i am david gura. vonnie: i am vonnie quinn. commodity markets are closing in new york -- let's look at the biggest movers, starting with gold. futures are in the red. it swung between winners and losers. mario draghi played down the need to commit to new stimulus for now. is surging after the energy information administration said crude inventories fell 14.5 million barrels last week, the biggest drop since january, 1999. for more on oil, gold, and other global comedies, we are joined by chris gaffney, who says now is a good time to buy commodities. andme ask about something can you send -- slower global growth has kept a lid on commodity prices. in light of what we heard from draghi this morning, what makes you optimistic estimate -- optimistic? mr. gaffney: the emerging middle class in china and india will create demand. demographics show a majority of those people are younger consumers. on the consumption side, i think that is going to drive demand on commodities, and in more particular, diets are changing. as they get more

david gura and i spoke to a reporter. to a lot of innovation in the anti-drone space. max: yeah, as we write in "businessweek," bar refaeli saw an opportunity. we thought, if bar refaeli needs this, maybe other people will need it. carol: so they created a company called apolloshield. how does it work? max: it basically broadcast radio signals that allow you to detect consumer drones, basically between $500 and $2000 devices that you can purchase on amazon turn without using what the army called the kinetic solution, that is to say, without blowing it up. david: what is the market for things like this? yes, if you are a famous person getting married -- is there a bigger market? the market is nascent i would say. there are lots of stadiums, particularly stadiums in the u.s., this is seen as an opportunity, also local law enforcement. if you have a printer or essentially a suspected terrorist or a drum that looks scary, their theory is that every police department and that he will need one of these. if everything plays out t

david: i'm david gura. carol: in this week's issue, amazon's plan to dominate same-day delivery. and how one small american company successfully faced down stiff competition from china. david: all that ahead on "bloomberg businessweek." ♪ carol: i'm here with an editor and you have a great story about the controversy involving mylan's epipen pricing. they doubled the price of it. there was a lot of attention brought to it. they reduced the price and brought out a generic. it has made everybody take a look at the industry of drug pricing. ellen: they do a good job of sort of explaining just how crazy drug pricing has become and how hard it is to fix the problem. of course, epipens, it is widely used with people with terrible allergies, including myself. and it is necessary. it is also especially necessary for kids who have a lot of allergies. it used to be that you could get two epipens for $100 apiece. now, $600 is a lot. what peter shows in the story is just how hard it would be to fix this. which is sort of the excuse that the ceo of mylan made. what she was saying, the ceo was

i am david gura. vonnie: i am vonnie quinn.ook at the biggest business doors in the news right now. and antitrust probe into the epipen price hike. says ahneiderman preliminary investigation shows the company may have inserted anti-competitive terms into sales contracts with schools. this is the latest fallout following outrage by the public after raise the price from $50 nine years ago to $600. the ofa price to layout the pen price. the chief executive officer said they will raise prices only once a year and increases will be limited to the single-digit percentage range and should limit overall price increases to what he says is slightly above the current rate of inflation. karel icons investment company is buying in federal-mogul holdings for $9.25 per share. ahns.rl ic it is more than the closing share price of $4.98. that is the day before the enterprise of seven dollars per share. it was increased to eight dollars per share in june. that is your boom -- bloomberg business update. time for angela merkel standard life her re

david: and i'm david gura. in this week's issue, could exxon be liable for allegedly misleading the public about climate change? how canada's prime minister is a little bit like donald trump. carol: really? david: sort of. carol: and does vladimir putin prefer hillary clinton or donald trump for the white house? david: all that on bloomberg businessweek. ♪ carol: we're here with the editor-in-chief of bloomberg businessweek, ellen pollack, and we have a story in the market finance section. if you look at tech companies that want to provide all the storage for wall street and financial information, what going on? ellen: the sec wants to put together a database of millions and millions and millions of trade so they can look at what is going on in the market. they want to know what causes these flash crashes. to do this diagnosis, you really need the data in a way that you can manipulate it. to do it by hand is incredibly time-consuming and we need a lot of storage. so, both amazon and google are bidding for this w

