enda, where are we now? enda: it is probably a little bit of good news in asia, because it least it is -- won't put further downward pressure on their currencies. sure, you can argue japan would complain about a bit more softness in yen. malaysia and indonesia have to be wary of capital outflow. so, the fed not tightening takes pressure off. rishaad: these weakening commodity prices playing their part, too. enda: what is fascinating about the statement is it is one of the fed meetings were china dictated what the fed did. that is what we have been watching. rishaad: but, people have been getting upset about this, as though it was going to happen. it was not predicted to happen. december was the month. we are looking at 50% implied there. we were looking at 30% for it to happen this month. so is everybody -- why is everybody getting worked up about it? enda: it indicates that do. if you consider the strong view the fed would ignore china. they were going to hide in september. -- hike in september. china does

enda: i think it is still a possibility. economists are not sold on november just yet. we're back to yesterday, when -- the capital outflow story from impact on currency the region, we are back to where we started many ways. angie: how are emerging markets going to fare after this decision? put: it will hardly currencies that are vulnerable, like the malaysian currency, it probably helps them at the margin. but the fed hike, even if economists are not forecasting at the very least, there is a very good risk of volatility -- there we hang over until the fed hike. angie: hangover, those are not ever fun. thank you for that. let's check in on how markets in asia reacted with bloomberg news reporter adam hake. how are you seeing things from where you stand? adam: good morning, angie. what we are seeing is a degree of caution as the markets open up -- we had japan open up 8/10s of 1%. the cost is actually marginally open, in australia is really flat. some of that cushion was tempered back a little bit in the futures market in the hour leading up, that is a huge price. but es

enda: it depends on a bite of being there.he line about china having 3 trillion treasuries you cannot liquidate those overnight. you have to be careful about how you realize your asset position and the debt liabilities. that is something they have to deal with. malcolm: it is the debt overhang that could be the significant thing. the chance of a fire sale in china is slim. plenty of hands on the levers. this is not a market economy in the way that the u.s. and european czar, assets are -- europeans are. in china, sometimes there will not be the necessity to sell it discounted levels. data we're finally getting on how the enterprises will be shaking up and that could relieve the debt picture. rishaad: just a quick word. the last time we got the export and import trade balance was two days before we got the people's bank of china moving on the currency. what prism are they going to be looking at this with? enda: you assume it will be there. you would assume that china would let the yuan weaken. to the unitedoes states . it is un

enda what is in this relationship for china? away from the military parade, this trip will be all about keeping economic ties and boosting trade between the two. in some respects russia needs china a lot more than china needs russia. this year alone, trade is down 29%. part of the trip for vladimir putin will be to re-boost the economic relationship with china. brendan: how has august's collapse in shanghai and shenzhen affected the tone of this meeting? enda: i would imagine it has affected the tone quite a lot because china matters a great deal to russia these days. take the move in the you want. -- take the move in the yuan. china's slowing economy, moscow is oil's biggest export. it will be a conversation topic between the two leaders. tom: i am really taken aback by who will attend the festivities in beijing. the leadership of russia, of venezuela, of south sudan -- it is a laundry list of interesting characters. why isn't vietnam or malaysia or indonesia there? just set up who will be at this parade. enda: like you say, it

enda: a growing sense among the private sector. investment banks downgrading their growth forecasts and moving away from the 7% target that the chinese government -- all bloomberg intelligence analysts say growth is well below 7%, the magic number that turned up. increasingly it will be more difficult for them to hit the september target given how the economy is getting traction. bloomberg's enda curran, staying up late in hong kong. willem buiter is here with us on the desk. we have been talking about various interventions that the chinese government can make, but i also get a sense from people saying that the chinese government does not know how to do this. they are not good at intervening. rateslarger policy cut and provided the additional liquidity. stillas the exchange rate being pushed back on a string. what they need to do is a large-scale fiscal stimulus, mainly as households or on public consumption. it has to be funded by the central government, and after the central government, by the central bank. tom: the new slow this

enda: it is really a horrible combination. you have in real terms higher borrowing costs for the factories, because inflation is going up. on the other hand, we see a bit of a spike in consumer pricing because of the impact on higher port prices. but they will look through the price of pork, and the bigger picture for them remains what economists say are plenty of rooms and options to take other targeted easy measures to try and get credit flowing through the economy. i would imagine the authorities would continue to focus on that side, practiced oak demand in the real economy getting things going. rather than worrying about the spike. anna: good to see you. thank you very much for your perspective. and for joining us there from hong kong. let's turn to technology, apples annual product technology took place in san francisco yesterday. new offerings include revamped iphone, ipad, apple tv. our head of digital joins us now for more. good morning to you. let's put all of this and contact. the buildup to the holiday season, it ge

