want to take you to another chart now that shows perhaps this could be a little overdone. scarlet: you think?

angie: it is the gold right now. we just started marathon. who knows if they can sustain itself. there those criticisms from athletes about the athletic village -- unlivable, they said. theyge in the bay where apparently have the salient event, and of course, they have two presidents. one is suspended as she awaits thenmpeachment trial and the acting president. still, a lot of people loving brazilian equities. whether or not that will continue during the olympic fervor -- take it away. scarlet: what about a copper metal? participation?

goldman sachs has a really interesting call on copper. it is down about 17% from current levels. you can see here in this chart just how much has been trailing gains in other industrial metals this year. that is a 1.8% gain so far this year. zinc, and mikel up about 40%, the purple line there. bedman says that there will a wall of supply in copper as producers enjoy lower costs. that comes at the same time as demand slowing in china. all of this is going to create copperrfect storm for where prices will decline. goldman sachs they see the trend building in coming months. -- in the targets

meantime, 4500 dollars in three months and $4200 in six months. you take the gold medal and i will take the silver. even though u.s. jobs jumped in july, it is said that without consumer spending, the country is in recession. also, the fed has to go higher on rates. that discussion began with a breakdown on inflation. >> it will be a 2-2 .5% number. i don't see any threats there. i see structural unemployment. i see productivity gains in the 1% category. levels thatebt

continue to suppress economic growth. yes, job growth, but ultimately, i don't think there is the inflection -- inflation of yesteryear. do a ratethe saifed increase? or, if they raise rates once, does that imply a vector to a and monthsed tone and years. can they really pull off attitude in september? another six or 12 months that could be the pattern . fedy way of thinking, the funds rate has to go higher or else capitalism itself and financial institutions will be in damage.

there laying off people because they promised hired rates and they cannot read them. the same with pension funds. we know about chicago, puerto rico. there are more pension funds to come. implications for those that are cap was independent. forou talked about this years, the damage done by financial distortion. r kearney -- mark carney yesterday got really upset. what does this mean for the savers of america? >> very much a negative. it is financial repression. it is the central bankers, and ago saideveral days

that jobs now will take care of the pension problems later. i suppose that is not a bad way of looking at it. we have been into this for 5-6 years and are starting to see erosion at the margin. it is not just insurance companies but banks also. not earn when jpm does as much as before? not necessarily. balance.m needs a at the moment, the balance is in balanced because asset prices are high and liabilities -- because prices are high and liabilitiesload --w -- are significantly overwhelming business models. >> i look at the moment we are in and you have been so good to

finding the financial repression. inflation and other measures below, what are the ramifications of chair yelling gets the best outcome of an overshoot? we get an overshoot and we allow inflation to move on. a certain image looking back to .he 60's can there be a constructive inflation overshoot? >> i think there can and i think that has been talked about lightly over the past few years. cpi itself under shoot the trendline of 2% going forward. i think governors and places have talked about that. , think we could see it perhaps

but yeah, let's forget about inflation for a moment and worry about, as they say, keynesian fiscal policy, which could provide a push going forward. i think monetary policy is certainly week and diming -- dying in terms of its impact. from bloombergas surveillance earlier today. angie: the tech industry is pushing for less restrictions on crowdfunding. we examined next. this is bloomberg.

vonn

vonnie: you are watching bloomberg. mark b.: this is your global business report. here is what we are watching today. will the bank of scotland posts of big quarterly loss? the futures do not look much brighter. vonnie: bank of america is under fire for what it paid its executives. mark b.: and, today's quick take, it is a rough time for the gold players. what will take for the score to regain its popularity? vonnie: we begin with bank earnings. the royal bank of scotland posting larger than expected losses for the second quarter. it is still dealing with losses from the past. with bloomberg,

the cfo says the future will be difficult for u.k. lenders. i think we are heading into an environment that is structurally lower in terms of profitability and going to make it harder for challenger banks. vonnie: it is nearly halfway through a five-year plan turn itself into a domestic lender, just as the uk's economy begins to unravel after the brexit vote. also, allianz profits coming in lower than expected. street's top regulator is calling out bank of america for not adequately explaining executive pay.

