go look at the 1930s. >> did we not give economic data?dp growth as positive as we have seen all year. >> the unemployment numbers. we grew 270,000 again. >> why our prices? -- we are going into an inflationary depression. wire commodity prices all collapsing? explain the demand. >> the one commodity we can focus on his oil. producing more than we ever dreamed. it is a supply problem, not a demand problem problem. >> people lose jobs in the economic engine of the country, earnings go down. >> every pharmaceutical company the manufacturing company is doing better. >> that last one, oil and gas. the companies that import cheap goods from china are going to get even cheaper. we were talking about that on the break. a lot of companies could possibly benefit. >> that is so important to realize. talking about macy's chemicals, dillards, companies that are at 5252 week lows but the cost of goods is decreasing. across-the-board. >> over going to have a great christmas. >> devaluing currencies to make it cheaper. it's going to hurt corporate earnin

there's no economic data.ole host of companies reporting earning including herdz, sisco, dean foods and pershing square. we're also hear from kraft, heinz shake shack reporting after the bell. let's bring in bobby iacino on who we should watch. i have my eye on commodities. comphmodities are probably the most out of flavor in the stock market right now. but do you think it's time to get in on oil or gold or one of the comphod emoditycommodities? >> i was surprised to see that article, i don't know about wilfred, as he mentioned earlier in the show, picking the bottom of comphod emoditycommodities. more people saw this movie than "fantastic four" obviously. when you see the data and the market rising there's aanticipation of more easing. money and that people's bank of china is going to do more. especially when you look at what crude oil is doing, crude oil 1220% the same as last year. that's based on the demand season earning. and you had rate accounts rising on friday. i think that's going to pull the whole s

economic data? jeff: i would say global economic data. if you look at the leading economic indicators, the eurozone is on the rise, japan is on the rise. if you look at the purchasing managers index, that is ticking up. revisions to profits have been moving higher, so broadly speaking, growth is ok this year. the contrast has really drove our gets up at a much more rapid pace. i'm watching these important data point. get the isn data or -- the isn data. servicing and manufacturing. moves upo see if that and stays around 54. if that shows suddenly this, we could see more downside. in august, getting close to september, is this the volatility many have been waiting for throughout this challenger -- about this calendar year? jeff: we've been talking about volatility rising as we get close to this that rate hikes. it's to the downside and to the market and here we are finally getting them. have bonds in your portfolio, they are holding value and a lot of parts of your portfolio should be holding together to mitigate your losses versus just st

. >> josh, one of the most persistent means has been the weak economic data coupled with the measures taken by the central bank. when does the story change? when do the reforms put in place by the pboc actual go through the economy? >> that's a good point. we've seen monetary policies like the psl, sof with borrowing rates of 3.5%. ultimately, this is towards a more transparent rate in the market. one of the policies you've had with china, there's a bit of ambiguity. that may have been a strength with beijing because they were allowed to tell different stories to different participants, interest and banks. and that's going to come down to having one rate or a corridor of rates to help simplify the message as to what monetary policy is. again, that's something that we think will happen going forward. >> josh, over the last decade or so, we've seen china move slowly but surely towards a more financial liberal and market friendly state of affairs. and that has slowly raised the dmreb credibility in the eyes of investors. has that credibility that's been slowly but surely earned is that b

we got good economic data. we had comments from the atlanta fed president signaling september. this feels like it's on. alix: two days ago that chart was down to 38%, now it's up to 52%. that goodoning economic data, diving into the terminal, i wanted to mention the isn service report. on the chart it is the white line. this is a tenure chart. of the review can see the line has hit a 10 year high. the service industry in the u.s. is on fire. interesting to me when you manufacturingsm . thanks to the strong dollar we have exporters, manufacturers have been weakening, sliding. currencies are on a tear. alix: 70% of the economy as is? shouldrvices theoretically be more important. alix: i want to take a deep live into my terminal to take a look at strong spanish data. you are looking at the service industry as well for spain, jumping to 59.7 in june. right round here, close to a six-year high. we did not even have to go back that far. pretty exciting. new orders and job creation, the fastest pace in eight years. these were two very positive signals. home sales this morning, housing

