markets. we are covering stories for you from the san francisco to robles and saudi arabia. math: the euro rising after the ecb left rates unchanged. scarlet: gary bettman explains the plans for expansion and the significance of the hockey world cup. in saudi arabia, the world is awaiting what could be the biggest public offering ever at aramco. .

climbed the nasdaq has -- it did climb to two straight days, but today it is pulling back. julie: i want to break it -- to bring in some breaking news. the company is expanding its .ermatology business a continues to pursue its takeover of monsanto. all of this according to people familiar with the situation and justding to news that given a bloomberg. the shares are down about 17% year to date. they sell a little less than 1% in today's session. that too it is going on in the u.s., a little bit of a pullback in u.s. stocks. do with mario draghi, indicating that there will not be any more stimulus, at least not immediately.

and that cause a little bit of a selloff in europe and has extended to the u.s. as well. that is coming despite the fact that energy is performing well he -- very well today. an unexpected drawdown for oil. drawdown,n unexpected at the biggest one since 1999. 14.5 million barrels declined in inventory. that explains the uptick in oil prices, now about $47 a barrel. we also cited you stocks perform well today. but only oil is climbing come of a natural gas. inventories rose less than estimated. you look at the top 10 performers in the s&p 500, most, if not all of them, or energy stocks.

we saw the uptick in yields in european debt as well as the u.s.. we have seen this correlation between bonds of the financials, the banks. that is happening was against today is the is go higher. we are seeing the increase in the financials as well. overall, stocks are lower despite some of these big groups that are doing well. matt: and despite a gain energy. julie: retail is one of the things we are watching. we are seeing supervalu, another grocery store chain of -- another grocery store chain coming out with numbers and pier 1 as well. down 15%. the ceo is departing the company. with weakening traffic tens or still-weak

traffic tens. -- trends. matt: mark crumpton has more from the newsroom. mark: hillary clinton says the united states should hunt down and kill the leader of islamic state. said theme time, she u.s. should not put troops on the ground in syria. she spoke at a news conference here in new york. lacks i think the approach i have outlined intensifies what we are doing, but also recognizes that there is no -- in my opinion -- path forward to ground troops that would be an arduous. that clinton also said donald trump sprays of vladimir putin miscarry. that means that as president, trump would that the russian leader do what he wants.

gary johnson was asked on nbc about the besieged city of aleppo. he responded with "and what is aleppo?" more than half of americans now disapprove of obama care. that is according to a new gallup poll. in november, the same survey found 49% were against it. the only surviving suspect in terror attacks is refusing to speak to a judge. he is apparently frustrated by 24-hour surveillance of his prison cell. his attorney says he is not obligated to explain his silence, but is "linked obviously" to the constant surveillance.

scarlet: investors are watching closely the decision out of keptfurt today as the ecb its program unchanged. policymakers do not see an immediate danger to the euro area from the brexit follow-up. >> i think it is all pointed towards december now. draghi made it clear in an indirect way that the governing council is not satisfied with the underlying trend in inflation and they are committed to keep purchasing assets until they see the path of inflation back on a sustainable direction. today, but the forecast of 1.6% inflation in 2018, that is not quite in line with the target and it all points toward

an extension, probably to the december meeting. extensionook at the and we look at present draghi. does it have to do more than that in december? andrew: it looks like there were a few expectations of some action today. given the selloff in the markets. yes, those expectations will be carried forward into december. it is always a hard thing for cannot -- the ecb control the market expectations. drug is doing a good job at not sending any signals. he's giving information very close to his desk -- his vest. will see there is no big reason to be concerned about

what is going on in december. manus: i've got spain over germany at one full percentage point. spain trading at a record low in terms of yields. how far can the spread get? thoughtpreviously, we it could get down to 75 basis points on the 10-year. some of the longer-term concerns about where the eurozone is heading, that is really probably the tightest level. if the ecb does do what we think it does do or will do, which is tells the allocation with the purchases a get -- away from germany, it could come in the room or. but we are looking at 25 basis points from here on. you had recently spanish yields trade under for a period of time now.

with anticipation of the upcoming referendum, is that a spread you would like to play? broadly neutral in terms of that particular spread. we have a bit more of a preference for state -- for spain, owing a bit to the fundamentals into the uncertainty of the referendum in italy. even if the outcome of the referendum were to be a thinkion of it, i don't it is the end of the world in terms of the euros are in. the ecb is throwing a trillion plus of liquidity at this entire market. that technical force alone is going to cap any spread widening. >> how controversial would be if to best ecide

sensitive isly that this is going to be? andrew: the three rules that the ecb has set itself that it will probably has to adjust, all of those three rules are controversial if they are to be relaxed. the p ishe relaxing not the controversial because, at the end of the day, it is the central banks that are taking on the risk. the taxpayers in the corvette these will not bear any losses.

i knowledge -- it's the legal path of least resistance to move that one appeared i think buying bonds below the deposit facility and relaxing the 33% constraints , those are more controversial than the k. jonathan: was going to give us a steeper curve? andrew: get the governments to spend more money and finance in was30-year scarlet: that emco's head of portfolio management. matt: still ahead, who will advise aramco when he goes public? we will tell you what banks are in the running for what is the biggest ipo in the history of the universe. this is bloomberg.

