brendan greeley. overview missed overnight, china. we have not even talked about it, but china markets are weak. i saw the shanghai was down. you hear that sound in the distant? distance? that is the sound of sobs as william jefferson clinton and tony blair pouring them scotch and saying what happened to our parties? tom: the stunning results in the united kingdom over the weekend. let's get to our top headlines with brendan. data is new economic adding to concerns about the slowdown in china. in chinal out put rose but fell short of estimates. .nvestors reacted chinese stocks had their worst day in three weeks. the shenzhen composite was down more than 6%. germany is going to slow up the influx of refugees, at least for now. the government is reposing border controls. they a sign to europe that need more help. >> at this moment, germany is introducing temporary border checks again at the internal frontiers. the focus in the first instance will be at the border with austria. the aim of this measure is

brendan: i'm brendan greeley.e are 90 minutes into the trading day, we begin with a look at the markets out. u.s. stocks, mostly read today. -- red today. unemployment dropped, the numbers were less than forecast. they tend to revise up for august. the markets were not concerned with the possibility that revision, they are concerned with the reality of the number. , then as aes down down. olivia: we are off session lows, it is the friday before labor day. all 10 sectors in the s&p are in the red, energy and financial stocks are as well. let's look at the treasury market on the heels of this morning's jobs report. you can see a bit of selling on the short end of the curve, the year it on the -- yield on the two-year up, the year of -- yield on the 10 year is down. let's get a look at the top headlines. we haven't seen it unemployment rate is low in more than seven years. last month the jobless rate fell by .2% to 5.1%. that sounded pretty good. the federal reserve considers that, leaving many to speculate that inte

joining me is brendan greeley and vonnie quinn. ckson hole the shift is september to october? brendan: when you look at the announcement for the fed future rates the likelihood is higher of a september move. done at 26% before jackson hole afterward it is at 32. tom: what a morning -- futures up 8%. our top headlines -- here is vonnie quinn. vonnie: good morning as celebrations are marking their world war ii victory. major cause for celebration of investors worldwide. china's stocks swung wildly today before closing lower. futures right now point to a higher open for u.s. stocks. the doubt lost 469 points -- 2.8%. oil prices still out of control. crude prices are down sharply in new york. $45 a barrel once again. iran is complicating the world like trading picture. it plans to put more oil on the markets. >> we plan to increase our production immediately. we plan to increase it another 500,000 barrels. vonnie: opec nations are feuding about whether it should be part of the long-term strategy reports. president obama needs just one m

here is brendan greeley. there was a more innocent time when currencies reflected trade flows and politics. that time is over. this piece is inspired by andrea wong. that is the spread between interest rate spikes in the u.s. and the eu. the yellow is the price of the euro -- excuse me, that is the quest of dollar quoted in euros. for this cross, the currency trade as become the interest rate trade. tom: this is the back and forth. analysisfrom a yield over to that flow analysis. you wonder where we will be in 90 days. brendan: you run that chart back at little bit and you see almost no correlation between them. you are looking at the euro crisis. you are looking at growth of trade within the eurozone. is this what we are looking at more broadly for currency dynamics globally. all we really just looking at global interest rates? argumentis this flow of where u.s. and your liquidity flow is going. thankfully, we are also moving away from a world that has crises involved with it. brendan: i have to jump in. atu

i'm tom keene joining me, brendan greeley and vonnie quinn. what a week. brendan: a long week. you know where i was when you were on tv? i was in a bar doing a countdown -- 10, nine, 8, 7 -- it was like new year's. that is how excited we were. in the last 16 hours, we found out if you look at not rising the rate as a control, the one country that failed the experiment is brazil. everything else -- brazil continues to climb. tom: that is the backstory and we touch on that today. let's get to our top friday headlines with vonnie quinn. ,onnie: we start right there how events will affect u.s. economic growth. the fed decided not to raise interest rates for the first time in nine years. janet yellen says most policymakers still expect to raise rates this year, but first they need more convincing on the economy. the committee continues to anticipate that the first increase in the fed funds rate will be appropriate when it has seen some further improvement in the labor market and is reasonably confident that inflation will move back to its 2% objective over the medium-term. vonnie: f

