directly to this market sell-off if there is not money to keep it up and that that results in weaker economic data>> mohamed el-erian said the fed doesn't seem to have the market's back the way it did. what does this sell-off imply or the economic wobbles around the globe imply for fed policy? >> new york fed president bill dudley spoke today. he did not make comments about the market. he did not suggest that this market volatility had made him change his forecast for federal reserve rate hikes. i think mohamed may be exactly right that there's a new dawn here, a new era where the fed is disconnecting itself a bit from the markets and saying you know what, we have a mission to do, which is to normalize rates. and that is perhaps somewhat disconnected from where the market's going to go here. although not disconnected from the economy. if we get really bad economic data, the fed will either not raise or reverse course but not from the market. >> steve, thanks very much. thanks for staying around tonight. and still ahead, the rare move walmart is making to take on the competition. but first, a look

the bias to economic data revisions has been more positive. think that is a function in part of the structure of the recovery at the moment. a lot of the economic growth in the moment is coming from the small business sector. that is from the mom and pop stores. that is the group that is driving the economic upswing. so even if large companies are meandering along and not doing it is not today. caroline: we have also got, coming up, taking in more as we .re joined by kevin norrish he is head of barclays commodity research. brent oil is having his best day since october 2008. stick with us on "bloomberg surveillance." ♪ when you're on hold, your business is on hold. that's why comcast business doesn't leave you there. when you call, a small business expert will answer you in about 30 seconds. no annoying hold music. just a real person, real fast. whenever you need them. so your business can get back to business. sounds like my ride's ready. don't get stuck on hold. reach an expert fast. comcast business. built for business. caroline: this is "bl

the data flow, economic, and earnings is heavy. we've got the federal reserve beginning a two-day meeting with a decision due out tomorrow afternoon. no change is expected. there will be a statement, though, along with this decision. investors are going to parse every single word. the s&p's case-shiller home price index out today. the report likely to show a solid gain in home prices. at 10:00 a.m., january consumer confidence. expected to remain unchanged, despite the market selloff. always watching those confidence numbers after market action like that. then earnings central, 3m, dupont, j&j, those are the companies reporting before the opening bell. the biggie after the bell, apple. also, at&t after the close. more on apple in the next half hour. no question this is going to be the earnings report. apple always gets scrutinized more than anyone else. we're asking you today on twitter, is apple stock cheap? tweet us your answer. we ask yes or no. we'll read the poll results later. the stock is off 25% since its high reached last

friday, i had a i'd say that'se big economic data point. consumer prices, citigroup, morgan stanley and wells fargo. >> retail's definitely the big economic data. i look forward to those banks earnings on thursday and friday. it will be really interesting. lots of volatility. we'll get comments on that. the first fed rate hike -- >> the impact on china. banks were supposed to pick up on this idea that the fed was finally raising rates. that would help their profits. not much because of all the market volatility. >> thursday and friday have to watch those. >>> still to come on "worldwide exchange", oil prices down 20% since 2014. hitting a record high. call from rbc capital market's global head of commodity strategy next. >>> by the way, this is my favorite, david bowie "changes." what's your favorite it david bowie song? tweet us your responses. we'll read them on air. as we head to break, check out the early trading action in europe. there's green for a change in 2016. that's helping u.s. futures. we're all over this market action for you.

new economic data shows the chinese economy slowing faster than forecast.the 10th month in a row in december, and the decline celebrating. that triggered big selloff at home and abroad. one of the measures triggered an early closure to trading on monday. >> stalks around the globe started the new year in a freefall, and it could have been much worse if not for a brand-new circuit breaker that put a stop to the loss in china early on monday. trading was halted after shares plunged 7%. the circuit breaker mechanism will protect retail investors by giving us more time to curb potential risks. while ordinary investors in china might feel reassured, those elsewhere were jittery. the dax dropped 4%. the economy is sensitive to the changes in china. >> the first day of trading did not open brightly. we had extremely weak numbers from the chinese market, where economic data do not turn out the way we expected. >> the mood was no better in the united states, on wall street will stock over the first day of trading in the new year with the same extreme losses. at time