scarlet: this is bloomberg markets. matt: we may be one step closer to what could be the biggest initial public offering ever. company,bian oil commonly known as saudi aramco, an advisor from a to helpboutique banks this company go public and repay 10 of cash in the process. joins us from the london bureau. thanks for joining us. what kind of beauty pageant are we talking about here? what are these banks want to

have to do to get this business? know for the last two months at least, there have been many flights back and from riyadh where the top executives at these banks have been pitching to the company. we are just talking about the independent advisor banks. once these people get added, then they will decide where aramco is going to list. key financialvery hub in the world -- tokyo or hong kong or london or new york. it is one more step in a process that is good to take very long and that we probably won't seek come to fruition until about 2018. but it is the biggest deal in the universe, some of you mentioned. scarlet: matt was not exaggerating here. how is the roles of these --ependent eggs differ

independent banks differ? probably dohey will is the government will have an advisor. maybe michael klein will be with the government. then the company will have a separate advisor. then you have something called a global coordinator, where the banks to the grunt work. so jp has a star there. they will probably add more banks along jp and then two layers down. why this is a big deal is because they are talking about raising $100 billion. 1.01if you just look at , you're still talking about $100 million. that is excluding commissions and excluding the money the banks make on financing investors to come in and buy stakes. the size of the stakes that they buy in 100 billion dollars ipo

is the size of some pretty chunky m&a. that is the kind of money investors are going to look to spend to get at this huge company. so it is a lot of money at stake here. matt: so the banks will have to work hard to get this. what about the exchanges? you mentioned they are looking at places to list. i imagine the new york stock exchange is going to go after them. they are probably going to look at frankfurt or london. ruth: maybe asia. matt: yes. ruth: we know that new york, london, hong kong, tokyo now, these are the markets among those who have pitched to them and have been making a really shown case. i think they will also be looking at regulation in each of these markets in the kind of shares, the structure of shares they will list. they want to be very careful. this is a company that we have known so little about.

so when they go public, given the huge government interest in what aramco means for saudi arabia, you can imagine that they will be very careful about how much data they want to share, right? so they will see which exchange gives them that -- kind of the terms that they are looking at. i imagine that everyone will probably want the prestige of having such a big deal on their exchanges, especially in a year when you see ipo volumes have been pretty dismal this year. the largest ipo this year was a $3 billion deal. see $3 billion versus one hundred billion dollars. you can see where everyone's energies are expended. muchet: brent has pretty held on the $50 a barrel since august 2015. we know why saudi arabia is going forward with this deal.

ruth: it is something they will be closely monitoring. just in terms of execution of this, there is not to speed up the process because there are so many things they need to get in place before they actually got the markets. they need to ensure, when they get there, they have enough investors to actually make this don't happen and make it a success. now that they said they want to do it, they will be keen to there will be a good aftermarket for it. they will be looking at the price of oil, but they will also look at what kind of discount can this give and how they can diversify. scarlet: thank you so much for joining us. matt: we should mention the price of oil. drawdown iniggest u.s. inventory since 1999. as a result, big rally in alternate.

you can see it is up almost 4% right now. $47 and $.20 a barrel. -- $47.20 a barrel. so i'd jump. but like ruth said, this isn't going to have such a very -- of course, brent is the world benchmark, and probably more important. you see a jump across the board on oil. we are still seeing oil that is consistently below $50 a dollar now. coming up, the iphone 7 plus has been unveiled. reverse apple's -- can it reverse apple's sales slump? this is bloomberg. ♪

scarlet: was apple's showcasing new iphones the apple watch in

-- and a whole bunch of other features a hit? we asked tim cook accomplished what he needed to the big event. >> at least for now, they had to deliver in ifo -- an iphone with a few minor improvements. but now they have a between release. david: if you take everything apart from the jack, which is controversial, aren't they just catching up with samsung and the marketplace? >> absolutely. we got to a point in this isustry where the technology

moving three to six months behind each other. we are at the point where we are not seeing any revolutionary features. at some point, yes, apple needs to deliver a big step up in functionality. this market, the way we look at it, is not a massive growth market. it will be more of a replacement market. jonathan: if you look at the analyst ratings, it is buy, buy, buy all through 2016. you are looking about 12% upside? what gets us there? >> there's going to be positive iphone 7.s about the uplift in natural this quarter. next quarter, they will expand distribution much faster.

between now and december, we will have positive yields. us cash flowset to our price tag it. timko, -- if are you're tim cook, what are the markets they can pursue more successfully? >> expansion lies, they have done a pretty good job. at this point, and he is one of the markets they have focused on. david: but aren't they way overpriced for india? >> absolutely. they needed to come up with those at a lower price point. in terms of geographic expansion, unless they come up with a lower price point. david: you are confident all year target price. -- your tiger price. what kind of multiple you need? >> about 10 times free cash flow. they can get us to ground -- to

around 120. when it comes to the sentiment on the stock, it is fairly muted. at this point, expectations are not the high either. that was talking about apple. mom's hockeyhockey fans, this is a return to the ring. i sat down with the nhl commissioner gary bettman. this is bloomberg. ♪

scarlet: this is bloomberg markets. matt: let's kick it off with the

headlines. mark crumpton has more. mark: a new poll shows donald hillary clinton decisively among people who do not have a high school education. of whitesacked by 55% with no more than a high school diploma compared to 33% for clinton. likely voters that have not gone past high school, clinton leads trump 47% to 42% in a to a contest. representatives from member states and private industry are meeting in belgium to improve cyber security. cyber attackers could cause as much damage as conventional military tax. in july, president obama and nato leaders agreed to add cyber space as a domain for alliance operations, along with land, cnn. air.a and

puza tells bloomberg that a proposed post brexit with the eu is completely unrealistic. if it wants market access, it will need to grant access to workers in the eu and submit the legislative oversight. tim tebow has signed a minor-league contract with the new york mets. the former quarterback will take part in the instructional league in boards st. lucie, florida. scarlet: staying on sports, pretournament games for the world of hockey begin today across europe and north america. they culminate in a two-week

tournament in toronto. national preempt hockey league players from taking part in the lithic's? it's complicated -- in the old picks? -- in the olympics? it's complicated. i spoke with gary bettman. gary: we went to the last five olympics. whether or not we go to future olympics really has nothing to do with the world cup. we envision a tremendously successful event the last two weeks of september in toronto. the players love international competition, love representing the countries. went to the olympics and have been going with the best intentions. but it has gone a little more complicated. we learned over time that it can be terribly disruptive. but the interesting aspect to it is -- we don't make any money going to the olympics.

