alix.s, coming up, it is notches media that aryeh bourkoff has his eyes on, but also disruptions. what opportunities does he see in detroit? that is up next. this is bloomberg. ♪ david: this is "bloomberg ." coming up later on the program, goldman sachs asset-management cio cohead of global fixed income, john heiner. here is your "bloomberg business flash." facebook has been telling advertisers users were spending more time watching video than they actually were. that measurement may have boosted advertiser spending on one of facebook's most popular ad products. the error has been fixed and advertisers have been informed. the embattled ceo of wells fargo has quit the federal reserve advisory council. john stumpf was the san francisco fed's appointee to the panel. pressure has been stepped up on wells fargo after employees opened up 2 million accounts without customers. the ceo of the london stock exchange spoke to bloomberg. >> we estimate conservatively minimum,he very 100,000 jobs in

david westen, and alix steel. next line the-- color little bit of risk off. -- alix: john cryan saying there is no basis for the speculation. jonathan: it is a small group of 20 million -- falling to john cryan. repressing once again. equity, a new record low. that breaking through the february lows. david: this is not the first time mr. krein has not that's had to come out -- mr. cryan had to come out and say we are ok. alix: it is not a liquidity issue, it is a confidence issue. that will be a key point. david: we have a lot to talk about. a terrific guest to help us. we are going to be speaking live with stephan engels. plans to cut almost 10,000 jobs and suspend dividends. we will be joined by steven ratner. -- by steve rattner. the place for the record -- the race for the white house. first, jonathan is here with the market. jonathan: features here in the united states, a little bit with, but the spillover the ftse down by .9%. it it is concerns of the house of deutsche bank continues to grow. deutsche bank d

alix: thank you. we are looking at dollar yuan. you are looking at other movers in the markets. about the movers around the world. deutsche bank has had a great week. trying to say our strategy is not working. let's figure out what is going to happen. we will wait and watch to see what is happening. the next stuff i want to talk about, adidas. callaway saying it is not looking at the assets of adidas when it comes to gold. where we go with this is difficult to say. cans difficult to get these dollar -- these consolidation stories to work. lululemon, down hard. the guidance here, the market $.44. certainly, it is hurting. back to you. alix: adidas. clearly you are british. >> hurricane hermine has weekend. it made landfall today and lost steam after pushing into georgia. it has wind about 70 miles per to bring 10expected inches of rain to the carolinas. other parts of the east coast could be in for dangerous flooding. mark zuckerberg says he is disappointed. the faa is overseeing spacex's investigation

alix: thank you.man, cio of calstrs, the second largest public pension fund managing over $190 billion -- christopher ailman. what is your return deception? 7.5 percent long-term. alix: how do you do that with negative yields? mr. ailman: we did not do it last year. we probably will not do with this year. it is early in the year. but we have said, this will be a low growth cycle in these couple of years. we are not surprised here at one of the ways you do it in a low yielding or negative yield environment, you avoid negative yield. our allocation of fixed income has been coming down steadily over the last two bob decades. we are now down to where will will probably be 12% or 13% income. i need to get my allocation somewhere else other than fixed income. alix: where do you get it? you are in bonds and stocks could so where you normally go is no longer the place to get those returns. mr. ailman: we have been doing a lot of work on that. the innovation team, they have been working on it for a while. thei

alix: dr.you had a different fed than the fed is now -- a different type of communication strategy. was it hard to get your word out there if there was a lot of dissent in the ranks? chairman greenspan: no, because press were very vigilant in trying to figure out what we are all about, and in general, they succeeded. david: i want to move on to the general question about the global bond market, which is very much in the news every day, it seems like. looking from the outside, it seems the more the central banks cut the rates or hold rates low, the more there is a bond rally -- bonds go up. is this sustainable over the long term? chairman greenspan: no. david: that is a simple answer. [laughter] alix: when does it turn, then? david: yeah, when do we see it turn? chairman greenspan: look, i like to think of the bond market, in its price-earnings ratio, if this was a stock indicator, we would be running for cover. i think this tells you there is a speculative element involved in this market, which

