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what does it all mean for e.m.? i don't see inflation in the emerging markets.here are a few isolating cases. particularly with the fall in oil prices. it has proved very deflationary. getting nominal growth to come through is the principal focus. guy: you speak with the south africans. 2015 gdp down 3.7% year on year. the central bank there has and inflation problem. how do you tackle that? they have a growth problem and and inflation problem. >> sodas brazil. guy: turkey has an inflation problem but not a growth problem. >> it is a real challenge for a number of isolated economies and it is difficult to see what policy measures they can implement to get growth coming through. west andowth in the their ability to export is a real challenge. jonathon: a drop of 3.7 percent for russian gdp, 12 months ago, dollar-ruble was called a currency crisis and now it is a buffer. which one is it? interestingeen some moves in currencies. markets are volatile and skittish. we are living's -- we are living through some very uncertain times. the polder -- the policy measures w

antonin: e.m. recession with d.m. staying positive, bringing in a recession.ven in this context with more focus on -- d.m. versus e.m. francine: what are you expecting from the earnings season? did fine on monday. is there anything you're looking out for in terms of margins or anything else, cost cuts? antonin: in the u.s., the last season was ok. i think there will be a focus this time on sales as well as eps. expectations came in so much. -6%.t q.4 at low hurdle. if anything, we would expect equity drive -- it into markets. correlation should come down as well. historically at high levels as we are entering earnings season. it's ernie season should drive correlation. francine: thank you very much for all of that. the global head of equity trading at citigroup it up next, debt talks reboot. singer's negotiations with argentina get a new lease on life. we discussed that next. ♪ francine: welcome back to "the pulse" live on bloomberg tv. let's get straight to the bloomberg business flash. nejra: the california air resources board rejected the proposed -- volksw

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but if you look at china, they are three quarters of the excess debt in e.m. i'm not saying it is good, but to say this i is '97 or '98, i won't say irresponsible but off the mark. but to say you want to rub for the hills -- run for the hills here, china policy is clumsy and don't bank on it but it won't take our economy down and it is very clear to me. >> you were actively trading at that time, i imagine. >> back in the day. >> back in the day. >> i have to tell you something, the currency moves, we saw in '98, nothing close to what we see now on a daily basis. you have one off once in a while. but in a ridiculous magnitude on a bailey basis. and it is not normal. and it is not normal to move 2% and 3 in one day. there is something wrong about that. and there have been books written about currency wars. and we're in the midst of that. and where it ends, i don't know. but it is clearly not health any in my opinion. >> i would say we are closer to a 2008. there are parallels to '98. what is the same about 2008 and 97, they did cut rates and nowhere to go this t

very humble and jamie foxx giving credit to another driver who stopped to help who was an off duty e.m. t. they were able to get him out of the seatbelt. they had to cut him free. kyle was taken to the hospital with third degree burns and a broken collarbone. he's been arrested on suspicion of d.u.i. even though he's still in the hospital. >>> this may be the vogue question. showing off his apartment and his knowledge. >> what are you reading right now? >> the teleprompter. >> who is your favorite disney character? >> walt. >> your favorite movie. >> hamilton. >> the video here goes through his gym, his fridge, his bedroom. he gives us plenty of moments and insight into his daily life. the big sequel will be in theaters soon enough, february 12 to be exact. this week's installment of the video vault. >> tom: it was the glamour of lavish production shows and the sinister background presence of the mob. in one case they were combined at the museum that is a collaboration between the museums. let's start with the opening of the top canner's -- >> a sheikness that americans recognize. >> t

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. >> it is a big difference between e.m. and mining manufacturing. >> coming up we have a chart that could show the canary in the coal mine for world trade. coming up next. the only way to get better is to challenge yourself, and that's what we're doing at xfinity. we are challenging ourselves to improve every aspect of your experience. and this includes our commitment to being on time. every time. that's why if we're ever late for an appointment, we'll credit your account $20. it's our promise to you. we're doing everything we can to give you the best experience possible. because we should fit into your life. not the other way around. scarlet: i'm scarlet fu. "what'd you miss?" let's get to mark crumpton. are: security officials studying in islamic state video that threatens more action against the united kingdom. d man speaks of the british accent before shooting a reported spy. he says the extremists will soon invade britain. four others accused of spying for britain were also killed. the refugee crisis is complicated wes