with me, brendan greeley and vonnie quinn. s are changing in brazil by the day, particularly sri-kumaroverning -- in the last hour said the more important number than jobs day is the chinese export numbers we will see on september 8. tom: and tough china data overnight. here is vonnie quinn. vonnie: the jobs report will be studied more closely than usual because the fed pozner meeting is less and than two weeks away. it will be pivotal -- because the fed's next meeting is less than two weeks away. economists expect the jobless rate to fall .1 of a percentage point, to 5.2%. the fed has not raised interest rates in nine years. you as soon it for as the jobs report is released. the world's largest economies see the u.s. rate increase as a risk to global markets. finance ministers are meeting in turkey. focuses on as potential disruption that a fed increase could trigger. the nikkei market pmi gauge fell below 50, which means business activity is shrinking in hong kong. hong kong companies have been cutting jobs at the fastest rat

. ♪ i am brendan greeley. i am not emily chang. she is out today. this is "bloomberg west."pple sells 13 million of its new iphone. this time, the numbers include china. plus, let's stay on apple. ceo tim crook -- cook and screenwriter aaron sorkin declare a truce. and is there life on mars? maybe,as not right, but nasa just announced it discovered water on mars. water is a necessary precursor to life. product tie-ins, the upcoming matt damon epic coming soon. now to our lead. india and silicon valley. india's prime minister went on a tour with silicon valley's tech elite. they tweeted out pictures from meetings with elon musk, google's executive team, and tim cook. facebook's ceo mark zuckerberg held a town hall mark zuckerberg , wore a tie, the prime minister did not. he did speak in hindi and teared up a little. you were there this weekend on silicon valley. what was in this visit? what is he getting out of it? >> you to look at it from the government of india perspective , it explored the trade between u.s. and india, $100 billion. $60 billion is in ip services. when you

brendan: i'm brendan greeley.utes into the trading day, we begin with a look at the markets out. u.s. stocks, mostly read today. -- red today.

unthinking brendan greeley in mark crumpton -- i'm thinking brendan greeley and mark crumpton are wondering is or for airlines. when we look at total industry demand, we are seeing what everyone else is. , reasonable amount of demand but not being mustered demand. we are seeing industry revenue growing at 3%. nothing to be tremendously concerned about. every at which airlines can be profitable given energy prices. not as robust as we've been expecting earlier in the year. >> topline growth of 15% on a year-over-year basis. one of the key drivers for you going forward? do you think these services will let you charge more for your airfare? >> we do and that's why we're making the investment. if you look at our route by route performance first the slightlys, we have a higher average and it comes down to the quality of the product. guys.sus the other >> in terms of energy prices, do you anticipate they will stay low? >> we are not experts in that field. marginal supply is controlled by the u.s. now. there marginal costs for drilling are pretty low. my expectation is that we are in a moderate en

i am betty liu with brendan greeley. n: we will talk about the latest on the refugee crisis in europe. prime minister david cameron is feeling pressure to take action. he says that bridwell except thousands more refugees -- that britain will except thousands more refugees from camps. david miliband is the president of the international rescue committee. david, it is great to have you with us. this has reached crisis levels for you see it on the front pages of the newspapers in the u.s.. with david cameron said about accepting thousands more, is that enough? mr. milibrand: it is good to be back, thank you for your interest in a store that is not only a political and economic crisis, but is a moral crisis in europe. 4 million refugees from the syrian conflict alone, and then lebanon, knowing can say that a few thousand people are enough, but it is a step in the right direction. 216 is the current number of people that have gotten into the u.k. from syria. the move is a good thing, but to the problem has to be tackled both a

brendan greeley, 10 seconds, fifa update. endan: we waiting to see if sepp blatter defines the role by which sepp blatter leaves. "surveillance" fifa update. in our next hour, ethan harris joins us. the bank of america, merrill lynch, and the author on the ship to greenspan. stay with us. this fed day, bloomberg surveillance. ♪ tom: good morning. bloomberg "surveillance." quinn, greeley, vonnie here on this historic day. my morning must-read and must listen was a successful evening for all "surveillance" claim investors. michael mckee and he went back and forth on tumultuous times. here he is on the fed and why 2:00 p.m. is not important. i do not care if they raise 25 basis points or it moves along the curve. i do not see the reason for it, frankly. 2007, i was watching a bubble happen. it was an asset bubble financing debt. it was an obvious bubble. to thefed gave attention gdp, they missed the whole bubble and we had an economic collapse. we are now in the mid-part of a cycle and they are trying to identify where inflation