this is bloomberg. ♪ alix: this is bloomberg . i'm alix steel.the u.s.? nonfarml about the productivity report that we got earlier today, down .6, which means unit labor costs rose .4%. chiefricchiuto, mizuho's security economist, i will get your job taken a second. unit labor costs climbing. that will make your job a lot harder in september. >> without a doubt, the fed has some interesting things to look at in september. the reality is, the fed is facing a difficult dilemma. you have a situation where unit labor cost is up. but corporate earnings growth is slowing. we know corporations are being squeezed. it's only a matter of time before operations transact to that squeezing of profits into laying off workers. a toughe to have balance. the current signals are maybe that they should be raising rates. the outlook going forward is maybe it is not time to raise rates. caroline: so september, is alive? >> the fed has made it clear, every time the market goes into one of these positions where they say they will never raise rates again, or they will r

alix: welcome to bloomberg . i am alix steel with jonathan ferro and davd westin. we begin with that breaking news. jonathan: rates unchanged at a long time -- at a that's at an all-time low. back in line with expectations with pretty much everyone. the key line here is the majority of the committee over the bank of england expects a rate cut as far as the august outlook is concerned. in the august outlook, they were still pretty pessimistic. what we have seen is the data starting to come back just a little bit, the data in the pmi has continued to hold up. that -- governor carney has said there is an upside risk to the bank of england current forecast. you see that reaction in the market. gilt still positive on the day come up by two basis points at the moment. the 10 year has taken a beating over the last week, a full basis point on the day pending 0.91%, pretty much unmoved. alix: more data coming out. the boe sing the impact of august stimulus is encouraging in the second-half slowdown, maybe less severe. , but untilt more qe then, it is a wait and see data. jo

alix: this is "bloomberg " i am alix steel. the attacks in new york and new jersey. >> police want to question a native of afghanistan in connection with the weekend bomb explosion in new york. the man is identified as a rahami.han he could be armed and dangerous. the explosion in the chelsea neighborhood wounded more than two dozen people. meanwhile, a device blew up at a train station in the elizabeth, new jersey, overnight while a robot was trying to disarm it. no one was hurt. clear if there was a connection to the new york explosion. they are investigating a stabbing attack in minneapolis as a possible terrorist attack. men in uniform stabbed nine people before an off-duty officer shot him dead. islamic state has claimed responsibility. they described the man as a somali who had lived in the u.s. for 15 years. .lobal news 24 hours a day this is bloomberg. ramy: let's get you up to speed on global markets with big risk on the table. features positive -- futures positive. we have a rebound today with the ftse up by 1.36 and

alix: this is "bloomberg ," i'm alix steel. this local of 30 p.m.on, and here's what you need to know. democratic now many hillary clinton canceling a two-day trip to california after her campaign said she is suffering from pneumonia. it followed clinton's abrupt departure from the september 11 commemoration after her doctor said she became overheated and dehydrated. the fed governor will speak in chicago today. mr. last scheduled appearance by the fed official before next week's policy decisions. ahead of that speech, we're seeing stocks fall around the world, following friday's almost 400 point selloff on the doubt. for more on the markets, let's head over to jon. remarkable.nathan: you see the follow-through to asia and europe from friday's ugly session. the dax is down by two percentage points. are highly classes correlated. the dollar-yen lower, is also a stronger dollar story with the bloomberg dollar index up by .2%. risk off in commodities as you would expect. wti and crude coming in by two percentage points. are driven byly was happening in

