david: we are live in new york. we are covering stories out of san francisco, detroit, south korea, and saudi arabia. and bonds are selling off with the dow falling 300 points. major averages are having their worst day since june. david: ford is expanding their business to include shuttle and bike services. loyal trims its weekly gains after a stockpile. turns back to opec production as the group prepares for its informal meeting. let's go to the market desk where abigail doolittle is watching what is not a slow september. >> we have a selloff on our hands.

three major averages is down sharply. the worst selloff for u.s. stocks since the brexit selloff in june. the nasdaq is leading losses on the overweighting of technology, but losses have put the three major averages on pace for weekly declines. the worst weekly declines since june 24. take a look at how the selling has accelerated in the session by looking at the intraday chart of the doubt. selling has gone straight through the day. we are at session lows right now, breaking through support, suggesting the selling could accelerate to the close. one stop dragging on all three averages, apple shares are sharply lower. on pace for the worst two-day decline since april 28. that followed the company disappointing march quarter report. what we have going on here could be disappointment, reports that the iphone seven preorders are coming in less than estimated.

we will know what those are actually made. theper numbers suggest that number could be disappointing. we also have the commodity complex getting hit pretty hard. crude, gold, silver, copper all down sharply. in a risk off environment, you would think gold and silver would be trading higher, but one reason they could be down, the story of the day, the selloff in bonds. the 10 year yield is sharply higher, on pace for its biggest two-day spike since july 12. behind this, jeff gundlach from double line saying that he expects the fed to raise rates this year. take a look at the bloomberg. this is a roughly three years chart of the 10 year yield. we see a down trend here. in 2014 around the taper

tantrum. earlier in july. now we are back above the midpoint of the range. trading action suggests the 10 year later this year and next year could go back toward 3%. julia: it seems like the bond tail is wagging the stocks. today. mark crumpton has more from our news desk. ryan, nancy pelosi, and others get her and on the steps of the capitol today to commemorate the 50th anniversary of 9/11. speaker ryan said the events of 9/11 should be honored rather than relived. a programming note, tune in on sunday for our special coverage of the commemoration ceremony of the 15th anniversary of the september 11 attacks. it begins at 8:45 a.m. new york time. aerial insecticide spraying to combat mosquitoes carrying the zika virus is underway in miami

beach, florida. a plane carrying the insecticide release the spray over the atlantic ocean over don. some parents kept their kids home from school because of the spraying. the next around his scheduled for 6:00 a.m. in miami on sunday. united nations says the effects of a drought raging across southern africa is about to get much worse. the organizations world food program expects the number of people relying on food aid to double to 14.1 million by the end of this year. adequate emergency responses until april of next year will cost more than $600 million, according to the w ft. the man who shot president ronald reagan 35 years ago will leave a psychiatric hospital to live full time in virginia beginning saturday. 61-year-old john hinckley was deemed no longer a danger to himself or others. he will leave saint elizabeth hospital in washington to live full time with his mother. global news 24 hours a day

powered by more than 2600 journalists and analysts in over 120 countries. i'm mark crumpton. this is bloomberg. julia: thank you. let's get back to the markets. the big story today, stocks and bonds are tumbling together. have a look at the bloomberg. you know that i have been tracking this very closely. going into today, it had been 43 straight sessions the s&p 500 had not moved by at least 1%. today is day 44 and it looks like we are breaking that streak. the selloff began in bonds. across the globe also falling as traders take a second look at .he ecb's qe plan to break this down, i want to bring in all of her rent. also joining us is lisa abramovitz. since it started in bonds, i want to start with you. is this the next taper tantrum?

even though we are not getting direct signals, what exactly is going on? this is more than a hiccup in the markets. investors are losing faith that central bankers can continue to keep buying bonds, driving borrowing costs lower through that mechanism. in other words, the ecb, when mario draghi came out this week and said, we are not discussing whether we are going to keep going beyond next year, we are just going to try to implement things as best we can, was basically taken by the markets as an admission that it was not sure if they could effectively carry out monetary policy as they set out already. and number two, that they were not committing to any additional monetary stimulus. this builds on the bank of japan making similar moves. had anll street journal" article about how japan may run out of bonds to buy within the

next 18 months. bondsb may run out of much sooner than that. these are seriously limited plans. julia: this is a narrative we have heard for quite a long time from some corners of the market. quantitative easing was not going to be effective. effectiveness had sort of run its course. is it because druggie himself seems to be admitting that? that is thek number-one thing. central bankers have ratcheted back the rhetoric, they are not therethere just saying is plenty of ammunition. they are looking and discussing and liberating. these are not words of encouragement to the markets that are used to the bluster and drama. this is a shift in tone, and frankly, they are the different plays in monetary policy. they have enough bonds where they can see, we are running out of the things that fit our parameters.

