we should not stop at market. all neighbourhoods of sf deserve red lines for faster bus services and safe sidewalks and access to shared' bikes and scooters without supply caps or vendor bands and of course the choice of safe streets. thank you for the staff for all their work and i hope we can bring this to the city. thank you. >> thank you, very much. next speaker, please. >> james seafort, see era reed. >> jeff hover. directors, thank you for the opportunity to comment today. thank you to the various. >> good afternoon, i bike to work in san francisco. i'm here in support the better market street project as the part of the vision for a car-free market street. this complete transformation of market street, the busiest corridor for biking, walking and transit, is an essential step towards our city becoming people-first, community-first instead of car first. the better market street project will not only redefine san francisco to follow in our footsteps and this project brings. thank you. >> next speaker, please.

in the loan market. would not say by it in isolation. across the markets in credit, there is a lot of this version. if you can utilize different --ions, you can capitalize creating good income and avoiding downside risk. jonathan: kathy, build on that. kathy: i disagree, to be perfectly honest. when and if the market turns, this differentiation will not help a whole lot. is,loan market being as it i would say you are better off moving into high-yield then you are staying in the loan market. looking at high-yield, we have had three scares. we got close to the type of the year. did not even get to 4.50 this time. what does that tell you? kathy: the search for yield is still really intent. as the fed lowers rates, people will continue to pile into things that offer yield, irrespective of the quality. that is why we have been cautious on high-yield as well. jonathan: any reason to believe that demand goes away? to breakpreads start out toward 4.50, the buying comes back in. any reason to believe that goes aw

have become low beta markets.key to unlocking things in terms of releasing that u.s. dollar bid, creating more activity on the trade front and making emerging market and journal look appealing? in general look appealing? >> i'm sure a resolution in general would produce short-term momentum, but we are not clear that is the underlying problem with emerging markets. first of all, if you look at china,ng markets ex- exports, markets, they have not done particularly well, so we think the real issue is the slow down in industrial production in the slow down in trade. caroline: when you're looking at the conviction because you have, russia, thailand, are you looking at foreign assets, foreign-currency-related assets, denominated dollar debt in russia? investors,nly equity so we look at the equity markets in the currency. so on both thailand and russia, obviously from the perspective of western political orthodoxy, would not be considered ideal government formats, but it turns out both from the perspective of macroeconom

market. >> the downward yield direction. a lot of bad news already in there. therefore you might see a bit of a bigger bounce higher if you get a positive number. again i think if you see a number around 100,000 -- there is no magic number here. i do worry though a number below 100,000 is clearly below the break even rate at which the jobs market is expanding and will tell that you there is real risk the unemployment rates rise for bad reasons. if you see that print i do worry the market will be believes believing that there are higher risks of a recession in the near term it's not the baseline. but if you see the jobs market and consumer go, we know the consumer mab keeping the economy resilient right now. if those factors fade i think you need to worry about the permanent slowdown in the u.s. >> let me ask you, gm, 48,000 workers currently still employed,right, although i think they are getting $250 a we can when does that bleed through how long does that last before maybe the suppliers or

the market. stocks have been ramping in the past 30 minutes, got above the closing high on the s&p on a big day for the semis thanks to intel. all but hitting a new record, as well. names like jp morgan, so many more hitting 52-week highs today. we are about a point away from a new high. is this the beginning of that long-awaited ramp that we've been waiting so long for >> what drove the market was off to a decent start anyway and then the china news. then the market went to hyperdrive. so if that's the case, if we have a meaningful agreement with china, we really don't know the details, that could, in fact, increase the trading range. so go through it. i thought there was a bias of the upside slightly. some numbers are good, some are bad. it's very encouraging when you get a print like amazon to see it recover as it's recovered. and i've seen this that the market is more than any quarter i remember is being rational how they are looking at stocks, rewarding ones that should be rewarded, looking

global market. lowest manufacturing jobs gained, slower hiring, a drop in business hirings, and the worst services index in three years. take a listen to what fed speakers had to say. >> you have idiosyncratic the laborat affect market and inflation rates. it is not just the labor market. >> trade uncertainty has been very important for the weakness in manufacturing. i have talked to so many business executives, manufacturing executives, who have indicated there is a good deal of uncertainty. look at the cyclical part, it certainly is correlating with tightness in the labor market. >> we are seeing signs of the economy slowing, and we want to get monetary policy positions to keep the economy growing at a sustainable pace. >> everyone has been more cautious, and we have not seen the increase in the business inspected on thepected on heels of -- we expected on the heels of tax cuts and mobile tax reform. anna: some of the fed presidents commenting on a weakening u.s. economy. disappointing data forms