that has never been why we have gone. it has always gone for the growth of the game. but it's very expensive for us to go to the olympics and that is something that a culmination of the international olympic committee and the international ice hockey federation have dealt with. it appears that president bok has said, at least publicly, the ioc is no longer interested in paying those costs. so at some point, we'll have to discuss that with the double ihf . our season, for a whole host of reasons we discussed in the past, i'm not sure that nhl owners will deem it a wise use of time and proceeds to pay for the privilege of going. scarlet: speaking of that, there is a financial benefit to the the nhl andcause the players association show the profits. what we gross to

as a league, which is going to be over $4 billion this year, the world cup is really just a tiny piece. scarlet: certainly. talk to me about the different revenue streams you will generate from the world cup. gary: all of the above. the games will be covered on media platforms. websitesnternational for nhl.com and the world cup in native languages -- i think seven different languages. the games will be covered. the games will be streamed worldwide. games will be covered on television worldwide. rogers has the rights in canada and will cover all the games. rights.been on the and the united states, espn will be covering hockey for the first time in more than a decade. is great.ortunity

this licensing and sponsorship. we have a fan village where he number of our sponsors are activating around the world cup. it really gives the world cup a huge event feel. we have legacy projects we will be doing in toronto. this is a big event. this is a big deal. in at's going to be held city that is an international say. some people think it is the capital of hockey. in any event, it is a city that has the ability to host major events. and we're looking forward to sharing this great event with the people of toronto and people who fly in from all over the world. scarlet: i asked about the media rights. that is such an exciting part of your sport. i wonder -- what are your discussions, if any, the status of your discussions with companies like twitter or facebook? alternatives to the traditional media giants?

gary: unless your they are alternatives. i think their supplements. it gives fans another way to connect to the game and to connect with each other. havinge we give fans and big events, whether it is the world cup or outdoor games or ways that we connect with their fans to give them another touch point of the game, and twitter and facebook enable us to do that as well. massive you have these deals with rogers in canada and with comcast for the u.s. rights. exceptions for live streaming? gary: out of market life streaming is something we retain. that is our basis -- is that is the basis of our relationship with ban tech. we think, for a sport that

traditional media probably wasn't something that was availed as much as it could have been, going back in the 1970's and 1980's and early 1990's, the digital what forms have given us an opportunity to do a little catching up, to be a little creative, and to give our fans better access to the game. scarlet: do you suppose that one day there will be virtually reality rights to nhl games? gary: we have actually use virtually reality. virtual reality. yes, all of the above. the fact that there are more and more platforms for us to bring ,eople closer to the game because our games are so exciting, so competitive and so fast, all of these things, as they exist now and as they develop, are huge opportunities for us to grow our fan base into better first -- better service our fans. comcast when deals with

and rogers come up in the next 10 years, next five years, who do you think will be of the table? gary: hopefully everybody. [laughter] when we went through the last series of deals -- and we have been, i think him on the cutting edge of some of these deals. the rogers deal was for all of the broad rights, both broadcast and cable and the digital platforms. the nbc deal wasn't. it was made before the rogers deal was. and we used that as an opportunity to then make the deal with bantech. -- contentt content is going to be the most valuable there is. how it gets consumed is something that will continue to evolve. and you got to be fairly nimble and fairly and top of the curve in terms of what the new develop its are. sothings are changing rapidly. for me to predict what it will be like in three years or five years or 10 years would be

nothing short of sheer speculation. scarlet: that being the case, does that mean in the future, you suck -- you signed shorter-term deals? gary: not necessarily. you hope to have a partner that is as nimble as you are. what you're doing is giving people entities with a long-term agreement the incentive to invest in you, to exploit new technology and to market and promote the game with you to build the fan base. scarlet: that was nhl commissioner gary bettman. whathour, he will tell us effect it is having on bottom line in the franchise in vegas. matt: breaking news and cnn. ola -- fabrizio is stepping down.

this is a stock that has lost 90% of its value in the past 12 months. .t has absolutely been hammered the shares are indeed rising in -- after-hours trade area trade. schi is of monte pa stepping down. the board has announced they have already started searching for a new ceo. .et's get back to u.s. markets we get abigail doolittle at the nasdaq. abigail: we have the nasdaq retreating from the new record high made yesterday. not so long ago, down half a percent. what is really weighing is the big technology shares. the biggest drag is apple, down 2.5%. apple is really bucking the trend. over the last six years, apple has traded higher for out of the

last six times after the iphone event by 1.5%. here we have a new phone and the stock is down. also somewhat surprising is the street is mainly positive on this. citi saying that there was an iphone surprise in a good way. however, there is one downgrade. taking thergo, rating to market perform, saying that all the positives are priced in. he expects the stock to remain range bound. theas been range bound over last year, swinging up and down on the fate of the iphone and what it has done to revenue growth, the drop in revenue growth. interesting though, when we look at a longer-term chart, just last week, apple put in a [indiscernible]