economic data has been holding up well as the rest of the world does seem to be waning. the cleanest dirty shirt effect, if you will, but it seems like the willingness to pay up for relative stability seems to be going away. i credit neil irwin over at "the new york times" who highlighted this. another way to look at this is to look at the earnings yield. how much are you getting for your money? , to earnings power are you getting for the price you're paying? -- howks had continued much earnings power are you getting for the price your -- you are paying? around thelooking globe, seeing the selloffs and the prospects for global growth, and you are still paying a premium for u.s. stocks, you are going to start to question whether that is justified. much, julieyou so hyman. this is part of the reason these momentum stocks have rolled over. they are quite expensive. what do you do when you are looking for growth and things are pricey? scarlet: people do not want to be too invested over the weekend. since mid-may, the s&p 500 has and did the last days of trading with a loss 1

we got good economic data. this morning.had comments from the atlanta fed president signaling september. this feels like it's on. alix: two days ago that chart was down to 38%, now it's up to 52%. joe: yes, 52% in two days. mentioning that good economic data, diving into the terminal, i wanted to mention the isn service report. a monthly measure of the services industry. on the chart it is the white line. now, this is a 10-year chart. highest level in a decade. the service industry in the u.s. is on fire. what is interesting to me when you compare it to ism manufacturing. thanks to the strong dollar we have exporters, manufacturers have been weakening, sliding. it has not been a great year for them, but the services sector, more insulated from currencies and on a tear. alix: 70% of the economy as is? joe: yes, and it is funny because it gets more attention in the media, and services should theoretically be more important. alix: i want to take a deep live -- dive into my terminal to take a look at strong spanish data. you are

great economic data this morning. pretty positive day. the: dow finishing with third-best gain on the record. you saw all of the sectors higher. tech accounting for 38 points. joe: as with yesterday, the cyclicals leading the way, and you cannot forget the fed's dudley basically taking september off the table for rate hikes. traders were probably excited to hear that was not going to happen. more time toey, buy stocks. like leading the tea leaves as we were just talking about. i will take a deep dive into my bloomberg terminal and look at china. what you are looking at is china's electricity and total energy consumption. the reason i'm talking about this is i want to use it to measure growth. yes, of course, it is seasonal. there are seasonal patterns. but the economy is growing. people are moving. they are using energy. this would imply that china isn't in hard landings kind of situation. joe: for a long time electricity consumption is one of the dominant metrics that people use to gauge the chinese economy. officials have questions abou

in terms of economic data points it's the nest thing to watch but that's it.olyn roth. >> i'm seema mody. thank you for joining us. we'll see you on monday. but next up is squawk box. have a good day. nt's ever been g of the campus on day one. but you're armed with a roomy new jansport backpack, a powerful new dell 2-in-1 laptop, and durable new stellar notebooks, so you're walking the halls with varsity level swagger. that's what we call that new gear feeling. you left this on the bus... get it at the place with the experts to get you the right gear. office depot officemax. gear up for school. gear up for great. >>> good morning, a global market alert. stocks selling off and wall street coming off the worst day of the year. europe opening in the red. we're going to talk all about this. also breaking overnight, more negative data out of the chinese economy. key manufacturing index dropping to a 6.5 year low and crude getting crushed as well. oil prices dropping sharply again now on track for the longest weekly losing streak in 29 years. it's friday, august 21s

some level of reaction to the recent economic data. do you think that's not the case? that this is a straight leg raising -- a very planned structural change? >> the economics are sound and we have written a note on that to our clients. the timing is opportunistic as the case maybe. we know the pressure has been on the yuan to appreciate or strengthen and they pick a strategic moment to loosen up the regime when the pressures were going the other way. yes the exports will help. was this a move designed to spur exports and growth? that's a stretch in our view. it helps in the margin but it's more of a reform that's going to make the exchange market more market based and help them get into the sdr basket. something they want to happen in the near future. >> seems to have the resources to drive the fx market where it wants to for quite sometime. the question is, will authorities let them? >> well, that's a good question. they have a huge war chest but they moved to this regime where the market plays a bigger role. the pboc is still going to have to intervene. they have to

. >> oil prices sank to near five-month lows on walker economic data here and in china. the world's largest energy consumer. crude settled down 4% to 45.17. and below $50 a barrel for the first time since january. if oil prices stay at these low levels, aaa predicts gas prices could drop 15 cents more per gallon this summer. >> the lower oil prices put pressure on which in turn weighed on the dow index. the s&p 500 not helping things either, apple which traded today into correction territory. up more than 10% from its recent high. by the closing bell, the dow industrials were up 91 points. it was much worse earlier. well off the 200-point decline. nasdaq was off a dozen points and the s&p 500 lost 5. >>> to that weak xhefk data we mentioned, the pace of growth slowed in july according to the institute of july management. it is the latest in a set of mixed reports. that industry struggles with soft overseas glanld and the strong dollar. one positive sign in the report was an increase in new orders often viewed as the leading indicator of activity. >>> and the construction