the job market remains strong.he unemployment rate has been near half century lows for year-and-a-half. the pace of job gains has eased this year but has remained solid. we expected some slowing after last year's strong pace. participation in the labor force by people in their prime working years has been increasing. wages have been rising particularly for lower paying jobs. people who live and work in low and middle income community tell us that many who have struggled to find work are now getting opportunity to add new and better chapters to their lives. this underscores for us the importance of sustaining the expansion, so that the strong job market reaches more of those left behind. inflation continues to run below our symmetric 2% objective. over the 12 months through august total pce inflation was 1.4%, and core inflation was 1.8%. inflation pressures remain muted and indicators of longer term inflation expectations are the lower end of their historic ranges. we're mindful that continued below target inflatio

come to the market.nherently, the market is more levered. thirdly, instead of two years ago having a rising rate environment, we have an environment where libor is declining. all of those things are negative from a loan market perspective. there are couple of different stories, which are not different from the rest of the broader markets, including credit. higher quality is still doing ok. it is the lower part of the market that has bifurcated and has been pretty negative. we continue to be cautious across the market. loans generally look more like a secured high-yield bond market than the historical bond market. there are pockets where you can find good spread and risk, but similar to the high-yield market, you have to be careful. kathy: we have not liked the loan market for some time. why are you buying loans when rates are going down? jonathan: that is my question. is this about floating rate and no appetite for it or credit risk building? kathy: both. you see the decline in credit quality, you have s

>> the stock market goes down. >> if we head into a recession the stock market will go down. >> the dialog -- when you talk about the consumer the consumer -- >> status quo on trade which is nothing. >> right. >> and earnings trickle out disappointing. >> it's -- >> that's different. that's not necessarily recession. >> always a dialog that accompanies the no action, right. if the dialog is negative, if trump comes out and says, i'm slapping those tariffs on that i delayed, then the market is going down that's what it's going to be in terms of the consumer we keep relying on consumer. the consumer sentiment numbers have been coming done. you saw them pop in september and i bet they will come down more because of all the acrimony in the headlines you've seen job growth is slowing. yeah, we're at full employment now, but the market knows that i think you can't rely on the consumer so much going forward that they're going to weaken. >> that's an obviously big question is whether the consumer which has been the pilar of strength, will weaken. >> there's an argument that household format

we're showing you a cross section of what market street looks like with better market street. we're still keeping four lanes of traffic, two lanes in each direction and as we mentioned already, market would be car free east of 12 streets. what this means is that we'll be able to make the centre lane muni only. meaning there would not be a bus and taxi lane like it is today. taxis would be sharing the curb lane with local buses, commercial vehicles and paratransit. we have a bike lane, continuous from octavia to the ferry plaza. typically as christina described it's eight feet wide but we've had to make design modifications. so what this graph is showing, on the left side, where we have a curbside transit stop, we have narrowed the bike way to about six feet wide to fit in that curbside transit stop. with the bicycle way going behind it. on the right side, where we have a centre boarding island, we have maintained the sidewalk level bike lane at about eight feet but that buffer space is eliminated. however, throughout the whole corridor, we're still maintaining that street life

and the market's a believer right now. we're about 90 minutes away from the big meeting between the two countries. can they deliver on this deal? we'll debate that. plus the good vibes are flowing from the shores of the uk today. could a brexit deal get done and how much as this concern been weighing on global markets all that plus roku keeps rocking. how much would you need to be fied give up going and is china ready to make nice with the nba again it's all ahead rapid fire. seema has the numbers today. >> market hopes building around trade talks that are happening in d.c. take a look at the major averages at this hour. the dow and se&p 500 to snap a three-week losing treek. we're up around 1.5%, best performing sectors industrials and materials as investors keep a close high on those trade talks in d.c., we're now about 2% away from the all-time highs we hit back in july. now, following a very strong session overseas, this really has been a global market rally. we have the shanghai composite, markets in japan closing hig

equity markets -- bright red. equity markets have had a tough session. down-way throughout the session. stoxx 600 down 2.58%. the trajectory has been down and on decent volume. let's take a look at the major markets around europe. the ftse 100 is taking it hard today. down 3.12%. the pound has rallied this afternoon, which may account for some of the losses we have seen. oil stocks taking a big chunk out of the market. the cac 40 down 2.9%. it has been a steady progression of negative news for the european equity markets throughout the day. the bond markets look different across the atlantic. let's take a quick look at what we are seeing in terms of the sector breakdown. every sector in europe is a negative territory. if we look at the winners versus the losers, many more stocks on the losers side of the ledger. real estate is the best performing sector in europe, down 1.63%. travel and leisure down as well. ,elecoms and food and beverage some of the more defensive names doing better than the market. the bottom end looks like this. this is where the real

