i am anna edwards.us: and i am manus cranny, down at the bank of england where the debate is how hard has brexit been on the economy? and if they take a sledgehammer to the rate, the policy affected just a month ago. manus, as we go to the program, outside the bank of england a lot more to talk about. let us start with the bond market.i have a great chart u.s., 530 spread in the we have seen that widening for nine straight day. what we see here, many people suggesting that this is giving us a signal in the markets, that we have not seen since 2012. the yield curve deepening for nine straight days, investors went to be in at the shorter days, that we might not see an increase in interest-rate from the u.s. fed when they meet next week. a busy week for central bankers of course next week. and a policy is on hold, what is that due to inflation, and we see bond markets adjusting as a result.lots of talk about in the bond market as we go for the program. lots more from manus at the bank of england. let us th

it is 5:30 in london, i am anna edwards.ounting you down to the start of the europe in trading day. the european commission president is to make his state of the european union speech later today. reports say he will deliver a warning. some sources saying, he is going to talk about the eu's battle for survival. take us through the details. are reporting he is going to say the eu is facing asn existential crisis. his address comes a day after mario draghi said internal divisions post a real danger in europe. they include the failure to complete the economic and monetary union. said joint action from leaders is essential if they want to regain support from citizens of the european union. some western nations calling for deeper integration whereas some governments, for example, poland and hungary, are pushing for less oversight from brussels. migration causing divisions among members of the block. there is an informal gathering on friday that is supposed to be a meeting in which they are going to map out a way forward, a roadma

is there ♪ manus: i am manus cranny with the anna edwards. , and francine are off today. e news coming out with the russians and saudis. lacking in detail. lines coming through. russia and saudi to form a working group to monitor the oil market. that coming to us from interfax. russia and saudi have discussed different options. including a possible output-freeze. saudi and russia took a big step to put the oil market in balance. this is a keyword, putting -- bringing it into balance. russia is ready to join. russia is ready to join the decision on a freeze. that is one of the essential lines. let's bring in ryan chilcote, he on all thingst russian. it looks like the market is verbally moving toward a state setting for a freeze. ryan: they said they have agreed to coordinate joint actions. they said there are a number of concrete instruments they can use to coordinate their action. they said they'd discussed the possibility of a production freeze. what they did not do when they started speaking at this briefing at the g20 as they have not agreed to a production freeze, even

anna: and i'm anna edwards.ing office, the philippine president has not shied away from confrontation at home or abroad. he seemed to insult president continueilst vowing to his anti-drug crusade in the philippines. we are now joined on the program. daivid, you were at the summit. we have heard a lot about duterte. reporter: when i went in there, he was like a rock star. he was chased around by journalists. they wanted to know if he regrets the comment he had made about president obama. but the thing was, after h they left, he seems to be exhausted. and they are talking about hillary clinton's health. he missed a summit with the indians, and then one with the u.s., and the big family photo. the strange thing was, he did not return to the philippines after his spokesman said he had a migraine. he returned to the philippines and said he had missed the summit on purpose. he did not explain anything about the india summit or the photograph. what he has to say does not really add up. it really big the question about

i am anna edwards. manus: and i am

anna edwards in liverpool.oming up as opec members gather in algiers -- vonnie: we will hear from ihs. could the discussions lead to a freeze in production? this is bloomberg. ♪ counting youbarton down to the european close. vonnie: i'm vonnie quinn from new york. it is time for the bloomberg business/. flash.ness u.s. home sales fell last month. sales were down almost 8%. still, builder backlogs increased. the number of homes sold, but not yet started is that the highest since 2007. business sentiment in germany surged to the highest level in two years, signs that the corporate concerns are easing over brexit. last week, the bundesbank said it expected german growth to slow in the third quarter. that is your bloomberg business flash for this hour. after two years of pumping without limits, opec may be doing something to shrink the global glut. saudi arabia is offering to cut production to january levels to entice other members to stabilize the market. juergen reacted to the offer. : opec is producing a lot of