its space to a lot of by momentum. for the most part, they've been bullish. there are some mixed technical signals. that the long-term uptrend is actually broken or reversing, that maynardgest at wells fargo could be correct in we could see the stock continue to trade in a range. matt: we see a lot of tech stocks down today, abigail. if you look at the s&p, tech stocks are the biggest losers. but there is a bright spot in micron. 2%gail: micron is up nicely at this point near session highs. it did present at the global tech conference. they expect this year's global earnings to be positive. that they are saying expect to sustain momentum into

next year. one analyst did tell our team earlier that this is all about recovery, something that could sustain a turnaround. this stock was down within 30% back in january. it is now higher on the year by more than 20%. matt: thanks very much. looking atap, we are banc monteews out of paschi. the ceo is stepping down. the shares closed the 4%. scarlet: before the news came out. coming up, a behind-the-scenes look at you and mcgregor, like you never seen him before. matt: i've seen them on a lot of bikes. apparently, he is not allowed to

ride right now and we will tell you why. scarlet: this is bloomberg. ♪

vonnie: economic risks in the eurozone diminishing. it keeps the stimulus program unchanged. meg whitman is making hewlett-packard smaller. vonnie: hong kong tries to cut a path from liberty to democracy. we will look at the challenge -- the changes in the challenges as

it looks for autonomy from china. bankuropean central keeping its stint program unchanged at least for now. policy makers are leaving the main financing rate at 0%. mario draghi says the eurozone has so far been resilient terrorists from britain's decision to leave the european union. mr. draghi: the assessment was that come up for the time being, the changes are not substantial as to warrant a decision to act. mark: fiat chrysler under a criminal investigation. sources tell bloomberg investigators want to know whether fear chrysler -- fiat chrysler fraudulently hiked its

monthly sales figures. neither the company nor big lend our commenting. meg whitman is stepping up her efforts to make the company smaller. some non-core off micro focus international. the deal is valued at nearly $9 billion. hp shareholders all get control of the newly merged company. super mario is finally coming to the iphone. nintendo will start selling the apple's appogame in store in december. it will be the first time super mario has been available on smartphones. vonnie: time now for the bloomberg quick take. hong kong citizens have never chosen their top leader.

the prospect of the first direct election of a chief executive in 2017 has increased the tensions between hong kong's yearning for autonomy and china's insistence on its loyalty. 70-see legislative council generated record turnout and his will and support for pro-democracy candidate. opposition picks up three new seats in the september 4 election. bolstering its power to block key legislation. the 1984 seen a british power transfer agreement specified hong kong would give a high degree of economy for 50 years. two years ago, tens of thousands of students and citizens flooded the streets of central hong kong, demanding an into what they say was china's increased political interference.

that movement became known as the umbrella movement. the protest fizzled at the end of 2014 without achieving its goal of free, popular elections. the protesters say they emboldened citizens to demand democracy and that there still support for universal suffrage that meets what they call international standards. you can read more about hong quick on bloomberg. ♪

matt: the september fashion issue of bloomberg is out,

featuring a cover story with ewan mcgregor. anna rosenbloom is here to give us a preview of the issue. we will kick it off with the cover. because, for me, the motorcycle is the most appoint a part of this. ewan mcgregor is an enthusiast. to ridet allowed motorcycles right now. anna: because he is filming trainspotting 2. that was his first breakout movie 20 years ago. because he is filming, the production insurance won't allow him. if he breaks his arm, production has to shut down. he is excited to get back to it once he is finished filming the movie. he is filming in scotland, where he is from. andid our big cover shoot

stayed outside edinburgh. it is beautiful. we dressed him in all of the best fall fashions. it is kind of a motorcycle-inspired issue. he looks really great. matt: but he can't actually ride. "e article of the title is rides again," because he is back in the saddle as far as hollywood is concerned. he never really left, but "trainspotting 2" will be out and he is a first-time director. it stars jennifer connelly also. so he is promoting it and he is really excited about it. scarlet: and it's not meant to be a big budget, spectacular, graphic movie. emma: no. it is set in the 60's and he is the director of it. he steered away from independent films. emma: he has gotten flack for.

but he has been gone -- going back-and-forth with independent films. matt: it's the fashion issue. i don't think of him as a fashion icon. no.: but if you look at our story, you might look at him as a fashion icon. we put him in all kinds of suits for the fall. there's a lot of different fashion things to pick and choose from. scarlet: just in time for fashion week. matt: when is that? scarlet: that's taking place right now. emma it just started. is all overhis year the city. there is not one consolidated place anymore. scarlet: for someone like ewan in ther, who is active arts and in his wheels, how much is he into fashion? is this something he really seeks out or something that he observes passably? -- absorbs passively?

emma: we have this really beautiful -- cool time for the other jacket that is in the chute that he apparently really love. i think motorcycle riding informs a way he dresses normally. i think that is kind of his thing in fashion. matt: cool. form and function are important. thank you very much. had to -- head to ni pursits go. scarlet: this is bloomberg. ♪

>> it is 1:00 p.m. in new york. i'm scarlet fu. matt: i am matt miller. welcome to bloomberg markets.