really not market is a functioning market at the moment.tate owned banks partaking in massive intervention. the treasury has killed the offshore market by warning local banks not to fight liquidity. -- foreigners are watching this, trying to figure out how best to play. two things i think are important. develop an on the ground in syria, whether we see a halt to hostilities. the second is what happens in terms of u.s. domestic politics. the market was surprised by the sanctions this time around. it was driven by trump's problems mystically with the impeachment. -- problems domestically with the impeachment. he held the line because of his close friendship between trump team he had no political capital left. he had to throw in the towel. it looks as though or sanctions are coming down the pike from the house. he certainly has no friends in d.c. at the moment. guy: we have some breaking news. vonnie: on g.m., it looks like the uaw has sent a proposed tentative agreement to g.m. reported on the program yesterday. there was a good sign there wa

the market certainly is. why did the market get this one wrong? the market was much more concerned yesterday with the numbers after the bell. shares were still down, but you are seeing a bit of recovery from what we saw. you are right to mentioned the drop in profit for the first time this quarter, going back in about two years, is a big concern. that is the key in that chart, capex. the company is back in investment mode. capex is up 40%. i think what was worrying to analyst is the comely said they were going to a best -- going to invest about $1.5 billion in same-day delivery in the crucial holiday quarter. that is starting to take a little bit of a dent in profit. i think the market was just what's whatgure out with this quarter. ishink they see that amazon continuing to invest, and when they do, it eventually leads to growth, and eventually leads to profit, so analysts are hanging onto that for now. romaine: one of the other bright spots for amazon in previous quarters had been web services. growth still pretty high, but not necessarily as hig

then you also have the digital high yield and emerging markets platform which is market, mktx performing well within the capital markets, four names that will work right now while you're waiting for morgan stanley and goldman sachs to have the eventual turnaround. >> that one up 70% let's go to sue herera who has the headlines for us. >> thank you, scott. here's what's happening. uber and lyft drivers protesting over pay and working conditions bringing traffic in new york city to a nearly dead stop at rush hour this morning some cars attempted at times unsuccessfully to squeeze past the drivers' caravan which appeared to be dozens strong. >>> social security says million of retirees will get a 1.6% cost of living cease in 2020 about $24 more a month for the average retired worker retirees say the inflation yard stick used to determine the annual adjustment does not adequately reflect the cost that they have to pay >>> cuba gooding jr. has learned he's now facing a new undisclosed charge in his sexual misconduct case. a development that came to light as juror selection was set to begin fo

we had that brief panic in the market. the market is certainly focused on demand now.oth economic data, weakness coming out of the united states, weakness in germany. of course the ongoing trade war. brent and wti, though they are up this morning, they are down nearly 6% this week. it's the biggest weekly decline since july. that is one of the big questions i asked a lot of opec and o let -- opec plus ministers. what are the growing risks to growth demand? all they have acknowledged there is this gloom and doom, they were not ready to signal a change in strategy. take a listen. >> about some forces we are seeing. >> they are not focusing on supply. >> i'm sure demand will be growing. >> we will be able to take a decision to reduce or increase the production. however, a gloomy picture. >> how soon we will leave the volatility of 2019 behind? >> we will have to stay and watch how things develop before we react. >> it calls for our meetings to take any decisions. >> the biggest question facing this group is what to they do in the first week of december? is the status quo

market to companies like samsung that don't assemble phones for the u.s. market in china. i think some kind of interim deal or mini deal with a plan to continue talking would be the best outcome that we can get here >> how much does hong kong complicate the situation not just the fact the protesters took aim at some of the chinese cops over the weekend but the fact you have this nba mail storm because a general manager tweeted in support of the pro-democracy protesters china's response was to shut down a lot of the business that the rockets were doing this that country. what message does that send to the rest of the business community in. >> it's a strong message we've seen it before with marriott these political issues are ones that can be a mind field for american corporations. having said that, american corporations operating in china have over $300 billion worth of sales each year. companies are fienldsing a way to do it a very large multi-national said to me recently, they are one third consumers in the world they are where the growth is there's no way we're not going