anna edwards is there for us. anna, what are we expecting from the shadow chancellor there?e are expecting their shadow chancellor to speak between 12:00 and 1:00. he will give a much more interventionist tone than might have been the case some years ago for the labor government. he will talk about the winds of globalization blown against the free market, more in favor of intervention by governments. he will say good business does not mean no government. while this speaks to the left-leaning rhetoric to the k. politics, this comes at a time when the conservative government here is talking about industrial strategy and messages that would normally be associated with governments and parties in this country, trying to work out what the brexit vote means, and what it tells them about the u.k.'s people have a type of globalization. we will have more talk about intervention in british markets. guy: many mp's would argue, anna, that to influence policy they would have to be a credible government in waiting. we have seen a confirmation that the labour party has become a protest part

i am anna edwards. let's get straight to the markets.ws the relationship between stock markets and oil prices as we get closer to that meeting in algiers on september 27. this is how the two are moving in tandem, stocks rising in tandem with the rising crude prices. up the risk radar. we are starting with oil. investors despite the move 1.8% on the vti, 1.6% on brent. investors are cutting their bets as we get closer to that september 27 meeting. that will be opec and russia. we hear from certain opec members. the venezuelan president talking about how opec is close to an agreement, so expectations building with a 7.5% increase in oil prices for august. fed and boj meet this week. markets are closed. we have despite the convoluted title, the overnight interbank yuan rate, increasing the most since january. speculation that pboc intervening in the chinese country. that is the second biggest gain on record. let's put the markets to one side. authorities are continuing the hunt for those behind a bombing in new york city's chelsea neighborh

i'm anna edwards. it is 6:00 in london this tuesday morning.et's talk about what is happening in markets. the fed's brainard speaking overnight, talking about what she sees as the case for really pausing and not hiking rates in september, purging them -- urging them with less urgency which is really setting the agenda for markets. we will look at the u.s. equity session yesterday, pushing equities little higher. the story in asia is a little more complicated, some markets were closed previous day so there is not a downdraft from previous bouts equity market nervousness. is not. features quite like yesterday's trading picture so that is taking the edge off the asian trading day. we have the aussie dollar at light of the chinese data out in terms of the retail sales numbers, the factory output numbers. all of that looking better than estimated, but the australian dollar is looking low. the aussie dollar has not decreased as far as expected. first wordhe news. china's economy has shown signs of rebounding after july's hiccup. factory output rose i

i am anna edwards. it is 6:00 in london. pulling up the work function on my bloomberg to show how fed expectations have shifted. for have shifted down december. the september meeting looms , and 18% chance of a rate hike now. toe that perspective out , somber, and you get 49.7% below 50% chance of an increase in fed interest rates this year. a shift with disappointing data on retail sales yesterday. factory output looking weaker than previously. that realigned people's expectations about what would happen with the fed. the boj meets next week as well. have show you where we been on assets over the last 24 hours or so. boosted, the s&p 500 up by more than 1% on that change in expectations here i. bad data equals good moves kind of story. many markets in asia are close, and this does not go all the way returning to billion dollars lost in recent days. , a weekly loss in oil prices, the glut set to continue, less applied irruption from nigeria and libya on the radar as we head towards that meeting in algeria. let's get to first

i'm anna edwards, live at the labour party conference. hismy corbyn titans hightens grip on power. what does that mean for international investors? that could have an effect on the brakes the negotiations. they could have implications to how interventionist we see the opposition here in the u.k. we will hear from the shadow finance minister later today. ofsays that windthe winds globalization are blowing in a new way. the conversation we will be having this morning is very much influenced by what is happening in algeria and the comments you just brought up about what we can expect in algeria. manus: absolutely. and the prospect, anna, as well, trump and clinton go head to head in a national debate. where the price of a barrel of the saudi and will nation return to a swing nation? let's have a look at your risk radar. equity markets in europe are little bit lower. the dollar-lira is at the top. the lira has dropped 1.8%. moody's cut turkey to junk. erdogan says he is not that bothered about it. of course, snp cut the global ratings back in july. the lira has dropped by 40% since the

i am anna edwards. had some market reaction to the first of a series of presidential debates in the united states. what is that going to do to the start of the european equity trading day? at futures. look it looks as if we will be stronger at the start of trade. we saw asian equity markets moving strongly higher, up by around 0.6% at this stage of the trading day, so there was some positive reaction for risk assets as a result of the debate, with 62% of those surveyed by cnn claiming that clinton had done best. we will return to that theme in just a moment. let's get to breaking news. we have comments coming through from a bunch of u.k. corporate's. thomas cook, giving their numbers. this is europe's second-biggest tour operator, in fact that they are not changing their underlying ebit guidance. bookings are in line with west 2016-2017,winter of which is interesting giving the brexit context. they are then going on to talk about the winter season being 27% sold. down,re booking 4% including turkey, bec

anna: i am anna edwards. 7:00 here in london. from the luxury goods maker, hermes, maker of bags and the silk scarves. they are talking about a challenging market in asia -- japan. they are talking about the context being challenging in hong kong and macau. the context in america is still uncertain. target. -- sales growth they're giving us their numbers for the first half of the year which do not be a million miles away. that profit came in at 545 million. the operating income is 826.8 million which is above the estimate of 818.5 million. backward looking, not too bad. in terms of the messaging, they are talking about sales growth target being ambitious. they are talking about the challenges ahead and abandoning this ex currency sales target. it is a company that is increased -- this is the company's largest division with some items commanding waiting lists. they could run up to a year. manus: did she wait a year for her kelly bag, i don't know. they are buying back watches from shops and retailers in hong kong. let's set about

i am anna edwards. 6:00 in the morning in london. a lot of the focus today still in tokyo.will get to what is happening in the asian session right now. and tell you what the boj has been doing. no change to the negative interest rate policy, -0.1%. but the reorientation of the policy is moving to target yield curves, away from setting specific monetary stimulus per year. this is the impact on the market, if we can throw the risk radar, you will see the monetary stimulus may now fluctuate in the short-term, as they seek to control the yield curve. inflation about 2%. there are the headlines. this is reactionary the 10 year did actually get to zero. if you can call zero positive territory, just got there, falling away since. the japanese yen at 102.69. shy of 1% by just against the dollar. perhaps that would make governor boj, pleased at least in the short term. and a reorientation the policy on buying, to ron the spectrum of the buying. ,inked to the topics outperforming the nikkei. because we said earlier, banks are also rallying as a result. no further negative on those in

anna edwards and myself will kick off the trading week in london with "countdown."us: oil investors increase their short position at the fastest pace in about a year as they lose confidence that opec will reach a deal. at the algerian energy minister tells bloomberg that this time around, the meeting will be different. doha, iran was not present. they will be present in algeria. manus: labor pains. jeremy corbyn wins the leadership contest. division however, remains. we are live

angie: i am anna edwards. to thecounting down start of european programming in london. with brexit means brexit. what does that mean? that is something we will be wrestling with going through september. it means parliament will not get to vote on it. perhaps that makes brexit more likely on the market side. has not moved the pound this morning. but parliament will not get to vote. that was one of the conclusions that came out of the gathering of the cabinet yesterday, the first since the summer recess. anyone in scotland or northern ireland thought that another opportunity to stop brexit from happening might be there, it does not look likely. we will not see an off-the-shelf solution. there is not going to be any sort of canada solution for the u.k. or a norway solution. those options will not be on the table. theresa may making it clear it seems to be a unique agreement, not off-the-shelf. the other key conclusion after the meeting yesterday with the cabinet, immigration seems to be shaping up to be the big red line for the u.k. government. they said brexit must mean c

yousef: anna edwards will have all of the top stories from london. "countdown" is next. . . ding firm. janet yellen rebuffs pressure to hike. there is a sense from three fomc members. the first time this is happened in two years. the dollar weakens following the decision. we will have the latest market news. putting the brakes on rumors that apple is looking to buy a stake in the supercar maker. and why executives in london expect the uk's to lose its hundred $70 billion euro clearing business after briggs it. -- brexit.

anna edwards and manus cranny will have all the top stories from london. "countdown" is next. ging-market assets rally after weak u.s. data quells a rate hike. and john williams insists that is world's largest economy in good shape. preparing to meet senior bankers to set out the government's plan to court the economy and sound out their views for a post-brexit. carneyile, mark forifies before u.k. mp's the first time since the referendum. and in technology, all eyes on apple. the world's most valuable company will present a new line of products tonight, incng

anna edwards next for countdown. ♪ anna: asian stocks hold near a one-week high as the boj and fmo cedi begin -- fo mosey begin their deliberations. migration in mind. syria and its fallout are set to top the agenda as world leaders gather for the united nations general assembly. a very warm welcome to countdown. bright and early here in london.

i am anna edwards. manus:

anna edwards. it is the final trading week -- the bank of japan hits a new record low.talk asset allocation next. this is bloomberg. ♪ francine: this is "the pulse." welcome back. trevor, we talked about central banks, what is going on in the world. how a company gives a decent margin. what is your favorite emerging market companies? trevor: emerging markets is a on-site class. really because you've got a window between now and december when the fed is not raising interest rates. the macro data has weakened. china is doing. -- china is doing all right. francine: it may make you worry because you're not hearing about it. trevor: the big picture has not changed. a lot of debt to navigate through. the economy is been stimulated by the biggest expansion in yuan since the lumen fair test since the lehman failure. -- since the lehman failure. you've got a relatively strong chinese economy for a change. you got relatively benign u.s. monetary policy. that is good for emerging markets. what hurt them was -- what hurt them was the slowdown in china and a tightening fed. but -- f

. >> and anna edwards. lesse going to see attention on financial markets in that part of the world.h that in mind, what does the open have store for us? seng looked at the hang and you had that market racing market crashed the andability of a rate hike andmarket is still stuck she said that the federal andrve is behind the curve we will talk about the day. said, this was all over the shop with the expectations about rates and hikes. morning andown this it came in below the estimates. korean won, just underlining the risk assets, that is what you are saying and we have the saudi's and the russians meeting. justifying in be parliament and there is still scope to do more. will they extend? they will have breaking news coming through. >> telefonica says they are ready to list this year and they could hold pre-ipo, if they want to be part of the plans to pay off the debt and the have been saying they have been working and that they could do this by thatnd of the year, saying they are not sure if there will be a trade deal. commentsle of press worth 10 billion by the end of the year. coul

anna edwards joins us now with a finger on the pulse from london. good morning.re you watching? will be watching the boj and watching the fed. in a centralelf bank sandwich. between the boj and the fed we will be looking back from the boj, what does it mean tracking the latest market movement and looking ahead to the fed and what will we learn about the fed's assessment of the u.s. economy even if as the dobabilities suggest they not move. plenty more analysis of that. away from that story as you say, there is other news we need to talk about including what we heard at the u.n. over the last 20 hours. the cape prime minister sitting out her stall to an international audience. she said the yuki does not want to retreat from the world. she was defending countries' rights to control their members. members are arguing that the u k cannot have seen the market access and control the freedom of europe across europe. where looking for more details with that story goes next and we heard from matthew renzi, the italian prime minister, critical of the german leader and othe

take a listen to anna edwards' exclusive interview. mr.e need to set out what the negotiating position is first. the government hasn't done last. we've had various conflicting statements between the secretary and the prime minister. is,position we set out there must be access to european markets for this country. we have a great deal of industry investment. rightsy, the workers' that have been enshrined in the social chapter such as working leave,rective, four paid maternity leave, maternity leave, antidiscrimination legislation, all those must be absolutely enshrined. anna: you sent out a lot of red lines. mr. corbyn: there's more. anna: first quarter of next year? mr. corbyn: i would have thought the government would probably set out a clear position now, i hope, in this autumn, and have those talks with the european union and other governments. we are doing the same with governments and opposition across europe. emily thornberry is going to norway to look at their model. anna: you've talked about wanting to be fully informed, no backroo

i'm anna edwards. i'm rishaad salo. anna: fascinating markets this factor we increasingly in less chance of a fed interest rate hike in september, that seems to be many of the equity markets are basing their move on. on throughnvestors where we have been. the asian stock market picture. we have the hang seng up by 3/10 of 1%. the asia-pacific up by 3/10 of 1%. we have the aussie dollar up by half of a percent. the australian dollar increasing even before we got the interest rate decision, increasing for a sixth day. no change from the rba. we will discuss that a little later. 1.9% as markets weigh up this commentary and agreement of sorts between russia and saudi arabia. we heard about it in the middle of the european trading day, but markets talking about those efforts to stabilize oil prices. $1326.ice is stable at let's get the first news. the australia central bank has kept interest rates at hold as they await the u.s. federal reserve's next move. the board left the cash rate at 1.5%. the central bank has cut twice i