they are particularly interested chief $55 million paid to executive officer. he earned significantly more than other top officers. they did not describe what drove compensation decisions. that is according to correspondence between the agencies. german factory owners declining in june. seasonalfor inflation, it is the third straight month that demand remains below estimates. vonnie: time now for our bloomberg quicktake, where we provide context and background on issues of interest. gametiger woods golf 2009 -- in

the number of u.s. golfers has peak of 319, from his million in 2003. the decline has been more severe in japan, one of the sports heartland. nike, the largest maker of sporting goods says they will stop selling golf equipment ir biggest rifle is the shifting away from sport. it doesplenty of time -- not fit easily with hectic and modern lives. the average age of once a week players in england jumped from 48years old all the way from

and 2009. today's 50-year-olds are likely -- unlikely to retire as early as the 65-year-old partners did. here is the argument. when formers point to another old-fashioned sport right developing shorter, high energy versions, such as cricket. things seem to be taking a t urn for the better as of late. the problem is retaining players. the has prompted shorter courses with less rough, and even experiments with bigger holes. few disagree that golf should be more friendly, but critics if its own worst enemy. you can read more about golf on the bloomberg europe that is your global business report. head to bloomberg.com for more stories. ♪

>> today's numbers are strong all-around.

>> today's numbers are strong all-around. >> it is a very solid report. >> the kind of report i would have really hoped for, working at the white house. >> i thought the number would be on or around expectations, we are action is surprised at how solid it was. >> this is an indication that the labor market continues to improve. >> not only is it a strong employment report, the equity market is treating good news -- >> is it enough for janet yellen and september? i don't think so. i think she is still focused on global conditions. she is still worried about the strong dollar relative to emerging markets and other developing economies. >> september probably already was on the table. even with this number, the odds

going in september is still low. for september, i think too low.till i would put it at around 40-45%. angie: there you have it. you just heard some of the highlights from the top voices on the jobs report today. this is bloomberg markets. scarlet: let's take a look at how u.s. stocks are faring. the s&p rising for a third straight day on its way to a fresh alternative -- all-time high. you can see, higher by 150 points. let's head to add to go abigaille wa -- doolittle with more from the nasdaq. abigail: we have the nasdaq on pace to make a new record high today. now, we have it less than

five points away from an all-time record high around 52-32. it will be interesting to see how the markets trade and is an all-time high can be put in. if it happens, it will make for a record weekly closing high. highthe nasdaq put in its last july, it was the beginning of the downtrend. in some ways, you could say the robusth is perhaps more the last july. behind some of this strength, ins is the sixth weekly gain a row. the biotech index is rising six weeks in a row as well. sincengest winning streak march 2015, up 2.9% on the week. we reached out to often hired

yesterday on the biotech index. if biotech now in a bull market? he said, yes. he showed us here this beautiful uptrend. the reason he thinks there is more of an upside is the move of. he says it creates a bullish bottom. biotech,ve higher in according to oppenheimer. scarlet: thank you so much, apical doolittle. angie: crowdfunding was once seen as a godsend that gives small investors the chance to be part of something big. does crowdfunding even matter

anymore? does it matter? >> absolutely. thank you so much for having me. there is no one in the tech fest sec or start of community that would turn down und a new source of funding. it is not quite tailored to the tech sector in some of the ways that it needs to be. pushed it have they forward? >> let's take a moment and say exactly what it is. for people who are not familiar, they may be thinking of a kickstarter. that is a different kind of funding. equity are talking about crowdfunding, this is a new phenomenon. it originally past four years ago with the jobs act of 2012. four yearsing at

rollout. what it does is it allows everyday people, everyday investors to become shareholders in a company so they can invest in a startup and actually become a shareholder in the company. available to accredited investors since 2013. it is now tailored for ordinary people, people earning less than $100,000 per year, they can invest up to $200,000 or 5% of their income into some of these startups. scarlet: what are we hearing from the sector.co is it working? >> sure. the tech sector was very excited about crowdfunding for many reasons. it allows startups that may not be beer a tech cover.

if you're not near silicon valley or new york, you can still access capital by utilizing this vehicle and asking ordinary people to invest . however, what we are hearing is there is a lot of restrictions. number one, the cap on the funding. the company can only raise up to $1 million in crowdfunding for every 12 months. for a lot of tech companies, that will not get them very far. people are saying that even before the jobs act passed. now that it has rolled out, there think tech startups that need an increased amount of seed funding. scarlet: got it. thank you. more bloomberg. this is bloomberg. ♪

scarlet: 1:00 p.m. in new york, 1:00 a.m. in hong kong. ." come to "bloomberg markets

from bloomberg world headquarters in new york, good afternoon. i am angie lau. scarlet: i am scarlet fu. here is what we are watching. u.s. stocks, the dollar, and treasury yields higher after a strong july jobs report. does this leave the fed on track to raise interest rate after the september meeting? angie: new york regulators are turning up the heat on goldman sachs. bristol-myers shares slumping the most in 14 years. its big bet on a cancer treatment is not getting results. can the drugmaker recover? we are halfway into the trading day. let's go to the markets desk, where ramy inocencio has the

news. ramy: our markets are near session highs after the jobs report coming in at 255,000 for the past month. the s&p 500 has hit a new intraday record. 21 82.33, to be exact. we are a little off of that. 500aq as well as the s&p will close at record highs. chief among them, the banks are the biggest beneficiaries of what has been happening in the markets. is up to sector it wells fargo is the least of the big four. it looks like bank of america is the most. and take ah gears look at earnings to tell you about. we're looking at bombard ea and virgin america.