i am david gura. vonnie: i am vonnie quinn. vid: we want to get ahead -- check of the headlines from the apple event in san francisco. emily: the new iphone seven comes in a couple of colors, matt black finish, glossy black and rose gold, silver. one of the biggest new features is a new and improved camera, dual image processing. this optimaling image stabilization. it allows in more light, a higher speed 12 megapixel sensor. rattling off the specifics for the camera aficionados out there. there is talk this could usher us into a new era of photography. this camera now better than ever . the way the dual camera processing works, it takes two photographs at once and merges them together so it is writer and vibrant. reengineered hardware. water resistant up to 50 meters below the surface. a gps chip, and they can run with their apple watch without having to worry about getting lost. we were speaking earlier on the she was very excited about these new features, taking away from fitbit. new appleking at the watch. they are calling t

david: i am david gura.ek, looks at the inner workings of the global economy, and this is about weddings. this is an $80 billion industry. couples shell out an average of $30,000 for their big day. why so expensive? we look at the benchmark hope case smith and another person who will soon be a married man. looking at the 30,000 on average for a wedding, that rises quickly. >> it does. it was a once-in-a-lifetime opportunity. vonnie: one way of putting it. >> the vendors are aware of this and our host had a great story to tell about how, when he went to a central venue, they basically said $70 i had, which he said, that is cool. where is the ceremony? they said ceremony, you are getting married? it is $140 now. he was stunned they were so discriminating as far as weddings. david: how you are compelled to cap are about things you thought you would never care about. that is the mechanism about it. looking at napkins and having heated fights of the dollar of an afghan -- the color of a net in. -- napkin. talk ab

i'm david gura. vonnie: i'm vonnie quinn. ebook is seeing the growth and its messenger service with over one billion users and over 300 million users use their calling and video features every month. emily chang said that when david marcus, the vice president of messaging products. here is some of their interview. facebook is making money out of as that you see taking you to messenger. we are rolling out the new format that enables advertisers to buy an ad that will get you inside a thread with messenger. we are grading more demand for newsfeed. as we bill the ecosystem, we will create more supply on messenger. right now we are focused on creating the ecosystem. emily: will we see you take a cut of e-commerce transactions? our goal is advertising. if we can help businesses grow, that is what we will focus on. we feel there is more value for everyone there. emily: you added new ways for developers to share their bots with their friends on facebook. are you fearful that this will turn into a spammy experience in which a gaming?

i am david gura. vonnie: i'm vonnie quinn. david: let's check in with corny collins today.y: the nasdaq has treated up about .6% at the session high but now trading more near .3%. a notable winner in today's session is apple. it is the top performer on nasdaq today and moving on two pieces of news. first, ireland's cabinet said it would support apple's appeal of european commission ruling that apple would pay $14.5 billion in back taxes. two recall itsas tablet after a faulty part and reports of exploding batteries. this is looking to unease competition after -- ahead of apple's release of the iphone 7 next wednesday. forecasts --g forecast missed estimates yesterday sparking concern about slowing demand and competition, whereally in yoga wear, nike and other rivals are pushing into the market. foot traffic in malls was poor last quarter, but lululemon stock was up 46% the day before today's plunge. back to you, david. david: courtney collins at the nasdaq marketplace. vonnie: we're watching a story in the world of technology. you can see one of the charts of the hour. big

i am david gura. scarlet: i am scarlet fu. vid foley is in charge of one of the biggest energy allocated funds in the u.s.. among his top deals, should near , oil and gas cup and, geithner, and -- david foley joined alix steel earlier today to discuss the energy market now that opec has an agreement. mr. foley: fear has diminished from the first corner. people forget how suicidal they were in february if you are in the energy business, and hope is spring and again. the high-yield market is wide open. high-yield spreads on energy went from 90% -- 19%. they are down to 9%. jon: the debt market is open -- alix: the debt market is open. mr. foley: we want to focus on companies that need our help, in a period of transition. they need capital. in those cases, we can come in as a partner, or weekend by. you not -- what we can buy. you do not have to buy the whole company, that we made an investment in a firm, backing we are, really -- looking for to that. issue,art of the everyone wants to go there -- it is the place to be, the best a