we either need to change our parameters or change course and maybe ask for some help from fiscal policy makers. chart let me pull up a here on the bloomberg, looking at the vix, finally edging above 15. jeffrey gundlach says this is the start of something. oliver: for a lot of people, this chart means pain. pretty well chronicled, when you look at what is happening with positions in the market, it has been on the institutional side getting long, the market getting short. if you look at the longer-term implications of what mario draghi was talking about, and then we had rosengren talking more hawkish leaders morning. a lot of times when we try to figure out what is happening, there are a lot of things going on, so it is hard to pinpoint.

but today's story seems straightforward. when you break down the bond moves, two standard deviations in the markets. then you look at where they happening down the u.s., reits, utilities, staples, you look at the vanguard dividend etf. i have a chart that i want to show you. looking at --lly this is the 10 year yield. up you you are looking at utilities, staples. they are going down. they have been flat and now moving down. in the bottom panel, this is at looking at the correlation between the 10 year yield and the s&p. prices are moving together. that is hurting bond stocks. same time, because of what's happening in the bond market, rosengren saying we could go ahead and raise rates. we are seeing a steeping of the yield curve. doesn't this mean that the economy may be is strong enough

that the fed will raise rates? wouldn't that be a good thing? lisa: it is a complicated story. yes, bonds seems to be leaving the selloff, but thus deepening in the curve signify something different. isn't inflation expectations? perhaps. we are seeing in indication of inflation expectations increasing as well, so there seems to be increased expectations, but in japan there is a technical effect going on where many investors believe the japanese government will start to allow 30 year bond yields to rise by ratcheting back the purchases of those bonds in favor of shorter maturity debt. that very well could be influencing the west market. there are some more complicated dynamics going on behind the scenes but it does show the possibility of a fed rate hike is not necessarily the entire story. to your point, julie, if this were just but the rate hike, you

would expect to see a flattening of the curve. aren't think that people all of a sudden so optimistic about the economy. oliver: i think you are right. there is an interesting move happening when you look at expectations for the hike. from 20% to 40% yesterday. julia: i have that up. oliver: then it came right back down to 32% as the markets pulled off even more, with put you in this difficult position. is not a of a percent huge move, but when you have yields at 1.6, 1.7, it is. it will not make things crazy if you have one more hike before the end of the year, but it does a bubble,not quite but lofty valuations in parts of the market that have been waiting to deflate for a while. if they do it because of a surprising move or a jump in rates that is unexpected, that

will not be good. thank you. a programming note, will tune in to bloomberg tv and radio for our special coverage of the commemoration ceremony of the 15th anniversary of the september 11 attacks. the september 11 attacks. this is bloomberg. ♪

acquiringd will be

chariot. mark fields spoke earlier today on bloomberg television. are announcing the intent to purchase chariot, a crowd sourced shuttle service based here in san francisco which will be the cornerstone of us scaling globally. we are announcing our partnership with motivate, which bikeput up to 7000 ford go s on the streets here to encourage bike sharing. finally, we are announcing the formation within our company a group solely focused on working with cities, we are calling at city solutions, to help them with their mobility solutions in their cities to solve some of the congestion issues. the service is active in other cities as well. are you going to buy the company out right, what does a deal do look like as far as price? terms,re not disclosing but it primarily focuses here on san francisco.

we are going to require the entire company, including the management team. scale going to use that to a number of different cities. are announcing come in addition to san francisco, we will be expanding to five more cities globally over the next 18 months. old business already makes a lot of money. you had record sales, record profits, and yet, the stock price continues to weaken, at least this year. is this an attempt to show investors that you deserve maybe a bigger multiple? >> as you know, we don't manage the business on day-to-day stock changes. we are just saying -- staying focused on the drivers that drive on the croatian in a company. that is a run growth, reducing , and improving returns about providing rewards for our shareholders. those are the things we are focused on.