i am anna edwards. manus: i am manus cranny. thisfficial chinese pmi, is where the distinction is drawn. we can consider it grateful for a little bit of calm. anna: a little bit of stabilization pre-g-20, better than estimates, better than the july number, but not convincing everybody. manus: it has not. let us take it off. what we have here is the insurance against default. every single month, every single month for the past five months the market has been adding $2 billion over the past five months, the biggest increase in 59 countries throughout the world.you can say to me , just around 152 basis points, still only 8% probability that china will default. what i'm trying to say there is momentum. a carriage of travel for default insurance. anna: not the people expecting the chinese government to default, but is very few ways to hedge chinese exposure, and if this is on the rise that is of interest to the markets, especially ahead of the g-20. the risk radar, positive data that we have had out of china, released the official rea

i am anna edwards. manus: i am manus cranny.ewsng the deutsche bank into context, type that into the bloomberg right now. what we have done for you, just bear with us. the white line is the size year to default for deutsche bank. this is the cost of a five-year credit swap, five years ago in 2011 at the height of the banking crisis. but the eye of the storm of the banking crisis, the cost of default back in 2011 was extremely explosively higher, where we are with deutsche bank right now. the question is in 2011, as our guest host, will explain a solvency issue and not profitability issue. this is in heart of the banking issue. is the systemic risk> ? makesand that chart things a little less worrying i suppose. we saw the respite for deutsche bank in yesterday's trading session. just to highlight what he is been saying overnight capital raising, is currently not an issue, accepting government support is out of the issue. they will hold out overcast worried about u.s. being overblown. that is deutsche bank. manus: the one thing i

i am anna edwards. manus: i am manus cranny.olatility, talking about the dollar, talking the biggest slide in five weeks. have a look in this chart for our viewers. the dollar index is the white line. and economic surprises are the blue dots. the trifecta, my word of the day the trifecta of doubt,.talking about services expanding the weakest in six years, manufacturing contract ing, and a lackluster jobs report.that is changing the work function. the probability of the rate hike drops to 24% from 34%. the dollar is under pressure, and volatility, that is spiking higher. what is next? anna: as you say as that data increasingly, disappoints, let us bring up the risk radar and show you how the rest of the asset classes have been reacting u.s..t weak data in the theback of that week data, korean wine up as you see. up to the strong as in the year, oil up by half a percent, the road to algeria paved with a lot of talk about a freeze, a lot of chitchat about a freeze.we will follow that. a new forecast saying the u.s. is still dominat

[applause] jody nachillo >> kathleen anna -- john -- >> gloria -- >> troy edward nielsen >> paul nimbly>> michael -- >> daniel nolan >> robert walter nuÑez >> robert grant norton >> daniella tarboro -- daniella natora >> jose nuÑez >> jeffrey roger -- >> james oakley >> dennis patrick -- >> james o'brien, jr. >> michael p. o'brien >> david o'callaghan timothy michael o'brien >> diana j. o'connor >> keith kevin o'connor >> richard j. o'connor --amy >> douglas slacker -- uncle, identical when to my godfather. your memory lives on in the stories i hear from my relatives. word, ian put in a good am applying to medical school so till the big man to look out for me. rest easy until we meet again. >> and my father, port authority police officer. daddy, mom and i miss you very much and hope to see you again in heaven. [applause] philip paul -- bernaskiover otissuel oittissin william >> gerald o'leary >> christine olander >> linda mary oleeva >> edward oliver >> leah elizabeth oliver >> eric bolton >> jeffrey james olson >> barbara olson >> marine lyons olson timothy -- >> shamus o'neill >> john