this is bloomberg. ♪ alix: this is "bloomberg ," i'm alix steel.up, bob doll gives his outlook for equities in the fourth quarter. david: this is "bloomberg ," i'm david westin. tonight, donald trump will face hillary clinton on stage for the first presidential debate of the season. as the nominee's head into the highly anticipated debate, a national bloomberg poll out today shows trump and clinton in a tie with each candidate having the support of 46% of the voters. when third party can it's are included, trump actually leads clinton 43-41. let's bring in libby cantrill, thank you. indicateserg poll this and other polls point in the same direction. this is becoming a very narrow race. libby: it is. as poll should not be taken gospel, but when you look at the average of polls, they are also directionally similar, in that this race is definitely tightening. you're were talking about before it's also tightening in very critical swing states that hillary clinton has to hold should you want to get elected to the president. david: what's this mean i

alix: thank you so much, david.e is what you need to know at this hour. .ne down, one to go the bank of japan refraining from moving deeper into negative interest rate territory, shifting the focus to controlling the yield curve. interest rateits decision in about six and a half hours from now so while almost all economists expect the fed to hold off raising rates, investors will be looking for signals regarding the timing. voters are narrowly supporting hillary clinton in another sign of how the 2016 presidential race is fracturing traditional voting blocs. 46% to beat donald trump 40 2% among likely voters with an annual household income of $100,000 or more. that is what you need to know. we are still looking at markets. session,e highs of the the risk on continuing slightly. jonathan: futures positive, up 4/10 of 1%. the s&p 500, a rally in europe. the ftse up by one third. the fx market capturing some of the boj story as dollar-yen higher. with ahow we trade now stronger japanese yen. q e infinity, maybe but the

alix: thank you.4% on that breaking news that it is raising its third-quarter revenue guidance, replenishing their pc supply chain inventory. gross margins will be 62% and r&d will also rise, so better pc market from intel and that stock on the rise premarket. coming up, black racks insulation bets. ieder one with rick r my he is shunning those. and the obama administration giving israel the largest a deal the u.s. has ever given to any country. we will speak with israel top finance minister officials later in the show. this is bloomberg. ♪ ."vid: this is "bloomberg the big news in the bond markets over the last few days has been the steepening yield curve around the world and setter with the japanese government bond and it's both over into the global market. we have a chart showing the spread between the yield on the u.s. treasuries to year and 30 year bond. although it has been coming down for much of the year, you can see a sharp rise in september. rick rieder is still with us and he understan

this is bloomberg. ♪ alix: this is. i'm alix steel.ore drilling has one of the best credit rating in the oil services group. stock has gotten hammered. tisch is chairman of diamond offshore and president and ceo of loans. an insideally give us look into the oil community. the first thing oil companies are going to want to do is increase production. surplus forng a longer in 2017. what's your oil price call? have sworn off making oil price calls for six months from because it's impossible to gauge what's going to happen over the next six months. over the next two years i think oil is going to go to 70 to $80 a barrel. the industry is dramatically under investing in now. there's not going to be enough production two years from now to satisfy the worldwide demand and so prices are naturally going to go up. is theart of the story massive decline we have seen in offshore day rig rate. if you take a look at the chart the average rate has been completely hammered over the last few years. that doesn't seem to be recovering anytime soon for off

this is bloomberg. ♪ alix: this is bloomberg . i am alix steel.oing to cut production but this is why it may not matter to prices, three charts. this is the call on opec crude for 2017. this is a proposed cut, the market range we are looking at. that looks good, however if you take a look at adding nigeria and libya, which commerzbank thinks could be as much as one billion barrels of oil a day you are up to 34 billion barrels, more than demand needs. the other big part of it has to do with opec not being able to effect prices like it used to. this brings us to a pivotal point which is the cost curve. 2009white line shows in you had about 10,000 barrels of oil could only put -- could only be produced for under $80 a barrel. in 2014 you can produce as much as 25,000 barrels a day for under $80 a barrel. in 2016 you can produce as much as 35,000 barrels a day for under $80. shale had lowered the cost curve that opec may not be able to affect the cut -- price curve like it used to. arabia mightdi have to keep on pumping production, get any kind of vol