things like what we're doing with chariot help in that regard. as long as we stay focused on that and deliver results, the market will reward us. that is what drives us every day. matt: as far as the province are concerned, or sales, or auto sales for the whole industry, have we reached a peak, have we a text and coming down from now on? >> as we talked about in our second-quarter earnings call, we see the market overall in the u.s. as plateauing, albeit at a high level, but we are seeing the retail industry come down in the second quarter, down about 1% last month in august here in the states. incentives were up. we are preparing for that. albeit at a fairly healthy level. clearly, that growth has plateaued. we are prepared for that. let me finally ask you a

question about markets and the economy in a broader way since i have you here and since you have such requisition to comment. the consumer seems to be doing cars still buying a ton of , but the fed is that this precipice now where they are trying to decide whether to raise rates or keep rates low for longer. what do you think they should do and how will that affect consumer behavior? >> clearly, i am not one to recommend what the fed should do, but our view is when you look at the consumer, they are in fairly good shape, the car industry has benefited over the last i were six years, although we are seeing that taper off. i think it's important to put something into perspective. the fed is looking at raising rates because the things that they are looking at in the economy are healthy. when rates are raised, that is a sign that the economy is doing well, which helps not only our

business, but many other businesses. matt: you don't think a rate increase would crimp auto sales? on therly, if it depends -- how the rates are raised, our view as a company is that rates will come up over time at a fairly measured pace. if that's the case, it won't have a major impact on the car industry. could have some on the fringes. not to a large particular degree. that will depend on the size of the rate increase. david: that was mark fields earlier today. julie: i wanted to get back to the markets. we have been talking about this selloff today. it has been accelerating as the day has gone on with the s&p 500 now down by more than 2%. coming back to these big -- excuse me, it was down 2% briefly, now down to .01%. i should mention, volume is high

today. 27% higher than the 30-day average. in terms of the groups selling off, we heard all of her run it talking about the interest-rate sensitive groups. the bloomberg, everything is red. a broad-based selloff. if you look at real estate, that is the group in the worst spot. it has relatively high dividend yields. you see dividend competition, telecoms as well. on that list. meanwhile, financials, which have mostly been rising when we see bond yields go up, or down the least of any group in the s&p, although down .8%. it is time for the bloomberg business flash, a look at some of the biggest stories in the news right now. minus get a surprise profit boost from this year's jump in coal prices which are more than doubled on increased chinese imports. european imports are close to an 18 month high with australia's benchmark set for the first annual gain since 2010.

prices had languished at near decade most to start the year because of waning demand from utilities seeking to curb pollution. david: pernod ricard is on the short list of bidders for a utah whiskey maker high west distillery. ubs isalso saying that handling the sale of the distiller. the brand could bring in $100 million. just: williams companies got jilted yet again. two months after energy transfer walked away from a $33 billion deal to take over its pipeline rival, enterprise products has said to have stood on the oklahoma company, accusing it of a lack of engagement. williams said it was reviewing when they pulled up. they are already facing a proxy fight with one of their largest investors over the energy transfer debacle. that is your business flash update. much more ahead on the markets and on the business doors around the globe. this is bloomberg. ♪

julie: this is "bloomberg markets." i'm matt miller. david: i'm david gura. to allow voted families to sue saudi arabia. the president is expected to veto the bill but the passage presents a headache. saudi arabia threatened to sell $750 billion in u.s. assets of the bill became law. for some inside, i want to bring in our guest from washington. what this says about the relationship between the u.s. government and saudi arabia, the fact that the bill was passed in both houses of congress. it's a reflection that in congress there is little support for the relationship with saudi arabia. the executive side, they look and saudi arabia as a key ally in the middle east, in the coalition against the islamic state, influence with other countries as well.

it will provide some tension between the saudi arabians and the u.s.. denies anya connection with plotting the 9/11 attacks. just a few days away from the 15th anniversary and there are already strained ties between the u.s. and saudi arabia over issues like the euro nuclear deal. this will just create further tension between the two sides. seems like it will wait to see if obama can override this, veto this, hoping congress does not try to override the veto. julie: have we gotten any commentary from saudi arabia yet in reaction to this? in the past we have her threats that they may sell u.s. treasuries, for example. >> in the past, they have called this a u.s. internal matter. right now, we have not done any direct response. i think they are waiting to see how this plays out. we may hear from them if this ends up going through. i think they are really banking on the fact that obama will try to veto the bill. the timing ofout

this. obviously, it's approaching the anniversary of 9/11, but there is a host of material on congress's plate right now. why tackle this right now? >> there has been a push for this in a while -- for a while it passed in the senate in the last session. it went quickly in today's vote. this has been a push for by the families, trying to market with the anniversary as we see 15 years this sunday. julie: thank you so much. david: still ahead, oil declines after four days of rallies. the unexpected drop of crude inventories. we wrap up the week in oil next. this is bloomberg. ♪

