u.s. and european drug makers are now pledging to prioritize safety as the main focus in the corona virus vaccine development well mine a leading vaccine developers made a historic pledge to uphold the integrity of the scientific process as they work toward potential global regulatory filings and approvals of the 1st covert $1000.00 vaccines well the companies include pfizer johnson and johnson and astra zeneca to name a few this comes as americans brace for a 2nd wave as experts predict more infections following a holiday weekend as we approach flu season all meanwhile india became the world's 2nd worst hit country just behind the u.s. where more than 90000 cases were reported in just 24 hours pushing india past brazil with more than 4200000 cases and europe is seeing its 2nd wave as spain set a new daily record of more than 3700 new cases in just 24 hours this is the biggest count since the country came out of that strike lockdown and with school starting

to reopen director of the coronation center for health alerts and emergencies so the country needs to be alert and vigilant gives them the schools are now opening some have already opened the most schools are opening this week in a staggered way and others open next week we should see the impact of these reopening that the end of next week or the start of the week after that we need to be alert and vigilant the regional governments are very aware of what could happen we hope it will not happen france and the u.k. will they also saw a surge in new infections cases have surged since those countries also came out of their lockdown well this comes as the world health organization is calling on countries to invest in their public health system for they stressed the importance of preparedness for the next pandemic. killed.

that means. of uses for preventing detecting and desponding to diseases this will not be the last panda me history outbreaks and funder me excited for 2 for life but when the next pundit comes the woman must be ready more ready than it was this time. tech stocks have been carrying the market since the start of the coronavirus but now we're seeing the pullback will the nasdaq fell as much as 4.3 percent on tuesday and it's down more than 8 percent in just 3 days well the s. and p. is down nearly 2 percent but what's causing this plunge let's bring in 2 of us co-host christy i am michelle knight or partner and director of trading research and education for market couch dot com christine let's start with the tech it's obviously taking a big beating again and it's leading these declines what's contributing to this price action today. you know as

a high valuations and these mega cap stocks have been stretched far beyond historical levels and this is something that we've warned about multiple times previously on the show that it was just simply not sustainable nor did it make any sense at all the market was rallied up on excessive optimism from cheap money is now correcting itself and it was actually revealed late last week what was behind these very bizarre movements in tech so we had observed previously and so there's a really strange rally where despite the market the up more names were actually down than up in lacked a lot of breath and depth and was fueled only by a handful of names so now it was revealed that softbank was the primary catalyst behind the tech rally as a bottom billions and billions of dollars worth of u.s. equity derivatives so i stop and invested in startups and unicorns and measure capital such as air b.n. b. and it has now made a huge splash and drove those so that is why the s. and p. kept rising alongside the vix which just hit a record high at the same time the s. and p. also hit their all time highs. so according to the wall street journal soft bank

spent roughly $4000000000.00 buying call options which due to the embedded leverage in options it's basically the equivalent of buying hundreds of billions of underlying in stocks so that sparked this massive upward movement only a handful of tech names so now soft bank is actually exiting the train stop and disclose that it quote spent $10000000000.00 on public equities and have already sold 7000000000 dollars of them so that's on thursday and friday that can now be attributed to the gamma squeeze unwind by soft bank so this will start to become a major problem for that we tell day to day traders who are about to see the rally that they've been enjoying since march come to a screeching halt well that's exactly what we're seeing here in the now seeing some lows we haven't seen since even before march michelle let's talk about the latest stimulus for those talks ended obviously in the stalemate congress is set to return to session today but how optimistic are we that anything substantial is really going to get passed this time around mcconnell says he's ready to pass something