. >>> separately, the man in charge of china's economic data is under investigation. the communist party's anti-corruption commission said late last night that it is looking into serious violations. the commission did not release any further details. but for years many have questioned the reliability of china's economic data although it is unclear if this robe is related to his current position as head of china's statistics bureau. >>> facebook's quarterly revenue surpasses $5 billion for the first time ever. that's where we begin tonight's "market focus." the social networking company's earnings more than doubled as advertising sales increased more than expected. the company also benefiting from a surge in video views. that sent shares up initially in after-hours trading, the green part of the line, folks. the stock finished the regular session 3% lower. >>> ebay shares, meanwhile, came under pressure late today after the online auction site warned first-quarter profits will come in below expectations. also reported, its fourth straight quarter of declining year over

there's a lot of economic data that can help this market. >> and some of that economic data comes later this morning with the december jobs report. economists expect that to be good news. showing again that the u.s. economy is in good shape. >>> the will be that left 17 miners trapped deep inside a salt mine for ten hours has a history of failures including one this past saturday. that's according to federal records and this morning, those miners they're all safe. obviously grateful for the extreme efforts that set them free. here's abc's gio benitez. >> reporter: deep beneath the earth's surface, a ten-hour ordeal. 17 miners in a shift change. the third crew of the day. trapped 900 feet underground as they went into the deepest salt mine in north america. the mine's owners believe as the elevators lowered into the mine, 2,300 feet deep, a steel beam became loose, stopping the elevator and keeping it there. the temperature dropping to 15 degrees. the miners stuck in that shaft just as cold. >> they huddled together. they did what they could do to keep each other warm and keep each other

weak economic data in china.hanghai composite leading the way down, oil jumping amid escalating tensions at the heart of opec. saudi arabia cutting ties with the run. china's latest factory reading coming in lower than expected. was 48.2.cturing pmi that is down from 48.6 the month before. the services industry ending last year at the highest in 16 months. mosta shares surging the in more than a year. japanese carmakers may step in and help the embattled airbag maker. postponed their demands for price cuts. honda says it is not planning to invest. it is not the best start to 2016, looking at losses across the board. david: that is right. value is emerging. we are entering the lunch break for the shanghai composite. we are off by 4%. there we go. , wholy, it is unclear knows why, but one of the theories is a lot of investors are paring back long positions ahead of the possibility that regulators may soon lift the ban. that is another reason. levels, we are at the 100 day moving average of the shanghai composite. w

we are seeing the selloff in asia on the heels of economic data. do we expect for this week ahead, what are you telling the clients? >> i'm basically telling my clients that maybe they should stay home. it's a situation where the market went into taking markets. the market was supposed to have quiet weakness, this could be a breath of fresh air. my call for that number 195,000, private payrolls 187. i'm thinking we can see a down 4.9%. the key is that we could see wage numbers souring. people came to work, the market was basically saying hopefully we will have a breather until friday morning. but as you said, all of a sudden we had a total disaster in asia with very economic data. i think one of the things, excuse me, that we are seeing here, of course, as we saw over the weekend with tehran and saudi arabia, eliminating any negotiations, therefore the only thing is gold about $10. it's really a situation where we thought we had some problems with 2016. all of a sudden they have been emphasized on the first day of 2016. >> lauren: what are some fre

. >> at this point, given what you've seen in the markets and weak economic data, lack of inflation, where does this put the fed? >> well, it's interesting. standard & poor's' howard silverblatt put out interesting numbers at the end of the trading day that showing outside of the eruptions we saw in 2009 that we're living through a period of unprecedented volatility in the stock market. so, it's not just the up days, the down days, it's the level of volatility that i think is really going to capture policymakers' attention in the same fashion it did at the end of august. >> you know, danielle, you've worked with and advised the dallas fed, and so, you know the kinds of conversations that take place within the federal reserve. take me inside there. how much do the fed governors, do the fed bank presidents, how much do they take into account as they get ready to go and talk about interest rates what's going on in the broader world of the markets? >> well, you know, i think that this is kind of an era of learning inside the federal reserve, if you will, because it used to be that the re

