this is taylor riggs. utions from corporations and foreign countries. bill clinton outlined that in other changes from staffers yesterday. according to the associated they, e-mail messages show tried to sway american public opinion in favor of the pro-russian government. they never disclose their work as foreign agents as required under federal law. experts searching for the missing malaysian airliner are hoping to define any search area. the team wants to study where in the ocean the first place -- piece of wreckage was recovered. the plane disappeared in 2014 with 239 people on board. long awaited weekend night service starts almost a year later than initially planned. the mayor's office and six trains an hour will run on the central and victoria lines overnight. it's expected to boost the london economy and support 2000 permanent jobs. an attorney for an olympic sweater says he will pay $10,000 today and leave brazil following the robbery scandal involving the u.s. swim team. he is shown here on the righ

i am taylor riggs. this is bloomberg. tom? chair. let's get right to the data check. equities, bonds, currencies, commodities. few days.teresting thrilled to have michael purves with us. euro gives it up a little bit. crude persistently under $40 now. onto the next screen. the vicks showing equity angst. strong yen, , $101.25. all, nearso says it $19. francine, what do you have? francine: we've seen a little bit of volatility. u.s. stoxx 600 fluctuating is fallingit for a third day. we see a rebound us banks trigger a broader recovery, and oil below $40. i want to show you quickly the pound. we have some not so great figures in the u.k. it feels like a different day than yesterday. tom: crisis over. francine: it is not doing much for global sentiment. tom: very cool. we will get to the markets in a victory how about this -- in a minute. how about this in the bloomberg? jobs adjusted for population, the great decline in manufacturing jobs, and then the suddenness of a decline over the last 15 years. it is just amazing to see th

i am taylor riggs. this is bloomberg. francine: thank you so much, taylor. hass biggest seen profit declined 81% for the worst results since 2001, actually since the big merger. with stuartre wallace and tim. is not really the end of the worst commodities slumped for quite some time. are we expecting further price pressure? >> i think you will get some short-term pressure, particularly thinking about oil and iron ore. these tend to be quite volatile. optimistic be if not at least moving to neutral. we have probably seen the end of these freefall prices that we have seen the last couple of years, and it still needs to be pointed out that they are throwing a huge amounts of cash and paying a dividend, which is a rare thing for investors to get their hands on in an environment where a lot of the yields are going negative. all of that is speaking in his favor. withcosts are down 16%, for a company of that size is quite remarkable. francine: they did not cut it as much as expected, right? tim: yes. francine: what is the attraction for someone like yourself to the

to brief you on jobs day, our "first word news" with taylor riggs. vernment is expected to issue another solid jobs report this morning. economists surveyed by bloomberg estimate payrolls increased by 180,000 in july, with the unemployment rate falling to 4.8% from 4.9% in june. refugee party is being defended. slumped 12 merkel percentage points to 47% in july, the second lowest rating -- terror attacks have unsettled the opposition. according to a report by market andthe regroup in an plymouth federation, they are describing a drop as a dramatic freefall. it is indication the brexit decision will hold back economic growth. yesterday the bank of england said the outlook had weakened markedly. the opening ceremony of the rio olympic games will occur today. andr doping scandals infrastructure clashes, the event will be launched. three-hour show is expected to global news 24 hours a day, powered by more than 2600 journalists and analysts in more than 120 countries, -- i am taylor riggs. this is bloomberg. tom? tom: francine, you really wonder where we w

right now, here is taylor riggs. verhauling his struggling campaign and sending the signal that he will not be changing his style. he has named a former banker who runs a conservative website, breitbart news, to be the campaign ceo. stephen bannon. , butmanafort will stay on the move is seen as a demotion for him. to continue with his aggressive style for the remainder of the race. i am hoping that our conversation in america in this campaign gets to be more substantive about the real issues facing us at the moment. that is a constantly increasing deficit in the government. spoke toteve wynn bloomberg tv. he was the pioneer of what has become a staple on tv, the shout fest that focused on washington. john mclaughlin has died. he was a catholic priest. he developed "the mclaughlin group." it began in 1982, and he did not miss a single show until last weekend. john mclaughlin was 89 years old. tom: john mclaughlin, bye-bye. but it was so much more. a shout fest and maybe he did that, but it was smart, smart, smart. john