china economic data as well, we've seen very strong numbers.only $700,000 last year. the price itself is the cure for demand. just like the saudis. the saudis did mention we want our prices to be favorable as well. now we're expecting global argument. we're like to close to $2 million. >> we'll let you go. i've seen data the slash into bullish bets of u.s. crude to the lowest in five years. are they the swing investors, if you will? is it all down to them what we saw in month of july? >> part of it yes. base positioning has taken a u-turn as you mentioned. but the other way of thinking about it now that they have expressed that view, there is say lot more room for them you know -- >> pare back -- >> -- pare back. some positive indicators are looking slightly positive. >> always great to have you on the show. >>> still to come on the show you're fired. that's donald trump's tv catchphrase. now he's had to say it to one of his political advisers. we'll explain why, coming up. the go ahead to air strikes by rebels in syria trained by the u.s. mili

joe: and there's a ton of other economic data next week.'t believe i'm going on vacation next week. other thing to watch, this saturday, your saturday is ruined because fed vice chair is on a panel at jackson hole. he's going to be talking about inflation, the fed, people are going to be following every word of that panel in terms of getting more clues about what's going on. pay attention. alix: watch those fed fund futures. >> from our studios in new york city, this is "charlie rose." charlie: his role in 12 years a slave and academy award nomination in 2014 for best actor. the stars in the post-apocalyptic drama z for zachariah. here is a clip of the film.

the focus many investors will continue to be on the latest economic data.coming week, we will be getting a raft of reports that american that employers probably added more than 200,000 workers or jobs in august, offering federal reserve policymakers the latest monthly labor market snapshot before that big anticipated september decision on whether they will raise interest rates or not. forecastce industry is to expand in august in the u.s.. is expected to show the deficit expanded in august. the jackson hole summit in wyoming will be wrapping up with the focus turning to finance ministers meeting in turkey. are looking at strain amid the slowdown of china banks. we had lots -- the trading period ended here in hong kong about five minutes ago. the opening numbers are coming up next. ♪ rishaad: a look at our top stories. asian stock markets are down for the top of the week. shares are down in tokyo and the sydney. shanghai is set to open down about 1%. there are still concerns about china's faulty economy. china construction bank joining the other big lenders

joe: and there's a ton of other economic data next week.'t believe i'm going on vacation next week. other thing to watch, this saturday, your saturday is ruined because fed vice chair is on a panel at jackson hole. he's going to be talking about inflation, the fed, people are going to be following every word of that panel in terms of getting more clues about what's going on. pay attention. alix: watch those fed fund futures. joe: that's all for "what'd you miss?" thanks for watching. thanks for watching. alix: have ♪ ♪ ♪ get excited for the 1989 world tour with exclusive behind the scenes footage, all of taylor swift's music videos, interviews, and more. xfinity is the destination for all things taylor swift. matt: this is bloomberg west east coast. defense secretary ash carter speaks with emily chang about building a better relationship and the tech immunity building robot soldiers. is there a cyber security bubble? and the pentagon unveiled a plan for

some of the economic data, the fundamentals there appear to be improving. and the valuations based on, say, price-to-earnings and such, are much more attractive there than they are in the united states. another area is the emerging markets. emerging markets have been in a bear market, that's more than 20% down from their peaks back in september. but if you're discriminating about where you invest, i think you can actually find some very good long-term opportunities. >> what does oil tell you? i mean, we've seen a huge move in oil. everybody thought that oil was going much further to the downside. now we've had this key reversal in the oil market, meaning that we've almost made a v-shaped bottom in oil. what is that telling you about the economy? >> yeah. i'm not sure what to read from oil as far as what the economy. i think that what it tells us with this v-shaped move is more like a short squeeze in a way where suddenly everybody is piling into shorting it and then it bounces and everybody gets squeezed out of it, because i think oil is heading back toward

indicatorreal-time often ahead of economic data.ry group has warned that things may fall, for the first him in 17 years. consumer -- talking about car sales, honda sales have seen some lift. they are jumping the most in six years. sales are jumping 30%. it goes right to the opposite of what enda was talking about because this is a company benefiting from what is happening in china. >> honda is in a sweet spot. they had a great quarter, a lot china sales.by they are writing that surge in suv sales in china. introduced if you new suvs in china and they are doing very well. those are crossover vehicles as well. let's talk about toccata -- the company that has the airbag recall. they would be -- that would be hitting on that as well? >> it's not as bad as it was. what they are doing is a lot of cost-cutting to offset. in the first quarter for ,xample, half of the costs extra cost in marketing and warranty have been cut in half i cost reduction like lower material costs, making the plant more efficient. off?ad: is this a one are these ea