matt: from our world headquarters here in midtown manhattan on a hot and humid .ay, we're covering stories here is what we're watching. scarlet: oil is surging after a plunge in supply. matt: wall street is getting a memo. donating to the trump ants ticket may be more trouble than it is worth. calling outton is to donald trump for his praise of russian plant -- russian president vladimir putin. a $200 million problem here at what does it mean for expansion. let's head to the market

desk where julie hyman has the latest. are you going to start with losers? julie: i will talk about losers. i will get to the big loser in just a moment. overall, we are seeing this roll today for sure and pretty much holdings that he will declines we're seeing. we have a narrow range in the s&p 500 between the high and the low of the session. look at the bloomberg 2839. this shows daily range. this is a six-month average. you have a low range you have seen really over the past month or so. we are now looking at the 43rd straight day the s&p 500 looks 1%. it will move less than

is that what you are talking about? julie: indeed, it is day to after the introduction of the iphone seven. his book is pulling back at a record high yesterday and the i'm -- ibm is down less than half of a percent. thanks which mostly are rising to a rise in bond yields. also it has been rising. generally having a tough day here, but particularly weak. what are you seeing?

a bit worsedoing today. you see the relationships there but there is a situation in manhattan. , at least notwing for the latest time, essentially the season that started in may. a record number of leases. the fact that there was not a change in the amount of rent is something weighing in today, guys. matt: thank you very much with the update on what is going on. scarlet: let's check in with mark crumpton, who has the headline. president obama has not called -- changed his mind about donald trump your he called trump's ideas outright wacky. obama: i think i have already offered my opinion.

i do not think the guy is both i to be president of the united dates. speaks, that opinion is confirmed. trump called president obama's policy toward china week and said he was humiliated there. convincing hillary clinton of making a mess at the state department. during a hearing today, the former secretary of state conveniently created a chaotic system that is costing millions. the agency is improving management but is overwhelmed by open records request. u.k. lawmakers may have to vacate the parliament complex. landmark is atld risk of a catastrophic event. worked to repair crumbling walls

and leaking pipes. the biggest problems are said to be mechanical and electrical systems that have not been updated and the 1940's. out of the pool for a while, banned from swimming since june, and he0 in bonus money, was suspended after lying about being robbed at gunpoint in rio. he was punished by both international olympic committee and u.s. olympic committee. global news 24 hours a day powered by more than 2600 journalists and analyst in more than 120 countries. china trade day out this morning shows both imports and exports rising.

here is his take on the matter. >> picking up steam a little bit again, down for a time but things looked a little better in the latest numbers are in line. that all continues here from the trade site. after the g-20, one move down. we do not that is like. forecasters, i think what -- re seeing

>> it would be a good death -- a good guess. a lot of neighbors on the system. doember what the chinese can if they call a big thanks. slow down what they want in certain areas when they do it. >> the need for chinese companies to pay back loans in dollars to go offshore to get dollars, particularly as the

libor rate has gone up for various reasons. how big is that and what is happening? >> there is a longer-term structural issue of course. attack and speculation about when the fed hikes. that is noise in the system. i think there is a fundamental, long-term pressure on the chinese in the sense that a lot of money look for assets offshore and that may not be in line at least at the same pace. >> put aside the noise and get to the signal. what is it you're looking at most importantly to determine that what you say, the chinese economy picking back up again? the retail can see numbers and enjoy the trade numbers, we like trade numbers quite a bit because it is one of those you're pretty sure we're

massaging to their benefits. leading indicators where you put a dozen indicators together from retail space and this sort of stuff. there is a raising -- a recent think we're moving slightly higher. we will get back to 8% growth. it is stabilizing slightly higher. that was a chief global economist on bloomberg this morning. david westin and john farrell also asked him if he is worried about the political shift to the right in europe. >> it is conceivable that trump wins the election. that's dangerous. there is no probability in

-- i cannot see it, really. the worst case you get is the mainline parties are shifting likeo address the issues migration and other issues which has to do with globalization. it is on a back step now, a reverse, unfortunately. economists do not like it but it is the political reality. it is not a place where there is a measurable probability of countries getting a serious nationalistic government. >> i wonder if there is a direct link with respect to monetary policy, and with the reach frenchman. they can get asset values up.

i think the anti-globalization movement is much greater and more comp dated than monetary policy for sure. not have muchid of a choice because they do not have a mechanism where you can help us society. they help the economy and the way you do it is through asset prices. that is unfortunate in this setting. it comes back to the policymakers. politicians who could have done a version of helicopter money, done fiscal expansion and helped with better training and what have you, and have the ease tv in america, the fed and the bank fiscal policy. that would be a better

policymaker. that is not the central bank's fault, it is the politicians fault. matt: eric nielsen there on bloomberg this morning. scarlet: coming up, mario draghi makes no change, qe program. what might hold the euro? ♪

matt: breaking news on dell. the company with 140,000 employees, the company will cut looking to save $1.7

in 18 months. admin jobs, and marketing jobs. drop and a lot of people are speculating. >> we expect this as well. michael hinted as much and any kind of big technology merger like this one usually results in job loss is. it's talk about the currency . much of the focus on the ecb decision after mario draghi left rates and the qe program on hold. way off the levels of the session. turning us now for more is our bloomberg specialist on bloomberg first word. it seems that my draghi was trying to avoid answering every question. telling interesting

story of another meets the facts. matt: we're not anywhere near our targets. i will not already new stimulus or ease anymore because current policies are working fine. >> the mechanism is beautiful. this is personal credibility or --it clear >> definitely one of the most credible, his ear and 10 accra .s unquestionable

you will never get them out there saying it is on you, i cannot do it anymore. it is not on them. i think he was practically beating them over the head with it. >> maybe a little less subtle than that. let's look at a not-so-subtle chart you brought up. for the past five years. we are range bound. -- sinceffling between the beginning of 2013. >> it is a wide range shrinking more and more as time passes. volatility.with there is no expectation or was no a rotation going into the ecb meeting that there is much to be done. even less expectation that the fed will do something in the middle of the month.