edward lasko nicholas craig lassman paul laszczynski charles a. laurencin stephen james lauria maria lavache denis francis lavelle jeannine mary laverde anna a.rt a. lawrence, jr. nathaniel lawson , we willfe arlene always remember your smile and we love you forever. joshuamy beloved son todd aaron. josh you are in my thoughts and heart always. i miss you every day and i love you. [applause] david w. laychak eugen gabriel lazar james patrick leahy joseph gerard leavey neil j. leavy robert g. leblanc leon lebor kenneth charles ledee alan j. lederman elena f. ledesma alexis leduc daniel john lee david s. lee dong chul lee gary h. lee hyun joon lee juanita lee kathryn blair lee linda c. lee lorraine mary greene lee myoung woo lee richard y.c. lee stuart soo-jin lee yang der lee stephen paul lefkowitz adriana legro edward joseph lehman eric lehrfeld david r. leistman david prudencio lemagne joseph anthony lenihan john joseph lennon, jr. john robinson lenoir jorge luis leon, sr. matthew g. leonard michael lepore charles a. lesperance jeff leveen john dennis levi alisha caren levin and my uncle and godfather sergeant timothy allen roy. doemiss the

edward l. allegretto >> eric allen >> joseph ryan allen >> richard dennis allen >> richard l. allen >> christopher e. allingham >> annaison >> janet marie alonso >> anthony alvarado >> antonio javier alvarez >> victoria alvarez-brito >> telmo e. alvear >> cesar amoranto alviar >> tariq amanullah >> angelo amaranto >> james m. amato >> joseph amatuccio >> paul w. ambrose >> christopher charles amoroso >> craig scott amundson >> kazuhiro anai >> calixto anaya, jr. >> joseph p. anchundia >> kermit charles anderson >> yvette constance anderson >> john jack andreacchio >> michael rourke andrews >> jean ann andrucki >> siew-nya ang >> joseph angelini, sr. >> joseph john angelini, jr. >> david lawrence angell >> mary lynn edwards angell >> laura angilletta >> doreen j. angrisani >> lorraine antigua >> seima david aoyama >> and my father, james. >> and my dad, michael g jacobs. whose grandchildren, they will never get a chance to meet. we love you, dad. [applause] ♪ >> peter paul apollo >> faustino apostol, jr. >> frank thomas aquilino >> patrick michael aranyos >> david gregory arce >> michael george arczynski >> louis arena

edward l. allegretto eric allen joseph ryan allen richard dennis allen richard l. allen christopher e. allingham annaanet marie alonso anthony alvarado antonio javier alvarez victoria alvarez-brito telmo e. alvear cesar amoranto alviar tariq amanullah angelo amaranto james m. amato joseph amatuccio paul w. ambrose christopher charles amoroso craig scott amundson kazuhiro anai calixto anaya, jr. joseph p. anchundia kermit charles anderson yvette constance anderson john jack andreacchio michael rourke andrews jean ann andrucki siew-nya ang joseph angelini, sr. joseph john angelini, jr. david lawrence angell mary lynn edwards angell laura angilletta doreen j. angrisani lorraine antigua seima david aoyama and my father. dad, whose , he will never get a chance to meet. we love you. [applause] peter paul apollo faustino apostol, jr. frank thomas aquilino patrick michael aranyos david gregory arce michael george arczynski louis arena barbara jean arestegui adam p. arias michael j. armstrong jack charles aron joshua todd aron richard avery aronow myra joy aronson japhet jesse aryee carl francis asaro michael

edward james day william thomas dean robert j. deangelis jr. thomas patrick deangelis dorothy alma de araujo anna>> and my amazing brother, john matitas. [ speaking foreign language ] johnny boy, we miss you, baby. >> and my uncle, clement a.somando. uncle clem i believe the most heartbreaking good-byes are when a person hasn't finished their stories and your certainly wasn't finished. we miss you and keep an eye on your sister. [ applause ] paul decola simon marash dedvukaj jason christopher defazio david a. defeo jennifer dejesus donald arthur delapenha marina dellatorre vito joseph deleo danielle anne delie andrea dellabella joseph a. della pietra colleen ann deloughery joseph deluca francis demartini anthony demas francis deming carol k. demitz kevin dennis thomas f. dennis jean depalma jose nicholas depena robert john deraney michael derienzo david paul derubbio jamal desantos christian louis simone edward desimone iii andrew desperito michael jude d'esposito cindy ann deuel melanie louise deverare jerry devito robert p. devitt jr. >> and my sister's husband, carl eugene malinaro ladder comp