the first let us look at economic data. caroline: finally, how concerned are you that france is lagging terms ofs peers in economic growth and reform? >> the french economy is recovering with a growth at 1.1% 2015 and expected at 1.4% for this year. but it is weaker than in the eurozone average. some reforms have been implemented for the labor market and labor costs, the so-called responsibility pack. macro ask for increasing competition and services. but it must go further. but if you look at the unemployment rate in france, it is above 10%, which is much too high. france doesn't lack strength, if you look at its demography. labor productivity is high, strong industrial champions, a strong banking sector. up, and we catch must accelerate reforms in order to reduce unemployment. caroline: do you think more stimulus is needed to catch up? >> this doesn't refer to monetary stimulus, which is a different story. this refers also to the need for structural reforms. monetary policy cannot be the only game in town. caroline: mr. fr

big week for economic data this week, actually. we have earnings for the fourth quarter coming at balliburton and mcdonalds and, of course, meeting this week. european markets cutting early gains as early prices pull back. take a look at where we stand in europe. cac quarante in paris. overnight markets rally. 1% higher for nikkei average in japan. hang seng and japan. the broncos taking down tom brady and new england patriots yesterday. score 20-18, it was barely a contest between panthers and the cardinals, cam newton led team to victory yesterday. blizzard in washington, d.c. trying to dig out one of the snowstorms ever to hit the nation's capital. blake berman is stand tong streets of dc right now. oh, my goodness. [laughter] >> blake: maria, i'm 5'10 tall. it's not like i'm come to go -- coming from the suburbs. show this to maria over here. that's the united states capital that will be a ghost town as local federal government has shutdown. the pictures, video are incredible. fending on where you live. you probably got 20-30-i

the beginning of earnings season clearly helps here, economic data, we have pretty good economic data on the calendar that's coming out tomorrow, maybe that can help support this rally. hobby i would have liked to have seen a smaller bounce in this market. i don't think these large moves that we continue to have is very healthy for our markets, but intel after the bell, we know how strong financials during earnings season can help this market, we get that tomorrow morning, let's see if we can continue this rally tomorrow. the other factor that scares me is we're heading into a three-day weekend. usually when we get close to a three-day weekend we start to see a little bit of a risk off trade, especially with all the global economic factors going on right now. even if this rally does continue tomorrow i wouldn't be too surprised if we a start to see a fade friday afternoon. >> that's why, chris, given what a tough stretch it's been in small caps to see a nice rally there today. you just be exhaling or is it holding your breath ahead of what more turmoil may be to come? >> i've been at

then the economic data has been accelerating. ism manufacturing report has her been reported accurately the last few months. 2014 was the best year gain since 2009. talking about high valuations with the s&p 500 trading 19 times earnings. while you have as high valuations, you see data decelerate and the fed tighten so that's not a good mask to take a risk in. betty: we had jeremy siegel on who said he sees the doubt 2000 still and the s&p 500 maybe 10% higher because of the fact that while we saw the huge declines last year with oil prices and volatility, all of that is likely to stabilize this year. we might not yet as many rate rises as people expect. he thinks that's an all clear or --ng opportunity and a rise or a buying opportunity in a rise in the stock market. >> this has been fostered by policy. we talk about the ecb possibly doing more easing. if those are your reasons for buying stocks, you have a problem. and said he did not like stocks. it's hard to argue. that's not a debate because his view will not change. >> i wa

the real hard economic data shows economic production and data in europe is flat. economic crisis began. i don't really see things in europe as being appreciably better than what anybody is talking about. tom: i carl weinberg is with us as well asan bremmer. there is an interview coming up with the federal reserve president of cleveland, an important interview with this century it's -- with this centrist on the fomc. ♪ surveillance," when need to inform you on an date has the markets move itour fourex report is simple, the yen is stronger. lots of nuances there and we have been talking to carl weinberg about that. the german two-year gets my attention. goal but does not pop as much you would think. not pop as much as you would think. the wanting we have not talked about is where russia stands. i just read about how we deal with vladimir putin. how do we deal with vladimir putin? >> the news he is made and the last 20 proud of that he considers america to be a principal national security threat for russia. tom: do you buy that idea? >> of course i don't. at the end o