jonathan: what is the market call?e: when we look under the hood, the market call for us is, do you want to own one single-b loan at libor plus 450, or a triple be tranche of clo's at libor plus 400, where you have diversity and a much broader range? the upper-quality bias is likely to persist as this shakes out, but the value argument across the market is starting to emerge. the advancement, one nice thing about rating cycles, you ultimately work through them. we are in the eye of the storm right now, especially going into year-end, when liquidity is thin. being a liquidity provider at a point in time where quality is compromised, that is a value trade. jonathan: you guys are sticking with me. coming up on the program, the final spread. the week ahead, featuring eu leaders gathering for a two-day summit in brussels. this is "bloomberg real yield." ♪ ♪ jonathan: i'm jonathan ferro. this is "bloomberg real yield." time for the final spread. coming up next week, we get some data out of china, trade numbers going through

here is how your money, markets and global markets are looking dow futures are indicating that the marketsill drop 136 points right now at the open. remember, what we have seen at 5:00 a.m. is that this trend tends to get magnified unless w see big data points that change it around. not saying things will get worse but we have seen this tend to accelerate as the traders come into their desks in new york now in bond, no big economic data out today later on this week, yes. and no earnings out today but of course the big earning season hard to believe already kicks off next week. right around the world you had china and hong kong closed for a national holiday the japanese market down fractionally .16 of 1% and south korean economy rose and australian as well in europe, not a major trend that we are seeing anywhere overseas yeah, there's a lot of red but the numbers there are quite small. >>> so, there's your set up. let's get to the news and begin, where else, with trade and the likely reason why futures are pointing to a lower open chinese officials are report lid growing hesitant to pursue

we have a number of developed markets and emerging markets.e were able to have them both growing quite nicely. we started to enter into a number of new channels, launched some innovations. it is a wide spectrum of topline growth initiative that we kicked off a year ago, and so far we seem very good results from that. caroline: that strategy of less cost focused, more topline growth focused, is interesting at the moment given the backlash to wework. in no way am i trying to compare or contrast your two businesses, but there is an element that investors focus more on cost discipline then topline growth. we do both, obviously, but i would say in the past, we were focused more on how to drive our bottom line to our cost focused. drive are trying to to more of a topline growth, which is a healthier equation. a business like ours needs to grow around the world, needs to sell more volumes every year. that is what i would call a virtuous circle. we invest more in our brands. we get volume growth, net revenue growth. that translates into more margin. p

what does it mean for the jobs market and the equity market?is bloomberg. ♪ everyone uses their phone differently. that'shy xfinity mobile lets you design your own data. you can share 1, 3, or 10 gigs of data between lines, mix in lines of unlimited, and switch it up at any time. all with millions of secure wifi hotspots and the best lte everywhere else. it's a different kind of wireless network, designed to save you money. switch and save up to $400 a year on your wireless bill. plus, get $250 back when you buy an eligible phone. that's simple. easy. awesome. call, click, or visit a store today. ♪ alix: this is "bloomberg daybreak." happy wednesday, everybody. we had a 1% selloff in the s&p yesterday. the risk aversion is really only felt within the equity market. european stocks getting hit the hardest. german institute coming out and lowering their german growth forecast for this year and next. in other asset classes, it doesn't really feel like. that much of a panic you do have a stronger dollar -- feel like that much of a panic. you do hav

that unnerved markets around the world.he dividing line between expansion and contraction and i want to show you another thing. typically, this services index tends to rise higher than the manufacturing index, so when it goes to 52 .6, it is a more serious signal. that is one of the things that is important. one of the problems is people are wondering to what extent is not just the trade war damage for manufacturing possibly spreading to services in the broader economy, globally, look what is going on. three major countries. go back to the library with me now and you will see that you have the u.s., china, and germany all below 50 now. of course, china not quite so bad. there's the u.s., but poor germany, last week, that really got the markets going when people saw that. today, once again, bond yields tumbling. german bond yields, u.s. bond yields because it looks like the damage is spreading and that will have big implications for banks. shery: we heard from some regional fed presidents. did we get any clue on how they mig

has held up the market buy backs. we'll have a lot this year, finish the year strong with buybacks other than that, there's no corporate cap-ex that peaked in the quarter of 2018 nothing exciting going on. cfos are pulling back. it's a tough time. diversified portfolio is looking pretty good. you're doing okay. >> we'll talk to you more on this market sell-off the next hour or so, covering all the angles today courtney reagan is tracking the nasdaq and deeper dive on the economic datea. bob to you first. >> it was rough right from the outset, 5-1. same now here. we saw transports week all day, energy retail. lenar had fantastic numbers overall. that's a new high for lennar and pulte even though it's down late in the day even though general motors numbers were better that's found as well. housing strong, auto is not so strong difficult parts in the state of the consumer right now guys, back to you. >> bob, thank you very much. nasdaq on pace for its lowest close since august courtney reagan is watching the movers there

