right now to say what its inherent underlying value is you've got 40 percent for example of the standard and poor's $500.00 it's pulled guidance all earnings guidance for the year so if you're talking about the most traditional valuation metric the price to earnings ratio it's kind of undefined right now is so i mean we're an absolutely extraordinary times and yet we have the markets at all time highs that is what that policy is creating and the irony is that you know corporations have tacked on an additional trillion dollars of debt in very short order and this is just going to make them that much weaker than they were coming into the year if we don't have a true the shaped recovery and i mean full the shaped recovery this is going to leave that sector that much weaker and more to one of the things that's coming to my mind one thing of the financial reporting is that it's almost is if house the economy isn't necessary anywhere rob the people in the economy for it to continue to move forward i find that really quite bewildering because again if you look at you know a lot of financial news you know

standard and poors of five points. nasdaq leading the way. does, ap, as he often dr.oomberg ♪ . ♪ we should keep the current ofting of said funds -- set fed rates at 0% until we are well on track to achieve full employment and price stability. that probably is going to take 2.5-3 years. solid growth in the third quarter, a strong fourth quarter, above trend growth in 2021. my own forecast by 2023, and i know that is going out along ways, we could start to approach ,n unemployment rate below 4% 3.5%-4%. if you are a market participant, it gives you a signal you are going to need to take more risk. my concern is about building up access risk taking which could create fragility's and excesses in the system that are easier to see in hindsight that could create issues for us to meet our goals. tom: a strong day for michael mckean at kaplan hayes. bollard. james i think it has a good chance of working. i think the simple version of this is that the fed will be much less preemptive about trying to raise rates to contain inflation when inflation is below target. i am hopeful

was it a rout, was a pause that standard and poor's 500 is cratered, i say, 4.5%, back to where it wasago, just near the pre-pandemic, valentine's day peak. well, if you are in cash, now what? do the math. well, you can't. disagreeing economists. they agree there is mystery in this morning's jobs report. catherine mann in moments. and line-up the losers, from marines across a wheat field in france to a navy pilot midway to a guest at the hanoi hilton, president trump must confront the military amputees. good morning, everyone. this is "bloomberg surveillance." from new york, from london as well, in washington, francine, there is no other discussion by jeffrey goldberg's essay last night, released by "the atlantic." it created an

standard and poor's 500 is cratered, i say, 4.5%, back to where it was eight days ago, just near the pre-pandemic, valentine's day peak. well, if you are in cash, now what? do the math. well, you can't. disagreeing economists. they agree there is mystery in this morning's jobs report. catherine mann in moments. and line-up the losers, from marines across a wheat field in france to a navy pilot midway to a guest at the hanoi hilton, president trump must confront the military amputees. good morning, everyone. this is "bloomberg surveillance." from new york, from london as well, in washington, francine, there is no other discussion by jeffrey goldberg's essay last night, released by "the atlantic." it created an immediate firestorm. president trump aggressively denied the story, with, i believe, four sources cited early in the article. it is amazing how one story can shift a dialogue. francine: shift the dialogue, maybe, tom, but i don't know what impact it will have on the polls. polls, it is one of the interesting conversations in an election year, banks realize they could be one of t

and , down fromcline recent weakness. --s is what we see in the different than the standard & poor's 500 and the nasdaq.nd apple enjoying some of these challenges as well. this will be a theme for us on fundamental investment. chris differ merengue, thrilled he could come back here. -- christopher merengue, filled he could come back here. lan, but much more as well. on volatility in the markets. this is bloomberg. good morning. ♪ leigh-ann: this is "bloomberg surveillance." i'm leigh-ann gerrans with your bloomberg business flash. shares are of tesla are falling. the electric car maker widely specter to be named on the s&p 500 on friday, but that didn't happen. the decision may have rested on questions about tesla's probability metrics and murky full-year forecast. the release of the movie "mulan" has forced a big jump in downloads for the disney plus app. the rose 690,000 over weekend and consumer spending on to app store, up 193 percent $12 million. an" was released on friday and viewers had to pay an extra $30 to watch it. that is the bloomberg business flash. tom: leigh-ann, i cried at the beautiful