every time we have a new trip that has new economic data showing growth than we hope for, it makes it more likely that the fed is going to delay that rate and more likely that it's coming. >> and gentlemen, you've got a market that's been on a tear. i talked with alan greenspan, former head of reserve just yesterday about this very issue and he indicated that he was very worried about a bomb bubble. we'll have more on that in a moment. i want to go down to the new york stock exchange because lori rothman is watching the activity. walk me through what happened when everybody was surprised to get this information. >> absolutely. so this has been, well, it's the security, a familiar face on the fox business network. >> 2:45-- >> 1:45. >> excuse me eastern time and you said whoops, and what happened. let me let you pick it up there. >> bloomberg put out from the fed, they wanted to do a comparison story on it. >> bloomberg, so bloomberg broke the embargo, bloomberg at 1:42, trade the news, another system i use, 1:43, but all indications it was bloomberg that the headlines hit at 1:42. if

economic data you have the green light. have argued we had an elegant story for the fed going in june. they should have gone in june in our opinion. now all of a sudden we're rolling all of these other things into that thought process. and effectively what you do is you hand over the reins of u.s. monetary policy to the rest of the world, think that's a trucky situation for the fed. >> take a look at your screen. you can see all the sectors in the green right now. energy is leading way by more than 4%. top performing sector, joe terranova, you're saying that's what's leading the market generally. >> a handoff from yesterday, it was growth, techly that led the market higher. biotechs, it was the names that had been winning all year. today it's about energy, which coming in was down 20% year to date in the sector, it was about materials which are also down significantly. they're leading the market higher. if the market is going to extend itself then the rebound you're seeing right now has to be real. it has to be witnessed wi

economic data.cond quarter gdp and the number up sharply from the first reading. 2.3%. economists are expecting it to go up a full percentage point. 3.3%. better second quarter. pay attention to the weekless jobless claims numbers. per shing square founder said the firm is down for the year. three weeks ago, ackman said the fund was up. in a financial statement, he said the firm made no meaningful recent changes an was not leveraged in a way that would force the sale of holdings at an inopportune time. i have to think, though, a lot of hedge funds hit on the massive market move out of nowhere and ended six years of calm in the u.s. stock market. >> i imagine if others september out letters and i don't believe they have yet they would read a little bit like this. >> probably. >> possible depending on what happens in the market putting out the letter today, i don't know what time he put it out. >> that's when it was reported. >> a carlisle fund up, $100 million in a week based on the currency shorts i

latest economic data shows there were capital goods increases.he big question, of course, is about what the fed is going to do with all of this. bill dudley became the center of asserted then he case for raising interest rates in september. he also pointed out the difference between the turmoil we are seeing now, more generated by outside u.s. forces , where is back in 2008 it was inside forces. let's listen to what he thinks the fed's taking is on the rate hike -- thinking is on the rate hike. the decisionment, to begin the normalization process, the meeting seemed less compelling to me that it was a few weeks ago, but normalization could become more compelling by the time of the meeting. notstats show the fed has had a selloff like this one in over 75 years. this was a very big jolt to the market. it certainly will have an impact because of the wealth effect on what the fed may do. in terms of other notables in a bid for, we had gear maker, which sent that stock soaring in the market. it appears the market in the u.s. got a bit of equilibrium,

the economic data here in the u.s.o be outweighed by these concerns about global growth and concerns about the fed. take a look at oil prices today. we have seen an interesting trade, close to $40 a barrel. we've been seeing it bounce today. it has been pretty volatile. in the same way, not seeing the same risk aversion in the oil market we are seeing in the stock market. let's look at the dollar. feldman is yesterday, may be more willing to hold off on raising interest rates. -- fed minutes yesterday. the dollar is down .4%. we are seeing rates down as well. the 10 year yield the lowest since april 30 today. estimatedtter than existing home sales. more worried than confident in the u.s. economy today. betty: much more ahead. the ceo raised his workers minimum salary to 70 grant. why? >> i was with a friend making $45,000 a year. thinking about how hard it was. there are people at my company that i feel like are the ceo -- they are decision makers and energetic and they are in the exact same situation. it did not seem