as longstanding free market orthodoxy the us has long advocated for opening financial markets around the world to capital the fact that this discussion is even taking place is shocking to the whole international finance community. now with more on the field of battle for this global capital war we bring forward chief strategist of the trading welcome back now a treasury person says now that there are currently no plans to block chinese companies from being one listed on u.s. stock exchanges but they also say there is no time frame for implementation further fueling the uncertainty so is in your view is this a real threat or is this more of a bluff or is the uncertainty that the he can create the mr president term can create from the suggestion is that the move itself just to create more uncertainty . i think it's part of from you know art of the deal i think it's you know it's not that's in my opinion that's never going to happen there never the less these companies because it just it doesn't make sense it takes away money out of the flow of our markets so they're not going to do tha

didn't really tell the market anything it wasn't anticipating in the sense, the market has given the fed the leave to do what it did today. we'll see if this remains through the press conference this is an expected change that was really fully priced in to the curve of -- or the outlook of the term structure of the fed funds rate >> we have the shorter end, the two years, the five years, those are popping more obviously after this, so in other words, the curve is flattening a little bit. you can say not the sign you want, the steeper curve is usually the better sign, we finally goat to that place does this unwind that at all and if so, in a meaningful way >> i don't think this is going to be a detriment to sentiment if that's what you mean. people worried about a curve as a sign i don't think it matters that much right now you have this sentiment shift coming from taking some of the tail risks off the table in terms of brexit, we'll see what happens with trade, it's not happening in santiago any more, the worst case scenario has become a smaller probability and when we look at some o

share gains across the business market as well as the consumer market.s as if you are convincing some of the shareholders. freenet, standing firm with their objections. what is your relationship? are they engaging you? olaf: they initially supported the project and also supported the price and then made a u-turn february of this year. this was a big surprise to the board and management of sunrise the probably have more to do with their own issues and financial challenges. since then, they have come with a lot of different arguments but fundamentally, their arguments are not right and other shareholders are clearly choosing the camp of the management and the board, because the synergies make sense, industrial logic is there, and the dividend growth that is promised by the new company is very attractive. anna: thanks for joining us. the ceo of sunrise communications trying to get shareholders on board. the program, we will be watching for what jerome powell has to say later on today and we are keeping an eye on the u.s. and china and on their trade convers

the market is expensive. everyone wants the market to break out zdecisively or break down all the big names, 50% normal volume half the normal volume this week guys, back to you. >> bob, thank you very much for that see you later in the hour. shares of amazon are under pressure, although well off their lows of the session after an earnings miss, only down around 2%. we were down as much as 8% earlier. josh lipton has details for us hi, josh >> so, wilf, amazon delivered guidance that spooked investors. its forecast for q4 operating income well below what amazon expected that as amazon is in spending mode to make good on its goal to offer prime members one-day delivery the stock in the red, but as you mentioned, wilf, well off lows rbc's mark mahaney was on cnbc earlier today, saying, he would have bought the dip. it's the kind of investment, mahaney is arguing the company should make as it deepens the mote around its businesses guys, back to you. thank you for that, josh let's send it over to mark santoli for

market.re you seeing value in equity stocks? chris: we are seeing value in the u.s. and european market. it is selective value. we are not of the opinion there will be this great rotation but we do think select value opportunities are going to arrive. we are finding that in financials and the banking space. for the most part, what we think is many investors were too far into the global recession. now that we are having earnings coming out what we are seeing is value stocks performing well and numbers better than expected. nejra: with the u.k., are you waiting or already putting money to work in certain parts of the market? you mentioned financials, are you looking at financials or other sectors that might be of value? christopher: we are looking at european financials. it has been our opinion that what might happen if u.s. bank start to perform that european banks would start to follow suit. to a certain degree, we're seeing that transpire. we are finding value throughout the world and we loo

market. to japan and buy domestic equities but looking at the japanese market, the ewj is the most widely traded heaviest market cap and biggest volume etf that mirrors the japanese equity market in europe, not as much the green carry over some of the optimism not really there. seeing four of the five markets they are mildly lower. speaking of europe, we have some breaking news crossing right now. the eu granted the uk a brexit extension now until january 31st however, this will be flexible that means the uk could leave before january 31st if a brexit deal is ratified, but this news literally just crossing. we're seeing the pound move a little bit that deadline was supposed to be thursday halloween, october 31st, then they talked about extending it maybe doing it softly but the eu didn't want to tell the uk what to do. the eu now giving the uk three-month extension. breaking news, brexit deadline from the eu now officially passed into next year, 2020, january 31st, unless the uk can get its d