economic data is not terrible. we know that gdp in the fourth quarter is not going to be great, but the whole year of 2015 was not terrible. 2016 seems -- we talk about plus or minus 2.5% growth. that's not bad. as long as you wind up having stable core inflation and gdp growth kind of where it is and isn't jobs numbers -- decent jobs numbers, there is not a lot of reason for them to necessarily pause here. betty: but that doesn't sound like it's a reason to hike. carl: the data is not terrible, but it is not good. growth is not good. if we grow at, let's say, 0.5% in the fourth quarter, the year on year growth three is below 2%. that's territory that creates concerns about a growth stall in the economy. it makes us more vulnerable. we think we are going through a slowdown, but that slowdown is going to be rather temporary. i think the risk is that financial conditions have gotten so tight because of credit spreads think somewhat wider. when you look at mortgages, they are not that much higher. conditions were a la

we got softer economic data. i want to go through the data overall what we got today. what is green is good and yellow is i'm wondering about and red is bad. take a look at the first thing. one green spot here is housing. new starts have been good. prices have been good and firm. but lower existing sales. overall that's in the green when it comes to the u.s. economy. but as tyler said, we got the consumer retail spending numbers and they were soft for december. that's a negative part of it. overall, i'm putting consumers for the first time in the yellow. they had been green, but we had strong jobs, low oil prices, and better sentiment but right now it's on watch. we have a 2% growth rate in that. any weaker and it could bring down the whole economy. first, manufacturing has been one of the worst parts of it. energy is a big part of the reason why. maybe autos could go either way actually, positive or negative right now. that's because of the other negative here, trade. what's happening overseas having a big effect. you can see weak global growth. the strong dollar. the

clobbered.t i want to dive into the terminal and talk about interesting economic data we got today. we got consumer confidence numbers, holding up really well despite all this market carnage, concerns about recession, the gold line here is at the highest level in over a three-month -- on the flipside, i want to do a comparison in the consumer confidence survey. they asked consumers, do you think stocks are going to go up? that has been tumbling. i circled two previous times in 2009. we saw them both plunge, but currently we're seeing a consumere where confidence is holding up while expectations of the market is plunging. perhapseresting and suggests that consumers are not that sensitive to the stock market. so far it does not seem to have had -- >> maybe one of them will catch up with the other. joe: very possible. scarlet: see all these charts and more on twitter. us, thank you for joining us at this late hour. joe: in op-ed for "the new york times" it was written that the fed may have sound themselves -- found themselves in a tight spot. quote, they wanted to throw wall street and

the economic data we got this morning, durable goods coming in below estimates. the dollar is down versus the euro. this is the fourth straight session, the longest losing streak for the dollar against the euro since last september. the 10-year moving lower on that date as well. david: now let's check on the bloomberg first word news with mark crumpton. mark: the world health organization estimates there could be 3 million to 4 million virus in thezika americas over the next year. the estimate is based on previous estimations of infections of dengue fever, which is also carried by mosquitoes. the nominee to be the next american commander in afghanistan says the security situation in the country is deteriorating. johnrmy lieutenant nicholson told lawmakers today that within 90 days of taking the job, he will do a thorough review of troop levels needed afghanistan. it confirmed, nicholson would succeed retiring general john campbell. a judge has agreed to delay dennis hastert sentencing in a hush money case. his attorneys said the former house speaker nearly died l

asian markets saw another day of steep losses after the latest round of disappointing economic data from china. shanghai com toss sit dropped 3.5% and hang seng lost 1%. stocks on wall street rebounded scoring biggest gain in over a month thanks in part to a small rebound in crude oil prices. the dow rose 227 points, the s&p gained 31, the nasdaq added nearly 89 points. >>> goldman sachs agreed to pay $5 billion to settle claims stemming from its sell of mortgage-backed securities. the settlement with the justice department and state regulators concerned securities sold in the years leading up to the housing bubble and subsequent financial crisis. goldman is one of the last banks to settle with regulators. >>> jetblue's website is back up-to-speed this morning. services disrupted yesterday due to a computer glitch at a verizon data center. the trouble affected jetblue's major hubs, including new york, los angeles and boston and dozens of flights were delayed. >>> there is a temporary price drop at amazon prime. amazon is shopping the price of its prime shipping and entertainment service