to thiso get back morning positive economic data.g home sales rising 6% in july to the highest level since 2011. the number of americans filing for unemployment benefits remaining at and historically low level. discuss, the senior economist at wells fargo. thank you for joining. he forget to the housing data, i want to ask about what we are seeing happen in asia and how concerned you gentlemen are. mark, let me start with you. what do you think about the 27% drop we saw in kazakhstan currency overnight? and the other dominoes falling in the area? mark: i think a lot of folks look at the drops in currencies and the drops in stock markets and they say, what does that mean for us? what i think we should be looking at is, what is causing those currencies to drop? what is causing currencies to drop? there is much slower growth in the emerging economies. it has meaningful impact for the u.s. economy. exports to china and words to the emerging world have been an important source of economic growth since the recession. going to be diminished

underlying securities and transports or commodities or semiconductors are looking beyond the short-term economic dataaw this money come in the backward looking data on second-quarter gdp -- saw this , the backward looking data on second quarter gdp. ian: the markets have always been a leading indicator. those specific subsectors have always been the lead indicator for the u.s. economy and global economy. to me, and makes sense that if you are betting all the transportation and commoditiesrs and are all going lower, that tells me -- a significant divergence from the entire market, they are telling us something is wrong. there is no doubt that it is. m&a and can buybacks, central bank intervention and support hold the market here relative to where the fundamentals are going? erik: how low do you think the s&p 500 goes? looks like it will open another 20 plus points. if it's going to bottom out, where is it going to be? ian: probably around 1700. in six months. which would put us in a bear market or close to right around the 20% decline from the highs. athink ultimately there is shot that earnings will

i want to point out the economic data.,ire manufacturing the first of the round of factory production surveys we get and there was a huge drop tot came in at -14.92% economists were looking at positive 4.5%. it bounces around a little bit. you can see the reaction of the treasury, buying after that despite the low volume. you saw a negative inventories and a negative new order, so they were the main components that said that down to the lowest level since 2009. olivia: a very weak reading. thank you so much, vonnie quinn. still to come on "market have an cory and i in-depth discussion on student loan debt. student loan debt has tripled in the past 10 years. it is now expected to double in the next 10 years. is really really on the way for -- relief really on way for bor? we will break it down. ♪ olivia: students are having a tougher time repaying college loans and now the nation is facing up to 1 point st -- $1.3 trillion in education debt. the number is set to double by 2025 according to the congressional budget office. j

we had a lot of good economic data. does the fed justify holding off in raising rates we have consumer confidence over 100 great you have the cbo is to get or cast -- listing its forecast. joe: the market volatility has to have some factor, because of their greater you around the world that it will be harder the fed to hike rates in the environment but assumption that is off the table, i do not know if that is totally justified. in the markets quiet dynamic continue to get the data through the next few, who knows? september still seems possible. olivia: it does when the fed fun futures rates are about 20%. it raises interesting theoretical questions. read you a quote from 1998. that the changes in the global economy and the justice financial markets me -- and adjustments in u.s. financial markets means that it should we slightly lower going forward. now, soellen plan different leadership in but it is the precedent. joe: if the site were to follow the 1998 book, and delay the ikes due to volatility, the flipside of that

if you look at just the economic data that suggests you do get a rate hike in september. the markets havethe markets have been called. >> you think you located in september? >> i think it's 5050 right now. >> while. >> a couple weeks ago i would have said 8020. tracy: i love hank and have known him for years. i think he's being delusional. you got a dove in charge surrounded by a lot of others and now have an excuse. >> on the headfrom the head of the new york fed made those remarks earlier in the week, i think that's the signal that they will chicken out again. what this does even though people may have some short-term relief, it hurts the economy, credit markets because it gets in the way of flows of credit . steve more later on in the show talks about how he got denied a mortgage. it's like the old soviet saying, health care is free, but you can't get any. >> people don't necessarily understand. low rates, money is cheap, people probably boring. in some ways banks are not incentivized. in some ways banks are not incentivized to give your mortgage because they won't lea

before we talk about the economic data i want your thoughts on china.ill not actually be seen by the fed as a near term head wind? >> i don't know. i mean they're trying to continue to figure out what is happening to their economy and it's going to make it. that will be able to export more. it is a little bit of concern. i don't think that that will change any of their view on the economy but, i mean, yeah. this will put a little bit more downward pressure on prices because they're going to be a little bit cheaper when we buy them so that will keep inflation from increasing in the u.s. and that could have some impact. >> but if beijing continues to intervene will this spark a global currency war? >> it's very difficult to know. the chinese currency has been kept outside of the markets. outside of the flow of the markets for so many years that it is very very difficult to know. we have seen other currencies going down in what we could call kind of a currency war but i think the chinese like to keep things and i don't think they'll be the one producing or