invest in in the real estate market, the private markets are healthy. some of it is the central bank is very accommodative. people feel there is an ecb put which is allowing people to be more active with the economic backdrop. jason: brexit's a pacific -- brexit, specifically, and you get into investment committee, how do you model that out? 12 years ago when we set the business up, we saw a meaningful shift in deal flow from the u.k. to the continent, so probably 65% of what we were doing five years ago was u.k. ased, 50% or lower, you see meaningful slowdown in transaction volume that has obviously affected capital flows. about sort of generally the credit market out there. how are companies feeling given some of the macro uncertainty? michael: there is a huge dichotomy right now in the world because markets crave certainty and we do not have a lot of it right now, and you cut look at what is happening to you could look at what is happening in the economy -- you could look at what is happening in the economy. questions about the health of the consumer

emerging markets from mt.tt in new hampshire. >> first more bullish on em debt than em equity in em debt you want countries that have high, brazil and indonesia and less exposed to the china trade wars >> lapels and everything >> no comment on my dress. >> fabulous. >> i won't look at your phone. >> got it going on today >> all right john rand in st. louis, missouri. baba too risky of a play >> no. late september, rand, 184 and pulled down into the low 160s. yesterday unusual activity in this name. they were buying the 185 calls, i believe. 180, 185 anyway, stock is up another 3 bucks today. i'd stick with it. >> phone is blowing up now their phone is blowing up. >> talking about the right side of the desk. >> all right, josh, brandon in georgia tdoc >> yeah, so, i own this one. very volatile but trading in a range. sub 5 billion dollar market cap. but i'm going to tell you something. amazon announced they're going to make virtual medicine available right now as part of their health care push for their own emp

markets as a whole. spending during the china week long national day holiday that was robust coming in at growth, returning to groelt of 8.5%. compare that with 6.7% decline we saw last year that's positive. big question moving forward is whether this represents just a flash in the pan, a one off or whether that's sustainable and continues. we should get some idea when we get the services sector pmi later on today and that should give us an indication how the chinese consumer is holding up i doubt you'll see any real conviction either way in the china markets until we get some real clarity on the final outcome of the trade discussions. back to you. >> thank you this week long holiday is typically a big spending week. we see a lot of travel in the casinos and in retail stores in china. >> look, what's happening in hong kong is particularly sad. there's a couple of things that it will affect it will affect real estate prices there's a huge property bubble you're seeing outflow of capital and people this is

markets >> there is a big difference between the stock and bond markets.o you believe the ecb and the fed have the ability to help i'm not talking about the stock market can they help those? >> i really don't think they can. these consumers at the moment are not struggling with high debt costs there is not the pent up demand to go out there and spend at the 75 basis point cut that will not effect credit card costs or auto loan costs there is not that margin to go out and spend right now. i don't think that the central banks can do a lot to help in the economy. that's why we are now shifting the narrative towards fiscal stimulus if we do get that coming down the pipe, that is something that can help the real economy and can help the direction going forward. >> it is october 9 you've heard brexit coming up october 31 i bed if you said to your boss, i'd like to take some is time off between now and the end of the month, they'd say you are crazy. how are you preparing? if we get the hard snap on october 31 >> the brexit conversation is difficult. one of my col

. >>> market selloff.tocks fall shaly the second straight day, marking a rocky two-day start for the quarter, testing investor confidence. >>> tonight we'll try and answer some keyso questions. why the sden reversal, what might happen next, and where long-term investotort can find opity. >>>> all that nd more tonight on "nightly business re rt" for thwednesday, october 2nd. >> good evening,veryone and welcome. >>> the ugly start to october got even uglier. the stock market selloff intensified a second straight day making an historically volatile period for the market even more so. as concerns over economino growh rattled investors. the dow jones industrial average some of the reasons are . familiar. but some are new. and we'll explore all of the tonight. but fir the closing numbers. the dow down 494 points to close just above 26,000. . the nasdaq off 123 and the s&p >>> now today's losses add to yesteriny's de obviously. in the past two days the dow fts more than 8 behind points. bun analyst described it a

for emergency markets.le the two may not have that much to do with each other, and we are looking at the rig counts as brian said that have come down, we also have to understand there is a certain interest elasticity for energy. we are seeing mergers, acquisitions in the oil field, people are not drilling as much as they were why not buy a going concern rather than one you have to drill for? i think the trade is looking right now and saying, okay, we are down, but are we getting toward the $50 range where the market should find some support. >> do you think lower oil prices hurt the u.s. economy more than help them right now? >> i'm sorry i didn't hear that. >> do you think lower oil prices hurt the u.s. economy more than help it right now? >> well, lower oil prices -- let's define lower a year ago we were about $7 lower at the beginning of the year, so we've come back quite a bit in the oilprices so the answer is not -- it doesn't hurt it because it puts money in a consumer's pocket at the end of the day,