we have gotten a lot of economic data, which has been mixed. some good.ome weaker or i guess i'd point to the difference between the chinese pmi and the european pmi. europe looking better. china worse. the real key is what does it mean for businesses? last season we heard from industrial companies in the manufacturing sector still talking about a decelerating pace of activity in china. yet we heard from the consumer discretionary companies, nike, apple, starbucks, how strong demand was. i want to hear if any of those pictures changed. has the consumer in china weakened or has the manufacturing sector firmed up? that will set the tone for how the market interprets chinese markets go forward. >> you have taken up how we hold cash? >> no our outlook for asset allocation is in long for your long-term strategic waiting. this is the year to buy the drops. not necessarily the dips. a typical year will have four 5% 10% declines in it. we may be getting those this year. those are the areas where you want to push the cash to work. investors have been fearful latel

no economic data today out of the u.k., but there is plenty of focus on the economic data in washingtonstart of the fed's two day policy meeting. no action is expected this month. there is volatility on the market with the chance of four rate hikes. this seems increasingly unlikely. at thed all about this economic world summit. >> i would be very surprised if we had another increase. >> i think potentially they tighten once more this year, but i am not a believer that they tighten four more times. >> marches off the table. even april is shaky. maybe by june. >> i say, one or two is where they will be. the foreign market is too worried about the action. >> growth is disappointed. they are lower, rather than higher because of the falling commodity prices. >> i think it was necessary for the fed to do this. the fed's credibility was on the line. >> i think they should wait and watch and see. >> i think she will be driven by the fact that unemployment continues to maintain these levels. we may have a full handle on unemployment. that is extraordinary. lso, inflation might get to 2% with tho

along with the latest economic data and the first of the nominating contests for the u.s. e will learn which candidates are out and run as iowa holds its first republican and democratic caucuses. along with the economic reports that will be hitting the tape, labor remains a top concern. a bloomberg survey of economists shows employers likely took on fewer workers in january than the month earlier. the unemployment rate is expected to remain steady. other reports show that u.s. personal spending cooled in december and manufacturing contracted in january for a third straight month. perry earnings, the np bock, exxon mobil, general motors, pfizer, and shall are among the big companies that hit us with their numbers in the coming weeks. "kung fu panda 3" topped the box office in america, taking $41 million. a fresh start for dreamworks after a year of restructuring. the studio will get a boost from what is the first animated u.s.-chinese coproduction. dreamworks will receive a higher cut of ticket sales in china and the movie will be given referential hitter access. myanmar has

weak economic data out of china. that spread to europe. we knew at opening bell today we would kick off the new year on adown note. we were off 300 points literally five minutes into the trading session. we've been down there throughout the day. at last i would say five to ten minutes we saw some people perhaps jumping back in to to up bargainsselling was broad based across the board. financials and tech stocks particularly hurting. i want to mention oil, something david mentioned. we saw a spike in oil when the session began which we expected with the tension going on in the middle east. then as day and morning progressed we saw the price of oil drop? why? because i think concerns over global economy and china, the fact we're still oversupplied in oil, brought the prices down despite what is going on between saudi arabia and iran. the big question now, guys, what happens tomorrow? we'll watch asia overnight very closely. melissa: very true. great analysis, ashley. david: ashley killed my intro to the next segment which is all about oil. w

it's another busy day for earnings and economic data.e have weekly jobless claims out at 8:30 a.m. eastern. expected to drop back toward the 275,000 level. claims held below 300,000 for 45 straight weeks. also we get the monthly philly fed survey which tracks business conditions in the region. travellers, verizon and bank of new york me lon are among the companies reporting results before the opening bell. after the close we hear from american express and starbucks. >> starbucks is going to be great to watch in particular because they just doubled down in china in the middle of the market turmoil and concerns about the economy. crude oil plunging below $27 barrel yesterday. that was the first time we saw that level since back in 2003. it's down more than 25% just this year. joining us, john kilduff. you have been expecting the move lower. were you surprised to see a 7% move lower yesterday and continued selling today? what is driving it? >> well, i thought there might be some wild action yesterday sarah because of the expiration of that