i'm david gura. clinton and donald trump both in the city they hope to call home for the next four years, washington, d.c. donald trump called for rebuilding the nation's military and admitted he was wrong about president obama being born overseas but not before taking another shot at his opponent. mr. trump: hillary clinton and her campaign of 2008 started the birther controversy. i finished it. i finished it. you know what i mean. president barack obama was born in the united states, period. meanwhilesident obama wasted no time taking a shot at mr. trump. president obama: i'm shocked that a question like that would come up at a time when we've got so many other things to do. i'm not that shocked, actually. it's fairly typical. we've got other business to attend to. i was pretty confident about where i was born. i think most people were as well. my hope would be that the presidential election reflects more serious issues than that. david: what was the political motivation for bringing up the birther

david: i'm david gura. to allow voted families to sue saudi arabia. president is expected to veto the bill but the passage presents a headache. saudi arabia threatened to sell $750 billion in u.s. assets of the bill became law. for some inside, i want to bring in our guest from washington. what this says about the relationship between the u.s. government and saudi arabia, the fact that the bill was passed in both houses of congress. it's a reflection that in congress there is little support for the relationship with saudi arabia. the executive side, they look and saudi arabia as a key ally in the middle east, in the coalition against the islamic state, influence with other countries as well. it will provide some tension between the saudi arabians and the u.s.. denies anya connection with plotting the 9/11 attacks. just a few days away from the 15th anniversary and there are already strained ties between the u.s. and saudi arabia over issues like the euro nuclear deal. this will just create further tension between the two sides. seems like it will wait

mark: former treasury secretary larry summers speaking to david gura.ulie: still ahead, deutsche bank shares falling today, down 8.5% on news the u.s. is seeking $14 billion to settle mortgage fraud. the bank says it is not paying that much. we will take why. ♪ -- we will tell you why. ♪ ♪ julie: live from new york i am julie hyman. just 15 minutes to the european close. mark: we are in london, i am mark barton. toyota bankshares still falling by the most since the aftermath of the brexit vote, the bank says the justice department is seeking $14 billion to settle a probe tied to residential mortgage-backed security's. saidstatement, the bank deutsche bank has no intention to settle these potential civil claims anywhere near the number cited. michael moore covers the financial industry for us. what will it end up paying? $14 billion between and $2 billion to $3 billion able were talking about months ago. this is a big gap and the u.s. department of justice being aggressive, they have been aggressive with other banks in the past. in previous cases, the ne

the secretary of treasury has a conversation with our david gura in the 9:00 a.m. hour ♪. nd-largest bank feels the pain. ceo is suspending its dividend and cutting 9600 jobs. david: wells fargo's ceo heads joshto take -- theyces could raise prices up to $10 a barrel. jonathan: i am jonathan ferro alongside alix steel and david weston. german banks back in the spotlight, commerzbank suspending dividends and cutting 9600 jobs. david: that is painful. jonathan: this is like maneuvering a supertanker. and they want to simplify the business. david: and keep the underlying business going. alix: this is on

i am david gura. vonnie: i am vonnie quinn.ord shares are extending losses and are at a five-week low. bloomberg's scarlet fu has the breakdown in today's "numbers don't lie." scarlet: ford shares have fallen 29% alan mulally retired. let's dig into ford in today's "numbers don't lie." the red line is when alan mullally began as ceo ran through the recession to 2014. the green line is when mark fields took over and you can see the steady decline in the share price since then. fields was the dominant presence during mullally's rain and he is pursuing the 1-4 to strategy with great success. record profits from which you can see with the orange line, even as the stock is struggling. there is a dip in net income last quarter when the company missed analyst estimates. ford has been very upfront about its concerns. i mean, the big picture in here is total u.s. sales have been climbing for the past decade and may have paid that 18 million. august sales reflected that with every major automaker missing analyst estimates. but the bigges

interview with secretary of the treasury jack lew -- bloomberg's david gura.tifying before the house financial services committee. last timeireworks the he went on capitol hill over this scandal, so i think that will be must read tv. scarlet: do you think elizabeth warren will make a guest appearance? that is all for "what'd you miss?" we will see you tomorrow. joe: have a great evening. this is bloomberg. ♪ >> previously on "with all due -- ect" john: your basic argument is the premise is he will not win all four of those states? but florida and north carolina, i would much rather be her. mr. trump: did you see these characters with the maps? the electoral college? about a month ago, a very small path or trump. today i'm watching, they are looking at all these paths. john: with all due respect to donald trump, you can take our maps when you pry them from our cold, dead ingersoll -- fingers.

kicking things off is bloomberg's david gura. david: a huge deal today in the u.s., if you look at the first print going back six years you will see that estimate, the first print has always failed to meet estimates. i'm just saying here, in light of the fact we have students who work in summer jobs, who are going back to school, you have employers holding off on hiring for the hiring season. yes this is important to the federal reserve. as the case shows going back six years, there have been mrs. -- -- have beenes misses. vonnie: now my morning cohost, you can continue. mark: he have so many friends. u.s. not just about the jobs report because in spain a big vote takes place. let's not forget spain. this is the second confidence vote for the acting prime minister. spain has had a political gridlock since the first election in december. electionre be a third this december? despite the gridlock body, despite the impasse. this is fascinating. since june 27, since the post brexit -- post lows. line isn't a line we look at often. it is the small-cap index, which clearly

in an exclusive interview with david gura. >> in the region, the u.s.nship with the western hemisphere has been central to our sense of security and our economic interest. i think we have deep relationships here that we have put a lot of interest on deepening and developing, and i .m here to speak about that is no question that the u.s. and mexican economy are very much interconnect it. you look at the goods that have gone back-and-forth. we sell a lot to mexico. i think it is important for both of our countries to do well and to do well together. >> i would imagine you are more .nterested in monetary policy but there will be conversation about the prospects of the speech and your conversation is much more about openness. >> very much. there is a lot of anxiety about the effects that technology and globalization are having on the effects of the daily lives of people. it around the world. i think the answer cannot defeat to shut ourselves off and say that we can do better with lower rails. that weer can not be will separate our interest from the interest

david: i'm david gura. plan tomazon's dominate same-day delivery. american company successfully faced down stiff competition from china. david: all that ahead on "bloomberg businessweek." ♪ with an editor and you have a great story about the controversy involving mylan epipen's pricing.

david: i'm david gura. carol: amazon's plan to dominate same-day delivery. small american company successfully faced down stiff competition from china. david: all that ahead on "bloomberg businessweek." ♪ carol: i'm here with an editor and you have a great story about the controversy involving mylan epipen's pricing. they doubled the price of it.

emily: that was eu competition commissioner margrethe vestager speaking with bloomberg's david gura.he right hailing app grab bumped its evaluation north of $3 billion. this is the largest ever funding round for a southeast asian consumer tech company and the latest example of how asian right hailing services are aiming themselves to fend off uber. staying with car tech, china's internet conglomerate raised money to create the first sports car. last month another company called wmd motors said -- wm motors raised money to challenge tesla. ceo jeff weiner is announcing linkedin learning this week. in india, oracle's first -- next frontier. the ceo tells us about her ambitions for that growing market. this is bloomberg. ♪ ♪ emily: mark zuckerberg and his wife are pledging to spend more than $3 billion over the next decade to work on curing disease. >> this is a big goal and we thought this was really aggressive would we got started. we spent the last few years going out and talking to dozens of top scientists and experts who believe this is possible. emily: surprised guest microsoft co

david: and i'm david gura. issue, : could exxon be liable for allegedly misleading the public about climate change? how canada's prime minister is a little bit like donald trump. carol: really? david: sort of. carol: and does vladimir putin prefer hillary clinton or donald trump for the white house? david: all that on bloomberg businessweek. ♪ carol: we're here with the editor-in-chief of bloomberg businessweek, ellen pollack, and we have a story in the market finance section. if you look at tech coie

i am david gura. scarlet fu: i am scarlet fu. welcome to bloomberg markets.rld had cores in new york, we are covering stories out of san francisco, frankfurt, italy, and china. on reportsnk jumping it is nearing a settlement with the u.s. department of justice. its stock and debt have been under pressure since the agency opened a probe tied to residential mortgage-backed securities. concerns about the german bank stability is having -- worrying consumers enough to pull from the firm. is this another lehman brothers moment? bank is not the only one struggling to we will hear from sean matthews, the ceo of cantor fitzgerald, on the new normal for wall street. we are halfway through the trading day -- julie hyman is here for the latest. as w get re t

i'm david gura. vonnie: and i'm vonnie quinn. it's time for options insights with julie hyman.ie: joining me today is kevin kelly, chief investment officer at recon capital. we don't have much movement in the markets overall, yet as you pointed out, three times the amount of puts versus calls have been trading, which is surprising given that on the surface there's not much movement. kevin: there hasn't been much movement over the summer and there's been a lot of this type of unity where you some more puts being bought because everybody was expecting something to happen, just like it did the two previous summers when there was grease and china. but a lot of people are re-putting on folio insurance for the month of september. so you see a lot of contracts are and of said number in early october and they are trying to protect in case there is volatility heading into said number. -- into september. julie: is your reading out and out pessimism or insurance? kevin: i think it's a little bit of both. i think you are seeing people put on overall market that's where they are trying to p

i'm david gura. carol: and i'm carol massar. verifying the quality of cotton they are selling.s about applied dna scientist. >> a small biotech company that is completely unsuspecting. 90 minutes from new york. inside, they are doing dna testing on cotton with the same sort of rigor and precision that you would find at an fbi crime lab looking for dna of a criminal at a crime scene. the dna they are looking for is to determine if a retailer is getting the premium egyptian cotton that they are telling customers they are getting. or if they are getting the more common mainstream cotton. this company's mission is cotton detective. do try and throughout it the egyptian cotton you are paying a premium for his words as it is. david: reminds me of the olive oil scandal from a few years back. >> the sort of open secret in the cotton industry is that as egyptian cotton production has been decreasing because of poor management after the egyptian uprising, there was a few rough years in the u.s. but there was still demand. there is a pressure to lower prices. upland cotton, the mainstream

joe: that was elizabeth warned with david -- warren with david gura. is bloomberg. ♪ ♪ scarlet: the dow rose more than 150 point. the s&p 500 rebounded and apple extended, lifting the market overall. joe: a 1% move in the markets and all of the stocks are up. scarlet: as for to mark my do not miss this. russia announcing interest rates tomorrow. and economists expect a cup. --ter, the central bankers last year, the central bankers defended their policy. meetand european leaders in bratislava, the capital of slovakia to discuss the brexit though. matt: and tomorrow, i will be to to see if -- inflation is moving toward the fed's goals. scarlet: thank you for watching. joe: have a great evening. matt: this is bloomberg. ♪ a john: i'm john heilemann. i'm donny deutsch. with all due respect to those mocking trump's assertion that campaigning his exercise -- mr. trump: i guess it is a form of exercise. who are you to judge how a man uses his hands? ♪

emily: that was eu competition commissioner margrethe vestager speaking with bloomberg's david gura.n this week's funding board of justight hailing app grab gained money from investors. that bumped the evaluation north of $3 billion. this is the largest ever funding round for a southeast asian consumer tech company and the -- and it is the latest example example of how asian right -- right hailing services are aiming themselves to fend off uber. staying with car tech, china's internet and consumer tech conglomerate lee echo raised money to create the first sports car. they say they got a handful of chinese investors for the project including legend holding . last month another company called wm motors said they raised a billion dollars to prepare to challenge tesla. still ahead ceo jeff weiner is , announcing linkedin learning this week. hoping it brings a boost to the top and bottom lines. and is india oracles next frontier. the ceo shasha katz tells us about her ambitions for that growing market. this is bloomberg. ♪ ♪ emily: mark zuckerberg and his wife, dr. priscilla chan, are pl

david: and i'm david gura. it is everything but politics as the magazine looks ahead the u.s. presidential election. carol: it focuses on their ambitions and concerns. david: investigate what provides the electorate. and what it tells us about donald trump and hillary clinton. carol: we're ellen pollack. you guys take us to ohio to the trumpiest and clintonest part of the state. ellen: ohio is sometimes considered the swingiest of swing states as some people put it. it may or may not be this year but it's a state that really matters to presidential candidates. and we looked at the districts that are the most pro trump and the most pro clinton and spoke to people there. and one of the points we make is that in many parts of the country, people view this well, it's the lesser of two evils. here, people really support clinton or they really support trump. and the parts of the state where they support clinton, one of the things they're saying is clinton is talking -- trump is talking to us. he's saying you don't want to live the way you're living and they're saying you know, we're

tom: david gura, three months moving average, 232,000, that is a general missed number. little less at 175,000, but the one year moving average, 200-4000 non-foreign payroll. david: after the last jobs number, 255,000, you said that was good job growth but not satisfied it would lead to a september hike. what has changed its calculus and made you think september could be on the table? bill: i think fed speak. i listen to stand fisher and basically, at jackson hole, they said that if things continue as they are continuing, yes, you just pointed out the 200,000 as the 12 month average on jobs, but i would say that she would think this is a continuation of a positive trend that promotes the 25 basis point hike. it has almost been one year. i think that is a gradual type of slope. i think fisher seconded her motion, so to speak, and maybe even upped it in terms of his hawkishness, so those to drive it and i think september is one and done for the year. tom: i want to head to something that i think is absolutely crucial, which is to suggest that the fed and economists worldwi

david: i'm david gura. carol: in this week's issue, amazon's plan to dominate same-day delivery. all american company successfully faced down stiff competition from china. david: all that ahead on "bloomberg businessweek." ♪ carol: i'm here with an editor and you have a great story about the controversy involving mylan 's epipen png

david: and i'm david gura. ue, could exxon be liable for allegedly misleading the public about climate change? how canada's prime minister is a little bit like donald trump. carol: really? david: sort of. carol: and does vladimir putin prefer hillary clinton or donald trump for the white house? david: all that on bloomberg businessweek. ♪ carol: we're here with the editor-in-chief of bloomberg businessweek, ellen pollack, and we have a story in the market finance section. if you look at tech companies that want to provide all t

i am david gura. i am vonnie quinn. welcome to "bloomberg markets." omberg said borders in new york the next hour and covering stories out of sentences, detroit, .ashington, and berlin markets have stabilized. stocks are higher admitted deals and a rally in apple. -- after fourre months of talks, they are -- bayer agrees to buy monsanto. in the race for the white house titans. -- and the race for the white house titans. donald trump leads hillary clinton in ohio. julie hyman. we are seeing stocks give up some of the gains that have been studied through the day. the dow had been higher for much of the session by about a quarter percent. the s&p also

i am david gura. welcome to bloomberg markets.d headquarters in new york, we are covering stories from san francisco, to washington, to frankfurt. stocks are moving lower to him about not making big moves, tendering weeks of calm in the markets. what will cause u.s. equities to breakout question -- breakout> vonnie: investors are closely watching the ecb decision today. see anhey do not immediate threat to the euro area. david: will consumers show excitement for the new iphone when it is released in just a few weeks. the markets close in about two hours. let's head to the markets desk where julie hyman has the latest. julie: we have a littit

david: and i am david gura.omic recovery have kept the preferred income index 7 youower, looking at 369 can see all is not lost, headline inflation have -- has dropped steady. the statement will include an assessment of the recent prices. joining us for a preview of the announcement is vince cignarella and mike mckee. let me start with you and see what you are looking to hear today. it seems the consensus is we will not see a rate move today. mike: there is market chatter that they could move, the question everyone has is do they move in december? they told us all along they want another rate increase this year, november a week before the election nobody thinks is on the table. what is going to change in the economy to get them from here to there. they knocked the unemployment thing, it is an inflation question. what signs are they looking for and will they fall back on the energy as the problem or suggests we are seeing a breakout in wages because the unemployment rate has fallen enough? those are the things yo

david: i'm david gura.all street would have to come up with billions of dollars in additional come at all in a revamp of the fed's stress test. the change would raise the minimum capital targets each back need to get a passing grade. they say they could also scrap parts of the exercise that lenders have criticized. extend tould not the next round of tests here and merrill lynch has been fined $12 million in an investigation into mini flash crashes. the investigation found that they cause 15 market disruptions over two years by sending erroneous orders. that is your business flash update. vonnie: deutsche bank and its fight to survive and thrive. it will be keeping one eye on berlin, the other on washington. that is where u.s. regulators are considering a $14 billion fine on the bank. should that happen, a synergy -- a senior german official says do not count on german citizens for a bailout. dakin campbellis who covers banks. a chart puts the market caps of citibank, jpmorgan, and deutsche bank in perspecti

i am david gura with vonnie quinn in new york. welcome to bloomberg "markets."e federal reserve beige book report. there could be some softening in some areas of the economy and households and think. we have the dow, s&p down .2%. >> welcome back. reports from the federal reserve beige book showed the economy grew at a modest pace on balance in july and august. overall consumer spending was changed in most district. the labor market remains tight. wage growth and overall price inflation was described as modest index acted to continue to be modest going forward. ected to continue to be modest going forward. vonnie: what can you tell us

david gura and scarlet asked sean matthews how the market is taking these concerns over deutsche banketty good shape generally. the balance sheets are in credibly healthy. both into jelly. i think we are living in an environment of zero interest rates. banks are in good shape. earnings power is pretty good. deutsche bank was a liquidity concern that is being alleviated because of the potential sentiment. >> that is different than what we saw in 2008. give us a distinction between liquidity and solvency. >> when you look at the bank liquidity is how banks run so there is leveraged characteristics. leverage is significantly lower than last time we were talking about this in 2007, 2008. bank balance sheets were not as big as they were. aserage characteristics are drastic. drying a distinction here, how worried should we be about u.s. financial institutions in light of what we have seen in europe certainly with deutsche bank but with the slope growth at the way business is going in europe? >> u.s. banks are in good shape. i do not see any issues. it is about leverage characteristics in th

nejra: staying with international relations, turning to the american view on brexit, bloomberg's david gurake exclusively to the treasury undersecretary for international affairs. how the u.s. would like to see the negotiations play out between the eu and u.k. >> i really think the brexit set highlight, as you know, values multilateral as some, and we were able to coordinate effectively in the financial space, and thinking about macro strategies and so forth, and as a result of that, the reaction of the global markets was more common than it would have been otherwise. in terms of the way forward, we see this as an issue that will need to be worked out over time. -- time by the europeans and the u.k. importance,of great and we made clear that an outcome that involves greater integration between the united kingdom and european union is in the best interest of europe, and the best interest of the united states, in the best interests of the global economy. we will continue to watch it and vigorously engage on that issue. how satisfied you are at this point with how china is managing its currenc

i'm david gura. welcome.world headquarters over new york -- in new york over the next hour. the fed and bank of japan hold policy meetings next week. will either central-bank surprise the market? u.s. agriculture secretary tom between theren and monsanto and how the transaction will impact the economy -- tom vilsack ways in -- tom vilsack weighs in on bayer and monsanto. julie: a bit of a pause after the big gains we had yesterday and is to look ahead to the fed meeting next week as well as to the bank of japan, we are seeing a little bit of a deepening of declines at the moment. as we have been noting all