were so vulnerable to china. ,> i think in terms of europe some of the most current economic data we have seen, germany has a significant component of its economy which relies on chinese exports. 08/24/15 08/24/15 [captioning made possible by democracy now!] amy: from pacifica, this is democracy now! >> here is the idea we are going to test, referendum president, a candidate who runs for president making a single promise that if elected, he would serve as long as it takes but only as long as it takes to pass fundamental reform to finally achieve citizen equality. once the reform is passed, this president would step down. amy: as 2016 shapes up to the

tom: economic data today as we migrate toward september 17. the slide continues for oil.t. oil went down this morning on a lack of news. that is always the worst outcome . it seems to be watched very closely. the hydrocarbon currencies, , it hasdollar-canada been pretty good. if we were to see candid i give way, that would be an ugly sign. some of the things to follow. i believe we had a twitter weston. it was not on oil or the boston red rocks. vonnie: it is about one of the candidates. tom: i can't remember his name. vonnie: it is donald trump. [laughter] vonnie: is he good for american democracy? some of the answers were too vitriolic to post. with this agree answer. i hate to say he is good for democracy. i am fascinated about how honesty is about campaign finance. he called marco rubio the personal senator of mark zuckerberg. i feel i feel like just being straightforward about how campaigns are finance is good for america. vonnie: second dancer. we chose this answer. trump candidate, good. president, probably very bad. tom: that is nicely put. giving my opinion, but

we do have key economic data.losing watching greece not a lot of activity, one way or the other. we're basically range bound right now. the market has been sideways, we saw a nice surge in the nasdaq earlier last month unfortunately, we were unable to sustain that. the s&p and the wrestle on the dow didn't participate in the enthusiasm. between the virgin-type activity, uncertainty in greece uncertainty in china, yeah just a lot of sideways action for the most part. >> ben, let's touch on the nasdaq. the dow is down for the year to date slightly. as you said the nasdaq has surged nearly 8%. for the rest of the year does that unwind do we see a reversal? or do you continue to buy tech? >> well that's anyone's guess really what's going to happen for the rest of the year. i think that the tech sector is very strong right now. luke at some of the names. you look at apple, for example, again recently trading at 120 level. saw some trade below 119.25. and for the most part holding ton that support level if we were to tr

also i want to point out a dose of economic data we got out today. wage growth coming in slightly below expectations here in the united kingdom. that perhaps one of the reasons we're looking at the ftse 100 lower by 1.4%. trading at 6,000, 568. so wilfred, it seems like markets are responding not only to the pboc currency devaluations but also to economic data. on that point, i want to bring in commodities and give you a look at what we're seeing across the board. interestingly enough after crude hit a six year low yesterday we're slightly higher in today's trade. brent crude still below $50 barrel but it's higher in today's trade by 33 cents. wti crude up by .8%. this after the iea said that oil rebalancing will take time and that it sees the oil glut persisting. investors will look to more safe haven buying. perhaps that's why it's slightly higher today. it's a psychological level for traders. now back to our top story with china. the people's bank of china devalued the yuan for a second straight day sending the chinese currency to the lowest level

better than expected economic data here in the u.s. every 's estimates.ist helping with sentiment. we had dovish comments from bill dudley. and the fact that bloomberg news is reporting that the chinese government actually did intervene in markets at the end of the trading day, buying up some chinese blue-chip stock. we are all on track for the biggest two-day surge since 2009. coming to my terminal i will show you the breakdown of sectors. you are seeing the light green energy shares up by more than 4% right now. this comes as oil is surging. west texas on track for its biggest surge since june of 2012. energy shares as a sector, some of the best performance. -- they areaying having a killer day. -- shares still down safety 4% per date -- 64% to date. copper having its best day since may. --mcmoraort not karen n. up 28% at this point. i will leave you on what is happening to the dollar index. it is on pace for its best three-day rally since 2011. this is on the back of strong u.s. economic data and better-than-expected provision to se

they analyze these data points to get economic data were quickly than governments can. governments feeling about the start of collecting the data that could be more accurate than their own? i asked the ceo. >> i think they recognize that the speed and volatility of what is happening as well beyond any technical mechanism they have for tracking it. brother than thinking about us as some heresy, we are now a potential infrastructure that can help them do their jobs so much better. we find ourselves now is a dialogue partner. emily: they are backed by several economic heavyweights, including larry summers, who joined the board last month. up next, more censorship for internet companies in china. which company will it impact the most? netflix is offering new parents up to one year of paid leave. as we had to break we leave you with footage of the new "star gameplay mode. very cool. ♪ emily: we turn now to the daily byte. one number that tells a whole lot. 12, the percentage of u.s. private sector employees who have access to paid family leave through their jobs. now at netfl