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from emerging markets, things that had been a painful trade would have been to be short the s&p, long e.m., long commodities, long anything that fits the same bill as oil here. sometimes these are three, four year trends that have to be broken. we're there. that's the interesting part of '16. emerging markets had their correction. if you look at a number of other commodity classes, that's consistent with what marco is saying. >> it's fascinating because i wouldn't have thought he would think that. i would think the market proxy is oil. as oil goes up, stocks go up. i do think the energy space is so overdone. if you look at the xle which is weighted to the bigger names which have better balance sheets, that's a very interesting way to play it. >> i think there's been a lag clearly. crude started going down in november '14 when it topped out. the s&p topped out in may of last year, right? you have the six to seven month lag. i read into it saying oil could stabilize here. s&p could be down to the levels 1620. percentagewise that marco said gets you exactly there. stabilization in crude, the

henry: e.m. forster said, " if i had to choose " between betraying my friend or my country, " i hope i would have the courage to betray my country." it demonstrates his distrust of larger institutions. how an outsider? gay in england at the turn of the century? okay, so you're suggesting that his outsider status gave him a unique perspective on nationalism, but does this statement make him unpatriotic? yes. why? the point of serving your country is, ahead of the individual. okay, ivan. for your buddy in the foxhole? i feel like that might be more of an american concept. well, i-i disagree. all of those soldiers fighting shoeless and without weapons on the russian front in world war ii the common good. they were being forced (phone buzzing) families from going to prison. ivan: that's an oversimplification, and you can't reduce russian patriotism to that. to defeat hitler. and the russian army almost accomplished that (loud, overlapping chatter) all right. hold on. hold on. hold on. (whistles) reig

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when we think emerging-market versus developed market and investment decision, it is fair to say that e.m. valuations have fallen significantly. our view is that the discount is not high enough given that fundamental challenges exist across some of the parts of emerging markets. it's not just brazil, it south africa turkey russia and china. even though valuations are becoming more attractive. i think in our view that we do not yet see enough instances where you can combine valuations and a turn in the fundamental picture to make it more instructive. jon: the story for the broader develop,.m., and i have you tried to play that in the last couple of months, you got your stuff into trouble. your line, this is a well advanced global equity bear market -- a lot of people are finding it hard to say those words. >> if we step back and think about the decline that we had, markets are down significantly since april of last year. since the height of optimism around ecb qe. it's happened in stages and even at the end of 2015 markets have clawed back a lot of recent losses. i think that is important

beginning of this year, if you do get some trade, some stabilization in chinese data, that is key for e.mthe chinese can find ways of keeping the employment rate up. i think the chinese will figure out a way of dealing with these things, and they are continuing to make a number of market oriented reforms. the difficulty is the markets told confidence that the chinese could keep the market and the economy up by sort of magic. it has turned out that for the chinese itself, it is more complicated to manage markets and manage growth than they anticipated. they are very talented, skilled people, but it is hard to keep stock markets going in the right direction. vonnie: the guardian is reporting today about george soros. tom: francine, jump in as well. francine: gabriela, there is hope when you look at services and consumption in china, they are not as bad as expected. but they will have to devalue one. what does that mean for global -- devalue the yuan, so what does that mean for global growth? us, it is much more a part of the shift in regime and a shift to much more market forces for the cur

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another driver happened to be in e.m. track is my activity on the ocean will impact us will bring this rain the question is when will answer that coming right up. i'm lika small boxer. ring. you don't expect much... and then, wham! i hit 'em with huge creamy goodness! alright round two! bring it, girlfriend! rich, creamy, 100% natural cheese. mini babybel. snack a little bigger. when caret crangs t, ali cathu getng rief. onlyicorte mi haa pateed fastissoing rmul it startto rievesudd crangs st. i ner kn whei'llneedelie that'shy inly oosenicotte ni. in my business i cbailing me out my i.all the time... i'm not the i.t. guy. i'm the desktop support tech supervisor. and my customers knowing right when their packages arrive. introducing real-time delivery notifications. learn more at myusps.com >>mark: they're predicting a massive earthquake will hit in the pacific northwest in our lifetime and emergency officials are preparing for will explain how they're getting ready + your thinking of traveling soon would say which days ar

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that's going to do it for the day, special thanks to ask e.m. -- two axiom -- special thanks to axiomu tomorrow. >> it is 10 a.m. new york, 3 11:00 p.m.don, and in hong kong. from bloomberg world headquarters, good morning. here is what we are watching this hour. it is a global meltdown. the dow plunging more than 350 points at the open. we are reacting to the worst new year ever for chinese shares paid attention's flaring up in the middle east. saudi arabia and gulf allies cut ties to iran after an attack on the saudi embassy. look like general motors investing in- is the right against uber. markets are tanking. we are deepl