david: this is the markets. i am david gura. hyman, markjulie crumpton has more from the

newsroom. mark: that united nations security council has scheduled an emergency meeting this afternoon on north korea's latest nuclear test. secretary general and cumin called the tests unacceptable. >> i condemn this in the strongest possible terms. the nuclear test by the democratic politicals republic of korea, this is yet another brazen breach of the resolutions of the security council. mark: the council threatened with a called further significant measures if the regime refuses to stop its nuclear and missile tests. the house of representatives has voted to let emily's of 9/11 -- families of 9/11 victims. president obama has signaled he will veto. 9/11 hijackers were

saudi nationals. senate democratic aide says there is enough support to override the president's threatened a veto. hillary clinton will mark the 15th anniversary of 9/11 with a visit to ground zero. linton who was u.s. senator from new york in 2001 was not initially scheduled to visit the site on the anniversary in her campaign notified officials she would attend the event. donald trump currently is not scheduled to attend. as manying that damaged caused $10ing 15 billion15 dollars. 80% of the homes lacked insurance coverage through a government program. the governor is calling on congress to approve $2 billion in aid for his state. dayal news 20 for hours a powered by more than 2600 journalists and analysts in over

120 countries. i am mark crumpton. this is bloomberg or back to you. julie: we are watching the markets this afternoon as we see the biggest selloff since we have seen sincethe biggest selle have seen since the u.k. vote to exit the european union. we are just off the lows of the session by a hair for the three major averages. the dow is -- we are seeing a steeper drop for you the nasdaq shy of a 2% drop. if you look at the intraday chart of the s&p 500 you see a very small bounce off of the bottom here. you have a bounce off the bottom. still down 1.8% which is a very decline especially considering the inaction we have seen in stocks as of late. this talked about earlier was triggered by what is happening in the bond market as investors saw that acknowledgment by mario draghi of the ecb that perhaps stimulus had run its course and done all it could do. seven basisyield up

points and on the longer end of the curve seeing even bigger declines. let's take a look at some of the biggest movers. too much rain in brazil and the disease spreading bug in florida is making orange juice more expensive. turningrinking output -- and turning to gold. the longest losing streak since july. central bankers are putting gold investors and traders on the investment -- defensive. stockpiles biggest in 17 years, you see that as the bright red circle. i want to bring in the lead energy commodities strategist at morgan stanley. i want to ask you about that dip we saw yesterday. fareed guest.

what you have to see is about the gulf coast. some of those are delayed and will catch up next week. david: in your most recent note you point there is a lag between -- explain the source of that delay. process as with any process. you need a price signal to incentivize a producer to go out and order a rig that you have to have permits in place in drilled. they tend to drill six or eight wells at a time and connect them. what we see is between the price if it -- signal and production it could be as long as nine months. julie: since we have seen inventories in general over the haser months declining opec been what is driving trading and looking ahead to opec which has gain, are they or are they not going to freeze production, what do you think?

guest: it is a hard call. the short answer is it almost does not matter fundamentally. what opec has done very well is act like any other central banker. anytime the market gets off-site -- that is where you see the volatility come to the markets. in terms of production you have to keep in context. what we're talking about is can opec do the job that they have done for decades which is have a quarter that almost no producer abides by. we are talking about all sorts of [inaudible] it means nothing. the odds of a deal if you have all these maybe you could have a headline announcement. david: let me pull that thread a little bit more. looking past this meeting in the role ofeeks how is the

opec changing do you think? guest: opec is still extremely important. it matters for how the market will evolve but their ability to act as a cartel it was not all that effective before. what worked well was when no one else is growing. the challenge is what you do. you can talk production and boost prices but then you subsidize your can editor. it is a lose lose proposition in the long run for whatever they ultimately try to do. you're almost better off saying let's keep production going at the highest weekend. -- that we can. julie: there is the actual central bank and the reaction we are seeing saying there is a broad risk of sentiment. guest: absolutely. it was much more pronounced last year.