enda curran: they have been intervening to keep it.rices have yet to find a natural flow. the government does not want to keep up the policy. they don't have the confidence to step away. according to goldman sachs, they have spent $200 billion in supporting stocks. they have a $400 billion fund to do so. michael mckee: they have been intervening in the currency market. how long are they going to keep that up? do they have a target? enda curran: they are burning reserves. it adds to the fragile sentiment on china. when they have to intervene to shore up the currency, there must be a temp tatian among policymakers -- temptation among policymakers. the problem is they contradict their message about market reform. washingtonnt goes to later this month. i doubt he wants to arrive with the backdrop of boosting exports. tom keene: thank you so much. he is briefing us from hong kong. hour, we havetire richard haas. we have time left over. withhould washington deal chinese leadership? richard haass: china is going through structural problems th

enda, over to you. enda: good morning. quite mixed messages from asia -- shanghai slung between losses and gains through the day. stocks out of japan went on to rally, and that was in tandem with a rally in emerging market currency. that was significant because of what happened in china, giving a bit of breathing space for emerging market currencies. it would have been to downward pressure on the currency and maybe capital outflow out of asia as pressure mounts to borrow u.s. dollars. rallied around the region and that is why emerging market currencies got a bit of the left. that is why shanghai was adding back and forth -- ebbing back-and-forth. whereg picture is still we were yesterday, waiting and watching to see what the fed will do. a rate hike is not off the table even though economist say it is being pushed into next year. as long as the threat remains, the threat of volatility for asian emerging-market currencies, like in indonesia, malaysia, which have had a tough time, that pressure is always going to be there be

enda: and maybe it will make it easier to make those targets.re are manufacturers struggling. still over capacity in real estate. no matter what they say, no one is calling it a turnaround yet. rishaad: you talked about exports. we have economic data this week, trade data one of those. will it help back up this newfound confidence? enda: exactly. i do not think we are expecting positive trades out of this week. the markets are still weak for china. we know the manufacturing sector is weak. industrial output may be stronger on a euro in your comparison. -- i do notbecause think we will see the kind of rosie numbers the chinese officials or talking about. rishaad: let's look at this from perspective, because many compare china to where we saw japan in the 1980's and 1990's, where things went wrong there. some would say, hey, don't look at that. look at the 1960's instead. talked about the run-up to the tokyo olympics. people do love china-japan comparisons. the s&p chief, saying, hey, look at the 1960's. japan had rappers growth -- had rapid growt

enda: it all goes back to china. it was feeling in japan that there were fears of a hard landing in china. people say if china continues to remain calm, japan's rally will remain sustainable. it is not that china's economy has turned a corner here. overnightthe report of a 55% chance of a global recession in the coming years main in china -- made in china. tom: how was that received in hong kong? enda: some people say it is doom and gloom, that china is headed for a hard landing. as the economy transformed from an old growth model to a new growth model, what cities have shown a spotlight on is a reminder that china is clearly the world's -- it is a key importer of goods all around the world. other economies around the world from brazil to australia will pose a real and present danger to global growth. michael: the real question is are we going to see more stimulus from the chinese? there were hints overnight of that, also hints of a tax cut maybe in japan. central banks, governments -- are they still driving in asia?

enda: that has been the big debate over the last month. who say it has been too small. the decrease has been quite modest. i don't think we will necessarily see any bang for the buck, so to speak. they will say this move was not about exporters, more about market reform. that mayarket reform, be so, but we did see market intervention when it came to the yuan, and that had an impact on china's fx reserves. the debate that has been raging all morning is whether they can keep this up. eventse do have some key to look forward to over the coming months or so. the president is going to visit the u.s. and visit president obama. it is unlikely that china will let the currency decreased significantly. going forward in the months after that, it will be interesting to see if china allows the market to do what it wants to do, which is push the yuan down. angela: are there any bright spots when we talk about china? enda: the turnaround we spoke about a few month ago is not there yet. in the fourth quarter, china as soonart to stabilize as infrastructur

enda: this is not a game changer.ey want to get an export dividend, they will have to let the currency we can a lot further. further. a lot rishaad: how long can they keep on doing that? enda: they are burning a lot of cash. it does not do much for what it already quantified sentiment on china. they will have to make a decision on whether they want to keep supporting the yuan whether they want to let it go a bit lower. that is where it would help the exporters. we have to see how it plays out. rishaad: the car booking war is heating up in china. close to raising $3 billion in the latest financing round. sinceors who got on board .une the philippines says it will rollout nationwide free wi-fi. the government will spend $32 million annually. the free service will be capped at 256 kilobits per second. engine biggest search planning to boost investment in india and indonesia. in the past year, baidu has spent a billion dollars on investments. let's talk about currency. indonesia.about raising concerns of a debt crisis, th