it reported a second-quarter loss that was worse than expected because rising costs for the new airliner everybody is anticipating good falling .emand for corporate six cents a share, for software one-timing. we are waiting for virgin america to report and before that happens you can see that shares are not moving user weyco group we're looking ahead to the close because berkshire hathaway is also going to be reporting. berkshire hathaway shares are up a little more than 1% here. again, guys, after the close we will see what happens. i'm told they need -- analysts needed two days because of the conglomerate status to be all over the place in terms of trains, planes, and automobiles. scarlet: i hadn't realized that. good context, ramy. what about safe havens? ramy: lysacek safe havens are

moving as you would expect them to get let's look first at the dollar. 8:30 a.m. when the jobs number came out, terrific data came out. .4% againsts up by a basket of currencies there. gold is falling right now, i believe on the order of 1.6%. it had been low as 1.5%. paring losses but still near session lows. treasuries, yields are also rising. let's see what is happening in terms of the two-year and the 10 year yield -- two-year yield is a little bit more sensitive to changes in terms of interest rates. up 8 basis points. 10 year yield is up 7 basis points. currencies and commodities and safe havens moving where you would think. angie: for jobs on the stop statement -- good job on this jobs day.

scarlet: let's check on "first .rd" news with mark on to mark: donald trump and mike pence are pushing off reports of turmoil in their campaign. pence: we are seeing tremendous customer tremendous enthusiasm, and i really do believe because donald trump's message of a stronger america home and abroad is resonating with millions of people. mark: in recent weeks mr. trump is angered fellow republicans by criticizing parents of a soldier killed in iraq and refusing to endorse house speaker paul ryan and others for reelection. the feud has overshadowed mr. trump's criticism of hillary clinton. multiple media outlets reported that a federal judge has tossed a lawsuit which alleged that the commission on federal debates violated the law by excluding third-party candidates. the judge had no issue with the requirement that candidates have

at least 15% support in national polls to participate in debates. black lives matter activists are holding protests across britain. they have blocked a road leading to heathrow airport. organizers say the u.s.-based group is needed in britain and all over the world. london police say they have made several arrests. activists are protesting several issues in the u k including a reported increased in hate crimes since the brexit vote. japanese emperor of he double issue a rare message after speculation he wants to abdicate. palace officials say the recorded message will convey thoughts about official duties. he is expected to avoid explicit references to application, a step --abdication. law.p not written in he is 82 years old. global news 24 hours a day

powered by more than 2600 journalists and analysts in more than 120 countries. i am mark crumpton. this is bloomberg. angie? angie: thanks, mark. employment and wages climbed last month, exceeding all forecasts of a bloomberg survey economist. guest says the fixed income returns will continue to surprise on the upside. joining us now is the chief investment strategist at prudential fixed income and manager of the total returns bond fund which has $621 billion in assets under management. more upside, that is good news for anybody seeking yields. robert: today's numbers are stronger than expected. the outlook for bonds, bullish outlook for bonds that hasn't been are contingent on a bearish outlook for the u.s. economy pay it is a function of the overall global backdrop to u.s. deals are more of a function of the global backdrop than just the

situation in the u.s. in the u.s. we are bumping along at this 2% or so gdp. that is been the case for several years. sometimes the data fluctuates down. then it rebounds and everybody is surprised. at the end of the day it has been powering through. what would be a concern is it looks like the u.s. is overheating. that would be destabilizing for the world. the unemployment rate is hardly moving. you have almost as many people coming into the labor force as there are jobs. that is something that plummeted in the last recession. i think this is something the fed wants to see continue. not something they are going to want to stop. they may not be concerned about this level of wage growth. scarlet: you like bonds and you have written in the past that in these troubled times of fixed income strategy come the search for safe yields should result in respectable returns in the medium to long run. others disagree.