the u.s. dollar being a key driver of oil is still the case although the correlation has been down. it is a clear driver of why oil is down. maybe this is one-time anomaly and the inventory data but you can see clearly as the dollar moved oil moved with it. that quantitative link that you see in the market in terms of who is driving the investment is still fairly strong. julie: we will leave it there. thank you very much. talking to us about the commodity landscape the lead energy commodity strategist at morgan stanley. engineer, a volkswagen has pleaded guilty in the admissions cheating scandal. we will be live in detroit for the latest on the year-long investigation. this is bloomberg. ♪

julie: this is hundred markets. -- bloomberg markets. customers --rs and this is the first terminal charge in the justice department's year-long investigation into the rigging of the federal air pollution tests. we were at the courthouse where may his play. the company has said that this was driven by the individual who executed this but it is like this latest charge blows up that allegation or that claim. jamie: it really does. they talked about it being maybe a few rogue engineers. there is a lot of e-mail traffic about who is investigating and how impatient the california air

resources board was becoming and how they would be sharing their information with the epa and vice versa. a lot of anxiety and drying on the need for creativity and some of the answers they gave because they were running out of excuses. it took 10 or 11 meetings before they finally extracted a confession from the company that they had those devices on. david: tell us about that creativity. what did we learn about what this general and was doing in concert with his colleagues in germany first and then the u.s. and how long the had been going on. jimmy: this has been going almost 10 years. fascinating detail that came out today was how they had designed it so we call it a defeat device, it turns on the air filter when the car is being it offand then it turns the rest of the time. they found it was still being used during some of normal driving. it was starting to wear out and add to warranty costs. a reduced

-- to reduce the cost they revised the software and put out a new system, told people this will make your car run better. it effectively ensured that it polluted as much as possible. julie: you were at the , thisouse today individual, this engineer pled guilty. i am curious what else he said. did he express resource -- remorse, what were his comments because as you say they want to some pretty extreme lengths here. ; yeah. it was curious. the head -- they had a translator there, they did not use it because some of the earlier reporting or their earlier prosecution investigation had been in german they wanted to make sure if they were any concerns that he did not know he was -- what he was talking about or was not aware of his rights that anyone -- anything could be explained through the translator. he spoke himself, he is

proficient at english and he said he was sorry and said he knew that it was wrong and he apologized and he is a cooperating witness. presumably he will be sharing information about what others knew and did. david: this is such a wide-ranging investigation, so many different courts are involved, could this accelerate in any way? jamie: certainly on the criminal side. this is a huge piece of progress, and and there has been a push within the justice department not just to go after companies and let them write a big check and go on making money and paying fines, to actually go after executives and prosecute people, he is cooperating so they will try to use him to move up the ladder and try to catch more people. the crime that he pleaded guilty to today has up to five years in prison and up to $250,000 or

double the amount that was improperly gained. this could be a very significant charge for someone at the line. david: always great to talk to you. time for the bloomberg business flash, the biggest business stories in the news. walmart is the latest retailer to cut ties with well spun india. the vendor was allegedly sending its phony egyptian cotton sheets. the company could not turn to the products for 100% egyptian cotton. customers are being offered full refund. francisco-based markc capital which counts sepulcher -- mark zuckerberg and reid hoffman's clients registered a new subsidiary last month.

david: both sides are moving closer to an agreement according to people familiar. if that happens it would create the world's biggest maker of seeds and pesticides. the german company could reach a deal as early as next week. the board is a stash expected to discuss the deal on wednesday. that is your business flash update. interestat have low rates meant for the deals business and what happens when the fed starts raising rates again? this was earlier. >> there's no question that the chief money environment will be helpful. low rates, low cost of capital absolutely makes it easier for companies to pursue an inorganic strategy relative to its organic strategy at >> at some point in the near future money to janet

yellen and stan fisher they will raise rates. will that have an impact on him in a given how low rates are? tends to be about expectations. a quarter white raised by the fed i do not think makes a big difference. if you look at rates were they are today in a historical context they sit at staggeringly low levels and therefore m&a activity, practitioners can look to the capital markets and see an opportunity to borrow money quite inexpensively and that cost remains quite low in a historical context. veryam confused, there is itchy fingers out there and you would think that would spur a lot of ceos to make more but a lot of them are sitting on cash so they are feeling uncomfortable overall about the prospects for the company. what needs to change so the start deploying some of that cash? >> we have talked about this in the past, uncertainty makes m&a more difficult.