enda, thank let's rejoin our guest host for this morning.g is amiss, kit, haven't really got to grips with what your view is on the fed. this looms big on the horizon, doesn't it? next week we could get an interest rate decision from the fomc. what is your view? kit: my hope is that you get on with it, at this point. i think the really big problem -- i will be back here pretty quickly saying october or december. we're at the point where the fomc wants to get rates off zero, but they are having an internal debate about the volatility, and should we wait a bit? at that stage, waiting doesn't help, because it doesn't add to volatility. people tellingf us that if you raise rates the world will end, really? we have bigger things to worry about. why would the world and? because of all the volatility? much of it is caused by having interest rate of zero. i think there are strong arguments from getting away from zero, doing what they are bound to do, which is to talk down the long-term path of rights. will actually do -- it is a coin toss at this po

enda curran's -- india cuts benchmark rate. global economy is weakening. in a bloomberg exclusive, matteo renzi talks china, exports and why the west these to bring russia back. >> russia is a great country with a great history and future. a future without russia is a mistake. ♪

enda: may be no new good news. it all comes back to the economy.here is a growing sense among china watchers that we have five interest rate cuts since november plus a slew of measures going,to get the economy especially at the state and provincial level. but the economy is not showing traction yet. not starting new feedback. there is a separate debate that isnese stock market affecting the economy. brendan: is there a sense that the people's bank of china actually has a tool left that they are waiting to employ? is happening right now is very complicated in china. they are trying to stimulate growth through the people's bank of china, and they can cut rates if they need to. they are trying stimulus on a similar thing, but they are also trying to shore up the yuan, intervene with the stock market, and push through reforms to try to get the economy going. it is a much bigger picture than just interest rate cuts in china right now. froman: we have david woo bank of america with a. he will throw you question as well. david: what do you think about the

with cautious, by the way, i mean, a military leader should always understand that of all the human enda yours, the one that's most unpredictable is warfare. >> that perspective comes through his own 41 years in the army, through multiple tours in iraq, through years in central command, overseeing the most volatile places in the world. experience has brought him great pain and immense pride. watching the first two females ever to graduate from the no tors youly grueling ranger school this fellow west pointer, back when it was all male, reached for the phone. >> it was one of the most uplifting, inspiring phone calls i have been able to make as a chairman. they were proud that they graduated, clearly. but they were talking about their ranger buddies. >> and they were talking about them. >> if they made it through that course and coming out the other end had earned the trust of their male counterparts, that's profound. >> dempsey's own daughters served in the military. his son still does. tell me your hardest day in your army career? >> the toughest day have had was a west point class mate

french president francois ho lande spoke with ire tissue prime minister, enda kennedy. >> i believe todayis no longer enough. there are countries -- i am not going to name them. it would not be constructive that have not assumed their moral obligations. >> hollande seemed to be referring to hungary amongst others where the government's treatment of refugees has raised questions of human rights abuses. hungarian prime minister accused germany which has relatively generous benefits and laws for asylum seekers of causing the problems. >> the problem is not a european problem. the problem is a german problem. nobody would like to stay in hungary. we don't have difficultwies people who would like to stay in hungary or po land or estonia. all of them would like to go to germany. >> orbond taunted european leaders saying they were out of step with their citizens. >> people in europe are full of fear because we see that the european leaders, among them, the prime ministers, are not able to control the situation. >> german chancellor angela merkel said europe needs to share the refugee burden and

. ♪ [music break] amy: "the polar bear song," irish singer/songwriter enda reilly.s is democracy now!, democracynow.org, the war and peace report. i'm amy goodman with nermeen shaikh. nermeen: a coalition of more than 400 organizations have called on the white house to stop issuing new fossil fuel leases on public lands and oceans. more than 67 million acres of public land and ocean are already leased to the fossil fuel industry. the coalition says that declaring unleased oil, gas and coal on public lands as "unburnable" would accomplish more in the global fight against climate change than any other single action taken by the obama administration. amy: joining us here in new york is climate justice activist tim dechristopher who spoke out at tuesday's rally. dechristopher spent 21 months in federal custody after he was does he disrupted the bush administration's last-minute move to auction off oil and gas exploitation rights in utah by posing as a bidder at an auction in 2008. tim dechristopher, welcome back to democracy now! talk about this rally this week and what