how badly are egyptians poverty and poor living standards, particularly in wake of the covid crisis? ven before covid, poverty was a huge problem in egypt and following the imf program and the austerity measures that were implemented. the world bank estimates -- again before covid -- that 60% of the population was near or below the poverty line, so what we have now are reports that unemployment has risen, invariably pushing more egyptians into poverty. this quite a lot of strain on the economic population. >> how was the government likely to deal with this? we have these protests springing up, but is it likely they will die out, particularly if the government responds with repression? >> we saw protests of a similar nature a year ago. it seems in this case, as well as having a lot of very young people, if you look at these videos, you will find a lot of minors are protesters. i think it's really too early to tell what will happen. last time around, there were mass arrests. over 4000 people were arrested. rumor has it the government was actually quite surprised to find how otherwise la

now how much how badly suffering from from poverty and poor living standards particularly in the wake of the covert crisis. even before coven poverty was a huge problem in egypt and a growing one. following the the i.m.f. program and the and the sturdy measures that were implemented already rose from 27.8 percent of the population to $32.00 and the world bank estimates that this is again before kobe that 60 percent of population was near or below the poverty line . so and what we have now are reports that unemployment has risen. invariably pushing more egyptians into poverty so i doubt only there's a quite a lot of strain economically on the population. how is the government likely to deal with this we have these protests springing up but is it likely that they will die out particularly if the government responds with repression well we saw protests of a similar nature year ago. they were or they have been a number of governorates as is happening in this case it seems as well as. having a lot of very young people if you look at some a lot of the videos you'll find a lot of miners are

offices are going to the offices and ohio opposition it's far more going to lenient frankly because they are going to create they have been training standards are so poor there's a lot of books there's more good autumn used and you know rethink yes we like to big help from our army in many of the many aspects of it mr chen have there's no movement and it's all event it's a little bit disingenuous for the opposition box songs opposition to say actually the army are in control because when it's been in their interests they've used the army to get power is that true. absolutely i mean the thing is that the power of the army is is a is a fact in pakistan it's due to a number of things i mean one is that obviously there are genuine security threats to the country and clearly any country bordering on india and with hostility. with india is going to be very concerned about its own security it's true of course that the army has a very very large share of the budget and so any one of the reasons the army works well is that it has the money to do so unlike other institutions. but you know the other thing is that the for that reason but other reasons as well the

wave of coronavirus have sent stock markets sharply downwards today and the sell off is going beyond europe. in new york the standard & pooris currently down more than 2%. in london earlier, shares closed down 3.4%. there was a similar drop on france's cac 40 and in germany the dax closed more than 4% lower. let's get more michelle fleury in new york. so we've seen this huge... which is in some ways the most influential indicator of stocks because it is representative of such a broad array of companies. that being said, it's worth putting into some context. what we see at the moment comes after a huge run—up in the market over the summer. at the end of august, we would talk about record highs on the snp 500 —— it was being led by technology stocks. there were some concerns that perhaps all the upside of the recovery had been priced in, but they hadn't taken into account the fact that we were heading into the flu and winter season. there was this concern about whether or not there might be a second wave, and i think as those fears become more real, we start to see investors readjust their expectations. that's really in some

poor. to go to the spot where the oh even so the files devouring brazils while not close in are is top priority. german football now and munich the bundesliga is gold standard well door and a very often the sofa medalists the runners up in 3 of the last 4 seasons hosted birthday munching clad back in the light game on saturday also had a strong sales than last time out finishing alongside dortmund in the champions league places. there were more than a few bricks missing in the famous yellow wall as dortmund kicked off their season . but even without that reliably solid foundation the home side went in front on 35 minutes giovanni raina slotting home to make it what miller the break i the 1st ever been to sneak a goal for the young english born american. 9 minutes into the 2nd half a polite but pointed exchange of views between poland and sun 2 over who should take a penalty kick. in the end the english born norwegian slotted home from the spot moved the breakaway from a corner store sign julio collins to seal the 3 points and the pair was suddenly best friends. in the frightening burst and pass from the english born englishman a lovely dink from holland. a