i'm taylor riggs. thank you.industry data shows crude stockpiles expanded. and saudi arabia raise production. now we will get the monthly oil report later today. let's get more now from jason gammel. great to have you on the program. what will you be looking at with the opec report? a single supply equation? or do we need to make sure there is enough demand globally for oil? jason: both are important factors. a look at demand as being quite healthy right now and it is supported by the opec report later today. the supply-side is where we have seen issues. morenk the market is affected by refined product right now rather than crude oil. so maybe it won't be as important but the inventory data later will be impactful. chartne: am looking at my , and there is a range when the price of oil would stop. likee new range more 38-45? going tothink we are be in a relatively bearish market for the course of the next five weeks. until we get into the refinery maintenance season. you will break out of that range again. and i t

here is taylor riggs. or: there is a report that valiant pharmaceuticals is the subject of a criminal investigation. according to the wall street journal, it is a question if they have ties to him mail order pharmacy. valiant is cooperating with the investigation. deutsche telekom's second-quarter profits rose giving credit to t-mobile where sales have been surging. t-mobile has been luring subscribers were american characters without squeezing the company's bottom line. brexit hit the british housing market. the role institution of charters in surveyors say the index of sales pointing to the fastest decline since 2008. it is home prices rise in july at the slowest pace in three years. you have more of the property market? francine: we do. at bloomberg news, the meeting at bloomberg news, holger schmieding is still with us. housing look at the market it is sentiment. if the housing market gets better because we have triggered article 50 at some point and i feel better but my situation, or will he get worse

but get to our "first word news" with taylor riggs. ratcheting up its threat of retaliation against ukraine. moscow warns that the deaths of two serviceman will not go equence.cons poroshenko says russia is looking for any excuse to further military threats. russia seized crimea from ukraine in 2014. bombs exploded in two reservoir counts, killing at least four people and wounding 20. foreign tourists were among the hurt. the thai government does not know who was behind the attack. hillary clinton says it is a myth that donald trump is really on the side of the little guy. speech in michigan, clinton laid out her economic plan and ripped trump. mrs. clinton: in his speech on monday, he called for a new tax loophole. let's call it the trump loophole, the cousin will allow him to pay less than half the current tax rate on income for many of his companies. thanuld pay a lower rate millions of middle-class families. clinton pledged to invest more in infrastructure, boost the minimum wage, and stop any trade bill that kills jobs. michael ph

here is taylor riggs.economic stimulus plan will increase spending this year. that is according to the prime minister's ruling party. low-cost loans for projects and state-run companies and money for infrastructure. japan has been hurt by stronger yen and we spending. australia has cut interest rates to jumpstart inflation in the job market. the reserve bank lowered the rate to 1.5%. still, inflation and wage growth are at record lows. donald trump is being challenged by warren buffett to meet to reveal their tax returns. buffet appeared in omaha with hillary clinton. he ripped trump for refusing to leave his returns. trump harshly criticized clinton and bernie sanders's endorsement of her. >> he was so angry when they were talking about him and his people are angry at him and they should be. if he had just gone home and relaxed, he would have been a hero. but he made a deal with the devil. she is the devil. >> earlier, trump cap doubt on doubt onimacy -- cast the legitimacy of the process. global news, 24

first wordnow on news, here's taylor riggs. a airlines is still struggling to come back from the computer failure that grounded flights for several hours. the airline says it is reducing the morning schedule so it can reset. that means 250 flights are being canceled after thousands were canceled yesterday. the airline is waving change passengers whose flights were delayed or canceled. small business and manufacturing groups are praising donald trump's tax proposals. he called for the u.s. to take its federal corporate tax from the highest to one of the lowest in developed nations, from 35% to 15%. the national federation of independent business calls his proposal a home run. in belgium, the refugee who attacked the police officer's with a machete has been ordered ordereds leave -- was to leave the country two years ago. he was shot dead after injuring two officers. british prime minister theresa may faces a daunting array of demands from european nations when it comes time to negotiate the you k's exit -- to negotiate the u.k.'s

here is taylor riggs.eff failed to sway senators who will decide whether she is permanently removed from office. she answered questions for 14 hours in her impeachment trial and lawmakers expect the senate to vote against her. the spanish prime minister will try to end an eight-month askingal impasse, parliament to back him for a second term. majority when debate concludes tomorrow and if he does not get it, a plurality would be enough in a second vote on friday. new marching orders from angela merkel. the anti-immigrant party has been more popular by attacking merkel's anti--- open-door policy. reportedly had two government officials executed with an airtight aircraft gun. one of the officials was said to have been charged with corruption after dozing off in a meeting. global news 24 hours a day, powered by our 2600 journalists and analysts in more than 120 countries. i am taylor riggs. this is bloomberg. tom: i really want to race through this this morning to get to dr. posen. markets churn, the euro wea