a smaller bill how optimistic are you. when we are in the election year and it's coming upon us rather quickly with a lot of issues circumventing the election just here domestically with social unrest and then internationally with the china and u.s. trade tensions threats from china to reduce their buying of the u.s. dollar or even more of their their fear of inflation they've already sold $109000000000.00 worth of all bonds as the 2nd largest holder there threatening to sell more not buy more and then of course the 2nd wave of the virus and the fact that we do have the end coming for furloughed workers and also the lawnmower atory i'm coming to an end so i would find it very difficult and then just based on what we've seen historically over the last 4 years where a crisis is about to hit. except for a pandemic which of course nobody could control all of

a sudden people get their things together and next thing you know they'll be some talk of a stimulus etc so i think it'll happen i do but we're looking at a possible government shutdown if something is there the government going to run out of money by the end of this month so they really need and to get on this and address this pressing matter as people are like you said i'm unemployed not going to be returning crissy i want to turn to commodities to oil fell below $42.00 and its 5th session of declines what's contributing to the slide in oil. so this is really interesting rotation that i see in the market because as we just said tech is declining and growth stocks is also declining getting beat so you would expect that some of that capital would be rotating into like the lower value sectors in the stock that had been such as hotels and lines and energy but that is totally not the case here oil's plunging even more than the nasdaq now with brant tumbling below 40 dollars for the 1st time since june so this droplets sparked by concern of a sudden buyer's cases around the world as well as the waning chinese demand that

china has been the largest consumer up to now so only 4 of the 10 engine refiners surveyed said that they were trying to buy more saudi crude for the rest of the year so right now i would be national oil they have also cut prices on tuesday in the latest response just like a demand so today's move is a very clear sign that the market is seriously worried about the future of oil and gas because other factors are stuck play here including the end of the summer driving season as well as more supply from the opec coming online so over supplies we're turning again and contributing to the equity market losses today and in addition to the plunges in the small price brants 3 month time strand it's nearing the widest containing go since late may so the exporting nations are now planning to meet on september 17th in order to view the market conditions well these markets are definitely not looking good michelle i want to talk about president trump and how quick he is to touting. the economy and especially we saw you know the labor

market numbers at the end of last week and how he said it was it will be it was doing so well he did say that next year will be the greatest economic year in the history of the country under his leadership of course assuming that he when's and that we're going to see a v. shaped recovery probably a super v. shaped recovery i mean we did see nasdaq like christie said earlier hit some all time highs record highs however we're seeing markets respond now to what's going on what do you think. well hyperbolic pontification aside and i want to say that as well as high current. the market itself is very interesting chrissy you had mentioned something about growth stocks and value and that's something to note in that right now has starkly value to growth the ratio or the difference it's only been at this place twice before 19282000 of course we know what happened in the ensuing years now that doesn't necessarily mean that we're heading for

a major crash but the economic has a new company even before the pandemic was sort of sputtering along yes we had growth but at 3.43.6 percent it wasn't anything too tremendous and some of the other sectors of the market besides tech were really just kind of floundering along looking at the small caps for example they have not participated in this move up although they've been dragged along the brick and mortar retail of course it's been a sector that's been really beat up you mentioned the concerns with oil and gas that stuff like continues to be concern and even transportation so we're looking at the supply demand situation in the united states it hasn't been robust in a while what will make it come back it's kind of hard to fathom really the market's been living off of free money as you mentioned 0 interest rates the printing press that the fed continues to pour out the money supply growth has gone crazy so i think what what would be probably

a more appropriate conversation which would never happen of course would be more of the stagflation environment that i think we may be heading into we're already seeing signs of as we get into 2021 regardless of who wins because things will have to unravel well especially like we mentioned i mean this that this market is not doing any better christine mention it's obviously drastically changing and basically overnight within the past couple of days of course the national debt is only growing. christie what's your take on president trump's comments. well i think that it is excessive pontification and because of the. crisis is going to be one of the most serious things because the more that china us tensions arise the more china is going to feel the need to respond and one of the ways that they actually responded was to a star a round one the u.s. treasury trade not because they think that this is going to be the nuclear option to hurt the u.s. but simply because they feel that it is a risk caring so much it is a risk the u.s.