i am brendan greeley. this is bloomberg west. of its13 million new iphone. is there life on mars? maybe. ita just announced discovered water on mars. now to our lead. the indian prime minister went on a tour with silicon valley's tech elite. they tweeted out pictures from meetings with elon musk, google's executive team, and tim cook. wore a time, the prime minister did not. -- tie, the prime minister did not. you were there this weekend on silicon valley. visit?s in this >> you to look at it from the government of india perspective and explores the trade with india and the u.s.. $60 billion of that is a 90 look at are when you his objective of creating a digital india, he is looking at valley from a technology perspective. he is looking at it from an investment perspective more importantly, when you get 13% of the startups in silicon valley -- are doneindians by indians, he tried to bring the environment here. rolling outp one in a digital india will be putting in the necessary infrastructure in place right if you look right now, 85% of the people in india do not have access to t

brendan greeley. this is a massive change in policy for janet yellen, i think. have learned something about culture at the fed. they are not supposed to pay attention to the rest of the world. but we have heard rumblings from the fed that they do pay attention to the rest of the world and they are aware of their eaffect on the rest of the world. she said she was worried about spillover effects back to the u.s. it is entirely possible that she has been paying attention to the desperate pleas from the imf and christine lagarde in particular. she is central banker to the world and is paying attention to it. francine: i'm surprised we did not have a more violent move on emerging markets. you either read it as janet yellen looking at inflation or this is janet yellen saying, i'm not sure what i'm looking at, i'm not sure if this is a recession. brendan: the other thing to pay attention to is that the fed looks at a different kind of dollar than you and i look at. we look at the dollar is a value against the major currencies. the fed is looking at a trade weighted doll

i am brendan greeley. this is bloomberg west. sells 13 million

. ♪ i am brendan greeley. i am not emily chang. she is out today. this is "bloomberg west."ells 13 million of its new iphone. this time, the numbers include china. plus, let's stay on apple. ceo tim crook -- cook and screenwriter aaron sorkin

i am brendan greeley. i am not emily chang. she is out today. this is "bloomberg west."le sells 13 million of its new iphone. this time, the numbers include china. plus, let's stay on apple. ceo tim crook -- cook and screenwriter aaron sorkin declare a truce. and is there life on mars? that was not right, but maybe,

here's brendan greeley with another check. e wait for the next two days for janet yellen to do something. futures are up five points, not a whole lot of movement. look at yields. yields are up, possibly a good consumer sentiment. except as well. we are playing the waiting game. tom: good morning, everyone. bloomberg's "surveillance." michael mckee and tom keene. we have the markets open for you. we go into the opening and futures are six and opening bell. brought to you by sei, today's competitive marketplace, requires asset managers to become more into transforming your business with the global platform and sei c.com/imagine. we will dive into brazil. we begin with tracy howell the way of bloomberg's market. absolutely stunning to see the about-face with the crisis. the eight back to stronger to 380 six.k in my right, tracy, a complete capitulation of the rousseff regime? tracy: that's one way to characterize it. we are seeing strength across the board. a little bit of strength, mostly people to having backed fed interest rate

brendan: on brendan greeley. betty liu. 90 minutes into the trading session. let's look at how stocks are trading. we are near highs. disappointing existing home sales numbers. s&p up by 1%. over the weekend we heard from various fed officials who say even though they did not move last week, we are on track for a rise in interest rates. even john williams, the san francisco fed president said, "i view the next appropriate step as gradually raising interest rates starting later this year." sondan: and he is dovish that carries weight. jim bullard saying we could move as early as october, which is a little shocking. let's take a look at treasuries. a six-story, yields up along the two-year, 10 year and 30 year. some confidence towards inflation. betty: right near the high on the yield. a reaction and the bond markets to the fed comments. a few hours, almost one quarter of volkswagen value has been wiped out. europe is down as much as 23%. admitted friday it has been cheating on u.s. air pollution -- volkswagen admitted friday it had been cheating on u.s. air pol