that is very frustrating for traders. there is a nice trend prior to two years ago with the euro falling. moneys and more real people look for to get on board. pound 132, do you see that up or down with the senses? >> a lot of members and a lot of data out of the you can next week. jobs and the bank of england, hard data which will be supported. scarlet: thank you. matt: stay with us. ♪

scarlet: as investors become

more cautious, they are finding it harder to secure funding from enter capitalist. what does the funding scene look like and are the days over? joining our colleagues carol massar and cory johnson on bloomberg radio. >> thank you. we are looking into the issues of raising capital and what it means for companies. of talkingclever way to them about some of the deadly skin -- and deadly sins, maybe the pain of catholic school will be applied to start ups. talk about the mistakes when raising money that seems like a good idea at the time or see mike the kinds of things that would naturally happen. >> it has been easy to raise capital in the past three years. the point of the article he sins are thatthe you need to get your house in order before you raise capital.

people were spending too much money, earning too much money, raising the prices, things like that, which make it complicated in the next round, specifically had alough, you commendation of companies that were not necessarily market leaders or worry and a product transition. >> a hiccup and growth is the problem. >> over the last few years, people were willing to bet you would fix the issues and reeks celebrate oath, or the next product would fix that. a lot of the industry is absorbing many companies right now and the bar has gone up in terms of what it takes to get funding. if you have a hiccup in growth and are burning too much capital, if you have a product or transition, fix those things before you go to the market. it is a lot harder. to us about valuations,

certainly individuals who are starting up entrepreneur -- starting up companies, large noise, are they often way off the market? >> i do not necessarily think it is entrepreneurs fault. i think it has stayed stable. what got really very high-priced, even way out ahead of the public markets, you see later stage markets where they will rice below with the last round is or new investors looking that the company cannot justify paying the price. kind of accepting that and realizing they need the capital so whatever the market price is the market price. you cannot get hung up on the valuation, you need capital to grow and continue operating the it is aand hopefully, scarce resource and more diluted, and people will think

more about how to run the company with a more efficient and rate. cory: two hi ve valuation. change imminent. >> yes, again, i think it goes back to, get your house in order and if you are going to make the change, make it before you go out and raise capital. before knowing a new investor is going to come in and these to help. >> it ties into your envy notion of lacking leadership also. >> i do not know if sloppy is the right word but many companies funded in a particular category, i think to get funded now, you better prove you have the characteristics to be a leader. >> in a certain space. >> yes, best case, you are a category creator. if you're going to be in a space where there are other companies, prove you're on a chu jeffrey and what the attributes are that you are demonstrating.

youhen you go out, are finding a lot of good opportunities at this point? what does the environmental look like right now? >> it is pretty healthy. if you look at enterprise buying patterns, things like that, it is healthy. it is not like we have had a big corruption in user and consumer enterprise demand. it we just got a little bit from grow at all costs mentality. a lot of companies are adjusting to that and getting their house in order. if you look at the companies getting on top of that quickly, getting to a more immediate efficient growth versus expensive growth at all costs, that adjustments being made and i hope there are a lot of great companies out there that are or, the number of mature later stage companies that have mature business models is probably at an all-time high.

companies havey got so much cash and they get out of the public market and make change. >> that his troop e are a lot of companies raise capital in previous years that do not need to next year. they better fix these things. is plenty of spinning going on in silicon valley, you have got that right. thank you very much. listening to us on some radio. matt: not only x m. her ipod app.s on scarlet: yes, i love that one. ♪

matt: i am matt miller. scarlet: i am scarlet fu.

the headlines, mark crumpton has more from the newsroom. hillary clinton says it is fair to ask whether she or donald trump is being held to different standards. ms. clinton: i have been somewhat heartened by the number recently pointing it out, trump and his campaign. we keep forging ahead. mark: trouble at the russian leader do all he wants, she says.

the top democrat on the senate judiciary committee, patrick leahy, mitch mcconnell has shown no signs of wavering from his the nextto let president choose a replacement for antonin scalia, who died in february. the battle to retake the iraqi town from the islamic state could begin in weeks according to a report from the wall street journal. the new commander of american forces in iraq and syria says at least 3000 islamic state fighters remained. a fight to reclaim another iraqi city on hold because of tensions in turkey. nasa going after an asteroid .onight launching a spacecraft once there, the spacecraft will vacuum up gravel from the asteroid's surface and deliver the dirt back to earth. the mission will take several you years.

-- several years. global news powered by more than 2600 journalists as an analyst and 120 countries. this is bloomberg. matt: thank you. hillary clinton spoke to reporters earlier today in new york are you saw a bit of it just there. she slammed her republican opponent donald trump for praising vladimir putin in a televised forum last night. clinton: he praised russia'strongman, vladimir putin, even taking the astonishing step of suggesting that he prefers the russian president to our american president. unpatriotic and the people of our country as well as to our commander-in-chief. it is scary because it suggests he will let them do whatever he wants -- he will let vladimir

putin do whatever he wants them to do. -- whatever he wants to do. matt: here to highlight the latest for us from bloomberg news in washington, inc. you so much joining us. obviously these guys will go back-and-forth on this kind of ring in a campaign. does anything strike you as unusual that you heard from hillary today or last night? >> she is trying to touch him to the comments and not let him get away with what he said about vladimir putin, he praised him and called him a better leader than our president. she is trying to paint trump as scary, as she said in those remarks, by saying he would be in cahoots with the russian leader, which, as we have seen over the last few weeks and thehs, putin has done basic