debt which is 3.3 trillion which is the highest level ever because that is what happens if the u.s. just decides to i don't know do you feel because that is a that is a very real possibility and i think both sides of the political aisle are looking at this and saying we need to scale back a little bit on this which is why i think they're hopefully going to to make some sort of deal and come up with a compromise with this new stimulus bill was co-host christine and michelle snyder market gauge dot com thank you both so much for your time today. on tuesday general motors announced it was acquiring 11 percent stake in the cola corps worth about $2000000.00 well the u.s. electric truck makers shares they popped as much as 53 percent following the announcement while g.m. shares they also jumped 6 percent now under the deal the 2 companies will build a hydrogen fuel cell electric pickup truck the nikola badger nikola founder and executive chairman trevor milton said nicole is one of the most innovative companies of the world general motors is one of the top engineers in manufacturing

companies in the world you couldn't dream of a better partnership than this the truck will compete with tesla cyber truck and it's expected to start production in late 2022. it looks like boeing is keeping qatar airways as a customer of the 2 sides reach a deal that would begin deliveries as early as 2022 meanwhile production problems of a specific plane model have boeing officials answering again to. f.a.a. charges has the story. khatami become the biggest purchaser a boeing 777 x. planes as the company commit to take all 60 aircraft that house on order all this as the f.a.a. investigates potential manufacturing flaws in some of boeing's 787 dreamliner zx. today boeing confirming qatar is moving forward with 6770 x. planes the company's largest fleet by far the 1st aircraft arriving in 2022 and

deliveries will continue to 2029 qatar c.e.o. akhbar all baker said in the statement it is a very good airplane and we will take them all for fleet replacements we are happy it has been delayed otherwise we would have been taking delivery during kovac 19 the aircraft was originally supposed to be delivered at the end of 2019 but engine issues have slowed the test program significantly as well as increased scrutiny from the f.a.a. after $2737.00 max crashes killed 300 and $46.00 people the news of the agreement comes just days after the f.a.a. announced it's investigating potential manufacturing flaws involving some boeing $787.00 dreamliner according to the wall street journal production problems at the dreamliner factory prompted air safety regulators to review quality control lapses going back almost 10 years boeing has said airlines operating at 787 dreamliner has had removed 8 jets from service as a result of 2 distinct manufacturing issues in fuel sludge sections the f.a.a. said in a statement the agency continues to engage with boeing it is too early to speculate

about the nature or extent of any proposed airworthiness directives that might arise from the agency's investigation. boeing says that the rest of the in-service fleet has been determined to meet load capability and that it's inspecting airplanes and production to ensure any issues are addressed prior to delivery but they do add that some airplanes have shims that aren't the right size and some areas do not meet skin flatness specifications the company said in the statement individually be. issues while not up to specifications still meet limit load conditions when combined in the same location however they result in a condition that does not meet limit load requirements meantime the f.a.a. could require inspections cover a hundreds of jetliners after issues out one plant such as the a.p. directive could impact between 900 and a 1000 reminders that have been delivered since 2011 reporting in new york trinity chavez r.t. . time now for a quick break but stay here because when we return china is calling out the united

states for bowling its tech firms president trump threatens to decouple the world's 2 largest economies as we go to break here the numbers at the close.

trade and investment to become magic spells to conjure economic development. most people think about trade they think about goods and services being exchanged between countries and the in a fast chapter a trade agreement is about something very different but what when investment leads to toxic manufacturing that destroys sacred sites all the environment. that means local communities that are being poisoned if they object if they do anything that the company feels is interrupting their profits they conducive. to taking on the

whole nation philip morris is trying to use i.s.t.'s to stop oregon by implementing new tobacco regulations aimed at cutting domestic smoking rates a fringe company sued egypt because egypt raise its minimum wage democratic choice of a trump corporate. joint says we try to fund don't want to. because there's a survival guide book stacie just like all the stars simply to cover all the surfaces . you should know there are you going to get it back. after. all it's no good says a repatriation scheme will look at the after 7 years. bill of the separate kaiser for.

china is pushing back against the u.s. crackdown on its tech companies they're launching an initiative on global data security and saying that it will oppose what it calls us bowling. with regard to digital security we are trying to has always been broad and love and openness and cooperative countries especially those intentionally smear your spider in china while delegation which could make such a promise are you sure it will be beneficial to the mutual trust and cooperation on digital security issues among all countries. china's initiative on global data security is being established to oppose the u.s. and what china calls a political globalization of the data security along with double standards well joining us now to discuss interim but co-host and investigative journalist ben swan

and board member of the british american business association for which hillary let's start with you clearly this initiative being set up by beijing is happening in order to to resist u.s. pressure being applied on these chinese tech firms does this mean the u.s. effort to damage chinese tech is actually working well i think it is working to a certain extent yes of course but i would say sara that if you look at the jefferies analyst on headed up by addison lee as he says this actually could be a lose lose proposition why is that that is because the chinese currently are importing even more chips semiconductor chips than they do or oil so they have actually a 10 year initiative which is to manufacture about 60 percent of their own chips by 2025 they're ahead of schedule and if they stay on schedule that means they'll be manufacturing 70 percent of all the subject. got to tripp's chips internally domestically there in china so the lose lose proposition could be that the ban on

china means that a lot of the u.s. manufacturers of semiconductor chips are going to be out of business and actually i think bill gates and others have been microsoft have been pretty vocal about this and especially because i know the u.s. we've talked about this before does rely heavily on the pricing on getting these chips for cheaper and less money from china then you've been critical of the u.s. on this matter but not necessarily in support of the chinese why is that. yeah there's a surly in support of the chinese because i don't think it's a kind of and in some game where it's either one side or the other i think that what the u.s. is doing though is a mistake in terms of specifically targeting chinese companies because what it does is it sets us up in a very precarious position where the u.s. government is taking a position on the operations of private companies so again we can discuss whether or not the chinese government has influence over those companies i think certainly they do but it's still so it's a very sticky precedent over what companies the u.s.

government can target and in this society that supposed to be a free market society which obviously we're not truly that but we should be we aspire to be and if we are truly ever going to be a free market society then you don't want government to pick winners and losers and decide what companies to shut down which which to control again having said that you still have the antitrust laws you still have things you have to be concerned about in terms of companies getting too big but i do think in terms of china we don't want government to decide what companies can operate what can and cannot happen in which companies can be simply taken away as in the case of tiktaalik which the u.s. government obviously has been trying to do and we've been saying this time and time again with. shutting down from not a lot no longer allowing a chinese investment here the chinese or or the americans or us is where are worried that the chinese will come in and best buy in and take control over the country and essentially be the 1st over the united states hellery we know that stock in china's top chip maker they fell sharply after the u.s. government said that it was considering placing export restrictions on the company

now is this because the markets realize that the trumpet ministration they're not bluffing when it says it will crack down on these companies well actually yes sorry you're right of course and most people do realize that doesn't really bluff he tends to do what he says he's going to do something sticks by things that he's said yes on monday actually yesterday the stock tumbled and hong kong about 23 percent overall oh don't forget we're talking about snake the semiconductor. semiconductor . the factoring international court makes stock though year over the year is up 53 percent and the reason is that 53 percent is like i just mentioned they are manufacturing so many chips at a rapid rate there's a tremendous amount of mess and investment has fought to china because most people recognize in global investors recognize that the chinese are ramping up this production and i would say that given what trump has said most people know and can predict the manufacturing will be more intensified over there because they know the chinese are planning that they won't be able to import from the u.s. well u.s.

china relations have been increasing we've seen this that that's no mystery or no surprise but president trump said that now he's considering decoupling the u.s. economy from china and that china now says it's considering doing the same thing what exactly does that mean though that the couple is actually stepped up bed to go have a no go. the couple in is is separating the 2 economies so that's the phrase that's being used but actually the chinese are recognizing that trump isn't bluffing and that trump means what he says and they're hedging their bets because you know it looks like maybe trump will be reelected if biden is elected obviously he's had so many connections to china over the last 50 years he probably won't be as stringent so what are they doing the chinese actually do coupling themselves one of the major issues of course has been given the virus a lot of the antibiotics i think 98 percent of manufactured in china whether it's for medical production medical supplies and or semiconductors the de-coupling is

happening on both sides of the pacific well and many are predicting that biden will actually take a hard stance i mean we hear palosi we hear both sides of the political aisle saying that china is a threat and it is a problem then. yeah i don't believe that at all look i think that everyone's trying to kind of follow what rome has been saying president trump what you like them or not as been way out in front of confronting china he did it in his 2016 campaign he's doing it again what's fascinating here and what no other president would be doing whether republican or democrat i think it's you can argue with this the president actually may try if he gets a 2nd term here to move manufacturing out of china in the area of pharmaceuticals in the area of chips a lot of people say it's impossible it can't be done there's no way you're going to be able to bring those jobs back to the united states while he thinks he can do it and if he's able to he would actually manage to do something that no other president republican or democrat has even attempted to do in the last 40 years set out how is that going to hurt hillary how is that going to hurt the u.s. citizen the american consumption where manufacturing yes will be here but want to

be more expensive how how is that going to play out well actually maybe more expensive but certainly with more american employment and they caught what trump referred to and it has a noble address as the cottage across america where you see manufacturing had left america due to nafta and obviously manufacturing moving to china due to tax incentives to do so from previous administrations you're going to see with great american employment it may be a somewhat more a little bit more expensive but there will be such affluence and such a cash flow here that it won't matter as much it will balance out and it's safer what we've learned from this will have played is that it's far safer for manufacturing also to be in the u.s. rather than offshoring and we've seen far and i'm going to go had been if i can just say one thing about that to you there is a myth associated with this if you go back into the america of the 1940506070 years before jobs were being off shored and sent off to mexico and then into china for decades americans made products here and products were not so ridiculously

expensive that people couldn't afford the correct the corporations have sold us a lie that says that if you have jobs here in the united states you will be able to afford anything items will be cheap and. but look at the results of that we have millions of americans who don't have jobs or good paying jobs and a middle class that has vastly disappeared but yeah we have some cheap stuff from china well that also when you rethink this to the current riots the social economic situation in america which comes and that's why that was the heart of manufacturing at one point detroit was the heart of you or us order industry that is what has decimated a lot of these riots i mean you know a lot of the always about racial issues but it's because everybody there is an employee it's time to bring time to bring that employment back to united states the question now during this pandemic benson and heller for which thank you both so much for joining us today. that's all the time we have for today but looking at.

your views there's a workable the global solution to the police. maze issue this. is the guy. isn't there you clearly missed. the must move closer. to the. those who. use the book was discussed discovering that those that would use of the plea. but. of course. the world is driven by dreamers shaped by the interests of those great.

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join me every thursday on the alex salmond show and i'll be speaking to guest of the world of politics sports business i'm show business i'll see you then. problem drugs don't always come from unscrupulous dealers but from pharmacies to in every state in the united states we seen the very sharp increase in the number of people seeking treatment for addiction to prescription opioids invaded america under the banner of medicine persisted with the pain but instead of trying to wean him off though she just goes after dose after dose after dose and really became his

drug dealer so who's to blame patients doctors manufacturers or the government. if you look at collapsed is now the whole system would collapse in belarus would follow and everything would be put back years the president of the terrorists gives an interview to russian media including off the way he wants the country will collapse if he leaves. meanwhile dozens are arrested during rallies in support of the detained but a figurehead supporter you're going to go. along just refugee camp or the greek god of the to the ground leaving hundreds without shelter raising fears about the spread of covert. and brussels war.