let's get to taylor riggs.che bank is shooting down a german media reported considered merging with commerzbank. the ceo, john cryan, says germany's largest lender is looking to get smaller. he has been restructuring deutsche bank in the past year. he has sold assets and cut thousands of jobs. jetblue makes history today per the airline is making the first commercial flight between the u.s. and cuba in more than half a century. a jetblue plane will fly from fort lauderdale to santa clara, cuba. in the past, people traveling from the u.s. to cuba used expensive charter flights. that is your "bloomberg business flash." tom: ed morse is with us from citigroup. we will continue our discussion on hydrocarbons in a moment. , wells fargo had a strategy. what i know as the vice-chairman of fed -- what i know is that the vice-chairman of the fed is more than concerned. i was thunderstruck at the economic analysis at jackson hole that ignore the banking and fixed income system. is it normal that the economists forget abo

right now i'm difficult news on italy, here is taylor riggs. pdate, the death toll is rising. the government now says at least 247 people were killed when the magnitude 6.2 quake rocked central italy. three mountain towns were leveled. rescue crews are trying to find survivors. many of the buildings were built centuries ago and had not been rebuilt twisted earthquake. in kabul, at least 12 people killed in an attack on the mechanism for said he of afghanistan. three dozen were wounded. it began with a suicide car bombing. two attackers and opened fire. the scene lasted several hours before the two were killed. no one has claimed system -- responsibility, but the taliban is suspected. a game changer the civil war, the operation is seen as a sign that turkey is shifted away from its insistence that bazaar outside -- machar al-assad step down. advance of stop the kurdish rebels in the region. columbia has reached an warement with rebels in a that it killed hundreds of thousands of people. indeed seats in both houses of the colombian congress for a

i am taylor riggs and this is bloomberg. mark: a big week for data for the economy underway.nflation numbers kicking things off today and consumer prices raising .6% in july. a lot more data to come this jobs, retailg sales, public finances all in the next three days. chief european economist for lynch, america, merrill gilles. , but -- ending a 32 decline.iod of what does this tell us about inflation prospects going forward? gilles: it tells us experts are sometimes right. this is textbook economics. we have depreciation of the currency triggered by uncertainty after the vote. it is generating this pipeline inflation through production prices both input and output through imports. that is slightly misleading because the ppi is a much narrower indicator than the cpi, inflation pipeline will be driven the next few months because it will be a while four contracts to be renegotiated. it means that the bank of england would probably have to write letters to the chancellor in a few months explaining -- mark: really? the view of economists is the second quarter of next year is wher

we will get to that and a bit area first word news coming years taylor riggs. from a year ago. one reason is slowing global demand. the other is the stronger japanese yen. it is gained about 20% making japanese products more expensive. turkey has revealed how broad the crackdown was after last coup.s attempted more than 40,000 people or detained in more than 5000 are still in custody. 80,000 turkish government employees were removed from duty. germany says that the u.k.'s future relationship with the european union requires a custom-made solution with deputy foreign minister's -- the british will not be able to cherry pick economic advantages. ross says what is clear is the u.k. can expect access to the common market unless it allows the free movement of workers. .ore details are coming out that north korean diplomat who is defected to south korea. officials say the number two official and north korea's embassy in london has arrived in eoul with his family. he told -- north korea has not said anything so far. at the summer olympics, a historic night for america

i am taylor riggs. this is bloomberg.pated bank of england decision this decade. decade.anything post brexit is highly anticipated . they are expected to cut rates in 90 minutes. talked through what brian is. -- is thinking. last month, it was highly anticipated. boe tried tove the help us figure it out. brian: absolutely. this is an important meeting, but i think we can expect anything they at this one. the radical rules like talking about going to negative interest rates or sharply ripping up the ifprograms, i don't know these are appropriate at this stage. sterling has already weakened a lot. the bank of england cannot ignore the impact of that. morenk it will be much neutral than that. there will be more interest in what the bank of england things is happening to the economy -- thinks is happening to the economy. francine: we have some terrible figures. when he take into effect the shop of brexit -- shock of brexit. brian: the measures we have had so far, they were pretty bad. had numbers out of factories. we will hav