i am brendan greeley with scarlet fu., lawmakers from both sides of the aisle are reacting to the shocking resignation of house speaker john boehner and for the reason he steps down. i have not had time to think about what i am going to do in the future. i have no idea. but i do know this -- i am doing this today for the right reasons. and you know what? the right things will happen as a result. scarlet: and emotional john boehner there. the question is, who will be his successor? among those considered him a congressman handsomely, chairman of the house financial services committee. joining as is republican congressman luke messer of indiana, who sits on the house budget committee. in washington, our very own phil mattingly. want to start with the reaction to what was the response from democrats? marco rubio had an interesting take you what about the democratic establishment? phil: it was split. democrats understand on the political side of things that republicans in disarray or that storyline is good for them. it is goo

i am brendan greeley. pimm: i am pimm fox.t is news that is sending shockwaves through washington, d .c. john boehner is stepping down. he plans to leave congress at the end of next month. the news comes as he battles members of his own party over the federal budget. has agreed to ignore shutlicans who want to down the government rather than keep funding planned parenthood. brendan: in a speech at the united nations, the pope says urgent action is needed to halt the destruction of natural resources. he knows that some steps have been taken. francis: it is clear that without all those interventions on the international level, mankind would not have been able use ofive the unchecked its own possibilities. praised the pope also the nuclear deal with iran and calls for the abolition of nuclear weapons. president obama is meeting with the president of china. they are expected to discuss a number of areas where there are significant disagreements, including cyber security and human rights. and xi jinping will hold a joint news .onfe

i am brendan greeley. here are your top headlines.here is more fighting over abortion in both chambers. the house has advanced legislation that would end government funding for planned parenthood. budgetuld come looking cuts and lead to a government shutdown. croatia has closed a most all order crossings with serbia. refugees 13,000 have entered croatia after hungary used force to push them away. brush is willing to send troops in syria that would mark a sharp escalation in syria's civil war. russia has given tanks and personal to syria in recent weeks. in greece, the second national election in six months on sunday. greeks will decide whether to stay with prime minister alexis tsipras. he is in a tight race with the conservative new democracy party he defeated in generally. the parties could end up in a coalition government. those are your headlines. vonnie: it looks like we are going to open lower. s&p futures down 27 points. the two-year yield at.600 present. let's get back to tom and mike in the radio studio. tom: good morning, ev

here is brendan greeley. we do not know what will happen after 2:00 tomorrow, but we know that it helps to prepare war chests. we just lifted this straight from julian emanuel at ubs. this is cash balance as a percent of assets. you have the s&p 500 baseline in yellow at the bottom. financials are higher in blue text. julian, i read your note. rule of 15.ugh the julian: the fed is changing the way investors are going to think about cash on balance sheets. if you think about it, since the start of the financial crisis, at a 0% interest rate, cash has had no value. in a more volatile environment, cash also has value. for us, we like those sectors, as you mentioned -- tech, health care, financials -- that have lots of cash, in this case 15% as a percentage of assets. of cash,so the old use putting it in a coffee can as a rainy day fund? julian: it is we are seeing if this morning. we are seeing m&a announced in a volatile environment because companies can afford to be opportunistic. vonnie: are companies also wa

brendan: on brendan greeley. betty liu. 90 minutes into the trading session. stocks are trading. we are near highs. disappointing existing home sales numbers. s&p up by 1%.

earlier brendan greeley and david westin spoke to ken solomon and asked him if there would be avoid ins after williams retires. inhere would be a void tennis after williams retires? >> there would certainly be a void. not sure when serena's going away, but i do not think so is the short answer there. a tremendous amount of personality in this game. >> a tremendous comeback story. terrible physical injury she almost did not come back from. >> here she is giving us a ton of drama. down in the first set. classic serena this year. you it ism will tell remarkable she continues to win, not necessarily playing her best tennis that refuses to lose is what more people say than anything. she is a remarkable individual. at the top it is rare because of all the countries that want to be there. look at baseball today or basketball. not like anything is american. talking about the business. you did not pay a set of to espn this year, and because you decided to do, is that the fancy way of saying it was too expensive? >> we have an ongoing annual relationship that goes espn. the air with it is huge.