alix: thank you so much.h suzy wo -- susie huang, morgan stanley plus head of m&a in the americas. this is the ninth conference. what are the really big themes this year for you? susie: thank you for having me, first of all. the themes are, broadly -- we have an interesting audience, because it is half corporate and have investors, and they are very senior people. women, happened to be but they are interested in the same things business people would be interested in. we talk about politics, investing. we have ceo's come and talk about managing change and strategic transformation. and those are the themes every time. just have a little different environment each time. alix: a conference on how to do business. every day, i am talking about a 25--- 25 point height, brexit, and opec, because i like oil. businessmen,, politicians worried about the same things i talk about on tv? i think they worry about those things and those are going to be topics of conversation. let me separate it. think at the conference we ar

this is bloomberg. ♪ ♪ alix: this is "bloomberg ." i am alix steel., we will discuss the economy, rates, and the u.s. election with our guest. ♪ bloomberg your business flash. try to figure out how big a penalty can be imposed on volkswagen without putting them out of business. the government and vw are trying to reach a settlement on the emissions scandal before a new president takes hold in january. they have already agreed to pay over $16 billion in the u.s. the u.s. labor department will conduct a top to bottom later investigation of wells fargo. the probe was asked for after the bank was caught creating over 2 million fake accounts for customers. they believe the bank may have put undue pressure on employees. edutainment -- entertainment has reached a new deal with its creditors. the deal ends two years of court fights. that is your bloomberg business flash. this is bloomberg. david: thank you, and i. you,arrack is -- thank emma. tom barrack is still with us. he's going to talk with us about his business here. how bad a rate hike hurt your busine

we trade at 2.366%, alix. yes, we do. yesterday we had a decidedly brainard's ove after speech, right? are we looking at a regime into higherhe market yield out of the risk for yield today just a pause? >> well, i think this really three nearly two to weeks ago when jgb began to reverse. quiet riot in the jgb market. really the follow on from that post the ecb meeting in which there was really no signs qe.any further we've got selloff through the uk markets.ond finally on friday into the u.s. so i think we're in a period at the markets ere will test the upside yields on these government bond markets to what point things have to turn around and be much more dovish. markets, equity markets will probably trade very quietly. nd more importantly the boj meeting next week. the question is, how do you find those uncorrelated assets? at bank of a look america multistrategy index one day percentage move, this should be the calm. you shouldn't see big moves in the kind of correlation, sean. we do see a go if pickup involved? good l

alix: wow.o the composition that conversation that it hurts revenue over time is no longer an accurate statement for oil should -- shale oil? scott: especially in the permian . alix: that is an incredible statement. i know you are retiring. you sold everything in 2010, 2011 and focused on the permian. what is the next permian? istt: the permian going to produce for the next 100 years. vonnie: time for the bloomberg business flash. ceo plans to sell more than 2 million shares of the sportswear company he founded. the stake is valued at $72 million as of today. enteredmour says he into a range deal starting nine months in october. my line executive's on capitol hill next week -- mylan executives are on capitol hill next week to discuss epipen prices. mylan also plans to address the house oversight committee next week. that is your bloomberg business flash update. optionshad, inside. yum! brands includes taco bell, kfc, and pizza hut. it has big plans for operations in china. we will discuss the st

spoke with lynn good alix steel.oving to a lower carbon objectivepart of our and challenge as we go forward because we believe lowering carbon is an appropriate thing for us to pursue. mover around early natural gas come also around renewable investment. you slow yourmake pace of retiring those coal plants if you see trump in the white house? were mercury rules that came into effect in 2015. that set the pace for retirements through 2020 and we continue to look at whether or not the investments required to keep these assets running make economic sense. those decisions are something we have to make no matter who is in the white house. do you speed up investments if you get a clinton white house? lynn: renewables will continue to be part of the mix. we have been wind and solar investors and also investing in battery technology. those investments make sense economically as the customers ask for more of it. that will be part of the solution. along with natural gas. maintaining that balanced portfolio is something we are

alix wins by a whisker. well done to you both.up, carson block tells us about his legal battle with subdued medical and whether he is still sorting the company. ♪ this is bloomberg. vonnie: live from london and new york, i am vonnie quinn. mark: this is the european close on bloomberg markets. ofnie: i think dissemination misleading information, we spoke to carson block in zurich. is he still short the stock? >> we are still short saint jude. matter, we have never commented on the size of our position. it's a meaningful position. we are still short. obviously, the next few weeks and months could see a number of interesting developments in that story. >> let's talk about that. there is a split between what you are presenting. i am hearing you will get another piece of information and another substantial piece of information. is that correct? is there more to come on the validation from your side? >> if you asked me this question week ago, i answer would be absolutely yes. that saint lawsuit jude has filed recently,f we release addi

alix: youthe boj and pimco is raising the question. jonathan: for the fed, a big day coming up. coming up in the next hour. alix: you

[laughter] alix: 60. 50. mr.oley: at 50, good returns -- how much of a premium do you want to pay to get the acreage over that? alix: how much of a payment you want to play -- pay, david foley, blackrock? mr. foley: [laughter] like to get in on the ground floor. we will spend time to the technical analysis to discern -- either to see someone come in, pitch for an investment when they do not have 20% returns on each well. nobody has bad wells. of course, the truth is somewhat different. by doing a substantial amount of work on the geology -- trying to discern how much of your acreage is in the suite spot. quickly, paying up for that -- the second deal we did was in the delaware basin, which is less mature, less understood. littlewe have to be a ahead, would have a little different view that the vast majority. what kind of returns do you target -- you need 50, 70? mr. foley: we are looking at building a business over time. it is not just a well. you can get suffered in on a well. it is more of a retail investor thi

alix: you have goldman sachs saying lower for longer.e investment potential. 50 others are saying we are going to see higher oil because it is a tighter investment now. tom: "bloomberg " coming up. final thoughts with lakshman achuthan. i want to talk about the clear and present paycheck, which, i guess, is pretty good for america. lakshman: there was a story earlier that wages have really bounced back. absolutely true. but because the deflator used to calculate that went to zero when oil plunged and you had a firming and economic growth, which is now behind us. since early 15, we have been slowing again. that's after that income data. the income issue is, with little fits and starts, not going to change dramatically. that's the fundamental problem. and that's all part of the slower and slower growth that we are having. the tiny bit of good news is that, in the forward-looking data, very distinct from wages and sales and gdp and jobs -- the forward-looking data is a little bit of an uptick. it may turn into something better. it's too

alix: i go on vacation -- what happened? global bond selloff, yields are backing up. david:

david westen, and alix steel.tle bit of risk off. -- alix: john cryan saying there is no basis for the speculation. jonathan: it is a small group of 20 million -- falling to john cryan. repressing once again. equity, a new record low. that breaking through the february

alix: we get 12 speakers between next monday and thursday.ion, you will definitely getting it. that he will deftly begetting it. david:

. ♪ joe: i am alix steel. "what'd you miss?" a caffeine low.the best performing commodities is coffee. there is a concern a drought will hurt brazilian output. you are looking at the price and supply situation for the coffee favored by starbucks. down thes been going last couple of months and years. it is at the lowest since march 2000. , prices aretime turning higher. look for that rally to continue is stockpiles continue to shrink. matt: do you drink coffee? scarlet: no, i don't. have seen joe at 5:00 in the morning and he has already have three cups. joe: that's true. here is a chart i look at from time to time, one of my favorite indicators. one of my favorite ways to look at it as nonseasonally adjusted claims smoothed out. we have a killer number, the 52 week moving average line hitting a new low. it is amazing how stable it is. you like to point out initial claims over four decades since they have been this low. things thatof those if the economy were slowing down, we would expect to see this increase. it is just not happening yet. that