day, inews, 24 hours a am taylor riggs and this is bloomberg. dig into the world's second largest miner, rio tinto, reporting it's worth profit since 2004. the new man in charge discusses his vision for the future. about one hour and 20 minutes away from the open in new york city. europe is struggling to put together a rally. this is bloomberg. ♪ jonathan: the attention of the world is on payroll friday as we count you down to that. we have the adp employment report coming up soon. these are how the markets are shaping up. futures are soft and the dow is on a seven-day losing streak. are lower. futures banks were hammered in europe yesterday. the cable rate is stable at $1.33 i had of the bank of england decision. street says everyone is short and there is room for disappointment and we will get the answer tomorrow. the dollar-yen is stable and yields are coming in by about one basis point on the u.s. 10 year. bill gross says he does not like bonds. we have data from the u.s. that's coming out and a second. sector addedvate 179,000 workers in ju

i am taylor riggs. this is bloomberg. tom: taylor, thank you so much. us from jackson hole is michael mckee. warmer morning then you are used to seeing. he points out that only one year have markets moved off a key speech in j hall. that is 2010. would you expect market moves today? michael: the general feeling is no. this is the 40's anniversary of this conference. only 38 times has the federal reserve chair either skipped the meeting or come here to give an academic boring keynote speech. janet yellen may join ben bernanke. the rest of the time, it has not been that julie interesting. a lot of -- that particularly interesting. a lot of people think she will stick to that particular script and not be interesting. the idea that she would take some addition laying out monetary policy moves in the future, not a lot of people give credibility. tom: the grizzly bear out behind you, i can see one behind you right now, they will be watching chair yellen. you will be watching chair yellen could so will other worthies like mr. kuroda and many others that you kn

i'm taylor riggs; this is bloomberg. tom: thanks so much. let's get to equities, bonds, currencies, commodities. a pretty dead market. you can see it there, euro-dollar. nymex actually a little off the bid. on to the next screen. , dollar index a little bit of strength. we make note of that would begin weakness. francine: i don't want oversell it, but the dollar is rising. the fed outlook is impacting emerging stocks. we see a little bit of pressure on commodities. overall i wanted to show you pound-euro at 0.86. there is one we don't look at often, but i want to put in there -- india's rupee. they did name a new central bank governor to take over, and china's yuan at the weakest among. tom: i do not make a chart, thank you. i will try to show the depreciation we have seen in the indian currency. let's look at the most important chart of the week. this is the great unspoken. -- we have the great moderation, 1994. so howard was charming, with a little bit of leveling. vedanta 2000, less charming. then we got to the zero bound we have been. th

i'm taylor riggs, this is bloomberg. tom: oil has been a backstory for july. dr.twisted in unique perspective. it's about gas gets, screws, bolts, nuts, and the rest of it. what is the number one of thing -- number one thing that wall street gets done -- gets wrong on hydrocarbons? dr. york: the speed at which oil supply does not recover. it seems like a lot of the financials just think you can flip a light switch and crude comes back. tom: you have to move some valves around interns and wheels. dr. york: you have to move riggs into the field. tom: i watched giant this weekend, i'm an expert on oil. everyone is supply, supply, supply. we have a heated debate about the band -- about demand. dr. york: we think we're more on this. the u.s. is going to see growth this year. slower than last year, but the u.s. is still growing. china's growing, india is holding up well. we are seeing a decline in europe, but they have been getting off oil for decades. they are back on that trend. , demand will hold on to a point where it can support those -- i know those onlinen get qu

i am taylor riggs. this is bloomberg. tom: equities, bonds, currencies, commodities, get right to it. futures up five, the 10 year yield turning. i am going to call that a pre-jackson hole turn. brent south, nymex grid south. crude, 46.84. h for 99.ade a das you know what, this looks like my chart. i wanted to do two pairings we do not usually do. yuan leading the game in the emerging market. the new zealand currency strengthening after the central bank earlier saying the pace of interest rate cuts will be gradual. crude below 47 and the stocks europe 600 is gaining .7%. tom: i guess this goes after the mediterranean charter meeting we saw. we should have been there. that would have been a good junket to go on. pinine, two series with a in the map. the white line is u.s. industrial production, the yellow line is italian industrial production and from the lehman lows, it is breathtaking how india has underperformed. in the past america's performance was a little steeper but italy cannot get their act together. why is that?