bill gross says he doesn't like stocks, he doesn't like bonds. we spoke with him this week. take a listen. bill: i think it is obvious that with $10 trillion worth of bonds globally in the negative camp, common sense would tell you that bonds aren't attractive. you have to pay them. bonds aren't an asset in bonds or liability in a negative interest rate. why would some you want bonds if they thought they were going even more negative? scarlet: bill gross is in like stocks come he doesn't like most bonds. robert: the question is if you want to go by the 10-year japanese government bond in the negative single digits come that is a tougher call. if we are looking at the broad u.s. fixed income market, we are credibly attracted to european, japanese investors, asian investors at large, global investors. treasuries are just the starting point.

in spread product there is a lot of opportunity. i think people are forgetting that we are really stilln a downward trend in terms of overall nominal gdp growth and a lot of the growth we have seen going back 20 310 years ago was in china and the ramp-up in the yen. angie: there is two aspects to the asian story. there's a lot of japanese investors with capital outflows from japan looking for yields in the u.s., so buying up treasuries. but selling treasuries, the chinese, to fund the run stabilization or whatnot. there's really two aspects to this. does it even out? robert: absolutely. i think that treasuries -- if you look inside the fixed income markets, other elements like the fed funds, interest-rate swap, ois market, interest-rate swap market, are much more expensive. treasuries are historically cheap relationships relative to

derivatives. that, the take a the more approach, attractive fixed income sectors capitalizing on opportunities are going to do very well. i think more of the risk of this point in the cycle -- it is hard to see it in the u.s. but if you look globally come equities are having a hard time. this is the point in the cycle where fears of the fed can push up the dollar and hurt the stock market, like we have seen a couple times over the past year. scarlet: we have seen economics of prices rise. the economic surprises -- we have seen economic surprises rise. you say it has more to do with global backdrop. with yields staying low even as economic surprises continue to increase, what would it take to get back into the cause-and-effect relationship? robert: sure.

you would need to see a different world. [laughter] robert: i mean, you are looking at europe and japan and they are doing everything possible to get 2% inflation. they can't do it. in europe and a lot of places there is a lot of excess capacity. a very tough handful of years. in the world is really looking for business. any excess demand that the u.s. makes will get satiated from abroad and, you know, things look good. if you look at the last six years, the u.s. economy has done reasonably well. that is a function of the world backdrop. that is basically the new normal, angie. angie: and how do you play the new normal? you have a call saying the 10-year yields will be range-down between 1.5 and 2%. what is going to precipitate?

scarlet -- robert: what we have seen in europe and japan, over the next six to 18 months you cou see yields as low as three quarters. scarlet: wow. robert: the fragility out there is very high. there are a lot of risks. i don't think he will see great strain it either of those extremes. for investors in the higher-yielding sectors, within whatever is the risk parameters, they are going to do very well over the long run. especially relative to where cash rate will be. and income products could be competitive even with equities. toie: robert to we are going the -- robert tipp, we are going to leave it there. thanks so much for joining us. scarlet: coming up on "bloomberg markets," after bristol-myers ribs drugs fail to trauma, what comes next.

this is bloomberg. ♪

angie: you are watching "bloomberg markets." i am angie lau. scarlet: i am scarlet fu. bristol-myers squibb says the use of the treatment for lung cancer did not succeed at trial he did not it -- it did not reach its primary goal. opdivo is approved in lung cancer, though not yet as a first-line therapy. if you look at bristol-myers and merck, shares in how they are performing, i have it on my bloomberg here. shares of merck claiming, as you might expect, if they make a competitor drug.

-- because anything competitor drug. the bright line is bristol-myers squibb, a big plunge following the latest result could joining analystarmaceutical asthike goonewardene. asthike:

we could end up seeing it on the top line come 2018. this would be the only drug market until, edition comes by the end of 2017, early 2018. scarlet: you are seeing a re-rating of the stock in the markets, as we showed you. forbad could he get bristol-myers squibb? asthike: if you look at the run rate, $24 billion for this drug, opdivo, it is supposed to hit it billion dollars by 2018. i could see that being toned $2 billion or so, just because this is such a big market to go into. , ase: how big is the impact we can see today, on rivals?

why are we seeing the benefits play out like this? asthike: it is honest like this is a zero-sum game. every lung cancer patient treated by one company is one less for one of the others. it is a tough market because you have 4 companies with very compelling products, especially in the lung cancer setting. a slice all vying for of this pie. first-line lung cancer patients that are diagnosed every year in the u.s. that is quite a large market. scarlet: how do they address this opportunity? two they change with their doing or continue with the game plan, these rivals? asthika: well, i think they continue, but the focus is on speeding up what they're doing to get this finished quicker and make sure they had this in the regular dossier quickly and talk to regulars as quickly as they can.