alix: oil was declining 1%. they moved positively.i's offered to cut oil output if iran freezes in their output. this is a five day chart of what has happened to oil. what is it about? as the opec meeting monday? is it about the fed or the dollar? is it a risk on rally? >> i think the oil prices this week benefited from the fed. and some stats we got from the department of energy showing crude oil dropped again a second consecutive week. but i think oil caught a break. the next big thing coming up is a producer meeting in algiers. and an official opec meeting in vienna in november. it is no sweat off the saudi's back to say they will cut production, because their production seasonally declines. the real issue is whether iran will freeze production at 6 million barrels per day. ♪ ♪ angie: welcome back to "bloomberg best." i am angie lau. political leaders from around the world gathered at the united nations general assembly this week, and several heads of state to time to speak with bloomberg television. brazil and turkey are both deal

alix: u.s. markets, investors pulling money out of stocks. year treasury futures market, they are the least bullish. wonder if i can draw

the games faced a serious budget shortful after overspending during the alix:, and up until recently,he ticket sales were insufficient. e ticket buying campaign represented rectify the situation, as well as a sudden injection of funds from rio and companies. >> these are the people's games. ticket sales now are above 200,000. the venues are ready. the athletes are in the village. i am going there now. i was there yesterday. they were happy with facilities. >> there will be over 4,300 athletes from 61 countries with one notable competition, russia, spended because of doping concerns. they will have to navigate around a city that is not ten praised for its accessibility o the disabledle while the olympic park can be reached by transit, other stadiums are in hard to reach areas. >> authorities in france have foiled a scam involving the theft of millions of you'res worth of art works from a prestigious art house here in paris. it to be seven years for the investigation after a tip by an monday us in source. here is the story. >> being the world's oldest auction house, it handles up to a m

preorder on indiegogo it will likely hit stores in march of 2017and will sell for $149 for circa, i'm alix switch to centurylink and get up to 40 megs of high-speed internet for just $20 a month. that's the speed you need to stream... ...game... ...connect on social media... learn, shop and more with fast in-home wifi. so call 844-565-link. get up to 40 megs of high-speed internet for just $20 a month for one year when bundled with a qualifying home phone plan. speed may not be available in your area. call today. we upped the ante at culver's to create the new crispy southwest chicken sandwich. all-natural, whole white meat chicken breast. topped with spicy pepper jack cheese and jalape?o ranch. on a lightly buttered, toasted ciabatta roll. the perfect cheese for pepper jack is going to be creamy and mild, y going to tone down the spiciness of the peppers. you're going to taste the cheese first, and then you're going to get just a little bit of warmth from the peppers. it's really good. a bold new flavor and only here for a limited time. mmmhmm. state is home to neay four-million cattle -

alix: the super bowl of financial markets is wednesday.l, but morgan stanley is out with a note today saying the yield curve in japan met stephen anymore. we've seen a 50% retracement from january levels. they don't want that mu o

alix: welcome to bloomberg . i am alix steel with jonathan ferro and davd westin.king news. jonathan: rates unchanged at a long time -- at a that's at an all-time low. back in line with expectations with pretty much everyone. the key line here is the majority of the committee over the bank of england expects a rate cut as far as the august outlook is concerned. in the august outlook, they were still pretty pessimistic. what we have seen is the data starting to come back just a little bit, the data in the pmi has continued to hold up.

later today, alix steel in conversation with a mathematician, james gorman.ng up across bloomberg television and bloomberg radio today on economics, finance, and these most-interesting markets. it is the new york yankees' new york. ♪ ceo roles out. >> forfeits. the wells fargo ceo will forfeit stock and salary as a result of that scandal involving bogus accounts. >> saudi arabia may compromise on iran >>. i'm jonathan ferro alongside david westin and alix steel. working in overdrive. we have had headline after headline this morning about deutsche bank. >> we keep talking about the fact that it is deutsche bank specific and that it is deutsche bank debt. it is a deutsche bank story.