some economic data. a lot can happen over the weekend. was this feeling at the end of the day yesterday. i used to think -- >> you have consumer sentiment. >> it will not really move our markets right now. those are various small pieces to the puzzle. anything can happen with asian markets in any headlines that come out of china. three days out of trading is a long time. >> stay with us. gary is very worried about a real systemic crisis here. a selloff for today. explain what the concern is. >> let's think about the facts that are at hand. not just oil, but crash. that is basically deflation. our stock and housing. the major, major central bank intervention. i think that game is probably up. i am worried about them playing a lot of catch-up. by the way, here is the other point. there is no way the economy is in good shape. industrials while oil prices are sinking. the market is screaming now recession. we will see some negative numbers. >> the fed should not have done what it did. but, this is a very dovish spread. we are looking at poten

economic data continues to be good to okay from the jobs front and the fed continues to say we're on a hiking path and raise rates this year. >> is that strong u.s. economy argument that's outweighing the risk off contagion, the other markets. >> at least in treasuries. overnight action, japan was closed the day before for a holiday. resumed trading last night after a long weekend. dropped about 2.7%. closed at a one year low. no surprise the oil, mining and coal sectors saw the pain. in china overnight stocks ended higher after another volatile session. before the open the chinese central bank did set the currency. a similar level to yesterday's fix and traders were reporting aggressive offshore intervention to weed out any speculators, calm the currency down which they managed to do overnight. as you can see at the end of the chart there some stabilization in the dollar yuan rate which a lot of people say is why the chinese stock market managed to gain and why there's calm across stock markets today. >> japan is playing catch up from yesterday. if we take oil out of the bargain tod

. >> japanese officials have released a number of economic data we're learning about household spending, industrial spending and consumer prices. joining us now from the business desk. how is it looking? >> nobody was expecting anything terribly optimistic, even sork the numbers are worst than they thought. what they're finding is that things are costing more, companies are producing less and people are tightening their pursestrings. japanese shoppers were frugal in december. they say spending by all households with two or more members fell 4.4% from a year ago. december marks the fourth straight line of decline. average $2,600. the fall was steeper for households headed by people working. that number was off 5% and marked the fourth consecutive decline. officials at the economy ministry say industrial production fell 1.4% in december from the previous month. that makes it two straight months of decline. the officials maintain their assessment, saying production has sea sawed. they predicted ae are bound of 7.6% in january, but a drop of 4.1% in january. inflation measures, they say the

. >> the docket is full of economic data and earnings today. let's tell you what to get ready for.ecember retail sales out at 8:30 a.m. eastern time with a small decline expected during the critical holiday shopping month of december. we already heard from macy's and best buy. the december and holiday sales were disappointing though some of them were not bad. also 8:30 we get the december ppi. producer price index with headline inflation there forecast to drop 0.2%. and then at 9:15 look for december industrial production just before 10:00 a.m. january consumer sentiment and more fed speak. new york fed president bill duddy, san francisco's jon williams and the new dallas fed president are all speaking today. it will be all about the financials in terms of earnings. black rock, citigroup and pnc all reporting results this morning. >> all of the other earnings, also the fed speak more important than normal because of the uncertainty. everybody is looking at the markets through dovishness. >> good news from jp morgan yesterday. >> we did. >> and jim bullard that said that oil is star

one was that they become much more sensitive to bad economic data. ey're worried about the actual state of the economy. much more so than ever before. also they pointed to the weak currency, equating weak currency with economic weakness. the third point is that people were concerned that the government would withdraw support, what they saw as crucial support for the stock market such as a six-month share sale ban which was put in place by the government over the summer. that will expire on friday. a lot of people here are worried about the impact it will have on the stock market. even though the government did say they would manage the exit of any large shareholders or executives. still one thing interesting, sara that came up with one professional that i spoke to, he said global investors should get used to this type of massive volatility. he thinks there will be mini plunges like this every other month. >> that's comforting. thank you. eunice yoon reporting for us from hong kong. >>> for more on the roller coaster markets, let's bring in the head of