brendan: there is the economic data that came out thursday, second quarter gdp growth at 3.7%, well abovestimates. that is data about the real economy that the fed paid attention to. also in jackson hole, there's a group that is staging a counter conference. whose recovery is it? 5.3% which is the unemployment rate, is not the unemployment rate for everyone in america, particularly minority communities. the point is whose data are you paying attention to as you think about raising the federal funds rate. in jackson hole, i am brendan greeley. caroline: china's woes and the arelting global turmoil topping the jackson hole agenda. -- we expect a central bank as economists gather in wyoming. daily --ng in amer eimear daly. -- are you steal -- are you still thinking the federal rate hike will come in september echo tackl? -- september eimear: it hasn't massively impacted the decision. they want to have some type of ammunition. they want to get off the zero bind. this is already -- this is always been their rhetoric. they want to get back to some normality and get away from instability. -- car

economic data? peter: iamb looking at the u.s. economic data. if the economic data were to we are bad at predicting recessions. if that were to happen, it would make me nervous. good. far, it looks as far as income, employment, and housing. this drop in seen confidence on the part of consumers and ceos. peter: yes, but we have to wake up to the fact that equity values. very high. this has been an amazing bull run. erik: but -- peter: the equity investor has to recognize what a great bull run it has been. erik: i will take this opportunity for a quick commercial break. when we come back we will continue the conversation with peter fisher from the blackrock institute. you have a look folks, futures are down more than 4%. we are headed for another drop in the how industrials. in the next hour we will be who sayso doug ramsey we could fall and other 50% from where the s&p fell on friday. stay with us. ♪ erik: this is market makers on another big down day. unless you are looking at government bonds like treasuries. people are rushing to the safe have

we did get upbeat economic data. that number coming in higher than expectations but the economist in germany for the ifo index saying that the china factor right now is not priced into this data. so the china worry could impact that number going forward. at this point, though, european markets shrugging off concerns over china. higher on the day by 2.6% on the xetra dax. cac 40 up 2.8% and also higher by around 137 points. this after a rough session in asia. >> would you be better off if you hadn't witnessed the thousand point drop yesterday given that epic come back? if you stepped out for lunch and you went to buy your sandwich and called your mother and come back you missed a thousand point drop. a three hour lunch you would have missed it. >> but media and investors were documenting that move. >> i mean psychologically. because watching it you're like no, no. and then again the recovery as well. >> it closed down by 7.6%. that's the lowest level since december of 2014 hi, sri. what happened in asia. >> charcoal tu

watch in key point to addition to the economic data.ave any incoming signs that what we have been seeing in equity markets, do we get any sort of tremor in credit markets? guy: you saw signs in the run-up to this. the credit markets were maybe starting to signal that something was a little bit wrong. can i take you to our twitter question? ,our sense of what we just saw can you put it in context for us? was last week the end of it, the beginning of it? are we just at the foothills of these kinds of corrections? >> my sense is that we are in a late phase of asset price inflation. you do have, in this late phase, market tremors. what we saw in the last few weeks is a typical tremor. you cannot talk about a healthy if there is a sickness in the markets. we are going to see more. i think the keys to this is going to be how fast the emerging markets those down and the events that come out. we have had these huge price changes. where are the financial stresses building up? erupt,of those around -- that could be the catalyst. guy: brendan is g

marc: the big thing is i think the markets have been trying to adapt to the new economic data coming out of china. the other thing is american companies, and you have covered this extensively, global currencies have moved against american multinationals in the last six months. frankly, i think wall street was slow to adapt to the reality of the dollar versus other currencies. when a big company says we missed our numbers because of currency changes, the presumption of investors is that is an excuse. in the last six months, it has actually been true. u.s. is doing really well. there are issues in many other countries, but the u.s. is doing really well. said: bill gurley prioritize profitability overgrowth. marc benioff says he thinks a lot of dead unicorns will be ahead. what does it look like on your side of the equation? marc: i think situation normal. these are startups. some of them are going to work well, some are not going to work at all. it makes sense to prepare for environment in which it is not as easy to make money. i think each company should figure out its own strategy. t

investors are still digesting some economic data that came out earlier today. pleasant surprise from greece. it second-quarter gdp has gone out, been revised up 2.9%. that is up from the initial reading of .8%. this was measured to just before capital controls came in effect it was so the impact will only be seen in the next quarter. and in switzerland, after contracting the first quarter, economist expects them to fall into recession. those figures are not correct, they should be reversed. s, which was aint surprise. they had uncoupled these was frightened to the euro -- they had uncoupled the swiss franc from the euro. now for one last story. there are more british millionaires than ever fred one in 65 adults are millionaires after the recent property boom. 41% increase in just over five years. note to naturally is the wealthiest area and u.k., the article says that wealth did not correlate to kind this. northern ireland is the region with the lowest annual pay, but it was by far the most charitable. only 28% in london. --ill not comment on that >> thank you.