columbus day has bond markets closed.quity markets are taking a signal from things like the fact that it is earnings week again. q3 earnings beginning to come in all week. , but&p 500 barely changed there are some things moving including the likes of nike which received an upgrade. -- weaker by 2/10 of 1%. reports, well the will see how that plays out. is weaker byira almost 1%. we will talk details in a few minutes. -- there was a deal. the active investors here. they have agreed to sell their management services business to some private equity investors. european markets, european stocks are down by half of 1%. the pound is also down. we had a massive rally on friday. the turkish index, the stock market, down by 5%. what istalk more about happening with turkey and syria later. let's get to the main story. china, once more talks have fallen citing the president's phase one deal. steven mnuchin says more talks and negotiations are on the calendar. we are joined by george saravelos, deutsche bank's global head of fx resear

markets.alfe about an hour and a into the trading day in the u.s. holdingmind, what's this up is premier league the defensive's and the utility sector, some consumer staples -- holding this up is primarily the defensives in the utility sector, some consumer staples. mcdonald's providing a little bit of a drag. take a look at what is happening in the treasury market. bond bulls undeterred. a lot of folks said this is going to be a dip buying opportunity, and that is what you are seeing. a lot of uncertainty that had driven the bond rally prior to that selloff, brexit, u.s -china trade, those have not been resolved, but you will see the bond bulls remain active in this market. we saw the dollar knocked down a peg. you are going to start to see the price action like this. take a look at gold. gold actually had a little bit of a bid earlier today. now it is flatlining, but holding at that $1500 an ounce level. a lot of analysts say that when you talk about the fair value of gold, they are looking

>> i like the marketing on it.sounds a lot better than just a partial trade deal skinny deal. >> unsatisfying. nobody wants a skinny -- a skinny deal, but that's all -- is that the best we can hope for? >> is china taking all of these other issues off the table what happens >> the issues we care most about, oh, yeah, we're not talking about those but we'll buy more soy beans >> 10 billion. >> maybe a skinny deal is better than no deal, an armistice, a truce. >> kick the can down the road, we'll come back later, right >> that sounds much worse than a skinny deal, yeah. >> eunice, thank you we will check in with you a little later. >>> in the meantime, the market's watching all of these global trade developments with high level negotiations between the u.s. and china set to begin tomorrow right here in the united states. joining us right now is eric knudson. charles campbell who's trading desk specialist at mkm partner and mike santoli, cnbc's senior markets commentator. mike, does the market want this skinny deal so

bond market.re are areas and pockets where you can find good spread and risk in the loan market but it is similar to the high-yield market in that you have to be careful. kathy: we have had a light loan market for some time. why are you buying loans when rates are going down? jonathan: is this about floating rate and no appetite for it or is there some credit risk? kathy: both. you have seen a decline in credit quality and falling rates. are finally seeing investors pushed back and deals not getting done. the combination says why be in the loan market? finding the about right bonds is the most critical piece. in general i don't like leverage loans. about hownt jim made it now looks like a high-yield market where you have to be careful and make sure you are involved in the right securities. i'm getting paid for the fact that the securities look like true high-yield. >> some of the issues we are seeing in leverage loans are quite similar to what we saw at the end of the year. what is intriguing is t

markets, but emerging markets as an asset class.e see this as an opportunity if you look across sectors and companies. alix: i started this segment talking about buying the short end, so i will end it talking about the long end. do you buy the long end? do you go long duration? sebastien: it is pretty much the only place you can get safety in portfolios at the moment. that explains in part to this unusual inversion of the yield curve. i say unusual because the yield curve has inverted before, but right now the thirst for duration, the need for protection in portfolios with global rates being so low is driving parts of that inversion. so the answer is that there aren't many asset classes directly at a broad level that can provide safety and diversification in portfolios, so duration has to be part of the mix for diversified, long-term investors. alix: really great to get your perspective, with lots of headlines coming out. sebastian page of t. rowe price, thank you very much. we do have some breaking news for you. anthem sports will