when a ceo and board of directors looks at the world and is not sure what direction we are going to go whether that is north korea testing nuclear or ans or challenging surprising a surprising eu rate decision. that environment contributes to conservatism on the part of corporate's and the financial crisis we went to several years theas to that and adds to view that i need to make sure my balance sheet is safe. i have some cash on hand and i am ready to respond if things get worse. francine: if interest rates went up quickly with that give confidence to ceos? how do you define what ceos look at, are they looking at revenue, or is it reading the paper and listening to the media that they form a view of when they feel confident or not? guest: if i had that answer i would be happy to give it to you. confidence is ultimately an emotion. it is driven by any number of factors. when we turn to look at the markets we think about our own

planning for the m&a business. we tend to can it or -- consider the outward confidence index in terms of wet direction is the v ix traveling. confidence in the boardroom tends to be more company specific and each ceo is working very hard to create value for their shareholders in the context of whatever business they are running. francine: we are seeing a lot more consolidation in biotech, a lot more among pharmaceuticals, mike brought up campari. what industry will be hit? guest: there are three sectors that have looked at positive increases relative to last year and that is industrials which has seen a nice bounce. technology which is up slightly power and things the utility sector which has moved away from a very conservative inorganic pursue and

growth strategy more often. setting those sectors aside, we are down your eye near in terms of overall m&a volume. where is the few -- where is the future? to tech sector is going continue to see a great deal of consolidation and the industrials which is catchall not elsewhere classified is a huge sector and will continue to be in organically driven. julie: that was peter gregg earlier on bloomberg. we continue to watch the selloff that we are seeing in the markets. more: the s&p 500 down than 2%. the s&p 500 down and the nasdaq it 18157.nd 22 points it is having a move and then some today. that means an increase in the

vex -- vix. is back above 15. we have not seen that kind of level, and has been a long time for the vix as well. the highest since july reflecting what we have been seen going on and reflecting volume and selloff in bonds. we will have more coming up next. this is bloomberg. ♪

david: this is bloomberg markets. julie: regulators have joined other countries to issue warnings over the use of samsung's new smartphone on airplanes. of -- thatreports the battery could explode or catch fire. -- and this is kind

of amazing. what have we heard from the faa? pretty incredible how quickly this escalated. people complain about their arteries exploding and then it s exploding. is unprecedented territory for a new piece of the -- technology. it is your markable. about this is it device that is causing problems? what do we know about the positive? >> it comes down to the battery set -- technology. there was an issue with manufacturing for some of the components. they do not seem to know exactly which models are affected because they are recalling millions of shipped units and trying to replace all of those.

it seems like they are trying to narrow down which models are affected. julie: do we have any information on how big a financial hit samsung could take? you contrast this versus the introduction of the iphone seven earlier in the week. >> right. there is two different components here. there is the immediate financial hit of all the units they have to take that from all the customers. all the units they have to give the customers to replace it. you have to look at the long-term financial hit you how are their financials, stocks, market cap will be affected for people not wanting to buy the phone because of these issues and other past issues. house is going to affect your partner relationship as developers commit carriers, different distributors they might lose business with over this. promotional partners and advertisers. there is a long runway of potential financial issues over

this problem. david: we had such a focus on what apple was unveiling this week might you got the sense they were trying to counter that, this is not the news they wanted to a company that apple announcement earlier this week. >> right. that --e the big lunch everything that goes with that. -- that was your product being treated negatively. this is one of the biggest issues i have seen in terms of a launching. that combination is legal -- lethally negative for samsung. julie: as for apple they say they will not release the preorder numbers. we will not get the company direct line on what demand is looking like. are we going to get other sources who will see a rise in how will we learn, will there be a way to learn how demand is looking? >> a thing demand is pretty high. i was trying to pre-own -- preorder a phone.

are fallingdels into november shipping territory after 45 minutes. i got my preorder in within the first 10 minutes. orderedople i know within the first 45 minutes to an hour and their phones are quoting a november ship date. are might go further if you ordering today or later in the week. there is some man for some models. david: always great to talk to you. you can get more on bloomberg west with emily chang. more on that north korean nuclear test. this is bloomberg. ♪

>> u.s. stock are punting today, having their worst day since june on the heels of that you even referendum.

seeinglooking at markets the selloff in stocks and bonds. gmm categorizes the various aspect classes by their standard deviation from the norm. you see equities on the far left there. we see brazilian stocks plunging along with the s&p 500 in the west and what we saw happen in europe and in fx markets, we see the dollar green but other than that, a steep selloff and a selloff in bonds as well with an increase in sovereign debt around the globe. let's get a deeper breakdown on what is going on with markets. abigail: we really do have stocks down sharply today down near session lows.