you will get some asian economic data over the weekend.t know how futures will look some sunday around 5:00 eastern time, but it's a pretty safe bet no matter what they announce, there will be a big move up or down and if you're a trader that's great for you. >> if we end up in the red today, that's a big negative. >> i want to see china coming out with something meaningful. >> also go bucks. we should get that in there. >> milwaukee bucks. see you soon. "power lunch" starts now. >>> scott, thank you very much. welcome, everybody, to "power lunch." along with mandy drury, i'm tyler mathisen. a wild week for investors. the focus shifting to china and jobs right here in america. >> strong employment growth, but at the same time weak economic growth. what is behind this and what does it all mean for the american economy overall? steve liesman, we know you've been taking a very close look at this conundrum. >> forget china, mandy. the united states is confusing enough. two data points highlighting that confusing economic outlook for investors,

we have our own economic data, which has not been great. and you have some folks on the fed who are intense on raising rates four times this year, even as we're having a conversation about jpmorgan lowering their q4 gdp. how does that all work out, mohammed? >> i don't think you'll get a reversal in policy, but you may get a couple of hikes at most. i don't think you'll get four. i think the economy continues to improve. the issue isn't the economy as such it is prices that have been decoupled from the economy from fundamentals by lots of liqu liquidity injections. so the question is can you maintain this gap between fundamentals that are down here and valuations that are up there. you only can do that if there's more liquidity. that's why we got to keep a very close eye on what companies do. the issue, scott, is this is not about beta. this is about alpha. this is about alpha in particular in the stressed sectors that are being forced to delever. >> i'm looking at that, a note from you today which suggests one of the areas of great distres

disappointing economic data. vietnam moving to weaken its currency.are on track for the worst start to the trading year since 1998. also worth noting that most markets are still seeing thin volume. the chinese markets acting up again.

the economic data is not all that horrible. if you look at asia and the economies tied to china. cturing data out of vietnam or korea, not actually that bad. think it is less clear than people might hope to think. betty: it's putting all this in context. thank you so much. much more on their show ahead today. james sweeney will be joining joe and his team. close heading to a market to what will be a bumpy start in 2016. the nasdaq, now the worst of the three major averages. betty: of markets are closing in just about 10 minutes time. we are coming off of our lows of the first trading day of the year. talk to us about this come back. julie: one trader did say there was a big by order coming through at the close of trade. certainly that is evidenced by what we are seeing in the markets here. we are not down nearly as much as we were earlier with one point approaching 500 points, now only down about 300 points. on a relative basis, not as bad. volume has been higher. these are the groups in the s&p. interestingly energy volume has been down. consumer discretionary volume way up. oil

we're getting a look at its economic data that shows inflation at an historic high. venezuelan president nicolas maduro was already on a crash course over the economy. maduro declared two month state of economic emergency which gives him wider powers to enact sweeping reforms. venezuela has t largest known oim reserves but revenues are way dn because oil dropped from $90 a barrel two years agag to $24. maduro is set to deliver a state of the nation address. it will be his first face-to-face encounter with the national assembly since the opposition took control last week. >>> today a u.s. trademark office sided with the cuban government in a battle over the country's iconic rum. it ends a decades' old fight on who can use the trademark in the u.s. as relations between cuba and the u.s. thaw. >>> all right. as you can see all the bright red, that's the heavy duty rainfall and some lightning. good news is it's out over the open waters. just a few showers from key largo. that's about it. pretty sharp. stick around for the weekend forecast. it's going to be an interesting

that was partly due to reaction to disappointing economic data from china. europe is also in the red this morning, down about 3% across the board. oil prices continuing to weigh on stocks. crude falling below $28 a barrel. that's a fresh 12-year low, liquidated today consumer house inflation. losses on tuesday end. a coalition of privacy advocates are urging the sec to create a sweeping set of protection for broadband users. the group wants broadband providers including phone, cable and satellite companies such as at&t and time warner cable to be subject to tougher regulations. critics say these companies are creigh eighth huge amounts of data used for advertising. >>> young adults are ditching driver's licenses. a report out this week shows 75% of people age 20 to 24 have one. that's down from 80% in 2011 and 92% three decades ago. back over to you. >> gosh, i'm always driving the b bus. >>> a new class at stanford turning heads. it teaches students about the business of super bowl. continuing education class last night, people of all ages signing up. a pal