alix: it was an unbelievable meeting.to execute that hawkish hold it seemed like december is on the table but longer-term those doubts continue to come down. david: it wasn't just talk, there were three dissenters first of that was a big shift. as you say, longer-term not so much. alix: they're going to three times since 1992 will we

alix: this is on

alix is in the studio. i know you have a great show lined up.r chancellor george osborne. yes, we will speak about the economy, the fed, and the election. george osborne is an exclusive interview talking about what brexit winds up meaning. but what are the implications? we will be talking with tom barrett. elections front and center. markets front and center. a supporter of donald trump. i want to get his take not only on the debate, but about taxes, about debt, about how donald trump would pay for his plan. tom: it has been a wonderful "surveillance" so far this morning. we will go on on the radio. we were just reminiscing about morgan stanley, robert ferrell of merrill lynch. an annual visit to bloomberg surveillance. montreal stepped on the ice the first time this season. on politics, how do you fold our zany politics into your analysis of our economics? -- >> i think for the time being the impact is going to be to the market, and probably it will be temporary. now everybody talks about is if trump wins the election that there is going to be

nothing fundamentally has changed alix. a rotation been within the aspect class market.fund level. level at september 5.5. >> you wonder whether that comes given what we've seen.

alix: some are winning and losing this morning.ulie: american airlines is out with their traffic numbers. the company is referring -- reaffirming unit revenue will fall by 5%. that's an important number. the shares are down. ual came out with its august traffic numbers on friday. traffic is up 6/10 of 1%. capacity rose by 1.9%. those are not down by is much. 3%, which is a little bit of an increase. we are looking at ch robinson, the trucking company. the analyst says they could face a difficult near-term outlook because of stabilization in trucking markets. the price was cut to $72. , those shares are up 2%. elon musk has unveiled a new version of the autopilot program. it has come under some scrutiny after it was related to the death of the driver in may. the biggest change is radar will pay a bigger role. it will be more reliant on radar to sense where the other cars are in relation to the tesla. thanks a lot. still ahead, another big scoop from our global deals team. gas giants are in merger talk. why the deal collapsed and the

alix steel is standing by. >> thank you for being here. it is nice to be with you.day at the executive senior conference executives from around the country. be uncertainty, you also have brexit. most worried about . the fed elections in the u.s., the chinese economy, i put those as the top three right now. whereis never a decade business leaders coming your job is to sort through that which matters from that which doesn't. not look for perfection in making decisions but moving your organization forward. big banks, what do you do, would you go, you did not mention that risk. >> brexit happened, so we are dealing with certainty to some extent. we know that has happened. financial institutions, as the rules unfold, we will see what we do in terms of resources generally. brexit will unfold over a couple of years and the election will happen. or not move on interest rates and the chinese economy is the big enchilada. >> you mentioned before brexit happened, they were saying they would have to move about 1000 workers. do you have a better estimate or a headcount? really w

alix: more public and but what else?blican than but it is more public and then we saw in 2008 or 2012. people say 2008, that is eight years ago. things should look the same. as you know it change the way we understand how elections can be one. i wanted to go back to see has -- what happens before that? we uncovered it looks like 2004. there's a misperception. that is not the case. donny: i want to talk about the john kasich factor. -- thean approval rating endorsement doesn't matter that much. is it fair to say because each of these candidates has 100%, are so polarizing, the endorsement actor is a nonissue. >> i think there is a role john kasich may be playing in ohio. he is virtually as popular with democrats as republicans and that is almost unheard of in this age of polarization or everybody wants to hate everybody. the facts that he score so well broadly across the board to me has created an atmosphere where it is ok to like republicans in ohio. i can't say that would have been true for the past two elections before