every month counts. scarlet: time is of the essence? asthika: time is of the essence. scarlet: asthika goonewardene, thank you for your perspective. still ahead on "bloomberg mdb is that the center of investigations following corruption and money laundering, and now goldman sachs is questioned over its possible involvement. this is bloomberg. ♪

scarlet: this is "bloomberg markets." i am scarlet fu. angie: i am angie lau. goldman sachs is being summoned by new york's top of bank regulator. they want more information on malaysian state investment fund 1mdb. of particular interest, information on how diligently the bank posted three bond offerings it underwrote.

joining us is bloombergs keri geiger. i guess they can't plead that ignorance is bliss here. keri: well, it is a major, major part of this huge scandal. goldman was the underwriter for the money, the $6 billion that went into this fund. disappeared and likely was stolen out of the fund. of course they are going to be under the microscope, and every communication and research and due diligence they did about how the proceeds were transmitted of course are going to be looked at. angie: but i got a tell you, it is a messy, messy case. the malaysian attorney general has almost -- said it was .verybody else's issue million on or$650 little bit more than that that ended up in his personal bank

account was not necessarily from this fund but from the saudi arabian royal family. very messy here. keri: so what you have is billions of dollars that went into a sovereign wealth fund for malaysia and basically was pilfered out into a variety of private bank accounts that are connected to the prime minister, connected to other political figures in malaysia and connected to private citizens. it looks like, if you read through the complaints that the department of justice has recently dropped on this case, that it was just blatantly stolen. everything a party involved here is going to get closely looked at, and the way that money was used is shocking. it was used to buy art, to buy high-end real estate, likely used to finance the movie "the wolf of wall street," squirreled away in various different bank accounts over the last couple of years. there is no way to

scrub that away or justify it in any case. goldman sachs was the bond underwriting. was that one and done or was there more consistent work? keri: that was a major part of what the business relationship was. obviously, they were a banker that facilitated the transactions for 1mdb. the transactions themselves came under quite a bit of scrutiny when they were done because they were associated with very, very high fees, abnormally high fees for this type of deal. scarlet: how much are we talking about? , oh my gosh, what was it, angie? upwards of 5%, 10% of the deal? angie: this tells the story right there. we can see the fees for the malaysian investment bank deals, $550 million in 2012, and it gets progressively less money goes on. this is a juicy deal for bankers. keri: all the bankers in hong

kong were talking about this at the time. they couldn't believe the bankers have gotten paid this much. they did start drawing scrutiny to the deal. you kind of see where things start unraveling. you see political opponents of the current regime in malaysia questioning this. scarlet: they've been sidelined now. keri: piled on compiled on. now the department of justice is laid on this incredibly convex web of how and where the money went. scarlet: department of justice is investigating this. why is new york's banking regulator part of this? keri: if you are a bank that is chartered in new york state you fall under the supervision of the department of financial services of new york state. anytime there is an infection or investigation, this regulator will jump in. angie: does that mean there are fees imposed by new york state as well as by the federal government? keri: the department of financial services has levied very, very heavy fines on banks in the past for basically

illegal behavior. very quickly, the u.s. is not the only one investigating. there's a whole host of countries that have is under investigation. ing-pongs, it p all across the globe. it will likely keep growing because the money has spread all over the globe. ofrlet: keri geiger bloomberg news, she covers financial crimes for us. next, coming up outperforming the s&p 500 this year. we will discuss it next. this is bloomberg. ♪

angie: live from bloomberg world headquarters in new york, i am angie lau. scarlet: and i'm scarlet fu. this is "bloomberg markets."

let's get the headlines. mark crumpton has more from our newsroom. hillary clinton says president obama isn't getting the credit he deserves for leading the nation out of a crippling recession. to. clinton says she wants invest more in infrastructure and generate more jobs for young people and help african-american entrepreneurs start businesses. classifiedp's intelligence briefings will start within the next two weeks. that is what his campaign chairman paul manafort told fox news. earlier this week the white house informed mr. trump and mrs. clinton's campaigns that their briefings can begin. the war of words between turkey and austria is escalating. the latest salvo, turkey's foreign minister calling the austrian capital "the capital of radical racism." the feud began after the austrian chancellor said turkey is heading towards dictatorship and questioned whether the european union should continue membership negotiations with