everything we have not wanted him to do in places likes area and iran. she is trying to tie trump to kuhn and that is probably something we will see for the next few weeks leading up to election day. scarlet: is this gaining traction from undecided voters? >> specifically the people trump is trying to reach out to, servers and voters, moderate republicans who want change for not that much change, significant change that could lead to a scary president, someone who is unfit for the presidency or someone you would not be able to predict he might do. that is the image she is trying to paint of trump. if it is working, it has made trump struggle with college-educated republicans and moderate republicans in suburban areas of the country. matt: president obama piling on here as well as ring every time trump speaks, he reconfirms for him that he is unfit to serve in

that office. is that unusual for a sitting president to make such a strong statement during election? >> its peace to the hyper partisan times we're in. , veryrd president obama similar comments to what hillary clinton said some of trump's ideas are wacky and that he is unfit to the test for the presidency, but it is clear he is trying to paint the same picture clinton is painting, that trump is not fit for the presidency, he is not serious candidate, and someone voters should we afraid of. it is something i expect we will hear from president obama in the weeks ahead as well. the money game, what is interesting, we have a story published today about how wall street banks are being -- warning their employees not to donate to the trump pants ticket. -- donald trump and mike pence

ticket. for specific reasons. tell us why. he has been way over a pension system in his state and there are specific laws that prohibit giving money and away that could sway the actions of the sitting governor when it comes to a pension system. it makes it difficult for goldman sachs, normally in presidential elections, to give to the trump ticket. math: that seems like a stretch. ted cruz also isn't really an american citizen, right? timesms like one of those where you are trying to find a reason to justify what you're doing. could it either wall street favor of just in stronger support of hillary clinton? >> it is possible. we normally see heavy spinning goldman sachsby in normal presidential

elections. this is so different and the candidates are so polarizing that it could be this is just one way to get employees to not support donald trump. a lot of people are worried about what donald trump with due to financial markets. it is something we have heard from wall street as well. we're talking about firms telling employees the risks of donating, as used to trump donating. matt: right, but these from sorority paid hillary clinton potential amounts of money force eking fees, ford's ample. goldman sachs has given her $2 million for speeches and now they are telling employees not to donate to her opponent. conspiracys theorists will make something of this. >> we have not heard donald trump reacted to the news just yet but it is clear there are supporters of hillary clinton at goldman debt -- goldman sachs.

they have donated to the heraign, helps fund speaking fees, so it is clear there are definitely supporters of hillary weston within the company. of more significant act telling employees not to donate to donald trump because of this, related to mr. pence, it is something that could probably impact donald trump's finances as he goes forward to fund his campaign for president. matt: thank you. a lot today. >> staying with politics, a friend of president obama's sat down with bloomberg earlier today and discussed last night's candidate forum and why he is a with whaturned hillary clinton's opponent had to say. >> you had trump who went on tv and belittled some generals and he also went on tv and touted prudent over our american president. there is no one who would tout pressurehat is an

versus america are there is not anyone who would not prefer to live here. situation, iof think when people look at it, they will say one is a commander-in-chief and one is not. the stuffct to all about e-mail, people go in to vote and it will be about the economy, and for some, social issues like immigration in the supreme court. the triangle and people will not care, no disrespect about trump university, or pay to play with willttorney general, they not care about an e-mail situation where a bush appointee who is the director of the fbi, has come out and said the case is closed. that is not where the election will be won and lost. voters who do not have more than a high school education. assuming he does not win the overall election, how does a winner, presuming it is hillary

clinton, then get the white folks with no college degree to feel better about themselves? >> president obama i don't leave one white folks without a college education and he won in 2008 and 2009 in a substantial only ones one of the who won a second term with the popular vote over 15%. the good thing about our country, we are diverse and we have many people voting with all kinds of races and gender and ages. region isill of the not going to differentiate where we win or lose. map is feel editorial key and that bodes incredibly well today. >> regrets? >> that is not accurate paradigm a big fan of joe biden. for some reason, no one believed me although i did public announce it. joe is a good friend.

we are honored to have him as vice president and i am sure if he ran and hillary did not, we would have a democrat in the seat of the white house come january. >> founder and friend of president barack obama earlier today. up, the ceo has agreed to step down. can the board find someone who can turn the company around after losing 90% of its value in the past 12 months? this is bloomberg. ♪

scarlet: this is bloomberg markets p ryan scarlet fu. matt: now time for a look at

some of the biggest is the stories in the news right now. wells fargo will pay $185 million to resolve claims that bank employees opened deposit and credit card accounts without customers approval. regulators had been investigating whether wells fargo pushed employees too hard to meet goals and did not prevent questionable behavior. -- agreed toys step down as the lender ceo. what started the process to replace him, aims to identify his successor in the short-term purity can run last month he was ignition as part of a wider judicial probe into alleged market manipulation and false -- false accounting. that is your business flash update. that is your business flash

update. scarlet: for more, we're joined -- you have been following this story for us. appointed in 2012 to turn around -- the bank still struggle spirit was this a surprise, his resignation? >> it is. there were rumors at the end of august when the news came out that he was under investigation. pressing eaters took a look at the case and made a request last week to not file charges against him. it is also a surprise because when the rumors came out that he might get down, the bank's him,man strongly defended expressed confidence, and then you have got a whole restructuring plan, a battle to try to restore the balance sheet , to raise as much as 5 billion euros of capital that they're trying to get off the ground right now. financial advisors are counted, trying to figure out how they can shift about 28 billion euros

andonperforming loans obviously, it is a crucial time to try and convince investors that the banks are moving forward and then you have the ceo stepping down. matt: it sounds like a difficult job and i cannot imagine anyone would want the job unless pay , you know, substantial. i cannot imagine you could offer someone substantial pay. >> i suppose one could argue that one of the strongest job would accept the be become a hero perhaps if you pull all this off in the next few months. now,eriously i think right look, the bank has to make a sharp turn. one way of doing that, especially when you're trying to sell the story to investors, anchor investors willing to put up money in the bank, is to have new leadership.