when we take a look at the european markets the focus is on earnings plus economic data. services number coming in at 54. higher than 53.8. we're also looking at the xetra dax at 11,576. slightly below session highs. german private sector expanding at a moderate pace in the month of july. 53.8. we're seeing a gain of around 1% as well for the french equity index and keeping an eye on the greek stock market after being closed for five weeks. a lot of volatility and big sell off in greek stocks and it continues here on the third down. we're down now by around 3.7%. how do you make money in these markets? this is with a investors have been telling us this morning. >> emerging markets, yes, there's a weakness in currency there but from really deteriorating fundamentals so we don't think we would hike to stay away from those assets. >> there's other ways to generate income. so they're growing their dividends very, very rapidly. you have been discussing the percent of which house prices are elevated but there's a short fall in the number being built. that's a good place to work

economic data what they are supposed to be looking at has been trending up. what is the fact going to look at and how much weight does the financial market play? i think it is going to sideline them in september. there was a window open. you had pretty neutral international economy and the financial markets that were in relatively good shape. the window has closed because the second of the two factors. it has turned violently against the fed. i don't think they will take the risk of hiking in this environment. if it makes a mistake it will end up making a mistake that could spill back onto the u.s. economy. when you are a policy maker you don't just ask can go right. you asked what mistake can i afford to make? they cannot afford to make the mistake of destabilizing the system. alix: it doesn't leave the fed with any arsenal to fight any emerging market weakness. in the 1990's they were able to cut rates. do you think they will have to do something? the market doesn't have the policy circuit breaker that it needs. upon theet has relied big central banks for a

it is consistent with other economic data here in joe: -- here.hose inhly flows and the labor force, what is going on? >> you look at the unemployment rate and job creation, this goes underneath that and shows the transition from different categories. so people who are employed, are they unemployed, are they in the labor force, so what we see in this chart is the number of people who are going from having jobs to leaving the labor force and vice versa. are at those rates all-time highs. that is a good sign, because it retiring andare they feel confident enough to do that and people who have been outside the labor force are coming in and able to find work. alix: thank you so much. , the mining back sector has been hit hard by commodities, but what part of the sector is still going strong? ♪ joe: "what'd you miss?" we asked which part of the mining sector seemed unruffled -- lumber. they are doing all right. part of that, lumber is volatile, but it could also depend on housing. if construction picks up, you meet -- you need lumber. joe: that would b

economic data out right now. july penny home sales, they are out. hi, julie. julie: resaw rebounding pending home sales with an increase of half of one percent. that's less by half than what analysts had anticipated. still again represents a rebound from revised 1.7% drop. the prior month in june. it looks like overall we had this climb in july in pending home sales for the sixth time over the past seven months. adding to the evidence of rebound -- of the rebound in real estate. in the housing market more generally. again, just to reiterate the number, an increase of half a percent following a decline of 1.7% in june. this sort of providing more full picture of the housing market. just checking quickly to see if we have any reaction in the markets to these numbers. doesn't look like it, per se, although certainly we have seen sensitivity relevant to economic data especially with the fed watching. olivia: it is a positive number. these contracts to purchase previously owned homes rising for the sixth time in seven months. thank you so much, julie hymen. now tim

>> when you actually go look at the economic data, whether it's employment, whether it's income, whether it's gdp, even things like travel related hotel occupation, everything like that you can never find large bumps associated with either new franchises, new stadiums or big events like the world cup and rld >> there's a line of police advancing toward the crowd here. >> ferguson: city under siege. >> it isn't easy to talk openly on this base. >> and america's war workers. >> it's human trafficking. >> watch these and other episodes online now at aljazeera.com/faultlines. >> last week, a judge in st. louis gave the city the green light to build a new stadium without going through a formal public vote. the rams have been demanding a new stadium and are threatening to move to, you guessed it, los angeles if the city doesn't build a new stadium for the team. a new stadium would cost nearly $1 billion with almost $400 million being covered by public funds. by the way, the owner of the rams stan kronke has a net of more than $6 billion. ali velshi talked about the financing of sports stadiums