ankara. says his poorpele health will keep him from lighting the olympic cauldron at the opening ceremony to the rio games. brazil's most famous athlete had hip surgery several years ago and walks with the help of a cane. pele apologized for disciplining his homeland and said "as a brazilian, i ask god to bless all who participate in this event." global news 24 hours a day powered by more than 2600 journalists and analysts in more than 120 countries. i am mark crumpton, this is bloomberg. scarlet? scarlet: isis a much, mark. the companies that put -- thanks so much, mark. the countries that put text on the map in the 1990's are leading the way again. successdiscuss the etf is eric balchunas and anurag rana. but this in perspective for us. see somethingys

in the top -- semiconductors, internet. the tech dividend etf at the top was just shocking to me because this thing normally -- ok, there is a huge selloff of the highfliers, like me with it will go down 1% instead of 10. it is not supposed to be the highfliers it is up 15% this you, more than xlk, which is brought text, and -- scarlet: new economy sector. eric: totally. those are the young guns. the fact that this has older guard stocks like ibm and intel, etc., fascinating that it is now the highflyer in some volatility go up. part of the bigger the this year , the reach for yield. low vol craze did anything that is low value has seen a lot of increased interest. angie: you know what they say, no school like the old school,

right? what is driving these old schoolers to leave the way? anurag: i think eric said it best, the run for the yield, run for the dividend. so technically they also offering something to the table perhaps others aren't? anurag: absolutely. and a lot of these places the growth rate declined has not been as bad as the past few years. they are transitioning products to the clouds slowly. it is not going to be overnight. you can see a little bit of momentum in the transition, and valuations compared to the rest of the tech space is relatively low. i like that you said that, the growth rate declines are letting up a little bit. anurag, you look at these carefully. look at the negative numbers for the growth rate in revenue. -3% for the most recent quarter.

last year at the same time, -15%. you havecktrack, nothing positive revenue growth since 2012. prospects of ibm getting growth rates back to positive rates? anurag: it will take a little bit of quarters out assuming the transition continues in the same way it has been. up high-growth areas make for the larger portion of ibm's business and the legacy business continues to decline. with that in mind, if you see the rate of the kind of revenue started to come down over the past couple of quarters, and if this continues, who could assume --up-ice in the next couple of years you could see positive growth in that area. angie: talk about the irony of the low volatility craze that is actually driving volatility in tech stocks. eric: it's fascinating, if you grasp the volatility over the last couple years, the chart

goes right out. rushally, there has been a to stocks that are low volatile and have bigger dividends and the volatility has gone up. you are seeing momentum attributes -- to me, this is a sleepy etf. we have seen the volatility go up 50% in the past year, which is a little bit of a red flag for investors who are looking to play this for the yield. it is looking a little jumpy for what it normally does. scarlet: given this kind of performance, does it mean that the newer cloud companies, whether it is salesforce, for instance, will need to consider paying a dividend to make sure they get the kind of investor base that perhaps the other companies are? anurag: that could be tough to digest for investors as well because historically you don't see high growth car companies or analytics paying any kind of dividends.

they would rather use the cash for some kind of acquisitions. i'm not sure if the investors are ready for that shift. but what we do see in similar cases in countries like oracle or microsoft that have adopted cloud in a big way, they are seeing some momentum in cloud and increasing come edition for the likes of salesforce. scarlet: and they are continuing to increase their dividend as well. they can't stop doing that. and it is really the old guard that can offer dividends. i wonder if it really is a drive because they are looking into cloud computing and all the rest were is it negative options on newer startups where investors are little bit more concern uniform valuations that don't make fundamental sense and whether or not they have the confidence in those tech startups rather than the old guard? you would seeing is even despite a lot of

competition and the old guys getting into the cloud, the growth rates for some of these companies is still relatively ok . it is about 20, 20 5% for a large portion of these cloud-based companies, which is not bad in current circumstances where there is little to no growth in any of the other areas. scarlet: talk about flows here into this etf. are we starting to see outflows as the volatility increases? eric: no, no, flows literally follow performance from especially in sectors. -- i: had a consistent vanguard -- i call it vanguardian, when you see these coming rain or shine. imagine you are an advisor. a product that a retiree would like. you see these come in consistently. there has been an uptick. that is what makes me think of some of the people are performance chasing and disappointed when it starts to move a lot -- return a lot less in the future.

again, we don't know. scarlet: eric balchunas, thank you so much, and anurag rana, both of whom are with bloomberg intelligence. all right, and coming up in the next hour of "bloomberg markets," two big political interviews you don't want to miss it jill stein, green party presidential candidate, will join bloomberg from the green party convtion in houston on her attempt to woo center's support is good and stephen moore will join us from washington with his take on the jobs report and the republican nominee's economic vision. both conversations begin at 2:00 p.m. eastern. this is bloomberg. ♪

scarlet: this is "bloomberg markets." i am scarlet fu. angie: i am angie lau. the s&p 500 may be on pace for a new market but let's go over to ramy inocencio for the stocks that are bucking the upward trend. ramy: i'm looking at the losers, and i feel like this segment ifuld be sponsored by beck, you remember that song from a long time ago. the biggest loser of the day, bristol-myers squibb. it is down on the order of almost 15%, more than that right now. this is its biggest fall in the past 14 years or so, since 2002. what we have been saying, the like cancer drug, opdivo -- the lung cancer drug opdivo failed in late stage trials. huge chunk right there.