. >> catherine: the settlement doesn't enda second pretrial hearing is planned tomorrow in the casecharged >> catherine: protestors are planning to be outside the courthouse. >> pam: we will return! >> reporter: and the reason, some classrooms do not have air-conditioning brith, depending on if they have that extra seventh period, most germans can expect to be dismissed by 11:30 a.m. and 12:30 p.m. for it in san jose kron 4 news. perrin >> reporter: and grandparents say they have major concerns as to how the school will keep children from overheating during the heat wave with no air- conditioning. what >> we have been doing is working with the students to make sure that the stay hydrated and if they are not outside at the hottest part of the day. >> reporter: in martinez, kron 4 news haazig madyun >> reporter: has been a scourge of the day creek of seeing many people out trying to beat the heat. some are up to the pier and the others are wearing shorts and sundresses and son had separate some even carry interest laws. --some are even carrying parasols this >> reporter: see the empty shells

enda: it is interesting because google is a strong benchmark. spike in for the people's bank of china and currency and the shanghai composite. these are items that were not being surged in recent years at a notable level that are seeing a pickup. rishaad: and the thing is with all of this interest, people looking for all sorts of things, do we know anything, does it serve the country better? a point we made writing the article, people want to know more about it is getting confusing. singles out of china -- signals out of china are always complicated. on the one hand, give the market a freer hand. on the other hand, they intervene, even on the yuan. the intervene to keep it at a certain level so it is still a black box. even though the interest is there. rishaad: thank you very much indeed. let's go straight to you on. -- yvonne. maybe we will see more figures to paint a better picture of china but it remains one of the biggest concerns on social media after the sluggish china output and investment. those figures are really disappointing. there i

enda curran's -- india cuts benchmark rate. global economy is weakening. francine: in a bloomberg exclusive, matteo renzi talks china, exports and why the west these to bring russia back. >> russia is a great country with a great history and future. a future without russia is a mistake. ♪ francine: welcome to "the pulse ." i am francine lacqua. manus: i am manus cranny. with a globalay commodity crisis which is dragging marcus later across the globe. -- markets later across the globe. we will talk about the struggles of glencore. francine: we are looking at it from all angles and also a qatar wealth fund which launched $6 billion in three days. first, how the markets are affected with mark barton. mark: let's start with the epicenter of the global selloff, glencore. shares catching up with what happened and london shrinking by 20%. in hong kong. after london fell 29% on monday. the biggest decline ever. the intraday, weapon open for one hour in shares are up by 7% and has been as high as 10%. today, 74 white stuff the value of the share price. off of the s

enda: they have. willis stage, economists say they could do more. expectation out of infrastructure spending that is the great big hope to get a bump in the final quarter. they have been channeling money to the state governments to try to get them to build bridges and roads. they hope they will get a dividend amount in the final quarter. the other temptation is on the yuan. to see if they bow to market demands and let the yuan weaken to get a fill up on the market side. particularlyan is exposed to the slowdown in china, which is the biggest trading partner of china. manus: we have more data from japan. by 1.2%.nomy shrank that was less than the estimates of 1.8% contraction. 1.4% -- by fell by 2.4%. does the china trade date highlight global fragility? manus: let's bring in davide of -- the founder management. how concerned are you about global growth? the japanese and u.s. job numbers were not up to pace on friday. what is your read? >> there is a global job scare. that is due to the u.s. and the anglo-saxon world has been in doldrums of a about t

enda, are chief asian economics correspondent. an asian journalist confessed to causing panic in the stock market. he was held after writing his story in july saying the chinese securities regulator was considering ending government interventions. >> i am sorry for what i have done. i should not have done this just to be sensationalist and catch people's lives and caused such great damaged the country and its stock investors. francine: reporting the news's is dangerous business in some countries. we are getting some news in terms of euro area manufacturing following the pmi. it is pretty much in line -- we are still in expansion territory. 10 minutes ago we had that driven unemployment dropping. it seems that the german economy, the biggest in europe, is brushing off a global slowdown. australia is more exposed to china's economy than any other developed country, and this morning it central bank announced it will not be raising interest rates with reference to volatile equity markets in china. let's get straight to bloomberg's mic

enda: china is a curious one. it is far and away the biggest economy, but analysts say it is in good order. a federate hike for sure, that is because with the pressure on and aan, they have three half trillion in reserves. and there is the issue of local currency denominated debt. china did have a significant volume on the debt. but there is a feeling that they can manage that, it is not on the same scale in terms of malaysia. the overall sense is that china can handle a fed tightening. anna: thank you, joining us there from hong kong. guy: as the fed prepares to move an expert says he does not see the argument for a hike. he spoke to bloomberg's mike mckee. >> i don't care whether they raise 25 basis points, or they lose among the curve. i don't see the reason for, friendly. i was watching the incredible bubble happened. it was an asset bubble. it was financed on a lot of debt. it was an obvious bubble. but they just gave attention to the gdp gap and missed the entire bubble. we had an economic collapse. and now