war. >> emerging markets.ike tech. you like discretionary we appreciate you having our back on "worldwide exchange. thank you very much, tim >> thank you for your time. >>> still on deck, weworks investor, the big one, softbank reportedly considering alleviating to the cash crunch but there's a big catch for floundering founder adam newman. we'll explain. >>> plus, tanks a lot, seeing the stocks skyrocket on quadrupling of fees on the high seas. >>> today on "squawk box" steven mnuchin we'll talk to him about where we really stand in trade that's a big one 8:00 a.m. eastern and we're back after this ♪ you should be mad they gave this guy a promotion. you should be mad at forced camaraderie. and you should be mad at tech that makes things worse. but you're not mad, because you have e*trade, who's tech makes life easier by automatically adding technical patterns on charts and helping you understand what they mean. don't get mad. get e*trade's simplified technical analysis. that's what happens in golf nothiand in

loan market.here are pockets where you can find good spread and risk, but similar to the high-yield market, you have to be careful. kathy: we have not liked the loan market for some time. why are you buying loans when rates are going down? jonathan: that is my question. is this about floating rate and no appetite for it or credit risk building? kathy: both. you see the decline in credit quality, you have seen falling rates, and the covenant light business. you are seeing investors push back on it, deals not getting done. the combination -- why be in the loan market? colin: jim's point about finding the right bonds is the most critical part. in general, do not like leveraged loans, but to the point that it behaves more like the high-yield market, you have to make sure that you are involved in the right securities. i am getting paid for the fact that the securities now look like true high-yield. jonathan: some of the issues we are seeing in leveraged loans are similar to what we saw at the back end

the market switched. once they became possessed with consistent earnings, what happened is nobody wanted to buy chewy chewy cocoa puff you still see a lot of ups men taking it. well, let's just say the man's man is get giving me a paper towel. in a brutal market, you need a straight forward consumer staple play and you know what i think? i think mccormick rocks! there is much more "mad money" including the nation's biggest payroll players. what can paychecks tell us about friday's job report? i'll as the ceo. and then charles schwab helped usher in the golden age of low cost online trading. could it kill the model and tonight's version of "the lightning round. stay with cramer your brain is an amazing thing. but as you get older, it naturally begins to change, causing a lack of sharpness, or even trouble with recall. thankfully, the breakthrough in prevagen helps your brain and actually improves memory. the secret is an ingredient originally discovered... in jellyfish. in clinical trials, prevagen has bee

and in the single market and pulling out of the customs market.re are many question marks regarding that. what is clear is that many think it is too little, too late and there is not enough time to get a deal done in two weeks. the scenario is likely that there will be another extension and this is still very much a political, domestic story in the u k that needs to play out before a final deal can be reached. manus: thank you for that's a t update. that succinc kathleen is joining us. how likely is the prospect of multiple whistleblowers coming out against donald trump? reporter: the issue he faces is that he has been portraying this as a rogue person out to get him and maybe in league with the democrats. the more people that come forward, now we had the second whistleblower potentially backing up the first whistleblower story, the more credence it lends to the democratic arguments. it couldhat potentially be very problematic for the president. we will have to wait and see what the second whistleblower has to say. whether there are new facts or a

the bond market not moving much. future and earnings not hurting the bond market. 1.77%. let's start with asia. japan continues its slow grind higher up now i think eight of the last nine sessions. in the nikkei and the european markets kind of similar. france mildly higher, ftse mildly higher. not a big trend either way back to your top story that is amazon, as we showed you. that stock getting hammered. down 5.5%. i guess that is relatively decent amazon was down as much as 9%. that stock prepared to show as much we talked about ford and mai marriott and fedex joining us now from london, elizabeth, what was the primary reason for the drop in profit for amazon this quarter? >> hi. that chart is not a pretty picture. the one-day shipping program brought an increase in shipping costs. they are said to spend billions in the holiday quarter to expand that guidance of higher spending is looking to have negative impact it will also increase spending on aws and sales force for on line advertising business. overall this drop in profit shows they are a little less focused on prof

the market is positive.oing everything it takes to buy back. >> what are you doing in north america to address these issues, and when do you see a turnaround there? >> it is actually not america. we have two divisions that are doing very well. there is the active cosmetics division. with two other divisions, consumer and luxury, and we are doing what we know what to do in terms of new launches, new communication, better commercial excellence, and we are confident that not this year, but the year -- because the year is almost over, but that next year we will see improvements. in terms of fragrance -- is that what you are going to keep, these new launches continuing to drive growth into 2020? >> i think so. we are very happy with the launches on the fragrance side. countries are in the top two, and it does not equalize at these two fragrances are very strong. we are also launching a new valentino fragrance, and we have soon the acquisition of two fragrances from france. boosting ourlly fragrance portfolio to m