tom: arrington herzfeld, brilliant with a -- bill janeway was scheduled with us. arburg pincus. we will spend the entire hour talking about his cambridge university. janeway, with warburg pincus. but what you do not know is that he knows what methylethyl ketone is. bill janeway, ages ago, did everything he does with chemical transactions. gunpowder, dupont dow, methylethyl ketone, and you drive by the refineries and you would smell than in whatever state you were in. it was another time. bill: dupont was research. tom: the miracle of science. bill: it was deep research and advanced materials. one company was founded by a .reat man in world war ii in the 1930's he created the first mutual fund since the crash of 1929 called chemical fun because he was investing in science. 30 years later dupont was not quite doing so great. companies chemical had come in all the commodities end of the business, and there was a delegation of chemical fun to wilmington who said that dupont should boost the stock by moving around with their great balance sheet, and the answer came back

betty: thank you so much, bill janeway., scott galloway will be joining us tomorrow on exactly this topic. ♪ . . is 11 a.m. in new york and midnight in hong kong. welcome to "bloomberg markets." from bloomberg world headquarters here in new york, good morning. i am betty liu. are watching at this hour. the fed on the verge of raising interest rates and the ecb may cut at the end of this week. the all important rank of england stress tests. we tell you those results. plungedswagen sales after the in missions scandal. minutes into trading. let's go to the markets desk where julie hyman has the latest. a bit of a stumble with the reaction to the isam numbers. ism showing contraction, unexpected contraction. if you look at the intraday chart, you can more clearly see the reaction in the wake of those numbers that came out at 10 a.m. if you look at the s&p 500, you we saw, the come down although stocks have recovered since then. this is a delayed reaction to this manufacturing numbers. it has been uneven. the biggest contraction