other earnings, let's take a look at what is happening with weight watchers. down by about 5.6%. the question is whether the comeback is in question. second-quarter revenue missed. that is off the estimate by about $9 million. oprah as the face of weight watchers does not seem to be apps forn terms of health and fitness that have come over the past three years. let's look at what is happening with three other companies. this is the advisory company cutting a fullear growth forecast to 7% from the low double digits. project management services is lowering the top end of the full-year. and an energy delivery company is saying that it missed its second-quarter earnings as well as its revenue. it did reaffirm its full-year guidance for the drop we are

seeing, down 2.2%, is the biggest drop since february. other losers to talk about our in the travel space. trip advisor is down 3%. expects aank says it fall in desktop users as well as a sluggish uptick in terms of mobile monetization. it is cutting its ranking to with a price target of $63. let's look at utilities as well. utilities in terms of a group are the biggest group loser. they are also doing the same. down 1.2%. this is at the six-week low. we are seeing investors go to risk-on as opposed to risk off. scarlet: thanks so much, ramy inocencio. time for the bloomberg business flash. the u.s. is asking a federal appeals court to reconsider a decision to toss out $1.3

billion judgment against bank of america's countrywide unit officials claim the panel overlooked a wealth of evidence. the government won the award after a 2013 trial where jurors found a company defrauded freddie mac and fannie mae by selling them thousands of defective loans. angie: when carlyle group orchestrated a buyout of dupont's business in 2013, competitors say the private equity firm overpaid. three years later, carlisle has reaped its second-biggest profit ever on the deal. $4.5 billion. scarlet: canada is struggling to emerge from its economic slump. employment unexpectedly decline in july with net new jobs down 31000 and the on employment right rising. in a separate report, the trade deficit in the second quarter. that is your business flash ok. angie: joining us for more on canada's unexpected fall in new

jobs is bloomberg's danielle bochove in toronto. what are some of the highlights from canada's disappointing jobs report? danielle: you just read through really the headline numbers. obviously, the rate rose. employment fell. both sides of the worst than that both sides of that were worse than analysts expected. -- both sides of that were worse than analysts expected. on top of that we have the record trade deficit in the second quarter. $3.6 billion for jim. -- june. a study innd really contrast with what you saw in the united states on the jobs front. scarlet: at the same time, when you talk about contrasts, back in may we had a terrible report in the united states and then the next two months we saw these blockbuster games. how worried are the economists and investors you are speaking to? danielle: it's true, and he always have to take it in that context.

one round of data does not a trend make. that being said, there are underlying trends that do have economists worry. your today, canada has created 12,400 -- year to date, canada has created 12,400 new jobs, the worst seven-month string since 1976. alberta is showing the highest unemployment rate in a scene in almost 20 years. all of job growth -- this is what i see as the most worrying -- all the job growth we have seen was part-time work. we gained part-time jobs but we lost more than 70,000 full-time jobs. you know obviously that the quality of those types of jobs is very different from the economic point of view in terms of consumer confidence, spending , all the things you want to stimulate growth. full-time jobs are worth much more. finally, on the trade front, the fact that we have the canadian dollar trading at about $.75 u.s., where three years ago it

was on parity with the u.s. dollar, even with the week canadian dollar we are renting a trade deficit. export are rising but they are not rising fast enough to outpace the growth in imports we are seeing. all four of those things are of some concern to economists. angie: what were the other reactions in the canadian market today? danielle: the canadian dollar, not surprisingly, the big loser in all of this. the future the canadian dollar against gulf, both are straight down immediately afterwards. the loonie lost .70 five cents on the news. meet witha double and your strong nonfarm payrolls report because obviously we are trading in relation to the u.s. dollar as well. the canadian dollar is still performing relatively well against most of its g10 counter parts but that is not saying all that much in this low interest rate environment. overall, not a good day today. the one ray of light is that we are piggybacking on the rally that you guys are seeing south