this will produce the economic and the growth that we all want, growth that maintains but onmental standards creates economic opportunities, especially for the poor and the disadvantaged. generates the resources for communities and families to futures.or their republicans have led successful fforts to enact laws that enable more rapid licensing of ydropower facilities, zero carbon emission hydrowith our. -- hydropower. we're talking about creating electricity with no emissions. putting water into streams for fish and pressurizing systems for farmers. did more of that under republican majority and there's more we can do now but we're not. delivery and export of clean burning natural gas. conversion the that's occurred from coal to gas, the reduction of emissions, reducing e world in emissions, and we created enormous wealth in jobs in areas poverty and ible needed economic development. we've increased private sector of carbon capture technology. i think there's great hope in the future with our brilliant cientists to do even more in this space. and to streamline licensing to enable advanced nuclear energy production. know, americans always led in

and poverty will be much more acceptable. he's pretty wealthy. but by british standards, he's pretty poor. he settles near new york city.arries the eldest daughter of this wealthy american family called the livingstons. montgomery sees the coming of the american revolution. he sees the boston tea party. the thing that seems to politicize him is the -- they cause him to enter the american service. he's a member of the new york provincial congress. and in june 1775 because of his military background, congress makes him a general. congress picks him to be a general. and montgomery's comments are pretty interesting. listen to the last line and think about what we talked about in this class. the congress having done me the honor of electing me a brigadier general in their service is an event which must put an end for a while, perhaps forever, to the quiet scheme of life i have prescribed for myself. listen to this line, he says, for though entirely unand you wanted and undesired by me, the will of an oppressed people compelled to choose between liberty and slavery must be obeyed. the will of an oppressed people pressed to ch

poor seem to be getting poorer. people are frightened for their education and for health care. just the basic needs. that has got to be fixed. chairman capital speaking exclusively to bloomberg. aberdeen standardent explains why in addition -- why there is a financial reason for respecting the rights of indigenous people. this is bloomberg. ♪ >> let's head back to sophie in hong kong. stock futures are mixed after the choppy session on wall street that sawtek pulled off -- that saw tech pulled off again. japan, on thursday, if further increase in sales tax will be needed. commodities, it could be an inflection point as trading becomes less volatile. we are seeing copper futures under pressure. we are seeing several indicators about the scale of chinese buying. i want to turn our focus to oil. that space is coming under pressure. crude with the worst two weeks since april. adding to pessimism around demand recovery. the appetite for crude will fall more than 8 million barrels a day. beforet be reclaimed 2022. what that means for the industry, it will likely lead to job losses. bloomberg intelligence seeing as much as 2000 jobs being lost globally. moving onto the pie chart to show you the break

poor. not just needy. being needy was not enough. that meant that you had to conform to the moral standards of the community and you had to be suffering hardships that could not be construed as being your own fault. so there are a lot of single never married mothers who would not have been considered for aid because they lived outside of the moral confines of that society. their problem could by local people be construed as their part. so people who got aid were respectable widows, respectable disabled people. orphans. people who were temporarily disabled because of something that could in no way be considered their fault. and respectability usually meant going to church, not drinking. not living outside of conventional morality in your community. so just being poor was not enough to get you help in the 1930s. another issue to keep in mind as we talk about the 1930s is the idea of relative deprivation. a lot of people during the 1930s fell into poverty. they had not been poor at the beginning of the decade. but all of a sudden, they didn't have a job. all of a sudden, they weren't bringing any money in and they fell into poverty. what