alix: and also how deep the red is. joe: the deeper the red, more losses. joining us now is the chief international economist at deutsche bank securities. many bonds selling off. that seems to be the catalyst for the market anxiety in places like i just showed. is it worth it to run this yield back up? >> fundamentals have slowly been getting better, not only for the so inut a little bit japan. what we are seeing is that meanwhile, fundamentals are getting better. the carriage rate has kept yields for a long time. i will get to this inflection point where the fed is thinking about new rates, and the ecb is indicating to extend the program not quite yet. there is this context between fundamentals and the 100 yields. matt: how much is it fundamentals and how much is it three other things? people talk about if the economy isn't great, further bond buying isn't doing the trick, some people expect to seem -- see some other approach. how much is that factoring into this? torsten: that is important. also the fact that the 100 yields and people are changing returns

alix: if you take a look at home prices, up 5%, personal income up more than 2% cured how much housingreciation can we see without income rising just as much? dr. shiller: there has been a lot of momentum in home prices. there are different from the stock market. they have been going up since 2012, but at a slower pace. it was more like 10%. now i am kind of worried that it will slow further. seasonally adjusted, we are just about flat, no change. so have the cities are down slightly. it seems to be a weakening mark. it was still an apparent uptrend. caroline: in london, the minute we see a cooling down, panic strikes. we focus so much on what that makes us feel from a consumer point of view. does this spell doom and gloom going forward for the u.s. economy? dr. shiller: doom and gloom is too strong a word. housing is a very strong-willed effect because housing is held more broadly than stocks are, and it is not held in a retirement portfolio. people see it, and they are very aware of these house price movements, so i think it is possible that there could be weakness coming this fall w

alix steel is off. we saw a really aggressive bondage shakeout in 2015.the rally, the catalyst and the focus for everyone is tokyo, japan, and what the boj may do with the legalities of the bond buying program. it means a steeper curve. the question is if we will see that elsewhere. david: even with globalization of trade, there is globalization of the bond markets. what happens in tokyo affects every bond around the world. the correlation between low securities and the rest of the global bond market is a credibly tight. compared to 12 months ago. david: it is a remarkable story. in the united states with the fed, we will have the governor's speech on monday. is it a risk event to call for a september rate hike? the former minneapolis said president gary stern is coming up. first, let's check in with the markets with jonathan. jonathan: a hint of risk off with futures marginally negative by 4/10 of 1%. the ftse 100 is down. u.s. equity market, 43 consecutive days of no move. been quiet. things are starting to get choppy. even in the fx market, the stronge

alix steel is off. we continue the central bank discussion, the countdown to september 21. david: we have five different fed presidents talking, ecb coming up, boj. focus in i think the japan is the idea that they may allow the yield curve to steepen and that could be quite pivotal. david: they stopped buying the 30 year bonds which was controlling the yield curve. jonathan: that has films wagging. wagging. kit juckes will join us in a moment. jonathan: looking at the msci world index global stocks, and august 2015 hi. 600 aope, the stoxx january 2016 high up one quarter of 1%. the story in the fx market is a little bit of dollar softness. we come in 2/10 of 1%. the cable rate pushes up to one point at 133. a fifth straight day of gains. the discussion for this program in the next 10 minutes, are the bears in the u.k. starting to capitulate? in the bond market, the bulls are not capitulating. crude gets back to work with a little bit of rally and russia joins the output. in the bond market, the story of last week, the long end of the jgb curve, the worst week for 30 year ja

that's whey think, alix. >> well, your words attribute to the positive nature of the human spirit. rehema, thank you so much for recalling thoughts from 15 years ago and giving us an update on the commemorative activities there today in lower manhattan. let's go now to nbc's kristin welker. kristin has been outside of chelsea clinton's pashth aapart there is a good reason for that as her mother showed up rather unannounced probably not feeling so well and wanting to seek some air conditioning given it's horrible weather while she was at the ceremonies. tell us about what happened, how long the secretary was there, and what you have known since, what you found out. >> reporter: well, secretary clinton left the 9/11 memorial just after 9:30, came to daughter chelsea's apartment, and she left just moments ago. she walked out. she was smiling. we shouted questions at her. we said how are you feeling? she said i'm feeling much better after an episode which the campaign describes as secretary clinton becoming overheated. take a look at the video and then we'll discuss it on the other sid