he has been at the helm for about watch her years, has not quite, you know, turned the bank around completely. losing money, will be asking investors for the third time in the last few years to raise money. it is not an easy sell right now. matt: dan, inc. you. working late hours. really appreciate what you're doing there. let's head to the markets where julie hyman is taking a look at all, one of the big trends on the market today. ofbehalf of the points out the dow. >> yes, it is such a a company and it is a little unusual, the magnitude of the drop we are seeing for apple, though it does tend to move more on the day after it introduces new products, then on the day of. wewent back five years and showed the chart yesterday and we wanted to remind you of what

we are now's the. trend thatthe only is really clear over the past several years is movement on the second day tends to be larger. also, we saw it rise the day after it an introduction of a new phone. the exception was 2013 when it disappointment over the introduction, pricing, questions over what the demand would be like for that. that caused a big problem with the stock. on a proposedop launch day that we have seen. in today's session, we have seen it pullback in june, down about 3% in the session. the typical ripple effect you see from apple is not necessarily inflated here the big suppliers of apple, broadcom, they are down but nowhere near the matter -- the magnitude we're seeing for apple today.

applebout the sellers for besides apple itself. other service providers are down but we are not seeing that big of a decline and of course, there is a lot of time between now, when we learn what the demand will actually look like for the product. there is sometimes a gap the between perceived and actual public demand. >> matt: absolutely. thank you. up, how theing the new teamwith in las vegas. i'm not calling him a loony. i am calling the canadian currency a loony. this is bloomberg. ♪

scarlet: the loony in las vegas, on things being kept tabs

these days. the first major sports league to put a team in sin city with a franchise next fall. in part two of my exclusive interview, i started by asking gary how the canadian dollar hurt revenue. currency,ot run the and we get to watch it. the canadian dollar got a little stronger from when we spoke continuen, and it will to bess lay people in the financial community in canada. it will probably come to rest somewhere on the low $.80 on the u.s. dollar. our system, which computes every in u.s. dollars, takes fluctuations in account, of course it matters where the dollar is, but the bigger issue the uncertainty, when it fluctuates.

we have to make our computations on a daily basis, taking into account the level of the dollar when we convert everything. in the final analysis, the revenue sharing, it all takes into account what could be the variability. some of our clubs hedge against it here at we leave it to the clubs. of all the things we do, we do not have to do currency speculation for them. relief for you. let's talk about las vegas. the nhl won the franchise and will be expanding to las vegas. leaguesthe other sports to launching a team in a city. it was not a race but we have heard since the nfl is looking to do something similar with the oakland raiders. >> imitation is the highest form of flattery. >> have you ever spoken in general about the challenges of putting a sports team in las vegas?

>> we have not had specific conversations. i do not remember the conversation. casually, commissioners to tend at theract if we show up same places and have a casual conversation, socially, off wrens, but we do not spend a lot of time together. said to me,have what's up, you are taking this seriously and the answer is yes. to the best of my recollection, there has not in an in-depth conversation about what we were doing in vegas or why. worried you are not about them moving and dampening the excitement. >> i do not know if the raiders are engaged in sheer speculation or if they are serious. the nhl does what is best for the nhl at the end of the day. we are happy to be going to las vegas. >> i heard the name black knights is getting pushed back because it is the name of the team at west point field.

what is the status? not been decided upon. there has been a lot of guessing as to what the name will bp or at we have got trademark issues to deal with. when all is button-down, the new owner will make an announcement. any ideaany term -- about timeline? >> my guess is we are talking about matter of weeks unless it does not work. upis complicated to come with a name. you not only have trademark issues, you have got to have a treatment, colors, you have to think about what would make sense for a uniform, something that we have a lot of people working on. scarlet: that was the nhl commissioner. one of the big questions people vegas is thes

possibility of gambling and things you have to be watchful for. not tend to attract huge wagers the way that football or basketball do. matt: if you are going to gamble on hockey, you do not need a franchise in vegas. as long as you are or you know a bookie somewhere else. -- you seem to know a bit about this. matt: i always lose a gambling so i never play. coming up, we will speak with nyu's business professor. his take on uber and the ride sharing business's valuation at 4:00 p.m. eastern. this is bloomberg. ♪

vonnie: it is 2:00 p.m. new london, and 2:00

a.m. in tokyo. i am vonnie quinn. i am david gura. welcome to bloomberg markets. from bloomberg's world headquarters in new york, we are covering stories from san francisco, to washington, to frankfurt. stocks are moving lower to him about not making big moves, tendering weeks of calm in the markets. what will cause u.s. equities to breakout question -- breakout> vonnie: investors are closely watching the ecb decision today. see anhey do not immediate threat to the euro area. david: will consumers show excitement for the new iphone when it is released in just a few weeks. the markets close in about two hours. let's head to the markets desk where julie hyman has the latest. julie: we have a littit