of the border in the united states, the stock rally. our stocks are up to date, even though generally seen the strong u.s. dollar is bad for commodities. danielle from any indication of what this might mean for what the bank of canada oes next? in july he did not do anything in terms of cutting interest rates. danielle: yes, for sure. we are in a similar situation to much of the world. it makes the case for more stimulus stronger, whether it comes from the bank of canada in the form of an interest rate cut or it comes on the fiscal front or both remains to be seen. what definitely this is ammunition for the doves who are arguing we need most intelligent policy -- stimulative policy in canada. scarlet: danielle bochove, thank you for that from trotter. boe governor mark carney announced a package of stimulus to we will hear from danny blanchflower of dartmouth. this is bloomberg. ♪

angie: this is "bloomberg markets." i am angie lau. scarlet: i am scarlet fu. angie: the bank of england cut rates to a historic low yesterday and there may be more stimulus on the way. the "what'd you miss" team -- scarlet: you got it. angie: i'll eventually get it. [laughter] angie: anyway, "what'd you miss" team spoke with danny blanchflower, and the credit suisse vice-chairman for the reaction to the latest news of boe. >> i'm not sure he is not enough to overcome recession but it is a darn good start. it is clear this is an opener and in fact, the minutes actually say that the majority of members thought they could probably have cut even further.

rates. more qe, cut in the one thing that he made a big error on was the talk are not going negative rates, which probably wasn't a smart idea because he may well have to actually go there and the danger is if you does, people are going to panic and say, wow, this must be really bad. i'm not sure if yes enough to avert recession. particularly what we will wait to see is if the new government and chancellor is able to do anything. we will see. that is a great point, danny, i don't want to talk over that could but as far as negative rights, they are controversial. they have not panned out so well, especially not for bank profitability. what do you think of that, neil? neil: i'm sympathetic to the notion that negative interest rates are sufficiently peculiar that you don't use them lightly. and if brexit turns out to give

rise to a slowing economy or even a mild recession that may not rise to the extremity of concern to want to take you there. i am kind of sympathetic not so much to pre-committing not to go there. i think professor blanchflower makes a point in that regard. but i wouldn't rush to go there myself. i suppose i cannot fault him for doing it at the bank of england. madeet: mark carney has clear he doesn't want to go to negative interest rates but what he is going to do is add a new term funding scheme to ensure that the rate cut is passed on to households and businesses. is there precedent for this being effective? neal: i think there is a real issue in that regard. british household sectors are fairly heavily indebted. a lot of that is mortgage debt. a lot of that is related to short-term interest rates. when you cut them, you have cut

the revenue of the banking system, and you don't want your banks to have less revenue. you want them to be in a healthy enough circumstance so that they will lend to support the economy. you have to do something on this side of the ledger and i think it makes a lot of sense to be mindful of that and create a facility like this one, in effect to insulate the banks against the shock of the net interest margin that otherwise would come. that does encourage them to pass this through to the ultimate borrowers. scarlet: neal moss credit suisse and any blanchflower of dartmouth. angie: joining as is "what'd you miss" cohost joe weisenthal. we will talk about the jobs report and it will be the three charts to dissect everything, but what caught your eye on this job state -- this jobs day? this idea from a harvard economist that low income jobs will be more and more important to the labor economy. is perfectthis

timing because today's jobs report in particular shows promising gains for sections of the labor force been left behind by the recovery. less educated workers did better. you can see here we have the u.s. unemployment rate, less than a high school diploma, look how sharply it came down. very close to precrisis levels. on the show today we will be talking to a harvard economist to is actual -- who is actually out with new research arguing that labor force participation rate will increase among these groups, like the less educated. and the labor force participation rate for them has dropped off a lot since the financial crisis. it will be interesting to hear why they expected this to turn around. he expects we will start to have a pattern. angie: does that have a political impact? is that we can -- does that weaken trump supporters if they

are happier and less angry? joe: ultimately it has to change politics if more and more people start to feel like they are part of this recovery and it does become less bifurcated between andhalfs -- haves have-nots. hopefully that will become a trend. scarlet: joe will be back to 3:30 later on. on "what'd you miss," the harvard economist, 4:00 p.m. eastern target we will also have berkshire hathaway earnings. this is bloomberg. ♪

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>> welcome to "bloomberg markets." ♪

vonnie: hello, i'm vonnie quinn. david i'm david gura. vonnie: 255,000 jobs added in july, they take on job growth in their industries, and will get their thoughts on the action and the economy. david: donald trump saying the country is in the middle of a single worst recovery since the great depression. stephen moore joins us to defend that campaign and preview the major speech on the economy scheduled monday. vonnie: the green party's present of nominee jill stein joins us. -- presumptive nominee, jill stein, joins us.