matt: that was bloomberg's ryan chilcote speaking with brendan greeley.g up on the "bloomberg man whoay," meet the knows chewbacca better than anyone. he built the original deathstar that was in your bedroom. the toymaker coming up on this sports -- force friday. ♪ matt: welcome back to the "bloomberg market day." i'm matt miller. prices have been key drivers of market action up and down. this isn't the oil price, this is the baker hughes crude oil rig count. is alix steel onset? oh, she's right next to me. i know that crude oil is trading down right now and it has been incredibly volatile. ag count is something i have vague sense of but you are keeping track of all the time. what was that chart and what does it tell us? oil: that was baker hughes rig count, which fell by 13 last week. it is significant because the last six weeks we have seen an increase. we saw that rally a few weeks ago and now they are taking some of those rigs off-line. matt: down 60% over the last 12 months, is this all the rigs that baker hughes has out? alix: yeah. they track all t

brendan greeley. "the fugitive" where tommy lee jones comes across the train wreck and says "my my my, what a mess." [laughter] brendan: it gets worser and worser. betty: coming up, much more ahead. is solar power contributing to the excess supply of crude oil? mark: we will explore that question with our colleagues on bloomberg radio. ♪ mark: welcome back to the "bloomberg market day." i am mark crumpton. betty: i am betty liu. solar power is not just for residential and business use. it turns out they can help energy producers extract oil and gas in challenging environments. mark: we have challenging environments right now. for more on this story, let's join bloomberg radio's carol massar and cory johnson. they have a special guest. : a member of the sipc. mark barton, bayview, thank you so much. welcome all of our viewers on bloomberg television and bloomberg radio. cory johnson in san francisco, carol massar here in new york. we will talk about solar and the oil industry coming together. rob mcgreg

with me, vonnie quinn and brendan greeley with as many trips to brazil. ical crisis. foreign investors of always looking at -- are always looking at the finance minister. his government does not have a government majority. his approach does not have the political support to do what he is planning to do. is: i noticed the president polling at 8% in brazil. ourill touch on this with guest. here is vonnie quinn with top

i'm tom keene, with brendan greeley. ,rendan: the thing to look at thatim levy is the face internationalthey have tremendous benefit. groupk at that interest and say that is where the interest is going to stop. tom: it was a surprise to see it, they be a touch of desperation as well. right now our top headlines. here is ramy inocencio. ramy: good morning, everyone. japan's central-bank is betting the economy will turn around without any more stimulus.

i'm tom keene joining me, brendan greeley. overview missed overnight, china.ot even talked about it, but china markets are weak. i saw the shanghai was down. you hear that sound in the distant? distance? that is the sound of sobs as william jefferson clinton and tony blair pouring them scotch and saying what happened to our parties? tom: the stunning results in the united kingdom over the weekend. let's get to our top headlines with brendan.

scarlet: brendan greeley also owns some of that. the bloomberg team is very familiar with him.'s a personal story right now. matt: hans? hans: if i had a clean diesel that had a lot more torque and was legally allowed, i might hold on to that car. maybe i should be more environment only conscious. matt: don't you care about the environment, hans? hans: i want a prediction from that, does winterkorn stay? matt: he's gone. betty: we have to get going. hans, thank you. matt, we will be back with you and more car talk later in the hour. nissan'su spoke with ceo about what's going on with volkswagen. scarlet: much more coming up on the "bloomberg market day." stay with us. ♪ scarlet: welcome back to the "bloomberg market day." i'm scarlet fu. betty: i'm betty liu. chinese president xi jinping and u.s. president obama will meet in washington this week. officialsp foreign think cyber security is not just a u.s. problem. >> china believes that china and united states and other countries should really try to work together and work out the rules for cyber security. equality and of mutual

i am joined by brendan greeley. this may look familiar to you as well.e to negotiate with the pope over cybersecurity, which is proving to be an intractable issue. one thing we heard from president xi in seattle was china does not engage in cyber spying. that is a bit of a linguistic dodge because we do know there are elements in china that made or may not be working with the chinese government. that are so many things are so important, the trans-pacific trade act is an issue now. it is designed to work around china. one hopes eventually it will be designed to include china. but that is far off now. there are security concerns with japan the conservative government there. i would argue the bottom line issue where they could do something is coming to some agreement on what both countries are doing to each other in the cyber wrong. -- cyber realm. >> they had dinner last night at the warehouse across from the white house. secretary of state john kerry was there as well. the big headline this morning about climate change, china saying is willing to embrace

joining me, vonnie quinn and "bloombergrendan businessweek" greeley. brendano talk to max because the pieces a good look at how donald trump makes money. is he a businessman or does he play when on tv? a little bit of both. tom: i like it because it has fun graphics. people who work for him love him. tom: great. brendan: